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Speaker 4Bloomberg Audio Studios. Podcasts. Radio. News.
Speaker 5Good morning, I'm Nathan Hager.
Speaker 6And I'm Karen Moscow. Here are the stories we're following today.
Speaker 5President Trump is taking a harder line with Iran with the 60-day memorandum of understanding between the two countries officially expired. The president says he is not interested in seeking an extension. And now he's making a new threat to bomb Oman if that country gets in the way of the U.S. blockade in the Strait of Hormuz.
Speaker 6Would you say you're out of patience with Oman?
Speaker 7No, I don't think they'd behave very well, but we'd handle them very easily, just like we do other things.
Speaker 5President Trump spoke to reporters from the White House. As Iran and Oman continue negotiations on how to manage the Strait, Bloomberg Middle East correspondent Abir Abu Omar has more from Dubai.
Speaker 8From the Iranian side, we know that there's a lot of complexities when it comes to finding that mechanism and a way around just finding those paths in the Strait of Hormuz to reopen and get oil moving once again through the waterway. That is when it comes to that agreement that is happening between Oman and Iran.
Speaker 5Bloomberg's Abir Abu Omar reports the U.S. is not part of those negotiations, but President Trump insists the U.S. has total control of the Strait, and he likes the idea of declaring it U.S. territory.
Speaker 6Well, Nathan, a marathon meeting between U.S. negotiator Jared Kushner and Israeli Prime Minister Benjamin Netanyahu left the fate of the Gaza ceasefire unclear. Officials signaled moderate optimism after yesterday's talks, but offered no concrete commitment by Israel to the latest U.S. proposed plan. American negotiators appear to acquiesce to Israeli demands. That Hamas disarmament must come before any reconstruction of the devastated Palestinian enclave.
Speaker 5Another geopolitical news, Karen. Chinese leader Xi Jinping is going to forego a stop in New York to address the U.N. General Assembly when he visits the U.S. next month. Politico is reporting she will be in the U.S. for three days. The highlight will be a meeting with President Trump on September 24th. This comes after the two leaders met in Asia last spring.
Speaker 6Now to the latest on trade negotiations. Between the U.S. and Canada, Nathan. President Trump and Canada's Prime Minister Mark Carney spoke by phone yesterday, about 24 hours before the U.S. is due to implement punishing new tariffs on Canadian products. Negotiators have been working for days to try to craft an agreement that would avert 50% duties on a range of U.S. imports from Canada, including milk, beer, plywood and hockey equipment. Sources say automotive sector rules are proving to be a major obstacle toward an agreement.
Speaker 5Hey, Karen. President Trump is keeping up his push to overhaul this country's voting laws. In a social media post, he urged Congress to pass the Save America Act and held up India's voting system as an example to follow. He says India's chief election commissioner recently asked how the U.S. could hold elections without requiring voter I.D. The Justice Department says it plans to send 1,000 monitors to watch voting during this year's midterms in November. We discussed that with the head of DOJ's Civil Rights Division, Harmeet Dhillon.
Speaker 9We are still formulating our final laws. I'm not a journalist, but, you know, the places where there may be language issues, the places where there may have been access of disability rights issues, places where there may be voter fraud issues that we've seen, we've had some prosecutions. I think you've seen some of those. There'll be some prosecutions in the pipeline of people who voted illegally who should not have.
Speaker 5Assistant Attorney General Harmeet Dhillon tells Bloomberg's Balance of Power her plans are consistent with DOJ policy, but she says the number of election monitors will probably be historic for a Republican administration.
Speaker 6And speaking of elections, Nathan, it's primary day in Florida, Wyoming, and Alaska. And Bloomberg's Amy Morris reports.
Speaker 10We begin in Florida, where voters will choose nominees to replace Governor Ron DeSantis and to complete the remainder of Secretary of State Marco Rubio's Senate term. The state will also hold its first congressional primaries since adopting a redrawn district map designed to boost Republican candidates in November. Voters in Wyoming and Alaska will choose nominees for governor, Senate, and the House. And Alaska voters will also decide on a statewide ballot measure to impose contribution limits on state and local political campaigns. Amy Morris, Bloomberg Radio.
Speaker 5Amy, thanks. Turning to markets now. Futures are lower following yesterday's declines on Wall Street, and 30-year government bonds continue to drop around the world, pushing yields to multi-decade highs. We get more on the big moves from Bloomberg News Executive Editor Mark Cutmore.
