Transcript for Oil From Iran Embargoed
Stock futures were mixed ahead of the bell this morning joining me now to discuss all the business headlines at this hour -- -- -- -- happy that. Alan break ends from Bloomberg TV -- and I hope you've been doing great. Let's start with an unprecedented. Story out of Europe this morning of the EU has formally adopted an oil embargo. Against Iran also frozen the assets of Iran's Central Bank. These seem to be pretty big implications. It is well -- conflict the last I. That that I -- eight -- Aids is not happening today in my -- to be here. -- into this oil embargo against certainly of course were watching the market reaction as well -- raise six cents percent you might say why is not reacting more what we know that this -- -- likely coming also the effective date is not until July 1 it. Not been affected by the sanctions. But metals and diamonds -- well of course you've got on. I've countering -- saying that it will close the Strait of Hormuz it and act -- sanctions impede the sale in violent. Just mine that's in terms of how important district is is it's 20%. Globally -- oil that passes. -- certainly really critical. But again some unnecessary and -- into the market as well. It's something that's not gonna happen initially. Steel for several months as traders and analysts are reacting to this morning a lot can happen yet accurate time that's a big threat -- Anthony US navy carrier did pass through the -- this weekend without incident. Big headlines and shake up at Research in Motion the company of course makes blackberries. The company -- coast stepping aside. -- -- You know and of course that's when everyone wants India is that the company desperately including for years. They just simply never did what to catch. Q I've and then adroit and when those two products came and pushed away what was called crackberry because we needed an ordinary. So essentially that change came you know day said they were not. Reacting to outside pressure and -- -- implication is on the outside investors have been agitating. For change taking stakes in the company if they want it once strike changed or potentially seeing -- -- Blackberry to another company. Whether they are officially forced out by outside investor by the board itself very clearly on a change was long overdue it's very interesting. Is that stock is actually. Its corporate. So investors don't like and -- had already been -- roughly 751. Last year. Really been behind in the dust with things like tablets is to connect -- -- things out. The conference call just that wrapped up about half an hour ago and a few headlines -- on my -- there. What is the new CEO he comes from Siemens the German electronics company -- He doesn't think drastic changes are needed on he talks about that the cap products but certainly of course when -- integrate products more -- more responsive to consumers and there that's not that lack traditionally. Has been used by businesses but we now businesses now more open to letting. Employees use things light and high. So again the question is going to be if he is able to dry up in -- He's the company and it more attractive as a potential take over 8% technology that it does -- because we now. Litigation a lot of what has been driving. Not in aviation but certainly one of the major themes for these companies as well as they've been -- patents and then it to prevent lawsuits and that also going aggressively on the loss of front as well -- against an interesting reaction here is that investors are. Out of me okay. Developments in the Euro debt crisis most notably the European finance ministers try to help recently. Right there -- finance ministers meeting in Brussels and the topics that are going to be addressed are. New budget rules work countries in the -- A -- to protect the most indebted countries. And then also degree that's -- because there have been negotiations going on separately it happens over the past few days some progress has been made some progress hasn't been made -- what we now is for example. Hedge funds and the angry at -- people getting a lot more west in the market when it comes to the Greek debt and not necessarily thinking that they'll lose in -- -- -- -- pushed into deep ball because that they have insurance. That would pay if if and -- that were happens. You know wanted to question -- there is what kind of progress. On this -- and operation. And they yet at these latest meetings back -- in Brussels -- It's interesting is you know it's a take a look at the stop rate now. Reaction here in the -- -- pretty quiet -- flatly down and that. Potentially -- -- to see some of these latest developments are. Meeting going on. Today Christine Lagarde and yet I met with German Chancellor Angela Merkel and I think com -- that meeting. We the specifics from that meeting that and she did as the guard did then. -- give a speech today in Berlin Germany -- summit the headlines from now because I'll tell him what her latest thinking is on. Urging the European leaders for a -- bail out mind. And shared fiscal rest now let's Bloomberg had broken last week. Once the high end up looking -- potentially on. Billion dollars to -- dollars and -- UConn now and beef up -- bail out we all. -- putting pressure on the emerging agents in an example trying to you. Eight more power which we know they want it and -- and the global agent you help us -- -- also oil producing countries that she is currently. Repeating that -- that emerged last week of needing more -- -- money -- when it comes to you. Need for the US to cut its debt. Also calling on China to beef up. It's consumption and of course there wanting to -- not just an. -- -- -- -- -- -- big wish list got an I think we all would want those things have to -- only that he's okay let's turn back to the US we've seen unemployment. And numbers improving here Alan over the last several weeks now but according to a new forecast. That could Cheney give us the details right so what you're freezing here is a study out from the National Association of Business Economists. We like to listen to them because these are the economist at the actual companies into their names -- -- need to be changed to better reflect would actually do but these are the guys and women. The economist at companies -- -- companies that hire. And the latest survey shows that 27% of companies plan to hire in the next six months. That's the weak yes that they have down in the past by -- It's a lot of caution you know part of it as the European debt crisis a lot of uncertainty with interesting is they're saying this at a time. That the economist in this group. Are more optimistic about the prospects for US route and the pace that we could see -- GDP it not translate into more higher. Got it OK let's switch to politics for a little -- that that was fun right -- Agreed to release two years of tax returns -- things are people going to be looking for these documents. You know issue really believe it's gonna come down Q. This tax rate -- clearly did not want to come out and say that he was paying about 15% because. It's a lot less than your average upper middle class and even middle class tax -- is happening in many ways and then there's the issue you know. Does he really understand the common man. Given how much -- -- that we're gonna get as -- that he's really not and willing to share that -- -- -- right and he's just follow -- law and certainly concede out. People are not going to -- Easily relate to some at least 50% next. This whole issue of disclosure you know -- -- value -- -- -- -- authentic like any of these candidates as they stand out there. You finally expire you know for for better or for worse and that's the issue. Yeah that's a good point actually okay have a little fun now not seen as -- -- video singing. Oracle and be quiet but -- your office is what it sounds -- let's let's. I've worked okay. All live it is it's. And it's just that. And of course Warren Buffett us. And lending as it. Apparently he's not this is for Chinese television because I don't have you know but today is that Chinese New Year is happy Chinese New Year when -- Well day. My first reaction was he certainly was more casual on this commercial for cctv that he was -- the -- easy party last week rapidly and I students yeah when he went to that -- -- -- -- and I just -- ukulele in his hand. We do you want to remember it's important travel time in China and for that -- to celebrate Chinese New Year and Warren Buffett saying that's not he bought. Burlington northern right at -- when it was visiting a -- have to tell -- that it is his. All in bet on the US economy that's -- And the other thing to note is that he -- -- in the Chinese automaker BYD. And also just one more thing that I thought when I -- this is that Warren -- and is very different Bill Gates. They're very popular and well known in China because -- -- so six well. When it comes to -- to business I got a complete kicked out of -- that was a lot of what a great guy. It's not seem bad by deducting grabber but at great say -- analyzing -- but it's him.
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