Bloomberg Blog

Bloomberg Government and Bloomberg Businessweek Talk State of the Union

Bloomberg Government and Bloomberg Businessweek held an exclusive two-panel event at the Newseum in Washington, D.C. examining President Obama's State of the Union Address.

 One panel focused on political impacts. Moderated by Bloomberg's Josh Tyrangiel, participants included: Margaret Carlson, Bloomberg View columnist; Former Congressman Tom Davis; Anita Dunn, Managing Director, SKDKnickerbocker; Josh Green, Senior National Correspondent, Bloomberg Businessweek; and Sam Stein, Political Editor and White House Correspondent, The Huffington Post.

 The other panel focused on economic and business implications. Moderated by Bloomberg's Al Hunt, participants included: Senator Bob Corker (R-TN); Senator Mark Warner (D-VA); Governer John Engler, President of the Business Roundtable; and Dr. Alice Rivlin, Senior Fellow, Economic Studies, Brookings Institution.

BGOV's Darin Ohlandt recaps the latter panel:

 State of the Union: What’s Next 

 

Senator Bob Corker, a Republican from Tennessee, center, speaks as John Engler, President of the Business Roundtable, listens during a discussion at The Newseum in Washington, D.C., U.S., on Wednesday, Jan. 25, 2012. The event, sponsored by Bloomberg Government and Businessweek magazine, was titled "The Economic & Business Implications of the State of the Union Address." Photographer: David Rogowski/Bloomberg

 

The morning after the President’s State of the Union address Bloomberg Government and Bloomberg Businessweek hosted an event examining the business and political implications of the programs, proposals and issues identified in the speech.

Bloomberg Government sponsored a distinguished panel including Senator Mark Warner (D-VA), Senator Bob Corker (R-TN), Governor John Engler, now president of the Business Roundtable and Dr. Alice Rivlin, a Senior Fellow at the Brookings Institution and renowned economist and budget expert. Al Hunt, Executive Washington Editor for Bloomberg News, moderated the panel. This panel reviewed the economic, business, employment and budgetary consequences stemming from the President’s annual address.

The panelists agreed that the number one problem facing the economy and businesses is the federal budget deficit and the economic uncertainty that stems from it. Senator Corker emphasized that the best way to create jobs and to grow the economy is to tackle the deficit. All panelists agreed that political leadership needs to work out solutions for entitlement reform, tax reform and overall spending.

Senator Mark Warner, a Democrat from Virginia, right, speaks as Alice Rivlin, Senior Fellow, Economic Studies, Brookings Institution listens during a discussion at The Newseum in Washington, D.C., U.S.,
on Wednesday, Jan. 25, 2012. The event, sponsored by Bloomberg Government and Businessweek magazine, was titled " The Economic & Business Implications of the State of the Union Address."
Photographer: David Rogowski/Bloomberg

 

Dr. Rivlin pointed out that President Obama put Medicare and Social Security reform on the table during the speech, at some political risk. Governor Engler of the Business Roundtable specified many aspects of corporate tax reform that would help them grow and keep jobs in the U.S.

The panelists further discussed a wide range of issues at the intersection of business and government action, including small business policies, immigration reform, regulatory changes and the president’s proposed agency consolidation.

The event, held at the Newseum in Washington, DC, then moved on to the political fall-out with a panel led by Josh Tyrangiel, Executive Editor of Bloomberg Businessweek, and included Sam Stein, Margaret Carlson, Josh Green, Anita Dunn and Thomas Davis.

The Quiet Offseason for Athletes Has Gone the Way of the Dinosaur, According to Power 100

The 2012 Power 100 ranking of the most powerful athletes in sports (created by Bloomberg Businessweek and Horrow Sports Ventures) was just released. What's interesting is that athletes used to be measured more by their performance on the field than in business. Today, that is no longer the case. In order to be deemed successful, athletes not only have to perform well, they also must have a certain rapport with the public. This Power list looks at athlete's performance both on-and off-the field.

