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Speaker 1: From the Bloomberg Interactive Burgers Studios. This is Bloomberg day

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Speaker 1: Break for Wednesday, June seventh.

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Speaker 2: Coming up today, t eat Off reaction pours into the

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Speaker 2: Controversi'll tie up between the PGA and Live Golf.

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Speaker 1: Rishi Sunak makes his first visit to the White House

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Speaker 1: as UK Prime Minister.

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Speaker 2: City Group's Jane Fraser is the latest CEO to visit China.

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Speaker 1: And New York overtakes Hong Kong as the most expensive

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Speaker 1: place to live.

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Speaker 3: Another deadly mass shooting, this time in Virginia. Plus New

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Speaker 3: York City's air quality is the worst in the world

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Speaker 3: because of Canadian wildfires. I'm Michael bar More Ahead.

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Speaker 4: John Stash, Aaron Sports. The Yankees lost to the White Sox,

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Speaker 4: put Aaron Judge on the injury list. Met's lost in Atlanta.

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Speaker 4: Nuggets and Heat play Game three of the NBA Finals tonight.

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Speaker 5: That's all straight Ahead on Bloomberg day Break, the Business

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Speaker 5: news you need to start your day in just one

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Speaker 5: fifteen minute podcast each morning on Apples, Spotify, the Bloomberg

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Speaker 5: Business app and everywhere you get your podcasts.

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Speaker 6: Good morning, I'm Nathan Hager.

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Speaker 1: And I'm Karen Moscow. Here are the stories we're following today.

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Speaker 2: First, what we're learning more about when it comes to

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Speaker 2: yesterday's controversial tie up between the PGA Tour and Live Golf.

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Speaker 2: The two tournaments are going to combine into a new

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Speaker 2: commercial entity. The governor of the Saudi Wealth Fund is

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Speaker 2: going to serve as its new chairman. PGA Tour Commissioner

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Speaker 2: Jay Monaghan is defending the move.

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Speaker 7: This is a significant change for us in the direction

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Speaker 7: that we were going down. But as I'm trying to explain,

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Speaker 7: and I will continue to explain as we go forward,

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Speaker 7: this ultimately is a decision that I think is in

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Speaker 7: the best interests of all of the members of the

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Speaker 7: PGA Tour.

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Speaker 8: Well.

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Speaker 2: The deal between the PGA Tour and Live Golf is

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Speaker 2: likely to draw scrutiny from regulators. The US had already

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Speaker 2: opened an investigation into anti competitive violations when the two

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Speaker 2: parties were separate entities.

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Speaker 1: Well, Nathan, the deal comes at a critical time for

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Speaker 1: the PGA. One of the tour's former top players, brooks

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Speaker 1: Kepka PGA Championship after joining Live Golf, and another PGA major,

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Speaker 1: the US Open, is just a week away. Mike wan

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Speaker 1: is head of the US Golf Association and the former

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Speaker 1: commissioner of the LPGA. He tells Bloomberg gets too early

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Speaker 1: to say whether the PGA got pushed into the deal.

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Speaker 8: If you think about live, it's a golf tour that

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Speaker 8: has about a billion dollars of expenses and very little,

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Speaker 8: if any revenue. Time will tell, But I am the

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Speaker 8: other side of me reads that and says, you know,

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Speaker 8: if I was sitting on a tour that had no

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Speaker 8: revenue and a billion dollars of expenses and now there's

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Speaker 8: a joint group owning that, would I feel more or

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Speaker 8: less enthused about my future. I'm not sure what the

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Speaker 8: answer to that is, but I think those are questions

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Speaker 8: that aren't getting asked.

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Speaker 1: USGA Commissioner Mike Wand says the timing of the announcement

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Speaker 1: is interesting given that the US Open Search just one

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Speaker 1: week from tomorrow.

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Speaker 2: And we're going to have much more on this controversial

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Speaker 2: golf merger coming up shortly, but first let's talk global politics.

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Speaker 2: Rishi Sunak is making his first visit to the White

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Speaker 2: House as UK Prime Minister. We go to London to

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Speaker 2: get the details with Bloomberg. Daybreak europe Bankers Stephen Carol,

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Speaker 2: good morning, Stephen.

