Bloomberg News and Videos — Page 916

HSBC is said to be considering a wave of deep job cuts over the coming years as CEO Georges Elhedery bets on AI to shrink its middle and back office footprint. Bloomberg's Adam Haigh reports.

Benchmark oil prices are surging past $100 as the Middle East conflict disrupts global trade flows and widens crude spreads. Nomura International Wealth Management North Asia CIO Julia Wang discusses the specific risks facing Asian economies.

Iran and Israel have traded strikes on energy infrastructure in the Middle East, with little sign of the conflict abating. Bloomberg's Laura Davison reports on the latest developments.

Federal Reserve Chair Jerome Powell said he plans to stay at the central bank until a Justice Department investigation into him and the central bank is complete.  "I have no intention of leaving the board until the investigation is well and truly over, with transparency and finality," Powell said Wednesday at a press conference. The comments marked the first time Powell has given any public indication about how the DOJ probe might affect his plans to remain at the Fed. Greg Peters, Co-Chief Investment Officer of Public and Private Fixed Income at PGIM, said the news moved markets

Former FDIC Chair Sheila Bair discusses the need for the Fed to keep their 'powder dry' given current economic uncertainties, and the inflationary effects of the war in the Middle East. She talks with Romaine Bostick on "The Close."

Former Federal Reserve Vice Chair Lael Brainard discusses Fed Chairman Jay Powell tying his departure from the Board to the conclusion of a DOJ investigation, and the Fed possibly treating oil price shock as transitory. She talks with Romaine Bostick on "The Close."

Micron Technology Inc. warned that it will need to spend heavily on production to meet burgeoning demand, overshadowing a generally upbeat forecast from the largest US maker of computer memory chips. Capital spending will exceed $25 billion this fiscal year, which runs through August, the company said as part of its quarterly report on Wednesday. Analysts had estimated $22.4 billion. The heavy spending reflects the cost of keeping up with an insatiable appetite for Micron's memory chips, especially the high-bandwidth components used in artificial intelligence computing. Though Micron's sales are expected to keep soaring, the latest report drew a chilly reception from investors. The shares fell about 2% in late trading. Hendi Susanto, a portfolio manager at Gabelli Funds, said he thinks Micron is in a good position structurally.

"I'm still gobsmacked by the Fed's decision," Bob Michele, JPMorgan Asset Management's global head of fixed income, says about the Federal Reserve's decision to leave interest rates unchanged.

Micron says it will spend heavily to meet demand and sales will keep soaring. Shares whipsawed despite beating on earnings. Matt Bryson of Wedbush Securities reacts to the report on Bloomberg The Close.

Edward Jones CEO Penny Pennington discusses the Fed's decision to hold rates steady and the effects of geopolitics on handling client needs. She talks with Romaine Bostick on "The Close."