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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 will have more on the markets in a moment,

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Speaker 2: but first we have the latest on the death of

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Speaker 2: Iranian President Ebrahim Raisi. He was killed in a helicopter

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Speaker 2: crash along with Iran's farm minister Hossein Amer Abdallahi, and

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Speaker 2: the wreckage was found yesterday in a mountainous area of Iran.

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Speaker 2: Dense fog hampered rescue efforts. Bloomberg's head of Middle East

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Speaker 2: and North Africa coverage, Stuart Livingstone Wallace, says there is

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Speaker 2: currently no suspicion of foul play.

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Speaker 3: The most likely explanation is that they were traveling on

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Speaker 3: reasonably old equipment, because it is absolutely true that Iran's

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Speaker 3: been on the sanctions for a very long time and

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Speaker 3: has really struggled to get the equipment needed to maintain

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Speaker 3: and then you layer in on top of that that

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Speaker 3: they were in a mountainous area, that it was incredibly foggy,

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Speaker 3: that there was heavy rain, and that does appear to

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Speaker 3: be the most likely expert nation. However, that will not

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Speaker 3: necessarily stop those conspiracy theories building up within Iran, particularly

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Speaker 3: because he was one of the favorites to take over

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Speaker 3: from the Supreme Leader.

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Speaker 2: Bloomberg Stewart living Stuwala says the sixty three year old

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Speaker 2: Rareisi was an ultra conservative cleric who won the presidential

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Speaker 2: election in twenty twenty one and had been seen as

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Speaker 2: a favorite to succeed Iotola Ali Hamani, Iran's Supreme Leader.

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Speaker 1: Well Nathan Iranian ausori Is will now begin the process

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Speaker 1: of installing a replacement for Rayusi gone their Mandevali's head

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Speaker 1: of around coverage for Bloomberg News.

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Speaker 4: The vice President, which at the moment is a man

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Speaker 4: called mohamm Mad Morber, will take over as an acting president,

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Speaker 4: and then according to the constitution, there needs to be

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Speaker 4: a date I think for a presidential election announced within

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Speaker 4: the next fifty days, and it's going to be very

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Speaker 4: interesting to see how they go about doing that because

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Speaker 4: this is quite unprecedented in the history of the Islamic Republic.

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Speaker 4: It's only been around since nineteen seventy nine and Bracy

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Speaker 4: was the eighth president, so they haven't had a situation

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Speaker 4: like this before.

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Speaker 1: And Bloomberg's going there in montevalis As. Rasi's death comes

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Speaker 1: at a time of turmoil in the Middle East, as

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Speaker 1: the war in Gaza between Israel and Hamas rages. The

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Speaker 1: conflict has edged Iran, which backs the Islamis militant group,

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Speaker 1: and Israel closer to all out conflict.

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Speaker 2: Well Meanwhile, Karen Benny Gantz, who is a popular centrist

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Speaker 2: member of Israel's three member war cabinet, has threatened to

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Speaker 2: resign from the government if Prime Minister Benjamin Natanyahu does

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Speaker 2: not adopt a new plan within three weeks. The announcement

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Speaker 2: deepens a divide in Israel's leadership more than seven months

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Speaker 2: into a war in which Israel has yet to accomplish

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Speaker 2: its skulls of dismantling Hamas and returning scores of hostages

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Speaker 2: abducted in the militant group's October seventh attack.

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Speaker 1: Well Nathan, President Biden came face to face with some

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Speaker 1: of the campus unrest that's come out of the war

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Speaker 1: in Gaza. The President gave the commencement address at historically

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Speaker 1: black Moorhouse College in Atlanta.

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Speaker 5: What's happening in Gosden in Israel's heartbreaking innocent Palasa, He's caught.

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Speaker 6: In the middle of all this, man, women.

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Speaker 5: And children killed or displaced, and despite desperate need of water, food,

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Speaker 5: and medicine.

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Speaker 1: The President called the situation in Gnsen, Israel heartbreaking and

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Speaker 1: said he's working around the clock to get more humanitarian

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Speaker 1: aid into the region. Leading up to the president's speech,

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Speaker 1: Glass Valedictorian D'Angelo Fletcher gave an impassioned call for peace.

