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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today.

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Speaker 2: Karen, we begin with a major move at the southern

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Speaker 2: border with political implications. Later today, President Biden will sign

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Speaker 2: an executive order that would effectively prevent new asylum claims

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Speaker 2: until migrant crossings drop by about two thirds from where

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Speaker 2: they are right now. As of last April, border agents

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Speaker 2: encountered about forty three hundred undocumented migrants per day. White

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Speaker 2: House spokeswoman Karin Jean Pierre says Congress had a chance

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Speaker 2: to act on border policy last week.

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Speaker 3: You saw Republicans in the Senate vote against against an

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Speaker 3: opportunity to have the toughest farris piece of legislation that

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Speaker 3: he wanted to sign into law to deal with the

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Speaker 3: brooken system.

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Speaker 2: White How spokesman Karin Jehan Pierre spoke aboard Air Force One. Now,

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Speaker 2: the order does come with political risks for or the president.

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Speaker 2: Progressive say ramping up deportations is an inhumane way to

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Speaker 2: handle the border, but polls show immigration is a critical

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Speaker 2: issue for voters. In a tight race between President Biden

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Speaker 2: and former President Trump.

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Speaker 1: Well Nathan, turning to politics, over sees early election results

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Speaker 1: in India indicate the race is much closer than any

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Speaker 1: of the exit polls estimated. Narendra Modi and his VJP

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Speaker 1: party are seeking a third term running the world's fastest

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Speaker 1: growing major economy. Bloomberg's Mary Nicola says markets are watching

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Speaker 1: the results closely.

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Speaker 4: The key thing here is just about what happens in

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Speaker 4: terms of the formation of the government. If you get

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Speaker 4: let's say, a supermajority. What happens if the government then

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Speaker 4: focuses more on its political agenda rather than the economic agenda.

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Speaker 4: And that's absolutely crucial and could actually put a little

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Speaker 4: bit of a stop into the rally in Indian equities

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Speaker 4: if we see that.

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Speaker 1: Bloomberg's Mary and Nicola are referring there to the supermajority

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Speaker 1: of two thirds of the seats in India's lower House

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Speaker 1: that Mody is seeking and it allow us pretty to

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Speaker 1: amend the constitution. Stocks in India are down more than

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Speaker 1: five percent.

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Speaker 2: During the markets in the US, Karen a glitch during

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Speaker 2: a software update at the New York Stock Exchange. That

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Speaker 2: is what's getting the blame for sparking trading halts and

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Speaker 2: falsely displaying ninety nine percent drops in companies including Warren

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Speaker 2: Buffett's Berkshire Hathaway. The disruption is one of multiple trading

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Speaker 2: kiccups in recent days. It was resolved after forty five

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Speaker 2: minutes when the exchange reverted to running a different software system.

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Speaker 2: Bloomberg Financier reporter Catherine Doherty says the frequency likely is

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Speaker 2: not a coincidence.

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Speaker 5: We have seen three incidents in the last week or

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Speaker 5: so since T plus one was implemented, and every time

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Speaker 5: that there's been incidents like this, the answer has been, oh,

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Speaker 5: it's not tied to T plus one. But again, if

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Speaker 5: you have the third time, I think the questions are

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Speaker 5: still going to be asked and hopefully we'll get more answers.

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Speaker 2: Bloomberg's Catherine Doherty says NYSE will cancel the bad trades

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Speaker 2: and review the erroneous halts to determine whether to cancel

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Speaker 2: any of those.

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Speaker 1: Well. Nathan, the retail stock trader who drove the game

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Speaker 1: stop craze, is apparently worth as much as two hundred

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Speaker 1: and ninety million dollars. Keith gil who goes by Roaring

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Speaker 1: Kitty on Reddit, posted a screenshot of his portfolio showing

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Speaker 1: a huge bet on Game Stop. Bloomberg's Bailey Lipshaltz says

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Speaker 1: it's impossible to verify if it's real.

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Speaker 6: The last time he posted an update on that portfolio.

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Speaker 6: Last time checking in on the portfolio was worth about

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Speaker 6: thirty four million dollars, so a humongous jump in terms

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Speaker 6: of the actual value underlying that position, in addition to

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Speaker 6: the fact that there's some forty five million dollars potentially

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Speaker 6: in cash. But nonetheless it drove a flory of trading activity.

