1
00:00:00,880 --> 00:00:03,720
Speaker 1: News when you want it with Bloomberg News Now, I'm

2
00:00:03,760 --> 00:00:07,280
Speaker 1: Brian Curtis in Hong Kong. US President Joe Biden has

3
00:00:07,320 --> 00:00:10,840
Speaker 1: tested positive for COVID. A statement from the White House

4
00:00:10,880 --> 00:00:14,360
Speaker 1: said that Biden tested positive following an event in Las Vegas.

5
00:00:14,840 --> 00:00:18,520
Speaker 1: It says the President is vaccinated, boosted, and is experiencing

6
00:00:18,600 --> 00:00:21,840
Speaker 1: mild symptoms. He was given a dose of pakslavid and

7
00:00:21,880 --> 00:00:25,080
Speaker 1: will travel to Delaware to self isolate at his home.

8
00:00:25,960 --> 00:00:29,760
Speaker 1: New Jersey Senator Bob Menendez will reportedly resign just a

9
00:00:29,840 --> 00:00:34,280
Speaker 1: day after being found guilty on federal corruption charges. NBC

10
00:00:34,520 --> 00:00:37,560
Speaker 1: reports the embattled Democrat has told allies that he will

11
00:00:37,600 --> 00:00:41,200
Speaker 1: step down. This comes after calls from Senate Majority Leader

12
00:00:41,280 --> 00:00:45,400
Speaker 1: Chuck Schumer and others for Menendez two step aside. Bloomberg

13
00:00:45,440 --> 00:00:49,600
Speaker 1: Politics contributor Genie Shanzeno says the move needed to happen.

14
00:00:49,760 --> 00:00:52,680
Speaker 2: He is absolutely making the right move. Staying in there

15
00:00:52,720 --> 00:00:56,320
Speaker 2: does a disservice to his constituents, to the Democratic Party

16
00:00:56,360 --> 00:00:58,480
Speaker 2: that he has served for so long, to the state

17
00:00:58,520 --> 00:01:01,320
Speaker 2: of New Jersey, to thee as a whole. Key needs

18
00:01:01,320 --> 00:01:04,000
Speaker 2: to think about his own future in terms of the

19
00:01:04,120 --> 00:01:07,319
Speaker 2: legal aspects and not try to do this, and I

20
00:01:07,360 --> 00:01:09,800
Speaker 2: think the question now is what does Governor Murphy do

21
00:01:10,240 --> 00:01:13,119
Speaker 2: in terms of a temporary replacement, if.

22
00:01:13,000 --> 00:01:17,480
Speaker 1: You will Genie Shanzano. Yesterday, the three term senator was

23
00:01:17,520 --> 00:01:21,399
Speaker 1: convicted on charges of bribery, extortion, and acting as a

24
00:01:21,440 --> 00:01:25,319
Speaker 1: foreign agent of Egypt. Menendez faces up to twenty years

25
00:01:25,480 --> 00:01:28,959
Speaker 1: in prison. If President Biden wants to head off efforts

26
00:01:28,959 --> 00:01:32,280
Speaker 1: to push him aside as the Democratic nominee, well he

27
00:01:32,360 --> 00:01:35,759
Speaker 1: may have to wait. Bloomberg's Nathan Hager reports from Washington.

28
00:01:36,040 --> 00:01:38,840
Speaker 3: The Democratic National Committee says it will hold a virtual

29
00:01:38,920 --> 00:01:41,520
Speaker 3: roll call vote to make Biden's nomination official, but not

30
00:01:41,680 --> 00:01:44,520
Speaker 3: before August first. There had been some talk of holding

31
00:01:44,520 --> 00:01:47,120
Speaker 3: that vote as soon as this weekend, but that sparked

32
00:01:47,160 --> 00:01:50,080
Speaker 3: complaints the process was being rushed to blunt the pressure

33
00:01:50,080 --> 00:01:52,560
Speaker 3: for Biden to step aside. A new poll from the

34
00:01:52,600 --> 00:01:56,920
Speaker 3: Associated President NRC finds sixty five percent of Democrats think

35
00:01:56,960 --> 00:01:59,640
Speaker 3: Biden should pull out of the race. Forty eight percent

36
00:01:59,720 --> 00:02:02,200
Speaker 3: say that they are dissatisfied with him as their nominee.

37
00:02:02,440 --> 00:02:05,840
Speaker 3: That's up from thirty eight percent before Biden's debate performance

38
00:02:05,960 --> 00:02:09,280
Speaker 3: last month in Washington. I'm Nathan Hager, Bloomberg Radio.

39
00:02:09,480 --> 00:02:12,799
Speaker 1: The Biden administration has told allies it could use more

40
00:02:12,840 --> 00:02:17,800
Speaker 1: severe trade restrictions if companies continue selling chip technology to China.

41
00:02:18,000 --> 00:02:20,880
Speaker 1: Bloomberg's and the Current says the move could hit ties

42
00:02:20,919 --> 00:02:21,520
Speaker 1: with allies.