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Speaker 9: Good morning, Karen and Nathan. It's the British Prime Minister's

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Speaker 9: most extensive interaction with US leaders since he took power

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Speaker 9: in October. During this two day visit, Rishie sinakuwa meet

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Speaker 9: the President, congressional leaders, and company executives. He wants to

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Speaker 9: reaffirm transatlantic economic and cultural links, but a spokesman says

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Speaker 9: he won't be discussing a trade deal with Joe Biden.

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Speaker 9: The effects of the Inflation Reduction Act on the UK

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Speaker 9: will be on the agenda, though, along with Ukraine, China,

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Speaker 9: and how best to regulate the rapid rise of artificial

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Speaker 9: intelligence in London. I'm Stephen, Carrol Bloomberg.

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Speaker 5: Daybreak.

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Speaker 1: All right, Stephen, thank you. While Prime Minister Sunak makes

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Speaker 1: his way to Washington, Secretary of State Anthony Blincoln is

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Speaker 1: putting his long plan trip to China back on track.

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Speaker 1: Sources tell us Blincoln plans to visit Beijing in the

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Speaker 1: coming weeks and could even meet with Chinese President hijin Ping.

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Speaker 1: Begin more from Bloomberg's and Marie hord Dern in Washington.

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Speaker 1: He was supposed to go earlier this year, but of

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Speaker 1: course back got derailed when there was this alleged Chinese

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Speaker 1: by balloon fly over the continent to US.

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Speaker 2: And what the CEA Department has always said was that

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Speaker 2: this trip was postponed.

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Speaker 10: And now we know that the Secretary of State will

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Speaker 10: be going in the coming weeks.

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Speaker 1: And Bloomberg's and Marie hor Dern reports this would be

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Speaker 1: the latest effort from the White House to bring some

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Speaker 1: normalcy back to the strain in US China relationship.

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Speaker 2: Well, first there was Elon Musk, then Jamie Diamond. Now

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Speaker 2: word of another big CEO paying another visit to China.

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Speaker 2: Let's get the details now from Bloomberg's John Tucker John.

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Speaker 11: Nathan the boss at City Group, Jane Fraser vound to

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Speaker 11: keep expanding operations in China. During her meeting with a

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Speaker 11: nation's top financial regulator, the regulator promised to further open

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Speaker 11: up the financial sector there. The trip comes despite growing

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Speaker 11: tensions between China and the US, and as Western leaders

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Speaker 11: trying to become less dependent on the communist led country.

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Speaker 11: In addition, China's economy has fallen among rocky times and

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Speaker 11: Beijing is cracked down on foreign businesses. Global banks have

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Speaker 11: had to rethink their ambitions in China, revising profit goals

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Speaker 11: and cutting jobs.

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Speaker 3: You know York.

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Speaker 11: I'm John Tucker, Bloomberg Daybreak.

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Speaker 1: All Ry, John, Thanks well staying in China now, we

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Speaker 1: have new developments and a controversy surrounding TikTok. TikTok's parent

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Speaker 1: company by Dance has been accused of helping China track

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Speaker 1: Hong Kong activists. Bloomberg day Break Asia Andcabrian Curtis has

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Speaker 1: more from Hong Kong.

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Speaker 12: A former by Dance executive Roger U, said China has

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Speaker 12: god credential access to all data on the platform. You

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Speaker 12: was by Dance's head of engineering in the United States.

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Speaker 12: In a court filing, he says the Communist Party has

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Speaker 12: a committee in Beijing with super user credential to track

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Speaker 12: down protesters. By Dan says the claims are baseless and

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Speaker 12: that it will vigorously fight this suit. TikTok faces bands

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Speaker 12: in the US following reports the company reviews and stores

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Speaker 12: user data in China. In Hong Kong. Brian Curtis Bloomberg.

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Speaker 6: Daybreak, Okay, Brian.

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Speaker 3: Thanks.

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Speaker 2: Speaking of Hong Kong, we're learning New York has taken

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Speaker 2: over the city as the world's most expensive for expats,

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Speaker 2: soaring inflation and rising accommodation costs were cited as reasons

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Speaker 2: for New York topping ECA International's Cost of Living rankings

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Speaker 2: this year. Hong Kong was second, while Geneva and London

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Speaker 2: remained third and fourth. Singapore climbed from thirteenth place last

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Speaker 2: year to break into the top five for the first time.

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Speaker 1: O We're also focused on the Chinese economy this morning. Nathan.

