This is Bloomberg Business Week Daily,
这是《彭博商业周刊》日报，
reporting from the magazine that helps
该杂志的报道旨在帮助
global leaders stay ahead with insight
全球领导人洞察影响当今复杂经济的
on the people, companies, and trends
人物、公司和趋势，从而保持领先地位
shaping today's complex economy. Plus,
。 此外，还有
global business, finance, and tech news
全球商业、金融和科技新闻
as it happens. Bloomberg Business Week
。 彭博商业周刊
Daily with Carol Masser and Tim Stenbec
每日与卡罗尔·马瑟和蒂姆·斯滕贝克
live on Bloomberg radio, television,
在彭博电台、电视、
YouTube, and Bloomberg Originals. And a
YouTube 和彭博原创节目上进行现场直播。
very good afternoon everyone live on
Bloomberg TV radio, YouTube, and
祝彭博电视广播、YouTube 和
Bloomberg Originals. It is Bloomberg
彭博原创节目的各位下午好。 这是
Business Week Daily on this Tuesday,
August 19th, 2025. I'm Tim Stanovic
2025 年 8 月 19 日星期二的彭博商业周刊日报。我是蒂姆·斯塔诺维奇，
along with Bloomberg News Crosset
与彭博新闻社 Crosset
reporter Emily Grafo, who is in for
记者艾米丽·格拉福一起，我
Carol Masser once again as Carol is on
再次代替卡罗尔·马瑟，因为卡罗尔在
her, I think I can say annual retreat.
她上面，我想我可以说是年度休假。
I'm not going to give up too much
我不会透露太多
personal information, but viewers of
个人信息，但
this program know that she likes to take
这个节目的观众都知道，她喜欢
a little time in August and September to
在八月和九月花一点时间去
hit the water. Emily, a little bit of a
游泳。 艾米丽，
different picture in today's markets
今天的市场情况
than yesterday's, at least when it comes
与昨天略有不同，至少在
to the equity trade with the S&P 500 and
股票交易方面，标准普尔 500 指数和
the NASDAQ taking a little bit of a hit.
纳斯达克指数受到了一点打击。
>> That's right. And we also have bond
这是正确的。 债券
yields moving lower. Additionally,
收益率也在下降。 此外，
Nvidia, Microsoft, Broadcom, Meta, and
Nvidia、微软、博通、Meta 和
Amazon all dragging the S&P 500 lower,
亚马逊都拖累了标准普尔 500 指数走低，
but we're still within hovering distance
但我们仍然
of all-time highs on the S&P 500. Tim,
距离标准普尔 500 指数的历史高点只有一步之遥。蒂姆，
>> we're going to have more on the trade in
我们马上就会有更多关于交易的消息
just a second. Charlie Pellet is
。 查理·佩莱特 (Charlie Pellet) 正在待命
standing by. As Emily mentioned, bond
。 正如艾米丽提到的，本周晚些时候
yields lower ahead of JPAL's speech in
JPAL 在杰克逊霍尔发表讲话之前，债券收益率会下降
Jackson Hole a little later this week.
。
Michael McKe is live in Jackson,
Michael McKe 住在
Wyoming. He's going to be joining us in
怀俄明州杰克逊。 他马上就要加入我们了
just a minute.
>> Also, stand clear of the closing doors.
另外，请远离正在关闭的门。
It feels weird to be the one saying
说这话感觉很奇怪
that, but we're going to be joined by
，但
the new CFO of the Metropolitan Transit
大都会运输署的新任首席财务官将加入我们
Authority. And we go nuclear with the
。 我们与
CEO of Nano Nuclear Energy.
纳米核能公司的首席执行官一起探讨核能。
>> All that and more coming up over the
所有这些以及更多内容都将在
next hour right here on Bloomberg
接下来的一个小时里在彭博
Business Week Daily. Now to the man who
商业周刊日报上播出。 现在，
actually says stand clear of the closing
真正说要远离关闭的
doors, none other than Charlie P.
门的人，正是 Charlie P。
>> Thank you very much. Here's what's going
非常感谢。 事情是这样的
on. Uh let's stand clear of the selloff
。 呃，
right now because we have got the Dow,
我们现在要避开抛售，因为道琼斯指数、
the S&P, NASDAQ all very much in the
标准普尔指数、纳斯达克指数都大幅
red. We are off session lows but still a
下跌。 我们已脱离盘中低点，但
loss for the Dow, the S&P and NASDAQ
道琼斯指数、标准普尔指数和纳斯达克指数
right now. The S&P is down 36. Dropped
目前仍处于亏损状态。 标准普尔指数下跌了 36%。跌幅
there of 6/10 of 1%. The Dow lower by
达 1% 的 6/10。 道琼斯指数下跌
19. Little change there down under10enth
19.9 点，跌幅不到
of 1% while Nasdaq the composite index
1%，纳斯达克综合指数
down 279. a drop there of 1.3%.
下跌 279.4 点，跌幅为 1.3%。
The 10-year currently yielding 4.29%
目前 10 年期收益率为 4.29%，
with a 2-year 3.74%.
2 年期收益率为 3.74%。
Spot gold is down $14 an ounce, down
现货黄金下跌14美元/盎司，跌幅达
4/10 of 1%. And West Texas Intermediate
1%的4/10。 西德克萨斯中质
crude oil down 1.8% 6228 a barrel.
原油下跌1.8%至每桶6228美元。
Bitcoin is now down 2.6%
比特币目前下跌2.6%至
113,450
113,450
on Bitcoin. A slide in the world's
比特币。 全球
largest tech companies weighing on
最大科技公司的股价下滑对
stocks. Big box retailers getting a
股市造成压力。 大型零售商
boost from Home Depot's numbers. Home
因家得宝的业绩而获得提振。
Depot, by the way, up by 2.9%.
顺便说一下，家得宝 (Home Depot) 上涨了 2.9%。
Meta Platform shares lower now by 1.9%.
Meta Platform 股价目前下跌 1.9%。
Meta is splitting its newly formed AI
Meta 正在将其新成立的 AI
group into four distinct teams and
部门拆分为四个不同的团队，并
reassigning many of the company's
重新分配公司许多
existing AI employees, an attempt to
现有的 AI 员工，试图
better capitalize on billions of dollars
更好地利用
worth of recently acquired talent. And
最近获得的价值数十亿美元的人才。 美国
commerce secretary Howard Lutnik is
商务部长霍华德·卢特尼克 (Howard Lutnik)
confirming discussions between the US
确认美国
and Intel for the government to take a
和英特尔正在讨论政府
stake in the chipmaker. Intel up by
入股该芯片制造商的事宜。 英特尔上涨
8.1%.
8.1%。
For on demand news 24 hours a day,
无论您在哪里收听播客，只要订阅彭博新闻，即可获得全天 24 小时点播新闻
subscribe to Bloomberg News now wherever
you get your podcast. I'm Charlie
。 我是查理·
Pelatin. That is a Bloomberg Business
佩拉廷。 这是彭博商业
Flash.
快讯。
>> Hey, thanks so much for that update,
嘿，非常感谢你的更新，
Charlie. Do appreciate it. We start with
查理。 非常感谢。 我们首先来了解一下
the latest on the effort to bring an end
阻止
to Russia's invasion of Ukraine. It's
俄罗斯入侵乌克兰的最新努力。
certainly been a whirlwind stretch as
在
President Donald Trump pushes to end the
唐纳德·特朗普总统推动结束
war. Now in its fourth year to an end.
战争的过程中，这无疑是一段旋风般的时期。 现在已经是第四年了。
He held a summit in Alaska with
President Putin last week. Talks of
上周，他与普京总统在阿拉斯加举行了峰会。
course at the White House with Belir
当然，昨天在白宫与贝利尔·
Zalinsky and European allies yesterday.
扎林斯基和欧洲盟友进行了会谈。
Jen Deoy is Bloomberg News senior
Jen Deoy 是彭博新闻社高级
reporter. She joins us from the White
记者。 她从白宫加入我们
House. Jen, I want to start with the
。 詹，我想先谈一下
latest in this idea of a bilateral
summit ahead of a trilateral summit.
在三边峰会之前举行双边峰会的最新想法。
We're learning additional details on
我们正在了解有关举行会议地点的更多详细信息
where that could be held. Are we getting
。 我们能
any details on a timeline here?
在这里获得有关时间表的任何详细信息吗？
>> Yeah. Well, so for the bilateral summit
是的。 好吧，对于双边峰会，
uh which you know, let me just take you
呃，让我带你
back for a moment. The president had
回顾一下。 总统
originally discussed having a trilateral
最初讨论了举行三边
summit uh be the outcome of yesterday's
峰会作为昨天
meeting with the European leaders. Uh in
与欧洲领导人会晤的成果。 呃，
the end uh he said uh that the actual
最后呃他说呃，
plan now is to proceed first with a
现在的实际计划是首先举行
bilateral summit between Zilinsky and
齐林斯基和普京之间的双边峰会
Putin. Um and uh you know the the the
。 嗯，呃，你知道这个
timing on that is is a little bit
时间有点
uncertain. Uh it's not quite clear when
不确定。 呃，目前还不清楚什么时候
that will happen. Uh Germans Germany's
会发生这种情况。 呃，德国人，德国
chancellor uh indicated that it could
总理呃表示，这可能
happen within two weeks. Uh and uh the
在两周内发生。 呃，呃
White House press secretary just
白宫新闻秘书刚刚
indicated uh to reporters that you know
向记者表示，你知道
Trump has is scoffed at the idea of
特朗普对
waiting four weeks for a meeting. So
等待四周才举行会议的想法嗤之以鼻。 因此，
we've got at least some some indication
我们至少得到一些迹象表明
that that folks want to get this done in
人们希望在接下来的几周内完成这项工作
the next couple of weeks. There is some
reporting out from Politico today uh
今天，《政治报》报道称，
that uh Hungary and Budapest spec
匈牙利和布达佩斯已
specifically has been scouted as a
被特别考虑作为
possible location for a trilateral uh
三边峰会的可能举办地，
summit uh one that Trump would later
特朗普稍后将参加此次峰会
join. Um but uh no details have been
。 嗯，但
confirmed from the White House at this
目前白宫尚未确认任何细节，
point and and right now there's still
目前仍在
just an effort to get these talks uh to
努力促成这些谈判
occur. One important note is that a
。 值得注意的是，
Russian aid to to Putin uh last night
昨晚俄罗斯一位助理向普京
said that Trump and Putin had only
表示，特朗普和普京只
discussed the very idea of a bilateral
讨论了双边
discussion. Uh the White House press
会谈的想法。 白宫新闻
secretary told reporters today that in
秘书今天告诉记者，
fact Putin had promised that direct
事实上普京已经承诺举行直接
meeting.
会晤。
>> Yeah, Jennifer, maybe expand on that
是的，詹妮弗，也许可以进一步阐述这
point. give us some of the context here
一点。 请向我们介绍一下
about just the reality of the
relationship between uh Zalinski and
扎林斯基和普京之间关系的实际情况，
Putin and whether a bilateral meeting is
以及双边会谈是否
actually realistic that that we would uh
现实，
see that just given their relationship.
