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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Good morning.

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Speaker 3: I'm Karen Moscow and I'm Alexis Christophers. Here are the

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Speaker 3: stories we're following today, Alexis.

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Speaker 4: The US and Iran have reached a tentative agreement to

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Speaker 4: extend their ceasefire by sixty days. Sources a further talks

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Speaker 4: in Toron's nuclear program would continue during the extension period.

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Speaker 4: While the agreement has yet to be signed off by

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Speaker 4: President Trump, the news has raised hopes that the three

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Speaker 4: month conflict could be nearing a resolution. Vice President J D.

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Speaker 4: Vansteld reporters that progress is being made.

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Speaker 5: If you look at what we've already accomplished here, assuming

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Speaker 5: that we're able to get to a final agreement here,

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Speaker 5: we're reopening the straight before news. We've already decimated their

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Speaker 5: conventional military, and we're in a position where we could

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Speaker 5: substantially set back their nuclear program, not just during the

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Speaker 5: term of this president, but over the long term. That's

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Speaker 5: a very very good thing for the American vice people.

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Speaker 5: So we're not there yet, but we're very close. We're

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Speaker 5: going to keep on working at it.

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Speaker 4: Vice President and JD. Van says, Aran appears to be

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Speaker 4: negotiating in good faith and we get more on the

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Speaker 4: deal with the Bloomberg Middle eascoresponded Jumana Bersecci.

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Speaker 6: Certainly, we've been here before. There have been multiple reports

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Speaker 6: of the two side edgem closer and closer and closer

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Speaker 6: to deal, the reaction in the market becomes less pronounced.

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Speaker 6: I would say though, that this time does feel a

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Speaker 6: little bit different because you have so many Gulf our

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Speaker 6: of states also participating in the mediation attempts. And it

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Speaker 6: seems as though from the language of the likes of

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Speaker 6: the Treasury Secretary Scott Besson overnight jd Vance as well,

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Speaker 6: that this time we really are very very close.

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Speaker 4: Bloomberg Middle Eas corresponded. Jumana Broseecci says the proposal would

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Speaker 4: guarantee that shipping through the Strait of Horrormus remains unrestricted.

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Speaker 3: And Karen, that news has oil once again lower this morning.

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Speaker 3: Right now, we've got Brent trading at ninety three thirty

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Speaker 3: a barrel West Texas intermediate crude at eighty eight twenty five.

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Speaker 3: The barrel crude has weakened in May on speculation that

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Speaker 3: form of a piece deal would be reached between the

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Speaker 3: US and a RAM. Brent is down about nineteen percent

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Speaker 3: this month. That's its biggest monthly drop since twenty twenty.

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Speaker 4: Well Lex says we are following another developing story this morning.

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Speaker 4: Blue Origins New Glen rocket has exploded in a massive

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Speaker 4: fireball while undergoing a test on a Florida launch pad.

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Speaker 4: It's a major setback for the Jeff Bezos backed firm

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Speaker 4: in its efforts to challenge SpaceX. Benedict Camel is Bloombery's

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Speaker 4: managing editor for Space and Aviation.

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Speaker 2: No harm to human life, it should be said. So

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Speaker 2: this happened during sort of the fueling sequence they were

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Speaker 2: preparing for a launch in the next couple of days.

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Speaker 2: We've heard from Jeff Bezos, who's called it a very

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Speaker 2: rough day, but he's also vowed to rebuild whatever was broken.

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Speaker 2: He said it's worth it. It's a reminder that space

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Speaker 2: is hard and getting rockets up there are complicated and

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Speaker 2: things do go wrong.

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Speaker 4: And Bloomberg's Benedict Camel says the firm was preparing the

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Speaker 4: vehicle for its fourth launch, which was slated to deploy

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Speaker 4: a batch of satellites for Amazon's Leo, a rival network

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Speaker 4: two SpaceX's Starlink. None of the satellites were on the

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Speaker 4: rocket when it exploded.

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Speaker 3: And Karen Bloomberg News has learned SpaceX is cutting its

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Speaker 3: valuation goal in its impending IPO. John Tucker joins us

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Speaker 3: now with the very latest. Good morning, John, Good morning Alexis. Yeah,

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Speaker 3: it's a little more down to earth. Our sources tell

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Speaker 3: us the company now targeting evaluation of one point eight

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Speaker 3: trillion dollars. That's down from the two trillion the sources

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Speaker 3: told us about last month. This target settling lower after

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Speaker 3: consultations with advisors and investors. SpaceX is expected to start

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Speaker 3: formal marketing of its IPO as soon as June fourth.

