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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today.

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Speaker 4: Karen, we begin with a breaking story impacting hundreds of

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Speaker 4: thousands of travelers around the world. London's Heathrow Airport is

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Speaker 4: closed all day. Let's get the very latest with Bloomberg Daybreak.

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Speaker 4: Euro banker Caroline Hepgar in London. Good morning, Caroline, what

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Speaker 4: is happening?

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Speaker 5: Good morning, Nathan and Karen. It is a fire at

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Speaker 5: a power substation about two miles from the airport that

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Speaker 5: broke out just before midnight that led to a cut

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Speaker 5: in power for Heathrow. It has forced the cancelation of

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Speaker 5: thousands of flights. Flight Radar twenty four says that there

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Speaker 5: were due to be one three hundred flights for today.

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Speaker 5: Some one hundred and twenty planes had to be re

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Speaker 5: rooted away from Heathrow in the early hours of this morning.

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Speaker 5: Heathrow says that the disruptions will continue over the coming days,

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Speaker 5: adding that passengers should not travel to the airport under

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Speaker 5: any circumstances. The London Farbagade said in a statement that

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Speaker 5: the blaze is now under control. No casualties, but the

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Speaker 5: cause of the fire is not yet known. European travel

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Speaker 5: and leisure stocks Nathan this morning down two percent, he throw,

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Speaker 5: which is home to airlines including IAG's British Airways and

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Speaker 5: Virgin Atlantic. IAG shares now down as much as four

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Speaker 5: point three percent.

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Speaker 2: Caroline, when do we expect things to get back to normal?

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Speaker 5: This is the unknown, he throws, the busiest airport in Europe.

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Speaker 5: The airport doesn't know when power will be restored. The

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Speaker 5: Energy Secretary Ed Millardband has been speaking to media in

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Speaker 5: the UK, including to Sky News. He says that he's

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Speaker 5: spoken to the National Grid, who are really at the

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Speaker 5: epicenter of this, he says, and we will be doing

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Speaker 5: everything we can both to restore power and to help

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Speaker 5: the national grid. Jeffrey says that passenger compensation for delayed

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Speaker 5: flights is likely going to have a big immediate impact

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Speaker 5: on IAG. Some local people were evacuated. There was lots

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Speaker 5: of smoke, no doubt, many thousands of frustrated passages.

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Speaker 3: All right, Caroline, Hepger, thank you. Will continue to follow

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Speaker 3: this story throughout the morning. We turned to Washington now, though,

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Speaker 3: with President Trump denying a bombshell report about Elon Musk

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Speaker 3: being briefed about the Pentagon's plan for any potential war

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Speaker 3: with China to get the very latest to the Bloomberg's

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Speaker 3: John Tucker, John, good Morning and Good Morning Karen.

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Speaker 6: The New York Times sites multiple unidentified US officials as

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Speaker 6: saying Musk would see details of American plans in a

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Speaker 6: presentation led by the Defense Secretary Pete Hegsith and top

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Speaker 6: US military leaders. The Wall Street Journal also reported Mosk

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Speaker 6: would receive a briefing on US plans for any potential

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Speaker 6: China war, and a social media post, President Trump says

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Speaker 6: the Times report is ridiculous and completely untrue. In a

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Speaker 6: separate post, heg Sith confirmed that Musk will visit the

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Speaker 6: Pentagon today, saying it's an informal meeting about innovation.

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Speaker 7: Well.

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Speaker 6: The reports underscore the unprecedented roles that Musk holds a

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Speaker 6: across the heart of the US government and the economy

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Speaker 6: all at the same time. Any such briefing would expose

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Speaker 6: some of the Pentagon's closely guarded strategic thinking to a

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Speaker 6: billionaire with extensive business ties in China. The meantime, Musk

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Speaker 6: is now threatening Pentagon employees in a post on Acts.