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Speaker 1: Data shows exports in the country fell for the first time,

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Speaker 1: and it's adding to risks in the world's second largest

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Speaker 1: economy as global demand weekends overseas. Shipman shranks seven and

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Speaker 1: a half percent from a year ago.

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Speaker 2: Tim not to take a look at some of the

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Speaker 2: other stories making news in New York and around the

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Speaker 2: world with Bloomberg's Michael Barr.

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Speaker 3: Good morning, Michael, Good morning, Nathan. New York City as

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Speaker 3: the worst air quality in the world this week. A

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Speaker 3: thick haze of smoke hangs over major cities in the

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Speaker 3: Northeast and New England. It's from the wildfires in Canada.

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Speaker 3: Doctors are warning the air could be dangerous, especially to

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Speaker 3: people with respiratory illnesses. Pulmonary specialist doctor Ada Capo says

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Speaker 3: since the alert she has seen patients NonStop at her

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Speaker 3: north Bergen, New Jah practice.

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Speaker 13: We have seen a few patients with worsening asthma today,

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Speaker 13: and we've seen more than a few with worsening allergy symptoms.

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Speaker 13: This is actually probably the worst I've seen the numbers

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Speaker 13: in a long time.

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Speaker 3: New York Mayor Eric Adams says that air conditions are

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Speaker 3: expected to deteriorate further this afternoon. Another mass shooting in

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Speaker 3: the US in Richmond, Virginia, seven people were shot to

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Speaker 3: fatally outside where a high school graduation ceremony had ended.

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Speaker 3: One of the victims was an eighteen year old who

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Speaker 3: had just graduated. Police have arrested a nineteen year old suspect.

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Speaker 3: The field for Republican presidential candidates is expanding. Former New

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Speaker 3: Jersey Governor Chris Christi announced his twenty twenty four campaign

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Speaker 3: last night at a town hall event in New Hampshire.

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Speaker 3: Christy tried to separate himself from the former president once

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Speaker 3: he worked for, and saying it was a mistake to

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Speaker 3: support Donald Trump.

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Speaker 11: I voted for him twice.

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Speaker 8: Okay, am I a Trump voter?

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Speaker 1: Then?

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Speaker 8: Hell no? Man.

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Speaker 3: Christy also slammed President Biden, saying he is not the

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Speaker 3: guy he used to be referencing the eighty year old

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Speaker 3: Biden's age. Mike Johnston declared victory as the next mayor

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Speaker 3: of Denver. The former Colorado state senator and Democrat announced

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Speaker 3: his runoff election win to supporters last night, volling to

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Speaker 3: build a different kind of city.

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Speaker 1: We can build a city that is big enough to

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Speaker 1: keep all of us safe, to house all of us,

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Speaker 1: to support all of us.

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Speaker 8: That is our dream of Denver.

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Speaker 3: Mayor Alec. Johnston received fifty four percent of the vote,

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Speaker 3: while his opponent, Kelly Brow, the CEO of the Denver

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Speaker 3: Metro Chamber of Commerce, got forty six percent. Atomic energy

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Speaker 3: officials are keeping a close eye on the reservoir feeding

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Speaker 3: the cooling systems at Europe's largest nuclear power plant. Numerous

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Speaker 3: towns and villages along the Denipro River in southern Ukraine

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Speaker 3: have been flooded after the destruction of a hydro electric

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Speaker 3: dam under Russian control. Global News twenty four hours a day,

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Speaker 3: powered by more than twenty seven hundred journalists, nantilists and

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Speaker 3: over one hundred and twenty countries. Michael Bard, this is

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Speaker 3: Bloomberg Nather. Thank you.

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Speaker 2: Michael's time for a Bloomberg Sports update with John stash

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Speaker 2: hour all right.

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Speaker 4: Nathan Aaron Judge back get a place. No Yankee fan

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Speaker 4: who wanted him to be the injured list when he

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Speaker 4: missed nine games last month with the hamstring injury. The

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Speaker 4: Yankees went three and six. Judge as a contusion and

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Speaker 4: sprain ligament in his toe, not a fracture, but hope

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Speaker 4: as he can return after a ten day stint on

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Speaker 4: the il. Without him, Yanks had only three hits, not

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Speaker 4: until the seventh inning. They lost the stadium with the

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Speaker 4: White Sox three to two. Lucas Giolito held six hitless innings,

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Speaker 4: they took him out. Bark Schmid took the loss call.

