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

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

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Speaker 2: The Walt Disney Company's decision to take ABC's Jimmy Kimmel

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Speaker 2: Live off the air continues to make waves. The late

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Speaker 2: night show was suspended indefinitely this week after the comedian

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Speaker 2: joked about Republicans' reaction to conservative activist Charlie Kirk's death. Now,

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Speaker 2: President Trump says the Federal Communications Commission should look into

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Speaker 2: the licenses of broadcast networks, he says are too critical

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Speaker 2: of him.

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Speaker 4: When you have a network and you have evening shows,

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Speaker 4: and all they do is it Trump. That's all they do.

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Speaker 4: If you go back, I guess they haven't had a

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Speaker 4: conservative going in years or something somebody said. But when

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Speaker 4: you go back to kick a look, all they do

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Speaker 4: is a jump the license.

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Speaker 5: They're not allowed to do that, your.

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Speaker 4: Arm of the Democrat Party.

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Speaker 2: President Trump spoke aboard Air Force one on his way

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Speaker 2: back from the UK. He suggested that NBC should fire

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Speaker 2: its late night hosts, Jimmy Fallon and Seth Myers. Next,

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Speaker 2: Fallen addressed Jimmy Kimmel's suspension on last night's Tonight Show.

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Speaker 5: This morning, I woke up to one hundred text messages

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Speaker 5: for my dad saying I'm sorry they canceled your show.

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Speaker 3: Hyo, do not me.

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Speaker 6: That's Jimmy Kimmel.

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Speaker 2: Jimmy Fallon says Kimmel is a decent, funny and loving guy,

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Speaker 2: and he hopes he comes back. Sources tell Bloomberg News

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Speaker 2: Disney executives met with Kimmel last night to discuss the

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Speaker 2: future of his show. They say, the soonest it could

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Speaker 2: come back on the air is this Monday.

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Speaker 3: Well, Nathan, Let's turned out to the latest on US

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Speaker 3: China relations. President Trump's call withach Chinese President Xijin Ping

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Speaker 3: will be the first direct engagement between the two leaders

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Speaker 3: since June. The future of Taktalk is expected to top

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Speaker 3: the agenda. On Bloomberg's Amy Morris has a preview from Washington.

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Speaker 7: Negotiators from both countries reached a framework deal earlier this

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Speaker 7: week to preserve the US operations of to Talk under

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Speaker 7: a national security law. President Trump says there's value in

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Speaker 7: TikTok and he doesn't want to give away value.

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Speaker 4: Speaking to President Shield to see if we can finalize

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Speaker 4: something on TikTok because there is tremendous value and I

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Speaker 4: hate to give away value, but I like TikTok. I

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Speaker 4: it helped get me elected.

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Speaker 7: She and Trump are also expected to discuss a tariff

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Speaker 7: truce after tit for tat tariffs earlier this year spooped

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Speaker 7: the markets. The call is a watershed moment for both

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Speaker 7: sides and will be watched closely for any indication on

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Speaker 7: whether Trump and She agree to hold their first in

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Speaker 7: person meeting since Trump returned to office in Washington. Amy

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Speaker 7: Morris Bloomberg Radio.

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Speaker 3: Amy, thank you, and the call is kittled to happen

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Speaker 3: at nine am Wall Street Time.

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Speaker 2: And that call Karen comes just a day after President

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Speaker 2: Trump's historic second state visit to the UK. The President

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Speaker 2: signed a new tech partnership that includes more than three

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Speaker 2: hundred billion dollars in bilateral investments from the likes of

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Speaker 2: Microsoft and Open Ai, and at a joint news conference

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Speaker 2: with UK Prime Minister Keir Starmer, the President expressed this

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Speaker 2: appointment over the war in Ukraine.

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Speaker 4: The one that I thought would be easiest would be

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Speaker 4: because of my relationship with President Putin, but he's let

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Speaker 4: me down. He's really let me down.

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Speaker 2: President Trump also showed mild disagreement with Prime Minister Starmer

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Speaker 2: over the war in Gaza. The President says he does

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Speaker 2: not support Starmer's decision to recognize a Palestinian state at

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Speaker 2: next week's UN General Assembly.

