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Speaker 1: Good morning.

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Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 2: stories we're following today.

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Speaker 3: Karen, the drop in futures closing out this trading week

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Speaker 3: comes ahead of a closely watched inflation gage for the

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Speaker 3: Federal Reserve. The Core Personal Consumption Expenditures price index is

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Speaker 3: forecast to have fallen to three point three percent in November.

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Speaker 3: That's from three and a half percent the prior month.

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Speaker 3: The economists say that could bolster expectations for FED rate cuts

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Speaker 3: next year. Former Dallas FED President Robert Caplan says, despite

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Speaker 3: this morning's report, he expects the Fed to be patient.

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Speaker 4: The Fed is going to need to see at least

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Speaker 4: two or three months more of continued improvement. I think

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Speaker 4: tomorrow will probably be good news, but they're going to

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Speaker 4: need to see sustained improvement before they're going to be

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Speaker 4: willing to take more action. And so I think the

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Speaker 4: market should expect that it's going to take a while

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Speaker 4: and more sustained improvement before the Fed does something.

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Speaker 3: Former Dallas Fed chief Bob Kaplan's as markets overreacted to

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Speaker 3: FED share j Powell's comments earlier this month on rate cuts.

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Speaker 2: Well in Europe Nathan's speculation is growing this morning that

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Speaker 2: the Bank of England may cut interest rates as soon

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Speaker 2: as this ring, and that's because the UK economy unexpectedly

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Speaker 2: shrank in a third quarter. Dan Hansen is a senior

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Speaker 2: economist for a Bloomberg News.

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Speaker 5: We've been having this conversation about recession for a while.

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Speaker 5: I think we'll move on from it in the first

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Speaker 5: half of twenty twenty four, which is obviously a good

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Speaker 5: news story. But as things stand, obviously just looking at

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Speaker 5: this data, it is a little bit worse than expected,

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Speaker 5: and it does raise the risk of two consecutive quarters

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Speaker 5: of negative growth, the sort of definition of a technical recession.

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Speaker 2: And Bloomberg New senior economist Dan Hansen says revised figures

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Speaker 2: show GDP dropped a tenth of up percent from the

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Speaker 2: second quarter, a downgrade from the zero growth initially estimated.

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Speaker 1: All right, Karen, that let's get to the latest from

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Speaker 1: the Middle East.

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Speaker 3: The US is signaling it can now support a UN

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Speaker 3: Security Council resolution to increase aid into Gaza. This proposal

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Speaker 3: has been delayed several time times, but a vote could

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Speaker 3: come as soon as today. White House National Security Spokesman

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Speaker 3: John Kirby says the US still wants Israel to move

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Speaker 3: to a different phase of fighting with Hamas.

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Speaker 6: We're not going to speak for their military operations. We

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Speaker 6: recognize and they recognize that a transition is not only reasonable,

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Speaker 6: but probably the most viable way to continue this fight.

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Speaker 1: John Kirby at the White House.

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Speaker 3: Now, the latest draft of the Security Council resolution calls

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Speaker 3: for creating the conditions for a sustained cessation of hostilities.

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Speaker 3: The US had been opposed to specific language for a ceasefire. Meanwhile,

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Speaker 3: the Hamas run health ministry in Gaza says more than

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Speaker 3: twenty thousand people have been killed in the territory since

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Speaker 3: the October seventh attack on Israel.

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Speaker 2: Well Nathan, the US is preparing to lift a ban

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Speaker 2: on weapons sales to Saudi Arabia. On Bloomberg's Amy Morris

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Speaker 2: has more from Washington.

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Speaker 7: Officials tell The New York Times the Biden administration is

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Speaker 7: prepared to relax some restrictions after taking note of Saudi

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Speaker 7: Arabia's de facto ceasefire with the Houthi militia in Yemen.

