Bloomberg News and Videos — Page 774

The United Arab Emirates is leaving OPEC on May 1, dealing a blow to the group and its leader Saudi Arabia. UAE Energy Minister Suhail Al Mazrouei tells Bloomberg's Joumanna Bercetche that the timing is right because of the war in Iran. Bercetche spoke to him on the phone and she reports on "Bloomberg Open Interest."

Lindsey Piegza, Chief Economist at Stifel, discusses the US economic backdrop as consumers maneuver around war-driven, high energy prices. US consumer confidence unexpectedly edged up in April to the highest this year as Americans grew more hopeful about the outlook for the labor market.    The Conference Board's gauge increased to 92.8, from 92.2 in March, data out Tuesday showed. The median estimate in a Bloomberg survey of economists called for a reading of 89. A measure of expectations for the next six months climbed in April, while a gauge of present conditions ticked lower.  The improvement in confidence, despite broader concerns tied to higher costs and war in the Middle East, may reflect a fragile ceasefire between the US and Iran and signs of stabilization in the labor market. Hiring rebounded in March and more recent data point to limited layoffs.

The Conference Board's gauge of US consumer confidence increased to 92.8, from 92.2 in March, data out Tuesday showed. The median estimate in a Bloomberg survey of economists called for a reading of 89. Mike McKee reports on "Bloomberg Open Interest."

The United Arab Emirates will leave OPEC and its wider alliance on May 1 as the global oil industry grapples with the massive supply disruption caused by the Iran war. Alaric Nightingale reports on Bloomberg Television.

JetBlue Airways Corp. reported a larger than expected first-quarter loss on higher fuel costs and volatile demand. The carrier said it plans to recapture 30%-40% of fuel costs in the second quarter. Tom Fitzgerald of TD Cowen examines the results on "Bloomberg Surveillance."

London Mayor Sadiq Khan discusses artificial intelligence, migration, affordable housing and why voters shouldn't back the populist Reform UK in next week's local elections, describing Nigel Farage's party as a "poor man's version of President Trump and MAGA." Khan also backed Prime Minister Keir Starmer to survive the growing scandal around his 2024 appointment of Peter Mandelson as ambassador to Washington. He talks with Chad Thomas at Bloomberg's CityLab conference in Madrid, where a new forum involving mayors from across the world to ensure artificial intelligence works for effectively for cities was announced.

General Motors CFO Paul Jacobson says the automaker has not added significant price increases as he discusses first-quarter earnings that included a rise in the company's profit outlook. Jacobson talks about supply chain challenges related to the Iran war, where inflation is impacting costs, and how customers are reacting to higher gas prices.

United Parcel Service Inc. left its financial guidance unchanged, despite beating sales and profit expectations in the first quarter. Brandon Oglenski of Barclays examines the results on "Bloomberg Surveillance."

US Energy Secretary Chris Wright says the US is "absolutely not" studying a ban on energy exports amid rising oil prices. Wright discusses Iran's oil storage capacity, the Trump administration's stance on negotiations with Iran, and plans for pipeline agreements in Europe.

Nicolai Tangen, chief executive officer of Norges Bank Investment Management, discusses artificial intelligence, the speed of innovation in China and why he thinks real estate is attractive now. Speaking to Bloomberg's Francine Lacqua at NBIM's annual investment conference in Oslo, Tangen also says he sees signs of worry in private markets and that there is a "surprising" lack of market dislocation.