WEBVTT - Heathrow Airport Shuttered; Musk and China War Plans

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good morning.

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<v Speaker 3>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 3>stories we're following today.

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<v Speaker 4>Karen, we begin with a breaking story impacting hundreds of

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<v Speaker 4>thousands of travelers around the world. London's Heathrow Airport is

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

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<v Speaker 4>Euro banker Caroline Hepgar in London. Good morning, Caroline, what

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<v Speaker 4>is happening?

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<v Speaker 5>Good morning, Nathan and Karen. It is a fire at

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<v Speaker 5>a power substation about two miles from the airport that

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<v Speaker 5>broke out just before midnight that led to a cut

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<v Speaker 5>in power for Heathrow. It has forced the cancelation of

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<v Speaker 5>thousands of flights. Flight Radar twenty four says that there

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<v Speaker 5>were due to be one three hundred flights for today.

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<v Speaker 5>Some one hundred and twenty planes had to be re

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<v Speaker 5>rooted away from Heathrow in the early hours of this morning.

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<v Speaker 5>Heathrow says that the disruptions will continue over the coming days,

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<v Speaker 5>adding that passengers should not travel to the airport under

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<v Speaker 5>any circumstances. The London Farbagade said in a statement that

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<v Speaker 5>the blaze is now under control. No casualties, but the

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<v Speaker 5>cause of the fire is not yet known. European travel

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<v Speaker 5>and leisure stocks Nathan this morning down two percent, he throw,

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<v Speaker 5>which is home to airlines including IAG's British Airways and

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<v Speaker 5>Virgin Atlantic. IAG shares now down as much as four

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<v Speaker 5>point three percent.

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<v Speaker 2>Caroline, when do we expect things to get back to normal?

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<v Speaker 5>This is the unknown, he throws, the busiest airport in Europe.

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<v Speaker 5>The airport doesn't know when power will be restored. The

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<v Speaker 5>Energy Secretary Ed Millardband has been speaking to media in

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

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<v Speaker 5>spoken to the National Grid, who are really at the

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<v Speaker 5>epicenter of this, he says, and we will be doing

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<v Speaker 5>everything we can both to restore power and to help

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<v Speaker 5>the national grid. Jeffrey says that passenger compensation for delayed

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<v Speaker 5>flights is likely going to have a big immediate impact

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<v Speaker 5>on IAG. Some local people were evacuated. There was lots

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<v Speaker 5>of smoke, no doubt, many thousands of frustrated passages.

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<v Speaker 3>All right, Caroline, Hepger, thank you. Will continue to follow

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<v Speaker 3>this story throughout the morning. We turned to Washington now, though,

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<v Speaker 3>with President Trump denying a bombshell report about Elon Musk

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<v Speaker 3>being briefed about the Pentagon's plan for any potential war

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<v Speaker 3>with China to get the very latest to the Bloomberg's

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<v Speaker 3>John Tucker, John, good Morning and Good Morning Karen.

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<v Speaker 6>The New York Times sites multiple unidentified US officials as

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<v Speaker 6>saying Musk would see details of American plans in a

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<v Speaker 6>presentation led by the Defense Secretary Pete Hegsith and top

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<v Speaker 6>US military leaders. The Wall Street Journal also reported Mosk

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<v Speaker 6>would receive a briefing on US plans for any potential

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<v Speaker 6>China war, and a social media post, President Trump says

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<v Speaker 6>the Times report is ridiculous and completely untrue. In a

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<v Speaker 6>separate post, heg Sith confirmed that Musk will visit the

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<v Speaker 6>Pentagon today, saying it's an informal meeting about innovation.

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<v Speaker 7>Well.

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<v Speaker 6>The reports underscore the unprecedented roles that Musk holds a

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<v Speaker 6>across the heart of the US government and the economy

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<v Speaker 6>all at the same time. Any such briefing would expose

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<v Speaker 6>some of the Pentagon's closely guarded strategic thinking to a

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<v Speaker 6>billionaire with extensive business ties in China. The meantime, Musk

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<v Speaker 6>is now threatening Pentagon employees in a post on Acts.

