Bloomberg Businessweek

The US Department of Energy intends to offer funding opportunities totaling nearly $1 billion “to advance and scale mining, processing, and manufacturing technologies across key stages of the critical minerals and materials supply chains,” it said in a statement this week. The proposed funding is meant to accelerate the US critical minerals and materials sector and reduce reliance on foreign suppliers. One of the companies impacted by this announcement is Factorial Energy, a producer of solid-state batteries that has partnered with automotive manufacturers such as Mercedes Benz, Stellantis and Hyundai. Dr. Siyu Huang, Factorial's founder and CEO, discusses the market landscape for critical minerals in the midst of a global trade war. Dr. Huang speaks with Tim Stenovec and Carol Massar on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

US President Donald Trump called his meeting with Russian counterpart Vladimir Putin “extremely productive” but indicated that a deal to end the war had still not been finalized, adding that he would speak to NATO allies and Ukrainian President Volodymyr Zelenskiy. “There’s no deal until there’s a deal,” Trump said Friday in Anchorage, Alaska as he stood alongside Putin for a joint event. Putin spoke first at the event, casting the conversations as useful and said they were held “in a constructive atmosphere.” He talked of unspecified agreements with Trump, and suggested that Ukraine was only one of multiple issues discussed, pointing to the potential for increased trade and business cooperation as well as work in the Arctic and in space exploration. The event followed the longest ever face-to-face meeting between the two leaders. On this special edition of Bloomberg Balance of Power, we hear instant reaction to and analysis of the summit and the press conference. Host Joe Mathieu speaks with: See omnystudio.com/listener for privacy information.

Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily." Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio. You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. President Donald Trump and Russian counterpart Vladimir Putin began discussions at a highly anticipated summit with the US leader looking to secure an end to the war in Ukraine. Reporters later saw the two in a room with their aides, as the discussions formally began, but the leaders did not take any questions. Alongside Trump were US Secretary of State Marco Rubio and special envoy Steve Witkoff, while Putin was joined by Foreign Minister Sergei Lavrov and Kremlin foreign policy aide Yuri Ushakov. Moments earlier, Trump had greeted Putin with a warm handshake and a pat on the arm in their first face-to-face encounter of the US president’s second term. The two leaders disembarked from their planes, walking across the tarmac to red carpets before meeting in a highly choreographed opening. Trump clapped as he watched Putin approach. Trump and Putin paused for a moment to watch a flyover and the US president was seen putting his hand on the Russian leader’s back as they walked down a set of steps. The two leaders appeared to be engaged in friendly conversation as they entered the Beast, as the US president’s armored limousine is known, and departed. The Russian leader was seen laughing as the vehicle departed as he began a visit that marked his first invitation to the US in nearly a decade. Today's show features: See omnystudio.com/listener for privacy information.

Creatio is a global software company specializing in low-code and no-code process automation for customer relationship management (CRM) and enterprise workflows with artificial intelligence tools increasingly playing a part. Millions of workflows are launched on the platform daily by thousands of clients across 100 countries, with a funding round completed in June 2024 having raised to company's value to $1.2 billion. Katherine Kostereva, Creatio's founder and CEO, discusses the impact of AI on the tech labor landscape and why she believes the emerging technology won't negatively impact coders. Katherine speaks with Tim Stenovec and Carol Massar on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. The Trump administration is in talks with Intel Corp. to have the US government potentially take a stake in the beleaguered chipmaker, helping support the company’s effort to expand domestic manufacturing, according to people familiar with the plan. The deal would help shore up Intel’s planned factory hub in Ohio, said the people, who asked not to be identified because the deliberations are private. The company had once promised to turn that site into the world’s largest chipmaking facility, though it’s been repeatedly delayed. The size of the potential stake isn’t clear. The plans stem from a meeting this week between President Donald Trump and Intel Chief Executive Officer Lip-Bu Tan, the people said. The idea is for the US government to pay for the stake and details are being sorted out, one of the people said. Another cautioned that the plans remain fluid. Today's show features: See omnystudio.com/listener for privacy information.