Speaker 11Look, we've got fiscal incontinence in most countries in the world, but particularly our most rapidly. We've got inflation in the US, and we've also got an inflation problem with high energy prices, and not just high crude prices, but high-end oil product prices, whether gasoline or diesel, etc., which affects the consumer. And again, particularly relevant for the US, and the US is the world's most important market, kind of drives the rest of the world in this, they've had inflation above target for five years now. So, you know, you've got fiscal incontinence at a time when they can't control inflation, and they've got inflation above target for five years now. And up until very recently, the economy looks very hot as well.
Speaker 5That's Bloomberg's Mark Cutmore. And in a note this morning, market strategist Ed Yardeni said there's no reason to panic on the US bond just yet.
Speaker 6Well, Nathan Anthropic is on track to generate annualized revenue of more than $65 billion based on its current performance. That's more than a seven-fold increase from its pace at the end of last year. Madip Singh covers the company for Bloomberg Intelligence.
Speaker 12Now we are talking, you know, $10 billion plus in a quarter. And they seem to be quite optimistic about sustaining this kind of, you know, five to ten times growth. So that will easily take them to $100 billion plus by the end of the year.
Speaker 6And Bloomberg Intelligence analyst Madip Singh notes that Anthropic, the developer of Claude and Fable, was valued at $965 billion after its latest funding round, making it one of the world's largest private companies and eclipsing rival OpenAI's valuation for the first time.
Speaker 5Another big tech company, Meta Platforms, Karen, is going to be in federal court in Oakland, California today. A high-stakes jury trial is about to get underway. And we get more from Bloomberg's Doug Krisner.
Speaker 13Four states, California, Colorado, Kentucky, and New Jersey, are alleging Meta broke consumer protection laws in deliberately designing Facebook and Instagram to encourage compulsive use among young users. Now, this case carries enormous risk with potential penalties of as much as 1.4%. The state AGs are also seeking to force Meta to change how it operates its platforms. Now, the company denied the allegations and accused the AGs of seeking unreasonable design changes and an outlandish payout. A growing body of research shows heavy use of algorithm-driven platforms can be dangerously unhealthy. Doug Krisner, Bloomberg Radio.
Speaker 6All right, Doug, thank you. And a note from the world of sports this morning. Jeannie Buss is challenging the sale of her family's stake at the World Cup. From the Los Angeles Lakers to the team's new owners, Joshua Kushner and Bob Iger. The Buss family retained about an 18% stake after selling majority control of the Lakers to billionaire Mark Walter last year. The family has since agreed to sell its remaining interest to Kushner and Iger. Jeannie Buss' attorney says a court order requires the family to maintain enough ownership for her to stay in control of the team. Time now for a look at some of the other stories making news. In New York and around the world. And for that, we're joined by Bloomberg's Michael Barr. Michael, good morning.
Speaker 14Good morning, Karen. Luigi Mangione's murder trial in New York State Court has been delayed by at least three months while a judge weighs whether to dismiss the case. Mangione pleaded guilty Friday to separate stalking charges in federal court where he admitted he fatally shot United Health Group executive Brian Thompson. His lawyers then asked a New York judge to dismiss the murder case on the grounds that Mangione, who is 28, can't be found guilty. be prosecuted twice for the same same acts even if the charges are different hurricane lala and its remnants left a trail of destruction across hawaii officials say a 90 year old woman who was missing was found dead crews now working to clear roads and restore power to tens of thousands after the storm dumped more than three feet of rain in some areas mudslides taking down hillsides those affected are grappling
Speaker 15with the loss everything's just ruined it's gone in seconds gone tree branches even littered the
Speaker 14inside of kona international airport storm soaked indiana now in cleanup mode after days of storms and flooding the weather event left at least seven people dead including a four-year-old boy indianapolis residents were finally able to return to their flooded homes monday and what they saw was heartbreaking this man spent the day emptying his water log belongings
Speaker 16from his trailer i've been trying to keep a positive mindset i've been trying to just not think about it too much because i know as much as i want to things to be all right it's obviously not
Speaker 14power outages peaked at more than 300 000 homes and businesses global news 24 hours a day and whenever you want it with bloomberg news now i'm michael bar and this is bloomberg karen thanks
Speaker 6michael time now for our bloomberg sports update and for that we bring in john stashour thanks