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Speaker 7: President Biden imposed the ban on the sale of certain

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Speaker 7: weapons two years ago, concerned that US weapons were being

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Speaker 7: used against civilians in Yemen. The US did not say

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Speaker 7: when the easing of the band might happen, and it

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Speaker 7: can be reversed at any time if the President decides

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Speaker 7: it's not in US interests. Saudi Arabia is the largest

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Speaker 7: buyer of American weapons in Washington. Amy Moore as Bloomberg.

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Speaker 1: Radio, Okay, mee, thank you.

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Speaker 3: Meanwhile, closer to home, President Biden's preparing to send a

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Speaker 3: team to Mexico to talk immigration. Bloomberg said, Baxter has

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Speaker 3: that story.

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Speaker 8: The mission comes after a conversation with Mexico's President Lopez

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Speaker 8: opened the door with increasing pressure as well to get

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Speaker 8: something done regarding immigration. NSC spokesman John Kirby says it

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Speaker 8: will be top officials prison.

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Speaker 6: Biden has asked Secretary of State Tony Blinken, Secretary of

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Speaker 6: Homeland Security Alejandro Majorcis, and White House Homeland Security Advisor

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Speaker 6: Liz Sherwood Randall to travel to Mexico in coming days.

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Speaker 8: Kirby says the trip will take place as soon as possible.

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Speaker 8: Ed Baxter, Bloomberg.

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Speaker 2: Radio, All righted, thanks we all. Turning to corporate news

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Speaker 2: now shares a Nike down eleven and a half percent

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Speaker 2: in early trading, the sportsware giant is forecasting revenue to

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Speaker 2: be down slightly in the fiscal third quarter and up

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Speaker 2: in low single digits in the fourth quarter. Punham Goyle

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Speaker 2: is a senior US e commerce and retail analyst at

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Speaker 2: Bloomberg Intelligence.

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Speaker 9: They're still only expecting revenues to be up one percent,

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Speaker 9: and that's a function of two things. One an uncertain

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Speaker 9: macro and two weaker China. So those two things together

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Speaker 9: is what's raising browse here because China, as everyone knows,

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Speaker 9: is a real area of growth for them.

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Speaker 2: And Bloomberg Intelligence and Spoonhem Goyle says. Nike is also

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Speaker 2: taking steps to streamline the organization and that's expected to

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Speaker 2: result in pre tax restructuring charges of about four hundred

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Speaker 2: to four hundred and fifty million dollars.

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Speaker 1: Well, Karen, we're.

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Speaker 3: Also seeing some other sporting goods companies follow after that

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Speaker 3: disappointing Nike forecast. In Europe, shares of Adidas are down

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Speaker 3: nearly six percent, Pumas down about four to five and

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Speaker 3: a half percent, should say. And here in the US

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Speaker 3: in early trading, we're watching shares a foot Locker. They

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Speaker 3: are down six and two thirds percent. Under Armour is

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Speaker 3: down about five percent, Dick Sporting Goods lower by more

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Speaker 3: than four percent.

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Speaker 2: Well, Nathan Elon Musk is lashing out at the state

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Speaker 2: of US financial market. Speaking to Our Investment Management CEO

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Speaker 2: Kathy Wood during a discussion on his social media platform X,

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Speaker 2: Musk complained about the scrutiny facing listed companies.

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Speaker 10: There's a lot of pressure, like an immense pressure on

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Speaker 10: a public company to not have a bad quarter. So

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Speaker 10: this can actually result in a less efficient operation where

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Speaker 10: you're going to great lengths at the end of quarter

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Speaker 10: to not disappoint people. You know, that's just just how

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Speaker 10: it goes.

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Speaker 2: And Musk says keeping SpaceX private has also allowed him

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Speaker 2: to take more appropriate risk compared with the publicly traded

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Speaker 2: Tesla and.

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Speaker 3: Ten Cent Holdings is leaning an eighty billion dollars sell

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Speaker 3: off in some of China's biggest online names. That's after

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Speaker 3: China ensued a surprise imposition of new gaming curbs.

