WEBVTT - Iran-Oman Hormuz Agreement; Trump Threatens Munitions Leakers

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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 an important development in the Middle

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<v Speaker 3>East this morning. Iran says it has reached an agreement

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<v Speaker 3>with Oman on a proposed shipping route through the Strait

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<v Speaker 3>of Horror Moves. Both countries have been in talks on

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<v Speaker 3>this for several days, though an Iranian Foreign Ministry spokesman

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<v Speaker 3>has not mentioned any role for the US in the discussions.

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<v Speaker 3>We get the latest from Bloomberg Middle East correspondent to

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<v Speaker 3>Birabu Omar in Dubai.

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<v Speaker 4>There's a lot of details to be armned out here

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<v Speaker 4>about just how exactly ships that are outbound and inbound

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<v Speaker 4>would make their way through the Strait of Removes. We'll

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<v Speaker 4>await more details once that draft is publicized. But what

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<v Speaker 4>we know from the Iranian side, and you mentioned the

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<v Speaker 4>spokesperson for the Foreign Ministry.

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<v Speaker 5>Smid Bahai, that said.

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<v Speaker 4>That negotiations are forward moving and the deal would be

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<v Speaker 4>struck if certain third parties not obstruct the process. Obviously

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<v Speaker 4>they're referring to the United States, perhaps Israel as well.

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<v Speaker 5>Bloomberg.

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<v Speaker 3>Sabirobo Omar reports this latest announcement follows months of deadlock

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<v Speaker 3>between the US and Iran and how to end their war.

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<v Speaker 3>President Trump has claimed breakthroughs repeatedly before, but a lasting

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<v Speaker 3>agreement has remained elusive.

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<v Speaker 2>Meanwhile, Nathan, President Trump is denying that the US is

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<v Speaker 2>running low on munitions. That's after The Washington Post reported

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<v Speaker 2>he clashed with Defense Secretary Pete Hegseth at Camp David

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<v Speaker 2>last week about shortages of long range guided missiles and

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<v Speaker 2>air defense interceptors. In a truth social post, the President

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<v Speaker 2>said the US has massive amounts of munitions and the

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<v Speaker 2>quote leakers of these trees in his statements are being

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<v Speaker 2>hunted down the Karin.

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<v Speaker 3>President Trump's also speaking out after progressive Democrat Abdul l

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<v Speaker 3>Sayed's victory in the Michigan Senate primary.

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<v Speaker 5>Abdullah say lovely, gentlemen. It's a man of hate. And

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<v Speaker 5>now he's going around saying, no, I love everybody.

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<v Speaker 2>I love.

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<v Speaker 5>He does love everybody. Put him in office.

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<v Speaker 6>You're gonna find out what he loved.

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<v Speaker 3>The President called Abdullahsaiat a communist who hates Jews and

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<v Speaker 3>Israel at an event in Las Vegas, aim at touting

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<v Speaker 3>his economic agenda.

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<v Speaker 5>Elsayad responded on CNN, look at.

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<v Speaker 7>The background, it says no tax on tips. The man

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<v Speaker 7>can't stay on focus. That's like the one thing that

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<v Speaker 7>he did to offer any economic relief, but instead of that,

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<v Speaker 7>he's more focused on me.

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<v Speaker 3>Abdulah Saiad says he is a capitalist who condemns anti Semitism,

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<v Speaker 3>though he has accused Israel of genocide and it's Warren Gaza.

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<v Speaker 3>Elsaiad defeated Establishment back to Congressman Haley Stevens in the

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<v Speaker 3>primary and will now face Republican Mike Rodgers in a

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<v Speaker 3>high profile general election race that could determine control of

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<v Speaker 3>the Senate.

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<v Speaker 5>Well Nathan.

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<v Speaker 2>President Trump has reportedly spoken repeatedly with Kevin Worsh since

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<v Speaker 2>he became chairman of the Federal Reserve. The Wall Street

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<v Speaker 2>Journal reports the President has sought Worsh's council on a

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<v Speaker 2>range of matters, including how the war in Iran and

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<v Speaker 2>the rapid rise of artificial intelligence are affecting the economy.

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<v Speaker 2>The paper says it isn't clear if Trump and Worsh

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<v Speaker 2>have discussed monetary policy over their communications, sparks concerns about

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<v Speaker 2>the independence of the FED.

