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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

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Speaker 1: dayba Q, a podcast available every morning on Apples, Spotify

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Speaker 1: or wherever you listen. It's Monday, the twenty ninth of

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Speaker 1: July here in London. I'm Caroline Hipke and.

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Speaker 2: I'm Stephen Carroll. Coming up today. Israel hits back at

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Speaker 2: Hesbella after twelve children dyeing a rocket attack on the

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Speaker 2: occupied Golan Heights.

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Speaker 1: Kamala Harris raises two hundred million dollars in a week

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Speaker 1: as Republicans look to shopen their attacks.

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Speaker 2: Plus, Rachel Reeves accuses the Conservative government of covering up

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Speaker 2: the true state of the UK's public finances. But Bloomberg

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Speaker 2: and others warned of the shortfall before the election. So

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Speaker 2: can labor really claim to be surprised.

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Speaker 1: Well, let's start with a roundup of our top stories.

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Speaker 2: Israel has struck Hesbela targets in Lebanon and threatened further

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Speaker 2: retaliation after a rocket strike killed twelve young people and

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Speaker 2: the occupied Golan Heights. The Iran Baks militant group denies responsibility.

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Speaker 2: US Secretary a State Anthony Blincoln says evidence suggests the

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Speaker 2: rocket came from Hebellah.

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Speaker 3: We are deeply said by the loss of life that

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Speaker 3: we saw. There is no justification for terrorism, period, and

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Speaker 3: every indication is that indeed the rockets were from h

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Speaker 3: or the rocket was from Hesbolat. We stand by Israel's

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Speaker 3: right to defend its citizens from terrorist attacks.

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Speaker 2: B Lincoln's comments, made while on a trip to Japan,

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Speaker 2: come as Israeli Prime Minister Benjamin Natanyahu vowed to exact

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Speaker 2: a heavy price from Hezbollah. The latest escalation coincides with

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Speaker 2: renewed efforts to secure a ceasefire with Hamas. Over the weekend,

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Speaker 2: the head of Israel's massats By agency met the head

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Speaker 2: of the CIA, the Katari Prime minister, and the Egyptian

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Speaker 2: intelligence chief to discuss the latest iteration of a Gaza

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Speaker 2: truce proposal. Negotiations are set to continue in the coming days.

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Speaker 1: Turkey's President Urjuwan has suggested that the country could intervene

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Speaker 1: on behalf of Palestinians, possibly with literary support. Speaking in

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Speaker 1: his hometown, the Turkish leader said, we must be very

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Speaker 1: strong so that Israel can't do these things to Palestine.

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Speaker 4: Well.

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Speaker 1: He spoke vaguely and made no indication that he was

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Speaker 1: considering any direct military operations. His remarks underscore the growing

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Speaker 1: hostility towards Israel. In recent months, Urduan has recalled Turkey's

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Speaker 1: ambassador to Israel, suspended trade with the country, and sent

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Speaker 1: humanitarian aid to Gaza.

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Speaker 2: Kamala Harris has raised more than two hundred million dollars

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Speaker 2: during her first week as a twenty twenty four presidential contender.

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Speaker 2: The Vice President has also seen a ten percent increase

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Speaker 2: in her favorability during the same period, according to an

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Speaker 2: ABC News poll, putting her a head of rival Donald Trump,

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Speaker 2: but Republican Governor Chris Sununu says the support won't last.

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Speaker 4: I mean, this is the honeymoon period they had, if

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Speaker 4: you will, the courage to push him off the ballot.

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Speaker 4: Vice President Harris is in there. The media is fawning,

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Speaker 4: everyone's excited. It's a whole new race. That's all very true,

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Speaker 4: and that's going to last for about thirty days. There's

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Speaker 4: no question I think the Democrats can take that momentum

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Speaker 4: into the convention.

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Speaker 2: Governor sent any of there speaking to ABC News. Harris

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Speaker 2: received a key endorsement from former President Barack Obama last week,

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Speaker 2: and her campaign says two thirds of their fundraising tally

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Speaker 2: came from first time donors. Donald Trump's fundraising has also

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Speaker 2: surged in recent months, bolstered by support from Wall Street

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Speaker 2: and corporate executives drawn to his economic agenda.

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Speaker 1: Now to Corporate News, Apple is delaying the release of

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Speaker 1: its upcoming artificial intelligence features. Instead, the company is employing

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Speaker 1: an unconventional strategy for its rollouts. Bloomberg's Doug Chrisna has

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Speaker 1: the details.

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Speaker 5: The arrival will happen in October, roughly a month later

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Speaker 5: than anticipated, and the delay will give Apple more time

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Speaker 5: to fix bugs. We are told to rollout of Apple

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Speaker 5: Intelligence will be a part of software updates originally scheduled

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Speaker 5: for September. Now, in spite of the delayed release, Apple

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Speaker 5: Intelligence will be available to software developers for the first

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Speaker 5: time for early testing as soon as this week. That

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Speaker 5: strategy is atypical, but the stakes are higher than usual.

