Deadly LA Fires Rage On; Supreme Court Allows Trump Sentencing
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Bloomberg Audio Studios. Podcasts. Radio. News. Good morning. I'm Nathan Hager. And I'm Karen Moscow. Here are the stories we're following today. Karen, we begin with new developments on those deadly wildfires still burning in the Los Angeles area. Bloomberg's John Tucker joins us now with the very latest. John. Nathan, the Los Angeles County Medical Examiner overnight now confirms 10 people have died in the fires.

This resident of Pacific Palisades echoed the harsh reality. Pacific Palisades right now could just be taken off the map. There is no Pacific Palisades. And finally, a measure of good news. The Pacific Palisades fire showing early signs of control. The Kenneth fire that broke out and expanded rapidly north of the 101 freeway is 35% contained.

But with that comes news of a new blaze in the far west section of the city. L.A. Mayor Karen Bass. We are expecting this fire to rapidly spread due to high winds. President-elect Trump couldn't resist the urge to weigh in, taking aim at the governor and the mayor. I think that Gavin is largely incompetent, and I think the mayor is largely incompetent, and probably both of them are just stone cold incompetent. What they've done is terrible.

The fires have scorched more than 30,000 acres. They've razed homes and businesses and forced about 180,000 residents to flee. The economic losses have been estimated up to $150 billion, which would rank among the costliest natural disasters

in modern U.S. history. I'm John Tucker, Bloomberg Radio. All right, John, thank you. Well, another story we're following this morning. In just hours from now, President-elect Donald Trump will be sentenced for his conviction in the New York hush money criminal case. This comes after the Supreme Court refused to interfere. Bloomberg Law anchor June Grasso says Trump will not be sentenced to any time behind bars. Judge Mershon and a lot of people when he first came out and said, I'm not

going to give him any sentence and said, well, what's the point of the sentencing then? Well, the point is that now Trump couldn't say that, oh, the judge may sentence me to time or the judge may sentence me to probation or who knows what, because the judge had said, I'm not going to sentence you to anything. I'm going to give you what's called an unconditional discharge. And basically what this is, is a symbolic sentencing so that Trump is now, yes,

A convicted felon, and that felony is on the books in New York. Bloomberg Law host June Grasso says Trump can still appeal the verdict in New York state courts, and the case could ultimately return to the U.S. Supreme Court for final resolution. Well, Karen, Attorney General Merrick Garland is racing to release special counsel Jack Smith's report on Trump's effort to overturn the 2020 election, but a federal appeals court has left that in limbo. The court rejected requests from Trump and his former co-defendants to stop the report from becoming public.

But the court also ruled that if the Justice Department wants to release it sooner, it has to challenge a lower court ruling that delayed the release by another three days. DOJ lawyers filed that challenge hours after the appeals court decision. Trump's associates could also appeal this ruling or ask the Supreme Court to step in.

Well, Nathan, it's now just 10 days until Donald Trump takes the oath of office for a second time, and he's promised a flurry of actions on day one. Now we're getting the details on what he's got planned, and we get that story with Bloomberg's Jeff Bellinger. Trump is planning executive orders on immigration, energy, federal workers, and regulatory reform in his first few hours in office. Bloomberg News has learned the immigration orders include tighter restrictions on border crossings,

A mandate to finish unbuilt portions of the border wall, a framework for carrying out mass deportations, and an order to withhold federal resources from sanctuary cities. The president-elect is also planning a federal hiring freeze and a return-to-office mandate for federal workers. And on energy, Trump is expected to authorize drilling on federal lands. Jeff Bellinger, Bloomberg Radio.

Okay, Jeff, thank you. President-elect Trump says he's planning to meet with Russian President Vladimir Putin after he takes office. At a meeting with Republican governors at Mar-a-Lago, Trump told a reporter that the Russian leader wants to meet and they are setting it up. We get more from Bloomberg's John Herskovitz. Trump said that if a meeting were to come, it would come after the inauguration. There is no set date, no set time, just this announcement that he's looking to have the meeting.

Bloomberg's John Herskovitz reports the Kremlin says there are no specifics on a meeting, but Putin has repeatedly stated that he is open to talking with President-elect Trump.

Well, Nathan, a confirmation hearing is set for one of Donald Trump's key appointments days before he takes office. Scott Besant, Trump's nominee for Treasury Secretary, will appear before the Senate Finance Committee next Thursday. And Karen, the current president is getting slammed by one of the world's most valuable companies. NVIDIA is criticizing new chip export restrictions expected to be announced soon by the Biden administration. The company says the White House is trying to undercut the incoming administration by imposing last-minute rules.

The AI darling says those new rules will harm the U.S. economy and do nothing to promote national security. In the pre-market, shares of NVIDIA are down more than 1%.