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<v Speaker 6>He says he looks forward to the prosecution of those

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<v Speaker 6>at the Pentagon who are leaking false information. He warns

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

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<v Speaker 6>Bloomberg Radio.

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<v Speaker 2>John, thank you.

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<v Speaker 4>President Trump's made a major move and is push to

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<v Speaker 4>overhaul the federal government. He assigned an executive order to

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<v Speaker 4>all but dismantle the Department of Education.

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<v Speaker 8>After forty five years. The United States spends more money

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<v Speaker 8>on education by far than any other country, and spends likewise,

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<v Speaker 8>by far more money per pupil than any country. And

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<v Speaker 8>it's not even close, but yet we rank near the

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<v Speaker 8>bottom of the list in terms of success.

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<v Speaker 4>The President's order direct Education Secretary Linda McMahon to take

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<v Speaker 4>all necessary steps to close the agency, but it doesn't

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<v Speaker 4>give a clear blueprint, and shutting down an entire cabinet

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<v Speaker 4>department would take an Act of Congress. In remarks heard

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<v Speaker 4>here on Bloomberg, Trump said the agency's core functions, like

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<v Speaker 4>pelgrants and funds for special needs children will remain.

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<v Speaker 9>They are going to be preserved in full and redistributed

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<v Speaker 9>to various other agencies and departments that will take very

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<v Speaker 9>good care of them and it's very important to Linda,

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<v Speaker 9>I know, and it's very important.

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<v Speaker 10>To all of us.

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<v Speaker 4>President Trump's already moved to cut nearly half the Education

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<v Speaker 4>Department's workforce.

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<v Speaker 2>This order is likely to face legal challenges well, Nathan.

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<v Speaker 3>President Trump also signed an executive order aimed at boosting

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<v Speaker 3>critical mineral production, and that could include coal. The President

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<v Speaker 3>is using the Defense Production Act to provide financing, loans

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<v Speaker 3>and other investments of poor to process rare earth elements

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<v Speaker 3>and other minerals in the US. The move addresses long

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<v Speaker 3>health concerns that China controls the vast majority of a

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<v Speaker 3>rare mineral processing certain markets.

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<v Speaker 4>Now, Karen futures are lower as we close out out

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<v Speaker 4>the trading week. The S and P five hundred's fallen

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<v Speaker 4>for four straight weeks, and there could be more volatility

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<v Speaker 4>than normal today. We get more from Bloomberg Market's reporter

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<v Speaker 4>Valerie Titel.

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<v Speaker 11>We need to take an eye to triple witching. This

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<v Speaker 11>is the option expiry event that happens at the end

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<v Speaker 11>of every quarter. It's called triple witching because there are

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<v Speaker 11>single stocks ETFs and indices. All three options tied to

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<v Speaker 11>those equity indices expire this afternoon. Into the close, we

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<v Speaker 11>normally see a very large surge in volumes and some

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<v Speaker 11>volatile stocks, maybe some more less liquid single names have

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<v Speaker 11>some pretty wild swings into the clothes.

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<v Speaker 4>Bloomberg Markets reporter Valerie Ttel says four and a half

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<v Speaker 4>trillion dollars of options contracts expire today.

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<v Speaker 3>Well, let's check some stocks on the move this morning,

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<v Speaker 3>Nathan and shares of FedEx are down seven percent. The

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<v Speaker 3>shipping company has lowered as full year guidance for a

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<v Speaker 3>third consecutive quarter. Inflation and uncertain demand for packages are

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<v Speaker 3>squeezing the company's bottom line. Lea Clasgow covers FedEx for

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<v Speaker 3>Bloomberg Intelligence.

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<v Speaker 12>The demand picture is probably not as good as we

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<v Speaker 12>thought it might have been three months ago when President

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<v Speaker 12>Trump was elected and people thought the animal spirits will

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<v Speaker 12>be released, and you know, we'd have a less regulation,

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<v Speaker 12>kind of lower tax environment, which is obviously better for business.