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Speaker 7: At the price as early as June eleventh. Now, details

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Speaker 7: of an IPO like size and valuation are typically adjusted

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Speaker 7: ahead of the pricing based on feedback from stakeholders. The

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Speaker 7: company still seeking to raise as much as seventy five

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Speaker 7: billion dollars, which would make it the biggest IPO of

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Speaker 7: all time in New York Time, John Tucker, Bloomberg Radio, All.

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Speaker 4: Right, John, thanks Will Anthropics says it's raised sixty five

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Speaker 4: billion dollars in a funding round that now values the

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Speaker 4: company at nine hundred and sixty five billion including the

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Speaker 4: new investment. This valuation surpasses rival open AI's value for

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Speaker 4: the first time.

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Speaker 3: And we turned out to the markets where stocks begin

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Speaker 3: the last tridding day of the week at record highs.

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Speaker 3: In fact, the S and P five hundred is on

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Speaker 3: track for its ninth consecutive week of gains. Daryl Kronk

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Speaker 3: is chief Investment Officer of Wealth and Investment at Wells Fargo.

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Speaker 8: Last four years, you know, you've got earnings growth of

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Speaker 8: almost seventy percent and prices are up about seventy five percent.

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Speaker 8: So I do think if earnings can sustain here that

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Speaker 8: along with the M and A cycle. We know the

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Speaker 8: story on CAPEX, we know what's coming in front of

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Speaker 8: us in IPOs later this summer and into the fall.

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Speaker 8: There's a lot of things that are triggering some pretty

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Speaker 8: good signs here on the intermediate term.

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Speaker 3: Wells Fargo's Daryl Kronk. During this nine week rally, the

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Speaker 3: S and P five hundred has gained nineteen percent.

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Speaker 4: Well Lex Say shares a Dell are storing to an

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Speaker 4: all time high this morning, the stock of thirty eight percent.

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Speaker 4: In early trading, the hardware maker gave an outlook for

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Speaker 4: annual sales that far surpassed analyst estimates. It's being fueled

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Speaker 4: by demand for servers that power artificial intelligence work. Brody

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Speaker 4: Ford covers Dell for Bloomberg.

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Speaker 1: Well, it's all about these servers, right. I think when

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Speaker 1: some of us think about AI revenue, we think about

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Speaker 1: people selling large language models. But it's a lot more

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Speaker 1: than that, right, I mean, somebody needs to build those

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Speaker 1: servers that go into data centers to train all those

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Speaker 1: models and deploy all the applications. And Dell a lot

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Speaker 1: of us think of as the kind of boring laptops

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Speaker 1: and computers, but they've managed to really reinvent themselves as

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Speaker 1: physical infrastructure provider for the AI boom. And so you know,

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Speaker 1: we're seeing some pretty comical revenue ramp here.

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Speaker 4: And Lumber's bertie Ford notes that ahead of this morning,

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Speaker 4: Sarge shares of Dell we're already up more than one

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Speaker 4: hundred and fifty percent this year.

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Speaker 3: Well, on the flip side of that, Karen, we've got

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Speaker 3: shares of Gap down about fifteen percent here. In early trading,

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Speaker 3: the retailer lowered its sales outlook due to struggles with

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Speaker 3: its product mix. Gaps brands include its namesake as well

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Speaker 3: as Banana Republic, Old Navy and its ath leisure chain Athleta.

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Speaker 4: Ale says retailer Costco is reported higher than expected profit

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Speaker 4: in the latest quarter, showing the club chain continues to

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Speaker 4: gain ground among cautious US shoppers. Costco has picked up

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Speaker 4: market share in recent years by offering competitive prices and

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Speaker 4: large pack sizes. Gasoline frequently priced lower at Costco than

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Speaker 4: at competitors, is another advantage as consumers look to cushion

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Speaker 4: a global surge and fuel costs.

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Speaker 3: And Disney has complied with the Federal Communication Commissions ordered

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Speaker 3: to file for early license renewals for its eight owned

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Speaker 3: and operated ABC broadcast stations, but call the demand unconstitutional.

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Speaker 3: The licenses had been set to expire in twenty thirty one.