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<v Speaker 3>Well Karen, FED Governor Lisa Cook says she's ready to

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<v Speaker 3>raise interest rates if inflation doesn't slow.

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<v Speaker 5>She spoke at an event in Alaska.

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<v Speaker 8>If I do not see signs of continued disinflation soon,

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<v Speaker 8>I am.

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<v Speaker 5>Prepared to act.

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<v Speaker 8>With five years of above target inflation, the risk grows

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<v Speaker 8>that higher inflation may become entrenched and priced and wage

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<v Speaker 8>setting behavior, leading to persistence that would be much harder

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<v Speaker 8>for us to attack. The longer inflation is above target,

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<v Speaker 8>the more likely this scenario becomes.

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<v Speaker 3>And FED Governor Lisa Cook went on to say her

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<v Speaker 3>priority remains getting inflation back to the Fed's two percent target.

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<v Speaker 3>She says she is firmly committed to restoring price stability.

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<v Speaker 2>Well Nathany now turn it to the markets. Global stocks

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<v Speaker 2>are retreating from record highs on weakness in chip stocks.

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<v Speaker 2>Memory maker sand Disk down more than nine percent in

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<v Speaker 2>early trading, while rival Western Digital is lower by almost

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<v Speaker 2>fifteen percent. After book companies reported earnings.

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<v Speaker 3>In Asia care in a second flash crash in sk

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<v Speaker 3>Heinez shares has raised fresh questions about South Korea's new

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<v Speaker 3>alternative stock exchange. The chip maker briefly fell thirty percent

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<v Speaker 3>in pre market trading on next trade before ending the

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<v Speaker 3>fifty minute session down about two percent. Sk Heinex then

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<v Speaker 3>dropped another six and a half percent in regular trading

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<v Speaker 3>on South Korea's mainstock exchange as the company tracked a

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<v Speaker 3>broader chip sell off Nathan.

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<v Speaker 2>Today could be another critical day for SpaceX. We get

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<v Speaker 2>details with Bloomberg's Charlie Billett.

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<v Speaker 9>Just over one hundred billion dollars worth of SpaceX shares

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<v Speaker 9>become available for trading. Insiders, should they choose, can start

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<v Speaker 9>unloading shares when a lock up agreement ends. Stephen Wesley

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<v Speaker 9>is a former board member at Tesla. He's now the

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<v Speaker 9>co founder of the Wesley Group.

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<v Speaker 10>This is a bit of a different IPO where shareholders

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<v Speaker 10>can sell twenty percent of their holdings within ninety days,

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<v Speaker 10>and so one of the questions out here is going

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<v Speaker 10>to be how many people are going to hit the

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<v Speaker 10>access early.

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<v Speaker 9>The traditional one hundred and eighty day lock up for

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<v Speaker 9>other shares ends December eighth. Elon Musk's shares remain locked

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<v Speaker 9>until June of next year.

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<v Speaker 5>In New York.

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<v Speaker 9>Charlie Pellock Bloomberg Radio.

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<v Speaker 5>Thank you.

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<v Speaker 11>Charlie.

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<v Speaker 3>Bloomberg News has learned hackers have launched a major cyber

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<v Speaker 3>campaign against some of Wall Street's biggest money managers. Sources

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<v Speaker 3>say the attacks featured voice fishing in an effort to

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<v Speaker 3>trick employees into revealing sensitive information or grant access to

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<v Speaker 3>internal systems. Hamma Palmer is one of the Bloomberg reporters

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<v Speaker 3>who broke this story.

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<v Speaker 12>We're seeing some of the world's biggest hedge funds attacked

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<v Speaker 12>in this attempt to end We're talking Citadel, Millennium, Point

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<v Speaker 12>seventy two, two Sigma, and you know these firms collectively

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<v Speaker 12>manage hundreds of billions of dollars. We do know that

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<v Speaker 12>Point seventy two sent a letter to investors telling them

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<v Speaker 12>that initial indicators aware that there were no client information stolen,

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<v Speaker 12>and then to Sigma also said in a statement that

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<v Speaker 12>they have no indication of any impact to its systems.

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<v Speaker 3>Bloomberg Sema Parmer says Wall Street's financial regulator Finra has

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<v Speaker 3>in touch with member firms following the attempted breaches.

