WEBVTT - Trump Indicted Again; China Surprise Rate Cut

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<v Speaker 1>Good morning.

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<v Speaker 2>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 2>stories we're following today.

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<v Speaker 3>We begin with breaking news overnight. Donald Trump now faces

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<v Speaker 3>a new set of criminal charges. For the fourth time,

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<v Speaker 3>a prosecutor has issued an indictment against the former president,

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<v Speaker 3>this time in Fulton County, Georgia, over efforts to overturn

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<v Speaker 3>the twenty twenty election. Eighteen co defendants are also facing charges,

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<v Speaker 3>including former New York City Mayor Rudy Giuliani and former

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<v Speaker 3>White House Chief of Staff Mark Meadows. Fulton County District

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<v Speaker 3>Attorney Fanny Willis says she is charging all nineteen defendants

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<v Speaker 3>under the state's racketeering law.

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<v Speaker 4>The indictment alleges that, rather than abide by Georgia's legal

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<v Speaker 4>process for election challenges, the defendants engaged in a criminal

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<v Speaker 4>racketeering enterprise to overturn Georgia's presidential election result.

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<v Speaker 3>Fulton County DA Fanny Willis says she has authorized arrest

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<v Speaker 3>warrants for the former president and his eighteen co defendants.

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<v Speaker 3>They have until August twenty fifth to surrender.

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<v Speaker 5>Well.

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<v Speaker 2>Nathan. Reaction is pouring into this latest indictment. Genie Shehanzeno

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<v Speaker 2>is a political contributor for Bloomberg.

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<v Speaker 6>This is a screaming indictment. It is long and it

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<v Speaker 6>is detailed. But she said in her comments, you have

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<v Speaker 6>a right to challenge the election in court, but you

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<v Speaker 6>cannot engage in a criminal racketeering activity to overturn the results.

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<v Speaker 6>And that's what all of these nineteen individuals, including the

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<v Speaker 6>former president and Rudolph Giuliani, Mark Meadows, and others are

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<v Speaker 6>charged with.

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<v Speaker 2>Genie Sanzeno notes the charges include one hundred and sixty

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<v Speaker 2>one specific acts of racketeering by the former president. Bloomberg

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<v Speaker 2>Law host jun Garosso says some are questioning the timing

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<v Speaker 2>of the late night indictment.

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<v Speaker 5>I am really surprised as to why she decided that

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<v Speaker 5>she had to do a press conference at eleven forty

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<v Speaker 5>five at night, when you know most people are not

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<v Speaker 5>going to be watching people who were interested in this.

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<v Speaker 5>And also it seeds into the Trump theory or the

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<v Speaker 5>Trump allegations that this is happening also fast, and she's

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<v Speaker 5>wrapping it up, and it's just an indication that she's

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<v Speaker 5>not taking a turn, even though we.

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<v Speaker 7>Know that she took two and a half years.

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<v Speaker 2>Bloomberg Law host Dean Grasso says the charges carry a

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<v Speaker 2>minimum sentence of five years in prison and a maximum

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<v Speaker 2>of twenty Karen.

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<v Speaker 3>Jeff Duncan is among those who testified before the Fulton

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<v Speaker 3>County grand Jury. He is a Republican and the former

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<v Speaker 3>lieutenant governor of Georgia. Duncan spoke to the Atlanta Journal

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<v Speaker 3>Constitution outside the courthouse does.

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<v Speaker 8>A pivot point for this country to do something more

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<v Speaker 8>than just stew on the twenty twenty election cycle. Right,

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<v Speaker 8>We're either going to as Republicans take our medicine and

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<v Speaker 8>realize the election wasn't rigged. Donald Trump was the worst

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<v Speaker 8>candidate ever in the history of the party, even worse

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<v Speaker 8>than Herschel Walker.

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<v Speaker 3>Former Georgia Lieutenant Governor Jeff Duncan testified before the Fulton

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<v Speaker 3>County Grand Jury after receiving a subpoena earlier this month.

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<v Speaker 2>Well, Nathan, we'll have more on this latest in men

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<v Speaker 2>coming up shortly, but first let's turn to the action

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<v Speaker 2>in financial markets this morning. China is in focus yet

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<v Speaker 2>again as data out of Beijing shows more evidence of

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<v Speaker 2>a slowdown in the economy that had China's central bank

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<v Speaker 2>cut interest rates overnight by the most in three years.