考虑到他们的关系，我们是否愿意看到这种情况。
>> You know, it would of course be
你知道，这当然是
remarkable, but but then again,
了不起的，但是话说回来，
yesterday's meeting at the White House
昨天
of all these European leaders who flew
所有这些
to DC on barely a moment's notice was
未经通知就飞往华盛顿的欧洲领导人在白宫举行的会议
also remarkable. Um I you know what's
也是了不起的。 嗯，你知道
what's notable here is that uh Trump has
这里值得注意的是，特朗普曾
repeatedly said uh some of these details
多次表示，其中一些细节
are so sensitive they really need to be
非常敏感，需要
hammered out by Ukraine and Russia that
由乌克兰和俄罗斯来协商解决，
they really can't be dealt with um with
不能由
interlopers and and Zalinsky uh you know
闯入者来处理，而扎林斯基
certainly seemed supportive of this
yesterday. uh you know the talks are
昨天似乎对此表示支持。 呃，你知道，
ongoing between US and other uh and and
Russia and Ukrainian officials to get
these going according to the White House
根据白宫
press secretary today. Uh so at this
新闻秘书今天的说法，美国和其他国家以及俄罗斯和乌克兰官员正在进行会谈。 嗯，所以现在
point it does look like this is the next
看起来这确实是
step. uh the the bigger question
下一步。 呃，
probably uh hanging over this or one of
可能悬而未决的更大问题或者
the bigger questions is you know whether
更大的问题之一是，你知道
the fighting in Ukraine will continue
乌克兰的战斗是否会继续，
and whether the European uh leaders
以及欧洲领导人
efforts yesterday to encourage Trump to
昨天是否努力鼓励特朗普
once again embrace a truce that he says
再次接受停战，他说这对于
is not necessary to broker peace uh to
促成和平没有必要，以便让停战重新
get that back on the table. Hey Jen, I
回到谈判桌上。 嘿， Jen，我
wanted to shift gears a little bit and
想稍微换个话题，
talk about security guarantees here and
谈谈这里的安全保障，以及
what exactly security guarantees would
look like in the context of Russia's
在俄罗斯入侵乌克兰的背景下安全保障究竟是什么样的
invasion of Ukraine, especially in an
，特别是在
environment where obviously the US over
美国在
the last three and a half years has not
过去三年半中显然没有
sent troops to the area. Would it be a
向该地区派遣军队的情况下。 这会是一支
UN peacekeeping force? Would it be a
联合国维和部队吗？ 这会是
NATO peacekeeping force? What would it
北约维和部队吗？ 它会是什么样子
look like?
？
>> Right. I mean, security guarantees were
正确的。 我的意思是，安全保障
really the the the biggest topic of
确实是讨论的最大话题
discussion. They loomed large in
。 他们在
yesterday's talks. Uh, you know, Ukraine
昨天的会谈中占据重要地位。 呃，你知道，乌克兰
and European allies are are wanting to
和欧洲盟友希望
ensure that any peace deal now doesn't
确保现在的任何和平协议不会
lead to a Russian incursion in the
导致俄罗斯
future. Um, and Trump has made clear
未来的入侵。 嗯，特朗普已经明确表示
that, you know,
，你知道
you know, these security guarantees are
，这些安全保障是
a possibility I in really in lie of
Ukraine joining NATO. uh you know he he
乌克兰加入北约的一种可能性。 呃，你知道他
reiterated this morning that uh Ukraine
今天早上重申，
joining NATO is is not tenable from
从俄罗斯的角度来看，乌克兰加入北约是站不住脚的，
Russia's perspective but the US has
但美国已经
discussed these NATOike security
讨论过这些类似北约的安全
guarantees. So what what could that look
保障。 那么它看起来会是什么样子呢
like? Well uh you know Trump is saying
？ 嗯，你知道特朗普说
it's not going to be American boots on
美国不会派
the ground. Uh and he's been very clear
地面部队来。 嗯，他对此非常清楚
uh about that. Uh it's been reiterated
。 嗯，今天白宫已经重申了这一点
here at the White House today. But the
。 但
president has left open the possibility
总统保留让
of American pilots and aircraft being
美国飞行员和飞机
involved in providing some air support
参与向该地区提供空中支援的可能性
in the region. Um the president has said
。 嗯，总统说过，
you know I if there are military forces
如果
on the ground that that's European
地面上有军事力量，那么欧洲
countries that would supply those ground
国家就会提供
troops. And of course you know we also
地面部队。 当然，你知道，我们还有
have uh President Trump very proud of
特朗普总统，他非常自豪地
having brokered kind of a deal for
促成了一项协议，
America to uh sell weapons uh that would
美国将向欧洲盟友出售武器，这些武器将由
be financed by or purchased by European
欧洲盟友资助或购买，
allies to be used in this conflict. Uh
用于这场冲突。 嗯，
that's the kind of arrangement that
这种安排
could also continue. Is there appetite
也可以继续下去。 欧洲领导人是否有兴趣
for European leaders to send their
派遣其
citizens to that area of the continent?
公民前往欧洲大陆的那个地区？
>> You know, well, Trump certainly made
你知道，特朗普
clear yesterday that that he sees any
昨天明确表示，他认为任何
kind of on the ground presence coming
from Europe and and you know, he's drawn
来自欧洲的实地存在都是违法的，而且你知道，他已经
this line in the sand about American
对美国的
support. uh what we heard from European
支持划定了界限。 我们从欧洲
leaders was this united show of force uh
领导人那里听到的是，他们联合起来展示武力，
you know in in wanting to end this
想要结束这场
conflict and and as Emanuel Mcronone
冲突，正如伊曼纽尔·麦克罗尼
emphasized you know we want peace now we
强调的那样，我们现在想要和平，我们
are committed.
决心这样做。
>> What do we watch for next? What are you
我们接下来关注什么？
going to be monitoring for next as we
在我们
kind of await this potential bilateral
等待这次潜在的双边
meeting?
会晤时，您接下来将关注什么？
>> You know the biggest question uh one of
您知道目前最大的问题之一
the the biggest questions right now is
就是
is does this bilateral happen? When does
双边关系是否会发生？ 什么时候
it happen? How quickly does it come
发生？ 它多快就能
together? Uh, you know, the I I
组装起来？ 呃，你知道，我
mentioned the the commentary from from
Russia last night that that suggested
昨晚提到了来自俄罗斯的评论，这表明
this might not be as baked a plan as uh
这可能并不像
certainly Trump's uh truth social post
特朗普昨晚的真相社交帖子所
last night had indicated. Uh that would
表明的那样是一个完善的计划。 呃，
uh you know that that has created some
你知道这会给
uncertainty over the next steps in the
接下来的步骤带来一些不确定性
process here. So really uh seeing any
。 所以，我认为，看到任何
indication that that bilateral summit is
迹象表明双边峰会正在取得
going forward and going forward quickly
进展并迅速取得进展
I think is is the biggest thing we're
是我们最
watching for. We are looking of course
关注的事情。 当然，我们正在关注
for the evolution of any possible um uh
financial deals uh tied to these
与这些
discussions and tied to security
讨论和安全
guarantees and of course you know any
保障相关的任何可能的金融交易的进展，当然，你知道，在
discussion around the form of these
security guarantees very much still
after yesterday uh a topic of lively
ongoing discussion between Russia,
俄罗斯、
between the US, between Ukraine and
美国、乌克兰和
European allies.
欧洲盟友之间就这一话题进行热烈讨论之后，有关这些安全保障形式的任何讨论仍然非常活跃。
>> There was some reporting yesterday that
昨天有报道
indicated the president left the meeting
称，总统离开会议后与
to call Vladimir Putin of Russia. Do we
俄罗斯总统普京进行了通话。 我们
have any reporting now about the content
现在有关于
of that call, the duration, anything
那次通话的内容、通话时长
like that?
等的报道吗？
>> We know that this I mean you know again
我们知道，我的意思是，你知道，
this extraordinary meeting paused
这次特别会议
essentially in the East Room uh so that
基本上在东厅暂停了，
and and had continued of course in the
然后当然在
Oval Office paused so Trump could do
椭圆形办公室继续进行，暂停是为了特朗普可以
this direct call to Putin and
直接打电话给普京，
essentially provide a readout of what
基本上提供正在讨论的内容的读出
was being discussed. Uh the White House
。 呃，白宫
indicates that that was something
表示这是
European leaders supported. Uh we know
欧洲领导人支持的事情。 我们知道，
that you know Putin had Trump had
普京和特朗普
promised uh he was going to do this call
承诺过，他
with Putin afterward and and believes
随后会与普京通话，并相信
that this kind of uh interaction is is
这种互动有助于
facilitating a deal. Uh but again
达成协议。 嗯，但是对于双边会谈的下一步
there's there's some variance on on
exactly what was agreed to with regard
具体达成什么
to uh the next steps in terms of that
协议，双方再次出现了一些分歧
bilateral meeting.
。 詹·
>> Jen Loey Bloomberg News senior reporter
洛伊 (Jen Loey) 是彭博新闻社
over there at the White House. Jen,
驻白宫的高级记者。 Jen，
thanks so much. Check out her reporting,
非常感谢。 查看她的报道以及
the entire team's reporting on the
整个团队在
Bloomberg terminal and at bloomberg.com.
彭博终端和 bloomberg.com 上的报道。
Well, from Washington DC to Jackson,
从华盛顿特区到
Wyoming, it's where we find Michael
怀俄明州杰克逊，我们都能找到
McKe, Bloomberg News international
彭博新闻社电视和广播国际
economics and policy correspondent for
经济和政策记者迈克尔·麦基
TV and radio. Earlier today, he spoke
。 今天早些时候，他
with US Federal Reserve Governor
与美国美联储理事
Michelle Bowman. She's one of the folks
米歇尔·鲍曼进行了交谈。 据报道，她是
reportedly under consideration to be the
next Fed chair. And yes, he asked her if
下一任美联储主席候选人之一。 是的，他问她是否
she's interested in the job.
对这份工作感兴趣。
>> Well, right now I'm committed to doing
嗯，现在我致力于做好
the job that I have. and we've really
我的工作。 我们已经开始着手处理有关
hit the ground running with our with our
request for um information on check
支票
fraud and other payments fraud with the
欺诈和其他支付欺诈的信息请求，以及
uh the SLR proposal that we just put
我们刚刚提出的 SLR 提案
out, the LFI rating system. We're taking
，即 LFI 评级系统。 我们正在
a really hard look at our supervisory uh
认真审查我们的监管
components and and across our reserve
部门、各储备
banks as well as at the board to ensure
银行以及董事会，以确保
that we're focused on material financial
我们专注于重大金融
risk. So, I have a big agenda. We're
风险。 所以，我有一个重要的议程。 我们正在
moving through it quickly. Um, obviously
快速推进。 嗯，显然
we need to get the the capital proposals
我们需要
completed uh in the near future. Um, but
在不久的将来完成资本提案。 嗯，但是
you know, I I'm I'm really focused on
你知道，我真的很专注于
the job that I'm doing and I'm grateful
我正在做的工作，我很感谢
to the president for appointing me and
总统任命我，
and the Senate for confirming me to this
也感谢参议院批准我担任这个
role.
职务。
>> Michelle Bowman, Federal Reserve
Governor earlier today from Jackson,
今天早些时候，美联储理事米歇尔·鲍曼 (Michelle Bowman) 从
Wyoming, alongside Michael McKe,
怀俄明州杰克逊赶来，
Bloomberg News international economics
彭博新闻社国际经济
and policy correspondent who joins us
和政策记者迈克尔·麦基 (Michael McKe) 也来到了我们的现场
right now. Mike, uh, Mickey Bowman was
。 迈克，呃，米奇鲍曼
pretty quick to answer your question.
很快就回答了你的问题。
and I'm focused on the job at hand.
我专注于手头的工作。 从
Essentially saying that twice is where
本质上说，她两次参选，就说明
is she sort of in the in the race I
她在某种程度上参与了竞选，我
don't want to call it a race but you
不想称之为竞选，但你
know in the in the group of names who
知道，她正在被
are being considered to be the next Fed
考虑担任下一任美联储
chair.
主席。
>> Well she wouldn't be considered among
嗯，她不会被视为
the top candidates or favorites not
最热门候选人或热门人选，这并不是
because of her skills but because the
因为她的技能，而是因为
president seems to have already fixated
总统似乎已经把注意力集中在
on a small group of people. It's uh
一小部分人身上。
Scott Bessett, the Treasury Secretary,
财政部长斯科特·贝塞特
who said today he's going to start
今天表示，他将于
interviewing people around September 1st
9 月 1 日左右开始面试
uh for the job. And uh he's the one
该职位候选人。 呃，他
who's talking about this expanded list
正在谈论这个
that has shown up in a lot of reporting.
在很多报道中出现的扩展名单。
Now, you heard from Michelle Bowman what
现在，您从米歇尔·鲍曼 (Michelle Bowman) 那里听到了
you would expect to hear when someone is
当某人被列入某个工作的潜在候选人名单时您希望听到的内容
uh put on a list of potential candidates
for a job. They don't want to jinx it or
。 他们不想带来厄运，也不想
talk about it in any way publicly. So,
以任何方式公开谈论它。 因此，
it's hard to know whether she's a
很难知道她是否是
serious candidate in her mind or not.
她心目中的认真候选人。
But I suspect that we're still looking
但我怀疑我们仍在关注
at one of the Kevin's or a Chris Waller
凯文或克里斯·沃勒
kind of person. Uh although it is Donald
这样的人。 呃，虽然这是唐纳德
Trump, so anything can happen.