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Speaker 7: It is my stance as a more houseman, nay as

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Speaker 7: a human being, so call for an immediate and the

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Speaker 7: permanence cease fire and the gossips strip several students.

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Speaker 1: At least two faculty members showed solidarity with the Palestinians

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Speaker 1: during the ceremony. Recent polling shows significant numbers of young

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Speaker 1: and black voters disapprove of President Biden's support for Israel

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Speaker 1: and it's war with Hamas.

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Speaker 2: Let's start to legal news here in the US, Karen,

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Speaker 2: the criminal hush money trial of Donald Trump is coming

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Speaker 2: to an end, perhaps as soon as this week. Bloomberg's

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Speaker 2: Amy Morris reports.

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Speaker 8: Former President Donald Trump will be back in court again

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Speaker 8: today as his hush money tryle enters its final phase.

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Speaker 8: Expect to see Michael Cohen, Trump's former attorney and former

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Speaker 8: so called Fixer on the witness stand for more cross

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Speaker 8: examination about alleged hush money payments. The judges told defense

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Speaker 8: lawyers and prosecutors be ready for closing arguments as soon

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Speaker 8: as Tuesday, and he told the jury to be prepared

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Speaker 8: for a session on Wednesday, which is normally their day off.

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Speaker 8: All of that depends on whether Trump testifies, and we

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Speaker 8: could find that out today. If Trump does take the stand,

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Speaker 8: it could delay the close of the trial by a

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Speaker 8: few days. The jury is expected to get the case

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Speaker 8: sometime this week. Amy Moore as Bloomberg Radio.

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Speaker 1: All right, anim thank you.

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Speaker 6: Meantime.

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Speaker 2: Testimony resumes today in another high profile case in New York,

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Speaker 2: the fraud and Manipulation of the Market trial of Bill Wong.

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Speaker 2: For more on that, let's bring in Bloomberg's John Tucker.

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Speaker 9: John and Nathan Jurisai. At Bill Wong's trial have already

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Speaker 9: heard witnesses say that his Ourkeygo's Capital Management lie to

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Speaker 9: its Wall Street counterparties. This week, they're going to hear

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Speaker 9: from one of the main liars, Scott Becker, the Arkeigo's

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Speaker 9: former risk officer, so expected to take this stand as

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Speaker 9: zero today is one of the prosecution's star witnesses he

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Speaker 9: was a key to Ourke goos contact for the banks,

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Speaker 9: and the jury has been played recording conversations in which

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Speaker 9: he reassures them Wang's family office is fine even as

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Speaker 9: it's collapsing. Becker has already pleaded guilty. He's going to

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Speaker 9: testify as a cooperating witness. He's expected to say that

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Speaker 9: he was directed by Wang to lie to the banks,

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Speaker 9: which ultimately lost ten billion dollars trading with our keigos.

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Speaker 9: John Tucker, Bloomberg.

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Speaker 1: Radio, All right, John, thank you. Turning to the markets.

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Speaker 1: Earning season winding down, but we'll be getting reports from

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Speaker 1: a number of high profile technology companies this week. We

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Speaker 1: get a preview from Bloomberg's Charlie Pellett.

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Speaker 6: The week's big earnings event comes Wednesday after the bell,

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Speaker 6: when we hear from chip maker and Nvidia. Upbeat first

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Speaker 6: quarter results of pushed Wall Street to boost profit projections

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Speaker 6: for the three months through June. Katrina Dudley is portfolio

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Speaker 6: manager at Franklin Templeton Investments.

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Speaker 10: If we look at what's happened during this recent earning season,

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Speaker 10: you're really seeing that in the stalk reactions, we're seeing

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Speaker 10: your disproportionate moves down when companies are not meeting earnings expectations,

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Speaker 10: and slightly Betam moves up when they are.

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Speaker 6: Among the other tech names this week, Analog Devices and

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Speaker 6: Palo Alto Networks. Also reporting this week, retailers including Macy's, Target, TJX,

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Speaker 6: and Low's in New York Charlie Pellet Bloomberg Radio.