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<v Speaker 2>On Bloomberg Daybreak Asia Anda, Brian Curtis has the details

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<v Speaker 2>from Hong Kong.

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<v Speaker 9>The PBOC cut the rate on its one year MLF

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<v Speaker 9>loans by fifteen basis points to two and a half percent.

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<v Speaker 9>It also lowered the seven day reverse repo eight by

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<v Speaker 9>ten basis points to one point eight percent. July's industrial

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<v Speaker 9>output and retail sales missed estimates. Fixed asset investment from

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<v Speaker 9>January to July also was worse than expected. Also adding

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<v Speaker 9>to this, China will pause publishing its unemployment rate for

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<v Speaker 9>young people. Authorities say the government wants to iron out

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<v Speaker 9>complexities in the data. In June, the youth jobless rate

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<v Speaker 9>was twenty one percent in Hong Kong. Brian Curtis, Bloomberg

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<v Speaker 9>day Break.

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<v Speaker 3>All right, Brian, thank you, and staying in Asia, we

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<v Speaker 3>have an exclusive interview with the front runner in Taiwan's

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<v Speaker 3>presidential Lii Ching Da is currently vice president of Taiwan,

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<v Speaker 3>and he's promising to cooperate with China to achieve peace.

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<v Speaker 3>That's despite Beijing's refusal to acknowledge Taiwan as a sovereign country.

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<v Speaker 3>Li says voters face a choice about democracy itself.

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<v Speaker 10>We don't want to be enemies, we can be friend

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<v Speaker 10>and we love to see China can enjoy democracy and

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<v Speaker 10>freedom just like us. As long as SLAO is parity

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<v Speaker 10>and dignity, our door is always open. We are willing

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<v Speaker 10>to cooperate with China to advance peace and prosperity.

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<v Speaker 3>Taiwan Vice President Lii ching Da spoke exclusively to Bloomberg

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<v Speaker 3>as he kicks off a trip to the US. China's

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<v Speaker 3>Foreign ministry has condemned the visit.

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<v Speaker 2>Well back here in the US, Nathan, stocks are poised

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<v Speaker 2>to start the day with losses. Retail could be a

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<v Speaker 2>catalyst for traders today. Home Depot reports earnings this morning,

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<v Speaker 2>and we also get the July reading on US retail sales.

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<v Speaker 2>Economists forecast again of four tenths of a percent.

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<v Speaker 3>We're watching data in Europe Karen. UK wage growth is

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<v Speaker 3>accelerating at its strongest pace on record. Average pay in

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<v Speaker 3>the UK rows seven point eight percent in the second quarter.

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<v Speaker 3>That's the highest since records began in two thousand and one.

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<v Speaker 3>The reading likely means the Bank of England will keep

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<v Speaker 3>raising rates.

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<v Speaker 2>And finally, Nathan, let's get you the latest moves by

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<v Speaker 2>Warren Buffett. Regulatory filing show, Buffett's Berkshire Hathaway continues to

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<v Speaker 2>cut its stake, and Activision Blizzard. The conglomerate also exited

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<v Speaker 2>other positions in the second quarter, including Chevron. So it's

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<v Speaker 2>Buffett buying what looks like he's betting on housing, Berkshire

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<v Speaker 2>disclosed positions and home builders Dr Horton and VR and Lanar.

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<v Speaker 2>And it's five o seven on Wall Street Time now

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<v Speaker 2>for a look at some of the other stories making

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<v Speaker 2>news around the world. For that, we're joined by Bloomberg's

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<v Speaker 2>Amy Morris Amy, Good morning, Good.

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<v Speaker 3>Morning, Karen.

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<v Speaker 11>The death toll from the Malley wildfires has reached at

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<v Speaker 11>least ninety nine. Federal response teams are on the ground

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<v Speaker 11>in Mali helping with critical assistance with those who've lost everything.

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<v Speaker 11>Bloomberg's Nancy Lions has more on the government's response.

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<v Speaker 12>FEMA Administrator Dian Criswell says they're providing an immediate payment

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<v Speaker 12>of seven hundred dollars to each resident to cover essentials.

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<v Speaker 12>They're also using hotels to house those left homeless.