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Speaker 1: This is Bloomberg Porry.

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Speaker 2: Nathan thanks time now for a look at some of

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Speaker 2: the other stories making news around the world, and for

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Speaker 2: that we're joined by Bloomberg's Amy Morris.

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Speaker 1: Amy, Good morning, Good morning, Karen.

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Speaker 7: Increasing security concerns across the US. Deputy US Attorney General

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Speaker 7: Lisa Monico says the biggest concern now is lone wolves

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Speaker 7: and small groups acting with little to no notice.

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Speaker 11: Since October seventh, the FBI has received more than eighteen

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Speaker 11: hundred report of threats or other types of tips or

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Speaker 11: leads that are somehow related to or having access to

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Speaker 11: the current conflict.

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Speaker 7: Deputy Attorney General Lisa Monicco was talking with ABC's This Week,

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Speaker 7: which you can hear each Sunday afternoon here on Bloomberg Radio.

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Speaker 7: Former Trump attorney Rudy Giuliani has filed for bankruptcy protection

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Speaker 7: after a court ordered Our court ordered him to pay

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Speaker 7: nearly one hundred and fifty million dollars for defaming two

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Speaker 7: Georgia election workers. Loyola law professor Laurie Levinson says that

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Speaker 7: doesn't ness necessarily let Juliani off the hook.

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Speaker 12: Finally, the bankruptcy might delay things, but ultimately, if his

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Speaker 12: creditors can find assets that he does have, then they'll

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Speaker 12: be able to go after those, either in the bankruptcy

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Speaker 12: proceedings or otherwise.

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Speaker 7: Among the creditors Julianni lists are the Internal Revenue Service

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Speaker 7: and Hunter Biden. Apple has now pulled its Apple Watches

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Speaker 7: Series nine and Ultra iiO models from its online store

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Speaker 7: to meet a ban ordered by the International Trade Commission.

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Speaker 7: As Bloomberg's Scott Carr tells us, many of the watches

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Speaker 7: are now also out of warranty.

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Speaker 13: The ban on the Apple smart watches also means the

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Speaker 13: company is not allowed to fix models out of warranty.

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Speaker 13: Apple's customer service teams were told in a memo this

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Speaker 13: week that the company will no longer replace out of

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Speaker 13: warranty models going back to the Apple Watch Series six.

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Speaker 13: The company will still offer help. It can be done

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Speaker 13: via software, such as reinstalling the operating system. The ban

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Speaker 13: affects most new Apple watches sold since twenty twenty that

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Speaker 13: the ITC says includes a blood ox and censor that

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Speaker 13: violates a patent held by Massimo, Scott car Bloomberg Radio.

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Speaker 7: And the Food and Drug Administration has seized thousands of

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Speaker 7: units of counterfeit o zepic, a diabetes drug from Novo Nordisk.

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Speaker 7: It's been adapted into a weight loss treatment. As you've heard,

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Speaker 7: the FDA warns wholesalers, retail pharmacies, healthcare practitioners, and patients

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Speaker 7: check your products. Make sure they're not fake. The FDA

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Speaker 7: and Novo are testing seized products and they don't have

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Speaker 7: any information yet about their identity, quality or safety. Global

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Speaker 7: news twenty four hours a day and whenever you want

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Speaker 7: it with Bloomberg News Now. I'm Amy Morris and this

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Speaker 7: is Bloomberg Karen.

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Speaker 2: Sorry to Amy. Thank you what we do bring you

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Speaker 2: news throughout the day here on Bloomberg Radio. But now,

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Speaker 2: as Amy said, you can get the latest news on

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Speaker 2: demand whenever you want it. Just subscribe to Bloomberg News

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Speaker 2: Now to get the latest headlines at the click of

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Speaker 2: a button. Get informed on your schedule. You can listen

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Speaker 2: and subscribe to Bloomberg News Now on the Bloomberg Business app,

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Speaker 2: Bloomberg dot Com, plus apples, Spotify, and anywhere else you

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Speaker 2: get your podcast. Time now for the Bloomberg Sports Update

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Speaker 2: with John stash Hour John Karen.

