WEBVTT - Iran Seeks Hormuz Compensation, European Heat Kills Thousands, More

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<v Speaker 1>News when you want it with Bloomberg News Now, I'm Caroline.

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<v Speaker 2>Hepcare and I'm Stephen Carroll.

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<v Speaker 1>European natural gas prices are jumping as renewed tensions around

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<v Speaker 1>the Straight of Homers add to concerns over winter supplies.

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<v Speaker 1>Benchmark futures surged by over ten percent across two sessions,

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<v Speaker 1>with prices now around double their January levels. Braincrude also

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<v Speaker 1>rose above eighty three dollars a barl after gaining almost

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<v Speaker 1>four percent in the previous session. The moves followed reports

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<v Speaker 1>that Iran's to our hostile targets at the entrance to

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<v Speaker 1>the Strait and is seeking to bar US and Israeli

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<v Speaker 1>ships from the waterway. Richard has his President Emeritus of

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<v Speaker 1>the Council on Foreign Relations and says Iran is in

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<v Speaker 1>a strong position.

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<v Speaker 3>If the goal is to get the Straight of Horror

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<v Speaker 3>moves open, which it should be. The idea that Iran

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<v Speaker 3>would have a larger role now I think is inevitable.

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<v Speaker 3>Wars of consequences will have to let them sell some

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<v Speaker 3>oil as long as most of the other sanctions stay

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<v Speaker 3>in place. I think that's probably as good as we

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<v Speaker 3>can expect.

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<v Speaker 1>As point so, that was Richard Hash speaking on Bloomberg's

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<v Speaker 1>Balance of Power, The war has already cut off about

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<v Speaker 1>a fifth of global LNG, making it harder for Europe

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<v Speaker 1>to replenish inventories that recently hit their lowest seasonal levels

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<v Speaker 1>since two thousand and nine.

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<v Speaker 2>Extreme heat has killed more than twenty five thousand people

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<v Speaker 2>across Europe this year, according to data compiled by Bloomberg.

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<v Speaker 2>Germany recorded the highest toll, with an estimated eleven thousand,

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<v Speaker 2>nine hundred excess deaths linked to heat since April. In

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<v Speaker 2>the UK, Health Secretary of Ed Cooper says thousands of

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<v Speaker 2>excess debts occurred in May and June.

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<v Speaker 4>The NHS now has to work to prepare for summer

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<v Speaker 4>pressures in the way that we have long had to

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<v Speaker 4>do four winter pressures. That means trusts having to have

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<v Speaker 4>plans in place to deal with higher levels of demand

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<v Speaker 4>people coming through the door. Maybe because of the heat wave.

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<v Speaker 2>Iv Cooper was speaking as heat waves across Europe have

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<v Speaker 2>shattered records and dented economic output. The heat is to

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<v Speaker 2>build again next week, with temperatures forecast to reach thirty

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<v Speaker 2>four degrees in London and thirty eight degrees in Paris.

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<v Speaker 1>The US is said to have blindsided the European Central

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<v Speaker 1>Bank by selling euros as part of last week's intervention

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<v Speaker 1>to prop up the EN. The Financial Times report CCB

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<v Speaker 1>officials in Frankfurt were only informed after the trade, with

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<v Speaker 1>some senior figures viewing the move as an unprecedented breach

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<v Speaker 1>of long standing conventions. The EN has since surrendered nearly

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<v Speaker 1>half of its intervention driven gains. Blue Makes David Finity

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<v Speaker 1>says traders have no consensus on where the currency goes

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<v Speaker 1>from here.

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<v Speaker 5>The fact that dollian is back about one fifty eight,

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<v Speaker 5>it just says a lot to the fundamentals. You can

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<v Speaker 5>say it shouldn't be there. The mark is going, but

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<v Speaker 5>it is, and it is there because we think it

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<v Speaker 5>should be there. So I think whatever tools they use

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<v Speaker 5>and rhetoric obviously is not enough for a question whether

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<v Speaker 5>interventions even enough. The reality is that the market is

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<v Speaker 5>so big and deep you are fighting this wave of

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<v Speaker 5>basically sentiments saying well, we do think it's can be higher,

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<v Speaker 5>but we're very wary that you're going to try and

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<v Speaker 5>push it lower.

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<v Speaker 1>Infinity points to US jobs data later today as the

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<v Speaker 1>next big test for the currency pair. The renewed slide

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<v Speaker 1>raises the prospect of further intervention, with both US and

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<v Speaker 1>Japanese officials warning this week that they are prepared to

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<v Speaker 1>act again if needed.

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<v Speaker 2>The UK government has declined to rule out increasing bank

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<v Speaker 2>taxes and its upcoming budget. Bumper profits among lenders are

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<v Speaker 2>sparking speculation that the new administration will target the financial industry.

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<v Speaker 2>Bloomberg Exchange Wilcock has more.

