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On today's podcast: 1) Israel and Hamas trade accusations over Gaza hospitals and President Joe Biden called on Israel to take “less intrusive action” at the al Shifa hospital — the latest sign the US wants fewer civilian casualties. Israel says Hamas uses hospitals as bases for its operations. 2) Joe Biden and his Chinese counterpart, Xi Jinping, are set to announce an agreement that would see Beijing crack down on the manufacture and export of fentanyl, according to people familiar with the matter, potentially delivering the US president a major victory. 3) House Speaker Mike Johnson is counting on Democrats to overcome misgivings and approve his proposal to avert a US government shutdown. 4) Denver Broncos beat the Buffalo Bills on Monday night football Full transcript: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. Let's get you caught up on what's happening in the Middle East. The focus is turning to hospitals in Gaza, where Israel accuses Hamas of housing command centers and weapons. President Biden says the Alshifa Hospital in Gaza City must be protected. I have not been reluctant and especially my concerns going on and is my hope and expectation that there will be less intrusive action role through hospital. President Biden's concern about civilian casualties is being answered by Israel's Economy Minister Near Barkat, do you understand that we have to wipe isis Comeaus off the map and we will do it with minimal collateral damage. This is our values. We don't need to be told that we know that ourselves Israelly Economy Minister Near Barcott spoke on Bloomberg Business Week. You can hear more of his comments on the BusinessWeek podcast. Download it wherever you get your podcasts. Well, Nathan. As the war goes on, tens of thousands of Israel supporters are gathering in Washington, d C. To show their solidarity. On Bloomberg's Amy Moore, supports from the nation's capital. Organizers are expecting up to one hundred thousand people to attend today's event on the National Mall Capitol Hill. Security will be boosted, access to the capital will be restricted. Roads are being closed. DC police have requested assistance from the National Guard and the Department and If Homeland Security has designated the march a Level one security event that's the highest rating of risk assessment. The FBI says there's no specific threat, but there is fear of loan actors attacking pro Israel demonstrators coming to DC. The event begins at one this afternoon on the National Mall in Washington. I maye more is Bloomberg Radio, Oka, Amie, thank you staying in Washington. This could be a critical twenty four hours in Congress's attempt to keep the government funded. Bloomberg Zed. Baxter has the story. House Speaker Mike Johnson says he'll bring the bill to the House floor in spite of negative reaction from the right wing of his party, who wanted spending cuts included. Senate Majority Leader Chuck Schumer has opened the door to a settlement for now. I am pleased that Speaker Johnson seems to be moving in our direction by advancing a cr that does not include the highly partisan cuts the Democrats have warned against. And President Biden also has often saying he'll wait to see The deadline is Friday midnight, add Baxter, Bloomberg Radio. All right, and thank you well. We turned to the economy now, and we get the first of two big readings on inflation this morning. With the consumer price index for October. Economists say inflation probably ease to an annual rate of three point three percent, and we get a preview from Bloomberg's crety GUPDA. There are some varied estimates here, but I think the takeaway is simply that some of the disinflation, the progress essentially that has been happening in the US economy when it comes to inflation, is going to slow down. So it's not that it's going to increase, but it's also not going to be making as much downward progress as we expect, at least has to take out of Bloomberg Economics, and I think that's the concern here for a lot of the people who are pricing in a more dubvish Federal Reserve, which is simply that this is going to be the key data point that suggests the Federal Reserve is not done hiking at all. You heard Chairman Powell last week hint at that and kind of say, well, we're going to be as hawkish as we need to be. This is the data point that might back that up. And Bloomberg's CRETTY group disays today's inflation data is not likely to shift traders views on the fits December meeting, days after the US was threatened with the loss of its last top credit rating from Moody's the Treasury Secretary is firing back. Janet Yellen spoke in San Francisco yesterday. This is a decision that I disagree with. The American economy is fundamentally strong, and Treasury securities remain the world's pre eminent