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<v Speaker 2>NIG and open AI is asking a federal judge to

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<v Speaker 2>dismiss a lawsuit filed by Apple accusing the artificial intelligence

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<v Speaker 2>company of stealing trade secrets that chat GPT makers as

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<v Speaker 2>the iPhone maker's allegations are meritless. The filing came a

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<v Speaker 2>day after Apple asked the judge to order open Ai

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<v Speaker 2>to stop using what it calls stolen trade secrets and

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<v Speaker 2>to force the company to return any confidential information.

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<v Speaker 5>To Apple and Karin.

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<v Speaker 3>Amazon founder Jeff Bezos unloaded almost three hundred and fifty

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<v Speaker 3>million dollars in company stock as it hit a record

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<v Speaker 3>on Monday. The transaction was disclosed after yesterday's market close.

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<v Speaker 3>It represents only a fraction of the up to fifteen

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<v Speaker 3>million shares worth more than four billion dollars that Bezos

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<v Speaker 3>said he'd proposed to sell in a separate filing release

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<v Speaker 3>two days earlier. Bezos's wealth has climbed almost thirty nine

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<v Speaker 3>billion dollars this year to two hundred and ninety two billion.

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<v Speaker 3>That's according to the Bloomberg Billionaire's Index, and Amazon recently

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<v Speaker 3>became the fifth firm to surpass three trillion dollars in

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<v Speaker 3>market value.

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<v Speaker 2>And we do have a program note here, Nathan Bloomberg

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<v Speaker 2>Radio is introducing a new feature exclusively for Bloomberg dot

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<v Speaker 2>Com subscribers and terminal clients.

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<v Speaker 5>You can help.

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<v Speaker 2>Shape our conversations by submitting questions for our analysts and

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<v Speaker 2>experts to answer live on air. Subscribers can go to

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<v Speaker 2>Bloomberg dot com slash Ask Radio to send in questions,

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<v Speaker 2>and you may just hear the mast on the air.

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<v Speaker 2>That's Bloomberg dot Com slash Ask Radio. Time now for

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<v Speaker 2>look at some of the other stories making news in

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<v Speaker 2>New York and around the world. And for that we're

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<v Speaker 2>joined by Bloomberg's Michael Barr. Michael, Good morning, Good morning Karen.

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<v Speaker 11>Several New York City families are homeless this morning after

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<v Speaker 11>a big explosion and fire at an apartment building in

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<v Speaker 11>the Bronx. One person was found dead and at least

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<v Speaker 11>fifteen people were heard after Wednesday's fire reached five alarms

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<v Speaker 11>in the Bronx Norwood section. The FDN Y says six

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<v Speaker 11>firefighters were among the injured. Several residents had to be rescued.

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<v Speaker 11>Fire Chief johns Posito says the cause of the blast

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<v Speaker 11>is under investigation.

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<v Speaker 13>As the commissioners said, there was some sort of explosion.

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<v Speaker 13>It blew out window frames, It blew some of them

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<v Speaker 13>across the street, and when our members got up to

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<v Speaker 13>the second floor, some of the apartment doors had been

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<v Speaker 13>blown off. The hinges as well.

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<v Speaker 11>Fire chief John Sposito says that allowed the fire to

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<v Speaker 11>spread down the hallways and into stairwells. In battle, Republican

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<v Speaker 11>Congressman Max Miller doubles down, saying he will not get

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<v Speaker 11>out of his re election race. Miller continues to deny

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<v Speaker 11>domestic abuse allegations brought against him by his ex wife,

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<v Speaker 11>the daughter of a fellow Ohio lawmaker, Senator Bernie Marino.

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<v Speaker 11>The House Ethics Committee announced they have opened an investigation

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<v Speaker 11>in the Miller Former House Ethics Committee Chairman Charlie Dent

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<v Speaker 11>says he expects Miller is facing pressure from major party

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<v Speaker 11>leaders like Speaker Mike Johnson behind closed doors.

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<v Speaker 14>I suspect, behind the scenes and behind closed doors, I

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<v Speaker 14>would expect that the Speaker would likely be putting pressure

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<v Speaker 14>on Congress and Miller rese's not only to get out

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<v Speaker 14>of the race, but to resign.

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<v Speaker 11>Former Congressman Dent spoke to ABC. Speaker Johnson publicly said

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<v Speaker 11>earlier to let the investigation into Miller run its course.