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<v Speaker 6>Andy Burnham hasn't shied away from talking tax since becoming

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<v Speaker 6>Prime Minister a few weeks ago. He's announced cuts to

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<v Speaker 6>V eighty energy bills, reductions in business rates, and he's

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<v Speaker 6>ruled out changes to stamp duty in the coming October budget.

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<v Speaker 6>So when Bloomberg asked his treasury if they would rule

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<v Speaker 6>out a bank tax, their refusal to comment marks a contrast.

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<v Speaker 6>It's one that says he has noticed his Barkley ceocs

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<v Speaker 6>Ben Kate Krishnan.

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<v Speaker 7>We are indeed broad shoulders, not just in the size

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<v Speaker 7>of our businesses, but in the capabilities which we offer.

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<v Speaker 7>The question is how do you use it the right way?

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<v Speaker 7>Every pound of capital that they keep in the banking

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<v Speaker 7>system will be multiplied by eight or ten in terms

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<v Speaker 7>of the lending which we can do. So the right

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<v Speaker 7>thing to do is to continue to increase the capital

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<v Speaker 7>in the banking system, not seek to remove it, and

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<v Speaker 7>then to get us to lend, which is what we

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<v Speaker 7>want to do anyway.

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<v Speaker 6>The UK banking boss was speaking to Bloomberg last week,

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<v Speaker 6>where he announced more than two billion pounds in quarterly profits. Together,

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<v Speaker 6>the biggest UK banks have netted thirty billions so far

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<v Speaker 6>this year. Already their CEOs are starting to talk about

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<v Speaker 6>not making them a target in London, James Wilcock Bloomberg.

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<v Speaker 1>Radio Mata has been ordered to pay five hundred and

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<v Speaker 1>sixty seven million dollars to the US state of New

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<v Speaker 1>Mexico and to make changes to protect underage users after

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<v Speaker 1>losing a landmark court case. The judge likened the social

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<v Speaker 1>media giant to a polluting factory and order measures including

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<v Speaker 1>time limits and a halt to night time push notifications

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<v Speaker 1>for miners. Meta plans to appeal, with its total exposure

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<v Speaker 1>in the New Mexico case now at more than nine

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<v Speaker 1>hundred million dollars. The ruling could also clear the way

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<v Speaker 1>for other states and school districts to argue that social

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<v Speaker 1>media addiction is a public nuisance contributing to a broader

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<v Speaker 1>mental health crisis.

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<v Speaker 2>Open AI's first consumer device will have a unique look.

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<v Speaker 2>The new product is expected to be released in twenty

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<v Speaker 2>twenty seven. Boomboks tb out of Bio has more.

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<v Speaker 8>Open AI's newest offering will look like a donut and

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<v Speaker 8>likely costs more than three hundred dollars. Bloomberg understands the

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<v Speaker 8>device will be a smart speaker without a display, featuring

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<v Speaker 8>microphones and lights to demonstrate when it's listening. It's thought

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<v Speaker 8>the unusual design will help the product stand out from

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<v Speaker 8>other smart speakers, a category currently dominated by Amazon and Google.

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<v Speaker 8>Users are expected to rely on the new hardware throughout

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<v Speaker 8>the day, and it will function similarly to the company's

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<v Speaker 8>Chat GPT voice mode on smartphone apps. The speaker is

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<v Speaker 8>seen as a way to ease into the market for

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<v Speaker 8>Opening like who eventually plans to offer a family of

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<v Speaker 8>devices in London to You added by Bloomberg Radio Now.

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<v Speaker 1>Lastly, FIFA is looking to keep lucative World Cup water

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<v Speaker 1>breaks as part of the next media deal. Bloomberg understands

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<v Speaker 1>that football's governing body is exploring selling US media rights

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<v Speaker 1>for the next two tournaments, maintaining the controversial hygh duration breaks,

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<v Speaker 1>which boost to ad revenue. Sources tell us that negotiations

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<v Speaker 1>are still in the very early stages, but the tournament

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<v Speaker 1>organizes also interested in bundling rights for English and Spanish

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<v Speaker 1>broadcasts together. The news comes as FIFA faces termoil over.

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<v Speaker 1>President Johnny Infantinos now canceled plans to raise money from

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<v Speaker 1>commercial investors. FIFA has declined to comment on those reports.

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<v Speaker 2>And those are your top stories on the markets this morning.

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<v Speaker 2>At brand crude oil at one percent eighty three dollars

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<v Speaker 2>thirty eight a. Natural gas on the Dutch TTF benchmark

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<v Speaker 2>up by two point nine percent. Eurostouctivity features are a

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<v Speaker 2>tenth of one percent lower. In the tenure treasury yield

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<v Speaker 2>is holding steady this morning at four point six eight percent.

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<v Speaker 1>That's news when you want it. With Bloomberg News Now,

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<v Speaker 1>I'm Caroline Hepka

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<v Speaker 2>I'm Stephen Carol, and this is Bloomberg