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Speaker 4: The two and six Mets had only four hits in Atlanta.

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Speaker 4: They had a four to one lead in the sixth sinning.

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Speaker 4: The Braves rallied against Carlos Carrasco and Drew Smith scored

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Speaker 4: four times in won six y four, and that drops

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Speaker 4: the Mets under five hundred. Jacob de Gram, who had

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Speaker 4: so many injuries while what the Mets now has perhaps

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Speaker 4: his most serious injury. In his first season with Texas,

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Speaker 4: Rangers signed him for one hundred and eighty five million dollars.

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Speaker 4: The Grom made six starts and now he needs surgery.

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Speaker 4: It may not pitch again until twenty twenty five. Another pitcher,

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Speaker 4: Alec Manoa, who was Toronto's ace last season, sent down

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Speaker 4: he has struggled this year.

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Speaker 3: Nuggets and Hey.

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Speaker 4: Game three of the NBA Finals tonight in Miami. They

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Speaker 4: split to in Denver. Should be a great French Open

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Speaker 4: men's semifinal Friday, when Novak Djokovic meets Carlos Alcaraz. They

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Speaker 4: both list won their quarterfinal matches. The PGA Tour is

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Speaker 4: in Toronto, teen off tomorrow. It will be interesting to

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Speaker 4: hear today reaction from players after this Blockbusters story has

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Speaker 4: heard earlier here on Bloomberg Radio. The PGA and Live

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Speaker 4: Tours now merging. No one knew about it, not even

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Speaker 4: Rory McElroy, who's been the most outspoken against players making

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Speaker 4: the move. PGA Commissioner Jay Monahan met with players yesterday

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Speaker 4: where it was the meeting was intense and he did.

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Speaker 4: John stashed with Bloomberg.

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Speaker 5: Sports from coast to coast, from New York to San Francisco,

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Speaker 5: Boston to Washington, DC nationwide on Sirius xam the Bloomberg

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Speaker 5: Business Appen. Bloomberg dot Com is Bloomberg Daybreak. Good morning,

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Speaker 5: I'm Nathan Hager. It is the story that has shocked

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Speaker 5: the golf world. The PGA Tour is merging with Live Golf,

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Speaker 5: the rival tour funded by Saudi Arabia, which has posched

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Speaker 5: some of the biggest names from PGA. The surprise combination

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Speaker 5: of these once bitter rivals has left many shocked and

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Speaker 5: really confused. US Golf Association CEO Mike Wand sat down

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Speaker 5: with the Bloomberg Business of Sports team.

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Speaker 2: To give us his reaction to the news. He spoke

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Speaker 2: with Bloomberg, Scarlett Foo and Damien sass Hour. Let's listen

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Speaker 2: part of that conversation.

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Speaker 8: Now, it was a surprise. I think like everybody else

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Speaker 8: in the golf world, we were surprised by the news.

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Speaker 8: And if this proposed consolidation can resolve these conflicts and

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Speaker 8: get us the world of golf back focused on the

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Speaker 8: opportunities and the growth that exists for the game, then

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Speaker 8: that's an important step.

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Speaker 14: But there's gonna be a lot of unhappy people here,

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Speaker 14: I imagine as well. I wonder as we head into

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Speaker 14: the US Open, and obviously twenty eight years since we've

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Speaker 14: been in the Los Angeles area with a major. You know,

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Speaker 14: what do you think is going to be the vibe

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Speaker 14: surrounding the event?

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Speaker 8: Yeah? I mean the game of golf is global, even

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Speaker 8: if everybody in America doesn't really understand that. I came

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Speaker 8: here after twelve years as the LPGA commissioner, where you know,

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Speaker 8: when we played in seventeen countries a year and televised

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Speaker 8: one hundred and ninety countries. I mean here I came

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Speaker 8: with the US Open. This year, we had almost ten

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Speaker 8: two hundred people entered to try to play in the

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Speaker 8: US Open, and they came from We had entries from

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Speaker 8: all fifty states, Puerto Rico, District of Columbia, but also

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Speaker 8: eighty seven other countries. So not just viewership, you know,

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Speaker 8: they'll watch the US Open in one hundred and ninety countries,

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Speaker 8: but even in terms of participants trying to play their

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Speaker 8: way in, I mean they literally come from all over

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Speaker 8: the world. So that's an exciting time for the game.