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Speaker 2: All right, Charlie, thank you well. One of Wall Street's

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Speaker 2: most prominent bears has just turned positive on stocks, Morgan

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Speaker 2: Stanley's Michael Wilson. He now sees the SMP five hundred

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Speaker 2: rising two percent by June of next year. That is

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Speaker 2: a major about turn from his view that the benchmark

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Speaker 2: would tumble fifteen percent by this December. The strategist who's

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Speaker 2: bearish twenty twenty three outlook failed to materialize as markets

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Speaker 2: kept rallying, finally gave in. Mike Wilson is boosting his

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Speaker 2: target for the SMP five hundred two fifty four hundred

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Speaker 2: points from forty five hundred.

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Speaker 1: And Nathan Xander Schaffley captured his first major victory at

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Speaker 1: the PGA Championship at the Valhalla Golf Club with a

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Speaker 1: twenty one under performance. We'll have full details in three

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Speaker 1: minutes in sports Time Now for a look at some

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

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Speaker 1: around the world. For that were joined by Bloombergs Michael

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Speaker 1: Barr Michael, good.

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Speaker 11: Morning, Good morning, Karen. It has been nearly two months

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Speaker 11: since the Dalai cargo ship collided with the Francis Scott

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Speaker 11: Key Bridge in Baltimore. This morning, the vessel is sent

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Speaker 11: to head back to port. The ship is set to

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Speaker 11: be refloated and moved about two and a half miles

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Speaker 11: up river to the Baltimore Marine Terminal. Last week, a

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Speaker 11: series of controlled explosions broke up pieces of the bridge

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Speaker 11: that were pinning the ship down. The ship's crew of

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Speaker 11: twenty one people have remained on board since the crash

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Speaker 11: that killed six construction workers on the bridge. In Ohio,

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Speaker 11: a Hamilton County judge could rule today on the constitutionality

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Speaker 11: of one of the nation's strictest abortion bands. Last November,

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Speaker 11: Ohio voters chose to enshrine the constitutional right to make

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Speaker 11: and carry out one's own reproductive decisions. It prohibits an

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Speaker 11: abortion bad in the state after an ultrasound can detect

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Speaker 11: a fetal heartbeat, which can be as early as six

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Speaker 11: weeks before most people know they're pregnant. Loyola Law professor

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Speaker 11: and former federal prosecutor Lori Levinson.

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Speaker 12: This particular case is so important because it is as

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Speaker 12: likely to decide that when voters decide to put into

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Speaker 12: a state constitution, that there's a right to an abortion.

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Speaker 12: Old laws are now unconstitutional.

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Speaker 11: Former federal prosecutor Lori Levinson. Taiwan's new president Li ching

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Speaker 11: t is in inaugurations, and his speech is in urging

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Speaker 11: China to stop its military intimidation against the self governed

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Speaker 11: island Beijing claims as its own territory. Lai was sworn

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Speaker 11: into office in a ceremony today after he won an

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Speaker 11: election earlier this year. A Senate bill setting federal standards

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Speaker 11: for rechargeable lithium ion batteries and e bikes and scooters

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Speaker 11: is set to become law. The House overwhelmingly passed the

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Speaker 11: measure last week. Spearheading the effort New York Fire Commissioner

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Speaker 11: Laura Kevanaugh, who says she had to take the issue

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Speaker 11: national because of the volume of these dangerous batteries.

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Speaker 13: They come in in the tens of thousands in through

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Speaker 13: the ports, and then we have to go confiscate them

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Speaker 13: one by one. You really just can't keep up if

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Speaker 13: you're doing that, and so we knew that we had

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Speaker 13: to go to the federal government to stop that influx

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Speaker 13: of the bad batteries.

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Speaker 11: Senate Majority Leader Chuck Schumer of New York is a

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Speaker 11: co sponsor of the bill. Global news twenty four hours

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Speaker 11: a day and whenever you want it with the Bloomberg

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Speaker 11: News Now. I'm Michael Barr, and this is Bloomberg Karen.