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Speaker 5: Apple needs support from developers to ensure a smooth consumer

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Speaker 5: release of its big bet on AI. In New York,

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Speaker 5: I'm Doug Prisner Bloomberg Radio.

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Speaker 1: Well delays that Apple come amits a challenging time for

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Speaker 1: the technology sector. Concerns are growing that AI and data

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Speaker 1: center spending will decelerate unless companies can generate significant revenue

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Speaker 1: from those investments. Investors soured on the promise of returns

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Speaker 1: from tech last week, sparking a trillion dollar route in

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Speaker 1: the Nasdaq one hundred.

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Speaker 2: In the UK, Chancellor Rachel Reeves is expected to highlight

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Speaker 2: a bleak fiscal inheritance in her first major speech since

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Speaker 2: taking the job. Reeves is due to say she's inherited

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Speaker 2: a near twenty billion pounds shortfall for public services and

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Speaker 2: warned Bloomberg of difficult decisions to come. James Wilcock has more.

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Speaker 6: A roughly twenty billion pound fiscal whole with a dilemma

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Speaker 6: between harsh spending cuts and tough tax rises in the

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Speaker 6: diagnosis of the UK economy. But independent think tanks, Bloomberg's

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Speaker 6: own economists, and even the Office for Budget Responsibility have

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Speaker 6: been warning of this looming fiscal crisis since the start

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Speaker 6: of the year. So the question the chancefer faces is

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Speaker 6: how much of our audit has found new skeletons in

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Speaker 6: the cupboard? And if her speech later today does turn

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Speaker 6: up new horrors, how can labor achieve their goals for

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Speaker 6: government without making a U turn on the tax pledges

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Speaker 6: In London? James Wilcock Bloomberg Radio.

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Speaker 1: Six former Conservative government ministers are now running to replace

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Speaker 1: Rishie Sunak as the leader of the party. The former

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Speaker 1: business secretary and the Bookmaker's favorite, Kemy Baidenock is the

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Speaker 1: latest to declare, with nominations closing this afternoon. Conservative John

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Speaker 1: Glenn says that the priority must be to unite the party.

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Speaker 7: You need somebody who can have the right analysis of

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Speaker 7: the defeat put the party on the right footing going forward.

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Speaker 7: But obviously the individual needs to be somebody who the

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Speaker 7: country can believe is a credible candidate to be Prime

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Speaker 7: minister in four to five years time.

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Speaker 1: John Glenn, speaking their Conservative MPs now in opposition. I

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Speaker 1: will now narrow the field down to four candidates by

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Speaker 1: the end of September, in time for the party's annual conference.

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Speaker 1: A final short list of two will then be put

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Speaker 1: forward to the party membership, with the new leader announced

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Speaker 1: in November. Now, in a moment, we'll bring you more

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Speaker 1: on the rising tensions between Israel and Hezbolla, plus discuss

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Speaker 1: Kamala Harris's massive fundraising in the US presidential race. But

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Speaker 1: first a thought on the first weekend of the Paris Olympic.

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Speaker 2: I think I've just recovered from the opening ceremony. To

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Speaker 2: be honest, I'm in all four hours, but I mean it,

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Speaker 2: so much has been said about it already. Yes, I

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Speaker 2: thought it was fantastic. I thought the element of jeopardy

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Speaker 2: at every single corner, it will anyone fall in the river.

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Speaker 2: Nobody did, but they all got dreached indeed. And the

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Speaker 2: next big question also revolves around the river because they're

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Speaker 2: going to They've canceled a second day of training in

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Speaker 2: the send for the triathletes that were going to their

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Speaker 2: swimming portion of that. The event is tomorrow. Will the

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Speaker 2: water quality have improved in time for the swimming event

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Speaker 2: to actually take place?

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Speaker 1: Look, everyone's cheering on Paris, and of course I watched

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Speaker 1: actually a lot more of the sport than I had

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Speaker 1: expected over the weekend, including Adam p d. He came

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Speaker 1: in first in the qualifying then he missed out on

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Speaker 1: the gold. Oh that was so difficult. GB of course

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Speaker 1: is on two silver, two bronze medals and we're thirteenth

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Speaker 1: in the table at least so far, so fingers crossed them.

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Speaker 2: For GB plenty to keep us BOSEI over the next

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Speaker 2: couple of weeks. Let's turn out to the latest events

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Speaker 2: in the Middle East, where Israel is threatening further retaliation

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Speaker 2: against Hasbulla for a rocket strike that killed twelve young people.

