WEBVTT - Trump Tests Plan to Reopen Strait; GameStop's $56 Billion eBay Takeover Offer

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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

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<v Speaker 3>Karen, we begin with the latest on the standoff between

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<v Speaker 3>the US and Iran. With the US blockade of Iran

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<v Speaker 3>sports still in effect and the Strait of Horror moves

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<v Speaker 3>at a near standstill, President Trump says the US will

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<v Speaker 3>begin guiding some neutral ships through the strait starting today.

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<v Speaker 3>The President announced the effort, dubbed Project Freedom, in a

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<v Speaker 3>social media post. We get more from Bloomberg's Jumana Borsecci

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<v Speaker 3>in Dubai.

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<v Speaker 4>Certainly there is a humanitarian necessity to get some of

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<v Speaker 4>those vessels out of the Persian Gulf. They've been stranded

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<v Speaker 4>there since the beginning of the wars. Estimated that they're

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<v Speaker 4>about eight hundred ships just sitting there, twenty thousand seafarers

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<v Speaker 4>facing pretty dark conditions, extreme stress, fatigue, food and water shortages.

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<v Speaker 4>So yes, most certainly there is a humanitarian needs to

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<v Speaker 4>help those that are chopped there.

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<v Speaker 3>Bloombergs Jumana Burssecci reports the President did not give specifics

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<v Speaker 3>on how the US would help ships through the Strait,

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<v Speaker 3>but US Central Command says it will provide military support,

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<v Speaker 3>and Iranian official posted on x that any US interference

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<v Speaker 3>in Horror moves would violate the ceasefire.

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<v Speaker 2>Well, Nathan, President Trump is suggesting Around's latest proposal to

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<v Speaker 2>end the war, it might not be enough to satisfy him.

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<v Speaker 2>Oxio supports The plan would set a one month deadline

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<v Speaker 2>for a guilt to reopen the strait of Horror Moves

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<v Speaker 2>and end both the US blockade and fighting in Iran

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<v Speaker 2>and Lebanon. And after that another month of discussions could

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<v Speaker 2>begin on around's nuclear program. And again more from Bloomberg,

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<v Speaker 2>Defense reporter Jen Judson.

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<v Speaker 5>Iran wants sanctions relief and reopening shipping first, and that

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<v Speaker 5>does not want what the US wants. They want to

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<v Speaker 5>see a resolution when it comes to nuclear concessions. So

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<v Speaker 5>we're really in a very tough spot right now.

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<v Speaker 2>And Bloomberg Jen Judson appeared on Bloomberg this weekend. Treasury

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<v Speaker 2>Secretary Scott Besson says the US can keep waiting around out.

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<v Speaker 6>We're running a marathon over the past twelve months, and

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<v Speaker 6>now we are sprinting towards the finish line. And I

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<v Speaker 6>can tell you that we are suffocating the regime, and

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<v Speaker 6>they are not able to pay their soldiers. This is

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<v Speaker 6>a real economic blockade.

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<v Speaker 2>Treasury Secretary Scott bess And tells Fox's Sunday Morning Futures

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<v Speaker 2>the pressure may force around to start shutting in oil

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<v Speaker 2>wells in the next week as its fruit storage fills up,

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<v Speaker 2>and pressure may be building in the US as well.

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<v Speaker 2>Triple A says the nationwide average for a gallon of

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<v Speaker 2>gasoline is four dollars forty six cents. That's the highest

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<v Speaker 2>since July twenty twenty.

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<v Speaker 7>Two, Karen.

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<v Speaker 3>Another major story we're following this morning involves the health

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<v Speaker 3>of former New York City Mayor Rudy Giuliani. He is

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<v Speaker 3>in critical but stable condition at a hospital. This morning,

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<v Speaker 3>Bloomberg's Michael Barr joins us with the latest from New York.

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<v Speaker 8>A spokesperson for Rudy Giuliani says the former mayor remains

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<v Speaker 8>in critical but stable condition in a floor a hospital. However,

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<v Speaker 8>spokesman Ted Goodman did not specify by Giuliani has been hospitalized.

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<v Speaker 8>In a social media post, President Trump called Giuliani, who

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<v Speaker 8>will turn eighty two later this month, a true warrior

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<v Speaker 8>and the best mayor in the history of New York

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<v Speaker 8>City by far. Giuliani became America's mayor while serving in

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<v Speaker 8>office in the aftermath of the September eleventh, two thousand

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<v Speaker 8>and one terrorist attacks. However, in recent years, Giuliani served

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<v Speaker 8>as Donald Trump's lawyer.

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<v Speaker 9>I voted for Trump, but mostly I voted for America

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<v Speaker 9>to save us.