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Speaker 10: Does this mean that Saudi Arabia would play a role

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Speaker 10: in funding development of future talent?

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Speaker 8: I think I think everybody has taken, and myself included.

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Speaker 8: You can't help it. You read this and you start

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Speaker 8: trying to figure out all the stuff we don't know,

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Speaker 8: and so exactly what this means in terms of who's

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Speaker 8: in charge of what I think is a lot to

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Speaker 8: be uncovered. So I'm going to wait like the rest

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Speaker 8: and kind of figure that out.

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Speaker 10: Was the PGA kind of pushed into doing this?

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Speaker 8: Scarlett, I don't know if you're if you're comments writer

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Speaker 8: or now, I mean currently, if you think about live,

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Speaker 8: it's a it's a golf tour that has about a

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Speaker 8: billion dollars of expenses and and very little, if any revenue.

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Speaker 8: Yeah and so and nobody nobody really concerned about that

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Speaker 8: because as long as the Saudi Fund wanted to keep

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Speaker 8: funding it, we keep funding it. If this turns into

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Speaker 8: the business that I read about in the release, well

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Speaker 8: you really have a business and investment and a planned

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Speaker 8: and anticipated way of return on that investment. You have

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Speaker 8: to look at you have to look at every asset

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Speaker 8: in the portfolio and time will tell. But I the

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Speaker 8: other side of me reads that and says, you know,

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Speaker 8: if I was sitting on a tour that had no

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Speaker 8: revenue and a billion dollars of expenses and now there's

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Speaker 8: a joint group owning that, would I feel more or

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Speaker 8: less enthused about my future. I'm not sure what the

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Speaker 8: answer to that is, but I think those are questions

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Speaker 8: that aren't getting asked as well.

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Speaker 10: Live slogan is golf, but louder. How should the game

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Speaker 10: of golf adapt to incorporate some of the elements that

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Speaker 10: live really presented to people, you know, a shorter game,

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Speaker 10: three days instead of four days, fifty four holes, that

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Speaker 10: kind of thing.

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Speaker 8: Well, I said from the beginning. I mean, golf, Golf's

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Speaker 8: a great, big game, and there's room for all kinds

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Speaker 8: of formats. You know. What wasn't really helpful is really

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Speaker 8: kind of divisive conflicts at the highest level. I mean,

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Speaker 8: we were spending I've said this many times, but in

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Speaker 8: the middle of golf's greatest boom, I mean really, in

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Speaker 8: one hundred years, golf's greatest growth boom, we were spending

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Speaker 8: ninety percent of our time talking about the conflict between

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Speaker 8: a few about four hundred people. And that's okay. I mean,

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Speaker 8: you know, those sport of people had choices to make

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Speaker 8: in terms of where to play. But while that was

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Speaker 8: going on, we were leaving no watting in the room

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Speaker 8: to talk about more juniors than ever before, more women

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Speaker 8: than ever before, more people playing the golf course, off

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Speaker 8: a golf course, at top golfs and driving ranges than

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Speaker 8: ever before, more more people playing the game outside the

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Speaker 8: US and inside the US in the last couple hundred years.

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Speaker 8: So it's been an amazing, you know, amazing run in

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Speaker 8: terms of in terms of the sport. Unfortunately, a conflict

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Speaker 8: at the very highest couple hundred is all we really

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Speaker 8: seem to talk about. Unfortunately, we're probably going to talk

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Speaker 8: it seems like we're gonna talking about it.

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Speaker 10: No, no, I hear what you're saying. But at the

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Speaker 10: same time, the innovations that.

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Speaker 8: Live, so maybe we can get back to the game right.

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Speaker 10: But the innovations that live really put out there and

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Speaker 10: made part of its product is something that maybe the

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Speaker 10: PGA Tour can incorporate. Should it.

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Speaker 8: I'm not sure, you know, well, the PGA Tour be

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Speaker 8: operating live, will will it be some sort of combination?

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Speaker 8: But I do think that I do think that in

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Speaker 8: all likelihood a year from now, they'll still be they'll

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Speaker 8: still be professional tours as we know them, and there

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Speaker 8: may and there may still be you know, live team

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Speaker 8: oriented sports that are that are slightly different formats. I'm

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Speaker 8: not sure that's I'm not sure that's ever been a

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Speaker 8: bad thing, as long as there wasn't a constant conflict.

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Speaker 6: This is Bloomberg day Break Today, your morning brief on

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