WEBVTT - Bloomberg's Sink on the Melania Trump Speech Controversy(Audio)

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<v Speaker 1>Broadcasting live to New York, Bloomberg even, to Washington, d C.

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<v Speaker 1>Bloomberg to Boston, Bloomberg twelve hundred, to San Francisco, Bloomberg nine,

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<v Speaker 1>to the countries six General one nine and around the

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<v Speaker 1>globe the Bloomberg Radio Plus happened. Bloomberg Dot gone. This

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<v Speaker 1>is taking stock. Coming up on taking stock, we'll take

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<v Speaker 1>stock of the Republican National Convention taking place in Cleveland, Ohio,

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<v Speaker 1>where we're speaking with Justin Sink, government reporter for Bloomberg News.

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<v Speaker 1>The latest on Donald Trump and the Republican Convention. Right now,

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<v Speaker 1>let's get the latest from Charlie Pellett in the Bloomberg

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<v Speaker 1>News room. And I think you very much, pim Fox.

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<v Speaker 1>We've got to just under thirty minutes to go ahead

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<v Speaker 1>of the clothes. On this Tuesday, the Dow Jones Industrial

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<v Speaker 1>Average is higher. It is up now by seven points

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<v Speaker 1>to eighteen thousand, five hundred forty. That is a gain

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<v Speaker 1>of less than point one per cent, So the Dow

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<v Speaker 1>on track four another record, if we do have a

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<v Speaker 1>positive close. The SMP down five now sixty one, taking

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<v Speaker 1>a breather, down three tenths of one percent. NASDAX slumping

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<v Speaker 1>twenty two points to drop there of five tenths of

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<v Speaker 1>one percent, so the SMP slipping from a record after

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<v Speaker 1>a mix of corporate earnings reports, the recent record run

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<v Speaker 1>for equities hitting some headwinds, Netflix tumbling fourteen percent after

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<v Speaker 1>subscriber growth disappointed. Yahoo shares are up now by six

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<v Speaker 1>tenths of one percent. Quarterly revenue topped analysts estimates. Yahoo

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<v Speaker 1>recorded charges of four hundred eighty two million dollars relating

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<v Speaker 1>to Tumbler, citing a decline and projected operating results and

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<v Speaker 1>cash flow from the blogging service, which the company acquired

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<v Speaker 1>for one point one billion dollars back in two thousand thirteen.

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<v Speaker 1>Colin Gillis is senior Technology analyst of d GC Partners.

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<v Speaker 1>He was interviewed this morning on the Bloomberg advantage. Is

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<v Speaker 1>a good time because it shows up they're cleaning up

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<v Speaker 1>their balance sheet. The fact that they didn't adjust the

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<v Speaker 1>full year guidance, you know, it's another indication that perhaps

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<v Speaker 1>they see a process happening in you know, relatively quickly.

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<v Speaker 1>Management tried to defend their performance, which is a little

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<v Speaker 1>tusk given that that's the same quarter you are doing

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<v Speaker 1>right down on the deal that you did again. Yahoo

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<v Speaker 1>shares up six tenths of one percent. International military funds

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<v Speaker 1>scrapping its forecast for a pickup in global growth this

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<v Speaker 1>year's citing Britain's vote to leave the European Union down,

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<v Speaker 1>Industrials up ten little change, Their SMP down five a

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<v Speaker 1>drop of point two percent, NASA stackdown twenty two, a

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<v Speaker 1>drop of point four percent. Gold up to night the

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<v Speaker 1>ounce two, the ounce three thirty two on Wall Street.

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<v Speaker 1>Now look at other news from around the world. Thank you,

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<v Speaker 1>Charlie from the Bloomberg Newsroom. I'm Jill Schneider. This news

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<v Speaker 1>update is brought to you by the Jeep Grand Cherokee,

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<v Speaker 1>the most awarded suv ever. The Grand Cherokee continues to

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<v Speaker 1>raise the bar with its luxurious interior and legendary four

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<v Speaker 1>by four capability. Drive one your local Jeep dealer today.

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<v Speaker 1>How Speaker Paul Ryan told a group of Taxes delegates

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<v Speaker 1>today that they are either with Donald Trump or against him.

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<v Speaker 1>It is either Donald Trump or Hillary Clinton. If you're

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<v Speaker 1>not for Donald Trump, if you're not voting, if you're

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<v Speaker 1>not showing up, you're hupping Hillary Clinton. Is just pretty

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<v Speaker 1>much like we're Ryan will be amongst several congressional leaders

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<v Speaker 1>taking the stage in Cleveland tonight. It looks like there's

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<v Speaker 1>more activity from North Korea. Bloomberg's Michael Barr has more.

