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Speaker 1: This is the Bloomberg Daybreak Euroate podcast, available every morning

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Speaker 1: on Apple, Spotify or wherever you listen. I'm Stephen Carroll.

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Speaker 1: Coming up today. Donald Trump becomes the first former US

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Speaker 1: president to be convicted on criminal charges. Will tell you

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Speaker 1: what it means for November's election. Bloomberg learns that US

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Speaker 1: officials are slowing down exports of Nvidia's chips to the

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Speaker 1: Middle East over national security concerns. Plus a new down

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Speaker 1: in South Africa. The ANC prepares for its first coalition

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Speaker 1: as vote counting continues, Let's start with a roundup of

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Speaker 1: our top stories. Donald Trump has become the first former

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Speaker 1: US president to be convicted in a criminal trial. A

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Speaker 1: New York jury found him guilty on thirty four counts

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Speaker 1: of falsifying business records to conceal a hush money payment

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Speaker 1: to adult film star Stormy Daniels. Prosecutors said it was

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Speaker 1: a conspiracy that deprived voters of vital information before the

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Speaker 1: twenty sixteen election. Manhattan District Attorney Alvin Bragg spoke after

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Speaker 1: the verdict. I did my job.

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Speaker 2: Our job is to filew the facts in the law

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Speaker 2: without fear of favor, and that's exactly what we did. Here,

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Speaker 2: and what I feel is gratitude.

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Speaker 3: To work alongside phenomenal public.

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Speaker 4: Servants who do that each and every day.

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Speaker 2: The only voice that matters is the voice of the jury,

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Speaker 2: and the jury has spoken.

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Speaker 1: Alvin Bragg, Manhattan District Attorney, speaking there after the five

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Speaker 1: week trial that came in with a verdict five months

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Speaker 1: before the US presidential election, Trump, who still faces three

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Speaker 1: other criminal trials, is due to be sentenced on June eleventh.

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Speaker 1: On July eleventh, excuse me. Trump's conviction raises a number

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Speaker 1: of questions for this year's presidential race. The former president

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Speaker 1: would not be able to pardon himself if he were

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Speaker 1: re elected president, as this is a state charge. Speaking

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Speaker 1: after the verdict, Trump said, November's election result will be

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Speaker 1: the real test.

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Speaker 5: This was a Greig decision right from day one, with

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Speaker 5: a conflict. Judge, you should have never been allowed to

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Speaker 5: try this case. Never, and we will fight for our constitution.

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Speaker 5: This is launch from over.

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Speaker 1: Thank you very much, Donald Trump speaking there. Few experts

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Speaker 1: are convinced that the trials results will have a significant

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Speaker 1: bearing on outcomes at the polls, given Trump has already

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Speaker 1: survived to impeachments and other scandals. Joe Biden's communications director

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Speaker 1: says the result shows nobody is no one is above

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Speaker 1: the law. President Biden will allow Ukraine to use American

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Speaker 1: weapons against military targets inside a limited area of Russia.

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Speaker 1: The US president has given permission for strikes near the

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Speaker 1: northeast border area of Kharkiv. The advisor to Ukraine's Minister

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Speaker 1: of Strategic Industries, Yuri Sak, made the case for their

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Speaker 1: use to Bloomberg before the decision became public.

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Speaker 3: We're entitled to use whatever means we have to protect

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Speaker 3: our people. You know, if you look at the map,

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Speaker 3: if you consider, you know how close these Russian troops

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Speaker 3: are from khaki the second largest city in Ukraine, only

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Speaker 3: five kilometers from the border. So we see all these

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Speaker 3: amassed Russian troops, these terrorists preparing their missiles, launching their

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Speaker 3: glide bombs.