43
00:02:22,240 --> 00:02:24,320
Speaker 4: Delicate dance for the US in terms of how it

44
00:02:24,360 --> 00:02:27,840
Speaker 4: approaches this with allies, could be diplomatic tension between both

45
00:02:27,919 --> 00:02:30,680
Speaker 4: Japan and the Netherland. A company in the middle of

46
00:02:30,680 --> 00:02:33,960
Speaker 4: this already say that they've been hit hard enough, and then

47
00:02:33,960 --> 00:02:36,119
Speaker 4: on the other side, I raised the questions about, well,

48
00:02:36,200 --> 00:02:38,560
Speaker 4: just how effective have the US policies being because it

49
00:02:38,600 --> 00:02:41,120
Speaker 4: was back towards late twenty twenty two when the US

50
00:02:41,240 --> 00:02:45,239
Speaker 4: nancies sweeping measures on chip technology export restrictions to China.

51
00:02:45,520 --> 00:02:48,880
Speaker 4: Clearly it's not necessarily having impact that they wanted.

52
00:02:49,320 --> 00:02:52,800
Speaker 1: Bloomberg's and the Current the US is considering using a

53
00:02:52,840 --> 00:02:56,440
Speaker 1: measure called the Foreign Direct Product Rule. The measure would

54
00:02:56,480 --> 00:03:00,560
Speaker 1: clamp down on foreign businesses that have any US product

55
00:03:00,680 --> 00:03:03,600
Speaker 1: in their supply chains if they're doing business with China.

56
00:03:03,600 --> 00:03:07,160
Speaker 1: These are companies such as ASML of the Netherlands and

57
00:03:07,240 --> 00:03:11,359
Speaker 1: also Tokyo Electron of Japan, both produced chip making equipment

58
00:03:11,680 --> 00:03:15,000
Speaker 1: that's vital to the industry. Semiconductor stocks did take a

59
00:03:15,040 --> 00:03:19,280
Speaker 1: big hit. The Philadelphia Semiconductor Index was down nearly seven percent.

60
00:03:19,680 --> 00:03:22,920
Speaker 1: One company feeling the pinch is ASML, as mentioned it

61
00:03:23,120 --> 00:03:26,519
Speaker 1: just reported earnings. We get more from Bloomberg's Minmin Low.

62
00:03:26,600 --> 00:03:30,160
Speaker 5: In Hong Kong, ASML fell as the news offset better

63
00:03:30,200 --> 00:03:33,720
Speaker 5: than expected growth in the Dutch firm's order intake last quarter.

64
00:03:34,160 --> 00:03:37,600
Speaker 5: Asmlc sales in the current quarter between seven point three

65
00:03:37,640 --> 00:03:41,400
Speaker 5: and eight billion dollars, missing estimates of eight point two billion.

66
00:03:42,000 --> 00:03:45,760
Speaker 5: Previous US led chip measures targeting ASML's exports to China

67
00:03:46,160 --> 00:03:49,760
Speaker 5: did not dent demand from China. Beijing has been buying

68
00:03:49,840 --> 00:03:54,240
Speaker 5: up unrestricted older kit to make more mature types of semiconductors.

69
00:03:54,640 --> 00:03:57,920
Speaker 5: China accounted for nearly half of ASML's revenue in the

70
00:03:58,000 --> 00:04:01,080
Speaker 5: second quarter. Sales in the country pet rose by twenty

71
00:04:01,120 --> 00:04:05,400
Speaker 5: one percent from the previous period. ISML confirmed previous guidance

72
00:04:05,400 --> 00:04:08,560
Speaker 5: of flat sales this year before returning to strong growth

73
00:04:08,600 --> 00:04:11,720
Speaker 5: in twenty twenty five. In Hong Kong, i'm min Minlo

74
00:04:11,920 --> 00:04:13,080
Speaker 5: Bloomberg Radio.

75
00:04:13,360 --> 00:04:17,280
Speaker 1: Senate minority leader Mitch McConnell is calling for new leadership

76
00:04:17,360 --> 00:04:21,560
Speaker 1: at the Secret Service. The story from Bloomberg's Amy Morris.

77
00:04:21,200 --> 00:04:24,080
Speaker 6: Senator Mitch McConnell posted on x that the shooting was,

78
00:04:24,120 --> 00:04:27,560
Speaker 6: in his words, a grave attack on American democracy, and

79
00:04:27,600 --> 00:04:30,279
Speaker 6: that new leadership at the Secret Service would be an

80
00:04:30,320 --> 00:04:34,400
Speaker 6: important step. House Committee on Oversight and Accountability Chairman James

81
00:04:34,480 --> 00:04:38,119
Speaker 6: Comer has subpoenaed Secret Service Director Kimberly Cheedle to appear

82
00:04:38,160 --> 00:04:41,080
Speaker 6: at a hearing on Monday. Lawmakers say they'll hold a

83
00:04:41,120 --> 00:04:44,880
Speaker 6: bipartisan probe focused on the Secret Service, and President Biden

84
00:04:45,000 --> 00:04:49,159
Speaker 6: ordered an independent probe. The Homeland Securities Inspector General also

85
00:04:49,240 --> 00:04:53,480
Speaker 6: opened its own investigation in Washington. Amy Morris Bloomberg Radio.

86
00:04:53,480 --> 00:04:56,440
Speaker 1: That's news when you want it with Bloomberg News Now.

87
00:04:56,680 --> 00:04:58,799
Speaker 1: I'm Brian Curtis. This is Bloomberg