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Speaker 1: In Bloomberg's Biley lip Schultz adds there are questions about

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Speaker 1: how far the game Stop rally can go, given them

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Speaker 1: many changes since the meme rally in twenty twenty one,

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Speaker 1: game Stop shares, which jump twenty one percent yesterday, are

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Speaker 1: down well, actually now they're up again, up about one

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Speaker 1: percent in early trading.

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Speaker 2: Yeah, we'll have to be keeping an eye on that

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Speaker 2: throughout the morning. Karen and can see to follow the

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Speaker 2: chip wars as well, because the CEO of Intel is

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Speaker 2: now firing back at Nvidia. Pad Gelsinger took the stage

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Speaker 2: at the computext show in Taiwan to talk about new

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Speaker 2: products you expect to help turn back the tide if

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Speaker 2: share losses to peers like the AI chip Darling in Vidia,

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Speaker 2: he did take a direct shot at Nvidia CEO Jensen

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Speaker 2: Wong and his claim that traditional processors like Intel's are

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Speaker 2: running out of steam in the age of artificial intelligence.

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Speaker 7: Were looking out to have a billion transistors on a

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Speaker 7: single chip and even looking to a trillion transistors in

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Speaker 7: a single package by the end of the jet of

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Speaker 7: the decade. And unlike what Jensen might have you believe

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Speaker 7: Moore's law is alive and well.

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Speaker 2: Intel CEO Pat Gelsinger, he was brought back to the

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Speaker 2: company three years ago to turn its fortunes around and

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Speaker 2: has spent heavily to revitalize Intel's offerings, building out a

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Speaker 2: factory network. He has said, well, reclaim leadership in chip

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Speaker 2: design and manufacturing.

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Speaker 1: Well, let's stay in Asia. Than China is taking its

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Speaker 1: domestic problems and exporting them to the rest of the world.

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Speaker 1: That's what the US Ambassador to Japan, Rama Manuel is

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Speaker 1: saying in an interview with Bloomberg Television.

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Speaker 8: China is not going to win the Good Neighbor Award.

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Speaker 8: They have a problem with India, they have a problem

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Speaker 8: with the Philippines, they have a problem. They're right now

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Speaker 8: creating economic coersion against Japan on Phish even though they're

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Speaker 8: still fishing that area.

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Speaker 1: RAMA Manual is accusing China of over manufacturing its subsidized prices.

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Speaker 1: China denies that. President Xijianping says his country's exports are

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Speaker 1: helping to ease global inflation and support the clean energy transition.

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Speaker 2: Let's get to some more company news now. Karen Airbus

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Speaker 2: maybe closing in on a deal with China. Bloomberg News

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Speaker 2: has learned the planemakers negotiating a major sale of more

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Speaker 2: than one hundred aircraft to the Asian nation. Talks have

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Speaker 2: gained momentum since President Shi Jinping visited his French counterparty

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Speaker 2: Manuel mccrawl last month.

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Speaker 9: Well Nathan.

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Speaker 1: Bank of America is changing its parental leave protocol in Asia.

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Speaker 1: According to an internal memo, permanent employees will now be

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Speaker 1: allowed twenty six weeks, of which sixteen weeks will be paid.

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Speaker 1: Lenders across the region have been boosting parental leave. While

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Speaker 1: Bank of America's new leave program offers more options for parents,

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Speaker 1: the paid leave benefit falls short of what's offered in

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Speaker 1: other banks. And it's time now for a look at

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Speaker 1: some of the other stories making news in New York

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Speaker 1: and around the world.

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Speaker 10: For that, we're joined by Bloomberg's Michael Barr. Michael, good Morning,

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Speaker 10: Good morning Karen. Today's primary day in New Jersey. It

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Speaker 10: comes as Senator Bob Menendez has filed a petition to

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Speaker 10: get on the US Senate ballot in New Jersey as

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Speaker 10: an independent candidate in the November election. Menendez is standing

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Speaker 10: trial on federal corruption charges. In a statement posting on

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Speaker 10: social media, Menendez, who won his Senate seat as a Democrat,

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Speaker 10: says he's more confident than ever that New Jersey ins

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Speaker 10: and the rest of the American public will see me

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Speaker 10: exonerated of what I am being accused of, and I

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Speaker 10: will be realized to the Senate once again. Doctor Anthony

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Speaker 10: Fauci returned to Capitol Hill to face questions from members

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Speaker 10: of the House Select Subcommittee on the coronavirus pandemic. House

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Speaker 10: Republicans grilled Fauci, who served as President Biden's chief medical advisor,

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Speaker 10: on a number of pandemic era allegations. During the hearing,

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Speaker 10: Fauci denied any cover ups, which he said have resulted

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Speaker 10: in threats against him and his family.