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Speaker 1: The advisor to Ukraine's Minister of Strategic Industries, Uri sac

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Speaker 1: speaking there. Although longer range strikes with American munitions remain prohibited,

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Speaker 1: the decision marks a significant shift for Biden. His administration

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Speaker 1: has feared a potential escalation of the war. The United

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Speaker 1: States is clamping down on how much artificial intelligence technology

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Speaker 1: it sends to the Middle East. Bloomberg has learned that

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Speaker 1: chip makers such as Nvidia and AMD are having export

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Speaker 1: licenses for AI accelerators delayed. Bloomberg's ky Lines says American

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Speaker 1: officials are conducting a national security review.

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Speaker 6: Sending large scale shipments to the Middle East could be

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Speaker 6: a way for China to get around the restrictions that

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Speaker 6: the US has put into place and access these chips

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Speaker 6: and data centers to develop their own technology, and that

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Speaker 6: technology getting into the hands of, say the Chinese military,

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Speaker 6: is what the US is really looking to avoid.

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Speaker 1: Line's ads. We don't know yet how long the review

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Speaker 1: may take, but the slowdown has so far lasted weeks.

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Speaker 1: Shares of Nvidia slipped after Bloomberg broke the news. A

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Speaker 1: Bloomberg survey shows economists they're pairing their expectations on how

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Speaker 1: far the European Central Bank will cut rates. They anticipate

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Speaker 1: six quarter point reductions this year, one step less than

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Speaker 1: they had predicted before the Governing Council last set policy

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Speaker 1: in April. The news comes as federal reserve policy makers,

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Speaker 1: including the Bank of New York the Fed New York

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Speaker 1: President John Williams warned borrowing costs many to stay higher

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Speaker 1: for longer.

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Speaker 2: The behavior of the economy of the past year provides

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Speaker 2: ample evidence the Monte policy is restrictive in a way

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Speaker 2: that helps achieve more goals. We're seeing clearer and consistent

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Speaker 2: signs of the imbalances between supply and demand in the

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Speaker 2: economy are receding, and we've seen a broad based decline

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Speaker 2: in inflation.

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Speaker 1: New York Fed President John Williams made clear that he

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Speaker 1: was unable to confirm when he might support a rate

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Speaker 1: cut because the decision will depend upon incoming economic data.

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Speaker 1: Data out earlier Thursday showed the US economy grew at

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Speaker 1: a slower pace in the first quarter than had been

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Speaker 1: initially reported. The Czech billionaire Daniel Kotinski says Royal Mail

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Speaker 1: needs investment to avoid going into a deadly spiral. The tycoon,

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Speaker 1: who is aiming to buy the company told Bloomberg in

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Speaker 1: an exclusive interview it needs urgent help.

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Speaker 7: Royal Mail is facing a very severe competition from from Amazon,

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Speaker 7: from depe Day, from from every Newly, also in a

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Speaker 7: smaller scale, from from from Impossible parcel business is evolving quickly.

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Speaker 7: The competition is evolving, and Royal Mail needs to invest

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Speaker 7: massively to catch up. Bilility strengths, otherwise it will again

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Speaker 7: loose market share.

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Speaker 1: Kotinsky adds that if his offer is rejected, Royal Mail

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Speaker 1: could struggle to stay afloat. His three point six billion

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Speaker 1: pound takeover offer on the eve of the UK general

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Speaker 1: election looks set to provoke a struggle over the ownership

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Speaker 1: of Britain's postal service. South Africa's ruling ANC party is

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Speaker 1: set to lose its three decade grip on power as

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Speaker 1: votes continue to be counted. With half of the ballots

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Speaker 1: count the African National Congress are predicted to win just

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Speaker 1: forty two percent of the vote. That would be that

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Speaker 1: would force the ruling party into a coalition, which Bloomberg

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Speaker 1: Jennifer Zabasaja says is unprecedented.

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Speaker 8: People are quite surprised and I think also a bit

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Speaker 8: unnerved because there is a lot of uncertainty about what

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Speaker 8: this could potentially look like, and especially if we think

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Speaker 8: about what the past few months of campaigning has been.

