Bloomberg Volatility Forum London 2025
This edition of All Options Considered is the recording of part of the Bloomberg Volatility Forum 2025 held in London on March 18th. It starts with the opening speech by BI's chief global derivatives strategist Tanvir Sandhu on macro and volatility across markets. This is followed by the discussion from the first panel on the options market with Dennis Davitt, CEO at Millbank Dartmoor Portsmouth, Pierre-Henri de Monts de Savasse, Senior Portfolio Manager at RBC BlueBay and Pierre de Saab, Former Partner at Dominice. The panel is moderated by Noel Hebert, Global Director of FICC Strategy at Bloomberg Intelligence.
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Business Insider
14 minutes ago
- Business Insider
One corner of the job market is doing surprisingly well
Hello there! The NBA Finals begin tonight. The playoffs feel incredibly less interesting now that my beloved New York Knicks are gone, but the NBA would beg to differ. Despite it being two small-market teams — the Indiana Pacers and Oklahoma City Thunder — NBA executives spoke to BI about why they still see the series as a big opportunity. In today's big story, a worse-than-expected jobs report reinvigorated President Donald Trump's attacks against Fed Chair Jerome Powell to lower rates. (But one corner of the job market is doing surprisingly well.) What's on deck Markets: Jamie Dimon just got more backup for his critique of private credit. Tech: What's fueling those annoying job offer scams you keep getting texted. Business: The one person Donald Trump won't fight back against. But first, missed expectations. If this was forwarded to you, sign up here. The big story A jolting jobs report Brandon Bell; Kevin Dietsch/ Getty images In the pantheon of legendary rivalries, Donald Trump vs. Jerome Powell is rising in the ranks. Private payroll data from ADP showed 37,000 new jobs were added last month, much worse than economists' expectations of 110,000. That was all the president needed to take another shot at one of his favorite targets, writes BI's Jennifer Sor. "'Too Late' Powell must now LOWER THE RATE. He is unbelievable!!!" Trump posted on Truth Social. Trump's latest attack is well-timed. We're less than two weeks away from the Fed's next decision on interest rates on June 18. His pitch is straightforward: The job market is weakening, so it's time for the Fed to step in to stimulate the economy. But the picture of the economy doesn't end with the ADP report. The Bureau of Labor Statistics' monthly nonfarm jobs report drops Friday. The monthly inflation report isn't far behind, arriving on June 11. Those two data points will likely hold even more weight for the Fed. Meanwhile, Trump's onslaught of tariffs could be the real issue for the Fed. Plenty of economists have predicted the president's trade wars will increase inflation, dulling the hopes of a rate cut. There's also an outside-the-box data point to judge the job market on. At a time when the labor market is in flux, one corner is doing incredibly well: the military. The Army has already met its annual goal of recruiting 61,000 troops, and the Navy is also in good shape, BI's Kelsey Baker and Allie Kelly write. At first glance, that might seem like more ammo for Trump. The military has historically benefited from a weaker economy. Young job seekers see it as a safe haven, and fewer job openings and a slowing economy are certainly a factor this time. But it's not as straightforward as economy down = military up. Gen Z has been more interested in blue-collar work, too. The military's tuition benefits also solve the all-important issue of student debt that many young people struggle with. There's also a growing appetite for defense in Silicon Valley. Meta announced a partnership with defense tech startup Anduril on a US military project in May. Meta's tech chief said on Wednesday it marked a " return to grace" for the industry's relationship with the military. Overall, the data paints a complicated picture of an economy that can seem like it's on the cusp of disaster or completely fine. 3 things in markets 1. Investing tips for recent college grads. It's not easy to invest when you're just starting your career and not making much. BI compiled a four-step investing guide on how you can set yourself up for success. 2. Commercial real estate says RIP, Trump bump. April sales activity plunged, dashing the industry's hopes of a big rebound. 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What's happening today The Business Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Ella Hopkins, associate editor, in London. Elizabeth Casolo, fellow, in Chicago.
Business Insider
an hour ago
- Business Insider
Interviewing for a Meta job? Get set for AI to be involved.
From coding agents to a Manhattan-sized data center, Meta's going all in on AI this year — and now plans to put it to work in HR. The company is preparing to use AI to automate key parts of its recruitment process, including testing coding skills and helping interviewers with question prompts, according to an internal document obtained by Business Insider. The document reveals Meta's plans to lean on AI to carry out several functions in its hiring process in the latter half of this year. Meta aims to use AI for a lot of the administrative work involved in its recruitment process, like matching interviewers with candidates, transcribing interview notes, and flagging job posts that overlap. Meta also intends to use an internal AI assistant to judge the quality of its human interviewers, including by flagging any questions that aren't inclusive, and assessing how "good" they are based on criteria such as the number of candidates they advance to the next stage and the quality of their feedback. In addition, Meta plans to use the AI assistant to help interviewers with scheduling, including their preferences for how many internal or external interviews they want to conduct each week. It is also set to keep track of interviewers' skills, including what languages they speak. The overall goal is to automate some functions, make its hiring processes more efficient, flexible, and adaptable, and improve the "interviewer conduct rate," according to the business outcomes listed in the document. A Meta spokesperson told BI: "Like many other companies, we're using AI to make recruiting more efficient and match candidates with open roles more quickly. Humans talking to humans will always be part of the interview process, that remains unchanged." Meta is not the only Big Tech firm turning to AI to streamline its recruitment operations. Amazon uses AI hiring tools to help screen candidates and find them relevant roles, although it doesn't want job seekers using AI to help them get ahead in interviews. The company has been cracking down on the use of AI tools like coding assistants and "teleprompter" apps, BI's Eugene Kim previously reported. A growing number of companies are also embracing AI for a range of recruitment tasks. LinkedIn's "Future of Recruiting 2025" report, released in February, found 37% of organizations it surveyed were "actively integrating" or "experimenting" with adopting AI tools into their hiring process. That's up from 27% a year ago.