safe and liquid ASCID Secretary Yellen's in San Francisco for meetings with finance ministers from across the Pacific, Rim Nathan. The big meeting from the Asia Pacific Economic Cooperation Summit comes tomorrow, when President Biden speaks with this Chinese counterpart, seson Ping. Bloomberg News has learned the two leaders will announce an agreement that could see Beijing crackdown on the manufacturer and export of fentanyl. We spoke about the opioid crisis with San Francisco Mayor London. Breed resources that are being sent out of China that come into either the US or Mexico are cut off to the fullest extent possible. That we work together in order to ensure that this deadly poison that is killing people in San Francisco in significant numbers and all over the country, that we're able to combat this to stop it. San Francisco Mayor London Breed says fentanyl has devastated her city like no other drug in her lifetime. Let's turn to some corporate news now, Karen, we have a takeover in the commodities industry. Switzerland's Glencore has agreed to buy a majority stake in Canada's tech resources coal business for more than six point nine billion dollars. The d ns a month's long saga and sets the stage for glen Core to spin off its own coal unit. Well, Nathan, a big week for retail earnings kicks off with Home Depot. We're reporting this morning, and we get a preview with the Bloomberg's Tom Busby. Home Depot forecast report a fourth straight quarterly decline at same store sales as the one to two punch of surging mortgage rates and record high home prices caused a slump in US home sales, putting it in to the home improvement boom we saw during the pandemic. Bloomberg consensus calls for comp sales to fall three point three one percent, of the decline in the US three point six seven percent. Still, net sales expected to be thirty seven point seven billion dollars, So just at earnings per share of three dollars seventy six cents. Tom busby Bloomberg Radio, All right, Tom, thanks back to commodities. The International Energy Agency says global oil markets won't be as tight as expected this quarter. IEA says sea supply tipping back into a surplus in the first half of twenty twenty four. Sorry, Nathan. Thanks. It's time now for a look at some of the o their stories making news around the world, and for that we're joined again by Bloombery sa Amy Morris Samy, Good morning, Good morning, Karen. There is growing concern about a possible government shutdown later this week, but that could also spell chaos for millions of Americans planning to travel during the holiday season. Without a deal in Congress by this Friday night, air traffic controllers and TSA workers could be forced to work without pay. And this is expected to be a record travel season. David Cymour, as chief operating officer with American Airlines, We're going to carry more customer than we ever have before, about a half a million more than last year. And House Speaker Mike Johnson has submitted a stopgap measure, but that doesn't include any money for Israel. Or Ukraine, and it doesn't have spending cuts that a lot of Republicans want. The US Supreme Court has adopted a new code of conduct, the first in the Court's history. Loyola Law School professor and former federal prosecutor Laurie Levinson says the adoption of the code itself is significant. There has been a great deal a criticism of the Supreme Court. Much of it has been focused on Justice Thomas and Justice Alito because they received gifts, they haven't made full disclosure of travel and other types of benefits, and so now we have a clear standard. But critics call the code itself toothless because it doesn't include a mechanism for enforcement. A former attorney for Donald Trump has testified against the former president and the Georgia election interference case. Jenna Ellis recounted a conversation with Dan Scavino, who served as Trump's deputy chief of staff. Video recording of that testimony was obtained by The Washington Post. He said, well, the Boss, meaning President Trump, and everyone understood the Boss, That's what we all called him. He said, the Boss is not going to leave under any circumstances. We are just going to stay in power. Trump's lead counsel in the Fulton County case says Ellis's testimony is absolutely meaningless. Ellis is one of four co defendants to plead guilty in that case out of eighteen people, and died it Alongside Donald Trump, the president of the United Auto Workers Union is headlining a hearing on Capitol Hill to talk about the resurgence of unions. UAW president Sean Faine, along with Teamster's president Sean O'Brien and Flight Attendance Union president Sarah Nelson, will provide testimony before the Senate Labor Committee on the role of unions in the lives of working families. Global news twenty four hours a day and whenever