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Speaker 6: He says he looks forward to the prosecution of those

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Speaker 6: at the Pentagon who are leaking false information. He warns

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Speaker 6: they will be found in New York. I'm John Tucker,

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Speaker 6: Bloomberg Radio.

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Speaker 2: John, thank you.

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Speaker 4: President Trump's made a major move and is push to

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Speaker 4: overhaul the federal government. He assigned an executive order to

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Speaker 4: all but dismantle the Department of Education.

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Speaker 8: After forty five years. The United States spends more money

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Speaker 8: on education by far than any other country, and spends likewise,

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Speaker 8: by far more money per pupil than any country. And

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Speaker 8: it's not even close, but yet we rank near the

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Speaker 8: bottom of the list in terms of success.

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Speaker 4: The President's order direct Education Secretary Linda McMahon to take

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Speaker 4: all necessary steps to close the agency, but it doesn't

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Speaker 4: give a clear blueprint, and shutting down an entire cabinet

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Speaker 4: department would take an Act of Congress. In remarks heard

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Speaker 4: here on Bloomberg, Trump said the agency's core functions, like

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Speaker 4: pelgrants and funds for special needs children will remain.

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Speaker 9: They are going to be preserved in full and redistributed

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Speaker 9: to various other agencies and departments that will take very

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Speaker 9: good care of them and it's very important to Linda,

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Speaker 9: I know, and it's very important.

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Speaker 10: To all of us.

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Speaker 4: President Trump's already moved to cut nearly half the Education

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Speaker 4: Department's workforce.

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Speaker 2: This order is likely to face legal challenges well, Nathan.

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Speaker 3: President Trump also signed an executive order aimed at boosting

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Speaker 3: critical mineral production, and that could include coal. The President

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Speaker 3: is using the Defense Production Act to provide financing, loans

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Speaker 3: and other investments of poor to process rare earth elements

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Speaker 3: and other minerals in the US. The move addresses long

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Speaker 3: health concerns that China controls the vast majority of a

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Speaker 3: rare mineral processing certain markets.

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Speaker 4: Now, Karen futures are lower as we close out out

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Speaker 4: the trading week. The S and P five hundred's fallen

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Speaker 4: for four straight weeks, and there could be more volatility

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Speaker 4: than normal today. We get more from Bloomberg Market's reporter

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Speaker 4: Valerie Titel.

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Speaker 11: We need to take an eye to triple witching. This

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Speaker 11: is the option expiry event that happens at the end

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Speaker 11: of every quarter. It's called triple witching because there are

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Speaker 11: single stocks ETFs and indices. All three options tied to

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Speaker 11: those equity indices expire this afternoon. Into the close, we

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Speaker 11: normally see a very large surge in volumes and some

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Speaker 11: volatile stocks, maybe some more less liquid single names have

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Speaker 11: some pretty wild swings into the clothes.

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Speaker 4: Bloomberg Markets reporter Valerie Ttel says four and a half

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Speaker 4: trillion dollars of options contracts expire today.

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Speaker 3: Well, let's check some stocks on the move this morning,

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Speaker 3: Nathan and shares of FedEx are down seven percent. The

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Speaker 3: shipping company has lowered as full year guidance for a

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Speaker 3: third consecutive quarter. Inflation and uncertain demand for packages are

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Speaker 3: squeezing the company's bottom line. Lea Clasgow covers FedEx for

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Speaker 3: Bloomberg Intelligence.

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Speaker 12: The demand picture is probably not as good as we

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Speaker 12: thought it might have been three months ago when President

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Speaker 12: Trump was elected and people thought the animal spirits will

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Speaker 12: be released, and you know, we'd have a less regulation,

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Speaker 12: kind of lower tax environment, which is obviously better for business.

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Speaker 12: But fast forward today, you know, companies are reeling in

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Speaker 12: their capex because they just don't know what the future holds.

