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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Karen Moscow and I'm Alexis christopherus. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: I like to as we begin with the latest developments

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Speaker 3: in the Middle East. Despite two days of clashes, An

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Speaker 3: American officials says, talks between the US and Iran over

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Speaker 3: a permanent peace deal continue. We get the latest with

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Speaker 3: the Bloomberg European and News director Will Kennedy.

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Speaker 1: Never a side has the appetite to return to full

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Speaker 1: blown conflict. Clearly the last few days have been the

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Speaker 1: worst since that original truce deal was signed, but there

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Speaker 1: is it seems, a willingness to keep things on track.

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Speaker 1: Those technical talks are at level of officials, not politicians.

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Speaker 1: As such, they will continue with some of the sticking

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Speaker 1: points that we've discussed before, like the future of the

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Speaker 1: straight OFFORM moves, the nuclear program, the release of Vanian funds.

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Speaker 1: We'll have to see whether they yield much progress.

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Speaker 2: And Bloomberg's well.

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Speaker 3: Kennedy says, talks slowed this week as Iran held days

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Speaker 3: of funeral rights for a former Supreme leader Ali Hamanie.

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Speaker 2: And Karen back here in the US and White House officials,

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Speaker 2: says President Trump has fired two Democratic members of the

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Speaker 2: Election Assistants Commission. That's the agency charged with helping states

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Speaker 2: facilitate accurate elections. A Republican member has also resigned. The

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Speaker 2: departures marked the latest move by the President to put

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Speaker 2: his stamp on how elections are run months before voters

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Speaker 2: head to the polls. In November last month, a Supreme

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Speaker 2: Court expanded a president's right to dismiss government officials, including

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Speaker 2: at independent agencies. Alexis.

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Speaker 3: We now turned to politics overseas, where Andy Burnham is

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Speaker 3: one step closer to becoming the next Prime Minister of

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Speaker 3: the UK. We go live to London and get the

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Speaker 3: latest with Bloomberg's James Wilcock.

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Speaker 4: James, good Morning, Good morning, Karen, Alexis. Barring an act

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Speaker 4: of God, Andy Burnham is Britain's next Prime Minister. You

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Speaker 4: need twenty percent of late BRIMP support to stand to

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Speaker 4: replace Kis Starmer. Yesterday, on the first day nominations were open,

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Speaker 4: Andy Burnham got seventy nine point nine percent without overwhelming endorsement.

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Speaker 4: Attention now turns to who the labor front runner would

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Speaker 4: pick to run his governments, on what he would do

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Speaker 4: in London, James Wilcock Bloombergradier.

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Speaker 2: Thanks James. Let's start to the markets now, where futures

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Speaker 2: are mostly lower as we close out the trading week.

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Speaker 2: Nasdaq futures down by about six tenths of a percent. Yesterday,

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Speaker 2: tech stocks led the way higher when the NASDAK gained

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Speaker 2: one point three percent.

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Speaker 3: And Alexis tank will once again be in focus with

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Speaker 3: the US trading debut of sk heinez the South Korean

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Speaker 3: memory chip maker raised more than twenty six billion dollars

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Speaker 3: in its American depository receipt offering. That's the largest ever

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Speaker 3: US first time share sale by a foreign company. Brandon

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Speaker 3: Burke is research director at FUTUAM.

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Speaker 5: Right now is an ideal time to capitalize on the

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Speaker 5: strategic role of memory in the AI buildout. Sk Heinex

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Speaker 5: has shown that it's a critical partner in development of

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Speaker 5: novel AI systems along with innovators like Nvidia, and it's

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Speaker 5: developing the next gen systems that can continue high growth

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Speaker 5: for the memory trade as we head into the next

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Speaker 5: wave of agentic systems and.

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Speaker 3: Brandan burg with future msk heinexchel make its debut on

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Speaker 3: the NASDAC today under the symbol SKHY.

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Speaker 2: And this morning in Europe, Karen shares of easy Jet

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Speaker 2: rallying more than fourteen percent. The budget carrier has received

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Speaker 2: a fresh takeover offer of seven point seven billion dollars

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Speaker 2: from private equity firm Apollo Global Management. Now that beats

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Speaker 2: a rival proposal from Castle Lake and it's a surprise

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Speaker 2: twist in the takeover saga that sets up a possible

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Speaker 2: bidding war now between these two US investment funds.

