Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
Speaker 2: are the stories we're following today.
Speaker 3: Karen, we begin with results from the latest primary elections.
Speaker 3: Voters headed to the polls in three states, plus a
Speaker 3: special House election in California. But the biggest upset of
Speaker 3: the night was in Florida, where a Democratic socialist beat
Speaker 3: an establishment candidate in the Democratic Senate primary with ninety
Speaker 3: nine percent of votes counted. Angie Nixon defeated alex Vinman
Speaker 3: fifty six to forty four percent.
Speaker 1: For your tireless.
Speaker 4: Work for the money nights, the two often nightless.
Speaker 3: Work Angie Nixon one, despite a sixteen to one fundraising
Speaker 3: advantage for alex Vinman. She'll go on to face Republican
Speaker 3: Ashley Moody in November. She was appointed to Phil Marco
Speaker 3: Rubio seat when he became Secretary of State.
Speaker 2: Oh Nathan. The Florida governor's race was less of a surprise.
Speaker 2: Congressman Byron Donalds won the Republican primary with forty eight
Speaker 2: percent of the vote, despite a challenge to his rite
Speaker 2: from social media influencer James Fishback.
Speaker 4: Because of your sweat.
Speaker 5: Because of your hard work, we have won a massive victory.
Speaker 2: And Byron Donalds had President Trump's endorsement and more than
Speaker 2: one hundred million dollars in his campaign war chest. Fishback
Speaker 2: came in third place with ten and a half percent
Speaker 2: of the vote. Donalds will now face Republican turned to
Speaker 2: Democrat David Jolly, who won the Democrats primary with sixty
Speaker 2: one percent.
Speaker 3: And Karen There were also important House races in Florida
Speaker 3: last night. Establishment Democrats came out ahead in redrawn districts.
Speaker 3: Former Democratic National Committee Chair Debbie Wasserman Schultz won in
Speaker 3: the twentieth district with forty five percent. She'd been criticized
Speaker 3: for running in one of the nation's few remaining plurality
Speaker 3: black districts. And Congressman Jared Moskowitz defeated Democratic Socialists BacT
Speaker 3: Oliver Adams Larkin in the twenty fifth district sixty three
Speaker 3: and a half to thirty six and a half percent.
Speaker 2: There's also so an important race in Alaska, Nathan that
Speaker 2: could determine control of the Senate in November was seventy
Speaker 2: percent of the votes counted. Democrat Mary Peltola and Republican
Speaker 2: incumbent Dan Sullivan will advance in the state's open primary.
Speaker 2: Peltola has forty seven point three percent of the vote
Speaker 2: to Sullivan's forty four percent. The Democrat has won statewide before,
Speaker 2: and she served a full term as Alaska's Loan House
Speaker 2: member before losing to Republican Nick Begich in twenty twenty four.
Speaker 2: The primary included a second Dan Sullivan, a retired school
Speaker 2: teacher with a similar name. He came in a distant
Speaker 2: third and with two and a half percent.
Speaker 6: Of the vote.
Speaker 3: As for some other key races, last night, Karen the
Speaker 3: Republican backed by President Trump won the primary for retiring
Speaker 3: Senator cynthy Lemis's seat in Wyoming. Congresswoman Harriet Hageman won
Speaker 3: that race with sixty five percent of the vote. She'll
Speaker 3: go on to face James Byrd, who won the Democratic
Speaker 3: primary with seventy nine percent. The President's preferred candidate for
Speaker 3: Wyoming governor came up short. Rancher and state Senator Eric
Speaker 3: Barlow beat Superintendent of Education Meagan Degenfelder forty five to
Speaker 3: thirty percent. Barlow will face Democrat Kenneth Cassner, who ran
Speaker 3: uncontested for governor and in the special runoff in California
Speaker 3: to serve the rest of former Congressman Eric Swalwell's term.
Speaker 3: Aisha wahab leeds fellow Democrat Melissa Hernandez fifty one to
Speaker 3: forty nine percent. Both candidates are also on the ballot
Speaker 3: for a full term in November.
Speaker 2: Well, Nathan, we also have global trade and focus. This morning,
Speaker 2: the Trump administration delaying fifty percent tariffs on billions of
Speaker 2: dollars of Canadian products for three days. Less than two
Speaker 2: hours before the tariffs were sent to take effect, President
Speaker 2: Trump on social media. So the two countries reached a
Speaker 2: tentative agreement to resolve a broader trade dispute. Candida's Prime
Speaker 2: Minister Mark Kearney was not as definitive, stopping short of
Speaker 2: saying an agreement had been reached. Begin More from Bloombery's
Speaker 2: senior US Government editor, Derek walmank this.