Let's turn to the markets now. Nathan in Wall Street gets back to work with a huge economic report on the agenda. We get the December jobs report later this morning. And here's a preview with Bloomberg's Michael McKee. The number of jobs created in December will be a surprise for someone. The range of forecasts is unusually wide from 120,000 to 268,000, reflecting differing views of the state of the labor market.

Something near the low end would be the only thing to bother Fed officials, however. Minutes of their last meeting, released this week, made it clear they feel labor markets remain in good shape. The unemployment rate matters more to the central bankers. Any big rise could be seen as a reason to reconsider the suggestion they will pause rate cuts this month.

Michael McKee, Bloomberg Radio. All right, Mike, thank you. And for those employed on Wall Street, it could be a big bonus season. According to people briefed on the plans, executives at top investment banks are planning to award traders and dealmakers with their largest bonus increases since the pandemic. 10% hikes or more expected at many desks. The bonus increases reflect an upturn in business and optimism for the year ahead and are intended to help retain employees in a competitive industry.

And it's time now for a look at some of the other stories making news in New York and around the world. And for that, we're joined by Bloomberg's Michael Barr. Michael, good morning. Good morning, Karen. Former President Jimmy Carter was interred alongside his late wife, Rosalyn Carter, in Plains, Georgia, the same town where they were born, lived most of their lives, and died.

Yesterday, Carter was honored with dual funerals. His afternoon funeral in Plains was a small affair limited to family, friends and members of Maranatha Baptist Church. Carter's personal pastor, Tony Loden, said the former president dedicated his life to service. His covenant to spread joy.

is a testament to his character and his leadership. He advocated for justice, fairness, and equality for all people, regardless of race, creed, or gender in America, all around the world. Earlier Thursday, President Joe Biden eulogized the 39th president at Carter State Funeral in Washington. I miss him, but I take solace in knowing that he and his beloved Rosalyn are reunited again.

Jimmy Carter died December 29th at age 100. A man who fled to avoid serving a nine-month prison sentence for storming the U.S. Capitol on January 6th has been arrested in Canada. Anthony Vo from Bloomington, Indiana was arrested in Whistler, British Columbia. He skipped out on a court order to report last June for his nine-month prison stint.

Another blast of winter storms is closing schools, snarling flights, and putting millions of residents on alert across parts of the Deep South and South Central U.S. Heavy snowfall and icy conditions are likely today in Mississippi, Georgia, Kentucky, and Tennessee. New York Mayor Eric Adams says the city plans to create 100,000 new housing units and invest $650 million to address homelessness and mental health issues.

Adams made the announcement during his fourth State of the City Address at the Apollo Theater in Harlem. When we came into office, we said the days of letting people language on our streets and subways were over. It was not safe. It was not humane. And it was not going to continue under our watch. Mayor Adams also proposed an expansion of programs involving youth mentorship, career readiness, and college preparation.

Global news 24 hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr and this is Bloomberg. Karen. All right, Michael Barr, thank you. Trust isn't just earned, it's demanded. Whether you're a startup founder navigating your first audit or a seasoned security professional scaling your GRC program, proving your commitment to security has never been more critical or more complex. That's where Vanta comes in.

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Time now for the Bloomberg Sports Update brought to you by Tri-State Audi. Here is John Stashower. John, good morning. Good morning, Karen. There are a lot of one-sided games through the first two rounds of the expanded college football playoff. Not the case in Miami. The semifinals began with the Orange Bowl. Penn State had a 10-0 lead. Notre Dame scored the next 17, had two long second-half touchdown drives. Nicholas Singleton scored three times for Penn State, twice in a two-and-a-half-minute span of the fourth quarter to retake the lead, and then a long game-time strike by Notre Dame.

to go, second down and eight. Penn State leads by a touchdown. Leonard throws wide and great house! Green and scores!

ESPN, the call, and then after an interception, Mitch Jeter sent Notre Dame into the championship game with a 41-yard field goal. Seven seconds left. The Irish won 27-24. The second semifinal game is tonight in Dallas, Texas, and Ohio State. The NFL has moved Monday's playoff game between the Rams and Vikings out of Los Angeles. It'll be played in Phoenix. Rams coach Sean McVay spoke yesterday in L.A.

Those deals that almost doesn't feel real, but it certainly is real to the people that are affected. And, you know, praying, you know, that as many people are OK and, you know, you just see the amount of people that are affected. And it's, you know, it's one of those deals that, you know, it gives you perspective. The Chargers had their final practice in L.A. before going to Houston for tomorrow's playoff game. Joey Bosa lives near an evacuation area, said he hopes he still has his house when he gets back.