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Speaker 3: Meanwhile, Nathan US law enforcement is building a profile on

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Speaker 3: suspected Charlie Kirk shooter Tyler Robinson that includes his use

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Speaker 3: of President Trump's name as a pseudonym on Valve's Steam

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Speaker 3: video game platform. Serves to say the Secret Service has

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Speaker 3: joined the investigation into the shooting, even though Kirk was

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Speaker 3: not under the agency's protection. And turning point USA, the

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Speaker 3: organization Charlie Kirk founded to mobilize young Conservatives, says Kirk's wife, Erica,

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Speaker 3: will serve as its next CEO.

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Speaker 2: Beck in Washington, Karen. The Trump administration is now asking

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Speaker 2: the Supreme Court to allow President Trump to remove FED

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Speaker 2: Governor Lisa Cook. We get more from Bloomberg Economic correspondent

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Speaker 2: Michael McKee.

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Speaker 6: Basically, they are refiling the same cases they filed in

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Speaker 6: district court and then at the US Appeals Court, arguing

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Speaker 6: that the president has the unreviewable right to fire anybody

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Speaker 6: for cause, and cause is whatever he deems it to be,

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Speaker 6: which the district court judge rejected, but the appeals court

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Speaker 6: didn't address that.

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Speaker 2: That's Bloomberg's Mike McKee. President Trump has said his cause

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Speaker 2: to fire Cook is alleged mortgage fraud. Cook denies any

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Speaker 2: wrongdoing and remains at the FED after lower courts blocked

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Speaker 2: her rouster.

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Speaker 3: Let's turn to the markets now. Nathan Stock setted records

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Speaker 3: as we close out the trading week. The Dow s

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Speaker 3: and P five hundred, NASDAK, and Russell two thousand all

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Speaker 3: begin the session at all time highs. Is a rare

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Speaker 3: feet that's occurred on just twenty five other days this century.

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Speaker 3: Aaron Kennon is CEO of Clear Harbor Asset Management.

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Speaker 8: Certainly, valuations are not cheap. We we're trading at sort

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Speaker 8: of top quartile levels and most equity and this, and

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Speaker 8: yet we also know that elevated valuations do not always

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Speaker 8: or never really augur bear markets. Usually there's some economic

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Speaker 8: shock that ensues.

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Speaker 3: Clear Harbor Asset Management's Aaron Kennin it's the first time

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Speaker 3: since November twenty twenty one that all four major benchmarks

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Speaker 3: closed together at all time.

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Speaker 2: Highs this morning, Karen, we're watching shares of FedEx. They

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Speaker 2: are up four and three quarters percent in early trading.

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Speaker 2: The parcel company reinstated its profit and sales forecast, says

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Speaker 2: revenue will grow by four to six percent in the

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Speaker 2: current fiscal year that top Wall Street estimates. FedEx also

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Speaker 2: says it expects a billion dollar hit from trade volatility

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Speaker 2: this year due to President Trump's tariffs and the loss

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Speaker 2: of a key exemption for low value goods.

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Speaker 3: Nathan Apple is releasing new iPhone designs, including the iPhone

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Speaker 3: seventeen Pro, Promax, and iPhone Air, as well as new

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Speaker 3: Apple Watch and air pods models. Today. Early sales across

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Speaker 3: Asia showed strong demand for the Pro model. The new

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Speaker 3: iPhone models feature redesigned elements such as an aluminum shell

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Speaker 3: and a thin shape for the iPhone Air andenter price

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Speaker 3: from nine hundred and ninety nine dollars to one ninety nine.

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Speaker 2: And we have some monetary policy news out of Asia

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Speaker 2: this morning, Karen, the Bank of Japan has kept its

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Speaker 2: interest rate steady. Boj also took another step toward policy normalization,

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Speaker 2: announcing it will start to offload its massive exchange traded

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Speaker 2: fund holdings.

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

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Speaker 3: stories making news in New York and around the world,

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Speaker 3: and for that we're joined by Bloomberg's and Michael Barr Michael,

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Speaker 3: good Morning.