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<v Speaker 12>But fast forward today, you know, companies are reeling in

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

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<v Speaker 3>And Bloomberg Intelligence is late. Glasgow says FedEx's latest outlook

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<v Speaker 3>assumes the global economic, political, and trade environment does not

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<v Speaker 3>worsen any further and Karen.

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<v Speaker 2>Shares of Nike are down five percent.

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<v Speaker 4>The sportswear maker is signaling further declines in revenue and

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<v Speaker 4>profitability due to an inventory clearance. Nike also expects its

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<v Speaker 4>gross margins to decline sharply in the current quarter from

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<v Speaker 4>a year earlier, in part due to US tariffs on

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<v Speaker 4>products from China and Mexico.

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<v Speaker 3>We're also watching Micron Technology, the largest US maker of

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<v Speaker 3>computer memory chips, gave a strong sales forecast for that

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<v Speaker 3>current quarter, bolstered by demand for artificial intelligence products, and.

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<v Speaker 4>AT and T is going to be in focus today.

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<v Speaker 4>Karen Bloomberg News has learned BT Group approached major telecommunications companies,

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<v Speaker 4>including AT and T, about partnerships to help turn around

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<v Speaker 4>its struggling international business. When asked about a potential BT

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

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<v Speaker 3>Well, we turn to the economy now, and former Treasury

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<v Speaker 3>Secretary Larry Summers says he is astonished that FED chair J.

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<v Speaker 3>Powell used the word transitory to describe the effects of

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<v Speaker 3>President Trump's tariff policy.

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<v Speaker 7>I would have thought the chairman would retire the words translatory.

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<v Speaker 7>That is perhaps the most notoriously ill chosen phrase of

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<v Speaker 7>his excellent seven and a half year run as FED chair.

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<v Speaker 3>And Summers made the comments on Bloomberg's Wall Street Week

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<v Speaker 3>with David Weston. Here're the full conversation tonight at six

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<v Speaker 3>pm Wall Street Time on Bloomberg Radio and Bloomberg Television,

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<v Speaker 3>or get the Wall Street Week podcast after the show

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<v Speaker 3>airs wherever you get your podcasts. Time now for a

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<v Speaker 3>look at some of the other stories making news in

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<v Speaker 3>New York and around the world. And for that we're

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<v Speaker 3>joined by Bloomberg's and Michael Barr Michael, Good Morning.

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<v Speaker 13>Good morning Karen. The National Transportation Safety Board is issuing

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<v Speaker 13>sweeping recommendations for state departments of Transportation to immediately assess

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<v Speaker 13>the vulnerability of their bridges. The report comes after the

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<v Speaker 13>collapse of the Francis Scott Key Bridge in Baltimore after

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<v Speaker 13>it was struck by a cargo ship almost a year ago.

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<v Speaker 13>INTSP Chair Jennifer Hammondy says the report should be a

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<v Speaker 13>warning to other bridges across the country and is urging

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<v Speaker 13>owners to comply.

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<v Speaker 14>Had they ran the calculation on the Francis Scott Key Bridge,

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<v Speaker 14>the MDTA would have been aware that the bridge was

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<v Speaker 14>almost thirty times greater than the risk threshold ASHTOSE sets

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<v Speaker 14>for Critical Essential bridges.

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<v Speaker 13>NTSP Chair Jennifer Hammody is calling on the vulnerability assets

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<v Speaker 13>of nearly seventy bridge bridges across the US, including fifteen

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<v Speaker 13>in New York and New Jersey. Transportation Secretary Sean Duffy

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<v Speaker 13>says he's granting New York a thirty day extension to

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<v Speaker 13>end its congestion pricing program in Manhattan. The Trump administration's

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<v Speaker 13>original deadline was today. New York Governor Kathy Okel and

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<v Speaker 13>the MTA pledged to keep the congestion pricing cameras on

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<v Speaker 13>no matter what the administration did. Congress Member Jerry Natler

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<v Speaker 13>of New York says, the elected officials who run the

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<v Speaker 13>city know it best.

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<v Speaker 10>The value pricing program is so the established under federal law,

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<v Speaker 10>it is clearly delivering tangible benefits. Simply put, congestion pricing

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<v Speaker 10>is no different than New Jersey's ability to set tolls

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<v Speaker 10>on the New Jersey turnpipe.