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Speaker 9: We have heard in particular.

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Speaker 8: From the ANC saying that they would not want to

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Speaker 8: work with a party like the MK. But if these

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Speaker 8: results continue to track and they are going to have

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Speaker 8: to partner up with one of their main rivals, what

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Speaker 8: does that look like in terms of governing, What does

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Speaker 8: that look like in terms of policies that are implemented,

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Speaker 8: and also potential ministers.

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Speaker 1: Jennifer's Abas adds a coalition talks are unlikely to get

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Speaker 1: away until final results come in during the weekend. Let's

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Speaker 1: bring you more on our top story now, and that

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Speaker 1: first in US political history, a former president found guilty

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Speaker 1: on criminal charges. The New York jury found Donald Trump

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Speaker 1: had committed thirty four counts of falsifying business records, a

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Speaker 1: verdict that could reshape the landscape for November's presidential election.

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Speaker 1: Our Washington editor John Harney joins us for more. John,

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Speaker 1: great to have you with us this morning. Remind us

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Speaker 1: what exactly was Trump found guilty of.

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Speaker 4: Well, the falsified business records that you just mentioned were,

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Speaker 4: according to the charges, intended to conceal payment to an

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Speaker 4: adult film performer, Dormy Daniels, who says that she had

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Speaker 4: a sexual relations with Trump back in two thousand and six.

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Speaker 4: He denies this account, but according to the product the prosecutors,

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Speaker 4: these payments were intended to Silencer before the election to

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Speaker 4: protect him from being embarrassed. In the weeks before the

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Speaker 4: November twenty sixteen election.

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Speaker 1: So what happens next in the legal process John.

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Speaker 4: Well next is a sentence seed, which will be on

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Speaker 4: July eleventh, and only then can his lawyers file on appeal,

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Speaker 4: as they almost certainly will. That appeals process could drag

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Speaker 4: out for a very long time, well past November election.

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Speaker 4: It would go wind its way through state courts in

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Speaker 4: New York State and then into the federal system and

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Speaker 4: perhaps all the way to the United States Supreme Court. Now,

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Speaker 4: the sentencing could involve prison time, or convolve probation or

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Speaker 4: some sort of recognians until the appeals process plays out.

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Speaker 1: What does all of this mean for Donald Trump's election campaign?

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Speaker 4: Well, that's something we are really in New territory here.

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Speaker 4: Some voters have said that some both who would otherwise

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Speaker 4: be disposed of a bot but Trump said they'd be

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Speaker 4: less likely to do so were he convicted. Others have

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Speaker 4: said that they would stick with him no matter what,

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Speaker 4: but that this was all until today or until Thursday,

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Speaker 4: that was all hypothetical. This verdict hadn't been delivered yet,

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Speaker 4: and so resoundedly went all through with thirty four guilty counts.

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Speaker 1: What does what have we rather heard from the Biden

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Speaker 1: administration Joe Biden's re election campaign about how they're viewing

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Speaker 1: this verdict.

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Speaker 4: Well, they thus far not very much. Just the statement

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Speaker 4: saying that no one about the law and must be respected.

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Speaker 4: It is not really played into campaign advertising that sort

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Speaker 4: of thing, but it likely will. It's an issue that

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Speaker 4: assured of Biden campaign does not want to be forgot

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Speaker 4: by voters.

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Speaker 1: John Today's Bloomberg Big Take report is looking at the

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Speaker 1: Wall Street billionaires that are supporting Donald Trump in this campaign.

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Speaker 1: Will they stick with him now after this verdict?