Yahoo
an hour ago
- Yahoo
Ukraine can make way more weapons than the country can buy. Industry figures say there's a simple fix to unlocking its potential.
Ukraine's industry is growing rapidly amid Russia's invasion, and Ukraine is relying less on allies. But the industry says it has far more capacity that's unused as Ukraine can't spend that much. Industry leaders say there's a simple way that Ukraine's potential can be reached. Ukraine's defense industry says it is prepared to produce much more weaponry than it is currently making. The problem is that the Ukrainian government can't afford the multi-billion-dollar price tag for production. But it says there's a straightforward solution. Ukraine's defense industry has boomed since Russia launched its full-scale invasion of Ukraine, with manufacturers ranging from huge outfits to small companies based in people's garages. These companies are crucial, especially at times when Western support is uncertain. The host of defense companies that have sprung up over the last three years of war has allowed Ukraine to innovate quickly and make weaponry that is well suited to the country's specific fight, and their insights into the demands of modern war have many Western companies keen to collaborate and learn from them. Ukrainian Minister of Strategic Industries Herman Smetanin shared earlier this year that "the capabilities of the Ukrainian defense industry have grown 35 times over the three years of the invasion," up from $1 billion in 2022 to $35 billion now. Industry bodies, each representing around 100 Ukrainian defense companies, told Business Insider that the country's industry is ready to make far more weaponry if someone can fund it, and said it would be a win-win for allies. Serhiy Goncharov, the CEO of the National Association of Ukrainian Defense Industries, which represents around 100 Ukrainian companies, told BI that Ukrainian producers' capacity is more than three times as large as their purchasing power from current budgets. He said Ukrainian defense companies get contracts worth around $11.5 billion, but they have the capacity to make as much as $45 billion in weapons. "We are ready to increase our production. We have the capacity to increase our production," Goncharov said. But for now, "we still work in the limit of the budget of Ukraine." Government officials have shared similar observations. For instance, Oleksandr Kamyshin, then Ukraine's minister of strategic industries, said in April 2024 that Ukraine's defense production capacity was three times as much as its defense budget. Ihor Fedirko, the CEO of the Ukrainian Council of Defence Industry, a body that represents more than 100 companies, told BI "there are huge spare manufacturing capacities." Ukraine's defense companies typically rely on money from the government buying their goods for the military. Units also buy some weaponry and items themselves, but that practice doesn't add up to the same scale or offer businesses the same confidence. Ukraine's government only has so much money, particularly during wartime. Ukrainian industry figures outlined a simple solution, one that is already underway on a smaller scale. It's a new way of supporting Ukraine that was launched by Denmark last year. The model, nicknamed the "Danish model," buys weapons for Ukraine directly from Ukrainian developers instead of purchasing them from European or US companies or taking them from other countries' stockpiles. Goncharov described actions similar to the Danish model as the "simplest" way partner nations can help Ukraine's industry and the one that gives the "fastest result on the battlefield." He said this approach allows Ukraine to increase its production by giving manufacturers financial assurances and confidence. Multiple countries have joined this model, and some others, like Germany, say they are working on their own version of it. The Danish model ensures weapons reach Ukrainian soldiers faster and typically for less money. It also means the weaponry Ukrainian forces need most is prioritized. Goncharov said it helps Ukrainians get "exactly what they need on the battlefield." Through this approach, even if a partner country has limited stockpiles or a limited defense production capacity, it can still "purchase the artillery for Ukraine from Ukraine." Around $550 million worth of weapons procurements were finalized last year and boosted the production of key weapons like the Bohdana self-propelled howitzer. Goncharov said Ukraine's industry has a list of weapons it is ready to increase the production of if it gets money through this type of model. That list includes artillery and armored vehicles. Fedirko said the Danish model is "the largest hope for the private sector." Other options include using frozen Russian assets and joint manufacturing opportunities with foreign companies. Goncharov said he has discussed the Danish model and other options for producing more Ukrainian weaponry with members of the European Commission. Another model he proposed is financing production in Ukraine that depends on a substantial amount of European components. He said many Ukrainian companies import some components from elsewhere in Europe, like some metals and vehicle chassis. He described this as "more complex" and more medium-term than the Danish model, but it's one solution that also benefits European industry, which is ramping up. Europe is watching the war in Ukraine closely, with many countries massively boosting their defense spending and warning that Russia could attack elsewhere on the continent. Countries are hesitant to drain their stockpiles, and new defense orders are creating backlogs in industry, limiting its capacity to produce weapons for others. Many European countries are studying Ukraine's defense industry and its speed, but it's a work in progress. Goncharov said many of Ukraine's international partners are not expanding their defense production fast enough, so Ukraine's industry "has no other options only to grow, to cover our demand." He said working with Ukraine is advantageous for other countries attempting to improve their defenses. They can learn from Ukrainian companies with the advantage of being in direct contact with soldiers and units, allowing them to stay up to date with what is needed against Russia and test their products. "We unfortunately face this situation when we have war on our territory, and it's not our choice, but it is what it is." Read the original article on Business Insider