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<v Speaker 8>He also aided in efforts to overturn the result of

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<v Speaker 8>the twenty twenty presidential election won by President Joe Biden.

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<v Speaker 8>In twenty twenty five, Giuliani agreed to pay two Georgia

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<v Speaker 8>election workers one hundred and forty eight million dollars in

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<v Speaker 8>a defamation case in New York. Michael Barr Bloomberg Radio.

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<v Speaker 2>Hurray Michael, thank you. Authorities have determined that book shot

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<v Speaker 2>from the gun of the man charged with trying to

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<v Speaker 2>storm the White House Correspondence Association dinner struck a Secret

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<v Speaker 2>Service agent. Janine Piro, the US Attorney for the District

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<v Speaker 2>of Columbia, is the federal prosecutor overseeing the case, and

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<v Speaker 2>she spoke with CNNX Jake Tapper.

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<v Speaker 10>We now can establish that a pellet that came from

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<v Speaker 10>the buckshot from the defendant's Mosburg pump action shotgun was

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<v Speaker 10>intertwined with the fiber of the vest of the Secret

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<v Speaker 10>Service office.

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<v Speaker 7>So it's definitively his fault.

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<v Speaker 10>Is definitively his bullet he hit at that Secret Service agent.

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<v Speaker 10>He was had every intention to kill him and anyone

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<v Speaker 10>who got in his way on his way to the

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<v Speaker 10>killing the President of the United States.

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<v Speaker 2>Federal prosecutor Janine Piro says a suspect called Thomas Allen

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<v Speaker 2>has been charged with attempted assassination of the President and

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<v Speaker 2>faces up to life in prison if convicted of the

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<v Speaker 2>assassination count alone.

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<v Speaker 3>Turned out to the markets, Karen Tech stocks continue to

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<v Speaker 3>lead equities higher. Nasdaq futures are up once again after

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<v Speaker 3>rising almost one percent Friday. Both the Nasdaq and S

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<v Speaker 3>and P five hundred closed it record highs. Liz Anne

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<v Speaker 3>Sanders is chief investment strategist at Charles Schwab.

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<v Speaker 11>SMP sitting at an all time high right now, but

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<v Speaker 11>only seven percent of the index members are at fifty

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<v Speaker 11>two week highs, and it's only fifteen percent of the

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<v Speaker 11>index that's even just at a four week high.

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<v Speaker 7>So we're again we're.

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<v Speaker 11>Developing a little bit of that concentration problem, and it

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<v Speaker 11>would be a better backdrop for the market medium to

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<v Speaker 11>longer term if we had some better breadth.

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<v Speaker 3>Not yet, Charles Schwab, Chief investment strategist Liz Anne Sanders

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<v Speaker 3>notes the SMP five hundred index has risen for five

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<v Speaker 3>straight weeks.

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<v Speaker 2>Well, Nathan, game Stop is proposing to buy eBay for

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<v Speaker 2>about fifty six billion dollars in cash and stock. We

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<v Speaker 2>get the story with Bloomberg's Charlie Pellett.

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<v Speaker 7>It's a bold attempt by Ryan Cohen to take over

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<v Speaker 7>a storied e commerce name several times larger. The gaming

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<v Speaker 7>retail chain offered one hundred and twenty five dollars a

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<v Speaker 7>share in cash and stock for the online retailer, or

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<v Speaker 7>about a twenty percent premium to its Friday close. Game

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<v Speaker 7>Stop is built a roughly five percent stake in eBay

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<v Speaker 7>and says it has secured a commitment from TD Bank

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<v Speaker 7>to provide about twenty billion of debt financing to help

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<v Speaker 7>bankroll the deal. In New York, Charlie Pellets Bloomberg.

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<v Speaker 2>Radio, Charlie, thank you. Shares an eBay up nine and

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<v Speaker 2>a half percent in early trading, and shares a game

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<v Speaker 2>Stop they're lower. They're down about eight tens of a percent.

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<v Speaker 3>Well after the collapse of Spirit Aviation holdings Karen. Transportation

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<v Speaker 3>Secretary Sean Duffy says he does not think the government

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<v Speaker 3>needs to provide financial lifelines for now to other low

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<v Speaker 3>cost carriers. Duffy blames the Biden administration for Spirits failure.

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<v Speaker 7>Spirit I tried to merge with.

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<v Speaker 9>Jet Blue, the Joe Biden pe put to judge administration.

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<v Speaker 7>And DOJ tanked that deal.

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<v Speaker 2>Immediately after that they filed for bankruptcy.

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<v Speaker 3>Transportation Secretary Sean Duffy appeared on ABC's This Week Heard

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<v Speaker 3>Every Sunday on Bloomberg Radio. Spirit CEO Dave Davis says

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<v Speaker 3>the low cost carriers succumb to crushing fuel prices.