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Speaker 1: Sorry, Michael Barr, thank you time now for the Bloomberg

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Speaker 1: Sports Update with John Stashaur.

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Speaker 14: John, Good morning, Good morning, Karen. It was the first

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Speaker 14: home game seven for the Nix since the loss to

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Speaker 14: Indiana back in nineteen ninety five. That was by two points.

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Speaker 14: This loss by twenty one at the Guard, and the

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Speaker 14: Pacers were hitting their shots all day. They finished shooting

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Speaker 14: sixty seven percent. They were above eighty for most the

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Speaker 14: first half. Knicks at one point did trim a twenty

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Speaker 14: two point deposit to six, but they got no closer.

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Speaker 6: Lost one thirty to one oh nine.

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Speaker 14: Indiana seated only six in the East, but they were

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Speaker 14: the sixth highest scoring team in NBA history in the

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Speaker 14: regular season. They'll a plight Boston. Now in the East Finals,

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Speaker 14: the Knicks blue series leads of two to nothing than

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Speaker 14: three to two. Injuries seemed to catch up with them.

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Speaker 14: O g Ananobi's returns from the hamstring injury lasted only

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Speaker 14: four minutes in the second half. Jalen Brunson broke his

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Speaker 14: hand also in Game seven. In the West, Minnesota came

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Speaker 14: from twenty down to the second half, and one in

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Speaker 14: Denver ninety eight to ninety The Timberwolves will played Dallas

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Speaker 14: in the West Finals at Valhalla, the first PGA Championships

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Speaker 14: since two thousand and five that was decided by a

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Speaker 14: birdie making punt on the seventy second.

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Speaker 15: Hold softly before the wind putterback ball up to the cup,

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Speaker 15: curls around and drops to the bottom, hands raised in victory.

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Speaker 16: Xander Softley, the winner of the hundred and sixth Pgaight Championship,

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Speaker 16: sets a major championship scoring I've heard of two sixty

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Speaker 16: three and twenty one under part in Louisville. The x

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Speaker 16: man chriss is the finish line first left.

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Speaker 11: One call heard here on Bloomberg Radio.

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Speaker 14: Shopley started with that opening round sixty two and at

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Speaker 14: the end held Bob Brice and Deshambo. Shoffley's first major

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Speaker 14: title comes after finishing the top ten twelve times. And

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Speaker 14: there's Nelly Cordosh. She won the LPGA in Jersey City.

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Speaker 14: She's won six of her last seven tournaments. Yankees have

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Speaker 14: won seven in a row. Over the last six, They've

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Speaker 14: only allowed six runs this time. Carlos Bedon seven to

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Speaker 14: two over the White Sox. Met Salva was won in Miami,

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Speaker 14: winning seven to three. Hall of Famer Jim Otto has

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Speaker 14: died at eighty six. He was the center on those

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Speaker 14: great Open Raider teams. John Stashedwart Bloomberg Sports, Karen Deacon.

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Speaker 11: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 11: and around the.

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Speaker 6: World on Bloomberg dot Com and the Bloomberg Business app.

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Speaker 6: This is Bloomberg Daybreak.

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Speaker 2: Good morning on Nathan Hager. We continue to track developments

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Speaker 2: in the Middle East following the death of Iranian President

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Speaker 2: Ibrahim Marisi and governed other government officials in a helicopter

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Speaker 2: crash in the mountains of northwest Iran. For more, we

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Speaker 2: are joined now by Bloomberg's Europe, Middle East and Africa

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Speaker 2: News director Roslind Matheson. Roz, Good morning. First off, what

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Speaker 2: do we know about the circumstances surrounding this crash. You

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Speaker 2: understand there was dense fog at the time.

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Speaker 17: Well, that's right, the crash happened in terrible weather conditions.