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<v Speaker 13>Meanwhile, opponents of the tolls, like Representative Josh Gottheimer of

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<v Speaker 13>New Jersey, say congestion pricing is destined.

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<v Speaker 2>To fail to the NCAA.

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<v Speaker 6>Enjoy your last hour, screwing over hard working commuters with

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<v Speaker 6>the congestion.

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<v Speaker 13>Tax Gottheimer audio courtesy of News for. Israel's cabinet has

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<v Speaker 13>approved Prime Minister menagement at Now, whose decision to fire

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<v Speaker 13>the country's domestic intelligence chief Running Bar despite thousands of

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<v Speaker 13>protesters rallying against his removal. Global News twenty four hours

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<v Speaker 13>a day and whenever you want it with the Bloomberg

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<v Speaker 13>News Now. I'm Michael barrn. This is Bloomberg. Karen.

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<v Speaker 3>All right, Michael barr thank you time now for the

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<v Speaker 3>Bloomberg Sports Update, brought to you by try State. Audie.

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<v Speaker 3>Here's John Staneshawer John, good morning, Good.

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<v Speaker 13>Morning, Karen.

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<v Speaker 15>Nobody at Saint John's wants this storybook season to end.

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<v Speaker 15>The red storm began. The NC doubled as in Providence

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<v Speaker 15>against Omah, and a slow start took Saint John's three

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<v Speaker 15>and a half minutes to score a point. Thirteen minutes

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<v Speaker 15>into the game, they had yet to take a lead,

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<v Speaker 15>but up five at halftime. The second half all red Storm.

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<v Speaker 16>Saint Shahn's really stayed attached Oscar warn Let's sit three

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<v Speaker 16>mist it wawn what down by Scott here come to

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<v Speaker 16>Charnie's on the move three on one give what wos

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<v Speaker 16>what brs to slam Shawnee.

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<v Speaker 15>Start boy us been on Saint John's won eighty three

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<v Speaker 15>fifty three. R. J. Lewis scored twenty two. It's their

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<v Speaker 15>first NCAA win in twenty five years, and tomorrow afternoon

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<v Speaker 15>if they'll take on Arkansas. It was earlier in Providence

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<v Speaker 15>where the biggest upset took place. Not only that twelfth

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<v Speaker 15>seeded mcneie knocked off fifth seed at Clemson, but that

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<v Speaker 15>at halftime McNeice led thirty one to thirteen, They led

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<v Speaker 15>by twelve with a minute to go, ended up winning

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<v Speaker 15>by only two first NCAA win in school history. The

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<v Speaker 15>next really missed Jalen Bruns. In last two nights of

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<v Speaker 15>May that obvious, a fifteen point loss in San Antonio

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<v Speaker 15>a seventeen point loss in Charlotte. The Hornets have lost

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<v Speaker 15>fifty one games. They've had five losses this month by

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<v Speaker 15>more than thirty points, and yet they outscored the Knicks

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<v Speaker 15>in every quarter and won one fifteen to ninety eight.

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<v Speaker 15>The Nets in Indiana were up ten at the half,

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<v Speaker 15>Pacers came back to winning overtime. Another Rangers loss at

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<v Speaker 15>the Garden loss at Toronto four to three.

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<v Speaker 13>That's three home losses this week.

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<v Speaker 2>Mayple Lice never trailed.

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<v Speaker 15>Got two goals from John Tavares, Islanders with a four

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<v Speaker 15>to three win over Montreal, now tied with the Rangers.

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<v Speaker 15>The Devil's lost to Calgary five to three. Of the

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<v Speaker 15>Celtics being sold, the price tag is six point one billion,

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<v Speaker 15>a little more than what the Washington Commanders just went for.

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<v Speaker 15>So what's the most in North American sports history? Two

0:12:11.280 --> 0:12:14.120
<v Speaker 15>billion more than any NBA team has gone for. The

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<v Speaker 15>new ownership group, led by Bill Chisholm from the Symphony Technology.