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<v Speaker 1>South Korea is accusing North Korea of a reckless provocation

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<v Speaker 1>after test firing three ballistic missiles into the sea. Military

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<v Speaker 1>officials in Soul believe two of the missiles were short

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<v Speaker 1>range stud like missiles. The third might be an intermediate

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<v Speaker 1>range missile that could travel up to kilometers or eight

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<v Speaker 1>hundred miles beyond. Yang's latest test firing is an apparent

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<v Speaker 1>protest of Soul's decision to allow the deployment of an

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<v Speaker 1>advanced US missile defense system in the country. Michael Barr

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<v Speaker 1>Bloomberg Radio. The Obama administration is asking the Supreme Court

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<v Speaker 1>for a second chance on Emma ration. The courts four

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<v Speaker 1>to four deadlock blocked the White House plan to shield

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<v Speaker 1>millions of immigrants from deportation. A United Airlines jetliner bound

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<v Speaker 1>for Boston returned to the gate this morning at Newark

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<v Speaker 1>Airport after reports of smoke coming from an engine just

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<v Speaker 1>before takeoff. The Boeing seven thirty seven was removed from

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<v Speaker 1>service and United substituted another plane for the flight. Global

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<v Speaker 1>News twenty four hours a day, powered by more than

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<v Speaker 1>journalists and analysts in more than one twenty countries. I'm

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<v Speaker 1>Jill Snyder. This is Bloomberg, Charlie, and we thank you,

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<v Speaker 1>and again recapping SMP five hundred index, moving lower down

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<v Speaker 1>five points to drop. There of percent were brought to

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<v Speaker 1>by national realty providers of one percent satisfaction guaranteed New

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<v Speaker 1>York City Realty investments. See them at n r I

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<v Speaker 1>A dot net. I'm Charlie Pellett. That's a Bloomberg business flash.

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<v Speaker 1>You're listening to taking stock with Kathleen and Pim Fox

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<v Speaker 1>on Bloomberg Radio. Feuds and unforced or is at the

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<v Speaker 1>Republican National Convention. Joining us now, Justin sink, government reporter,

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<v Speaker 1>Bloomberg News, joining us from Cleveland, Ohio, site of the

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<v Speaker 1>Republican Convention. Justin, Let's begin with Donald Trump's campaign to

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<v Speaker 1>in a sense, control the damage or the blame game

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<v Speaker 1>that has intensified over who was responsible for the perhaps

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<v Speaker 1>plagiarism flap surrounding milani A. Trump's primetime speech last night. Yeah,

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<v Speaker 1>we've heard the campaign sort of immediately take aim at

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<v Speaker 1>two parties. First, Hillary Clinton. They're saying that this is

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<v Speaker 1>emblematic of her typical line of attack, and and the

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<v Speaker 1>second as the media blaming them for over exaggerating. Uh,

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<v Speaker 1>what the Trump campaign insists is not actual plagiarism. The

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<v Speaker 1>problem with the first charge is that the Clinton campaign

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<v Speaker 1>didn't really have anything to do with the the organic

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<v Speaker 1>kind of growth and focus on what seemed to be

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<v Speaker 1>very similar passages between Donald Trump's speech and Michelle Obama's speech,

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<v Speaker 1>and there achieved me Donald Trump's wife speech and Michelle

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<v Speaker 1>Obama speech back in two thousand eight. But you know,

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<v Speaker 1>this has quickly become I think the dominant theme and

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<v Speaker 1>topic and question among all the delegates, all the all

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<v Speaker 1>the party leaders here in Cleveland, and something that we're

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<v Speaker 1>just hearing a lot about and and has really overshadowed

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<v Speaker 1>everything else. Is there any way to understand what the

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<v Speaker 1>future is for the campaign manager Paul Manafort in this instance, Well,

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<v Speaker 1>we saw Manafort out this morning doing interviews. That's an

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<v Speaker 1>indication that the Trump campaign is now is sticking with him.

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<v Speaker 1>Although um there are certainly some suggestions that this is

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<v Speaker 1>ablematic of problems with within the campaign and competency questions.

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<v Speaker 1>There have been a lot of a lot of internal

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<v Speaker 1>discord among the Trump campaign and so, uh, you never

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<v Speaker 1>really know with with Donald Trump and what hell decided

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<v Speaker 1>to do depending on how long this sort of controversy

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<v Speaker 1>players on. Tell us more about the anti Trump forces

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<v Speaker 1>that disrupted proceedings yesterday over convention rules, and I believe

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<v Speaker 1>that Colorado delegation actually walked off the floor. Yeah, we

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<v Speaker 1>saw some real anger among delegates who are here. But

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<v Speaker 1>in opposition to Donald Trump's domination. There was a fight

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<v Speaker 1>over a rule of package that it would essentially smooth

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<v Speaker 1>over sailing for for the rest of the conventions for

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<v Speaker 1>Donald Trump and his nomination passed by a voice vote.