特朗普，但任何事情都可能发生。
>> All right. Well, in the meantime, she
好的。 嗯，与此同时，她
does have her current role and she told
确实有她目前的职位，而且她告诉
you that she has a big agenda which
你她有一个重大议程，其中
includes overhauling big bank capital
包括改革大银行资本
rules. Tell us about the discussion you
规则。 告诉我们你们在
guys had there.
那里进行的讨论。
Well, of course, this was all part of
嗯，当然，这都是
the Basel 3 uh international agreement
巴塞尔协议 3 国际
on banking and the United States is one
银行业协议的一部分，而美国是
of the few countries that hasn't yet
少数尚未
ratified it. The Biden administration
批准该协议的国家之一。 拜登政府
put out a thousandpage proposal to make
提出了一份长达一千页的提案，要求
the rules stricter in the US than in the
美国的规定比
rest of the world. The Trump
世界其他国家更加严格。 特朗普
administration has now junked that and
政府现在已经放弃了这一政策，并
are rewriting the rules to make them a
正在修改规则，以减轻
little lighter on the banks. The
银行的压力。
question is when do they get them out?
问题是他们什么时候把它们拿出来？
The hope is relatively soon because they
希望相对较快，因为他们
have to go through a comment period and
必须经过一段评论期，
then uh go back to the Fed for
然后回到美联储
reconsideration before they can take
重新考虑才能
effect.
生效。
>> Okay. So, let's broaden the conversation
好的。 那么，让我们稍微扩大一下话题
a little bit. Mike, by the way, you look
。 迈克，顺便说一句，你
really relaxed out there in Jackson.
在杰克逊看起来真的很放松。
>> No cowboy hat though.
但没有牛仔帽。
>> You think I'm coming back?
你认为我会回来吗？
>> Yeah. Are you're not coming back for a
是的。 你一会儿不回来吗？
while. I know that. But that's also
我知道。 但这也是
because you have a lot to do out there.
因为你有很多事情要做。
and partly that is hearing from Fed Jer
部分原因是
J Powell later this week. Uh the
本周晚些时候美联储主席鲍威尔的讲话。 嗯，
conversation that we've had up to now is
到目前为止，我们的讨论
really focused on the potential for a
主要集中在
September rate cut and messaging around
9 月份降息的可能性以及围绕
that. What's the reporting you can bring
此问题的信息传递上。 您能
us around that narrative?
就此故事给我们带来什么报道吗？
Well, the feeling is that Powell will
嗯，感觉鲍威尔会在
sort of dance around the idea of a rate
降息的想法上摇摆不定，
cut and say that the Fed is looking at
并表示美联储正在考虑降息的
the possibility along with uh the
可能性以及不采取
possibility of doing nothing. And it's
任何行动的可能性。 这
going to depend on the data, what we get
将取决于数据，即
in terms of the employment report and
the CPI report that'll both be out
before the next Fed meeting. The
下次美联储会议之前发布的就业报告和消费者物价指数报告。
employment report we had last time was
我们上次发布的就业报告令人
disappointing and suggested maybe the
失望，表明
economy is weakening a little bit, so
经济可能正在略微减弱，因此
you'd cut rates. But then in the last
应该降息。 但
week, we got some CPI and PPI numbers
上周，我们得到的一些消费者物价指数 (CPI) 和生产者物价指数 (PPI) 数据
that suggested we're getting a little of
表明，
inflation out of the tariffs and that
关税导致通胀略有上升，而且通胀
might pick up as well, which would mean
可能还会进一步上升，这意味着
you would want to leave rates unchanged.
你会希望维持利率不变。
So, they're going to wait till the last
所以，他们会等到最后
minute, see how much data they get. And
一刻，看看能得到多少数据。
I imagine that Powell is going to
我认为鲍威尔会让那些
disappoint investors who are looking for
期待
him to ratify the idea of a rate cut,
他批准降息想法的投资者感到失望，而
which he did last year. He said at this
他去年确实批准了降息想法。 他在这次会议上表示，
meeting that it was time to cut rates
现在是时候降息了，
and they did in September, but maybe not
9 月份他们确实降息了，但这次可能不会
this time.
>> What What else do you expect for his
您对他的演讲还有什么期待
speech? I remember a couple years ago a
？ 我记得几年前
lot of traders were kind of parsing
很多交易员都在分析
through the length of his speech. He had
他的演讲长度。
a very short speech um I think in 2022.
我认为他在 2022 年发表了一次非常简短的演讲。
Are there any kind of, you know, reading
您知道，
the tea leaves that traders are going to
交易员们
be looking for for Powell's next speech?
会对鲍威尔的下一次演讲进行什么样的预测吗？
I don't think so in except for the idea
除了降息的想法之外，我不这么认为
of the rate cut, but the it is uh likely
he is going to at least outline what the
他很可能会至少概述
Fed's new monetary policy framework is,
美联储的新货币政策框架是什么，
how they look at the economy and
他们如何看待经济，并
determine what they're going to do going
确定他们
forward. Remember the last one he
未来的行动。 还记得他
announced at Jackson Hole in 2020 just
在 2020 年疫情最严重之前在杰克逊霍尔宣布的最后一个计划吗？
before uh the pandemic was at its worst.
And he said that unemployment at that
他表示，当时失业率
point was continuing to fall. inflation
正在持续下降。 通货膨胀率
was very low and they would essentially
非常低，他们基本上会让
let the economy run hot for a while to
经济过热一段时间，以
try to get a maximum benefit out of the
试图从失业率下降中获得最大利益
falling unemployment rate. That didn't
。 这
work out very well with the inflation
对于二氧化碳排放税之后出现的通货膨胀来说效果并不好
that came after CO. So, uh, now every 5
。所以，呃，现在他们每 5
years they reook at what their framework
年重新审视一下他们的框架，
is and now they're expected to to drop
现在他们有望放弃
some of that language and maybe go back
一些语言，也许会回到
to what we had before which was
我们以前的做法，
essentially we'll do what we think is
基本上我们会做我们
right at the time. Mike, before we let
当时认为正确的事情。 迈克，在
you go, just just give us an idea of
你离开之前，请先向我们介绍一下
what the vibes are like there. Partly,
那里的氛围。 部分原因是，
you're there for you're there for a
你在那里有
couple different reasons. Of course, the
几个不同的原因。 当然，
the Fed chair and his speech on Friday
and all the Federal Reserve members who
还有美联储主席周五的讲话以及出席的所有美联储成员
are there, but also this blockchain
，还有
symposium that is happening. Salt and
正在举行的区块链研讨会。 Salt 和
Kraken are hosting this. And you've been
Kraken 负责主持此次活动。 你一直在
talking to people, you've been reporting
与当地民众交谈，你一直
on the ground there. What what's the
在当地进行报道。 氛围怎么
vibe like? What are the what what are
样？ 态度是什么样
the attitudes like? Is it different from
的？ 和往年有什么不同吗
previous years?
>> Well, it's my first time here and this
嗯，这是我第一次来这里，这
is only the second Wyoming blockchain
只是第二次怀俄明州区块链
conference. So I don't know how
会议。 所以我不知道
different it is, but it does uh have a
它有多大不同，但它确实有一种
happy vibe to it as people feel the
快乐的氛围，因为人们觉得
Trump administration is very supportive
特朗普政府非常支持
of crypto and that that's a change from
加密货币，这与
the way uh the Washington had looked at
华盛顿
the asset before and so they're kind of
之前看待该资产的方式不同，所以他们
interested in what the possibilities are
对未来的可能性很感兴趣，
going forward which is one reason they
这也是他们让
had uh Mi Mickey Bowman come in and
米奇鲍曼来
speak to them and tomorrow they'll have
和他们交谈的原因之一，明天他们会让
Chris Waller another Fed governor
另一位美联储理事克里斯沃勒
talking to them about the future of
与他们谈论
crypto. Uh the question kind of is does
加密货币的未来。 呃，问题是
the government get into the business
政府是否会像中国一样
with a uh government uh sort of digital
以政府数字
dollar like the Chinese have done or do
美元的形式介入该业务，还是将
they leave it to private sector? The
其留给私营部门？
president has suggested the private
总统表示私营
sector would be best and he has
部门是最好的，并
suggested a light touch of regulation.
建议采取温和的监管措施。
So people here are pretty upbeat.
所以这里的人们非常乐观。
>> Michael McKe, Bloomberg News
彭博新闻社
international economics and policy
国际经济和政策
correspondent live from Jackson,
记者迈克尔·麦基在
Wyoming. I know he's working a lot, but
怀俄明州杰克逊现场报道。 我知道他工作很忙，但
hopefully also getting some time to
希望他也能抽出一些时间去
maybe do a little hiking or some fly
徒步旅行或飞钓
fishing. Hey, coming up next on
。 嘿，接下来在《
Bloomberg Business Week Daily, we are
彭博商业周刊日报》上，我们
going to be joined by the CFO of the
将与 MTA 的首席财务官一起
MTA. She's the finance boss of the
。 她是纽约市及周边地区
subways, the buses, and commuter rails
地铁、公交车和通勤铁路的财务主管
that power New York City and the region.
That's next on Bloomberg Business Week
这是《彭博商业周刊日报》的下一篇报道
Daily.
It's 221 on Wall Street. We do check
位于华尔街 221 号。 我们
markets all day long here at Bloomberg.
彭博社确实整天都在关注市场动态。
We are looking at just about the lows of
我们
the day right now for the Dow, the S&P,
现在看到的是道琼斯指数、标准普尔指数
and Nasdaq stocks selling off. A slide
和纳斯达克股票的抛售日内最低点。
in the world's largest tech companies,
全球最大科技公司的股价下滑，
weighing on markets. Big box retailers,
给市场带来压力。
though getting a boost from Home Depot's
不过，大型零售商今天上午受到了家得宝 (Home Depot)
numbers this morning. Here's where we
业绩的提振。 这就是我们的
stand. The S&P 500 index right now down
现状。 标准普尔 500 指数目前下跌
43 at 6406. That was a drop of 7/10en of
43 点，至 6406 点。跌幅为
1%. The Dow is down 79, down 2/10 of 1%.
1%。 道琼斯指数下跌 79 点，跌幅达 1% 的 2/10。
The NASDAQ composite index lower of the
纳斯达克综合指数
day down 303 right now down 1.4%.
当日下跌303点，目前下跌1.4%。
Our MAG 7 index down 1.6%. The 10-year
我们的 MAG 7 指数下跌 1.6%。 10 年期
yield 4.29% with a 2-year currently
收益率为 4.29%，2 年期
yielding 3.74%.
收益率目前为 3.74%。
Spot gold right now down 4/10en of 1%
现货黄金目前下跌 4/10，跌幅 1%，至
3319 the ounce. West Texas Intermediate
每盎司 3319 美元。 西德克萨斯中质
crude down 1.8% 8% 6227 for a barrel of
原油下跌 1.8% 至每桶 6227 枚
WTI and Bitcoin now lower by 2.7%
WTI 原油，比特币下跌 2.7% 至
113,364
on Bitcoin. Next media group has agreed
每桶 113,364 枚。 Next 媒体集团已同意以
to buy the TV station operator Tea for
$3.5 billion in a cash deal that stands
35 亿美元现金收购电视台运营商 Tea，此举将
to dramatically expand NextStar's reach
大幅扩大 NextStar 的覆盖范围，使其覆盖
to 80% of American households and tests
80% 的美国家庭，并考验
the Trump administration's appetite for
特朗普政府的
consolidation. Nextar is down 1.4%.
整合意愿。 Nextar 下跌 1.4%。
Techna right now higher by 4.1%.
Techna 目前上涨 4.1%。
you get your podcasts. I'm Charlie
Pellet and that is a Bloomberg Business
佩莱特，这是彭博商业
Charlie Pellet. This one's special for
Charlie Pellet。 这对
you cuz we're talking about New York
你来说很特别，因为我们正在谈论纽约
City subway. The MTA runs New York City
市地铁。 纽约大都会运输署 (MTA) 负责运营纽约市的
subways, buses, and commuter trains that
地铁、公交车和通勤列车，
6 million people rely on each weekday.
每个工作日有 600 万人依赖这些交通工具。
And on Monday, board members approved
周一，董事会成员批准了
close to a $2 billion contract to expand
一项价值近 20 亿美元的合同，将
the Second Avenue subway line into East
第二大道地铁线路延伸至东
Harlem. Jay Patel is the CFO of the MTA.