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<v Speaker 2>Well, we have new developments, Nathan. On the global trade front,

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<v Speaker 2>China has ordered its companies to ignore US sanctions. Beijing

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<v Speaker 2>is now directed companies not to abide by US sanctions

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<v Speaker 2>on private refiners linked to the Iranian oil trade. China's

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<v Speaker 2>move will test the US sanctions system and comes ahead

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<v Speaker 2>of a plan meeting between President Trump and China's sheeshin Ping.

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<v Speaker 2>Time now for a look at some of the other

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<v Speaker 2>stories making news in New York and around the world,

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<v Speaker 2>and for them, we're joined by Bloombergy's Michael Barr Michael,

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<v Speaker 2>good Morning.

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<v Speaker 8>Good morning, Karen. United Airlines flight landing at Newark on

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<v Speaker 8>Sunday struck a light pole on the New Jersey Turnpike.

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<v Speaker 8>The plane, en route from Benic, Italy, was carrying two

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<v Speaker 8>hundred twenty one passengers and ten crew. Official said no

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<v Speaker 8>one on the airplane was heard, but the light pole

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<v Speaker 8>struck a truck injuring the driver. Officials say he'll be okay.

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<v Speaker 8>After the plane landed, air traffic controllers on ATC dot

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<v Speaker 8>com send a ground vehicle to inspect the runway.

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<v Speaker 12>They felt something over the threshold and there's a hole

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<v Speaker 12>in the side of the airplane.

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<v Speaker 8>Retired Marine Corps pilot Steve Ganiard says everyone on board

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<v Speaker 8>the plane was fortunate.

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<v Speaker 6>This aircraft was literally inches from disaster.

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<v Speaker 8>United says its maintenance team is now evaluating the plane.

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<v Speaker 8>There are calls to protest the met Gala tonight in

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<v Speaker 8>New York City over the events ties this year to

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<v Speaker 8>Amazon founder Jeff Bezos. The critics call the Galatone deaf

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<v Speaker 8>for its lavishness during a time of economic uncertainty for many.

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<v Speaker 8>Global News twenty four hours a day and whenever you

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<v Speaker 8>want it with Bloomberg News Now. I'm Michael Barr, and

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<v Speaker 8>this is Bloomberg Karen. Thanks Michael.

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<v Speaker 2>A time now for our Bloomberg Sports update, and for

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<v Speaker 2>that we bring in John stashauerd and care.

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<v Speaker 1>Are a pair of game sevens in the NBA's Eastern

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<v Speaker 1>Conference and wins by the home team. Detroit came back

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<v Speaker 1>from three games to one and beato Orlando in game

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<v Speaker 1>seven one sixteen ninety four. Key Cunningham and Tobias Harris

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<v Speaker 1>combined for sixty two points. Cleveland Toronto won fourteen one

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<v Speaker 1>oh two. The home team won every game. The Pistons

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<v Speaker 1>will now play the Caves in Round two Game seven

0:09:06.000 --> 0:09:08.480
<v Speaker 1>the Stanley Cup Playoffs for a series where all seven

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<v Speaker 1>games were decided by one goal. Montreal, with only nine

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<v Speaker 1>shots on goals, still won at Tampa Bay two to one.

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<v Speaker 1>In the West, Colorado be Minnesota ninety six. That to

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<v Speaker 1>Bloomberg Sports Upteate.

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<v Speaker 2>Stay with us more from Bloomberg Daybreak coming up after this.

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<v Speaker 12>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 12>and around the world on Bloomberg dot Com and the

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<v Speaker 12>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 3>Good morning, I'm Nathan Hager. Nearly a month into the ceasefire,

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<v Speaker 3>where Iran President Trump says the US will kick off

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<v Speaker 3>a humanitarian effort today to guide stranded ships through the

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<v Speaker 3>Strait of horror moves. That's, as he suggests to Ron's

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<v Speaker 3>latest proposal to end the war might not be enough.

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<v Speaker 3>Joining US from Tel Aviv this morning is Bloomberg News

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<v Speaker 3>Israel Bureau Chief Ethan Bronner.

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<v Speaker 7>Ethan, good to have you with us. What do we

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<v Speaker 7>know about the.

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<v Speaker 3>US plan to guideship through the Strait at this point?

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<v Speaker 7>Good morning, Good morning, Nathan.

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<v Speaker 9>Well, we don't know a lot. We know pretty much

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<v Speaker 9>what you've just said, which is that there is this plan.