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Speaker 3: And Bloomberg Intelligence is late. Glasgow says FedEx's latest outlook

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Speaker 3: assumes the global economic, political, and trade environment does not

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Speaker 3: worsen any further and Karen.

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Speaker 2: Shares of Nike are down five percent.

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Speaker 4: The sportswear maker is signaling further declines in revenue and

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Speaker 4: profitability due to an inventory clearance. Nike also expects its

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Speaker 4: gross margins to decline sharply in the current quarter from

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Speaker 4: a year earlier, in part due to US tariffs on

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Speaker 4: products from China and Mexico.

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Speaker 3: We're also watching Micron Technology, the largest US maker of

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Speaker 3: computer memory chips, gave a strong sales forecast for that

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Speaker 3: current quarter, bolstered by demand for artificial intelligence products, and.

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Speaker 4: AT and T is going to be in focus today.

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Speaker 4: Karen Bloomberg News has learned BT Group approached major telecommunications companies,

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Speaker 4: including AT and T, about partnerships to help turn around

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Speaker 4: its struggling international business. When asked about a potential BT

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Speaker 4: partnership recently, AT and T's chief financial officer declined to comment.

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Speaker 3: Well, we turn to the economy now, and former Treasury

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Speaker 3: Secretary Larry Summers says he is astonished that FED chair J.

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Speaker 3: Powell used the word transitory to describe the effects of

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Speaker 3: President Trump's tariff policy.

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Speaker 7: I would have thought the chairman would retire the words translatory.

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Speaker 7: That is perhaps the most notoriously ill chosen phrase of

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Speaker 7: his excellent seven and a half year run as FED chair.

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Speaker 3: And Summers made the comments on Bloomberg's Wall Street Week

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Speaker 3: with David Weston. Here're the full conversation tonight at six

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Speaker 3: pm Wall Street Time on Bloomberg Radio and Bloomberg Television,

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Speaker 3: or get the Wall Street Week podcast after the show

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Speaker 3: airs wherever you get your podcasts. Time now for a

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Speaker 3: look at some of the other stories making news in

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Speaker 3: New York and around the world. And for that we're

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Speaker 3: joined by Bloomberg's and Michael Barr Michael, Good Morning.

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Speaker 13: Good morning Karen. The National Transportation Safety Board is issuing

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Speaker 13: sweeping recommendations for state departments of Transportation to immediately assess

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Speaker 13: the vulnerability of their bridges. The report comes after the

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Speaker 13: collapse of the Francis Scott Key Bridge in Baltimore after

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Speaker 13: it was struck by a cargo ship almost a year ago.

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Speaker 13: INTSP Chair Jennifer Hammondy says the report should be a

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Speaker 13: warning to other bridges across the country and is urging

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Speaker 13: owners to comply.

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Speaker 14: Had they ran the calculation on the Francis Scott Key Bridge,

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Speaker 14: the MDTA would have been aware that the bridge was

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Speaker 14: almost thirty times greater than the risk threshold ASHTOSE sets

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Speaker 14: for Critical Essential bridges.

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Speaker 13: NTSP Chair Jennifer Hammody is calling on the vulnerability assets

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Speaker 13: of nearly seventy bridge bridges across the US, including fifteen

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Speaker 13: in New York and New Jersey. Transportation Secretary Sean Duffy

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Speaker 13: says he's granting New York a thirty day extension to

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Speaker 13: end its congestion pricing program in Manhattan. The Trump administration's

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Speaker 13: original deadline was today. New York Governor Kathy Okel and

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Speaker 13: the MTA pledged to keep the congestion pricing cameras on

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Speaker 13: no matter what the administration did. Congress Member Jerry Natler

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Speaker 13: of New York says, the elected officials who run the

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Speaker 13: city know it best.

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Speaker 10: The value pricing program is so the established under federal law,

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Speaker 10: it is clearly delivering tangible benefits. Simply put, congestion pricing

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Speaker 10: is no different than New Jersey's ability to set tolls

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Speaker 10: on the New Jersey turnpipe.