哈莱姆区。 Jay Patel 是 MTA 的首席财务官。
She's charged with quite the task, which
她肩负着相当艰巨的任务，
I think is fair to say many would find
我认为公平地说，许多人会觉得这项任务并不令人
unenviable, charting a sustainable path
羡慕，她要为该
through one of the agency's most
机构
financially trying periods in its six
六十年历史上财务最艰难的时期之一制定一条可持续发展的道路
decade history. She joins us here in the
。 她来到
Bloomberg Business Week studio. Jay,
彭博商业周刊演播室和我们一起观看。 杰伊，
welcome. How are you?
欢迎光临。 你好吗？
>> I'm good. How are you, Tim? Thank you
我很好。 你好吗，蒂姆？ 谢谢你
for having me.
邀请我。
>> Yeah, thanks so much for joining us. I
是的，非常感谢您加入我们。 我
want to start with the numbers uh and
想先从数字开始，
and just ridership here. Weekday subway
还有这里的乘客人数。 在您的模型中，工作日地铁
ridership is still 25% below precoid
客流量仍比暴雨前水平低 25%
levels in your modeling. Does that ever
。 它会
come back to where it was?
回到原来的地方吗？
>> Um I you know we have a financial plan
嗯，你知道我们有一个
that's a 5-year period and originally we
为期 5 年的财务计划，最初我们
were projecting that we would see our
预计
subway ridership up to 90% but a couple
地铁客流量将达到 90%，但
years ago we revised that because we
几年前我们修改了这一计划，因为我们
weren't seeing that. But we're hopeful
没有看到这一数字。 但我们希望
we see an 80% by 2029 ridership recovery
到 2029 年地铁客流量能够恢复 80%
for uh subways. But on the railroads,
。 但在铁路方面，
we're seeing that recovery even higher
我们今天看到复苏势头更为强劲
today. We see 85% ridership recovery on
。 我们的铁路客流量恢复了 85%
our railroads, which is amazing.
，这是令人惊奇的。
Something that we thought was going to
我们原本以为，疫情爆发前，
be slower, our railroad customers, than
铁路乘客的
our subway customers originally coming
出行速度会比地铁乘客慢
out of pre- pandemic. So, is there a way
。 那么，有没有办法从
to tap into that growth financially
经济角度利用这种增长，
perhaps with higher prices for those
比如提高
commuters rather than here in the city
通勤者的费用，而不是提高城市里的
for subway and bus riders?
地铁和公交车的费用？
>> So, I you know what we have is very
所以，我知道，我们所拥有的是可
small predictable fair increases that
预测的非常小的公平增长，
help balance the financial plan. And so,
有助于平衡财务计划。 因此，
we don't want to burden one rider over
我们不想让一个骑手给
another. It's really about distancebased
另一个骑手带来负担。 这实际上与距离
and commuters. And so, we keep that
和通勤者有关。 因此，我们保持
equitable. you know that we do a 2% fair
公平。 你知道，我们每隔一年就会公平地增加 2%，
increase every other, you know, every
other year and that keeps our financial
这可以保持我们的财务
plan in balance.
计划平衡。
>> How do you plan to get that number? I
您打算如何获得该号码？ 我
think you said 80% ridership. How do you
认为您说的是 80% 的乘客量。 如何
bring people back uh into the subways?
让人们重返地铁？
We
>> we bring uh riders back by providing
我们通过提供
reliable on-time performance, right? Our
可靠的准时服务来吸引乘客回来，对吗？ 我们的
service matters to customers and
服务对客户很重要，
delivering the service that we promise
and schedule is something that we strive
我们努力按照承诺和计划提供服务
for. but also safety. Um, our customers
。 而且安全。 嗯，我们的客户
need to feel safe and safe and our
需要感到安全，我们的
customers feel that, right? We've had
客户也感受到了这一点，对吗？
the lowest uh safety uh, you know,
numbers or crime numbers in July. And so
七月份我们的安全数字，或者说犯罪数字，是最低的。 因此，
our customers are telling us that by uh
我们的顾客通过
taking the subway, but also our customer
乘坐地铁告诉我们，而且我们的客户
surveys, right, tell us that customers
调查也告诉我们，客户对
are satisfied with the service that
we're providing.
我们提供的服务感到满意。 从
>> The MTA faces a combined $ 1.1 billion
deficit over three years starting in
2027. It already owes close to $50
2027 年开始的三年内，MTA 将面临总计 11 亿美元的赤字。目前，该机构的债务已接近 500
billion. It needs to spend $68 billion
亿美元。 它需要再花费 680 亿美元
more for vital improvements. There's
用于重要改进。
some federal aid that's up in the air.
一些联邦援助仍悬而未决。
The Trump administration is trying to
特朗普政府正试图
roll back congestion pricing. What's the
取消拥堵收费。
backup plan if the aid evaporates and
如果援助消失，而
the president is successful in rolling
总统成功
back congestion pricing?
取消拥堵收费，那么备用计划是什么？
>> You know, Tim, I would be remiss if I
你知道，蒂姆，如果我
didn't mention that back in 2023, we
不提一下，早在 2023 年，我们
were the first transit agency to solve
是第一个解决财政悬崖问题的交通运输机构，那我就太失职了
our fiscal cliff. Thanks to Governor
。 感
Hokll, Chair Liieber, and the
谢霍克尔州长、利伯主席和
legislature, we were able to come out of
立法机构的努力，我们今天能够摆脱
a deficit unlike any other transit
其他交通运输机构无法摆脱的赤字
agency today. You've heard SEPTA is
。 您可能已经听说了 SEPTA 正
facing deep cuts. Chicago, but we were
面临大幅削减。 芝加哥，但我们是
the first to say we need state, federal,
第一个说我们需要州、联邦
and local um aid, and we got our state
和地方援助的人，而且我们获得了州
federal funding for us. We also as the
联邦的资助。 我们作为
MTA contributing to our solving our
MTA 也为解决赤字做出了贡献
deficit, right? The MTA contributes 500
，对吗？ MTA
million to its operating efficiencies
为其运营效率贡献了 5 亿美元，
and those deficits that we have in 27
and 28 and 29 are very small compared to
与我们的运营预算相比，我们在 27、28 和 29 年的赤字非常小，
our operating budget and we are
committed to doing our part in saving
致力于尽自己的一份力量来节省
money to help sure ensure that we can
资金，以确保我们能够
balance our budget in the out years.
在未来几年平衡预算。
>> We were talking a little bit about the
我们正在谈论
base fairs of subways increasing
地铁基座展览会
regularly. I'm wondering if there is
定期增加的情况。 我想知道
there a set area within the MTA that
MTA 内是否有一个固定的区域
that revenue goes toward because the
用于这些收入，因为
base fair for a subway in New York City
纽约市地铁的基本票价
it's expected to increase to $3 uh in
预计将在 1 月份上涨至 3 美元
January.
>> Correct. So our fairs um help our
正确的。 那么我们的展会有助于我们的
operating budget, right? So they 70% of
运营预算，对吗？ 因此，MTA 70% 的
MTA's cost are labor and fringe and so
成本是劳动力和福利，
that pays for 70,000 employees and then
用于支付 70,000 名员工的费用，然后
the small fraction is for the non- labor
一小部分用于非劳动
contracts. So, every fair contributes to
合同。 因此，每次展会都会增加
operating cost on our side.
我们的运营成本。
>> Let's talk about fairs and and fair
让我们来谈论公平和
evasion. Usually when we talk fair
逃避公平。 通常当我们谈论公平
evasion, I think of people jumping over
逃避时，我会想到人们跳过
subway turn styles and I know there have
地铁转弯方式，我知道已经
been some mitigation efforts in place,
采取了一些缓解措施，
but I took the bus to Lagoria on
但我周四乘坐公共汽车去了拉戈里亚
Thursday. It was a great experience. But
。 这是一次很棒的经历。 但是
when I got on the SPS in Queens, I got
当我在皇后区登上 SPS 时，
on, it was like an articulated bus, so
它就像一辆铰接式公交车，所以
you know, it was a long one. I got off
你知道，它很长。 我
on in the back and out of like more than
从后面下了车，在
half a dozen people, I think I was the
六七个人中，我想我是
only one who paid and I was thinking to
唯一一个付钱的人，我心想
myself, I didn't know it was optional
，我不知
>> to pay to get on the bus. What are the
道上车是可以选择付钱的。
numbers there?
那里的数字是多少？
>> So, it's not optional, right? To pay the
那么，这不是可选的，对吗？ 支付
fair. We are encouraging every customer
公平。 我们鼓励每位乘客
to pay our pay their fair share to
支付他们应付的份额，
>> but there's no enforcement on the bus.
但公交车上却没有强制规定。
>> So, there's a couple things that we're
因此，
doing for fair evasion and our chair has
为了公平回避问题，我们做了一些事情，我们的主席
been tackling this first when he became
在就任主席后首先就一直在处理这个问题
chair. So on the subways, you've heard
。 因此，在地铁上，你听说过
of us talking about we're doing fins,
我们谈论过我们正在做鳍状肢、
sleeves, gate guards, enforcing the exit
袖子、门卫，加强出口
gate, which is the the fair, you know,
大门的管理，这是公平的，你知道的，
evasion highway. And so we've made great
逃票高速公路。 因此我们在地铁建设方面取得了长足的
strides on the subways. We've reduced
进步。 我们
fair evasion in over a year by 30%.
在一年多的时间里将逃避公平竞争的行为减少了 30%。
We've dropped that rate from a high of
我们已将该比率从最高的
14% to 9.8%. So we know those efforts
14% 降至 9.8%。 因此我们知道这些努力
are working. On the buses, it's a little
正在发挥作用。 在公交车上，情况会
bit more difficult, but we're also
稍微困难一些，但我们也正在
working there. We've inc uh decreased
努力。
fair evasion on our buses as well in the
去年，我们公交车上的逃票现象也
last year from 50% to 44% because all
从 50% 减少到了 44%，因为
the tactics the president um of New York
纽约
City transit is employing. We have eagle
市交通局局长采取了各种策略。 我们有
teams that are look, you know, on
鹰队在
different bus routes to make sure that
不同的公交线路上巡逻，以确保
they enforcing the the pay your fair,
他们执行公平的薪酬政策，
right? our bus um operators do their due
对吗？ 我们的公交车司机尽职
diligence, but really our eagle teams
尽责，但实际上我们的鹰队在
are enforcement out there riding
different routes and making sure
不同的路线上执法，确保
customers fair uh pay their fair or
乘客公平地支付费用，否则
they're getting a summon where they're
他们会收到
getting off the bus and that's how we're
下车的传票，这就是我们
working towards that.
努力的方向。
>> How does that work? Because I heard of a
这是如何运作的？ 因为我听说一个
friend who was on a bus and someone had
朋友在公交车上，有人
come around and like scanned their phone
过来扫描他们的手机，
to see if they had pay paid the fair. Is
看他们是否已经付了车费。
is that how it works? Explain to us. Um
就是这样运作的吗？ 向我们解释一下。 嗯，
so right now um what we are doing is if
现在我们正在做的是，如果
you're boarding the bus you have to pay
你登上公共汽车，你就必须付款，
because there's two different ways you
因为今天有两种不同的
can pay right today is the metro card
付款方式，即地铁卡
and the Omni and when we go to full Omni
和 Omni，当我们明年全面推广 Omni 时，
next year there's going to be proof of
将会有
payment and so what you can do is
付款证明，所以你可以
European style proof of payment for
为顾客提供欧洲风格的付款证明，
customers is you can tap their phones or
你可以点击他们的手机或
credit cards the method of payment to
信用卡，通过付款方式
see if they paid their fair and if they
查看他们是否支付了车费，如果他们
didn't pay their fair that's something
没有支付车费，
that we'll work with on a summon or you
我们将通过传票处理，或者你
know you need to pay your fair for our
知道你需要为我们的客户支付车费
customer. And so that's something that's
。 这就是即将
coming. We're really excited about that
发生的事情。 我们
for omni and proof of payment. But right
对全方位和付款证明感到非常兴奋。 但
now there's two different methods. And
目前有两种不同的方法。
so we're working on different ways to uh
因此，我们正在研究不同的方法来打击
combat fair evasion.