The top of the list is dominated by male athletes who have found their niche by winning championships and securing solid business deals. Three NFL elite quarterbacks, all with Super Bowl rings and lucrative endorsement deals, Drew Brees of New Orleans, Aaron Rodgers of Green Bay, and Tom Brady of New England, lead the pack. Also in the top 10 -  the now retired Shaquille O'Neal, action sports star Shaun White, and three male tennis players, Rafael Nadal, Roger Federer, and Novak Djokovic.

 

There are no wallflowers on the list for sure.

 

 

Today we view the individual as a brand, one that can be marketed across the world as much as across the street. The 24/7 news cycle has put access to athletes in real time, and the public's interest is sometimes even greater with off-field activities than with on-field success.

Those in positions of influence need to balance the time they spend improving their vocation with something I call "brand time." For some, that's endorsements. For others, it's interacting with a voracious public, or telling their story through the various levels of social media.

Has this need to be a "brand" always been associated with elite athletes? Perhaps. You know Babe Ruth would have embraced the limelight today as much as he did when he was playing for the Yankees, while someone like Roger Maris probably would have been lacking on the list. Magic Johnson would be tops; Larry Bird, who spent the offseason mowing his lawn, probably not so much.

Dr. Harvey W. Schiller is CEO of Global Options Group and is former head of Turner Sports, YankeeNets and the United States Olympic Committee

 

Bloomberg's Princeton Office is Going Solar

Bloomberg's Curtis Ravenel walks the 8-acre site where construction of the 1.8-megawatt SunPower solar power system is underway.

 

Installed piles will support SunPower T0 Trackers, which position high efficiency solar panels to track the sun during the day, increasing energy capture by up to 25% over fixed-tilt solar systems.

Today, I'm happy to report that we are close to completing installation of a 1.8 megawatt solar power system that is expected to generate the equivalent of over 50% of the Skillman office's electricity. The Bloomberg facilities and sustainability teams have been working with SunPower Corp. and Integrys Energy Services to install this eight-acre, ground-mounted solar tracking system.

Here's how it works:

The system will use high-efficiency SunPower solar panels, the most efficient solar panels available on the market today, with the SunPower™ T0 Tracker system. The Tracker follows the sun’s movement during the day, increasing sunlight capture by up to 25 percent over conventional fixed-tilt systems, while significantly reducing land use requirements.

Bloomberg will buy the clean power generated from the system at prices below retail rates, providing a long-term hedge against rising power prices with no initial capital investment. The system will be owned by Solar Star NJ VI, LLC, a wholly-owned, indirect subsidiary of Integrys Energy Services, Inc. Solar Star will sell the solar renewable energy credits and environmental attributes associated with the system.

Curtis Ravenel, global head of sustainability at Bloomberg

Bloomberg News Responds to Bernanke Criticism

I'm sure you've seen it by now - Bloomberg News released a point-by-point response to the Federal Reserve staff memo which stated there were errors in recent news articles about the central bank's emergency lending programs. While the letter didn't specifically name any news organizations, Bloomberg News did publish a series of articles this year examining the bailout. You can read the Bloomberg News response here. You can also watch Matt Winkler, editor-in-chief of Bloomberg News, on today's Surveillance Midday program with Tom Keene.

The Bloomberg News team

Bloomberg Hedge Funds Summit

What a difference a day makes. When you come off the biggest three-day market rally since March 2009, and day four is the Bloomberg Hedge Funds Summit, it's a ride you don't want to end -- especially when your guests include market masters like:  Glen Dubin (Highbridge), Bruce Richards (Marathon), Tom Hill (Blackstone) and Boaz Weinstein (Saba).

We spent the early part of last week watching the market whipsaw with many traders short or underweighted. Then the rally started, sparking a short- covering scramble with traders chasing the market. Even those skeptical of the European rescue story didn't want to miss out and risk ending the month, or year, underperforming their benchmarks.