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<v Speaker 1>When delegates demanded a roll call vote that would have

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<v Speaker 1>at the very least kind of stretched out those proceedings,

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<v Speaker 1>it was overruled by the chair and it led to

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<v Speaker 1>big four fight, people yelling at each other, cutting off

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<v Speaker 1>the mics for about ten minutes, and and really sort

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<v Speaker 1>of underscored a lot of the disunity within the Republican Party.

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<v Speaker 1>There's a possibility that we see another version of that

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<v Speaker 1>tonight as as Donald Trumps exp to be nominated formally.

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<v Speaker 1>But it's also more of a theatric thing than a

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<v Speaker 1>procedural thing. He has the delegates to secure the nomination

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<v Speaker 1>and the roles package that was pasted yesterday, and sure

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<v Speaker 1>is that that will happen. John Kaik, the Ohio governor,

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<v Speaker 1>he's been described as making a big mistake and embarrassing

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<v Speaker 1>his state by skipping the convention, but that's coming from

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<v Speaker 1>the Donald Trump campaign. Yeah, this is a really unique

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<v Speaker 1>situation where you see the the candidate attacking the sitting

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<v Speaker 1>governor of an important swing states, somebody who they're really

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<v Speaker 1>gonna need to help if Donald Trump has a chance

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<v Speaker 1>of winning Ohio, which is a crucial state for him.

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<v Speaker 1>It's this kind of rust belt state, big swing state

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<v Speaker 1>with a lot of electoral votes. And so that this

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<v Speaker 1>type of disunity that these types of arguments are going

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<v Speaker 1>on as the convention on a really kind of embarrassing

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<v Speaker 1>national stage, is a sign that, um, there's a lot

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<v Speaker 1>that needs to be papered over and a lot of

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<v Speaker 1>bridges that probably need to be built four November for

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<v Speaker 1>Donald Trump to to be able to rely on that

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<v Speaker 1>state infrastructure that John Kasak has built up. Well, building

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<v Speaker 1>that infrastructure might actually cost some money and wants your

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<v Speaker 1>thoughts on Las Vegas casino mogul Sheldon Adelson. Is he

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<v Speaker 1>going to give a major donation to Donald Trump's campaign?

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<v Speaker 1>Has he actually come out and supported Donald Trump. It's

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<v Speaker 1>interesting he was asked questions about why he hasn't donated

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<v Speaker 1>today and remained completely silent as he was sort of

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<v Speaker 1>peppered by questions peppered with questions by reporters. Um, you know,

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<v Speaker 1>fundraising has been a struggle for Donald Trump throughout this campaign.

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<v Speaker 1>He hasn't designated a superpack. His fundraising his flag significantly

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<v Speaker 1>behind Hillary Clinton, as has his cash on hands. And

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<v Speaker 1>he's responded to that criticism by saying that he could

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<v Speaker 1>self fund his campaign. But lots of Donald Trump's assets

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<v Speaker 1>are hied up in real estate or other non liquid assets.

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<v Speaker 1>There's a great Bloomberg story today about his valuation and

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<v Speaker 1>where all his money comes from. And so there are

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<v Speaker 1>some serious questions I think going forward about whether he'll

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<v Speaker 1>have the cash that he needs to go up against

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<v Speaker 1>Seller Clinton. And just finally, what's the most important thing

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<v Speaker 1>we should look for tonight as the Republican Convention continues?

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<v Speaker 1>Justin I think we're going to hear from both um

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<v Speaker 1>how Speaker Paul Ryan and sent a majority Leader Mitch

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<v Speaker 1>McConnell these are the two most establishment Republicans in some senses,

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<v Speaker 1>and so to hear the offense which they are actually

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<v Speaker 1>stolean Donald Trump's virtues rather than just kind of generally

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<v Speaker 1>talking about conservative values. I think it's going to be

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<v Speaker 1>a big parton And the second is how this roll

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<v Speaker 1>call vote or stay? If I stay, vote for his domination.

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<v Speaker 1>Justin Sink Government reporter Bloomberg News joining us from Cleveland, Ohio.

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<v Speaker 1>This is Bloomberg coming up. We'll get an overview of

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<v Speaker 1>equity markets and take a look at bonds, but also

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<v Speaker 1>we'll look at some major earnings, Microsoft, Johnson and Johnson,

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<v Speaker 1>and Goldman Sachs. Find out what should you do with

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<v Speaker 1>your money?