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Speaker 3: And Europe's biggest car maker is planning major changes Alexis

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Speaker 3: Volkswagen intends to cut its model lineup as much as

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Speaker 3: fifty percent in en effort to save money. Stephan Nicola

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Speaker 3: covers autos Her Bloomberg in Europe.

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Speaker 6: Falk On CEO Oliver Bloomer is attempting the biggest restructuring

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Speaker 6: in many many years at Europe's biggest carmaker. He wants

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Speaker 6: to make Volkswagen smaller, faster and more profitable. That's because

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Speaker 6: competition is intensifying in China, which is a big market

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Speaker 6: for Volksagen, but also in Europe, where a lot of

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Speaker 6: the Chinese carmakers don't know pushing into that region because

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Speaker 6: of a tough pricing competition in their.

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Speaker 3: Whole market and Bloomberg Stephan Nikola there Volkswagen's decision follows

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Speaker 3: weeks of tension with labor leaders and politicians over proposals

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Speaker 3: to eliminate thousands of.

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Speaker 2: Jobs and Karen on Wall Street Goldman Sachs as banning

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Speaker 2: employees from trading on most prediction markets, Bloomberg's John Tucker

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Speaker 2: in New York Now with the very latest and John,

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Speaker 2: I have a feeling other firms may soon be doing

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Speaker 2: the same.

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Speaker 7: Yeah, So the Bank acts US updated it's policy to

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Speaker 7: prohibit trading out event contracts. This is related to specific

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Speaker 7: companies as well as a function, outcomes, or the performance

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Speaker 7: of any financial market. Repeated violations of the policy may

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Speaker 7: lead to firing. The new policy does exclude sports and

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Speaker 7: entertainment bets the depiction of prediction markets like KLSHI and

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Speaker 7: poly market. They've created new risk around insider trading, in

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Speaker 7: particular for financial industry employees. We're often aware of non

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Speaker 7: public information. The Goldman's move one of the most pointed

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Speaker 7: efforts by a Wall Street firm grappling with these new

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Speaker 7: regulatory issues raised by the boom em betting on events

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Speaker 7: in New York coome John Tucker Bloomberg Radio.

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Speaker 3: All right, John, thank you, let's turn to the economy now,

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Speaker 3: Fetchhrman Kevin Warrish has announced the leadership of five task

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Speaker 3: forces that will examine the central banks approach to key

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Speaker 3: aspects of policy making. Worstapped several former policy makers for

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Speaker 3: the task forces, including former Bank of England governor Mervin King.

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Speaker 3: Other names include Karen Dinan of Harvard, who previously held

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Speaker 3: top roles at the Treasury Department, and former Walmart CEO

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Speaker 3: Doug McMillan.

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Speaker 2: Former Fed chair Ben Bernanki has a new job. He's

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Speaker 2: been appointed to Anthropics Long Term Benefit Trust. Bernanki will

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Speaker 2: advise on topics such as the societal impact of AI.

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Speaker 2: He'll also have the authority to appoint and remove corporate

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Speaker 2: board members. We get more from Bloomberg Technology host ed Ludlow.

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Speaker 8: The Long Term Benefit Trust essentially gets to have board oversight,

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Speaker 8: It can appoint directors, it can control the mechanics of

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Speaker 8: that board composition, and with time has a power to

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Speaker 8: add more, which Anthropak says it will do and so

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Speaker 8: reflecting not just on Bernanke's position as a former chair

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Speaker 8: of the Federal Reserve, but also his work in academia,

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Speaker 8: looking at the economic history of the Great Depression and

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Speaker 8: disruptive cycles in the history of the US economy.

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Speaker 2: Bloomberg's Ed Ludlow says Bernanki is currently a Distinguished Fellow

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Speaker 2: at the Brookings Institution. He led the Federal Reserve during

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Speaker 2: the two thousand and eight global financial crisis and recovery.