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<v Speaker 13>We do have adequate funding to do the response that

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<v Speaker 13>we're doing right now, but we will need additional funding

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<v Speaker 13>to ensure that all of our other recovery projects can

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<v Speaker 13>continue and not get delayed until the next FISTE year.

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<v Speaker 12>FEMA has warned that its disaster fund is projected to

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<v Speaker 12>fall into the red this month because of money already

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<v Speaker 12>committed to disasters. Officials have sought additional money from Congress.

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<v Speaker 12>Nancy Lyons Bloomberg.

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<v Speaker 11>Radio Hawaii Governor Josh Greens has more than eighty percent

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<v Speaker 11>of the structures destroyed were residential, and they were also

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<v Speaker 11>older buildings. That's created an environmental hazard.

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<v Speaker 14>There's asbestos in the air down there, and they're heavy metals,

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<v Speaker 14>and we're getting environmental assessments as rapidly as we can

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<v Speaker 14>from the Gartment of Health and EPAS is here.

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<v Speaker 11>Residents are also bracing for a higher death toll in

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<v Speaker 11>what is already the deadliest wildfire event in more than

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<v Speaker 11>a century in the US, as recovery efforts continue. First

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<v Speaker 11>Noah now NASA warning about a dramatic increase in the

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<v Speaker 11>Earth's climate temperature. Bloomberg's Ed Baxter brings us that part

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<v Speaker 11>of the story.

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<v Speaker 15>A direct warning about climate change from NASA Director Bill Nelson.

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<v Speaker 16>Folks, Mother nature is sending us a message, and that

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<v Speaker 16>message is we better act now.

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<v Speaker 15>And says the earth is warming at an alarming rate,

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<v Speaker 15>and what.

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<v Speaker 16>We find is that July of this year the temperatures

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<v Speaker 16>are the hottest ever.

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<v Speaker 15>On record, and he points to the droughts, the storms,

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<v Speaker 15>and wildfires like Maui. In San Francisco, I met Baxter

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<v Speaker 15>Bloomberg dabream.

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<v Speaker 3>Back in San Francisco.

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<v Speaker 11>Crime in that city has gotten so bad federal workers

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<v Speaker 11>are being told to work from home for the foreseeable future.

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<v Speaker 11>San Francisco Chronicle reports that Health and Human Services issued

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<v Speaker 11>the work from home advisory because of unsafe conditions around

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<v Speaker 11>the federal building.

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<v Speaker 17>There.

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<v Speaker 11>Global News twenty four hours a day, powered by more

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<v Speaker 11>than twenty seven hundred journalists and analysts in more than

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<v Speaker 11>one hundred twenty countries. I'm Amy Morris, and this is Bloomberg.

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<v Speaker 2>Karen. All right, Amy, thank you. It is five h

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<v Speaker 2>nine on Wall Street Time. Now for the Bloomberg Sports update.

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<v Speaker 2>Here's John Stashauer, John.

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<v Speaker 18>Karen Ezekiel Elliott and Dalvin Cook have been top nine

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<v Speaker 18>twenty backs of the NFL for several years. Both are

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<v Speaker 18>now joining new teams, and both those teams are in

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<v Speaker 18>the AFC East. Elliott spent seven years in Dallas, but

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<v Speaker 18>he lost his starting job there to Tony Pollard after

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<v Speaker 18>a season where he averaged under four yard per Carrie.

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<v Speaker 18>He's going to the Patriots for a one year deal

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<v Speaker 18>where he can make up to six million dollars. Is

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<v Speaker 18>gonna wear number fifteen, that was his number at Ohio State,

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<v Speaker 18>and Elliott will face his old team, the Patriots visit

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<v Speaker 18>the Cowboys on our October first cook four straight Pro

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<v Speaker 18>bowls in Minnesota, but he's coming off shoulder surgery in February.

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<v Speaker 18>Was released by the Vikings and he's signed with the Jets,

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<v Speaker 18>where he can make up to eight point six million.

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<v Speaker 18>Jets could only afford to do this because of the

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<v Speaker 18>thirty five million dollar pay cut that Aaron Rodgers agreed to.