Apple Inc. is plotting its artificial intelligence comeback with an ambitious slate of new devices, including robots, a lifelike version of Siri, a smart speaker with a display and home-security cameras. A tabletop robot that serves as a virtual companion, targeted for 2027, is the centerpiece of the AI strategy, according to people with knowledge of the matter. The smart speaker with a display, meanwhile, is slated to arrive next year, part of a push into entry-level smart-home products. Mark Gurman, Managing Editor for Global Consumer Tech for Bloomberg News, explains why home security is seen as another big growth opportunity for the tech giant. Mark speaks with Tim Stenovec and Carol Massar on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. US President Donald Trump warned he would impose “very severe consequences” if Vladimir Putin didn’t agree to a ceasefire agreement later this week, following a call with European leaders ahead of his meeting with the Russian president. Trump also said he hoped to use the Friday meeting to set up a “quick second meeting” with Ukrainian leader Volodymyr Zelenskiy after allies pressed him to push for such a summit. “There’s a very good chance that we’re going to have a second meeting which will be more productive than the first,” Trump told reporters Wednesday at the Kennedy Center, adding that he was “setting the table for the second meeting." The president’s remarks signaled both that he was looking to downplay expectations for the delivery of a full peace deal from his Anchorage, Alaska summit with Putin, and responding to concerns from his European partners who urged him to prioritize direct Putin-Zelenskiy talks. Skeptics of Trump’s effort have expressed concern that the US president — who has said an eventual deal would include territorial exchanges — could agree to peace terms proposed by Putin that would disadvantage Ukraine. Today's show features: See omnystudio.com/listener for privacy information.

Green firms in the US have found something of a lifeline in artificial intelligence after being bogged down by high interest rates, shrinking funding and, more recently, President Donald Trump’s sharp rollback of support. Clean technology companies that have inked deals to support data centers have seen their stocks soar this year, outperforming the S&P 500. Nuclear power startup Oklo Inc.’s shares are up nearly 275% year-to-date while the stock price of fuel cell provider Bloom Energy Corp. has risen more than 80% as of Tuesday's US market close. Energy storage and clean power snagged the most public and private investment among climate tech sectors last quarter, according to BloombergNEF. Dr. KR Sridhar, Founder, Chairman and CEO of Bloom Energy, discusses his company's place in the green technology landscape as well as its third straight quarter of record revenue and profits, which were reported in its most recent earnings on July 31. Dr. Sridhar speaks with Carol Massar and David Gura on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Bloomberg Busine every day on YouTube: http://bit.ly/3vTiACF. Underlying US inflation accelerated in July though the cost of tariff-exposed goods didn’t rise as much as feared, boosting expectations that Federal Reserve officials will lower interest rates when they meet next month. The core consumer price index, which excludes the often volatile food and energy categories, increased 0.3% from June, the strongest pace since the start of the year, according to Bureau of Labor Statistics data out Tuesday. That was in line with economists’ forecasts, as was the overall CPI on a monthly basis. The pickup in the core CPI was fueled by services prices. Excluding energy, they climbed the most since the start of the year. Airfares jumped by the most in three years, while medical care and recreation also advanced. Goods prices, excluding food and energy commodities, rose at a tame pace. Some categories exposed to tariffs, such as toys, sporting goods and household furnishings and supplies, continued to increase, albeit at a slower pace than the prior month. Meantime, used car prices rebounded from a series of declines. The reacceleration in services costs, after months of more subdued prints, underscores the lingering difficulties in taming inflation. Economists and policymakers have been largely concerned about rising goods prices given President Donald Trump’s sweeping tariffs, but a pickup in consumer demand could fuel services inflation. Today's show features: See omnystudio.com/listener for privacy information.

Inspire is a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea. Inspire’s proprietary Inspire therapy is the first and only FDA, EU MDR, and PDMA-approved neuro-stimulation technology that provides a safe and effective treatment for moderate to severe obstructive sleep apnea. The company last week cut its revenue guidance for the full year, saying the US commercial launch for Inspire V is going slower than expected. On Monday, however, it announced a $200 million stock buyback plan, which representing 8.5% of the company's current market value, data compiled by Bloomberg show. Tim Herbert, Inspire's Founder, Chairman, President and CEO discusses the reasons for the repurchase program and the health of the company overall. Tim speaks with Tim Stenovec and Carol Massar on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. The Federal Reserve’s two vice chairs, Michelle Bowman and Philip Jefferson, and Dallas Fed President Lorie Logan are under consideration to serve as chair of the central bank when the position opens next year, according to two administration officials. Treasury Secretary Scott Bessent, who is running the search, will interview additional candidates in the coming weeks, said the officials, who were granted anonymity to speak candidly about the process. The president is expected to make his final announcement this fall, they said. Others who remain under consideration include Kevin Hassett, a close economic adviser to Trump, Fed Governor Christopher Waller, economist Marc Sumerlin and former Fed officials Kevin Warsh and James Bullard, the people said. Last week, Trump nominated Stephen Miran, chair of the White House’s Council of Economic Advisers, to fill a seat on the Fed’s Board of Governors that expires at the end of January. The post opened when Adriana Kugler announced her early departure. With Miran’s nomination headed to the Senate for confirmation, the Trump team doesn’t feel the need to rush the search for a chair, the officials said. Bessent will interview all the candidates for chair, and then make a recommendation to the president on a short-list to meet with, the officials said. Today's show features: See omnystudio.com/listener for privacy information.

