Single Best Idea: Sahm & Posen
Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Claudia Sahm & Adam Posen. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF
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Yahoo
11 minutes ago
- Yahoo
Gov. Morrisey announces overhaul of West Virginia DOT to reduce debt, save money
BRIDGEPORT, (WBOY) — Gov. Patrick Morrisey announced plans for big changes in the West Virginia Department of Transportation (DOT) on Monday, including plans to decrease administrative staff and pause work on new highway projects. During a press conference in Bridgeport, Morrisey said that because prior financial management 'spent wildly in the past,' the DOT is 'basically out of money,' and is in substantial debt from transportation projects, having committed nearly 30 years worth of Roads to Prosperity money in less than seven years. According to Morrisey, West Virginia has $909 in transportation debt per resident, which is substantially higher than most other states. Morrisey emphasized the need to make sure that road conditions improve in the state but on a much tighter budget. To address the financial problems, Morrisey said he plans to cut back on administration jobs in the DOT by relying on technology and to pause new highway construction projects. He said his administration will prioritize fixing existing roads over creating new highways and that some current highway construction projects will be put on hold until the state can pay for them. 'We can't even afford the existing highways that are on the books,' he said during the press conference. WV Prosecuting Attorneys Association 'setting record straight' on criminal penalties from miscarriages He also said that to save state money, his administration will partner with counties on more road projects. He said he looks forward to counties and members of the private sector stepping up to help take care of West Virginia's roads. The DOT project list is being rewritten with a focus on 'data-driven and evidence-based decisions' instead of 'politics,' according to Morrisey who said that the DOT will no longer focus on the 'squeaky wheel.' Morrisey's office is also prioritizing financial transparency and revamping the DOT website to include publicly available information on how state funds are being used on roads and transportation in West Virginia. Morrisey said during the press conference that even during the 'massive culture change' in the DOT, his administration is working toward improving the safety of West Virginia's roads and bridges, which are among the worst in the country. 'We have to do more with less,' he said during the press conference. Morrisey's full press conference is available to watch on his YouTube page. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
an hour ago
- Yahoo
Apple doesn't have a shiny new thing to show off at WWDC. But that's not Tim Cook's biggest problem.
Apple often uses its annual developers conference to launch major new products. That doesn't seem likely this year. Instead, expect people to spend a lot of time focusing on Apple's weak points — exactly what CEO Tim Cook doesn't want. Apple kicks off its Worldwide Developers Conference on Monday — traditionally an event where the company tries to woo developers, users, and Wall Street all at once. Maybe that will happen this time around. But only because expectations are so low: Apple is limping into this year beset with all kinds of problems, from many directions, and it's not clear how it's going to work its way out from them. Let's get this part out of the way at the top: You, a normal person, are unlikely to care about anything Apple announces at WWDC this week. Two years ago, Apple used the event to unveil its Vision Pro headset; last year, it showed off Apple Intelligence, its entry into the AI wars. Forget the fact that both of those products underwhelmed once they launched — they were at least something new for Apple to talk about. But barring a surprise, it doesn't look like there will be any major new unveilings at WWDC this week. Bloomberg's Mark Gurman, who is exceptionally dialed into Apple, has a preview of what's on tap and it all seems underwhelming: Even the most ardent Apple fans are unlikely to be excited about new interfaces, icons, and names. And while Apple is scrambling to catch up in AI — turns out a bunch of the stuff it showed off last year has yet to actually materialize — it won't have much progress to announce this week. Gurman predicts that Apple's AI announcements "will be surprisingly minor and are unlikely to impress industry watchers, especially considering the rapid pace of innovation" from the likes of Google, Meta, and OpenAI. All of which means people watching and thinking and talking about Apple may likely end up focusing on Apple's problems, instead of its promise. Not a place Tim Cook wants to be — and not where investors want him to be, which is why Apple stock is down more than 18% in 2025. Here's a look at what he's facing right now: Tariff trouble: Exactly how much will Apple have to pay to bring in new phones and other gadgets to the US from China? And what happens if they shift production — or at least final assembly — of those products to India or Vietnam? Who knows? Donald Trump's tariff policies remain fluid at best. Trump continues to insist that he wants Apple to build its products in the US — regardless of whether that's possible — and the spectre of some kind of Trump-imposed tax that makes Apple products much more expensive remains a real possibility. AI angst: Apple has two very big problems when it comes to AI. As my colleague Alistair Barr points out, Apple's competitors have long, long leads in AI research, and it's unclear if Apple will ever be able to keep up. Right now, it can't even provide working versions of stuff it showed off a year ago. There's a possible future where Apple does just fine not having cutting-edge AI because it can simply use its massive distribution advantage — a billion-plus Apple devices in people's pockets. But being wholly dependent on other people for tech that's supposed to be table stakes in a few years isn't a great place to be. Government headaches: Regulators around the world have been lining up to take a crack at Apple — including the US Department of Justice, which filed an antitrust lawsuit against the company a year ago. (A separate federal antitrust against Google could also hurt Apple, by potentially ending a long-standing deal where Google pays Apple more than $20 billion a year to make its search engine the default on iPhones.) Apple's most persistent foe seems to be the European Union, which has come out with a series of rulings and judgments against Apple. Some of these don't seem crucial to Apple's future — see, for instance, its move to change the charging ports on its phone to adapt to an EU mandate a few years ago. But Apple says an EU ruling forcing it to change the way it runs it powerful App Store is "yet another example of the European Commission unfairly targeting Apple in a series of decisions that are bad for the privacy and security of our users, bad for products, and force us to give away our technology for free," and is pushing back as hard as it can. (It's also hoping that Donald Trump's administration will come to its aid.) Developers, developers, developers: Europeans aren't the only ones complaining about the way Apple runs its App Store. It continues to hear from a loud contingent of developers who complain that Apple's rules around its store unfairly hamper their business. In the case of Fortnite-maker Epic Games, that kicked off a legal fight that started in 2020, and took a sharp turn earlier this year when a US judge ruled that Apple had to allow developers to tell users they could buy stuff from them without going through the App Store — a move that could threaten a huge stream of revenue for Apple. But the app store also generates a vibes problem for Apple, with high-profile critics like Apple blogger John Gruber arguing that Apple has gone from courting developers to making it hard for them to make a living. Apple is most definitely sensitive to that criticism, which is why it often puts out press releases pointing out how much money developers make by selling stuff via Apple. (Its newest release puts that number at $1.3 trillion in 2024 alone.) And this week's event, remember, has the word "developer" in the title, so you can expect Apple to continue to insist that it's on the software guys' side. Don't be surprised if you hear from folks who feel otherwise. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
2 hours ago
- Bloomberg
Bloomberg Surveillance 6/9/2025
TV Shows Bloomberg Surveillance Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day. (Source: Bloomberg)
