Transcripts For FBC After The Bell 20240712 : vimarsana.com

FBC After The Bell July 12, 2024

New york city, blake burman with the latest from the president and Lauren Simonetti is watching the markets. Lets kick it off with kristina. Reporter ive been all across the city. Now we stopped in the diamond district. Iconic, on west 47th. What we can see pretty much sound looks like a construction site as many businesses with the exception of this one here are clearing out all of their goods, boarding it up with wood. This comes at a time when new york city has enact ad curfew, a much, much earlier curfew 8 00 p. M. Tonight. Many shops, trader joes are closing much earlier. Signs are closing at five to 6 00 p. M. So store clerks get home as safely as well. You have almost 2,000 arrests just over the past five days in new york, primarily a lot of these looters, just over the past 48 hours, targeting stores all across the city. 700 arrests just within the last 24 hours alone. One store, rolex, talking about the diamond district, got to mention rolex, they lost roughly almost 2 1 2 Million Dollars to looters just the other night. I want to show you the footage of apple, the iconic apple store on fifth avenue, around central park, normally massive class see through, glass i guess you say, it is completely covered. Everybody in the city is preparing. It looks like were preparing again for a hurricane. The like you mentioned, retailers though, just when you thought things would get better, right, there would be reopening, phase one is starting here in new york city on monday, the curfew ends on sunday. Now theyre hit with this, looters, thieves, continuously smashing all, vandalizing a lot of the property here. So hopefully hoping for the best but they are preparing for the worst. Back to you. Melissa thanks, kristina. Lets go to blake burman from the white house with the latest from there. Reporter melissa, im told that President Trump is going to be meeting with his top economic advisors at some point this week to craft or put together the package that the white house could be putting forward as it relates to next step relief measures. I am told according to a Senior Administration official there are four different measures that have sort of made their way to the top of the list for the white house. Let me tick through them real quick. Liability protection there is widespread agreement among republicans in washington on that point. A payroll tax cut which the president has been pushing for. Talk as well, reducing federal unemployment benefits, the top benefit from 600 that was given in the cares act down to half that amount, maybe to 250dollar or 300dollar range. Along with the possibility of giving a Tax Deduction or tax credit. If you take a vacation within the u. S. For a defined period of time, that im told would apply to things like meals and hotels. Not on the list, at least not on the top tier for the white house, a tax cut on Capital Gains for investors, something i am told is not a serious contender going forward. Additionally it is possible that the president could green light a plan this week, though he also i am told could tell the advisors to continue doing more legwork on this front. Meantime the president is also continuing today to urge governors to deploy the the National Guard within their states. He is putting a special focus on new york. Several tweets regarding new york. One of them, quote, new york city put on an 11 00 curfew last night. No wonder they ripped the place apart. Should be 7 00 the president says. Call up the National Guard. As for the National Guard they told us today, melissa and connell, that 20,400, roughly about 20,400 National Guard members have been activated due to the civil unrest in 28 states and here in the district of columbia. Back to you. Melissa blake burman, thank you. Connell . Connell so many Small Businesses are picking up the pieces again today, following another night of looting. That certainly puts Business Owners under immense financial burden. Many have seen their stores broken into and destroyed and were joined on the phone by Henry Rothschild from the roth Diamond Center located in pittsburgh. You see pictures of the looting took place saturday in that city. Begin with the facts here, henry, what happened at your store and how did you find out about it . What happened is we have had several primarily youth, that broke into the store and they climbed through the windows. I found out about it when i received a phone call from a friend, hey, rioting breaking out close to your store. Are you aware what is going on . I immediately checked with my phone. I want at the business at the time. I looked a the my security cameras saw people breaking in live while it is happening, much to my shock. Connell unbelievable, were watching video on our screen. Youre sitting there not even in town. Youre watching it on your phone. How much did they take from you . What do you do now . Are you working through insurance . How do you come back from this . So, they werent able to get into the safe. They didnt have the skill set required for that. So, to all of our customers may be listening, your stuff is safe, you dont have to worry about that. In terms of how we come back, short term, we are looking to our insurance company. I understand, there is a lot going on. So were waiting for them to help us take next steps forward but were preparing on our own to move forward with a Curbside Service so we can continue to service our clients. That is sort of our shortterm plan. We have longer term plans. But, right now, it is about, getting back to business and opening up and servicing our customers. Connell