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Speaker 3: The FCC said last month it was going to seek

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Speaker 3: early reviews of the station licenses due to concerns about

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Speaker 3: Disney's diversity and inclusion programs. Disney says the FCC is

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Speaker 3: a targeting ABC to suppress speech and content that the

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Speaker 3: administration finds objectionable. The stations involved are mostly in big

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Speaker 3: market such as WABC here in New York and KABC

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Speaker 3: in Los Angeles. Five A wait on Wall Street Time

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Speaker 3: now for a look at some of the other stories

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Speaker 3: making news in New York and around the world. For that,

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Speaker 3: we're joined by Bloomberg's Michael Barr. Good Morning, Michael, Good Morning.

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Speaker 9: Alexis. Kenyan High Court has temporarily blocked the government from

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Speaker 9: approving a deal with the US to establish an abola

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Speaker 9: quarantine facility in the East African nation. Parties will make

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Speaker 9: oral arguments before the judge on June second. The Trump

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Speaker 9: administration is working to get a fifty bed temporary facility

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Speaker 9: in Kenya to quarantine any Americans exposed to abola. Former

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Speaker 9: White House COVID nineteen response coordinator doctor ashish Ja calls

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Speaker 9: the Kenya operation a huge mistake.

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Speaker 10: I actually worry what's going to happen is we're going

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Speaker 10: to be volunteers there who might have an exposure, who

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Speaker 10: are going to be tempted to not acknowledge it because

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Speaker 10: they know if they do, they're going to be stuck

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Speaker 10: in some camp in Kenya, and they're going to take

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Speaker 10: their chances to come back to America. And this will

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Speaker 10: increase the likelihood that we're going to see a bowler

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Speaker 10: in the US.

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Speaker 9: Paradoxically, Doctor John also says the cuts in USAID have

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Speaker 9: definitely made a difference. More than two hundred people have

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Speaker 9: died of a bowler in the Democratic Republic of Congo.

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Speaker 9: An explosion and fire at a Dallas apartment building killed

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Speaker 9: a child and at least two other people. At least

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Speaker 9: five people suffered injuries. Firefighters have been searching the scene

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Speaker 9: by hand, and some areas would require excavation. Deputy Fire

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Speaker 9: Chief Mark Berry.

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Speaker 1: We have gone from rescue mode to recovery mode.

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Speaker 5: We are still actively in recovery mode.

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Speaker 9: Deputy Fire Chief Mark Berry says his department responded to

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Speaker 9: a report of a gas league at the complex. Martina McBride,

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Speaker 9: Morris Day, the Commodorees, and Young mc have all announced

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Speaker 9: they will not perform at the Great American State Fair

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Speaker 9: on Washington's National President Trump launched Freedom two fifty last

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Speaker 9: year to celebrate the nation's two hundred and fiftieth birthday.

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Speaker 9: Global news twenty four hours a day and whenever you

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Speaker 9: want it with Bloomberg News Now. I'm Michael Barr, and

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Speaker 9: this is Bloomberg.

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Speaker 4: Thanks Michael, time now for our Bloomberg Sports update, and

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Speaker 4: for that we bring in John Stashauer.

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Speaker 11: Thanks daring Game six in the NBA's Western Conference Finals

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Speaker 11: and in San Antonio. The Spurs never trail. They had

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Speaker 11: a twenty to nothing run in the third quarter. They

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Speaker 11: blew out the Thunder one to eighteen to ninety one.

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Speaker 11: The series is going to a game seven tomorrow night

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Speaker 11: at Oklahoma City. Third round starts today at the French Open.

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Speaker 11: Among those in action Novak Djokovic. He's thirty nine years old,

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Speaker 11: but this may be his best chance to win his

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Speaker 11: twenty fifth career Grand Slam because Carlos Elcarez isn't playing.

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Speaker 11: He's injured. At Yannick Center yesterday lost. That's your Bloomberg

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Speaker 11: Sports fifty.

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Speaker 3: Stay with us. More from Bloomberg day Break coming up

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Speaker 3: after this.

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Speaker 8: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 8: and around the world on Bloomberg dot com and the

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Speaker 8: Bloomberg Business app.

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Speaker 3: This is Bloomberg Daybreak.

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Speaker 4: And sources tale Bloomberg the US and I run have

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Speaker 4: reached a preliminary deal to extend a ceasefire by sixty

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Speaker 4: days and discuss the future of Turan's nuclear program. Treasury

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Speaker 4: Secretaries god Best and spoke to reporters from the White

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Speaker 4: House press room yesterday.