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Speaker 2: Five eight on Wall Street Time for a look at

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Speaker 2: some of the other stories making news in New York

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Speaker 2: and around the world. For that were joined by Bloomberg's

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Speaker 2: Michael Baarn. Good morning, Michael, Good morning, Alexis.

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Speaker 9: There are new details in this week's fatal shooting of

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Speaker 9: a Mexican national killed by federal agents in Houston, claiming

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Speaker 9: self defense. Homeland Security official says fifty two year old

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Speaker 9: Lorenzo Sogato Arajo resembled the target they were looking for,

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Speaker 9: and ICE officers then initiated the vehicle stop. A HS

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Speaker 9: official told ABC. Though Arajo was not the person they

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Speaker 9: were looking for, ICE has said he didn't follow verbal

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Speaker 9: commands and tried to run over an officer. Agents claim

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Speaker 9: they shot a Rajo in what Ice says was self defense.

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Speaker 9: Virginia Congressman James Walkinshaw is a Democratic member of the

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Speaker 9: House Oversight Committee.

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Speaker 8: The Administration, ICE, DHS, FBI.

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Speaker 5: Have presented not one ounce of evidence to support their

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Speaker 5: description of the events, and I think it's incumbent upon them.

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Speaker 3: To do so.

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Speaker 9: Sons are calling for an independent investigation. A former Olympic

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Speaker 9: canoe racer has pleaded not guilty to deliberately damaging the

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Speaker 9: Lincoln Memorial Reflecting Pool. David Hearn was in DC Superior

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Speaker 9: Court and faces a felon account of property destruction. Hearn's

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Speaker 9: attorneys argue the charges are based on a concocted narrative

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Speaker 9: that the pool was vandalized. Hearn's attorney, Norm Eisen, this.

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Speaker 10: Indictment reflects the administration's effort to escape coat Davy and

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Speaker 10: to shift blame for their own failures.

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Speaker 9: President Trump ordered a multimillion dollar renovation of the pool,

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Speaker 9: but the project has faced issues, including peeling paint and algae.

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Speaker 9: The wife of former New Jersey Senator Bob Menendez will

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Speaker 9: report to federal prison today after a judge denied her

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Speaker 9: last minute attempt to extend her surrender date as she

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Speaker 9: fights breast cancer. Last September, Nadine Menendez was sentenced to

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Speaker 9: four and a half years in prison and for bribery,

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Speaker 9: obstruction of justice, and acting as a foreign agent. Global

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Speaker 9: news twenty four hours a day and whenever you want

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Speaker 9: it with the Bloomberg News Now. I'm Michael Baarn. This

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Speaker 9: is Bloomberg.

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Speaker 2: Thanks Michael.

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Speaker 3: A time now for our Bloomberg Sports Update, and for

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Speaker 3: that we bring in John Stashauer.

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Speaker 9: Thanks Daron.

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Speaker 10: The Wimbledon Women's semifinal match between Coco Golf and Carolina

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Speaker 10: mccoba went to a third set tiebreaker. Muhoveah pulled it

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Speaker 10: out one of twelve to ten and will now play

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Speaker 10: Linda Kostiak in tomorrow's All Czech Republic women's singles final

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Speaker 10: Men's semis. Today it's Novak Djokovic against Jonnick Center and

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Speaker 10: the youngster Arthur Ferry taking on Alex Severa World Cup

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Speaker 10: soccer in Foxborough, France. Two nothing win over Morocco to

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Speaker 10: advance to the semifinals. That's a Bloomberg Sports Update.

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Speaker 2: Stay with us. More from Bloomberg Day Break coming up

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Speaker 2: after this. Coast to coast.

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Speaker 8: I'm Bloomberg Radio nationwide on Sirius XM and around the

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Speaker 8: world on Bloomberg dot Com and the Bloomberg Business app.

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Speaker 4: This is Bloomberg.

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Speaker 2: Daybreak, and we're.

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Speaker 3: Told talks between the US and Iran over our permanent

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Speaker 3: peaceton continue despite two days of clashes that threaten to

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Speaker 3: shatter an already fragile ceasefire. Sources are telling Bloomberg the

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Speaker 3: US is still committed to finding a diplomatic solution, and

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Speaker 3: for more. We're joined by Patrick Sikes, Middle East Breaking

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Speaker 3: News editor for Bloomberg News. Patrick, good morning, So what

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Speaker 3: can you tell us about the talks that are being held.