Speaker 7: Is a very positive sign that we're going toward a deal.
Speaker 7: And there had been a lot of worries in Ottawa
Speaker 7: and elsewhere in Canada that this was going to be
Speaker 7: a major problem. Now last ditch diplomacy pauses in effect.
Speaker 2: Bloomberg's Derek Wallbank shays the two countries conducted almost nine
Speaker 2: hundred billion dollars of trade with each other last year.
Speaker 3: I want to get you to the latest developments in
Speaker 3: the Middle East now, Karen. President Trump insists there are
Speaker 3: no talks ongoing where Iran and that leaves the conflict
Speaker 3: and control the Strait of Hormus in Limbo. We get
Speaker 3: more from Bloomberg Breaking News editor Patrick Sykes.
Speaker 6: The direct confrontation between the US and Iran appears to
Speaker 6: be on hold. And what we have instead of these
Speaker 6: isolated attacks on US partners or allies in the region,
Speaker 6: in the Gulf in particular, mostly being interestingly denied by Iran.
Speaker 6: We had a few days ago there was a drone
Speaker 6: attack on the Prime Minister of Iraqi Kurdistan's office, and
Speaker 6: then just overnight we had this missile attack against the UAE.
Speaker 6: In both cases, Iran denied being connected to those attacks,
Speaker 6: and it suggested that they might be false flag operations
Speaker 6: designed to implicate ira in a new escalation of tensions.
Speaker 3: Bloomberg's Patrick sych reports Now the United air Member it
Speaker 3: says it's cutting all economic ties with Tehran after accusing
Speaker 3: the country of firing those ballistic missiles.
Speaker 2: Well, Nathan Meta Platforms is at the center of a
Speaker 2: historic social media trial underway in California. Opening statements were
Speaker 2: made yesterday. The lawsuit accuses the Facebook parent of contributing
Speaker 2: to a youth mental health crisis by knowingly and deliberately
Speaker 2: designing features that addict children to its platforms. Bloomberg Tech
Speaker 2: host said Ludlow is covering the trial.
Speaker 8: The headline is that the Meta faces one point four
Speaker 8: trillion dollars in potential fines and penalties. That is obviously
Speaker 8: an astronomical number, but it's a hypothetical. It's based on
Speaker 8: the total fine they'd pay if you were to top
Speaker 8: up each of the state and federal law violations and
Speaker 8: the potential penalties carried with each, and how many counts
Speaker 8: there would be.
Speaker 2: Bloomberg's had Ludlow reporting from California. We want to clarify
Speaker 2: something on the case that we were reported yesterday. The
Speaker 2: Attorney's General spearheading the case are from California, Colorado, Kentucky,
Speaker 2: and New Jersey. However, a broader, bipartisan group of twenty
Speaker 2: nine states is accusing Meta of collecting data from users
Speaker 2: under thirteen years old, in violation of the Federal Children's
Speaker 2: Online Privacy Protection Act.
Speaker 3: Okay, let's turn to the markets now, Karen. Futures are
Speaker 3: higher after yesterday's chip led sell off on Wall Street.
Speaker 3: Asia's chip stocks tracked the EUS route, but an announcement
Speaker 3: late this morning that South Korea's s k Heinez is
Speaker 3: buying back more than twenty nine billion dollars in its
Speaker 3: stock appears to have called the markets. Bloomberg Scarfield Reynolds
Speaker 3: has more on the state of chips.
Speaker 9: It's part of this growing skepticism about AI and about
Speaker 9: the extent to which the extraordinary investments that are planned
Speaker 9: will end up paying off sufficiently to justify those expenses.
Speaker 9: People had been thinking that chips were immune to such
Speaker 9: concerns because everybody's going to need them again. Is instead
Speaker 9: the prospect of the increased competition.
Speaker 3: Bloomberg Scarfield Reynolds notes the cospy in South Korea fell
Speaker 3: almost six percent overnight.
Speaker 2: It's time now for a look at some of the
Speaker 2: other stories making news in New York and around the world,
Speaker 2: and for that we're joined by Bloomberg's Monica Riggs. Monica,
Speaker 2: good morning.