However, there was little discussion about covering, shorting or chasing anything at the New World Stages in New York last Thursday. Our guests opted to talk long-term investments, distressed opportunities in the markets, and risk management amidst all the volatility. While speakers differed on the timing of recovery - Davide Serra of Algebris believes European rescue is imminent while Bruce Richards at Marathon sees a long road ahead - no one spoke of massive hedge fund redemptions or headlines ruining their year. Why? Because these are the big boys - managers who have proven to the market and investors they know what they are doing. Many commented that the hedge funds with daily PNL restraints will suffer most in this market.

While the volatility will continue to make it tough for smaller and emerging managers, this was no surprise to Bruce Richards (Marathon Asset Mgmt). He looks at smaller funds like any business venture and suspects the roughly 7,000 funds will dwindle down to just 5,000 in 2013.

And, for those who do make it over the next few years, Governor Malloy (D-CT) welcomes you, and your money, to cross the border. He makes the case that Wall Street would do well following in the path of SAC, Tudor and Silverpoint, all of whom set up shop in Stamford. And if you do move, make sure to buy a lottery ticket.

 

Stephanie Ruhle is a correspondent for Bloomberg Television and emcee of the event

Bloomberg Wins Three Eppy Awards

Bloomberg was honored with three Eppy™ Awards by Editor & Publisher in their 16^th annual competition for best media-affiliated websites. (Editor & Publisher is the authoritative journal covering all aspects of the newspaper industry, including business, newsroom, advertising, circulation, marketing, technology, online and syndicates.)

Bloomberg.com won "Best Business/Finance Website with 1 million unique monthly visitors and over."

In the category of "Best News or Event Feature on a Website with 1 million unique monthly visitors,"  Bloomberg.com won for its "The Fed's Secret Liquidity Lifelines" interactive graphic (http://bloom.bg/FedData)…which lets readers explore the once-secret extent of the U.S. Federal Reserve's lending to banks and other companies during the financial crisis.

Bloomberg Mobile Web won for "Best Mobile Website with 1 million unique monthly visitors and over."

After four weeks of in-depth judging by the E&P team, along with a prestigious panel of 54 judges, we humbly accept this recognition.

A complete list of the 2011 winners can be found here.

Bloomberg.com Team

Hot Off the Griddle: Introducing Sustainability on Bloomberg.com

"Sustainability" is a word in wide use that has many meanings. It all depends on who you ask. If you 're talking to environmentalists, they'll say it's about meeting society's needs without compromising future generations' capacity to do so, too. If you're talking to economists, they'll say it's about keeping inflation low and growth steady. And, if you're talking to business executives, they'll say it's a long-term strategy to gain a competitive advantage in innovation, efficiency, reputation, and ultimately performance.  The last group is the one we'll be focusing on with the launch of Bloomberg.com's new Sustainability section.

The goal is to uncover what businesses are doing, or what they need to be doing, to thrive as global competition intensifies for strategic resources. We feel this is a unique yet critical way to report on sustainability issues - from inside the companies who are defining it. If executives don't commit to making sustainability a vital part of their company, more than just their businesses will suffer. The communities they operate in, customers, and other non-financial players are also impacted by business decisions.

 Sustainable efforts can have a positive impact beyond just a company's short-term bottom line. For example, UPS was fulfilling its five-year sustainability goals in 2007, when executives noticed how rapidly the competitive landscape was changing. Despite its efforts, UPS was dropping in Global Reporting Initiative and Carbon Disclosure Project rankings. During an interview with Bloomberg.com Sustainability Editor Eric Roston, Scott Wicker, UPS chief sustainability officer and vice president of Corporate Plant Engineering said, "We were sliding off the list in the mid-2000s." Competing firms were stepping in. "We needed to step it up," he said. "Senior management saw reputational risks in not paying attention."

The UPS example is emblematic of the entire sustainability imperative. Leading companies must be attuned to both their own internal goals and the dramatic external pressures emerging as the 21^st century moves on.

Below is a brief video in which Mr. Roston provides more details about the new Bloomberg.com Sustainability section and why we think we're well-positioned to do this. We can't stress enough the importance of our expansion into this space. When speaking to senior executives, many have said that if you don't have a sustainability plan, you don't have a business plan.