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<v Speaker 18>Another running back is Jonathan Taylor. He's back at colts

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<v Speaker 18>camp but still on the physically unable to perform list

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<v Speaker 18>because of an ankle injury. In Taylor wants a new

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<v Speaker 18>contract with Indianapolis or a trade. Zach Martin was holding

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<v Speaker 18>out in Dallas. The six time All Pro guard has

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<v Speaker 18>ended the holdout. He's going to make eighteen million dollars

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<v Speaker 18>this year and next. The college football season will begin

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<v Speaker 18>with Georgia rank number one that had happened since two

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<v Speaker 18>thousand and eight. The Bulldogs of the two time defending

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<v Speaker 18>national champions Michigan is ranked second. Baseball Giants blown out

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<v Speaker 18>by Tampa Bay ten to two. A. He's lost in

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<v Speaker 18>Saint Louis seven to five. The Orioles a four to

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<v Speaker 18>one win at San Diego. The Yankees lost in Atlanta

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<v Speaker 18>eleven to three. John Stash Edward Bloomberg Sports.

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<v Speaker 7>From coast to coast, from New York to San Francisco,

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<v Speaker 7>Boston to Washington, DC, nationwide on Syrias exam the Bloomberg

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<v Speaker 7>Business app in Bloomberg dot com. This is Bloomberg Daybreak.

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<v Speaker 3>Good morning. I'm Nathan Hager, and once again, former President

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<v Speaker 3>Donald Trump faces criminal charges over efforts to overturn the

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<v Speaker 3>twenty twenty election. This latest indictment comes from Fulton County, Georgia,

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<v Speaker 3>and it includes eighteen co defendants. District Attorney Fanny Willis

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<v Speaker 3>is accusing all of them of violating state racketeering law

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<v Speaker 3>to accomplish.

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<v Speaker 4>The illegal goal of allowing Donald J. Trump to seize

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<v Speaker 4>the presidential term of office. Beginning on January twentieth, twenty one.

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<v Speaker 3>DA Fanny Willis announced the indictment late last night. She

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<v Speaker 3>says she hopes to try the former president and the

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<v Speaker 3>eighteen others within six months, and she's giving them ten

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<v Speaker 3>days to surrender for more. We're joined now by Greig Valier,

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<v Speaker 3>chief US policy strategist at AGF Investments. Your reaction, Greg

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<v Speaker 3>to the indictment and the timing, well.

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<v Speaker 17>Good morning, Nathan. I would say that the biggest problem

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<v Speaker 17>of all is that they cannot get this done in

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<v Speaker 17>six months or less. Despite what she said, I think

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<v Speaker 17>that if once you factor in appeals next year, it

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<v Speaker 17>could be election day November fifth of next year before

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<v Speaker 17>there's any resolution. With this many cases, this many indictments,

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<v Speaker 17>a decent percentage will drag into late twenty twenty four.

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<v Speaker 17>You could have a president or president elect who's been

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<v Speaker 17>found guilty.

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<v Speaker 3>Let's talk about this indictment specifically. We have eighteen co

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<v Speaker 3>defendants along with the former president. They're facing forty one

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<v Speaker 3>counts accused of one hundred and sixty one specific acts

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<v Speaker 3>in furtherance of a conspiracy to overturn the twenty twenty election.

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<v Speaker 3>It sounds a lot more sweeping than even what we

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<v Speaker 3>heard from the Special Counsel Jack Smith in a similar case.

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<v Speaker 17>Yeah, it really does. And I think that in all

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<v Speaker 17>of these cases there's a common theme, and that is

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<v Speaker 17>that the prosecutors want to get some plea bargains. Of

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<v Speaker 17>the eighteen people who were charged yesterday in Atlanta, I

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<v Speaker 17>think there's a decent chance that two or three or

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<v Speaker 17>four will cut a deal and make things even more

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<v Speaker 17>difficult for Donald Trump.

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<v Speaker 3>Does that add to the difficulty that you're implying here

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<v Speaker 3>in terms of the timing If we do start to

0:12:35.200 --> 0:12:38.839
<v Speaker 3>see some of these code defendants potentially make a deal

0:12:38.920 --> 0:12:44.720
<v Speaker 3>and potentially wine themselves up as witnesses against the former president.

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<v Speaker 17>It's entirely possible. I think that the prosecutors know that

0:12:50.080 --> 0:12:54.120
<v Speaker 17>a lot of these potential slippers, as you might say,

0:12:54.760 --> 0:12:58.160
<v Speaker 17>don't want to spend their late seventies in jail, and

0:12:58.160 --> 0:13:02.520
<v Speaker 17>that's entirely possible for somebody like Rudy Giuliani. So yeah,

0:13:02.920 --> 0:13:05.160
<v Speaker 17>I think there's a high likelihood that at least some

0:13:05.240 --> 0:13:06.600
<v Speaker 17>of them will flip.