Speaker 4: Hey, good morning, Karen. We'll sticking with South Korea. South
Speaker 4: Korean and US militaries have agreed to downsize their drills
Speaker 4: now at the US's request. They'll now end Friday, weeks
Speaker 4: ahead of schedule. President Trump ordered those cuts earlier this week,
Speaker 4: citing a good relationship with North Korean leader Kim joan
Speaker 4: un and South Korea's refusal to join the war against Iran.
Speaker 4: This historic preservation group has told the US Supreme Court
Speaker 4: the President Trump's now trying to build his White House
Speaker 4: ballroom quickly so the judiciary won't be able to stop him.
Speaker 4: Bloomberg's Amy Morris reports from Washington.
Speaker 10: In a filing that tees up the High Court to
Speaker 10: decide the fate of the ninety thousand square foot facility,
Speaker 10: the National Trust for Historic Preservation in the United States
Speaker 10: blasted the White House for expediting construction even after two
Speaker 10: lower courts said it was probably illegal. The group argued
Speaker 10: that rather than obtained congressional authorization for the project, the
Speaker 10: administration quote instead decided to try to outrun judicial review.
Speaker 10: A federal appeals court decision that blocks most above ground
Speaker 10: construction is set to take effect unless the Supreme Court
Speaker 10: puts the ruling on hold. In Washington, Amy Morris Bloomberg.
Speaker 4: Radio, Pennsylvania's Attorney general David Sunday has announced charges against
Speaker 4: fourteen people accus of running a cocaine trafficking operation out
Speaker 4: of two Penn State frat houses.
Speaker 8: The evidence showed that cocaine was primarily packaged at the
Speaker 8: fraternity houses, and that packaging was done by fraternity brothers
Speaker 8: and often time pledges.
Speaker 4: He alleged ring leaders a twenty four year old former student.
Speaker 4: He turned himself yesterday but was denied bail. And NASA
Speaker 4: just released images of the crater a SpaceX rocket left
Speaker 4: on the Moon. It's about sixty feet wide and about
Speaker 4: ten ten feet deep. NASA says it slammed into the
Speaker 4: Moon with a force of nearly three tons of TNT
Speaker 4: Global News twenty four hours a day and whenever you
Speaker 4: want it with Bloomberg News. Now. I'm Monica Rix and
Speaker 4: this is Bloomberg Nathan.
Speaker 2: Karen, Thanks Monica. Time now for our Bloomberg Sports update,
Speaker 2: and for that we bring in Dan Schwartzman.
Speaker 11: Carlos Rodn returned to the Yankees rotation after missing close
Speaker 11: to two months, going four innings, allowing just two hits
Speaker 11: in one run and a Yankee three to one win
Speaker 11: in Baltimore. Meanwhile, the Mets fell to the Padres five
Speaker 11: to two. The Red Sox dominated the Diamondbacks nine to four,
Speaker 11: while the Brewers match baseball's modern air record for the
Speaker 11: biggest shutout, knocking off the Mariners twenty two to nothing.
Speaker 11: The sale of the remaining seventeen point eight percent steak
Speaker 11: in the Lakers held by the Bus family is getting ugly,
Speaker 11: as five of the six siblings have reiterated their intention
Speaker 11: of selling, saying they were quote united in their decision
Speaker 11: to sell. Meanwhile, Jeanie Buss, the team's governor, has said
Speaker 11: she will contest the sale to Josh Kushner and Bob Iger,
Speaker 11: who are buying the controlling steak in the team. From
Speaker 11: Mark Walter, that's your Bloomberg Sports update.
Speaker 2: Stay with us more from Bloomberg day Break coming up
Speaker 2: after this.
Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
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Speaker 3: I'm Nathan Haygrafter. Primary nights in three states, the Democrats
Speaker 3: Progressive Wave has made its way to Florida. Democratic socialist
Speaker 3: Angie Nixon scored an upset over establishment backed Alex Vinman
Speaker 3: in the Senate primary.
Speaker 4: You embodied the site name organize Organize organae Angie Nixon
Speaker 4: addressing her supporters last night.
Speaker 3: And we are joined this morning by Jennifer Lawless, professor
Speaker 3: of politics at the University of Virginia. That had to
Speaker 3: be the biggest upset last night, wasn't it, Professor? I mean,
Speaker 3: Vinman had a sixteen to one fundraising advantage in polling,
Speaker 3: showing him what like ten points ahead of Nixon before
Speaker 3: the vote.
Speaker 10: That, Matt, good.