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Speaker 11: It is very troublesome to me.

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Speaker 3: It is much more troublesome because they've involved my wife

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Speaker 3: and my three daughters.

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Speaker 12: During the nearly four hour hearing, Fauci defended his record

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Speaker 12: as the face of the nation's pandemic response, facing hostile

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Speaker 12: questions over policies like social distancing and masks. A crackdown

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Speaker 12: on social media push by New York Governor Caathy Hokel

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Speaker 12: appears to be gaining support among state lawmakers. The bill

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Speaker 12: would ban social media companies from using algorithms on what

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Speaker 12: miners see. The governor shared her concerns about kids' mental

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Speaker 12: health last month.

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Speaker 3: They're dealing with the negative effects on mental health that

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Speaker 3: is driven by social media.

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Speaker 12: The measure would ban apps from sending alerts to children

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Speaker 12: between midnight and six am, and it would prohibit selling

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Speaker 12: their data. The proposal is likely to face legal challenges.

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Speaker 12: Amid free speech concerns, New York Mayor Eric Adams is

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Speaker 12: sounding the alarm about unlicensed street vendors accompanied by minors.

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Speaker 12: Adams says migrants should be allowed to work, and he

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Speaker 12: once again slammed the federal response to the migrant crisis.

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Speaker 12: Let them brok, not illegal.

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Speaker 10: Bending is not broking it's illegal.

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Speaker 12: I'm Michael Barr Kron.

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Speaker 1: All right, Michael, thank you, Tae. Time now for the

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Speaker 1: Bloomberg Sports Update with John Stanshawer.

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Speaker 11: John, Good morning, Good morning, Karen. Was only two years

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Speaker 11: ago that the Mets finished the season forty six games

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Speaker 11: ahead of the Nationals. This season, Washington as the better record.

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Speaker 11: Two teams begin a series of d Mets hung on

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Speaker 11: at the end one eight to seven, and that scored

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Speaker 11: twice in the ninth at the sign run a third,

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Speaker 11: just the Mets sixth win in the last twenty one games.

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Speaker 11: The Orioles won in Toronto seven to two. As hon

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Speaker 11: as the Yankees have been. Baldom were only two and

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Speaker 11: a half games behind in only one game in the

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Speaker 11: lost column. Yanks back home from the seven to two

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Speaker 11: road chip, they host Minnesota, who they swept in mid May.

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Speaker 11: They took those three games by a combined fourteen to one.

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Speaker 11: Quarterfinals against eighth the French Open Coco Golf takes on

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Speaker 11: Hans Javor, Carlos Alcaraz meets Stefano sits Apasta and Neil

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Speaker 11: Medmane have lost his fourth round match. No Bak Djokovic

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Speaker 11: won his in his last two matches, Djokovic has played

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Speaker 11: ten sets, been on the court for nine hours. A

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Speaker 11: lot of attention still being paid to what happened in

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Speaker 11: the WNBA game There's passed Saturday. Caitlyn Clark the recipient

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Speaker 11: of a cheap shot hip check from Chicago's Kennedy Carter,

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Speaker 11: who seemed to target Clark. She refused to talk about

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Speaker 11: it after the game, but did speak yesterday.

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Speaker 3: I'm a competitor, and I'm gonna compete no matter who

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Speaker 3: you are and no matter who's in front of me.

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Speaker 13: That's just what it was.

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Speaker 11: Heated the moment play.

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Speaker 3: We're getting at it. We're going back and forth a

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Speaker 3: basketball to saw hooks.

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Speaker 4: After we finished the game.

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Speaker 13: It's all loved.

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Speaker 11: Porter said she has no regrets. Clark and Indiana won

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Speaker 11: the game by one point, but then lost Sunday to

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Speaker 11: the Liberty by thirty six when Clark scored only three

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Speaker 11: points in the Fevers record two and nine. NBA Hall

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Speaker 11: of Famer Alonzo Morning, now fifty four, revealed he battled

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Speaker 11: prostate cancer is now cancer free. NFL Hall of Famer

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Speaker 11: Larry Allen died suddenly while on vacation in Mexico. He

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Speaker 11: was fifty two. Allen an eleven time Pro Bowl alignment

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Speaker 11: on the Dallas Cowboy teams that won three Super Bowls.