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Speaker 4: Dumb Well, no doubt. But you know, again they were

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Speaker 4: saying that Rick be damned or as one of them

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Speaker 4: pointed again before the verdict was delivered. On the other hand,

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Speaker 4: they have confidence in Trump's policies regarding regulation and perhaps

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Speaker 4: taxation of those who haven't really been made completely clear

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Speaker 4: at this point. But others you know, who are still

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Speaker 4: on the sidelines might stay there. We really don't know,

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Speaker 4: but I will say that you know, both candidates Trump

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Speaker 4: and Joe Biden are there's no unknowns here. You know,

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Speaker 4: vote This is an election where you're not voting for

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Speaker 4: somebody who's not that clear to you. You don't have

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Speaker 4: a strong.

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Speaker 1: Impression of I'll just give us a sense of the

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Speaker 1: significance of this moment in this campaign. As you've been

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Speaker 1: laying out for us, it's been set up to be

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Speaker 1: a rematch between Donald Trump and Joe Biden, which, as

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Speaker 1: you've said, is to some sense a known scenario, given

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Speaker 1: that it would be a repeat of the last election campaign.

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Speaker 1: Is this going to be a moment? Does this look

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Speaker 1: like a moment that will change significantly how this campaign

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Speaker 1: rolls out?

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Speaker 4: Many political observers pundits say it will not, because again,

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Speaker 4: people are pretty much not necessarily, not necessarily made up

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Speaker 4: their minds abou how they're going to vote, but know

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Speaker 4: very well who Donald Trump is, who Joe Biden is.

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Speaker 4: And as you said earlier, Trump has survived to impeachments,

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Speaker 4: the January sixth insurrection and the aftermath of that, indictments

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Speaker 4: in these other cases which are unlikely to come to trial. However,

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Speaker 4: it's also a remarkable, unprecedented moment in American history. Something

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Speaker 4: like this has never happened before. With Richard Nixon, who

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Speaker 4: faced potential charges back in the days of the water

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Speaker 4: Gate scandal forty forty years ago, he resigned before impeachment

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Speaker 4: could take place, and then he was pardoned by Gerald

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Speaker 4: Ford of course, so the outcome that never had an

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Speaker 4: outcome and court like this.

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Speaker 1: Okay, well, I'm making this a very even more interesting

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Speaker 1: presidential election campaign. John Harney in Washington, thank you for

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Speaker 1: joining us. That's good to South Africa now, where voting

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Speaker 1: continues after the elections protections show the Africa National Congress

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Speaker 1: appears to have lost its majority for the first time

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Speaker 1: since the end of A Part eight. Our Africa correspondent

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Speaker 1: Jennifer's Abasaja joins us now for more at Jennifer, Good morning.

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Speaker 1: What is the latest we have in results and where

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Speaker 1: is this looking to leave the ANC.

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Speaker 9: Yeah, good morning to you, Stephen. I'm actually at the

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Speaker 9: election results center here in Midran and you know the

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Speaker 9: latest from what we are seeing and there is just

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Speaker 9: about fifty one percent of the vote that had been

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Speaker 9: counted and it is looking like for the first time

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Speaker 9: in thirty years, the ruling party to A and C

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Speaker 9: is not going to be in the majority. And this

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Speaker 9: is significant for a few reasons. First of all, you know,

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Speaker 9: it's the fact that the ANC could potentially lose support

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Speaker 9: by a wider margin than many polls were suggesting. Going

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Speaker 9: into this election, and also it's telling to see who

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Speaker 9: is really you know, tracking just behind them. So we

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Speaker 9: have the Democratic Alliance, the main opposition party, doing quite

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Speaker 9: well while doing you know, with about twenty percent support,

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Speaker 9: but then also former President Jacob Zuma's newly formed party

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Speaker 9: just six months old, tracking in third place behind the

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Speaker 9: African National Congress. And so we should note that you know,

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Speaker 9: the AMC could potentially garner some more votes in how Tang,

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Speaker 9: which is the province that I am in, one of

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Speaker 9: the most populous provinces, but clearly looking like many of

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Speaker 9: the rural voters are you know, a bit frustrated with

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Speaker 9: what they've seen with the AMC over the past few

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Speaker 9: years and voted that way.

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