Bloomberg Businessweek

The people, companies and trends shaping the global economy.
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President Donald Trump said Iran reached out to his administration over peace negotiations, as the US began a naval blockade of the Strait of Hormuz in the war’s seventh week.Even as Trump sought to jawbone negotiations back on track, there were few signs that was taking place after weekend negotiations failed in Islamabad. Iran blamed the collapse of talks on the US and Tehran has not confirmed further discussions on Monday.
“We’ve been called this morning by the right people, the appropriate people, and they want to work a deal,” Trump said at the White House, without elaborating on who participated in the conversation.
Trump spoke hours after the US moved to cut off vessels from transiting the vital waterway to and from Iranian ports and coastal areas, which could further inflame tensions amid the global energy crisis.
The US president once again claimed that negotiations had failed due to Iran’s insistence on maintaining a nuclear program. Trump said he was “sure” Iran will eventually agree to abandon nuclear ambitions, and reiterated there would be no deal without that concession.
This episode features:
Michelle Jamrisko, Bloomberg News White House & National Security Editor
Marc Champion, Bloomberg Opinion Columnist on Hormuz Blockade Is a Throwdown the US Can't Win: Marc Champion
Michael Ventura, Co-Head of US Equity Capital Markets at RBC on Wave of $15 Billion US IPOs Runs Headlong Into War’s New Phase
Jamil Jaffer, National Security Institute Founder & Executive Director
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Sports-focused private equity firm 154 Partners, backed by Blackstone Inc. veteran David Blitzer, wrapped up fundraising for its debut vehicle with $400 million.
The firm hit its hard fundraising cap, according to a statement Wednesday from 154 Partners, which makes investments on the lower end of the middle market.
Blitzer, who previously led Blackstone’s Tactical Opportunities unit, is a member of 154 Partners’ investment committee along with co-founders Isaac Harrouche and Mike Berlin, who both worked with him at Tac Opps. Harrouche and Berlin launched 154 Partners last year to back smaller, family- or operator-owned companies in sports, live events, residential services and business services.
154 Partners co-founders Isaac Harrouche and Mike Berlin join to discuss the round of funding and where in the sports space they're looking to invest. They speak with hosts Tim Stenovec and Emily Graffeo, in for Carol Massar.
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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

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The people, companies and trends shaping the global economy.
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
President Donald Trump ramped up pressure on Iran as Vice President JD Vance traveled to Pakistan for talks to end the war, with Israeli airstrikes in Lebanon and the Strait of Hormuz’s effective closure looming over diplomatic efforts.
Trump posted on social media Friday that Tehran’s only leverage is “short term extortion of the world by using International Waterways” — a reference to Hormuz, a critical shipping lane for oil and natural gas that remains largely shut, raising global energy prices. Trump declared that the “Iranians don’t seem to realize they have no cards.”
While the two-week ceasefire was broadly holding across the Middle East, the situation with the strait and continued fighting between Israel and Hezbollah in Lebanon threatened to complicate negotiations due to begin over the weekend in Islamabad.
Iranian Parliament Speaker Mohammad-Bagher Ghalibaf insisted in a social media post that a ceasefire in Lebanon is one measure that “must be fulfilled before negotiations begin.” The other is the “release of Iran’s blocked assets,” he added, without being more specific.
This episode features:
Jeff Mason, Bloomberg News Washington and White House Correspondent
Humayun Tai, McKinsey Global Energy & Materials Practice Senior Partner & Leader
Todd Gillespie, Bloomberg News Banking Reporter on Treasury Secretary Scott Bessent and Federal Reserve chair Jay Powell convening an urgent meeting with Wall Street leaders on the latest AI model from Anthropic
Drive to the Close with Jed Ellerbroek, Argent Capital Management Portfolio Manager
Hosted by Tim Stenovec and Emily Graffeo, in for Carol Massar
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Of all the prevailing media narratives around Gavin Newsom, the one that is most conspicuous by its absence is how under its two-term governor California became the top performing economy not just among its 49 siblings but also any developed nation. No wonder Elon Musk quietly sought Newsom’s help when the world’s richest man sought to move a bunch of Tesla Inc. engineers back to the state after relocating them to Texas. Amid the thousands of headlines referencing California failings with wildfires, droughts, floods, mass transportation, aging roads, education, homelessness, unaffordable housing, widening inequality and poverty along with the exodus of billionaires, corporate headquarters and longtime residents -- never mind the “slick” label whenever the betting favorite for the 2028 Democratic presidential nomination is mentioned in the press – the Golden State (population 39 million people), just supplanted Japan (123 million) as the fourth-largest economy.

Matthew Winkler, Bloomberg News Editor-in-Chief Emirtus discusses how California's economy has grown faster than either China or Germany... And picking up steam.
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