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Speaker 17: There was very very strong fog. It's now also turned

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Speaker 17: to snow and mud, which has made the rescue effort

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Speaker 17: initially very difficult. It took the many hours just to

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Speaker 17: reach the crash site. But it does seem like weather

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Speaker 17: really played a part in this crash. And as we know,

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Speaker 17: nine people were on the helicopter and were killed, including

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Speaker 17: President Race, the Foreign Minister, some senior local officials, rac

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Speaker 17: security chief, and also obviously the pilot and crew. And

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Speaker 17: that that's now being confirmed. And in just in the

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Speaker 17: last few minutes, we've had comments from the Supreme Leader

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Speaker 17: Ayatala Hamani on X talking about his sorrow at the news.

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Speaker 17: And so it does seem like this was just a

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Speaker 17: terrible accident. There's no hint of foul play so far,

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Speaker 17: although Israel did protectively come out and publicly say it

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Speaker 17: had no hand in this, but no one's really suggesting that.

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Speaker 7: For now.

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Speaker 17: It does seem these were older helicopters, possibly not maintained properly,

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Speaker 17: that might be an effective US sanctions also, But military

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Speaker 17: choppers tend to be inherently dangerous. We know from history

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Speaker 17: there have been numerous crashes in different parts of the

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Speaker 17: world India, Pakistan, Kenya and others where senior military officials

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Speaker 17: have been killed before. So you know, as a mode

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Speaker 17: of transport, and if not maintained properly, you know, they

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Speaker 17: can be inherently dangerous.

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Speaker 2: All this does raise clear questions about what comes next

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Speaker 2: in Iran following the president's death. I mean, he had

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Speaker 2: been seen as a potential successor to the Supreme Leader,

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Speaker 2: hadn't he.

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Speaker 17: Well, that's right, He and Hameni's son were seen as

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Speaker 17: the two most likely successes. So obviously that changes that

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Speaker 17: equation and opens up real questions about longer term succession.

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Speaker 17: I mean in the immediate term, his deputy, the first

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Speaker 17: Vice President, is stepping in as president in an interim

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Speaker 17: basis that st an election can be held, will likely

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Speaker 17: be within fifty days. The question is who do their

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Speaker 17: senior leadership see as their preferred candidate in that election,

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Speaker 17: Because of course they are elections, but they're very very

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Speaker 17: carefully managed in that process, and so it's really a

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Speaker 17: factor of who do they want as their preferred candidate

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Speaker 17: in that election do they allow as somewhat reformist candidate

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Speaker 17: to run even as a tokeness gesture, Because of course

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Speaker 17: turnat was very very low in twenty twenty one, so

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Speaker 17: that one that higher this time around. But either way,

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Speaker 17: the message will be very clear that they want continuity

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Speaker 17: and they want retained control.

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Speaker 2: And if we do see continuity, what could that mean

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Speaker 2: potentially for the war in Gaza? What could it mean

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Speaker 2: for relations with other neighbors in the region.

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Speaker 17: Well, it's unlikely to affect the trajectory of the war

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Speaker 17: between Israel and Hamas in Gaza. Of course, Iran is

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Speaker 17: a strong backer of Hamas, but that seems to have

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Speaker 17: its own trajectory, and Iran's relationships with its various proxies

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Speaker 17: be It Hamas, Hesblah and the Huthis in Yemen is

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Speaker 17: unlikely to be unchanged because they were managed by the

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Speaker 17: military and not by Rayci himself or that side of things.

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Speaker 17: It'll be interesting though to see if anything changes in

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Speaker 17: the relationship, particularly with Saudi Arabia. Of course, we had

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Speaker 17: that moved towards the restoration of ties last year. It's

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Speaker 17: been a little bit bumpy, but least an effort to

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Speaker 17: develop some kind of proper relationship between Saudi Arabia and Iran,

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Speaker 17: and that's the one that's going to bear watching because,

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Speaker 17: of course, at the moment, we're also aware of issues

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Speaker 17: in Saudi Arabia with the king's healthfare his elderly and

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Speaker 17: it seems an increasingly declining health, and that then raises

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Speaker 17: the question of whether the Crown Prince formally takes over

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Speaker 17: at some point, so you could have changes in both

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Speaker 17: Iran and Saudi Arabia in quick succession, and that could

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Speaker 17: raise questions about the future trajectory of that relationship.

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