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Speaker 11: Two days after Real Madrid won the Champions League, the

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Speaker 11: team announced the sonning of the French star Chillian and

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Speaker 11: Buppy Johns Stas Shawer Bloomberg Sports canadon.

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Speaker 12: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 12: and around the world on Bloomberg dot Com and the

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Speaker 12: Bloomberg Business app. This is Bloomberg.

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Speaker 2: Daybreak, Good Morning on Nathan Hager. Immigration and border security.

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Speaker 2: They are the main issues for voters, at least some

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Speaker 2: of them heading into the November election, and one of

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Speaker 2: President Biden's biggest political liabilities as well. But now the

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Speaker 2: President plans to tackle it later today with an executive

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Speaker 2: order that would sharply curtail asylum claims at the US

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Speaker 2: Mexico border. And for more on this, we're joined by

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Speaker 2: Bloomberg New Senior editor Bill Ferries. Bill, Good morning. How

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Speaker 2: sharply would this order curtail asylum claims?

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Speaker 9: Well, what we're hearing right now, Nathan, is that you know,

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Speaker 9: we've seen levels of about forty three hundred encounters per

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Speaker 9: day at the border in April with undocumented migrants. This

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Speaker 9: would kick This would kick in once this document that

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Speaker 9: the President aside, we kick in when it hits twenty

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Speaker 9: five hundred. You're talking about, you know, almost more than

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Speaker 9: half of the asylum seekers at the April levels. But

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Speaker 9: we've had levels of ten thousand per day at some

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Speaker 9: points in this crisis. So it would be a real

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Speaker 9: sharp curtailment from what we've seen a kind of the

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Speaker 9: peak periods of the immigration flow across the border.

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Speaker 2: Bill, Let's talk about the politics of this, because it

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Speaker 2: seems like the pendulum has really swung when it comes

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Speaker 2: to how Democrats and Republicans are encountering this issue. And

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Speaker 2: you know, for I would order like this to come

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Speaker 2: nearly five months to the day before the election. I mean,

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Speaker 2: is there a question around the timing of this, whether

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Speaker 2: the President is playing this for politics?

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Speaker 9: Oh, there's absolutely no doubt about the timing. I mean,

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Speaker 9: you know, we're more than three years into President Biden's

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Speaker 9: term in office. You know, when he took office, there

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Speaker 9: was a lot of frustration in both parties. I think

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Speaker 9: about President Trump's previous policies, but the real focus when

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Speaker 9: Biden took office was you know, the COVID crisis in

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Speaker 9: getting vack scenes out. But to come around to immigration

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Speaker 9: at you know, three and a half years later, I think, well,

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Speaker 9: it does have a very strong appearance of being all

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Speaker 9: about the politics. And I think that's the criticism you're

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Speaker 9: going to hear from Republicans on this from the get go.

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Speaker 9: It's going to be, hey, you know, where have you

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Speaker 9: been on this? In that time, We've had hundreds of

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Speaker 9: thousands of people come across the border, straining a lot

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Speaker 9: of social services and cities, not just in the South,

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Speaker 9: but you know, Texas has busted and flown more than

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Speaker 9: one hundred and five thousand immigrants to other areas, including

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Speaker 9: the northeast California, places like that. So I think the

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Speaker 9: President's opponents will say it's been a long time coming.

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Speaker 2: I guess the President and his supporters could say, well,

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Speaker 2: we had a bipartisan deal in the Senate and Republicans

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Speaker 2: spiked that.

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Speaker 9: Yeah, And I think if you remember at the time, though,

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Speaker 9: the White House's argument was that they wanted some authorities

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Speaker 9: that they didn't think the President had. Assigning this executive

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Speaker 9: order is going to raise questions about that. Now, this

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Speaker 9: order is probably going to face some legal challenges. So

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Speaker 9: whether it stands up in court after people go take

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Speaker 9: that route with it remains to be seen. But I

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Speaker 9: think the president's opponents on the Republican side at least

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Speaker 9: will say he should have tried this earlier. And of

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Speaker 9: course there's going to be a lot of politics on

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Speaker 9: the Democratic side of this too, particularly on the President's left,

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Speaker 9: from people who are not going to be supportive of

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Speaker 9: this initiative.

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