 

 

The Bloomberg.com Sustainability Team

The Bloomberg Way Guide for Reporters and Editors Now Available to the Public

The Bloomberg Way, the reporting and style guide written by Bloomberg News Editor-in-Chief Matthew Winkler, is now available to the public for the first time.

For 21 years, The Bloomberg Way has guided Bloomberg News reporters and editors worldwide through the challenges of reporting and providing context to the story of money in all its forms. Now the guide will serve as a resource for journalists, students, business professionals and everyone who wants to write about money and get it right.

Under Winkler's leadership, Bloomberg News is a two-time Pulitzer Prize finalist and has received more than 600 awards, including:  the Roy W. Howard for Public Service, George Polk, Gerald Loeb, Overseas Press Club, Sidney Hillman, Investigative Reporters & Editors, Society of Professional Journalists (Atlanta, Chicago, Los Angeles and New York chapters) and Society of American Business Editors and Writers.

Principles of The Bloomberg Way include:

• Use The Five Fs: factual word, first word, fastest word, final word, and future word

• Be accurate: there is no such thing as being first if the news is wrong.

• Show, don't tell: back up statements with facts, figures and anecdotes.

• Follow the money: explain the role of money in all its forms to reveal the true meaning of the news.

The Bloomberg Way is available in bookstores, on Amazon.com and  iTunes.com.  Royalties from sales will benefit the Committee to Protect Journalists.

 

Meghan Womack, communications for Bloomberg News

 

Meet the Players behind Bloomberg Television's "Economy Election 2012" Coverage

With the presidential election less  than one year out, we wanted to take this opportunity to introduce you to some the incredible talent both in front of and behind the cameras of Bloomberg Television.

These are the people that put together the Bloomberg/Washington Post Republican Presidential Economic debate, and they are the ones who will be with you throughout the 2012 "Economy Election."

Here's  a behind-the-scenes clip from Bloomberg's "Spotlight On" service - which delivers unique multimedia content to the company's 13,000+ employees globally. From marketing to production to Bloomberg's cross-platform initiatives, take a look at appearances by Bloomberg Washington Executive Editor Al Hunt, U.S. Head of Television Andrew Morse, Multimedia Producer Stacy Kennedy, Special Projects Producer Eric Wagner, Production Head Mindy Massucci, Photos Assignment Editor Graham Morrison and Creative John Newhouse.

Yes, we'll admit it -- it takes a village.

  

 

Bloomberg's complete "Economy Election 2012" can be seen at www.bloomberg.com/election.

Bloomberg TV Team

Bloomberg LINK China Conference

Photo by Bloomberg

Hong Kong Exchanges & Clearing Limited Chairman Ronald Arculli certainly caught the media's attention after speaking at the recent Bloomberg LINK China Conference in Hong Kong where more than 200 economists, investors, and academics gathered to discuss China's economy. (Bloomberg LINK produces invitation-only, in-person gatherings around the world that focus on financial topics across a variety of industries.)

During Mr. Arculli's panel, he discussed investing in Hong Kong and also looked at the rate of IPO's at the Hong Kong Exchanges & Clearing, saying it has a "strong" pipeline of more than 100 applications.

Other topics discussed at the event included China's balance of growth and inflation, the yuan's march to convertibility, the emerging dim-sum bond market, and the new leadership at the helm of China's financial regulatory bodies. Speakers also bet on the next hot spots in the country’s real estate market and examined investment opportunities as China’s appetite for commodities grows.

Key speakers at the event included Ronnie Chan, Hang Lung Group Limited & Hang Lung Properties Limited Chairman; Paul Mackel, HSBC Managing Director and Head of Asian Currency Research; and Steve Wang, BOCI Executive Director and Head of Fixed-Income Research.

To learn about future Bloomberg LINK events, visit www.bloomberglink.com.

Angela Martin leads communications for Bloomberg LINK