公平逃避行为。
>> I want to talk a little bit about
我想谈谈
proposals from mayoral candidates. Zoran
市长候选人的提议。
Mandani, for example, his proposal to
例如，佐兰·曼达尼 (Zoran Mandani) 提出
make all New York City buses free. What
让纽约市所有公交车免费的建议。
do you think of that? and and does it
您对此有何看法？ 这是否会
create a sort of a two-tiered mass
形成一种双层公共
transit system where people who ride
交通系统，乘
buses don't pay for it, but then people
坐公交车的人不用付费，但
who ride the subway do and it kind of
乘坐地铁的人却要
offset like people not necessarily
付费，这样一来，人们就不一定
taking the right mode of transit for
选择正确的交通方式到达
their destination.
目的地了。
>> So, we've heard the Mariel candidates um
因此，我们听取了马列尔候选人
proposal for fair free buses. What I'd
关于公平免费公交车的提议。 我
like to emphasize again is fairbox
想再次强调的是，票房
revenue is important to the operations
收入对于
of the MTA. It's 26% our re of our
MTA 的运营至关重要。 这是我们收入的 26%，
revenue and buses is about a billion
而公交车
dollars in the outy years of revenue for
在过去几年的收入约为 10 亿美元，
for the MTA bus uh for the MTA excuse me
对于 MTA 公交车来说，对不起，
and that's important to us and so we
这对我们很重要，因此我们
want to make sure revenues equal service
希望确保收入等于服务，
and that is something that's a
这目前只是一个
hypothetical right now but we we rely on
假设，但我们依赖于
fairbox revenue.
公平的收入。
>> So you you said a billion dollars in
所以你说它带来了 10 亿美元的
revenue is what it brings in. Mammdani
收入。Mammdani
estimates that's about $750 million
估计，每年大约需要 7.5 亿美元
annually to make buses free. Is that an
来提供免费公交车。
accurate assessment on his part?
他的评估准确吗？
>> Um I think there's pieces that he's he's
嗯，我认为他正在
looking at just the New York City
关注的只是纽约市
transit bus fair. We have MTA bus that
公交车博览会。 我们也有运营 MTA 巴士，
we also run that the city contributes to
市政府也出资购买
and that is also fairbox revenue for
，这也是巴士的票务收入
buses.
>> So what would taking away that revenue
那么，
from the MTA due to the authorities's
由于当局的财政问题，从 MTA 拿走这些收入会怎么样呢？
finances
>> or would it just be I mean look again
或者这只是
it's a proposal. You said it's something
一个提议。 你说这
that, you know, is not a plan yet, but
还不是计划，但
to be fair,
公平地说，
>> he is by far the favored candidate and
他是迄今为止最受欢迎的候选人，而且
there are a lot of questions about what
有很多问题关于
power he has to actually follow through
他有什么权力真正兑现
with a a campaign promise such as this,
这样的竞选承诺，
but this is certainly a central part of
但这无疑是
his campaign. So, you got to be looking
他竞选的核心部分。 所以，你必须
at it closely.
仔细观察它。
>> We are looking at it, but one thing that
我们正在考虑这个问题，但
I would like to emphasize right right
我想强调的是，
now in New York City, uh, fairs are
现在在纽约市，博览会的价格是
affordable. We make transit and buses
可以承受的。 我们
the most affordable at $2.90.
以最实惠的价格提供 2.90 美元的公共交通和公交车。
and it's affordable with fair far fairs
而且价格合理，
um reduce fair for our customers but you
对我们的客户来说很公平，但你
know it is something that we will look
知道，正如市长候选人所提议的那样，我们会考虑这一点
into as the mayoral candidate um has
proposed.
>> What about mitigating climate issues
如何缓解
that affect particularly the subway
特别影响地铁
stations? You go online, you see videos
站的气候问题？ 你上网，看到
of flooding in
洪水的视频，
>> maybe you're trying to get home and on a
也许你正试图回家，在一个
rainy day
下雨天，
>> right in the summer water in the subway
就在夏天的雨天，地铁站里被水淹没了
station. Do you guys have at least as
。 作为
part of the upcoming capital plan a plan
即将出台的资本计划的一部分，你们是否至少
in place to update the infrastructure?
制定了更新基础设施的计划？
>> A couple of points on that, right? Uh a
关于这一点，有几点需要注意，对吗？ 嗯，地铁系统
couple of the issues that arise in the
中出现的一些问题
subway systems are not the MTA's fault.
并不是 MTA 的错。
New York City, right, contributes to the
纽约市，对吧，是地铁
flooding issues that we face in the
洪涝问题的罪魁祸首之一
subways, whether it's through D,
，无论是通过 D 区、
manholes, the sewage. Um so that is one
沙井，还是下水道。 嗯，这就是
aspect of the flooding that you see on
您在纽约市交通中看到的洪水的一个方面
the New York City uh transit. But our
。 但是，我们
historic capital plan that's 68.4
历史性的 684
billion dollars does have climate
亿美元资本计划确实提出了
resiliency of hardening the system in
加强某些站点系统的气候适应能力的建议
certain stations uh in proposed in there
for it.
>> Let's talk a little bit about congestion
让我们来谈谈拥堵
pricing. Uh a not as hot of a topic as
收费问题。 呃，这个话题不像
it was a few months ago. It seems like
几个月前那么热门了。 好像
>> it's died down a little bit. Uh, in your
它已经平息了一些。 呃，您
view, is it working?
认为它有效吗？
>> Congestion pricing is working. It is
拥堵收费正在发挥作用。 这
reducing traffic by 11%. What does that
使得交通量减少了 11%。 这
mean? 70,000 cars are off the road every
意味着什么？ 每天有 7 万辆汽车无法上路
single day. What else is it doing? It's
。 它还在做什么？ 它使
moving our buses faster. It's moving
我们的公交车行驶得更快。 它让
people faster. We've seen a change in
人们移动得更快。 我们看到
ridership, but also we've seen safety
乘客人数发生了变化，同时也看到了安全性的
increases. There's a 14% decline in
提高。
pedestrian crashes. And on top of it
行人碰撞事故减少了 14%。 最重要的是
all, it is bringing in the revenue that
，它带来了
we had projected originally.
我们最初预计的收入。
>> It's being watched very closely, not
它受到了密切关注，
just by proponents and opponents of it,
不仅支持者和反对者的关注，
but also by other cities that might want
其他可能想要
to put this into practice. Have you or
将其付诸实践的城市也在关注。 您或者
has the MTA heard from other cities
MTA 是否听说过其他城市
about congestion pricing, about the
关于拥堵收费、收费
model, and about questions about
模式以及
implementing it in their own cities?
在其城市实施该收费的问题？
Yeah, the MTA has heard from other
是的，MTA 听取了其他
cities and transit properties and
城市和交通机构的意见，并
engaged with them to have conversations
与他们进行了接触，讨论了
about the process that New York uh
纽约为
implemented for the successful
成功实施
congestion pricing uh program that we're
拥堵收费计划而实施的流程
having. So, they're looking at us at us
。 所以，他们把我们视为
as a model.
榜样。
>> We have to ask about the second second
我们还必须询问有关第二
avenue subway expansion as well. just
大道地铁扩建的问题。 只需向
walk us through some of the plans for
我们介绍一下这里的一些计划
and and the timeline here because this
和时间表，因为这是一个
has been something that's been in the
一直在筹备中的事情
works, something that any New Yorker
，也是
who's lived in New York for the last
过去四年在纽约生活过的任何纽约人都知道的事情
>> four how many years? 40
？ 40
>> decades, 50 years,
年，50 年，
>> 50 I think. I think we talked about that
我想是 50 年。 我想我们
uh at our special board meeting on
在周一的特别董事会会议上讨论过这个问题
Monday. You know, the contract that our
。 您知道吗，我们
board just approved is a almost $ 1.9
董事会刚刚批准的合同价值近 19
billion contract to start boring, right?
亿美元，开始让人感到无聊了，对吧？
What does that mean? It's starting the
这意味着什么？ 它正在开始为
tunneling for the three stations that
are vital to Second Avenue subway phase
第二大道地铁二期工程至关重要的三个车站进行隧道挖掘。
2. And um we are committed to expanding
嗯，我们致力于
uh Second Avenue phase 2 here at the
在 MTA 这里扩建第二大道地铁二期工程
MTA. And we think it's going to be uh a
。 我们认为这对
great um service to our customers. It's
我们的客户来说将是一项很棒的服务。
going to uh uh serve about a 100,000
customers in addition to the 200,000
除了
customers that's Second Avenue subway
第二大道地铁
phase 1 uh serves today.
一期目前服务的 20 万名乘客之外，它还将为大约 10 万名乘客提供服务。
>> Do you have a timeline or an expected
您有时间表或预期
timeline?
时间表吗？
>> Um I think the uh uh 2032 was the
嗯，我认为 2032 年是
service date that we have uh set uh
我们公开设定的服务日期
publicly.
。 就像
>> It's a very like I said at the
我在一开始所说的那样
beginning, it's an an unenviable task
，这是一项摆在
that that you have ahead of you. Some
你面前的令人羡慕的任务。 有些
people would argue. I would imagine that
人可能会争论。 我想
you spent quite a bit of time studying
您一定花了不少时间研究
other transit systems around the world,
世界各地的其他交通系统，了解
what's worked and what hasn't worked. If
哪些系统有效，哪些系统无效。 如果
if you could wave a magic wand here in
您能在纽约市挥动一根魔杖来
New York City to overcome some of the
克服
barriers that the MTA has experienced,
MTA 遇到的一些障碍，
whether they're financial barriers,
无论是财务障碍
whether they're capex barriers, what
还是资本支出障碍，这些
would those be like? What is the biggest
障碍会是什么样子？ 这里
obstacle to making the service even
使服务变得
better here? So I think Tim, one thing
更好的最大障碍是什么？ 所以我认为蒂姆，
that I would say is MTA is a leader and
我想说的一件事是 MTA 是一个领导者，并且
being the largest agency in North
作为北美最大的机构
America, other agencies look to us. I
，其他机构都向我们看齐。 我
think I said this before, we we led with
想我以前说过，我们面临
the fiscal cliff. We lead with our
财政悬崖。 我们
capital program as well. We have started
也以资本计划为主导。
to do things differently since Jano
自从 Jano
Liieber took over for CND and now Jamie
Liieber 接任 CND 以及现在的 Jamie
Torres Springer. We do design, build, we
Torres Springer 以来，我们已经开始以不同的方式做事。 我们进行设计、建造，而且
do faster, cheaper, um, and better. But
做得更快、更便宜、更好。 但
we're employing uh definitely different
我们正在采用不同的
ways of doing capital programs as well
方式来实施资本计划
as operating uh for for us to be better.
以及运营，以便我们做得更好。
>> Um I want to go back to congestion
嗯，我想回到拥堵
pricing and some financial questions
收费和一些相关的财务问题，
around that specifically about uh
特别是关于
selling debt off of revenues. Do do you
出售债务和收入的问题。 您是否
have plans to sell debt off of revenues
有计划通过出售拥堵收费收入来偿还债务
from congestion pricing? So, as you
？ 因此，如您
know, the the congestion revenue is
所知，拥堵收入
dedicated to the 20 to 24 capital
专门用于 20 至 24 资本
program. It is expected to generate 15
计划。 预计
billion for that program. And once we
该项目将创造150亿的收入。 一旦我们
see a stable market in the the revenues
看到市场稳定，收入
coming in, we do plan to issue debt.
增加，我们就会计划发行债务。
We've talked about it. That's not
我们已经讨论过了。
sometime until 2026 for us. Once we see
对于我们来说那要等到 2026 年。 一旦我们看到
a a comfortable stream of revenue, we've
舒适的收入来源，我们
projected 500 million for the next three
预计未来三年的收入将达到 5 亿美元
years. and we want to make sure that we
。 我们希望确保我们
see that revenue and the markets are
看到收入并且市场
comfortable issuing that debt for us.
愿意为我们发行债务。
>> You've talked about fair increases uh on
您谈到了
MTA services. What about increases in
MTA 服务的公平增长。 拥堵收费上调情况如何？
congestion pricing and what is the
timeline for that?
具体时间表是怎样的？
>> So, as the governor has said to us,
因此，正如州长对我们所说的
right, it's the toll will continue to be
那样，通行费
$9 for three years. then it'll increase
三年内仍将保持在 9 美元。 然后在
gradually to uh the next three years at
接下来的三年里，收费标准将逐渐增加到
$12 and then in the final the seventh
12 美元，然后在最后的第七
year it'll be a 15 mill $15 excuse me
年，收费标准将达到 1500 万美元，对不起，是 15 美元
toll. So we've already have that phased
。 因此，我们已经
in based on uh the schedule we approved.