Speaker 17the nba has not yet finished its examination as to whether the clippers illegally paid star player kawaii leonard through a company to circumvent the salary cap and espn report out says that the investigation will find that team owner steve ballmer did not illegally funnel money to leonard baseball in chicago white socks and cubs both having strong seasons at wrigley field pete crowe armstrong hit a lead-off home run then a walk-off shot in a cubs victory that's a bloomberg sports
Speaker 6update stay with us more from bloomberg daybreak coming up after this
Speaker 4coast to coast on bloomberg radio nationwide on sirius xm and around the world on bloomberg.com and the bloomberg business app this is bloomberg daybreak good morning i'm nathan hager the u.s
Speaker 5and iran are now officially past the 60-day interim peace deal that they largely abandoned and now president trump says he's not interested in extending it as he insists the u.s has total control over the strait of hormuz the street is open
Speaker 7and the oil prices are coming down and they will continue to come down unless we decide to do
Speaker 5something far more drastic than we're doing that was president trump speaking from the oval office joining us this morning from dubai is the head of middle east coverage for bloomberg news stewart livingston wallace so stewart the uh interim peace deal seems like it hadn't really been in effect for quite a while now but with the president now saying he's not interested in ending it where does that leave things now good morning good morning nathan no i mean it leaves us
Speaker 18exactly where we were a week ago i mean effectively that deal was dead you know a few days after it started and trump himself effectively said it was over several weeks ago the iranians be making similar noises and look the reality on the ground is that we had a second wave of hostilities in the middle of july that was not on the scale of what we saw in in march and april but nonetheless you know it was a pretty serious exchange of fire so i don't think anyone was anticipating uh the that it was necessarily going to be rolled over extended where we are is in effect you know these these ongoing and very vague talks that seem to be going on via the mediators with a very little clarity about what's actually being discussed though i suspect we can assume that the kind of the contours of what you saw in the memorandum understanding will be largely the contours of what you're going to see and what's being discussed right now so it's going to be along those lines because those are the key issues and that's fundamentally how you're going to address them
Speaker 5okay so that gets to the negotiations that iran and oman say that they're still uh underway with and uh you know president trump has also talked about the there being a back channel with the islamic revolutionary guard corps is that part of what you're saying is the the murkiness around what kind of discussions are
Speaker 18happening right now yeah that's exactly right so i mean in some respects the iran oman uh negotiations are over a very specific issue of control or rather governance of of the strait of hormuz so that would include you know which navigation route what if any fees can be extracted and those sorts of things but that's very much a preamble to these wider negotiations so that i think the idea is always restore some semblance normality to hormuz which is going to be a stretch but let's assume you can get that done that gives everyone enough breathing space then to have those much wider discussions about the nuclear file and the missiles and the support for proxies and this very very long list of very complex issues that have basically been going on for decades so that's kind of a sequence
Speaker 5that we're anticipating all right and what do we understand then about the reality on the ground when it comes to the status of the strait of hormuz when president trump is saying that the the naval blockade is acting as a wall of steel he says it's totally open while as we've been saying iran and oman are still negotiating over their own control of the strain so i mean i can
Speaker 18categorically say the strait of hormuz is not open if by open we mean you know what it was six months ago where ships would go through really and the serious evidence for that is the fact that most ships that are going through and there are some uh having to go through with their transponders shut off that is you know these so-called basically dark sailings where you can't tell where the ship is and it's it's much harder to identify their position until they emerge on the other side of the strait and suddenly you know they're in the middle of the indian ocean so if that constitutes open then yes maybe but the reality is is that you're having to do a lot of these kind of uh dark voyages and shuttle services and it's all by subterfuge that is not the normal way to do it so i think it's a very serious evidence for that so i think it's a very serious evidence for that so i think it's a very serious evidence for that practice or has not been a normal practice in the lifetime of the strait on the other hand the u.s blockade does seem to be quite effective in terms of certainly curbing if not entirely halting the flow of iranian oil out but to what extent is really hard to tell so you know does the u.s have control over hormuz no the reality is is that both sides seem to have a degree of control and are certainly continuing to hamper the free flow of goods this is bloomberg daybreak your morning
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