Investors Going 'Back to Basics' With Risk: Murphy
Wall Street's bets that the US-China trade truce marks the end to an all-out tariff war that had threatened a global recession spurred a stock rally on Monday, while sinking defensive corners of the market from bonds to gold and haven currencies. On "Bloomberg ETF IQ", Scarlet Fu and Katie Greifeld speak with Cinthia Murphy, investment strategist at TMX VettaFi. (Source: Bloomberg)
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Bloomberg
4 minutes ago
- Bloomberg
GOP Reaches Tentative SALT Deal at $40K Cap
"Balance of Power: Late Edition" focuses on the intersection of politics and global business. On today's show, Representative Mike Lawler (R) NY shares his thoughts on tentatively reaching a deal on SALT with his Republican colleagues in the Senate. Elizabeth Wydra, President of the Constitutional Accountability Center, & Rep. Sam Liccardo discuss the US Supreme Court's rulings and the impact of these rulings. PWC National Tax Office Co-Leader Rohit Kumar talks about what to expect from the US Senate as the self-imposted Tax Bill deadline is July 4th. (Source: Bloomberg)
Associated Press
9 minutes ago
- Associated Press
Arizona governor caps off quarrelsome legislative session with budget approval
PHOENIX (AP) — Arizona Gov. Katie Hobbs signed on Friday a bipartisan budget that boosts pay for first responders and increases spending on social services, capping a quarrelsome session of the Republican-led Legislature that brought the state to the brink of a government shutdown. The first-term Democrat broke her veto record, sparred with Republicans over agency leadership nominations and got on board with bipartisan proposals that ruffled the feathers of some members of her party. The session unfolded while Hobbs' 2026 bid to hold the reins of the battleground state loomed large. Hobbs began the session with an uphill climb, confronting expanded Republican majorities in the House and Senate. Arizona is one of eight states where the governor's office and legislature are controlled by opposing parties. Hobbs' office chose to negotiate on just a handful of issues this session, including water policy, funding for some of Arizona's most vulnerable residents and renovations to a stadium used by the Arizona Diamondbacks. Budget barbs The Legislature sent the governor a $17.6 billion budget after GOP lawmakers traded barbs with each other and Hobbs' office. The Senate approved one version, but it lacked votes in the House, leaving lawmakers in that chamber to introduce a measure meant to keep state operations running while negotiations continued. On Wednesday, Hobbs vetoed the proposal favored by House Republicans and the continuation measure, calling them partisan and reckless. House Speaker Steve Montenegro introduced amendments to the budget proposal Thursday, and the chamber passed it that night, clearing the way for the Senate to sign off. Border security Hobbs indicated last fall that she was willing to work with the Trump administration on border security issues like stopping fentanyl trafficking and followed up in January calling the Laken Riley Act 'an important step forward' in a post on the social platform X. The act requires detention of unauthorized immigrants accused of theft and violent crime. Hobbs' stance drew praise from GOP Senate President Warren Petersen, while members of her own party criticized the measure. She signed an executive order in February to create a task force that would oversee expanded operations at the border, but she later vetoed a measure that would have required local and state officials to cooperate with federal immigration enforcement efforts. Senate Minority Leader Priya Sundareshan, a Democrat, said her caucus pushed Hobbs to limit spending on border support, saying it had 'drawn a hard line' and planned to withhold votes on the state budget until the border funding was reduced. Senate Assistant Minority Leader Sen. Catherine Miranda, who voted against the budget, said last week that she could not support a budget that has language that opens the door to immigration enforcement. 'And while I know that Gov. Hobbs has promised she will not use the Local Border Support Fund to enforce immigrant laws, the language included in a bill has as much impact as the actual policy implementation,' Miranda said. Progressive lobbyist Marilyn Rodriguez said she would have liked to see Hobbs take a less hawkish posture on border security. Despite some frustrations, House Democratic Leader Oscar De Los Santos said the budget delivers on priorities that include public education, Medicaid and expanded health care for certain patients. 