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Speaker 1: News when you want it with Bloomberg News Now. I'm

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Speaker 1: Brian Curtis in Hong Kong. President Biden framed his decision

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Speaker 1: to drop out of the twenty twenty four presidential race

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Speaker 1: has a bid to unify the nation under a new

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Speaker 1: generation of leaders, he spoke earlier from the Oval Office.

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Speaker 2: Nothing can come in the way of saving our democracy.

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Speaker 2: That includes personal ambition. So I've decided the best way

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Speaker 2: forward is to pass the torch for a new generation.

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Speaker 2: That's the best way to nine our nation. You know,

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Speaker 2: there is a time and a place for long years

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Speaker 2: of experience in public life. There's also a time and

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Speaker 2: a place for new voices, fresh voices, yes, younger voices,

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Speaker 2: and that time and place.

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Speaker 1: Is now, President Biden. Gini Shanzeno, Bloomberg Politics contributor responded

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Speaker 1: to the remarks.

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Speaker 3: He is responding to what he's hearing that Democrats and

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Speaker 3: voters and Americans have been calling for, and in the

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Speaker 3: last seventy two hours clear that the hunger is there.

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Speaker 3: And he is saying that for everything I accomplished, and

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Speaker 3: he listed a lot of his accomplishments, that it is

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Speaker 3: time to hand this over and he is doing so.

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Speaker 3: At the behest of the voters.

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Speaker 1: Biden insisted that he still hoped to accomplish significant goals

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Speaker 1: during his remaining six months in office. Biden said he

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Speaker 1: would call for a Supreme Court reform, continue pushing for

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Speaker 1: cancer research funding, and seek to come back climate change

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Speaker 1: and gun violence. In an hour long, wide ranging speech

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Speaker 1: to Congress, Israeli Prime Minister Benjamin Netanyahu strive to shore

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Speaker 1: up US support for Israel's war with Hamas Bloomberg's Amy

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Speaker 1: Morris reports from Washington.

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Speaker 4: Nettajah, who said Iran regards Israel as an arm of

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Speaker 4: its primary enemy, the United States.

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Speaker 5: Our enemies are your enemies, Our fight is your fight,

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Speaker 5: and our victory will be your victory.

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Speaker 4: Netanyahu also said that he envisions a new alliance throughout

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Speaker 4: the Middle East, including any see countries at peace with Israel.

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Speaker 5: The new alliance, sign vision, would be a natural extension

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Speaker 5: of the groundbreaking Abraham Accords. Those accords saw peace forged

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Speaker 5: between Israel and four Arab countries, and they were supported

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Speaker 5: by Republicans and Democrats alike. I think we should call

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Speaker 5: it the Abraham Alliance.

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Speaker 4: Natagnak, who also assailed anti Israel protesters for siding with

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Speaker 4: Amas in Washington, amymore as Bloomberg Radio.

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Speaker 1: The PBOC lowered its main policy rate to two point

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Speaker 1: three percent from two point five percent. The Central Bank

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Speaker 1: conducted open market operations, injecting some two hundred billion yuan

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Speaker 1: of medium term lending facility at a rate of two

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Speaker 1: point three percent. The PBOC had cut the seven day

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Speaker 1: reverse repo rate by ten bases points back on Monday. Meantime,

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Speaker 1: former New York Fed President Bill Dudley is now calling

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Speaker 1: on the Fed to cut interest rates and do it

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Speaker 1: as soon as possible. The story from Bloomberg's Denise Pellegrini.

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Speaker 6: Dudley says he used to be in the high for

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Speaker 6: Longer camp, but he has changed his mind. The Bloomberg

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Speaker 6: opinion calumnist says he now wants the Fed to cut

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Speaker 6: preferably at next week's policymaking meeting now that average Americans

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Speaker 6: have depleted savings and recession risks rise, with a three

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Speaker 6: month average unemployment rate up point four to three percentage

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Speaker 6: point from its low point in the prior twelve months,

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Speaker 6: very close, he says, to the half point threshold that

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Speaker 6: has invariably signaled a US recession. Doubly also says with

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Speaker 6: inflationary pressures using. The big risk now is that the

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Speaker 6: FED could actually increase recession risk by waiting until September

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Speaker 6: to cut rates. Denise pellgreny Bloomberg Radio.

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Speaker 1: IBM reported to jump in bookings on its AI business.

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Speaker 1: IBM shares gained more than three percent the story from

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Speaker 1: Bloomberg's Charlie Pellett.

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Speaker 7: IBM said bookings for AI consulting and software have exceeded

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Speaker 7: two billion dollars since mid twenty twenty three. That is

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Speaker 7: double the one billion dollar book of business that IBM

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Speaker 7: disclosed during its last quarterly earnings report in April. CEO

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Speaker 7: r Vin Krishna set about three quarters of the AI

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Speaker 7: bookings are made up of consulting, with the rest from software.

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Speaker 7: Second quarter sales increased two percent to fifteen point eight

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Speaker 7: billion dollars, slightly ahead of a fifteen point six billion

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Speaker 7: average estimate from analysts in New York. Charlie Bellett Bloomberg Radio.

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Speaker 1: Well, they were quick to secure necessary delegates now. Kamala

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Speaker 1: Harris's presidential campaign is moving quickly to lock up donors.

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Speaker 1: Bloomberg's Nathan Hager has more from.

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Speaker 8: Washington about forty Democratic donors in law and financer meeting

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Speaker 8: virtually today to start hammering out economic talking points to

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Speaker 8: sell a Harris agenda to Wall Street, a source tells

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Speaker 8: Bloomberg News. The hosts of this event include Blair Efron

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Speaker 8: of Centerview Partners, Mark Lazrie of Avenue Capital, and Lazard's

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Speaker 8: Ray McGuire. Democrats lost nearly a month of fundraising time

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Speaker 8: after President Biden's disastrous debate performance, but in the twenty

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Speaker 8: four hours after he dropped out of the race, the

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Speaker 8: Harris campaign raised a record one hundred million dollars and

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Speaker 8: she stands to inherit the president's ninety six million dollar

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Speaker 8: war chest in Washington. I'm Nathan Hager, Bloomberg Radio.

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Speaker 1: In other news, FBI Director Christopher Ray testified before Congress

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Speaker 1: Wednesday following the attempt at assassination of former President Trump.

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Speaker 1: House Judiciary Committee Chair Jim Jordan opened the hearing saying

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Speaker 1: many questions remain unanswered about security failures that led to

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Speaker 1: the shooting.

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Speaker 9: Why was the President's security detail denied requests for extra resources.

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Speaker 9: Why weren't all the buildings secured? There were a finite

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Speaker 9: number of buildings that needed to be secured. Why wasn't

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Speaker 9: that done? Why was the president allowed to walk out

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Speaker 9: on the stage when there was a suspicious person.

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Speaker 1: He also questioned the FBI's ability to conduct a quick

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Speaker 1: and transparent investigation. The FBI is investigating the shooting as

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Speaker 1: a potential act of domestic terrorism, but has not yet

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Speaker 1: determined the gunman's motive. That's news when you want it

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Speaker 1: with Bloomberg News Now. I'm Brian Curtis. This is Bloomberg