根据批准的时间表分阶段实施了这一计划。
Can you just bring us I know there's
您能否带我们了解一下，我知道
litigation around this with the federal
联邦政府
government and and with the state, but
和州政府就此存在诉讼，但
can you just take us into conversations
您能否带我们了解一下过去几个月
that you've had with counterparts at the
您与交通部同行就
Department of Transportation over the
last few months about making sure that
确保
uh the MTA stays on a sustainable
MTA 保持可持续的
financial path. So, I think you know
财务状况所进行的对话。 所以，我想你知道
what I would say is the federal
我想说的是
government contributes $2 billion to the
联邦政府向 MTA 贡献了 20 亿美元，
MTA and that's a a a revenue source that
这是
we rely on to keep the the system in a
我们依赖的收入来源，以保持系统处于
state of good repair. And so, we would
良好的状态。 因此，我们会
continue to want that funding. Uh, you
继续寻求这笔资金。 你
know, MTA moves 40% of riders across
知道，MTA 承担了北美 40% 的乘客运输任务
North America, but receives only a
，但从华盛顿获得的联邦资金却只有一
fraction of federal dollars from
小部分
Washington. And so, we continue to rely
。 因此，我们继续依赖
on the federal dollars that we get, and
我们获得的联邦资金，
it's important for us. But what's the
这对我们很重要。 但
backup plan if that evaporates?
如果这一切消失了，备用计划是什么？
>> Yeah, we're confident, right, that the
是的，我们有信心，
MTA and uh the federal government uh the
MTA 和联邦政府，还有
federal judge that is designed, right,
联邦法官，
we we're confident that we would win
我们有信心赢得
that lawsuit. Um you know, Judge Lyman
这场诉讼。 嗯，你知道，莱曼法官
issued a positive finding for the MTA
just a few months ago and congestion
几个月前对 MTA 做出了积极的裁决，拥堵
pricing is, you know, continuing to
收费将继续
operate and we're generating the
实施，我们正在筹集
funding.
资金。
>> Jen, thanks so much. Oh, go ahead. Well,
Jen，非常感谢。 噢，继续吧。 好吧，
I was just going to ask one more
我只是想再问一个
question just I mean I imagine you know
问题，我的意思是我想你知道
you get a lot of people who hear these
很多人听到这些
numbers congestion pricing is on track
数字后都会知道拥堵收费有望
to raise 500 million. They say wow that
筹集 5 亿美元。 他们说哇，这
sounds like a lot of money. Why are you
听起来像是一大笔钱。 你
know why are the subways still the way
知道为什么地铁还是那样吗
that they are? Delays um crime
？ 拖延嗯犯罪
uncleanliness. Help us just understand.
不洁。 帮助我们理解。
I know that you said that a lot of those
我知道您说过很多展会的
fairs go towards paying workers, but a
资金都用来支付工人的工资了，但是
number like this, a number like 500
像 5 亿这样的数字
million, what does it mean in the
，
context for the broader MTA
对于更广泛的 MTA
organization? Is that a lot of money?
组织来说意味着什么呢？ 那钱很多吗？
>> So, I I'll give you context. Our
所以，我会给你提供背景信息。 我们
operating budget every every year is
每年的运营预算
about $20 billion, right? That is to run
大约是 200 亿美元，对吗？ 即运营
subways, buses, commuter rails, and the
地铁、公交车、通勤铁路，为
services for 6 million commuters every
每天 600 万名通勤者提供服务
day. But in order for us to keep that
。 但是为了让该
system running, you have to maintain it,
系统保持运行，你必须维护它，
right? And so 68.4 billion dollars, a
对吗？ 因此，684 亿美元中的
good majority of that funding is to keep
大部分资金都用于维护
it in a state of good repair. That means
其良好的状态。 这意味着需要
new rail cars, new buses, new signal
新的火车车厢、新的公交车、新的信号
upgrades, um track maintenance, and
升级、轨道维护以及
everything else that goes with operating
运行
a system that's so vast in size. Um, so
如此庞大的系统所需的一切其他东西。 嗯，
$500 million is just one stream of
5 亿美元只是
revenue that generates when we leverage
我们利用
it $15 billion to continue with the, you
150 亿美元继续在
know, capital side of the the world, but
世界资本方面运作时产生的收入来源之一，但
the operating side has different funding
运营方面有不同的资金
sources. Um, but we're confident that
来源。 嗯，但是我们有信心，
we, you know, move 6 million customers
every single day and we're happy to do
每天运送 600 万名客户，我们很高兴能够
that safely.
安全地做到这一点。
>> Jay Patel, CFO of the Metropolitan
大都会运输署首席财务官杰伊·帕特尔 (Jay Patel)
Transit Authority, joining us here in
来到
the Bloomberg Business Week studio.
彭博商业周刊演播室与我们见面。
Let's get an update on how the markets
让我们了解一下市场的最新情况
are looking. Some business news also. Uh
。 还有一些商业新闻。 呃，
Charlie Pellet is standing by. Hey
查理·佩莱特正在待命。 嘿，
Charlie,
查理，
>> thank you very much. We are on track for
非常感谢你。 我们有望以
a lower close. The Dow, the S&P, NASDAQ
较低的价格收盘。 道琼斯指数、标准普尔指数、纳斯达克指数
all declining right now. A slide in the
目前均在下跌。
world's largest tech companies weighing
全球最大科技公司的股价下滑
on stocks. The S&P right now down 44.
对股市造成压力。 标准普尔指数目前下跌了 44 点，
Just about the worst level of the day. A
几乎是当天最糟糕的水平。
drop right now of 7/10en of 1%. Dow
目前下降了 7/10，即 1%。 道琼斯
industrials down 82. Decline there of
工业指数下跌 82 点，跌幅达
2/10 of 1%. The Nasdaq Composite Index
1% 的 2/10。 纳斯达克综合指数
down 309. a decline of 1.4%.
下跌309点，跌幅1.4%。
Our MAG 7 index trading lower by 1.6%.
我们的 MAG 7 指数下跌 1.6%。
The 10-year 4.29%. The 2-year 3.75%.
10年期4.29%。 2年期3.75%。
Gold right now is down 4/10en of 1%.
目前黄金价格下跌了 4/10%，即 1%。
Spot gold currently at 3318 the ounce
目前现货黄金价格为每盎司 3,318 美元，
while West Texas intermediate crude oil
而西德克萨斯中质原油价格
down 1.6%
下跌 1.6%，
62.43 for a barrel of WTI. Bitcoin at
至每桶 62.43 美元。 比特币
113,08
right now. Briefly, Viking Therapeutic
目前价格为 113,08。 简而言之，由于维京治疗公司 (Viking Therapeutic) 的
shares are plunging after its
experimental obesity bill appeal
实验性肥胖法案上诉
disappointed in a midstage study. Shares
在中期研究中失败，其股价暴跌。
of Viking, they are now down by 41.8%.
维京的股价目前已下跌 41.8%。
Recapping stocks lower S&P down 7/10en
回顾股市，标准普尔指数下跌 7/10，跌幅达
of 1%. I'm Charlie Pellet and that is a
1%。 我是查理·佩莱特，这是
Bloomberg business flash.
彭博商业快讯。
Charlie. Do appreciate it. Let's talk
查理。 非常感谢。 让我们来谈谈
nuclear because shares of nanuclear
核能，因为核能的股票
energy, it's a$ 1.2 2 billion market cap
是一家市值 12 亿美元的
nuclear energy company. It's focused on
核能公司。 其主要工作是
in part developing the next generation
开发下一代
of nuclear reactors. Those shares down
核反应堆。 这些股票
about 7 and a.5% today down for a second
今天连续第二天下跌约 7% 和 1.5%
day in a row. This after the investment
。 此前，投资
bank Ladenberg Thalman cut its
银行 Ladenberg Thalman 将其
recommendation to sell from buy. It
评级从买入下调至卖出。 这
wasn't just any cut. Michael Le over on
可不是普通的割伤。 该团队的迈克尔·勒 (Michael Le) 将
the team there cut his price target on
他对该股的目标价
the stock from $51 to $9, saying Nano's
从 51 美元下调至 9 美元，称 Nano
focus on ancillary ventures in fuel,
对燃料、运输和咨询等辅助业务的关注分散了
transportation, and consulting are
distractions from its core initiatives
其对
like its Kronos reactor. We're joined by
克罗诺斯反应堆等核心计划的注意力。 我们邀请了
James Walker, CEO of Nano Nuclear
Nano Nuclear Energy 首席执行官詹姆斯·沃克 (James Walker) 参加
Energy. He joins us from Vancouver.
。 他从温哥华加入我们。
James, typically I wouldn't start an
詹姆斯，通常我不会在
interview with an executive about an
采访高管时谈到
analyst call, but this one's such a big
分析师电话会议，但这次股价
cut from $51 to $9 and it's hit the
从 51 美元大幅降至 9 美元，对
stock pretty hard. shares down about 17%
股价造成了相当大的打击。 过去两天股价下跌了约17%
in the last two days. What's your
。 您
response to this? Because the criticism,
对此有何回应？ 因为批评
it's pretty pointed.
非常尖锐。
>> Well, it's this one's a funny one
嗯，这个很有趣，
because obviously this this uh price
因为显然这个价格
target came out at the same time as a
目标与
bunch of others that were at 50 and 40
其他一些 50、40
and and normal kind of prices. And even
和正常价格的目标同时出现。 甚至
Michael Le uh five weeks ago put out a
Michael Le 在五周前也提出了
price target of $51. Um you know, so and
51 美元的目标价。 嗯，你知道，
we not spoken to him since. So, it it's
从那以后我们就没和他说过话了。 所以，这很
an odd one because we know Michael Egg
奇怪，因为我们知道迈克尔·艾格
did interview with us for a job and um
确实接受过我们的工作面试，而且
he did want to be involved in the
他确实想参与
previous financing and uh maybe uh maybe
之前的融资，呃，也许呃，也许是
it's the fact that he wasn't able to be
因为他无法
involved in those two things he might
参与这两件事，他可能
have been upset about. Um it's it's very
会感到不安。 嗯，这
difficult to say.
很难说。
>> Okay. Well, I don't I we don't have a
好的。 嗯，我不知道，我们目前还没有收到
response from Michael at this point, but
迈克尔的回复，但
we'll have to reach out to him to get
我们必须联系他才能得到
that.
回复。
>> That's okay. And also, I'm only uh I'm
没关系。 而且，我只是在
only speculating because we've not
猜测，因为
spoken to Michael since his 51 um price
自从迈克尔提出 51 的价格目标后我们就没再和他谈过
target.
>> Okay. Uh let's move on a little bit from
好的。 嗯，让我们继续讨论
this one. Uh I want to And look, Emily,
这个问题。 呃，我想，艾米丽，
as Emily pointed out to me before our
正如艾米丽在我们采访之前向我指出的那样
interview, the stock is up uh more than
350% since going public last year. So,
自去年上市以来，该股票已经上涨了 350% 以上。 所以，
you know, zoom out a little bit. Talk a
你知道，稍微缩小一点。 请简单谈谈
little bit about the the technology that
you have with the with the Kronos
你们所拥有的克洛诺斯
nuclear reactor and and what makes you
核反应堆技术，以及是什么让您
so confident this version of nextgen
如此有信心这一版本的下一代
nuclear tech is ready for prime time.