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<v Speaker 2>Firm, is a lifelong Celtics fan. Johns Dashy Ally Bloomberg

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<v Speaker 2>Sports Karen Natan.

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<v Speaker 1>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 2>Good morning, I'm Nathan Hager.

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

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<v Speaker 4>outage just forced London's Heathrow to close all day, causing

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<v Speaker 4>travel chaos for the hundreds of thousands who rely on

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<v Speaker 4>the Transatlantic flight hub each day. For the very latest

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<v Speaker 4>We're joined by Bloomberg Global Aviation editor Benedict Como. Benedict,

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<v Speaker 4>good morning. What do we know at this point about

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<v Speaker 4>what caused this fire? We understand it happened at a

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<v Speaker 4>power substation.

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

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<v Speaker 17>substation nearby, about two miles away from the airport that

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<v Speaker 17>caught fire in the middle of the night. We don't

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<v Speaker 17>know why. That's going to be one of the main

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<v Speaker 17>thrust of the investigation. It has now been extinguished, but

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<v Speaker 17>the damage is done. So not only are people in

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<v Speaker 17>the vicinity without power, but hethrow airport is entirely shut off.

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<v Speaker 4>Give us a sense of just how much chaos this

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<v Speaker 4>is causing right now. As we said, this is the

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<v Speaker 4>busiest airport in Europe.

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<v Speaker 17>Yeah, this is This is an unprecedented breakdown really for

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<v Speaker 17>the airport. There have been disruptions in the past, you know,

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<v Speaker 17>there might have been strikes, there might have been weather

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<v Speaker 17>related to disruptions, but for the airport to close down

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<v Speaker 17>for an entire day, that is unheard of. This is

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<v Speaker 17>an airport that handles about four hundred flights a day,

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<v Speaker 17>two hundred thousand passengers, you know, give or take an

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<v Speaker 17>aircraft taking off about every minute, so this is to

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<v Speaker 17>have a massive ripple effect. There were planes in the

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<v Speaker 17>air already that were coming in from the Middle East

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<v Speaker 17>from Asia. Those planes had to be rerouted to places

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<v Speaker 17>like Frankfurt, like Birmingham in the UK. Some were able

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<v Speaker 17>to land at Gatwick Airport, which is the other big

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<v Speaker 17>London airport, so those people were lucky. But for a

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<v Speaker 17>lot of people, they're out of position or they didn't

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<v Speaker 17>even get to where they wanted to be. Everyone flying

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<v Speaker 17>from the US will have to think twice. Hopefully by

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<v Speaker 17>tomorrow things will be back to normal, but usually it

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<v Speaker 17>is erupted on this scale leads to several days, if

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<v Speaker 17>not into next week, of disruptions because you'll have aircraft

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<v Speaker 17>out of position, you'll have a crew out of position.

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<v Speaker 17>So this is not just today, This is something that

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<v Speaker 17>will stay with the airport for the next couple of days.

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<v Speaker 4>Whenever something like this happens at an airport, your mind

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

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<v Speaker 17>Too soon to say the blazer's just been extinguished, but

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<v Speaker 17>this will certainly be one line of inquiry that they

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<v Speaker 17>will look at. Another question that will come up is

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<v Speaker 17>how can it be that as something like Heathrow and

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<v Speaker 17>Airport that are so critical to the UK infrastructure, didn't

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<v Speaker 17>have the necessary redundancy systems in place. How can it

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<v Speaker 17>be that a single power station, regardless how big and

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<v Speaker 17>important it is, could really take out this airport. What

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<v Speaker 17>kind of precautions might there have been. This comes at

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<v Speaker 17>a time where the airport is trying to expand the

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<v Speaker 17>UK is really pitching it we're open for business, We're

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<v Speaker 17>open for expansion kind of idea. And this is not

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<v Speaker 17>a good look for the airport or for the government

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<v Speaker 17>at large, and there will be some tough questions that

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<v Speaker 17>will be asked.

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<v Speaker 3>This is Bloomberg Daybreak, your morning podcast and the stories

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<v Speaker 4>Join us again tomorrow morning for all the news you

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<v Speaker 3>Dbreay