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<v Speaker 11>A Senate committee is set to vote today on whether

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<v Speaker 11>to hold doctor Anthony Fauci in the contempt of Congress

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<v Speaker 11>for refusing to answer questions at a hearing Fauci invoked

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<v Speaker 11>his Fifth Amendment right against self incrimination more than one

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<v Speaker 11>hundred times. Global news twenty four hours a day and

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<v Speaker 11>whenever you want it with Bloomberg News Now Michael Barr

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<v Speaker 11>and this is Bloomberg Heron.

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<v Speaker 2>Thanks Michael all the time. Now for our Bloomberg Sports Update,

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<v Speaker 2>and for that we bring in John stash Hour.

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<v Speaker 6>Thanks hearing the Red Sox on June twenty fourth at

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<v Speaker 6>a record of thirty two and forty six. Since then

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<v Speaker 6>they are thirty and seven. They shut out the White

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<v Speaker 6>Sox for nothing at Fenway's Sunny Gray, improving to fourteen

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<v Speaker 6>to two on the season. At Wrigley, the Cubs top

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<v Speaker 6>the Dodgers seven to six, la sixth loss in a row.

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<v Speaker 6>He Crow Armstrong howert twice in the win, Showy O

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<v Speaker 6>Tommy Homer twice in the loss. The Washington Commanders have

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<v Speaker 6>signed veteran free agent wide receiver Stefan Diges.

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<v Speaker 5>That's a Bloomberg Sports update. Stay with us.

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<v Speaker 2>More from Bloomberg Day Break coming up after this.

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<v Speaker 1>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg business Appum. This is Bloomberg Daybreak.

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<v Speaker 5>Good morning. I'm Nathan Hager.

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<v Speaker 3>The wait continues into this morning for a deal between

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<v Speaker 3>Iran and Olman that could partially reopen the Strait of

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<v Speaker 3>Horror Moves. That's after the Islamic Republic set an agreement

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<v Speaker 3>on propost shipping lanes was in its final stages. Joining

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<v Speaker 3>us this morning is Mark Champion, who covers the Middle

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<v Speaker 3>East for Bloomberg Opinion. Mark, it's great to speak with

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<v Speaker 3>you again this morning. Of course, we know that Iran

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<v Speaker 3>and Oman have been discussing this for several weeks. If

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<v Speaker 3>a deal is announced, what would it entail.

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<v Speaker 15>Good morning, Good morning, So to the best of our knowledge,

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<v Speaker 15>in other words, this mainly comes from the Iranians. But

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<v Speaker 15>to the best of our knowledge, it will identify a

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<v Speaker 15>temporary channel for a period perhaps forty days, in which

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<v Speaker 15>shipping traffic will be able to go back and forth

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<v Speaker 15>through Homers and you know, sort of more or less

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<v Speaker 15>opening up the straight and there'll be an agreement in

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<v Speaker 15>principle on the collection of fees and on control where

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<v Speaker 15>the Iranians would control traffic going into the strait close

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<v Speaker 15>to their shores. The omanis on the other side would

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<v Speaker 15>control traffic going out. That seems to be the kind

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<v Speaker 15>of framework for the for the a deal from the

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<v Speaker 15>reporting or the sort of news comments and leaks that

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<v Speaker 15>there have been on the Iranian side. The American officials

0:11:58.880 --> 0:12:01.520
<v Speaker 15>off the record have been saying that, you know, that's

0:12:01.559 --> 0:12:02.120
<v Speaker 15>not accurate.

0:12:02.200 --> 0:12:03.360
<v Speaker 5>There won't be any fees.

0:12:03.920 --> 0:12:07.280
<v Speaker 15>We'll see, but the Americans seem to be at one

0:12:07.360 --> 0:12:08.560
<v Speaker 15>removed from these.

0:12:08.360 --> 0:12:11.640
<v Speaker 3>Talks now to that point, I mean, President Trump has

0:12:11.720 --> 0:12:14.840
<v Speaker 3>said that Iran wants to talk, is begging to talk,

0:12:14.920 --> 0:12:18.640
<v Speaker 3>in his words, and Iran has been denying that where

0:12:18.840 --> 0:12:21.400
<v Speaker 3>is the US and all this and if it's being

0:12:21.480 --> 0:12:23.400
<v Speaker 3>left out of the talks, where does that leave things

0:12:23.640 --> 0:12:26.360
<v Speaker 3>when it comes to the broader issues that the US

0:12:26.400 --> 0:12:28.280
<v Speaker 3>says it wants to get resolved in this war, but

0:12:28.440 --> 0:12:29.960
<v Speaker 3>particularly the nuclear program.

