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Speaker 1: News when you wanted With Bloomberg News Now, I'm Brian

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Speaker 1: Curtis in Hong Kong. NATO is sent to offer F

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Speaker 1: sixteen fighters to Ukraine in a new show of support.

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Speaker 1: The announcement was part of a display of unity in

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Speaker 1: the face of a stepped up barrage by President Vladimir

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Speaker 1: Putin's forces. President Joe Biden made the announcement in a

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Speaker 1: speech to.

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Speaker 2: NATO today, I'm announcing the historic donation a very defense

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Speaker 2: equipment for Ukraine. The United States, Germany, the Netherlands, Romania

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Speaker 2: in Italy will provide Ukraine with the equipment.

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Speaker 1: Biden also vowed to stop Putin in Ukraine and defend Europe.

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Speaker 2: And we know Putin won't stop in Ukraine, but make

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Speaker 2: no mistake, Ukraine can and will stop Putin.

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Speaker 1: The big question now is what leaders will do next.

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Speaker 1: So far, their commitments have focused on Ukraine's defense and

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Speaker 1: not on giving it the ability to Russian forces off

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Speaker 1: of its land. The latest assessment of the battlefield suggests

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Speaker 1: that Ukraine is set for a steal meat. In other news,

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Speaker 1: Democrats on Capitol Hill are starting to close ranks in

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Speaker 1: support of President Joe Biden. Bloomberg's Ed Baxter has the

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Speaker 1: story a.

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Speaker 3: Two hour closed door meeting of the caucus, with congressmen

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Speaker 3: emerging saying in vast majority they have reached a turning

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Speaker 3: point and need to line up behind Biden. Harris. Congressman

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Speaker 3: Jerry Natler, who over the weekend said Biden should step aside,

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Speaker 3: is done on one to eighty.

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Speaker 2: I'm fully supportive of him.

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Speaker 4: I planned to campaign for him, and it's essential.

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Speaker 2: That he would.

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Speaker 3: And even if they were less enthusiastic, they say the

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Speaker 3: job is to make sure Donald Trump doesn't win. Congressman

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Speaker 3: Pete Aguilar.

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Speaker 5: Every single member of the House Democratic Caucus is clear

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Speaker 5: eyed about what the stakes of this election are. Donald

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Speaker 5: Trump cannot be allowed near the Oval office.

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Speaker 3: Biden does have a news conference tomorrow, ed Baxter, Bloomberg Radio.

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Speaker 1: Elsewhere. A Samsung's labor union said it's prepared to extend

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Speaker 1: its ongoing strike or an indefinite period. It's a move

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Speaker 1: that threatens to effect and disrupt production. According to the website.

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Speaker 1: The union declared a general strike after it confirmed that

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Speaker 1: management had no intention to engage in dialogue. China's consumer

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Speaker 1: prices hovered near zero for a fifth month in June.

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Speaker 1: It's yet another sign that deflation is a threat for

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Speaker 1: the Chinese economy. The CPI rose just zero point two

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Speaker 1: percent from a year earlier. That was weaker than the

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Speaker 1: estimate of zero point four percent. In the meantime, factory

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Speaker 1: gate prices declined zero point eight percent, in line with estimates. Meantime,

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Speaker 1: in the United States, the Fed Chief Jerome Pal said

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Speaker 1: that officials are wary of risks to the labor market,

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Speaker 1: but he said that more work was still needed on inflation,

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Speaker 1: and he went out of his way in avoiding talking

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Speaker 1: about the timing of any cuts.

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Speaker 6: The most recent inflation readings, however, have shown some modest

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Speaker 6: further progress, and more good data would strengthen our confidence

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Speaker 6: that inflation is moving so stainably toward two percent. We

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Speaker 6: continue to make decisions meeting by meeting. We know that

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Speaker 6: reducing policy restraint too soon or too much could stall

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Speaker 6: or even reverse the progress that we've seen on inflation.

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Speaker 1: Pal was careful not to offer a timeline for interest

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Speaker 1: rate adjustments. However, investors are betting that rate cuts will

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Speaker 1: begin in September. Meantime, the Biden administration is launching a

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Speaker 1: massive competition to develop new chip packaging Bloomberg's tom Busby

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Speaker 1: has more.

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Speaker 7: After losing its edge to Asian tech firms, Washington wants

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Speaker 7: to jumpstart the once dominant US semiconductor industry by putting

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Speaker 7: up one point six billion dollars to fund a competition

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Speaker 7: for chip packaging research. That's the process of encasing chips

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Speaker 7: to protect them and connect them to devices now. The

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Speaker 7: money comes from the twenty twenty two Chips in Science

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Speaker 7: Act and will concentrate on five areas equipment and tools,

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Speaker 7: power delivery and heat management, connector technology, electronic design, automation

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Speaker 7: and chiplets modular pieces designed for specific use. Tom Buzby

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Speaker 7: Bloomberg Radio Beijing.

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Speaker 1: Will support the introduction of robotaxis in ride hailing and

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Speaker 1: car rental fleets in the city. Bloomberg's Joan Wong has

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Speaker 1: more from Hong Kong.

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Speaker 4: The introduction comes as robotaxi fleets in other Chinese cities

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Speaker 4: face a backlash. Hundreds of pilot cars in Wuhan have

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Speaker 4: sparked concern among taxi drivers about job losses. Meanwhile, the

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Speaker 4: guidelines in Beijing say autonomous vehicles should have drivers on

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Speaker 4: board or drivers should be able to control the vehicles remotely.

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Speaker 4: Beijing's move also comes as Tesla prepares to unveil its

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Speaker 4: own robotaxi next month. Tesla is secured tentative approval from

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Speaker 4: Chinese officials to roll out his driver assistance system, but

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Speaker 4: it's not clear if Tesla's cars will be regarded as

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Speaker 4: qualified operators by Beijing once the rules are finalized in

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Speaker 4: Hong Kong. Join Wang Bloomberg Radio.

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Speaker 1: In other news, New Zealand Central Bank has kempt interest

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Speaker 1: rates unchanged for an eighth consecutive meeting. It did tone

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Speaker 1: down its hawkish rhetoric. The RBNZ held the official cash

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Speaker 1: rate at five point five percent. That's news when you

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Speaker 1: want it. With Bloomberg News Now. I'm Brian Curtis. This

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Speaker 1: is Bloomberg