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Speaker 9: Good Morning, Karen. A protestover conditions at a Manhattan immigration

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Speaker 9: holding facility led dozens of arrests, including at least eleven

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Speaker 9: elected officials. The officials included Comptroller Brad Lander, public Advocate

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Speaker 9: Jamani Williams, and State Senator Julia Salazar. The government building

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Speaker 9: is home to several federal offices, including Immigration Court and

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Speaker 9: the FBI's New York Field office. According to advocates, several

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Speaker 9: officials were arrested inside the building while attempting to inspect

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Speaker 9: holding rooms amid allegations of squalid conditions and overcrowding. We're

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Speaker 9: learning more about the shooting deaths of three Pennsylvania police officers.

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Speaker 9: A prosecutor says a suspected stalker armed with a rifle

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Speaker 9: hid inside his ex girlfriend's home and ambushed officers who

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Speaker 9: came to serve him a warrant Wednesday. York County District

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Speaker 9: Attorney Tim Barker said during a news conference yesterday that

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Speaker 9: the officers opened the door and the suspect immediately opened

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Speaker 9: fire on them. Using an ar style rifle.

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Speaker 10: Detective Sergeant Cody Becker, Detective Mark Baker, and Detective Isaiah

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Speaker 10: Emonheiser were all killed following the brutal ambush that was

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Speaker 10: committed upon them by the actor.

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Speaker 9: DA Tim Barker says two other officers were wounded. The

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Speaker 9: shooter was killed after a gunfight. Barker says that the

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Speaker 9: incident involved a domestic violence. New York Mayor Eric Adams

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Speaker 9: says his city is prepared for the eightieth United Nations

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Speaker 9: General Assembly, which opens next week. Adams says security will

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Speaker 9: be increased amid national and global threats.

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Speaker 11: At this time, there are currently no know specific or

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Speaker 11: credible threats against the United Nations, but our past is

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Speaker 11: elevated out of an abundance of caution given the global environment.

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Speaker 9: About two hundred diplomats from around the world will descend

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Speaker 9: on the city Global news twenty four hours a day

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Speaker 9: and whenever you want it with the Bloomberg News. Now,

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Speaker 9: I'm Michael Barr, and this is Bloomberg Karen.

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Speaker 3: Thanks Michael. All time now for our Bloomberg Sports updating.

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Speaker 3: For that, we bring in John stash Hour.

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Speaker 12: Thanks Karen Thurs about football. To start week three, the

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Speaker 12: Bills got three touchdown passes from Josh Allen beat the

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Speaker 12: Dolphins thirty one to twenty one. Buffalo is three and zero,

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Speaker 12: Miami is zero to three. Clayton Kershawn, at age thirty

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Speaker 12: seven and eight eighteen season all with the Dodgers, announced

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Speaker 12: that he's retiring at seasons and his last home at

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Speaker 12: least regular season start will be tonight at Dodgers Dadium,

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Speaker 12: where last night Dodgers beat the Giants two to one.

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Speaker 12: Giants had only one hit. That's a Bloomberg Sports update.

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

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Speaker 1: This Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 2: Good morning, I'm Nathan Hager. President Donald Trump is ramping

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Speaker 2: up his pressure campaign against major media organizations once again.

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Speaker 2: Following ABC's suspension of late night hosts Jimmy Kimmel. The

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Speaker 2: President says the FCCS should consider revoking the licenses of

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Speaker 2: broadcast networks he deems too critical.

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Speaker 4: They're getting a license. I would think maybe their license

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Speaker 4: should be taken away. It will be up to Brendan Carr.

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Speaker 2: That was President Trump speaking aboard Air Force One on

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Speaker 2: his way back from his state visit to the UK.

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Speaker 2: And this morning we're joined by Bloomberg's Rosalind Mathieson and Roz.

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Speaker 2: Of course, we know the President has a long history

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Speaker 2: of putting legal pressure on media organizations, so that this

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Speaker 2: seems to take things to a whole new level.

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Speaker 5: Good morning, Good morning, And yeah it does. I mean,

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Speaker 5: there are several layers of this is obviously the individual

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Speaker 5: impact on Kimmel in all of this on his show.

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Speaker 5: There's the potential, you know, death, someone would say of

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Speaker 5: the late night talk show format, because those shows tend

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Speaker 5: to be robust in their commentary around everything, including politics.

