Bloomberg Businessweek

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

This year’s US Open purse will reach $108 million, representing the largest player compensation package in the sport’s history.Winners of the singles main draw will take home $5.5 million, according to a statement Thursday from the United States Tennis Association. Competitors in the first-round will receive $140,000. Overall compensation for this year’s tournament is up 20% from last year, according to the USTA. Hosts Tim Stenovec and Molly Smith broadcast live from the Billie Jean King National Center

On today's episode:

• Steve Flink, Tennis Hall of Fame Journalist and Author of “The Immortals of American Tennis”
• Aleco Azqueta, Bacardi Global VP of Marketing
• Christian Basnigh, Influencer & Creator of ‘Christian’s Court’
• Anthony Sama, NYC Parks Department Flushing Meadow Park Administrator

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Every three months like clockwork, investors pull $40 billion or more from a BlackRock exchange-traded fund tracking the S&P 500 and deposit most of it into a near-identical Vanguard Group product. A few days later they reverse the trade, and the money flows back the other way. Bloomberg News' Zachary Mider and Denitsa Tsekova write about the trend in today's Big Take.

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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

Chevron plans to invest $7 billion over the next five years to more than double crude production in Venezuela through its joint venture partnerships. The announcement comes after President Trump announced a deal to develop Venezuela's oil reserves, giving the Pentagon a stake in the profits. Bloomberg News Washington Correspondent Tyler Kendall spoke with US Energy Secretary Chris Wright and Chevron CEO Mike Wirth about the new deals.

On today's episode, Tim Stenovec and guest host Lisa Mateo speak with:

• Tyler Kendall, Bloomberg News Washington Correspondent
• Chris Kennedy, Bloomberg Economics Economic Statecraft Lead
• Miguel Martin, Aurora Cannabis CEO
• Daniel Schreiber, Lemonade Co-Founder and CEO

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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

US-Iran tensions over the Strait of Hormuz heightened after a flurry of military strikes at the start of the week, with neither side prepared to cede ground over the crucial waterway. It caused a surge in oil prices that rippled through global markets, hitting stocks and bonds on worries that higher energy costs will fuel inflation and force the Federal Reserve to boost rates. Bloomberg News Senior Editor Wendy Benjaminson has latest details on fighting in the Middle East, while Bloomberg News Macro Strategist Frank Monkam explains the impacts on the energy and bond markets.

On today's episode:

• Wendy Benjaminson, Bloomberg News Senior Editor
• Frank Monkam, Bloomberg News Macro Strategist
• Heather Lavallee, Voya Financial CEO
• Elizabeth Rambert, Bloomberg News Municipal Finance Reporter

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The rise of prediction markets has raised concerns about their potential to contribute to gambling addiction, with some experts arguing that they can be just as addictive as traditional sports betting, despite being marketed as a safer and more user-friendly alternative. Ira Boudway, Bloomberg News Global Business Reporter, reports on one man's story of relapse and recovery and what Kalshi says it's doing address the mental health risks of gambling.

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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 Colorado River has lost 20% of its flow due to a 25-year drought and chronic overuse, causing major reservoirs to fall to record-low levels. The federal government has proposed a plan to cut water allocations to California, Arizona, and Nevada, with Arizona potentially losing all of its 3 million acre-feet of river allocation in the long run. A significant portion of the Colorado River's water is used for irrigation to grow alfalfa and other hay to feed cattle, with about 26% of the hay grown in California and Arizona being exported to other countries.

For more, Kristine Aquino and Tim Stenovec spoke with Mark Gongloff, Bloomberg Opinion Columnist who covers climate change.

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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

Stepping into his new role as Apple Inc.’s chief executive officer on Sept. 1, John Ternus won’t have much time before the company begins its annual fall product rollouts. This year the lineup will include an unusually ambitious slate of devices he’s been teasing for months internally, including the first foldable iPhone and a smart display that can recognize who’s speaking and tailor content to them. Ternus spearheaded those devices in his previous job as Apple’s hardware chief, while also overseeing work on products that won’t be ready for this fall, including AirPods with cameras that can interpret a user’s surroundings, smart glasses, a home security system, a home display attached to a robotic arm and a camera-equipped pendant that can be worn as a necklace or clipped to a shirt. All these devices will be crucial to Apple’s plans to address the most pressing question facing the company: How can it extend its decades-long run of success into the era of artificial intelligence?

Today's episode features:

• Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech
• Brian Quintenz, KalshiEx Board Member and Fmr. CFTC Commissioner
• Chris Todd, CEO of Envestnet
• Ryan Gould, Bloomberg News Deals Reporter

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Kalshi banned Ex-Congressman George Santos for life for allegedly manipulating wagers on his attendance at this year’s State of the Union address. Santos was also fined $71,356 by Kalshi, which announced the action after he didn’t cooperate with their probe into the case. The ban follows Santos settling a federal regulator’s probe that included fines, penalties and a three-year ban, related to claims he made material misrepresentations and omissions on social media.

For more, Bloomberg's Tim Stenovec and Kristine Aquino speak with Brian Quintenz, Kalshi Board Member and Former CFTC Commissioner

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Affirm, the short-term loan company, posted earnings this week that beat expectations and reporting its most profitable quarter on record. Founder & CEO Max Levchin joins Bloomberg Businessweek Daily to discuss how his company sets rates and keeps up with a growing industry, arguing Affirm's transparency makes it stand out from competitors.

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