Australia's Treasurer Weighs Impact of Possible US Drug Tariff
'We're working through' how the potential tariff might work with the industry and 'the potential consequences of pharmaceuticals being caught up in these escalating trade tensions,' Chalmers said in an interview with Bloomberg Television from the Group of 20 meeting in South Africa on Friday.
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Yahoo
33 minutes ago
- Yahoo
Bloom Energy (BE) Extends Boost on 4th Day on New Deal with AI Firm
We recently published . Bloom Energy Corporation (NYSE:BE) is one of the best-performing stocks on Thursday. Bloom Energy extended its winning streak to a fourth consecutive day on Thursday, soaring 22.95 percent to close at $33.06 apiece, as investor sentiment was bolstered by its newly bagged deal to power AI data centers in the US. In a statement, Bloom Energy Corporation (NYSE:BE) said it inked a deal with Oracle Corporation to deploy its fuel cell technology at the latter's select cloud infrastructure centers. Bloom Energy Corporation (NYSE:BE) said it will begin to deliver the technology within 90 days. 'Customers expect to run their AI workloads and new AI applications at peak performance. Bloom's fuel cell technology will join OCI's extensive energy portfolio, further supporting our cutting-edge AI infrastructure with reliable, clean power that can be quickly deployed and easily scaled,' said Oracle EVP Mahesh Thiagarajan. Photo by Tommy Krombacher on Unsplash Meanwhile, Bloom Energy Corporation (NYSE:BE) is scheduled to release the results of its second quarter earnings performance after market close on Thursday, July 31. While we acknowledge the potential of BE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . Sign in to access your portfolio
36 minutes ago
Some of Mamdani's platform is surprisingly similar to Bloomberg's, experts say
He proposed free crosstown buses. He pushed for steep tax hikes on the wealthy—including an 18.5% property tax increase— insisting none of his rich friends threatened to leave the city over higher taxes. He championed millions to build supermarkets in long-neglected neighborhoods. And under his plan, city workers could give privately raised cash to New Yorkers booking dental appointments or keeping their children in school. These progressive policies, however, are not from New York City's Democratic nominee for mayor, Zohran Mamdani. Experts said they were from Michael Bloomberg, New York's billionaire former Republican mayor and a prominent supporter of Andrew Cuomo's run for mayor. As Mamdani reshapes the city's political map, some experts told ABC News a striking parallel is emerging. Behind the labels of "socialist" and "technocrat," both men share aligned goals: taxing the rich during crises, promoting expansive transit ideas, and bold plans to bring fresh food to low-income communities. Still, experts said, even when policies overlap, most New Yorkers do not see them as similar. They point out many people know Mamdani as an organizer who has posted that capitalism is a form of thef t; Bloomberg as a businessman who built a fortune managing the free market that Mamdani is critiquing. Mamdani identifies himself as a democratic socialist and has stated, "I don't think that we should have billionaires." Bloomberg is one of the richest people in the world. Neither Mamdani nor Bloomberg provided statements to ABC News. Mamdani recently acknowledged in a private meeting with business leaders that he hopes to emulate Bloomberg on a few issues — even as he draws fire from many in the business community, sources familiar told ABC News. "There's a resistance from a lot of powerful forces ... And it doesn't have to do with Mamdani's politics, it has to do with the fact that he doesn't come from them," Democratic strategist Peter Feld told ABC News. Bloomberg spent $8 million backing Cuomo's failed bid to become the Democratic nominee for mayor. "If you said which of these things go together, you probably wouldn't pick Bloomberg and Mamdani," Christine Quinn, the former city council speaker who helped Bloomberg pass key policies, told ABC News. "But when you peel away at the onion, there's a lot of similarities." Free buses As early as 2007, Bloomberg spoke about his public transit goals, telling WABC, "If you were to design the ultimate system, you would have mass transit be free and charge an enormous amount for cars." During his 2009 re-election campaign, Bloomberg proposed making some Manhattan crosstown buses free of charge. An archived screenshot from his campaign website states, "The MTA should eliminate fare collection..." At a campaign event, he called the MTA "bloated" and "inefficient." The New York Times contrasted observers calling the proposal "radical," and a Regional Plan Association official saying it "captured people's imaginations." A Mamdani campaign pillar calls for free fares on all bus lines. After piloting a fare-free program on five lines as an assemblymember, Mamdani compared it to Kansas City and Boston's free programs. Cuomo's bus plan for mayor includes evaluating the "expansion of a fare-free bus pilot program" that Mamdani championed, and expanding a 