Lakers home game was Charlotte postponed. Lakers coach J.J. Redick lives in Palisades. His home has been lost. Same with the home that Golden State coach Steve Kerr grew up in. His 90-year-old mother had to be evacuated. At the Garden, Rangers beat the Devils 3-2 on a Sam Carrick goal midway through overtime. Islanders a 4-0 win in Vegas. Rutgers lost at home to Purdue 68-50. Knicks host Oklahoma City tonight. The Thunder lead the West at 30-6. John Staschauer, Bloomberg Sports, Karen and Nathan.

Coast to coast on Bloomberg Radio. Nationwide on Sirius XM. And around the world on Bloomberg.com and the Bloomberg Business App. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. Both President-elect Donald Trump and the Biden administration have taken legal hits with less than two weeks before Trump returns to the White House. The Supreme Court is refusing to delay this morning's sentencing in Trump's New York hush money conviction. And an appeals court is keeping the release of special counsel Jack Smith's report on Trump.

in limbo. Now, when it comes to the Supreme court case, the president elect says he's okay with the decision. I respect the court's opinion. It was a, I think it was actually a very good opinion for us because you saw what they said. Uh,

But they invited the appeal and the appeal is on the bigger issue. President-elect Trump spoke there with a reporter at Mar-a-Lago. Joining us this morning is Terry Haynes, the founder of Pangea Policy. Great to speak with you again this morning, Terry. And that bigger issue that the president-elect is talking about is the issue of presidential immunity and whether it applies to a president-elect. So could we see this case continue even after this morning's sentencing? Good morning.

Good morning, Nathan. Yeah, we could probably see it continue in the sense that, you know, these things are like the walking dead and it seems to never go away. But the I would be advising the president elect. I would not advise him to get to to be too optimistic about this. You know, the

The court's points were really twofold. First is the issues can be handled in the regular appeals process, and secondly, that the sentencing today won't be a burden on the president-elect in any way. Those are both true. The broader issue, though, as far as immunity goes, or presidential immunity goes, I think does not end up in Trump's favor.

whatever else this is, it's not presidential conduct, presidential immunity. The courts drew a fairly tight rein around the issue of presidential immunity in its recent decision. It is not

the open-ended immunity a lot of people like to say politically that it might be. So what's going to end up happening here, I think more likely than not, is that the conviction ends up standing because it's whatever else it is, it's that of a private citizen.

How much do you expect this issue, the presidential immunity issue, to continue to be a focus for President-elect Trump once he becomes president in less than two weeks when we're hearing that he's already got a flurry of executive orders planned on a bunch of issues? Well, I think it's a minor irritant for Trump, and I think the sentencing's a political positive on Trump.

unbalanced, frankly. You had this massive campaign to destroy and harass Trump, bring all kinds of lawsuits, justified or otherwise, and the net result of it looks like the equivalent of a parking ticket. And that'll be...

And that'll be used, I think, politically well for Trump and put everybody back on their heels, particularly when you consider it against the backdrop of all the troubles that are going on in New York City, some of which you were just all reporting on. The perception of crime, the homeless, subways and everything else makes the city look like

its own priorities are out of whack. On the immigration issues, they're relevant for markets because there's going to be a signal on day one on immigration matters. Are we talking about only targeting criminals, which Trump and his people have been saying for some time? Are we only talking about a subset of people who shouldn't be in the country anyway? Are we talking about some kind of mass deportations, the way a lot of the press likes to talk about

This will be relevant for skilled workers, the H-1B visa issue, and a whole bunch of other things. So markets will be looking at that, I think, with some trepidation and react. In our last minute, Terry, the president-elect also says a meeting is being arranged sometime after the inauguration with Russian President Vladimir Putin. How concerned does Ukraine need to be?

I don't think Ukraine needs to be concerned. The question is going to be for Ukraine is exactly what Trump's trying to do and whether Ukraine will be involved in the process. And Trump says that they will be, that of course they'll end up being signatories to whatever deal there is. But I looked at this as a little bit vaporous without doubt.

disparaging the president-elect. You know, the idea that there might be some meeting, of course, has been mooted out there for some time. So continue to tickle that. I think it doesn't really move the ball forward in any way today. This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed by 6 a.m. Eastern each morning on Apple, Spotify or anywhere else you listen.

You can also listen live each morning starting at 5 a.m. Wall Street time on Bloomberg 1130 in New York, Bloomberg 99.1 in Washington, Bloomberg 92.9 in Boston, and nationwide on Sirius XM Channel 121. Plus, listen coast-to-coast on the Bloomberg Business app now with Apple CarPlay and Android Auto interfaces.

And don't forget to subscribe to Bloomberg News Now. It's the latest news whenever you want it, in five minutes or less. Search Bloomberg News Now on your favorite podcast platform to stay informed all day long. I'm Karen Moscow. And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak.

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