Speaker 12: Morning, Good morning. Yes, that was definitely the big surprise
Speaker 12: from last night, not only because he had spent sixteen
Speaker 12: million dollars, but also because he had national name recognition
Speaker 12: from several years ago. I would note, though, that one
Speaker 12: thing that's a little bit different about this race than
Speaker 12: some of the other races where Democratic Socialists won was
Speaker 12: that Vinman really didn't have Florida ties. So although he
Speaker 12: seemed like a strong, credible candidate, he wasn't as deeply
Speaker 12: rooted in the state.
Speaker 6: As she was.
Speaker 3: Is that the bigger theme to take away then than
Speaker 3: the overall debate we've been talking about throughout this primary
Speaker 3: season that the Democratic socialist progressive wing of the Democratic
Speaker 3: Party might have more strength than the establishment nationally.
Speaker 12: I think that the main message to take away is
Speaker 12: that campaigns still matter, and they matter in local areas,
Speaker 12: and if a candidate is able to resonate, then that
Speaker 12: candidate is going to win, and it's not enough just
Speaker 12: to have a ton of money or the establishment's backing.
Speaker 1: In the past, that might.
Speaker 12: Have been the case, but I'm not sure that Moore
Speaker 12: would have won if she had gone on against a
Speaker 12: more traditional establishment candidate who had been very well tied
Speaker 12: to Florida.
Speaker 3: Well, we're going to see Nixon now go on to
Speaker 3: face Ashley Moody, the senator who was appointed to succeed
Speaker 3: now Secretary of State Marco Rubio. What's the setup into
Speaker 3: November now with a Democratic socialist taking on an incumbent
Speaker 3: senator in November.
Speaker 12: Well, Nixon's win certainly made Republicans happy last night, because
Speaker 12: Florida is basically a red state at this point. There
Speaker 12: are certainly blue pockets, and there have been places where
Speaker 12: Democrats have outperformed themselves and outperformed expectations, especially in the
Speaker 12: last set of congressional elections. But this is good news
Speaker 12: for the Republicans simply because they think they'll be able
Speaker 12: to paint her as far too progressive, far to to
Speaker 12: the left, and out of sync with Florida voters.
Speaker 3: Now, the Republican governor's primary, I think was less of
Speaker 3: a surprise, even with a challenge to is far right
Speaker 3: for Congressman Byron Donald's, But he walked away with that
Speaker 3: one pretty handily. We actually spoke with Donald's last weekend
Speaker 3: on Bloomberg this weekend about what was driving his campaign.
Speaker 3: Here's what he had to say.
Speaker 5: People are leaving blue states. They're leaving other states because
Speaker 5: they just want a common sense state that is going
Speaker 5: to support law enforcement, make sure they have a healthy,
Speaker 5: clean environment, and that from a business and economic side,
Speaker 5: they have a low tax, low regulatory state. That just
Speaker 5: makes sense.
Speaker 3: So does that message resonate now as Donald's goes on
Speaker 3: to face a Republican turn Democrat David Jolly.
Speaker 12: This is a tricky situation because donald is very linked
Speaker 12: to Donald Trump, obviously, and Trump is popular in Florida
Speaker 12: relative to his popularity across the rest of the country.
Speaker 12: But the affordability issue is still very real, and the
Speaker 12: extent to which people are dissatisfied with the status quo
Speaker 12: is very real and Jolly is not seen as one
Speaker 12: of these progressives who was unable to talk to the
Speaker 12: middle as a former Republican. So I think this race
Speaker 12: is going to be more competitive than a lot of
Speaker 12: people think it might be.
Speaker 3: In our last minute, let's talk about the Alaska race
Speaker 3: as well. We had a Dan Sullivan running against a
Speaker 3: Dan Sullivan, but it looks like the incumbent is going
Speaker 3: to be coming out ahead into the general election to
Speaker 3: face Democrat Mary Peltola. How significant could this be for
Speaker 3: control of the Senate?
Speaker 12: This is vital for control of the Senate. If the
Speaker 12: Democrats are able to pick up this seat, then they
Speaker 12: have a little bit more of a cushion for some
Speaker 12: of these other races that are quite competitive. So this
Speaker 12: is a big deal. It's another path to winning, but
Speaker 12: it's also very difficult to take on an incumbent.
Speaker 5: Now.
Speaker 12: Now, Patola has one state wide, I mean as a
Speaker 12: member of Congress, she has won the entire state in
Speaker 12: the past. But Sullivan is in the stronger position, and
Speaker 12: if I were a betting person, I would say that
Speaker 12: it's likely his to keep.
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