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Speaker 14: The LA Dodgers have been in the baseball postseason eleven

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Speaker 14: straight years. They have just the one World Series championship

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Speaker 14: to show for it. That in the COVID shortened twenty

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Speaker 14: twenty season. Making an effort to be better in October,

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Speaker 14: have they ever spent money in this offseason? They acquired

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Speaker 14: Tyler Glass now from Tampa Bay.

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Speaker 1: They gave him a.

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Speaker 14: New contract for one hundred and thirty six million dollars.

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Speaker 14: They of course added Sho hey Otani price tag seven

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Speaker 14: hundred million, and now they've added another Japanese player, twenty

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Speaker 14: five year old pitcher Yashinobu Yamamoto. Dodgers haven't conferred the deal,

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Speaker 14: but several media reports it's twelve years, three hundred and

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Speaker 14: twenty five million, So betwe the two Japanese players. The

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Speaker 14: Dodgers pledged to pay a total of over a billion dollars. Yamamoto,

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Speaker 14: pitching for the ORYX Buffaloes last year, won sixteen games,

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Speaker 14: pitched to a one point two to one baseball with

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Speaker 14: some rule changes for twenty twenty four, the pitchclock with

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Speaker 14: men on base reduced from twenty seconds to eighteen now,

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Speaker 14: wider runner lane towards first base, and mound visits reduced

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Speaker 14: from five to four. Thursday Night football in La easy

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Speaker 14: win for the Rams. Saints scored a couple of late touchdowns,

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Speaker 14: but the Rams won thirty to twenty two. Matthew Stafford

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Speaker 14: through for three hundred and twenty eight yards. The Rams

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Speaker 14: were three and six. They've now won five of their

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Speaker 14: last six and at eight and seven, they're very much

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Speaker 14: in it for a wildcar Clippers nine game winning street

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Speaker 14: came to an end. They lost at Oklahoma City. The

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Speaker 14: Lakers played without Lebron James. They lost at league leading

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Speaker 14: Minnesota Johns. Dasheller Bloomberg's four.

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Speaker 8: From Coast to coast, from New York to San Francisco,

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Speaker 8: Boston to Washington, DC, nationwide on SYRIASXAM.

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Speaker 1: The Bloomberg Business app in Bloomberg dot Com. This is

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Speaker 1: Bloomberg Daybreak. Good morning, I'm Nathan Hager.

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Speaker 3: Now two and a half months into the war in Gaza,

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Speaker 3: Israel continues to face pressure to move its fight with

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Speaker 3: Hamas into a less intense phase. The UN is moving

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Speaker 3: closer to a resolution to bring more aid into the territory,

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Speaker 3: and The New York Times is reporting that the US

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Speaker 3: is preparing to lift a ban on offensive arm sales

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Speaker 3: to Saudi Arabia as red sea shipping comes under greater attack.

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Speaker 3: And for more on all this, we were joined by

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Speaker 3: Bloomberg New Senior editor Bill Ferries. Bill, good morning. First off,

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Speaker 3: what's the latest on this Security Council resolution on Gaza aid?

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Speaker 3: This has been under debate all week long, hasn't it?

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Speaker 1: It has?

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Speaker 15: And if you remember earlier this month, the US was

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Speaker 15: the only country voting against and effectively vetoing a UN

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Speaker 15: Security Council resolution that was calling for an immediate ceasefire

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Speaker 15: in the Israel Hamas war. Even US allies didn't stand

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Speaker 15: in the way of that resolution. So they've been trying

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Speaker 15: to hammer out something all week that could pass, and

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Speaker 15: it looks like there could be a vote Friday that

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Speaker 15: US said it could support support a resolution that would

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Speaker 15: beef up aid deliveries to Gaza, and we don't have

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Speaker 15: all the details, but which would presumably involve some sort

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Speaker 15: of a cessation of hostilities. Right now, the draft that

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Speaker 15: we've seen talks about working towards some kind of a ceasefire,

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Speaker 15: so not declaring one at the outset, but that's been

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Speaker 15: the goal along for most of the countries involved in

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Speaker 15: this process. And we'll have to see what the final

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Speaker 15: draft is later today and whether that goes down for

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Speaker 15: a vote. But the US Ambassador to the UN signaling

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Speaker 15: late last night that the US is likely to support

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Speaker 15: such an effort.