0:12:30.520 --> 0:12:34.920
<v Speaker 15>Right absolutely, so, you know, the Iranians have also said, look,

0:12:35.520 --> 0:12:37.679
<v Speaker 15>if we get to this deal with Oman, that doesn't

0:12:37.760 --> 0:12:40.760
<v Speaker 15>mean that the strait opens. Whether it opens and we

0:12:40.800 --> 0:12:43.720
<v Speaker 15>have free flowing traffic, that will depend on the US

0:12:44.760 --> 0:12:48.240
<v Speaker 15>and changes in its behavior. You know, it's not really

0:12:48.280 --> 0:12:50.000
<v Speaker 15>clear exactly what they mean by that, but you know,

0:12:50.000 --> 0:12:54.960
<v Speaker 15>almost certainly it's about you know, the unblocking of Iranian ports.

0:12:55.040 --> 0:12:57.400
<v Speaker 15>So the Iranians, you know, quite clearly don't want to

0:12:57.440 --> 0:12:59.200
<v Speaker 15>open up the straight and if it means that they

0:12:59.240 --> 0:13:03.400
<v Speaker 15>still can't benefit from that fully. So you know, the

0:13:03.440 --> 0:13:08.280
<v Speaker 15>Americans will have to decide, you know, whether they are

0:13:08.320 --> 0:13:12.280
<v Speaker 15>willing to accept this, which will be somewhat humiliating.

0:13:12.320 --> 0:13:14.000
<v Speaker 5>It will not be a victory.

0:13:14.200 --> 0:13:18.280
<v Speaker 15>It will be, you know, something that Iran has power

0:13:18.320 --> 0:13:21.200
<v Speaker 15>over that it did not have before the war. And

0:13:21.240 --> 0:13:24.679
<v Speaker 15>it does not include any of the issues that the

0:13:25.400 --> 0:13:30.080
<v Speaker 15>US went and Israel went to war to resolve. Those

0:13:30.120 --> 0:13:33.280
<v Speaker 15>will all have to come later. But it does seem

0:13:33.280 --> 0:13:35.720
<v Speaker 15>that Donald Trump is very keen to get the straits open.

0:13:35.800 --> 0:13:39.400
<v Speaker 15>He's got midterm elections coming up. He does want, you know,

0:13:39.440 --> 0:13:42.959
<v Speaker 15>some kind of stability in the ore markets, and so

0:13:43.200 --> 0:13:46.840
<v Speaker 15>you know, he's created a space for these talks to happen.

0:13:47.160 --> 0:13:50.120
<v Speaker 15>Whether he can swallow the outcome, that's a different matter.

0:13:50.440 --> 0:13:53.320
<v Speaker 3>Just thirty seconds left here, Mark, But the President is

0:13:53.360 --> 0:13:56.199
<v Speaker 3>denying this report in the Washington Post that he confronted

0:13:56.240 --> 0:14:01.040
<v Speaker 3>Defense Secretary Pete Hegseth about being misled about US munition stockpiles.

0:14:01.360 --> 0:14:03.120
<v Speaker 5>Where does munitions play into all this?

0:14:04.360 --> 0:14:07.880
<v Speaker 15>Well, I mean, again, to the best of our knowledge,

0:14:09.280 --> 0:14:13.000
<v Speaker 15>it does look as though in the course of this war,

0:14:13.440 --> 0:14:20.560
<v Speaker 15>since February, American stocks of critical weapons, both Patriot anti

0:14:21.160 --> 0:14:27.480
<v Speaker 15>ballistic missile defense interceptors and then the offense long range

0:14:27.480 --> 0:14:30.720
<v Speaker 15>precision strike offense offensive weapons.

0:14:31.280 --> 0:14:32.520
<v Speaker 5>These are kind of land based.

0:14:32.520 --> 0:14:37.920
<v Speaker 15>They're called attack ems or sea launched tomahawks, and they're very,

0:14:38.040 --> 0:14:40.200
<v Speaker 15>very much reduced at this point.

0:14:42.000 --> 0:14:45.440
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