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Speaker 3: But then more.

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Speaker 5: Broadly, there's a question of tying the behavior of TV

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Speaker 5: networks to politics. And you know, the FCC has long

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Speaker 5: had these powers over licenses and the ability to make

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Speaker 5: changes to licensing and take licenses away even but they've

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Speaker 5: really tended not to use it, or certainly not in

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Speaker 5: these circumstances. And the very clear endorsement from Donald Trump

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Speaker 5: of the FCC criticism that came of Kimmel and his commentary,

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Speaker 5: and we saw the swift repercussions from that with his

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Speaker 5: show being taken off the air. There's a direct line

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Speaker 5: now between what Trump wants to see TV networks producing

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Speaker 5: and what they may feel that they can produce with

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Speaker 5: the thing that's hanging over their heads, and all of

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Speaker 5: that is the question of their license. So do we

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Speaker 5: see big changes in behavior as a result, and what

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Speaker 5: does that mean in the end for the concepts of

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Speaker 5: networks being able to air footage or commentary that is

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Speaker 5: critical of a government and certainly of a sitting president,

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Speaker 5: and so some very big precedents potentially being up for

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Speaker 5: grabs and all of.

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Speaker 2: This, and there's still the question, isn't there rise about

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Speaker 2: whether the decision by the Disney owned network to suspend

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Speaker 2: Kimmel was a business decision or whether it was directly

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Speaker 2: related to the pressure that we saw this week from

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Speaker 2: FCC Chairman Brendan Carr.

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Speaker 7: Well, that's right.

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Speaker 5: It's interesting to see this example and obviously the previous

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Speaker 5: example involving Stephen Colbert, and whether you know, these came

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Speaker 5: at a time that these companies were also having big

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Speaker 5: deals or needing endorsement of certain changes in their company's behavior,

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Speaker 5: and for certainly the biggest producer, are the biggest owner

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Speaker 5: rather of local TV stations in the US. You know,

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Speaker 5: they have a deal before the FCC that they want

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Speaker 5: done an acquisition and they need FCC clearance for that.

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Speaker 5: And so you know, was there an impact in their

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Speaker 5: thinking in the minute because they know that they need

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Speaker 5: the FCC on their side to say that they were

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Speaker 5: going to pull his show from their networks at least,

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Speaker 5: and we can see that previously. And so if you

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Speaker 5: do need the government or regulators to support you, are

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Speaker 5: you going to start making these decisions regardless of the

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Speaker 5: ratings of the of the show involved or the money involved,

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Speaker 5: because you do need that broader relationship to stay intact.

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Speaker 2: Of course, later this morning, the coverage of President Trump

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Speaker 2: is going to continue with the phone call later this

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Speaker 2: morning with Chinese President shi Jinping. So many layers there

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Speaker 2: as well, including one involving new media. What's going to

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Speaker 2: happen to TikTok, Well, that.

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Speaker 5: Is the big question. It does seem as though they've

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Speaker 5: got to a bit of a framework on TikTok going

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Speaker 5: into this conversation. Some of the details are still very unclear,

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Speaker 5: but basically, you will end up in a situation where

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Speaker 5: byte Edance's state drops to twenty percent or less and

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Speaker 5: a group of American companies, three of them come in

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Speaker 5: and take majority control. That includes, of course Oracle. The

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Speaker 5: question is what happens to all the proprietary technology involved

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Speaker 5: in that. For byte Dance their algorithm. Do they basically

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Speaker 5: set up a new platform for TikTok users in the

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Speaker 5: US and port everybody over, But you still need Byteedance

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Speaker 5: in their technology to do so, to help building it

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Speaker 5: at least, So how do you ring fence then US

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Speaker 5: users of TikTok, And that's been a key concern obviously

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Speaker 5: in the US politically is to do that. But byte

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Speaker 5: Dance obviously wants to still preserve its technology. So there

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Speaker 5: are some sort of slightly murky areas still in this

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Speaker 5: deal to be understood. But we'll hopefully hear more today

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Speaker 5: after seeing Trump talk and then presumably will come out

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Speaker 5: and announce more details of the deal.

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