50% discount on public transportation for low-income residents. Regional Plan Association's Kate Slevin, who served in city government under Bloomberg, said she "can't remember other mayoral candidates" with a similar plan for free buses. Slevin told ABC News, "When it comes to fares, those are the only two I can remember." After Bloomberg won, a transportation website reported he removed the proposal from his website. The plan was never implemented. Both men faced criticism over feasibility - the MTA controls bus fares. Mamdani has not publicly highlighted Bloomberg's old bus proposal, but he's aware of at least one Bloomberg transportation initiative: in a recent video about expanding dedicated bus lanes, he said, "It's not a new proposal, Mayor Bloomberg suggested it in 2008." Taxing the wealthy After 9/11, during New York City's financial crisis, Mayor Bloomberg increased property taxes by 18.5%, short of his original 25% push. Months later, Bloomberg raised sales and income taxes. Single filers earning over $100,000 were among those impacted. "[Bloomberg] knew that to make New York livable, you had to raise taxes, and he put that as a priority, rather than to simply cut the budget and vital services," NYU Professor of Urban Planning and Policy, Mitchell Moss, told ABC News. "Taxes were not a peripheral part of his fiscal policy. They were a central part." In a 2007 USC speech, Bloomberg reflected, "As a last resort, we even raised property taxes and income taxes on high-earners," recalling backlash, saying "raising taxes didn't make me the most popular..." In response to concerns New Yorkers may leave, Bloomberg told WNYC: "I can only tell you, among my friends, I've never heard one person say I'm going to move out of the city because of the taxes ... Not one." Former Mayor Bill de Blasio attempted to raise taxes on the wealthy to fix subways, but was not successful. Mamdani proposes permanent additional 2% tax increases for earners making over $1 million and raising corporate taxes. Bloomberg framed his hikes as temporary, specifically tied to emergencies. However, even Bloomberg acknowledged that his tax revenue supported broader ambitions. "Mike Bloomberg raised taxes following 9/11 out of fiscal necessity, not ideology," Ed Skyler, a senior executive at Citigroup and former deputy mayor for Bloomberg, told ABC News. At USC, he said increases, "allowed us to close the huge budget deficits, balance the books and continue investing in the future: building new schools, revitalizing old industrial areas, creating the largest affordable housing program in the nation, supporting our cultural institutions, parks, libraries, and universities, and expanding world-wide advertising to attract businesses and tourists." Food policy for low-income communities Under Bloomberg, starting in 2009, dozens of FRESH grocery stores opened. Many are still operating today. The program offered public subsidies to private grocery operators to boost access to fresh food in underserved neighborhoods. Quinn, then city council speaker and a key player in passing the program, said they always asked: "how do we use the powers of the city of New York to jolt the private sector into action?" Bloomberg frequently sought to merge public and private efforts—through initiatives like his Green Carts program —which supplied permits for vendors selling fresh produce in "food deserts," and Health Bucks, which enabled discounted food to be purchased at farmers markets. Mamdani proposes one municipally owned, nonprofit grocery store in each borough, offering goods at wholesale prices. On " Plain English," Mamdani said his plan would cost less than FRESH. CUNY School of Public Health Professor Nevin Cohen said he believes Mamdani's plan would cost less than Bloomberg's, too. He wrote a piece titled " Guess What? Government Is Already in the Grocery Business," mentioning existing markets in Madison and Atlanta. Mamdani's idea isn't new to the city. Former Mayor Fiorello La Guardia created the first public market network and several still remain today. Under Bloomberg, one such market—Essex Market—was rezoned and relocated to a new, modern space. Cohen said Bloomberg and Mamdani's plans "are not just similar. They actually had the same underlying goal." Cohen said, "Bloomberg very much intervened in the market" and sent an old advertisement of Bloomberg, dressed as a nanny, labeled, "You only thought you lived in the land of the free." Quinn also notes that many of Bloomberg's plans faced resistance, but once implemented, became part of the city's fabric. "What is radical on Monday often becomes widespread by Wednesday," Quinn said.
Bloomberg
36 minutes ago
- Bloomberg
Charting the Global Economy: ECB Holds for First Time in a Year
By and Molly Smith Save The European Central Bank kept interest rates unchanged for the first time in more than a year as it looks for clarity on the European Union's trade ties with the US. Policymakers pushing for another cut in interest rates face an uphill battle, with inflation at 2% and the economy withstanding trade turbulence, Bloomberg reported. A hold looks like the baseline for September after eight reductions since June 2024.