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Speaker 13: Meanwhile, opponents of the tolls, like Representative Josh Gottheimer of

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Speaker 13: New Jersey, say congestion pricing is destined.

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Speaker 2: To fail to the NCAA.

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Speaker 6: Enjoy your last hour, screwing over hard working commuters with

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Speaker 6: the congestion.

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Speaker 13: Tax Gottheimer audio courtesy of News for. Israel's cabinet has

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Speaker 13: approved Prime Minister menagement at Now, whose decision to fire

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Speaker 13: the country's domestic intelligence chief Running Bar despite thousands of

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Speaker 13: protesters rallying against his removal. Global News twenty four hours

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Speaker 13: a day and whenever you want it with the Bloomberg

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Speaker 13: News Now. I'm Michael barrn. This is Bloomberg. Karen.

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Speaker 3: All right, Michael barr thank you time now for the

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Speaker 3: Bloomberg Sports Update, brought to you by try State. Audie.

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Speaker 3: Here's John Staneshawer John, good morning, Good.

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Speaker 13: Morning, Karen.

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Speaker 15: Nobody at Saint John's wants this storybook season to end.

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Speaker 15: The red storm began. The NC doubled as in Providence

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Speaker 15: against Omah, and a slow start took Saint John's three

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Speaker 15: and a half minutes to score a point. Thirteen minutes

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Speaker 15: into the game, they had yet to take a lead,

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Speaker 15: but up five at halftime. The second half all red Storm.

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Speaker 16: Saint Shahn's really stayed attached Oscar warn Let's sit three

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Speaker 16: mist it wawn what down by Scott here come to

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Speaker 16: Charnie's on the move three on one give what wos

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Speaker 16: what brs to slam Shawnee.

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Speaker 15: Start boy us been on Saint John's won eighty three

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Speaker 15: fifty three. R. J. Lewis scored twenty two. It's their

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Speaker 15: first NCAA win in twenty five years, and tomorrow afternoon

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Speaker 15: if they'll take on Arkansas. It was earlier in Providence

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Speaker 15: where the biggest upset took place. Not only that twelfth

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Speaker 15: seeded mcneie knocked off fifth seed at Clemson, but that

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Speaker 15: at halftime McNeice led thirty one to thirteen, They led

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Speaker 15: by twelve with a minute to go, ended up winning

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Speaker 15: by only two first NCAA win in school history. The

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Speaker 15: next really missed Jalen Bruns. In last two nights of

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Speaker 15: May that obvious, a fifteen point loss in San Antonio

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Speaker 15: a seventeen point loss in Charlotte. The Hornets have lost

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Speaker 15: fifty one games. They've had five losses this month by

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Speaker 15: more than thirty points, and yet they outscored the Knicks

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Speaker 15: in every quarter and won one fifteen to ninety eight.

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Speaker 15: The Nets in Indiana were up ten at the half,

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Speaker 15: Pacers came back to winning overtime. Another Rangers loss at

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Speaker 15: the Garden loss at Toronto four to three.

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Speaker 13: That's three home losses this week.

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Speaker 2: Mayple Lice never trailed.

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Speaker 15: Got two goals from John Tavares, Islanders with a four

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Speaker 15: to three win over Montreal, now tied with the Rangers.

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Speaker 15: The Devil's lost to Calgary five to three. Of the

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Speaker 15: Celtics being sold, the price tag is six point one billion,

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Speaker 15: a little more than what the Washington Commanders just went for.

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Speaker 15: So what's the most in North American sports history? Two

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Speaker 15: billion more than any NBA team has gone for. The

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Speaker 15: new ownership group, led by Bill Chisholm from the Symphony Technology.

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Speaker 2: Firm, is a lifelong Celtics fan. Johns Dashy Ally Bloomberg

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Speaker 2: Sports Karen Natan.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 2: Good morning, I'm Nathan Hager.

