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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 Los Angeles. The Democratic National Convention, Day

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Speaker 1: three is underway as the audience is waiting now for

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Speaker 1: Minnesota Governor Tim Walls to accept the Democratic nomination as

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Speaker 1: vice president. Former House Speaker Nancy Pelosi says that Kamala

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Speaker 1: Harris can take America to new heights. The California congress

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Speaker 1: woman also added that Harris is a person of character personally.

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Speaker 2: I know her a person of deep faith, which has

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Speaker 2: reflected in her community care and service.

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Speaker 1: That was former House Speaker Nancy Pelosi. While federal prosecutors

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Speaker 1: recently issued subpoenas to Mayor Eric Adams, his campaign arm

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Speaker 1: and city Hall in New York. It's a probe in

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Speaker 1: to Adams's run back in twenty twenty one. It's a

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Speaker 1: new escalation in the ongoing investigation. Bloomberg's Joe Matthew and

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Speaker 1: Kaylee Lynes asked the mayor about this inquiry.

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Speaker 3: What do people of New York deserves a very thorough review,

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Speaker 3: and I feel confident when a review is done, they're

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Speaker 3: going to see that I did nothing wrong. Former law

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Speaker 3: enforcement officer, I know what it is to ensure that

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Speaker 3: laws are enforced you don't break them.

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Speaker 1: The subpoenas requested information about Mayor Adams's schedule, is overseas

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Speaker 1: travel and potential connections to the Turkish government. This is

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Speaker 1: according to a person with knowledge of the subpoenas. The

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Speaker 1: FBI and Federal prosecutors declined to comment. In other news,

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Speaker 1: Italian divers retrieved four bodies from a sunken yacht off Sicily.

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Speaker 1: That's where British tech entrepreneur Mike Lynch and Jonathan Bloomer

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Speaker 1: from Morgan Stanley were among those feared to have died.

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Speaker 1: This week Bloomberg's Olivia Solon with more on the search.

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Speaker 4: The vessels about fifty meters underwater, so for the divers,

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Speaker 4: it's pretty deep. For divers to be going under it

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Speaker 4: means they can only spend sort of short stretches of time.

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Speaker 4: We've heard anywhere from eight to twelve minutes at a

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Speaker 4: time before they have to go back to the surface

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Speaker 4: to sort of decompress.

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Speaker 1: Bloomberg's Olivia Salon. Six people were trapped inside the vessel

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Speaker 1: when it was hit by a storm. The Coastguard said

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Speaker 1: that the crews would resume operations on Thursday morning. It's

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Speaker 1: part of an effort to retrieve the remaining two missing people.

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Speaker 1: Minutes from the latest FED meeting shows several officials suggested

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Speaker 1: a plausible case for cutting interest rates. More from Bloomberg's

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Speaker 1: Michael McKee.

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Speaker 5: That's something that Jay Powell had suggested in his press

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Speaker 5: conference at that meeting. It didn't put a number on it,

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Speaker 5: but he said there was a case made for cuts

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Speaker 5: at that meeting. I don't think people pushed too hard

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Speaker 5: for that, and you can imagine it was somebody like

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Speaker 5: an Austin Goldsby or even some of the others, But

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Speaker 5: at this point they all decided that maybe because Jay

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Speaker 5: Pawla and the majority were saying, don't cut now, we

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Speaker 5: will wait.

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Speaker 1: Cher Powell will have a chance to offer investors more

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Speaker 1: clarity when he speaks in the Jackson Hole Economic Symposium

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Speaker 1: on Friday. Meantime. On jobs, the payroll numbers will likely

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Speaker 1: be revised down by eight hundred and eighteen thousand over

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Speaker 1: the twelve months through March. The revision comes from the

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Speaker 1: Bureau of Labor Statistics. More from Stuart Paul of Bloomberg Economics.

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Speaker 2: Most of the downward revisions are in some of the

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Speaker 2: more cyclically sensitive sectors. We're talking leisure and hospitality, manufacturing,

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Speaker 2: professional and business services, interest rates sensitive industries. The industries

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Speaker 2: of the FED has been looking for as some sort

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Speaker 2: of an indication of the resilience of the labor market.

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Speaker 2: And when we see basically eight hundred and eighteen thousand

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Speaker 2: jobs that folks thought had been added into the labor

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Speaker 2: market actually revised out, the Fed's going to be taking

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Speaker 2: note of this as we head into the September FOMC meeting.

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Speaker 1: Bloomberg Stewart Paul The final figures are due early next year.

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Speaker 1: China has launched an anti subsidy investigation into dairy imports

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Speaker 1: from the European Union. We get more on this from

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Speaker 1: Bloomberg's Bonnie Oo in Hong Kong.

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Speaker 6: The probe will target several dairy products that includes fresh

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Speaker 6: and processed cheese. This is the latest development in a

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Speaker 6: tit for t had trade dispute between the two sides.

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Speaker 6: Tensions have been growing as a tussle over subsidies started

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Speaker 6: with electric vehicles and spread to pork and cognac. The

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Speaker 6: dairy probe was initiated at the request of industry groups

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Speaker 6: in China. The investigation will look into twenty EU subsidy programs.

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Speaker 6: The probe is expected to be completed within a year

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Speaker 6: and can be extended for another six months. In Hong

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Speaker 6: Kong and Bonnie Al Bloomberg.

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Speaker 1: Radio media investor Edgar Bronfman Junior is said to have

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Speaker 1: increased his offer to six billion dollars to acquire National

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Speaker 1: Amusements that's the parent company of Paramount. The move may

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Speaker 1: upset the company's plan to merge with David Ellison's sky

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Speaker 1: Dance Media. Paramount shares gained about two and a quarter

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Speaker 1: percent in late trading. New Jersey Democratic Representative Bill Pascrell Junior,

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Speaker 1: a fourteen year incumbent, has died. His family said that

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Speaker 1: he'd been hospitalized with an illness recently. Pascrell was slated

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Speaker 1: to run for a fifteenth term this fall. Representative Bill

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Speaker 1: Pascrell was eighty seven years old. That's news when you

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Speaker 1: want it with Bloomberg News. Now, why Brian Curtis, this

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Speaker 1: is Bloomberg