Wednesday, September 25

ByKevin Sheekey

Mike Bloomberg today welcomed more than 50 heads of state and delegations from six continents and more than 200 of the world’s most prominent business leaders to the third annual Bloomberg Global Business Forum, where they are meeting to address the rise of economic and environmental instability.

Photos from the event are being posted on Mike Bloomberg’s Flickr page throughout the day.

In one of the first headlines of the day, Bloomberg Philanthropies has pledged to spend an undisclosed sum to help California use satellite data to track the emission of greenhouse gases, according to today’s LA Times and CNN. The funding will allow Planet Labs, a San Francisco-based earth-imaging company, to use its existing satellites and launch new ones to quantify emissions from all over the world and the state’s progress toward its climate goals. Read the official announcement here.

Indian Prime Minister Narendra Modi delivered the keynote address and joined Mike Bloomberg to announce a partnership to strengthen global investment in India and help international investors access India’s capital markets and, in turn, provide India’s businesses and government with new funds to invest and grow.

Read the official announcement here.​

Supported by Bloomberg Philanthropies, the Forum is the leading public-private gathering alongside the 74th United Nations General Assembly in New York.

Speakers include New Zealand Prime Minister Jacinda Ardern, Former U.S. Presidents William J. Clinton and George W. Bush, Bank of England Governor Mark Carney, Incoming President of the European Central Bank, Christine Lagarde, European Commissioner for Trade Cecila Malmstrom, Goldman Sachs CEO David Solomon, Credit Suisse CEO Tidjane Thiam, Citigroup CEO Michael Corbat, Walt Disney CEO Bob Iger, Uber CEO Dara Khosrowshahi, Alphabet and Google CFO Ruth Porat and many more.

Watch the Bloomberg Global Business Forum plenary LIVE at BloombergGBF.com or LIVE <GO> on the Terminal starting at 8:30 a.m. New York time.

Bloomberg TV and Bloomberg Radio will provide live updates throughout the day, and join the conversation online by following #BloombergGBF.


The Impeachment Inquiry.

Nancy Pelosi Launches Formal Trump Impeachment Inquiry Over Ukraine (Bloomberg)

Note this: The Republican controlled Senate on Tuesday unanimously adopted a nonbinding resolution calling for the administration to immediately transmit the whistle-blower’s complaint to the Senate and House intelligence panels.

Majority Leader Mitch McConnell said he initially was reluctant to back a “made for TV moment” but said he would relent and stated he expects a bipartisan Senate panel examination of the matter.

Rough Transcript Released: Trump Pushed Ukraine to Work With Giuliani, Barr on Biden (Bloomberg)

Impeachment vs Removal: The Impeachment Process, Explained (New York Times)

The inquiry into President Trump has the potential to reshape his presidency.

But it all depends on the U.S. Senate for impeachment to turn into removal from office.

There is no obvious enforcement mechanism if Senator Mitch McConnell were to simply refuse to convene a trial. The Republican majority in the Senate could also vote to immediately dismiss the case without any consideration of the evidence if it wanted.

How Trump is Corrupting Ukraine (Bloomberg Opinion – Leonid Bershidsky)

The scandal could undermine a historical opportunity for Ukraine’s new leadership to drain its own swamp.


Brexit Update.

Brexit Has Already Cost London’s Financial Hub Billions (Bloomberg)

Three years and three prime ministers since the vote, fraught negotiations and political turmoil have sapped confidence in the industry, putting financial firms on the verge of moving thousands of jobs — and possibly 1 trillion pounds ($1.24 trillion) of assets — out of London.

There are signs of resilience: London has extended its lead in foreign-exchange interest-rate derivatives trading since the referendum, and the city remains the only European financial hub in consultancy Z/Yen’s ranking of the world’s top 10.

Still, Catherine McGuinness, chair of the policy and resources committee at the City of London Corp., which oversees the financial district, said there was little doubt that the Brexit process was hurting financial services, which account for 11% of tax receipts in the U.K.


Vaping News.

Juul Changes CEOs, Ends Ads and Lobbying Amid Vaping Backlash (Bloomberg)

Juul Labs Inc. named a new top executive from Tobacco giant Altria and vowed to end advertising and lobbying that had raised the ire of lawmakers, health officials and parents, as the highly valued private e-cigarette company confronts a growing public backlash.


Climate News.

Major Climate Report Warns of Severe Damage to the World’s Oceans (New York Times)

Even Putin Is Now Worried About Climate Change: Russia Drops Doubts about Joining Paris Accords (Bloomberg)


Today in IPOs.


Dining section.

‘Recovering Bankers’ Trade Finance for Fine Dining (Bloomberg)

It’s a more natural transition than you’d think for the founders of hit Brooklyn restaurants Lilia and Llama Inn in Williamsburg.


Best of late night.

“A clerical worker in Ireland has now sued his employer for firing him, after he skipped 400 days of work over 2 years. To be fair, he did make a pretty convincing cough sound over the phone.”
— James Corden

“KFC is now offering chicken-themed weddings to 6 lucky couples in the country. Food, decorations, and musical entertainment will all be provided. All KFC-themed. So that is one way to make sure your mom cries at your wedding.”
— James Corden

“I saw that Lays potato chips are re-designing their bags for the first time in 12 years. Yeah, now they’ll be able to hold even fewer chips and more air than ever before!”
— Jimmy Fallon