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Speaker 2: Our Middleast Economics and Government editor Paul Wallace's with us

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Speaker 2: for more. Paul, good morning. Can you talk us through

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Speaker 2: how Israel has retaliated so far and what more it

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Speaker 2: could do?

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Speaker 8: Hi Seephen it is also far has threatened substantial action,

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Speaker 8: and one of its ministers even said the action would

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Speaker 8: be disproportionate, suggesting a heavy heavy strike against Hezwela and

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Speaker 8: perhaps even something like target targeted Israel targeting civilian infrastructure

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Speaker 8: in Lebanon. However, there was relatively little that happened overnight,

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Speaker 8: no major counter strikes from Israel, and it seems as

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Speaker 8: if so far Prime Minister Benjamin Nettno, who is trying

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Speaker 8: to give the ceasefire talks regarding Gaza a bit more

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Speaker 8: of a chance.

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Speaker 6: They were.

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Speaker 8: They sort of resumed yesterday in Rome, and while there

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Speaker 8: weren't any major breakthrough throughs, it does seem as if

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Speaker 8: Israel just wants to give those a little bit more

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Speaker 8: time to run. We're still unclear, They're still it's possible

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Speaker 8: that Israel still could respond in a a in a

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Speaker 8: massive way, but the early signals are that it doesn't

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Speaker 8: want to do something that would be tantamount to starting

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Speaker 8: an all at war with Heswela and or Lebanon.

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Speaker 1: Yeah, I mean, the concern around how serious the risk

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Speaker 1: of escalation is is there. I mean, both sides in

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Speaker 1: Lebanon and Israel have talked about that all at war

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Speaker 1: being devastating to both countries. Potentially. There has been a

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Speaker 1: reaction in markets to the worries, though, but you say

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Speaker 1: that that there is less concern maybe around the escalation

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Speaker 1: or at least some pause.

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Speaker 8: Perhaps there's still a huge amount of uncertainty, and I

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Speaker 8: think it's it seems clear that Israel is keeping its

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Speaker 8: options up and as far as markets are concerned, we

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Speaker 8: saw quite a quite a drop with Israeli stocks yesterday.

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Speaker 8: At one point they were down three percent. I think

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Speaker 8: they ended the day down just over two percent. We'll

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Speaker 8: see what happens with the shee or today when it

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Speaker 8: resumes trading. I think what's important to note though, is

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Speaker 8: that markets have been far more concerned in recent recent

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Speaker 8: months about the prospect of a full on Hesbela Israel

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Speaker 8: war than they have done with what's going on in Gaza.

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Speaker 8: I think markets realize that a war with Hesbela is

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Speaker 8: an altogether different thing for Israel in the region than

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Speaker 8: a war between Israel and Hamas and Gaza. It would

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Speaker 8: be more devastating, as as you've mentioned, officials on both

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Speaker 8: sides saying Hamas is arguably the most powerful nonstate and

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Speaker 8: militarily the most powerful non state actor in the world

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Speaker 8: and almost certainly the region. So that is something that

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Speaker 8: would seriously unnerve markets if the two sides went into

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Speaker 8: a full on conflict, and it's the type of thing

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Speaker 8: that could cause oil prices to jump at least in

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Speaker 8: the short term.

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Speaker 2: Yeah, indeed, that the issue with the Habela something that

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Speaker 2: is worrying markets significantly. Paul, that you mentioned the talks

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Speaker 2: there that are going on over the ceasefire with in Gaza.

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Speaker 2: I mean, is this a sign of significant progress? Should

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Speaker 2: we expect more progress to come in that.

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Speaker 8: The Israeli is a signaling that yes, there will be

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Speaker 8: there should be progress of some sort over the over

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Speaker 8: the coming weeks. As as you and I think most

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Speaker 8: of the listeners well know, we've been here before, these

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Speaker 8: talks over a ceasefire and the release of all or

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Speaker 8: at least some hostages held in Gaza have been dragging

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Speaker 8: on for for for months, and of course the two

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Speaker 8: sides Israel than must have never managed to get over

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Speaker 8: the line. There's still big sticking points Israel wants is

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Speaker 8: making it absolutely clear that whatever ceasefire is agreed to,

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Speaker 8: if one is agreed to, it won't be the end

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Speaker 8: of the war. That Israel must still have the option

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Speaker 8: to resume fighting if it chooses to, because it says

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Speaker 8: it's still intent on destroying Hamas as a military and

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Speaker 8: and governing entity in in in the in the Gaza strip.

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Speaker 8: There's also this sense, I think in this is slightly

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Speaker 8: different in the last two or three weeks, there's a

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Speaker 8: sense in Israel that the military pressure it's putting on

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Speaker 8: Hamas with its attacks in Gaza are really really pushing

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Speaker 8: the Isamus group toward accepting a deal of some of

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Speaker 8: some kind. Essentially, that this military pressure on Hamas is working.

