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Speaker 1: News when you wanted with Bloomberg News. Now I'm Doug Prisner.

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Speaker 1: Jeffrey Epstein's associate. Gilaine Maxwell is being formally subpoened by

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Speaker 1: the House Oversight Committee. The letter, signed by committee chair

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Speaker 1: James Comber, says Maxwell is to be deposed August eleventh

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Speaker 1: at the Federal Correction Institution in Tallahassee. We got reaction

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Speaker 1: from Marak Gillespie, founder of Bluestack Strategies.

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Speaker 2: I do think it's interesting that the decision to bring

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Speaker 2: her in by House Oversight kind of happened without necessarily

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Speaker 2: any involvement from the foreg president and from Speaker Johnson.

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Speaker 2: I think that it was a pressure and you saw

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Speaker 2: it kind of play out with the House Rules Committee,

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Speaker 2: the kind of issues they ran into there, and then

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Speaker 2: this happened, and now DJ is looking to bring her

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Speaker 2: in as well. So it's interesting what that kind of spurred.

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Speaker 1: That is Mark Gillespie, founder of Bluestack Strategies, speaking earlier

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Speaker 1: on Bloomberg's balance of power. Meantime, the Wall Street Journal

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Speaker 1: is reporting President Trump was warned by Attorney General Pam

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Speaker 1: Bondi that his name was in fact listed in the

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Speaker 1: so called Epstein files. Now. The journal cited senior Trump

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Speaker 1: administration officials in that report, with one saying the documents

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Speaker 1: contained hundreds of other names. Well later, the White House

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Speaker 1: sent mixed signals following that story. It released an initial

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Speaker 1: statement characterizing the report as fake news, but then a

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Speaker 1: White House official told Reuters the administration was not denying

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Speaker 1: that Trump's name appears in some files, noting that Trump

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Speaker 1: was already included in a tranche of materials Bondi assembled

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Speaker 1: in February for conservative influencers. Columbia University has reached a

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Speaker 1: deal with the Trump administration to restore federal funding for research.

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Speaker 1: According to the White House, Columbia will pay a two

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Speaker 1: hundred million dollar fine to settle claims related to discriminatory practices.

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Speaker 1: Other provisions of this agreement require Columbia to provide more

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Speaker 1: transparency around its hiring and admission practices and to increase oversight.

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Speaker 1: That will include the appointment of a resolution monitor and

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Speaker 1: an administrator to ensure Columbia complies with the agreement and

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Speaker 1: federal laws. We go to earnings news next. After the

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Speaker 1: Bell Tesla missed Wall Street expectations for the second quarter.

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Speaker 1: The company reported adjusted EPs of forty cents and revenue

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Speaker 1: falling by twelve percent to twenty two and a half

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Speaker 1: billion dollars. That is the sharpest sales decline for Tesla

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Speaker 1: in over a decade. Here is CEO Elon Musk on

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Speaker 1: the earnings call.

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Speaker 3: We probably could have a few rough quarters. I'm not

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Speaker 3: saying it well, but we could Q four, Q one,

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Speaker 3: maybe Q two. But once you get to autonomy at

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Speaker 3: scale in the second half and half of next year,

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Speaker 3: something by the end of next year. I think the

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Speaker 3: I was surprised if Tesla's economics are not very compelling.

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Speaker 1: That is Tesla's CEO Elon Musk, and shares in Tesla

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Speaker 1: are down by more than four percent in late US trading.

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Speaker 1: We also heard from Alphabet after the bell. The company

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Speaker 1: beat street expectations on second quarter revenue. However, Alphabet also

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Speaker 1: warned of higher spending ahead. Capital expenditures are forecast to

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Speaker 1: hit eighty five billion dollars in twenty twenty five. That's

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Speaker 1: up from the seventy five billion the company previously forecast.

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Speaker 1: We got reaction from Brett Thil, senior tech analyst at Jeffries.

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Speaker 4: Now, I don't think there was any big fireworks. You know,

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Speaker 4: you had a bigger capex number was about four and

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Speaker 4: a half billion higher, which is a sign of investing AI.

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Speaker 4: They raised capex by ten bill which again everyone knows

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Speaker 4: it's going to AI, and so I think everyone likes

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Speaker 4: that that they're spending to key pace.

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Speaker 3: But obviously he's.

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Speaker 4: Having a drag on the margin. So the margin last

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Speaker 4: course about forty percent. They're at thirty eight point three percent,

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Speaker 4: so a little bit of a drag on the margin, that.

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Speaker 1: Is Brett Thil, Senior tech analyst at Jeffries. Shares in

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Speaker 1: Alphabet were up by more than one percent in late

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Speaker 1: US trading. A federal appeals court has ruled at President

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Speaker 1: Trump's order seeking to end birthright citizenship is unconstitutional now.

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Speaker 1: This upholds a decision from a lower court that blocked

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Speaker 1: its enforcement nationwide. The recent decision from a divided panel

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Speaker 1: of the ninth US Circuit Court of Appeals now puts

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Speaker 1: birthright citizenship one step closer to quickly coming back before

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Speaker 1: the Supreme Court. The US and South Korea have discussed

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Speaker 1: creating a fund to invest in American projects. We are

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Speaker 1: told this could potentially be a part of a trade deal.

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Speaker 1: These talks are also focused on reaching a fifteen percent

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Speaker 1: teriff freight that would include autos, and there may be

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Speaker 1: a pledge by South Korea to purchase more US goods

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Speaker 1: in key sectors now, one analyst said, the recent trade

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Speaker 1: deal between the US and Japan really puts a lot

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Speaker 1: of pressure on South Korea to reach a similar agreement. Now,

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Speaker 1: in the US Japan deal, the United States is imposing

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Speaker 1: a fifteen percent tariff on Japanese products, including autos, and

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Speaker 1: as more trade negotiations do take place, President Trump suggested

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Speaker 1: he would not go below fifteen percent as he sets

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Speaker 1: his reciprocal tariff rates ahead of that August first deadline.

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Speaker 1: Here is Trump speaking at an AI summit earlier in Washington.

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Speaker 5: But We're going to have a very very simple tariff

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Speaker 5: for some of the countries. Have so many countries, you

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Speaker 5: can negotiate deals with everyone. So I'll have a straight

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Speaker 5: simple tariff of anywhere between fifteen and fifty percent. A

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Speaker 5: couple of we have fifteen because we haven't been getting

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Speaker 5: along with those countries too well, so we just say

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Speaker 5: let's pay fifty.

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Speaker 1: That is President Trump's speaking there, and that is news

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Speaker 1: when you want it. With Bloomberg News. Now, I'm Doug Prisner,

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Speaker 1: and this is Bloomberg