核技术已经准备好迎接黄金时段。
So our reactor is a high temperature gas
因此，我们的反应堆是一个
reactor that utilizes TRISO fuel and and
利用 TRISO 燃料的高温气体反应堆，
that's that's very important for two
这非常重要，
reasons. It's very well-known tech, very
原因有二。 这是非常知名的技术，
high TR levels, long history of
TR水平非常高，运行历史悠久
operation. Tryof fuel obviously been um
。 Tryof 燃料显然被
designed to be inherently safe system
设计成本质上安全的系统，
that avoids things like conventional
可以避免大型系统中
reactor meltdowns which might be
可能发生的常规反应堆熔毁等事件
possible with larger systems. But we've
。 但我们
also designed the reactor so it is as
也设计了反应堆，使其
large as you can possibly make a
尽可能大
reactor. So you can keep it completely
。 因此，您可以使其保持完全
modular and that means you can keep
模块化，这意味着您可以
manufacturing these things along a
沿着生产线继续生产这些东西，
production line and then you get
然后您就可以
economies of scale very quickly. I think
很快获得规模经济。 我认为
we're very confident of our of our
我们对我们的
commercial strategy here with being able
商业战略非常有信心，能够
to um target markets continuously and be
持续瞄准目标市场并
able to roll these things out. So on
推出这些产品。 因此，在
that front like obviously we're very
这方面，我们显然非常
happy um the the larger market I mean
高兴，嗯，更大的市场，我的意思是，
obviously um huge interest from the tech
显然嗯，来自科技行业的巨大兴趣，
industry but in the industry in general
但在整个行业，
uh quite widely is that there's a big
嗯，相当广泛的是，
demand on these systems at the moment
目前对这些系统的需求很大，
and we're we're obviously positioning
我们显然将
ourselves to be one of the forefront
自己定位为向市场
leaders in delivering like this next
提供下一代核能的先锋之一
generation of nuclear energy to the
market.
>> Let's talk about the tech industry and
让我们来谈谈科技行业以及
the demand that you're seeing there. Do
您在那里看到的需求。
you have do you line up customers
您是否已经与客户建立联系了？
already or is it more just about
还是在
focusing on on on develop developing
this Kronos out like before you actually
您真正
uh start meeting with techn?
开始与技术人员会面之前，您更专注于开发 Kronos？
>> No, like we're in discussions with many
不，就像我们已经与许多
potential customers already. So it's
潜在客户进行讨论一样。 所以它
it's AI centers, it's data centers. I
是人工智能中心，它是数据中心。 我的
mean the their energy demands alone are
意思是，他们的能源需求本身就
huge. But for instance, we've got a
非常巨大。 例如，我们目前
massive project in Canada that we're
正在与加拿大政府合作开展一个大型项目
working on at the moment in with the
government. And in even that project,
。 甚至在这个项目中，
they're looking at sort of several
他们也在关注
hundred communities in the north that
北方几百个依靠
subsist off diesel. So it's not just
柴油生存的社区。 所以
industry, you know, governments are
，你知道，不仅仅是工业界，政府也在
looking for solutions to provide power
寻找解决方案，
to remote locations that might be
为偏远地区提供电力
off-rid. I mean, that's a that's an
。 我的意思是，这是一个
enormous potential market. So obviously,
巨大的潜在市场。 显然，
we're going after that, too.
我们也会追求这一点。
>> James, a lot of what we're talking about
詹姆斯，我们谈论的很多事情
is potential. And when it comes to this
都是潜在的。 谈到这项
technology, we're used to talking to
技术时，我们习惯于与处于
folks who are in the early stages of
早期开发阶段的人们交谈
development of, for example, small
，例如小型
modular reactors, SMRs, and and one
模块化反应堆 (SMR) 等，而
thing that is notable with everybody we
talk to with NextG nuclear is that at
与 NextG 核能公司交谈的每个人都注意到的一件事是
this point, the tech isn't there yet. We
，目前这项技术还没有成熟。 我们
haven't seen one of these with
还没有看到任何一种获得
regulatory approval out in the wild
监管部门批准的技术在
actually working. What would you say to
实际中发挥作用。 如果
somebody who says
有人说
it's another company that has yet to
这是另一家尚未
achieve any notable milestones?
取得任何显著里程碑的公司，您会说什么？
So what I would say is that like there's
所以我想说的是，
there's basically I wouldn't say no risk
but very low risk about any of these
these reactor companies not succeeding
这些反应堆公司如果不能成功生产出能够提供电力的许可反应堆，
or at least several not succeeding to
或者至少有几家公司不能成功
produce licensed reactors that'll be
生产出
very capable of supplying power. Um what
能够提供电力的许可反应堆，那么基本上风险很小，但不是没有风险。 嗯，
I would say is that there are larger
我想说的是，
considerations around the industry. So
围绕这个行业还有更大的考虑。
for instance, the fuel supply chain in
例如，美国的燃料供应链
the US does need to be built back to a
确实需要重建到
level where it can mass manufacture fuel
能够大规模生产燃料的水平，
to enable the mass manufactur of reactor
以实现反应堆系统的大规模制造
systems. And so this could be one
。 因此，这可能是大规模推广
impediment to being the these things
这些产品的障碍之一，
being rolled out on mass is that you do
因为你确实
need to get that in place first. And so
需要先将其落实到位。 因此，
you you have already seen uh reactor
您已经看到了拥有
systems that have advanced reactor
先进反应堆系统并已获得 NRC
systems that have been licensed by the
许可的反应堆系统，
NRC and there's a number of them go um
其中许多系统
undergoing licensing at the moment which
目前正在进行许可，这
will mean ourselves and a few others
意味着我们和其他一些系统
will at the end of this decade there'll
将在本世纪末拥有
be licensed systems but you still might
获得许可的系统，但您可能仍
need to wait for that fuel supply chain
需要等待燃料供应链的
to be built back and that means
重建，这意味着
enrichment conversion even even domestic
浓缩转化甚至国内
uranium mining that's all underway and
铀矿开采都在进行中，美国能源部
the DOE is putting a lot of money into
正在为此投入大量资金，
that so it seems inevitable because it
因此这似乎是不可避免的，因为它
has that massive government backing, but
得到了政府的大力支持，但
it all needs to happen at once and so
所有这些都需要立即发生，因此面临着
big infrastructure challenges. Um
巨大的基础设施挑战。 嗯，
there's big funding that's going into
this now, but timelines obviously push
现在有大量资金投入其中，但时间表显然会
this a little bit farther out.
稍微推迟一些。
>> How would you describe the current tone
您如何描述
that regulators have when it comes to
监管机构目前对
nuclear energy? Has it changed at all in
核能的态度？ 近几年来它有什么变化吗
the last few years?
So the the the poor regulator um you
因此，对于可怜的监管机构来说，嗯，你
know there's been an enormous amount of
知道，
pressure put on them firstly by the
他们面临着巨大的压力，首先是
Biden administration then the Trump
拜登政府，然后是特朗普
administration and that that's come from
政府，而这又来自
heavy lobbying by industry heavy um you
行业的大力游说，嗯，你
know pressure from the DoD to have a
知道，国防部施加的压力，要求
national capability to be able to mass
国家具备大规模
manufacture the fuel for submarines and
生产潜艇和
aircraft carriers and that's fallen on
航空母舰燃料的能力，而这落在了
the NRC to you know look at reforming
核管理委员会身上，你知道，他们正在考虑改革
new regulations so they can enable the
新的法规，以便能够
mass roll out of new systems and reduce
大规模推出新系统并减少
licensing times. So they they have been
许可时间。 所以他们，他们，
they you know they they've obviously um
他们，你知道，他们显然已经
tried to incorporate as many
尽力采纳尽可能多的
recommendations they can and they are
建议，并且他们正在
looking to reform um to enable um
寻求改革，使他们
themselves as an organization to deal
自己作为一个组织能够应对
with this sort of nuclear renaissance.
这种核复兴。
So credit to them their principal
因此，值得称赞的是，他们的主要
responsibility is still safety. So I
职责仍然是安全。 所以我
think some of their evaluations won't
认为他们的一些评估不会发生
change substantially but they new um new
实质性的变化，但他们新的嗯新的第
part 52 sub part F things like that that
52 部分子部分 F 之类的东西将使
are going to enable the mass roll out of
reactor systems those are important
反应堆系统能够大规模推出，这些很重要，
those will be very different from the
这些将与过去非常不同，
past that will say for instance our
例如我们的
reactor allow us to mass manufacture
反应堆允许我们大规模生产
reactors and they are licensed at
反应堆，并且它们在
factory level and then we can deploy
工厂级别获得许可，然后我们可以将
them to sites across North America um
它们部署到北美各地的站点嗯，
and then they don't need further
然后他们就不需要进一步的
licensing at that point. That is a very
许可了。 这是
unique reformation that the um the NRC
NRC
is making for companies like us.
为我们这样的公司进行的一项非常独特的改革。
>> Hey James, you're developing nuclear
嘿，詹姆斯，你正在开发
reactor products that include uh the
核反应堆产品，包括
Kronos, the Zeus, the Odin, and the
克洛诺斯、宙斯、奥丁和
Loki.
洛基。
Why why develop four different products
为什么要开发四种不同的产品
and not focus on one?
而不是专注于一种？
>> So we we are definitely focusing on one
因此，我们肯定会关注最重要的一件事，那就是
that is the most important thing is that
like almost all our resources are going
几乎我们所有的资源都将
into the Kronos reactor. highest TRO
投入到克洛诺斯反应堆。 最高的 TRO
level, most commercial viability. Um,
水平，最具商业可行性。 嗯，
what I would say about the other reactor
我想说的是，其他反应堆
designs is that there's no overlap in
设计在市场上没有重叠
market. Kronos is targeting big power
。 Kronos 的目标是
like several hundred megawatts,
几百兆瓦、
gigawatts of power. Um, some of the
几千兆瓦的大功率。 嗯，一些
smaller reactors, 1 megawatt systems,
较小的反应堆，1 兆瓦的系统，
they would be looking at much more
他们会考虑更
remote locations, mining projects, oil
偏远的地方，采矿项目，石油
and gas sites, military bases, things
和天然气站点，军事基地，
like that which Kronos might not be
诸如此类的 Kronos 可能不
suitable for. And then for instance, we
适合的地方。 举例来说，我们
might go even smaller and we're in talks
可能会做得更小，我们正在
with say the Army and the US Marine
与美国陆军和海军
Corps about a much more deployable
陆战队讨论一种更易于部署的
reactor system that could potentially um
反应堆系统，该系统可能与
work alongside their their Ford
他们的福特
operating lines. Something like that.
作业线一起工作。 类似这样的。
You would then have three reactors being
这样，就会有三座反应堆被
developed that have no overlap. But
开发，并且它们之间没有重叠。 但
overwhelmingly um Kronos is where all of
绝大多数情况下，
our um our resources are going to and
我们的全部资源
and most of our personnel are being
和大部分人员都
invested into. Our understanding is that
投入到了 Kronos 中。 我们的理解是，
the US Nuclear Regulatory Commission
美国核管理委员会
grants licenses for certain activities
when it comes to uh nuclear energy for
为
the Kronos system. What's the the
克罗诺斯系统的核能颁发了某些活动的许可证。
pathway here for getting some of those
获得
NRC licenses? Are you close?
NRC 许可证的途径是什么？ 你亲近吗？
>> It's a it's a good question. So, we have
这是一个好问题。 因此，我们可以
the advantage of seeing in recent years
从近年来的经验中了解
what has worked and what hasn't worked.
哪些做法有效，哪些做法无效。
So we know with the NRC um there's a bit
所以我们知道，
they they have an ability to license a
bit easier if they're familiar with the
如果 NRC 熟悉该
tech. We we thankfully have a very
技术，他们就能够更轻松地获得许可。 值得庆幸的是，我们拥有非常
familiar tech to them high temperature
熟悉的高温
gas reactor with a fuel trico fuel where
气体反应堆技术，该反应堆使用三元燃料，
billions in of DOE money has already
美国能源部已在该反应堆上投入了数十亿美元的资金，
gone into that to make sure it's
以确保其获得
certified and safe and and licensed
认证、安全和
fuel. Um but what we're going to do is
许可。 嗯，但是我们要做的是
we've got two massive projects. one at
两个大型项目。 一个在
University of Illinois UI and one we're
伊利诺伊大学，另一个
one in the um one in Canada that we'll
在加拿大，我们
be building um at Chalk River and that's
将在 Chalk River
to build out two fullscale reactor
建造两个全尺寸反应堆
systems that we can demonstrate to the
系统，我们可以向市场展示它们的工作
market that work that we can sell power
原理，我们可以出售电力，
from but also that we will license
但我们也会同时授予许可证，
concurrently so that as soon as they're
以便它们一旦
completed we will be able to
完工，我们就可以进行
commercially roll out. We we have seen
商业推广。 我们已经看到，那些
that companies that have opted to um
选择
design a reactor and get it licensed as
设计反应堆并获得
a paper reactor have struggled to sell
纸面反应堆许可的公司很难销售
that reactor because being the customer,
该反应堆，因为作为客户，
you don't want to be the first one to go
你不想成为第一个去获得许可的人，
and license a re um go and purchase the
而是去购买
license for a reactor and be the first
反应堆许可证并成为第一个
one to construct it. So, we're going to
建造它的人。 所以，我们将
demonstrate it, get it licensed, show it
演示它、获得许可并证明它
works. Okay. And then it'll also
有效。 好的。 然后，我们还可以学到
there'll be a lot of lessons learned in
很多经验教训，
there that we can use to commercially
可以用来商业化
and mass uh commercially massproduce
和大规模生产
these reactor systems. Can you is this
这些反应堆系统。 请问这是
months, years? Can you give us a date
月份，年份吗？ 您能否告诉我们
when there will be something real that
何时能够实现真正
will be deliverable and able to power
可交付并能提供动力的
something?