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Speaker 3: What's the practical impact of a resolution like this when

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Speaker 3: we are hearing comments from a White House National Security

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Speaker 3: spokesman John Kirby, the Secretary of State Antony Blincoln and

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Speaker 3: others calling on Israel to at least de intensify the

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Speaker 3: war with Gaza, the war in Gaza.

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Speaker 15: Yeah, you've seen the US, particularly for for weeks now,

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Speaker 15: trying to straddle this divide between signaling its support for

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Speaker 15: Israel and saying it has, you know, continues to have

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Speaker 15: the right to defend itself after those October seventh attacks

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Speaker 15: by Hamas, but also signaling its real concern about the

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Speaker 15: rising civilian death toll. And increasingly in recent weeks you've

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Speaker 15: seen the focus of that balancing act shift towards the

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Speaker 15: civilian death toll. And you basically have both President Biden

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Speaker 15: last week before a group of fundraisers and Secretary of

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Speaker 15: Saint Anthony Blincoln this week saying that they really need

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Speaker 15: to see a more.

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Speaker 1: Targeted approach by Israel Israel.

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Speaker 15: They you know, they're talking about Israel going after AMAS leader,

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Speaker 15: specific Hamas leaders, rather than maybe the broader bombing campaign

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Speaker 15: that we saw in the first several weeks and in

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Speaker 15: actually the first two months of this conflict.

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Speaker 3: Bill What more can we say about this New York

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Speaker 3: Times report that the Biden administration is getting ready to

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Speaker 3: lift an offensive weapons ban on Saudi Arabia. This has

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Speaker 3: to be related to some of the turmoil we're seeing

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Speaker 3: in the Red Sea, doesn't it.

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Speaker 11: Yeah.

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Speaker 15: Absolutely, It's really interesting because you know, it shows how

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Speaker 15: the world has changed in just a few years, Just

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Speaker 15: two or three years ago, when there was a lot

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Speaker 15: of frustration in the US about about the Saudi led

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Speaker 15: war against the Huti Rebels and Yemen. It was considered

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Speaker 15: one of the world's biggest humanitarian disasters at the time.

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Speaker 15: And you know, in the time since, there's been a

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Speaker 15: little bit of a shift I think on Saudi Arabia's part,

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Speaker 15: in particular, since this band went into a place where

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Speaker 15: they are, they have been more recently trying to find

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Speaker 15: a diplomatic approach to the Huti Rebels. And you know,

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Speaker 15: the focus that Crown Prince Mohammed ben Salman had on

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Speaker 15: persecuting a war has really changed now. So the Biden

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Speaker 15: administration's argument seems to be, you know, the reason that

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Speaker 15: we put this ban in place no longer really exists.

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Speaker 15: We can put it back in if we need to.

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Speaker 15: But I think they're really trying to leverage the alliance

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Speaker 15: or the partnership with the saudis to try to get

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Speaker 15: them in a place where maybe they can put a

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Speaker 15: little bit more pressure on the Hooties the Red Sea.

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Speaker 15: It's really become a major crisis for global shipping. It's

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Speaker 15: become something that threatens supply chains once again. It has

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Speaker 15: a potential impact on inflation and obviously threatens human lives.

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Speaker 15: If these attacks on ships passing through that region continue,

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Speaker 15: it has the really the bigger issue is it has

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Speaker 15: the risk of expanding this war to a much broader area.

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