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<v Speaker 9>He's calling it an enhanced security area. It's not at

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<v Speaker 9>all clear. It doesn't seem like the A ship US

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<v Speaker 9>ships are going to actually accompany anybody. Seems to be

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<v Speaker 9>a matter of coordination. It's really not very clear, but

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<v Speaker 9>that is what he has announced.

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<v Speaker 3>Okay, So what could a potential Iranian response to something

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<v Speaker 3>like this be When we've heard from a number of

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<v Speaker 3>Iranian officials over the last few weeks that interference in

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<v Speaker 3>the Strait could constitute a ceasefire violation.

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<v Speaker 9>Indeed, so in theory, we could certainly see drones being

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<v Speaker 9>shot at tankers by Iran. I mean, you know, it's

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<v Speaker 9>certainly possible. You know, They've has been a fairly muted

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<v Speaker 9>response so far from Iran. I mean, as you said,

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<v Speaker 9>they did say such a thing would be a violation.

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<v Speaker 9>We really I don't have any think, have any clarity

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<v Speaker 9>about what either side is about to do, you know.

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<v Speaker 9>And meanwhile, in theory there there there's a great distinction

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<v Speaker 9>difference of opinion about how it's going for Iran, whether

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<v Speaker 9>they can last for many weeks or not. You know,

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<v Speaker 9>the broad consensus abroad is that Iran can last a

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<v Speaker 9>long time. In Israel, there is a more a more

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<v Speaker 9>hawkish view, which is that Iran is in trouble and

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<v Speaker 9>if I'd say it's going to hold on for six

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<v Speaker 9>or ten weeks, Iran will be in deeper trouble.

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<v Speaker 3>Well, we've heard from a Treasury Secretary, Scott Bessant as

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<v Speaker 3>well that the naval blockade that's in place against Iranian

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<v Speaker 3>ports is strangling the Iranian economy. Are we seeing evidence

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<v Speaker 3>of that? And how would Iran be able to respond

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<v Speaker 3>militarily if it's economy is being choked off, So I.

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<v Speaker 9>Think it's difficult for really for me to speak with

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<v Speaker 9>any clarity about whether they're being choked up or not.

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<v Speaker 9>There is that sense that they really do need the

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<v Speaker 9>income that's not going to come in. But I don't

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<v Speaker 9>think these drones are very expensive. I do think they've

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<v Speaker 9>been able to continue to produce them, so it is possible.

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<v Speaker 9>It seems to me that they could still challenge the

0:12:10.520 --> 0:12:14.880
<v Speaker 9>great American military bi a moth with these thousand dollars drones.

0:12:14.960 --> 0:12:17.840
<v Speaker 9>I mean, I think that is what could happen.

0:12:17.880 --> 0:12:18.800
<v Speaker 7>But we really don't know.

0:12:18.960 --> 0:12:22.680
<v Speaker 9>And you know, I mean either side, it's a game

0:12:22.720 --> 0:12:24.280
<v Speaker 9>of chicken, and we don't know where it's going.

0:12:25.000 --> 0:12:27.840
<v Speaker 3>As I mentioned, President Trump has been suggesting that the

0:12:28.120 --> 0:12:31.960
<v Speaker 3>latest Iranian offer to end the war outright might not

0:12:32.080 --> 0:12:36.000
<v Speaker 3>be enough to meet his parameters. What is the sense

0:12:36.040 --> 0:12:39.719
<v Speaker 3>of what the Iranian offer is now and where does

0:12:39.760 --> 0:12:41.600
<v Speaker 3>it leave things in our last minute?

0:12:41.800 --> 0:12:44.480
<v Speaker 9>So we only have some elements in public about what

0:12:44.600 --> 0:12:48.439
<v Speaker 9>that offer is. That they're asking for a month to

0:12:50.080 --> 0:12:53.560
<v Speaker 9>sort of stop it, then a month of negotiation, and

0:12:53.600 --> 0:12:58.119
<v Speaker 9>they want there's some talk of some years of no enrichment,

0:12:58.480 --> 0:13:01.800
<v Speaker 9>uranium enrichment then to a low percentage. I mean, it

0:13:02.280 --> 0:13:05.760
<v Speaker 9>doesn't seem like it would have made the war worth

0:13:05.800 --> 0:13:08.280
<v Speaker 9>it from the American's perspective and sense that the goal

0:13:08.480 --> 0:13:12.280
<v Speaker 9>was zero and Richmond and removing those nine hundred pounds

0:13:13.040 --> 0:13:17.120
<v Speaker 9>of a highly enriched uranium. So I still see a

0:13:17.280 --> 0:13:21.320
<v Speaker 9>very very strong confrontation at least political, and I don't

0:13:21.320 --> 0:13:22.679
<v Speaker 9>know where it's going militarily.

0:13:24.559 --> 0:13:28.000
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