东西？
>> Well, it's it's happening now. So, um at
嗯，它现在正在发生。 所以，嗯，在
UIU, we're just about to start
UIU，我们即将在
geotechnical drilling on the site where
we'll be constructing this reactor
建造该反应堆
system. We'll be putting in for a
系统的现场开始进行岩土钻探。
construction permit as soon as we get
一旦我们得到结果，我们将立即申请建筑许可证
the results back. As soon as we get that
。 一旦我们获得
construction um permit approved from the
NRC, we're we'll start on construction.
NRC 批准的施工许可证，我们就会开始施工。
So, these are all things that are
所以，这些都是
happening right now. and that that
现在正在发生的事情。 该
reactor will be licensed towards the end
反应堆将在
of this decade. While that's being done,
本世纪末获得许可。 在此过程中，
we'll build out the core manufacturing
我们将建设核心制造
facility. So, as soon as that reactor is
工厂。 因此，一旦反应堆
ready, then it's licensed, we can hit
准备就绪并获得许可，我们就可以
the ground running and start producing.
立即开始生产。
And and look, Nan Nano is a very unique
而且看起来，Nan Nano 是一家非常独特的
company in the sense that um we've we've
公司，因为我们
taken a holistic approach of what's
采取了整体方法来
necessary to make a reactor succeed. And
了解反应堆成功所必需的条件。
that includes examining everything um
这包括检查所有
reactor vessels, nuclear graphite, um
反应堆容器、核石墨、
fuel. And so we've even invested into
燃料。 因此，我们甚至投资了
enrichment companies to ensure that we
浓缩铀公司，以确保我们
have solutions for where we're going to
能够解决
get our fuel from and we'll build those
燃料的来源问题，并且我们将
out over the next few years. So we will
在未来几年内完成这些工作。 因此我们将
be a vertically integrated company. And
成为一家垂直整合的公司。
it's it's it's partly out of necessity.
这在一定程度上是出于必要。
We want to derisk ourselves to ensure we
我们希望降低风险以确保我们
can pull this off successfully because
能够成功实现这一目标，因为
ultimately there's some very high
最终，
barriers to entry um for success here.
这里的成功门槛非常高。
You've got to have the capital. We've
你得有资本。 我们已经
got that. We've got to have the
做到了。 我们必须有
personnel. We've got that too. We've got
人员。 我们也有这个。 我们必须
to have the right tech and we've got
拥有正确的技术，而且我们已经拥有了
that, but ultimately we got to have a
，但最终我们必须找到一条
route to get the fuel and the components
途径来获取燃料和
necessary. So we the the the strategy is
必要的部件。 因此，我们的战略是
far-compassing, but it's it's necessary
长远的，但它是
to ensure that we're successful.
确保我们成功的必要条件。
>> James, thanks for joining us. James
詹姆斯，感谢您加入我们。
Walker, CEO of Nanuclear Energy joining
Nanuclear Energy 首席执行官詹姆斯·沃克 (James Walker)
us from Vancouver.
从温哥华加入我们。
I'm Tim Stenc along with Emily Grafo.
我是 Tim Stenc，和 Emily Grafo 一起。
Let's take a look at some stocks that
让我们来看看一些
are on the move. We are joined by
正在上涨的股票。
Bloomberg News equities reporter Nora
彭博新闻股票记者诺拉·
Melinda. Nora, what's on your radar
梅琳达 (Nora Melinda) 也与我们一起报道。 诺拉，你今天关注什么
today?
>> Well, we look at the market that's
好吧，我们看到市场正在
pointing lower, but there are a couple
走低，但也有几个
names that are popping into the green.
股票正在上涨。
One of those being Intel. So, shares of
其中之一就是英特尔。 因此，英特尔的股票代码
Intel, ticker INTC. They're charging
为 INTC。 他们的收费
higher. Earlier, up as much as 12%, but
更高。 此前，涨幅一度高达 12%，但
now pairing to about a 7% gain. And this
现在涨幅约为 7%。 此前，
is after the commerce uh secretary
商务部长
Howard Lutnik said that Trump believes
霍华德·卢特尼克表示，特朗普认为
that uh the federal government should
联邦政府应该
get a non- voting stake in the company
获得该公司的无投票权股份，
and they're actually citing this in
他们实际上是以此来换取
exchange for the money commitment that
happened during the Biden administration
拜登政府时期的资金承诺
here. So it seems to be getting a bit of
。 因此现在它似乎有点流行
a pop right now. We're seeing a lift and
。 我们看到了提升，
of course we know there's been a lot of
当然我们知道
news that's been coming in recent days
最近几天有很多新闻，
especially with Soft Bank what just
特别是软银
yesterday making that surprise $2
昨天出人意料地斥资 20
billion bet on its AI revival. So, seems
亿美元押注人工智能复兴。 因此，
to be a bit of a positive day here for
对于公司来说，这似乎是积极的一天
the company.
>> Yeah, Intel has really lifted it up
是的，英特尔确实提升了
itself up. I mean, it's up 28%
自己。 我的意思是，本月它上涨了 28%
this month, adding $25 billion in market
，仅在过去的 26% 中就增加了 250 亿美元的
value just in the last
市值
>> 26%. You're
。 你的说法与
>> a far cry from what we heard not last
我们上周听到的相差甚远
week, but the week before when the
，而是前一周，当时
president actually called for the ouster
总统实际上呼吁罢免
of the company CEO Lit Bhutan. He did
公司首席执行官 Lit Bhutan。 他
that on social media
在社交媒体上这样做了，
>> and then the CEO went to the White
然后首席执行官去了
House. Then we got all this reporting
白宫。 然后我们
from Bloomberg about a potential US
从彭博社获得了有关美国潜在
stake. So, it's really interesting
股份的报道。 所以，这真的是一件有趣的
stuff.
事情。
>> Definitely a turn in story here, it
seems, at least for the moment.
至少目前看来，故事肯定出现了转折。
>> I'm also looking at shares of Viking
我也在关注 Viking Therapeutics 的股票，
Therapeutics and definitely a different
story here. It is deep in the red today.
这里的情况肯定有所不同。 今天，该公司的财务状况十分糟糕。
Down as much as 45%.
下降幅度高达45%。
That's its worst day since 2016. Not a
这是自 2016 年以来最糟糕的一天。
good look right now. And of course, this
目前情况不太好。 当然，这
is after it had this um an experimental
是在一种
obesity pill that disappointed. It was a
令人失望的实验性减肥药问世之后。 这是一项
mid-stage study here. Um, and 28% of the
中期研究。 嗯，在
patients that were in this study dropped
这项研究中，有 28% 的患者在前
out in just the first 3 months here. So,
3 个月内退出了研究。 因此，
we are really seeing this as one of
我们确实将此视为
those cases where people are really
人们真正
comparing it to the likes of Novo
将其与 Novo
Nordisk and Eli Liy. And of course, we
Nordisk 和 Eli Liy 等公司进行比较的案例之一。 当然，我们
see all these different companies really
看到所有这些不同的公司都在
racing to get these OB obesity pills out
竞相将这些 OB 减肥药推向
there and on the market. And it seems
市场。 显然，
that clearly this disappointed here for
us to be seeing such a deep plunge in
我们看到
trading today.
今天的交易量出现如此大的跌幅，这令人失望。
>> Viking Therapeutics, ticker VKTX.
Viking Therapeutics，股票代码：VKTX。
Yeah. Worst stock drop in 9 years.
是的。 九年来最严重的股市下跌。
>> Wow. Yeah.
哇。 是的。
>> And um Bloomberg's Carmen Renicki writes
嗯，彭博社的卡门·雷尼茨基 (Carmen Renicki) 写道，
about the short sellers on this stock at
这只股票的卖空者
least reaping $514 million uh just right
目前至少获利 5.14 亿美元
now. A one day paper profit if that
。 如果一天的账面利润
actually, you know, if the if the losses
实际上等于，你知道，如果损失
hold, which is a lot of money. Yeah.
保持不变，那么这就是一大笔钱。 是的。
Down 40% year to date. So, lots of red
今年迄今已下降 40%。 因此，
that we're seeing on the screen right
我们现在在屏幕上看到很多
now as it relates to this stock. I want
与这只股票相关的红色。 我想
to end with the name in the green.
以绿色的名字来结束。
Looking at shares of Home Depot. That's
查看家得宝 (Home Depot) 的股票。 这就是
ticker HD here. And of course, we know
股票行情 HD。 当然，我们知道
this to be a home improvement retailer,
这是一家家居装饰零售商，
but essentially what people are focusing
但人们现在关注的基本上
on right now is it's comparable sales.
是它的可比销售额。
So, it reported comparable sales that
因此，该公司报告称
were up 1% uh this past quarter, but
上个季度的可比销售额增长了 1%，但
that's in comparison to the 3.3% decline
相比之下，去年同期的可比销售额则下降了 3.3%
that we saw in comparable sales a year
ago. So, this is a bit of a positive
。 因此，这
swing here for the company. We're seeing
对公司来说是一个积极的转变。 我们看到
Wall Street really celebrating this
华尔街正在热烈庆祝这一点
here. They're saying that shoppers are
。 他们说购物者
really invested in smaller projects.
确实对较小的项目感兴趣。
Apparently, gardening, lighting, and
显然，园艺、照明等
that's really been a tailwind here for
业务确实给公司带来了顺风
the company. Looking at shares that are
。 看看那些
about 5% higher, as much as 5% higher in
上涨了约 5% 的股票，
trading today, now trading about 3%.
今天的交易价格上涨了 5%，现在的交易价格约为 3%。
>> I found the CFO's comments to Bloomberg
我发现首席财务官对彭博社的评论
really interesting. Richard McFale said,
非常有趣。 理查德·麦克法尔说
quote, "Our customers are telling us
：“我们的客户告诉我们，
they're putting projects on hold. They
他们正在暂停项目，但他们
are not cancelling them."
并没有取消项目。”
>> And they're doing smaller projects, too.
他们也做一些小一点的项目。
>> Yeah. I mean, it seems like people are
是的。 我的意思是，看起来人们正在
doing the whole fixer upper moment. So,
做整个修复工作。 所以，
it is a lot of these smaller projects
that we're seeing done here. People like
我们看到这里有很多这样的小型项目。 人们
the gardens apparently.
显然喜欢这个花园。
>> It's a seasonal business. Seasonal,
这是一项季节性业务。 季节性的，
right?
对吧？
>> None of that is easy in the Stenc home.
在 Stenc 家里，这一切都不是一件容易的事。
I will I will just say that. All due to
我会的，我只会这么说。 这一切都是
to my ineptitude when it comes to home
因为我对家居
improvement. Nor Melinda, she is from
装修方面的无能。 梅琳达也不是，她来自
the Bloomberg News equities team. For
彭博新闻股票团队。 如需
more conversations like this, check out
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Apple, Spotify, or anywhere you get your
Apple、Spotify 或任何您获取
podcast. It is Bloomberg Business Week
播客的地方查看 Stock Movers。 它是彭博商业周刊
Daily. A big thank you to Emily Grafo
日报。 非常感谢 Emily Grafo
for filling in for Carol Masser. If you
代替 Carol Masser。 如果您
are staying on TV, the close is up next.
还在看电视，那么接下来就是结尾。
If you're joining us on Bloomberg
如果您
Business Week Daily on YouTube,
通过 YouTube、
Bloomberg Originals, or Bloomberg Radio,
彭博原创频道或彭博电台关注彭博商业周刊日报，
we got a great program. The CFO of
我们将为您带来精彩的节目。
Block, the company formerly known as
Block（前身为
Square, joins us in just a few minutes.
Square）公司的首席财务官将在几分钟后加入我们。