'We also make big investments to bring down the cost of childcare and make college tuition free for Arizona's students from working families,' he said in a statement. Hardball with Republicans Hobbs is no stranger to the veto pen, which she has wielded to knock down what she considers proposals that are out of touch with the state's purple electorate. This year, she vetoed about 170 bills, including an attempt to speed up the counting of ballots. She's repeatedly accused state Sen. Jake Hoffman, who chairs the Legislature's Freedom Caucus, for politicizing the confirmations of her agency head nominees. Her fight with Republicans over funding for a state agency that provides services for some of Arizona's most vulnerable residents led to a moratorium on bill signing, and she has criticized Republicans for hitting the breaks on a proposal that could have led to increased regulation of groundwater pumping in rural areas of the drought-stricken state. Hobbs has said she'd take action on the water front in the absence of a legislative deal, which could set up another round of sparring with Republican lawmakers as she prepares to seek another term. With no Democratic challenger, Hobbs is expected to face either Karrin Taylor Robson or U.S. Rep. Andy Biggs, who are both endorsed by the president. ___ The Associated Press' women in the workforce and state government coverage receives financial support from Pivotal Ventures. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
TechCrunch
17 minutes ago
- TechCrunch
Meta is offering multimillion-dollar pay for AI researchers, but not $100M ‘signing bonuses'
Meta is definitely offering hefty multi-million-dollar pay packages to AI researchers when wooing them to its new Superintelligence Lab. But no one is really getting a $100 million 'signing bonus,' according to a poached researcher and comments from a leaked internal meeting. During a company-wide all-hands meeting on Thursday leaked to The Verge, some of Meta's top executives were asked about the bonuses that OpenAI CEO Sam Altman said Meta had offered to top researchers. Meta's CTO Andrew Bosworth implied that only a few people for very senior leadership roles may have been offered that kind of money, but clarified 'the actual terms of the offer' wasn't a 'sign-on bonus. It's all these different things.' In other words, not an instant chunk of cash. Tech companies typically offer the biggest chunks of their pay to senior leaders in restricted stock unit grants (RSUs), dependent on either tenure or performance metrics. A four-year total pay package worth about $100 million for a very senior leader is not inconceivable for Meta. Most of Meta's named officers, including Boswell himself, have earned total compensation of between $20 million and nearly $24 million per year for years. Altman was 'suggesting that we're doing this for every single person,' Bosworth reportedly said at the meeting. 'Look, you guys, the market's hot. It's not that hot.' (Meta did not immediately respond to our request for comment.) On Thursday, researcher Lucas Beyer confirmed he was leaving OpenAI to join Meta along with the two others who led OpenAI's Zurich office. He tweeted: '1) yes, we will be joining Meta. 2) no, we did not get 100M sign-on, that's fake news.' (Beyer politely declined to comment further on his new role to TechCrunch.) Beyer's expertise is in computer vision AI. That aligns with what Meta is pursuing: entertainment AI, rather than productivity AI, Bosworth reportedly said in that meeting. Meta already has a stake in the ground in that area with its Quest VR headsets and its Ray-Ban and Oakley AI glasses. Still, some of the people Meta is trying to nab are indeed worthy of big pay packages in this tight AI talent marketplace. As TechCrunch was first to report, Meta has hired OpenAI's Trapit Bansal, known for his groundbreaking work on AI reasoning models. He had worked at OpenAI since 2022. Certainly, Scale co-founder and CEO Alexandr Wang is getting a healthy chunk of cash, likely more than $100 million, as part of Meta's deal to buy 49% ownership of his company. As we previously reported, the $14 billion Meta is paying is being distributed to shareholders as a cash dividend. Wang is almost certainly a major shareholder in Scale entitled to those dividends. Still, while Meta isn't handing out $100 million willy-nilly, it is still spending big to hire in AI. One investor told TechCrunch that he saw an AI researcher get — and turn down — an $18 million job offer from Meta. That person took a smaller, but still healthy offer, from a buzzier AI startup: Mira Murati's Thinking Machines Lab.