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Speaker 8: That's at least Israel's point of view. If you look

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Speaker 8: at the likes of the US and of course Arab

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Speaker 8: States and and and Israel's allies in Europe, they want

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Speaker 8: a cease fire immediately, as as you know, as vice president.

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Speaker 8: Kamala Harris said last week she wants the war to

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Speaker 8: be over, but Israel is still saying that it wants

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Speaker 8: total victory. It's certainly open to a cease fire, but

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Speaker 8: not one that will be seen as a week deal,

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Speaker 8: especially by far writis in the country.

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Speaker 1: Oh okay, thank you so much for being with us.

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Speaker 1: Bloomberg's Midley's Economics and Government editor Pool Wallace to.

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Speaker 2: US Politics Now, and Kamala Harris has raised two hundred

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Speaker 2: million dollars in her first week as the presumptive Democratic

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Speaker 2: nominee for November's election. Our Bloomberg TV anchor Kritti coapt

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Speaker 2: is with us for more on the political story in

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Speaker 2: the US Critty, Can you put these numbers in context

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Speaker 2: for us? How big is this fundraising drive? How does

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Speaker 2: it compare to what Donald Trump's taking in?

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Speaker 9: Yeah, so two hundred million is where we're at here.

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Speaker 10: And this is really important because sixty six percent of

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Speaker 10: that two hundred million has come from first time donors.

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Speaker 10: And this is a really big deal because one of

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Speaker 10: the big reasons for Kamala Harris to even have this

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Speaker 10: focus on campaign up pushing in the first place is

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Speaker 10: that a lot of the pool of money that was

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Speaker 10: really set aside for the Biden campaign and really raised

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Speaker 10: through the Democratic National Party was meant to be kind

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Speaker 10: of something inherited by Kamala Harris. So for her to

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Speaker 10: say that actually more than even half of that new

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Speaker 10: money is coming from first time donors really shows that

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Speaker 10: this isn't really an inheritance story. This is actually more

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Speaker 10: of kind of broadening support not just among the Democratic

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Speaker 10: Party but among Independence as well.

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Speaker 9: This is something that's been reflected in the poll numbers

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Speaker 9: as well.

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Speaker 10: I think that's as well very significant because her numbers

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Speaker 10: have skyrocketed from thirty five percent of an approval rating

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Speaker 10: up to forty three percent.

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Speaker 9: To the latest ABC poll.

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Speaker 10: Now, I want to kind of caution with that that

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Speaker 10: there is a honeymoon phase that a lot of political

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Speaker 10: strategists are talking about. She's very exciting, she's very new,

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Speaker 10: she's doing fun things on TikTok and media and all

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Speaker 10: that kind of more not trying to be more cater

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Speaker 10: to a younger, crowded Jazzy is the way saying yes, Chazzy,

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Speaker 10: let's call it that, and that is showing up in

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Speaker 10: the number. She's also talking about some very interesting VP picks.

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Speaker 10: All of these things are showing up in the numbers,

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Speaker 10: but they may not last. I think that's the key part.

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Speaker 1: Yeah, but then has the Chump campaign then playing I mean,

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Speaker 1: obviously emphasizing a point like that.

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Speaker 10: I imagine, Yeah, they really are, and they're saying I mean,

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Speaker 10: there's there's some criticism, of course, coming from the likes

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Speaker 10: of JD. Van, some criticism like talking about childless mothers.

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Speaker 10: Of course, Kamala Harris is a stepmother to two children

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Speaker 10: but doesn't have any children of her own, so that

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Speaker 10: is a criticism that's being used in the MAGA camp

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Speaker 10: and playing among a domestic audience and really talking about

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Speaker 10: bringing up issues like her views on abortion or her

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Speaker 10: views on gun control and things like that.

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Speaker 9: So that's one of the ways that this is being tackled.

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Speaker 10: The other is coming from President Trump himself really saying that, look,

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Speaker 10: she's not going to be appealing to a broader crowd,

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Speaker 10: and he's actually taking a different approach and appealing to

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Speaker 10: actually a bitcoin crowd. I know that sounds like two

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Speaker 10: different things, but the reason it's so significant is simply

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Speaker 10: because the idea is who gets kind of the bigger numbers,

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Speaker 10: who gets the massive she's appealing to the female vote,

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Speaker 10: and if she's appealing to kind of the minority vote,

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Speaker 10: perhaps then the way that Donald Trump and the Trump

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Speaker 10: campaign is talking about is doing it more to kind

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Speaker 10: of a decentralized monetary kind of memestock crypto crowd, and

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Speaker 10: that's one way of getting more votes.

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