what about the longerterm plans . Are they impacted more what happened with the pandemic and shutdown of the virus . I believe you were allowed to operate through that as an essential business, correct me if im wrong . How does the protest and looting now work in with maybe plans you were already constructing because of the virus to your longer term Business Outlook . Right. So longer term we have a few plans. One thing we want to start implementing with the help of Technology Like zoom is shipping. We have clients all over the country that come and visit us. That makes it difficult right now. People are concerned about looting. Theyre concerned about the virus. We opened up about a week or two after, march 26th, when the governors asked that us to close down. We were deemed essential but we sort of voluntarily closed to build our safety covid wall. We built that, constructed it. Gave us a safe environment to operate in. We only kept open our essential portion of our business. And that was servicing loans to our community. So, that was sort of our like, how we started to operate in the near term but long term, i think shipping will be a part of this. Were definitely thinking about how we can Service People with a broader reach and, technologies like zoom, shipping, those things can work in powerful way to help us serve our community. Connell how much of an impact do you think whats happening in the streets of your city or city like philadelphia or were looking at video now, cities like new york and minneapolis, los angeles, what is happening around the country over the last week, how much do you think that will impact the reopening process, the timetable, in terms of getting businesses like yours and others back on your feet . Certainly, disappointing. It is disheartening to see what is going on, the looting, rioting, it is a step back. We were just approaching the green zone here in pennsylvania. We have red, yellow, green, here in pennsylvania. Everybody is excited to get back to work to reopen businesses and we sort of get hit with the looting and rioting. I think it is important for us to not to let that distract our mission. Our mission is to reopen better versions of ourselves. That is what were focused on. Were concentrating that, and were making making that happens quickly as possible. We dont want the narrative to shift to looting and rioting. Here in pittsburgh i was walking from my deck and thousands of protesters got together and protesting peacefully. Towards the end we had a handful of agitators trying to shift the focus. Pittsburgh is strong. Were all focused on doing the right thing and reinventing ourself in a better way for postpandemic. Connell its a good point and seems to be affected by time of day. 1. 09 pacific in los angeles. The pictures of los angeles look to be peaceful as other cities. Nighttime has been much different. Henry, wish you the best out there in pittsburgh. Henry rothschild in pittsburgh. Melissa lets go to Lauren Simonetti on the markets. Lauren the markets are shrugging all the violence off. At two days in a row a threemonth high. Investors continue to focus on reopening and recovery from coronavirus. Look at that, the dow up over 1 today. Were seeing this rotation into cyclical panned value stocks, many of which had been beaten down sectors including airlines, hotels rallying back today. Retailers too. Visa came out said payment volume was recovering, suggesting that the consumer was starting to come back. Gap shares up big for second day up almost 8 . Take a look here, macys and nordstrom sharply higher despite many of their stores being looted during this national unrest. That unrest has sparked a rally in property and casualty insurers like old republic as well as some of the gun stocks. Look at Smith Smith Wesson up. Businesses and consumers are looking to protect themselves right now. Facebook stock also unpressure today. So is the ceo. New york times got hold of an audio call between Mark Zuckerberg and facebook employees where Mark Zuckerberg defending his decision not to do anything about President Trumps Facebook Post that critics say have contributed to the violence we are seeing that unrest, the pandemic, all hitting tiffany, the jeweler. Shares were halted at the end of the day today. They reopened and they closed down about 9 . What happened is according to the wwd, a fashion publication, the board of lvmh met today in paris to reconsider their 16. 2 billion offer for tiffany because of this situation in the united states. That is a big story were following, a deal potentially could fall apart. Finally in the middle of all of this were actually talking about deals coming together. An ipo, look at this, warner music aiming to sell 70 million shares of itself tonight between 23 and 26 each. It would give the record label valuation as high as 13 billion. That would be the biggest ipo of 2020. They did some of those road shows virtually, connell. Back to you. Melissa . Melissa amazing. Thank you, lauren. All right, connell. Connell our coverage, melissa continues of these George Floyd Protests breaking out around the country. More than 2states responding to unrest as Peaceful Demonstrations turned violent overnight. It is a pattern day after day. Local leaders imposing curfews in 30 u. S. Cities. In new york, Governor Andrew Cuomo pointing the finger at the nypd and the mayor of new york city bill de blasio for handling of riots weve seen in new york in recent days. Well ask councilman steve levine for a path for new york. Coming together in a time of crisis. Message of unity. Speaking of nypd, coming in from one of the departments top officials. Stick around. [shouting] let new york show the country how this is done. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. The xfinity voice remote will find exactly that. For, happy stuff. The groups happy, im happy. You can even say a famous movie quote and it will know the right movie. Circle of trust, greg. Relax, the needles are jumping. You can learn something new any time. Education. And if youre not sure what youre looking for, say. Surprise me. Just ask what can i say to find more of what you love with the xinity voice remote. Melissa city in turmoil. New york city imposing a new curfew that starts 8 00 p. M. Tonight and ends at 5 00 a. M. Mayor bill de blasio resisting the sending National Guard in as police fail to stop looters from running rampant. Not need nor do we think it is wise for the National Guard to be in new york city. Put down the marker. The National Guard should not be brought here. We have 36,000 Police Officers. First, the nypd and the mayor did not do their job last night. I believe that. The Police Must Stop the looting and the criminal activity i am disappointed and outraged at what happened in new york city last night. Melissa here now is new york city councilman steven levin. Councilman, thank you so much for joining us. It is really hard for me to hear those words from both of those lawmakers you know, i see the video from last night where we saw one Police Officer struck intentionally by a car. I mean we saw all kinds of violence against our Police Officers. We saw civilians getting hurt. We see so much looting and damage. You know, it doesnt, for our, you know for our governor to blame the police, and for our mayor to say, we dont need the National Guard, we dont need anymore help, seems irresponsible, it seems clueless. What are your thoughts . You know i think it demonstrates a lack of Political Leadership honestly. You know, if you look at, our neighboring city, to the west, newark, new jersey, mayor there has handled the situation incredibly well. He did that by, engaging with the community and the protesters at the outset. They have had very few arrests in newark. No major disturbances. But we are where we are now. And, now we have multiple days of, this kind of ever widening divide i believe between Peaceful Protesters, which is the vast majority of people that have legitimate grievances here. Longstanding discriminatory policing. Melissa yes. Longstanding institutional racism, that is legitimate point that needs to be at the heart of the discussion but that has been a danger of being overshadowed by, by violence towards Police Officers, violence towards looting, and, that doesnt, so were seeing this kind of ever growing divide. In a lot of instances here in new york weve seen the protesters actually stopping people from Looting Stores. Weve seen that on video. And so, you know, im as concerned as anybody about violence towards Police Officers and, and looting. I dont, you know, i think that, you know, the curfew is only as good as it is adhered to. Melissa right. The Police Accident commissioner morning yesterday, actually said well a curfew might not work if nobody adheres to it. You know melissa what is the answer now do you think, right now, what can we do . I mean the answer now is that we, i think that we have to have real leadership at the city and state level from the mayor and the governor, not just, you know, doing a press conference, you know as part of their covid19 press conferences every day but actually getting out there and saying, youre speaking to issues that people are feeling are not being addressed. You know, this is, murder of george floyd in minnesota was, was the flashpoint for longsimmering areas where we feel like, people, people in the black community in new york city and across the country feels like they have not been listened to and melissa let me ask you this before we run out of time. Because i agree with absolutely everything you have had to say. I think a lot of people do and what is surprising to me, i want to ask but the difference between the way mayor de blasio has handled all of it in his reign as opposed to what is going on in newark because a lot of people in new york would argue right now we have the most liberal, most progressive, most, the mayor who would call himself most in sync with the black community of any mayor weve had in a very long time and were sitting in the worst situation in a very long time. So how can it be that he is the least connected with this community . You know i think that there is a multitude of answers for that. And it goes back to early in his tenure with eric garner, who was murdered, you know, maybe not even a year into his tenure and then, soon after that, a month after that there was the murder of the two Police Officers who were, Police Officers in my district, lew and rafael ramos. I think that was such a searing experience, not only for the mayor but for the entire city, and one thing that i thought was a real mistake was in my opinion he should have fired that officer immediately. Like what they did in minneapolis. They didnt waste anytime t would have resulted in litigation, but, that dragged on for five years t dragged on for five years. Finally he was terminated. I think that that left this kind of unhealed wound in new york city that has been kind of festering for the last five years and now six years and so, you know, it is time right now where we need to have some kind of real thoughtful leadership. I look at Lori Lightfoot in chicago. I look at Keisha Bottoms in atlanta, really bold leadership at the local level to, to get out there and say this is what we are as a people. We dont,

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