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Speaker 4: This morning, Europe's busiest airport is shut down. A power

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Speaker 4: outage just forced London's Heathrow to close all day, causing

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Speaker 4: travel chaos for the hundreds of thousands who rely on

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Speaker 4: the Transatlantic flight hub each day. For the very latest

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Speaker 4: We're joined by Bloomberg Global Aviation editor Benedict Como. Benedict,

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Speaker 4: good morning. What do we know at this point about

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Speaker 4: what caused this fire? We understand it happened at a

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Speaker 4: power substation.

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Speaker 17: Yes, good morning, that's right. So this is a power

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Speaker 17: substation nearby, about two miles away from the airport that

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Speaker 17: caught fire in the middle of the night. We don't

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Speaker 17: know why. That's going to be one of the main

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Speaker 17: thrust of the investigation. It has now been extinguished, but

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Speaker 17: the damage is done. So not only are people in

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Speaker 17: the vicinity without power, but hethrow airport is entirely shut off.

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Speaker 4: Give us a sense of just how much chaos this

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Speaker 4: is causing right now. As we said, this is the

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Speaker 4: busiest airport in Europe.

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Speaker 17: Yeah, this is This is an unprecedented breakdown really for

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Speaker 17: the airport. There have been disruptions in the past, you know,

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Speaker 17: there might have been strikes, there might have been weather

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Speaker 17: related to disruptions, but for the airport to close down

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Speaker 17: for an entire day, that is unheard of. This is

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Speaker 17: an airport that handles about four hundred flights a day,

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Speaker 17: two hundred thousand passengers, you know, give or take an

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Speaker 17: aircraft taking off about every minute, so this is to

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Speaker 17: have a massive ripple effect. There were planes in the

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Speaker 17: air already that were coming in from the Middle East

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Speaker 17: from Asia. Those planes had to be rerouted to places

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Speaker 17: like Frankfurt, like Birmingham in the UK. Some were able

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Speaker 17: to land at Gatwick Airport, which is the other big

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Speaker 17: London airport, so those people were lucky. But for a

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Speaker 17: lot of people, they're out of position or they didn't

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Speaker 17: even get to where they wanted to be. Everyone flying

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Speaker 17: from the US will have to think twice. Hopefully by

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Speaker 17: tomorrow things will be back to normal, but usually it

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Speaker 17: is erupted on this scale leads to several days, if

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Speaker 17: not into next week, of disruptions because you'll have aircraft

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Speaker 17: out of position, you'll have a crew out of position.

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Speaker 17: So this is not just today, This is something that

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Speaker 17: will stay with the airport for the next couple of days.

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Speaker 4: Whenever something like this happens at an airport, your mind

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Speaker 4: goes to sabotage. Are authorities going there yet, Benedict, It's.

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Speaker 17: Too soon to say the blazer's just been extinguished, but

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Speaker 17: this will certainly be one line of inquiry that they

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Speaker 17: will look at. Another question that will come up is

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Speaker 17: how can it be that as something like Heathrow and

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Speaker 17: Airport that are so critical to the UK infrastructure, didn't

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Speaker 17: have the necessary redundancy systems in place. How can it

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Speaker 17: be that a single power station, regardless how big and

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Speaker 17: important it is, could really take out this airport. What

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Speaker 17: kind of precautions might there have been. This comes at

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Speaker 17: a time where the airport is trying to expand the

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Speaker 17: UK is really pitching it we're open for business, We're

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Speaker 17: open for expansion kind of idea. And this is not

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Speaker 17: a good look for the airport or for the government

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Speaker 17: at large, and there will be some tough questions that

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Speaker 17: will be asked.

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Speaker 3: This is Bloomberg Daybreak, your morning podcast and the stories

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Speaker 2: And I'm Nathan Hager.

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Speaker 4: Join us again tomorrow morning for all the news you

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Speaker 3: Dbreay