Upwork Inc., the world’s largest human and AI-powered work marketplace, has facilitated more than $25 billion in economic opportunity for talent around the world. The online recruitment company this week reported second-quarter results that beat expectations and also raised its full-year forecast. Erica Gessert, Upwork's Chief Financial, breaks down the latest numbers and discusses the recent acquisition of Bubty, as well as its agreement to acquire Ascen through Upwork’s new wholly-owned Enterprise subsidiary. The company sees the deals enhancing its offerings of full-stack, digitally native, end-to-end contingent work solutions for large enterprises. Erica speaks with Carol Massar, Jess Menton and Nina Trentmann on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily." Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio. You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. The Trump administration is considering selling shares of Fannie Mae and Freddie Mac in an offering that could start as early as this year, according to senior administration officials. The plan could value the government-controlled mortgage giants at some $500 billion or more and would involve selling between 5% and 15% of their stock with an offering expected to raise about $30 billion. No final decision has been made and President Donald Trump is still weighing his options, one official said. The Wall Street Journal earlier reported the news. Shares of both Fannie Mae and Freddie Mac surged as much as 22% in Friday trading, the most in more than two months. The federal government bailed out the companies in September 2008 to stave off catastrophic losses during the financial crisis. Policymakers in Washington have struggled for years with what to do with the so-called government-sponsored enterprises. Congressional efforts to free the companies have repeatedly failed on concerns about the impact on mortgage costs and the firms’ commitment to affordable housing. One official said that Fannie and Freddie may stay in the conservatorship while being taken public. Today's show features: See omnystudio.com/listener for privacy information.

On Thursday, Elanco Animal Health shares climbed by the most intraday since May, after the animal health firm boosted its adjusted profit and revenue guidance for the full year, following better-than-expected second-quarter results. Bloomberg Intelligence sees the launches of dog medications Credelio Quattro and Zenrelia bolstering Elanco's broader portfolio, with a big portion of new customers buying multiple products. Jeff Simmons, Elanco's President and CEO, breaks down the firm's strategic framework and explains why he sees sustainable value creation continuing for years to come. Jeff speaks with Carol Massar and Norah Mulinda on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. President Donald Trump said he had chosen Council of Economic Advisers Chairman Stephen Miran to serve as a Federal Reserve governor. “He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job,” Trump said in a social media post. Trump said that Miran, who will need to be confirmed by the US Senate, would only serve the expiring term of Fed Governor Adriana Kugler, which ends in January. “In the meantime, we will continue to search for a permanent replacement,” Trump said. The Federal Reserve did not immediately respond to a request for comment. Miran has been critical of the Fed’s track record in recent years. In a March 2024 paper, Miran and Dan Katz, now chief of staff at the Treasury Department, laid out a 24-page plan for reforming the Fed that blames policy errors at the central bank on “groupthink.” It also takes the Fed to task for having expanded into political areas that they argue are beyond its remit. Today's show features: See omnystudio.com/listener for privacy information.

MNTN is redefining how brands use television by making TV advertising as measurable, precise, and performance-driven as Internet searches and social media. MNTN’s software is helping a new generation of marketers turn Connected TV into a core part of their growth strategy. Mark Douglas, the company's founder, chairman and CEO, says he's bullish about the future of TV ads with MNTN developing new technologies and bringing on content creators to help small businesses build ads on streaming platforms. Mark speaks with Carol Massar and Matt Miller on Bloomberg Businessweek Daily See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily every day on YouTube: http://bit.ly/3vTiACF. President Donald Trump announced that Apple Inc. will commit to spending another $100 billion on domestic manufacturing, the latest pledge by the tech giant to increase US production of its products as it seeks to avoid punishing tariffs on its flagship iPhones. The announcement at the White House on Wednesday included a new manufacturing program designed to bring more of Apple’s supply chain to the US, with an eye toward assembling additional critical components domestically, according to a White House official who detailed the announcement on the condition of anonymity. Apple Chief Executive Officer Tim Cook attended the event. The company had previously announced it plans to spend $500 billion in the US over the next four years, which will include work on a new server manufacturing facility in Houston, a supplier academy in Michigan and additional spending with its existing suppliers in the country. Wednesday’s announcement brings Apple’s cumulative commitment to $600 billion, the White House said. Today's show features: See omnystudio.com/listener for privacy information.

MercadoLibre Inc. investors brushed off a second-quarter report that missed estimates for profit, betting on the Latin American e-commerce giant’s long-term strategy. The company’s earnings, released Monday evening, fell short of analyst estimates for net income, pressured by rising costs tied to an expansion of free-shipping policy in Brazil. Still, revenue growth remained strong and executives doubled down on their plans to keep expanding across the region. Martin de los Santos, MercadoLibre's CFO, breaks down the quarter and the outlook for the $120 billion powerhouse. Martin speaks with Carol Massar, Matt Miller and Nina Trentmann on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.