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Speaker 1: News when you wanted With Bloomberg News Now, I'm Brian Curtis.

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Speaker 1: In Hong Kong, Urchago's Capital founder Bill Huang was found

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Speaker 1: guilty of criminal charges in the collapse of his firm

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Speaker 1: in twenty twenty one. Huang was guilty on ten of

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Speaker 1: eleven charges. Also convicted was Archago's CFO Patrick Halligan. The

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Speaker 1: convictions were for defrauding Archago's counterparties like Credit Suisse and UBS.

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Speaker 1: Each count carries a maximum sentence of twenty years in prison.

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Speaker 1: FED chair Jay Powell says he believes inflation is receding,

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Speaker 1: but he's not yet confident that the price gains are

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Speaker 1: slowing to the fed's two percent goal, and more time

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Speaker 1: will be needed. The US is targeting China with tariffs

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Speaker 1: on steel and aluminum sent via Mexico. Bloomberg's Joan Wong

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Speaker 1: has more from Hong Kong.

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Speaker 2: The measure applies twenty five percent tariffs to steal arriving

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Speaker 2: from Mexico that wasn't melted and poured in that country.

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Speaker 2: The US or Canada aluminum cast or smelt in China,

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Speaker 2: rush iron or Belaru's face a ten percent tariff if

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Speaker 2: arrives via Mexico. The move aims to prevent China from

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Speaker 2: circumventing existing levies through so called transshipment. The measures Ticke effect.

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Speaker 2: Today in Hong Kong, joined Wong Bloomberg Radio.

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Speaker 1: President Joe Biden is facing mounting opposition from within his

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Speaker 1: own party. Bloomberg's head Baxter has.

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Speaker 3: The story opposition, as well as top leaders not showing

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Speaker 3: confidence in his candidacy. Chuck Schumer reportedly told party donors

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Speaker 3: in private that he would be open to a ticket

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Speaker 3: without Biden at the top. Axios report, Senator Peter Welscha

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Speaker 3: Vermont has become the first sitting Senator to directly endorse

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Speaker 3: a replacement. Former House Speaker Nancy Pelosi stops short of

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Speaker 3: an endorsement, saying Biden will do what he wants to

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Speaker 3: do and there should be discussions next week outside. Well

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Speaker 3: Star fundraiser George Clooney said he had seen the same

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Speaker 3: Biden two weeks ago that we all saw in the

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Speaker 3: debate last week. I'm at Baxter Bloomberg Radio.

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Speaker 1: Nearly two dozen NATO countries will pledge this week to

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Speaker 1: speed up efforts to bolster Ukraine's military and its defense capabilities.

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Speaker 1: That's even as the prospect for another Trump presidency looms

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Speaker 1: large over the Alliance's summit in Washington. Secretary of State

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Speaker 1: Anthony Blincoln, speaking at a NATO public forum, explains what

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Speaker 1: success in Ukraine will look like.

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Speaker 3: Success is a strong, independent Ukraine, increasingly integrated with Rotlantic

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Speaker 3: institutions like the European Union, like NATO.

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Speaker 4: And that is able to stand on its own feet militarily, economically, democratically.

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Speaker 1: Blincoln says. NATO members are also helping Ukraine beef up

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Speaker 1: its air defenses, with F sixteen fighter jets already on

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Speaker 1: the way, Blincoln says, the hope is that they'll be

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Speaker 1: in the skies this summer. Well. Another record for the

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Speaker 1: S and P five hundred, the thirty seventh this year,

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Speaker 1: the story from Bloomberg's Charlie Pellett.

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Speaker 4: For the first time in AS history, the SMP five

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Speaker 4: hundred top fifty six hundred. A renewed bid for megacaps

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Speaker 4: drove the equity benchmark to its longest rally since November.

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Speaker 4: Within Nvidia up over two and a half percent, an

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Speaker 4: Apple climbing on news that aims to ship ten percent

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Speaker 4: more new iPhones after a bumpy twenty twenty three. The

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Speaker 4: s and P five hundred index was up for a

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Speaker 4: seventh straight day in New York. Charlie Pellett Bloomberg Radio.

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Speaker 1: Apple is aiming to ship at least ninety million iPhone

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Speaker 1: sixteen devices in the latter half of this year. The

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Speaker 1: company is counting on AI services to fuel demand for

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Speaker 1: its new lineup. Meantime, Microsoft and Apple dropped plans to

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Speaker 1: take board roles at open Ai in what was a

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Speaker 1: surprise decision. Bloomberg Intelligence analyst man Deep Singh says Apple

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Speaker 1: most likely dropped.

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Speaker 5: Out when you have vested interest. In the case of Microsoft,

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Speaker 5: they have a forty nine percent stake in open ai

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Speaker 5: and they're the primary cloud provider for open Ai. How

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Speaker 5: can you do do a good job of being an

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Speaker 5: independent board member? And that's where you know the regulatory

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Speaker 5: scrutiny comes into play.

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Speaker 1: Still, a source says the board resignation is unlikely to

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Speaker 1: resolve the US Federal Trade Commission's concerns about Microsoft's partnership

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Speaker 1: with open Ai. That's news when you want it with

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