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Speaker 12: President Trump has made it very clear he talked about

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Speaker 12: it at the cabinet meeting that he has several red

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Speaker 12: vines and Iran has to turn over their highly enriched

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Speaker 12: uranium they cannot pursue a nuclear.

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Speaker 4: Weapon, and Treasury Secretary Scott Besson also mentioning the reopening

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Speaker 4: of the Strait of horror moves and for more. We're

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Speaker 4: joined by a Bloomberg Middle East correspondent, an anchor of

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Speaker 4: Bloomberg Horizons, Jumana Bursecchi Jumana, Good morning. What do we

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Speaker 4: know about this deal and where it stands?

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Speaker 6: Yeah, that's right, so Bloomberg. Our Bloomberg colleagues, alongside other

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Speaker 6: news outlets. Outlet's actios included, have suggested that the two

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Speaker 6: sides have papered over enough differences to reach an interim agreement.

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Speaker 6: This would be a memorandum of Understanding and MoU that

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Speaker 6: would entail a sixty day intention extension to the ceasefire,

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Speaker 6: during which the first thirty days Iran would commit to

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Speaker 6: an unconditional reopening of the strait, a d mining of

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Speaker 6: the strait in exchange for some form of economic relief.

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Speaker 6: And that is a big sticking point because we just

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Speaker 6: don't know yet what sort of sanctions relief or unfreezing

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Speaker 6: of assets that the US are willing to offer over

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Speaker 6: that timeframe. But then over the course of that sixty days,

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Speaker 6: the two sides would also move on to a more

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Speaker 6: formal negotiation process around the nuclear file. And as you

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Speaker 6: just played in the introduction there Treasury Secretary Pasant reiterating

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Speaker 6: what Trump's red lines are there and that Iran have

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Speaker 6: to commit to not pursuing a nuclear weapon and also

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Speaker 6: in turn have to commit to somehow disposing or destroying

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Speaker 6: or handing over diluting their stock of highly enriched uranium.

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Speaker 4: So are there any early indications that this is being

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Speaker 4: well received by President Trump and Iran?

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Speaker 6: Well, I think President Trump has to make the decision.

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Speaker 6: Here in our own reporting we also cite that the

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Speaker 6: President Trump has to sign off on this deal. The

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Speaker 6: mood music coming out from both sides, it's certainly very positive.

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Speaker 6: But at the same time, you know Jdvan saying that

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Speaker 6: there are still some significant nuclear hurdles that need to

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Speaker 6: be overcome, the Iranian President Masut Pezishkyhan saying that they

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Speaker 6: are committed to the diplomatic process. So, in all likelihood,

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Speaker 6: what's going to happen if we do get a breakthrough

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Speaker 6: is we will get this one page memorandum. I remember,

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Speaker 6: this isn't a fully fledged, comprehensive piece deal. We're just

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Speaker 6: going to get a piece of paper that would commit

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Speaker 6: to an extension of the ceasefire, and then the thornier

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Speaker 6: and more prolonged discussions around the nuclear file will begin.

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Speaker 6: And remember around the JCPOA, around the Obama time, it

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Speaker 6: took almost two years to get a nuclear deal across

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Speaker 6: the lines. So that is what perhaps we may be

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Speaker 6: in for. But as far as markets are concerned, any

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Speaker 6: talk about an eminent reopening of the straits would be

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Speaker 6: perceived to be very constructive. Obviously.

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Speaker 4: And just quickly here, I have to ask you about Israel,

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Speaker 4: because it's been stepping up its attacks on Lebanon. So

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Speaker 4: how does Israel play into this?

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Speaker 6: Yes, well, on one hand, the Israeli Prime Minister says

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Speaker 6: he's in constant dialogue with President Trump, and Iran had

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Speaker 6: been trying to weave back in the Lebanon story into

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Speaker 6: the bigger file. So that was also one of the

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Speaker 6: earlier sticking points that we mentioned this week. We'll see

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Speaker 6: whether Lebanon does have a mention on the ceasefire. The

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Speaker 6: White House has maintained a position that the two files

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Speaker 6: are separate, and even today, even as we speak about

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Speaker 6: the idea of ongoing strikes in Beirut, there's still military

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Speaker 6: discussions taking place within the State Department about the future

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Speaker 6: of Lebanon. So separate tracks for now.

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