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<v Speaker 3>What do you make of the scope of the investigation here?

0:13:10.679 --> 0:13:13.520
<v Speaker 3>It took two and a half years for Fanny Willis

0:13:13.559 --> 0:13:17.160
<v Speaker 3>to bring these charges that were highly anticipated, and it

0:13:17.200 --> 0:13:20.640
<v Speaker 3>looks from the indictment that it goes well beyond that

0:13:20.760 --> 0:13:24.240
<v Speaker 3>infamous find me the Vote's phone call that the former

0:13:24.280 --> 0:13:27.040
<v Speaker 3>president had with George's secretary of State.

0:13:28.160 --> 0:13:30.320
<v Speaker 17>Yeah. I think they have a lot of evidence that's

0:13:30.360 --> 0:13:35.359
<v Speaker 17>not been released yet in terms of harassment of voting officials,

0:13:36.200 --> 0:13:42.840
<v Speaker 17>in terms of trying to get these charges changed. So

0:13:43.840 --> 0:13:46.600
<v Speaker 17>my sense is that there's still a lot more in

0:13:46.640 --> 0:13:48.480
<v Speaker 17>these cases still to be brought out.

0:13:48.800 --> 0:13:51.600
<v Speaker 3>Do you get the sense that this is a stronger

0:13:51.640 --> 0:13:54.360
<v Speaker 3>case than some of the others. Does it stack up

0:13:54.400 --> 0:13:56.559
<v Speaker 3>that way for you?

0:13:56.559 --> 0:13:59.280
<v Speaker 17>You know, I s thought all along, Nathan, that the

0:13:59.320 --> 0:14:02.920
<v Speaker 17>strongest law could be the documents in Florida. That's a

0:14:02.920 --> 0:14:06.480
<v Speaker 17>pretty straightforward case. It's a felony. You can't take documents

0:14:06.520 --> 0:14:09.240
<v Speaker 17>out of the White House and bring them to your home.

0:14:10.280 --> 0:14:14.240
<v Speaker 17>All four of these are pretty strong, and I have

0:14:14.280 --> 0:14:16.880
<v Speaker 17>a hunch that the document case could be the first

0:14:16.880 --> 0:14:18.319
<v Speaker 17>one resolved.

0:14:18.640 --> 0:14:22.920
<v Speaker 3>Does it complicate that case to have this one brought now?

0:14:22.960 --> 0:14:26.160
<v Speaker 3>I mean we've talked before about how the schedule is

0:14:26.200 --> 0:14:28.520
<v Speaker 3>going to get I mean it is a lot more

0:14:28.520 --> 0:14:32.280
<v Speaker 3>complicated heading into a twenty twenty four presidential race, and

0:14:32.320 --> 0:14:35.600
<v Speaker 3>now you have all these overlapping cases potentially running up

0:14:35.600 --> 0:14:36.320
<v Speaker 3>against each other.

0:14:37.440 --> 0:14:42.400
<v Speaker 17>Absolutely, I mean you're going to have a president, someone

0:14:42.480 --> 0:14:47.400
<v Speaker 17>a candidate for the presidency actually having to campaign on

0:14:47.480 --> 0:14:50.840
<v Speaker 17>weekends on holidays. He's not going to be able to

0:14:50.880 --> 0:14:55.560
<v Speaker 17>campaign probably full time, because of all these charges. And

0:14:55.600 --> 0:14:59.000
<v Speaker 17>we shouldn't overlook the fact that Joe and Hunter Biden

0:14:59.320 --> 0:15:02.320
<v Speaker 17>are part of the narrative also. I think they will

0:15:02.360 --> 0:15:05.720
<v Speaker 17>be dragged into this. But what has been alleged in

0:15:05.840 --> 0:15:09.200
<v Speaker 17>terms of Trump far exceed in my opinion, what the

0:15:09.280 --> 0:15:10.120
<v Speaker 17>Bibles have done.

0:15:12.240 --> 0:15:15.320
<v Speaker 1>This is Bloomberg Daybreak Today, your morning brief on the

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