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Speaker 11: Yeah, that these technical talks continue. I think most likely

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Speaker 11: the substantive part of those will be focused on the

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Speaker 11: Strait of hor Mooz, obviously wherever the past few days

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Speaker 11: we've seen these repeated clashes, despite ostensibly the status of

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Speaker 11: the ceasefire remaining in effect. Of course, we did have

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Speaker 11: that comment from Trump the other day saying that to

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Speaker 11: him it was dead, but quickly followed with the caveat

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Speaker 11: that those talks were continue. So a strange kind of

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Speaker 11: liminal phase for now. It does seem that the active

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Speaker 11: hostilities have eased again, and with that some trickles through

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Speaker 11: the strait the waterway, but the still lots of hurdles

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Speaker 11: ahead of the diplomacy.

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Speaker 3: So we are seeing a little bit of movement. Then

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Speaker 3: through the strait of horror moves we are seeing Naimke

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Speaker 3: scrude oil down a bit this morning. So is there

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Speaker 3: some hope that traffic is moving again or will at

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Speaker 3: least in the near term.

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Speaker 11: Exactly in the near term, you know, short of another

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Speaker 11: flaring up with those tensions and more strikes, I think

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Speaker 11: we're likely to see some owner's crews with a higher

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Speaker 11: risk appetite be willing to take the risks. They've also

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Speaker 11: got to decide do they take the northern route along

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Speaker 11: the Iranian coast in cooperation with the Iranian authorities, or

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Speaker 11: do they defy that order from the Iranians and try

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Speaker 11: to take the southern route and go dark and avoid detection.

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Speaker 11: So two quite different ways to go about it. In general,

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Speaker 11: the hostilities are going to cut the willingness to do

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Speaker 11: that and maybe encourage those who feel they have to

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Speaker 11: go to do so via that more discreete southern route,

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Speaker 11: But it is still going to be a cap on traffic.

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Speaker 3: Where are the mediators and all this or cutter and

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Speaker 3: Pakistan trying to keep this latest tid for tad fighting

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Speaker 3: from really erupting into something bigger.

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Speaker 11: Yeah, the Pakistanis have been the main mediators throughout. They

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Speaker 11: of course hosted the main face to face round of

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Speaker 11: talks that we had since the start of the war,

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Speaker 11: and then the Qataris came on board kind of later

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Speaker 11: in the process and have remained involved. They became kind

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Speaker 11: of implicated in the latest hostilities when some of their

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Speaker 11: LNG ships came under attack. That mattered in particular, not

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Speaker 11: just because of their role as mediators, but also because

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Speaker 11: they are home to this massive LNG liquefied natural gas

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Speaker 11: plant and those attacks meant that the Qataris decided to

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Speaker 11: slow down the restart of that plant after it had

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Speaker 11: been damaged in the war. So, you know, the energy

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Speaker 11: side of it impacting the market is dovetailing directly with

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Speaker 11: the diplomacy at this stage.

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Speaker 3: And what about Israel? Has President Trump been in contact

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Speaker 3: with Netnyahu at all and as he weighed in on

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Speaker 3: the latest fighting.

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Speaker 11: Yeah, there are course closely in contact. But I think

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Speaker 11: what this all phase of the conflict has shown is

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Speaker 11: that those two allies, although they began the war very

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Speaker 11: much in lockstep with one another, as it went on,

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Speaker 11: their stated goals diverged, Israel taking a harder line approach,

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Speaker 11: you know, keen to continue the war and see certainly

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Speaker 11: a resolution to the status of the nuclear stockpile and

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Speaker 11: the US seeming to be contented in the short term

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Speaker 11: at least to kind of return to the pre war

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Speaker 11: status quo, for example, in the straight at fore moves

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Speaker 11: and at least just get the economy and energy flows

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Speaker 11: moving again as a basis to then lay the groundwork

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Speaker 11: for further talks on those other issues like nuclear which

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Speaker 11: will be just as thorny as the horn moves one

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Speaker 11: that they're struggling with right now.

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