you want it with Bloomberg News Now, I may Mee Morris in this is Bloomberg Karen sor right, Amy, thank you, Alby do bring you news throughout the day right here on Bloomberg Radio. But as Amy said, you can get the latest news now on demand when you wanted. Subscribe to Bloomberg News Now to get the latest headlines it the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot Com plus apples, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports Update with John stash Hour John Karen. On Sunday, four NFL games were one on a field goal on the final flight, and happened again last night in Buffalo. Denver's Will loves kick the thirty six yard field goal the Broncos upset the Bills twenty four to twenty two. Lutz had missed a forty one yarder, but the Bills got called for twelve men on the field and he got a second chance to win the game for Denver, who has suddenly won three games in a row after starting the season one and five. It's been a disappointing year for the Bills, four time defending AFC East champions, and they are right now just five and five. The Celtics are eight and two. They're five and zero at home. They beat the Knicks thirteen to ninety eight. Jason Tatum led the way with thirty five points. Jalen Brown had twenty two. Christophs Pazinga scored twenty one. The Wizards are just two and eight. Kyle Kuzma keeps scoring points. He had thirty four, but Prosco Siaka went for thirty nine in Toronto and the Raptors won one to eleven to one oh seven unanimous winners for the Baseball Rookies of the Year, the first of the postseason awards to go out as expected. Arizona outfielder Corbin Carroll got every vote in the National League after season where he hit twenty five home runs and sole fifty four bases, and Baltimore short stoff Gunner Henderson won unanimously in the American League. He hit twenty eight home runs and scored one hundred runs. Michael Malong got his contract extension in Denver. He coached the Nuggets to the NBA championship last year. Terms not known. He's been the Nuggets coach in twenty fifteen. John Stashedward Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Sirius, Exam, the Bloomberg Business app, and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. Israel's war with Humas now appears to be centering on hospitals in Gaza, where the Palestinian militant group is accused of housing command centers and weapons. President Biden is saying the main hospital in Gaza City, Alshifa, must be protected as Israel intensifies its ground campaign. For the latest, we're joined now by Bloomberg's Oliver crook Oli. Good morning, get us up to speed on the situation in a northern Gaza, particularly around these hospitals that do now appear to be the center of attention. Yeah, so Nathan completely in the center of attention, and the ground offensive is still just raise it raging on in the northern part of Gaza, really cementing their positions around Gaza City and entering Gaza City. As we've seen, we've also heard that a great number of people have fled over the last ten days. The UN says that more than two hundred thousand people have moved south. That brings the total of almost two thirds of Gaza's a population of two point three million people that have fled their homes. The Defense Minister of Israel says that Hamas has lost control of Gaza at this stage. But really, as you say, the focus is on these hospitals and really beginning to test the limits of where the limit of self defense is, which has been really a question, I think for everybody since the beginning of this conflict, and everyone has a different answer to that. But we're starting to see that progress a little bit, particularly with the United States, which as we know, is a key ally for Israel in this battle. No, we did speak to Israel's economy minister Near Barkat on Bloomberg Radio and he seemed to echo a lot of the determination we're hearing from the Israeli government to destroy Hamas. It does make you wonder what those limits are. Lallie. I think it's a good question, and it's going to be in determined I suspect in part by what the United States says and how they say it. Right, So we're talking about a death toll. This is according to the Palestinian authorities, of more than eleven thousand people in Gaza, right, and two thirds allegedly are going our women and children. This is an absolutely huge figure of people and many of the allies of Israel. You know, you heard it from President mac Hole on Friday, who himself called for a ceasefire. And now You're starting to hear Joe Biden talk about restraint, Blincoln himself saying that too many Palestinians have been killed, Sullivan saying no firefights and hospitals, And we know that it is that sort of the US's behes that we got some of these humanitarian pauses. So really the question is where does it reach its limit? Again, So a lot of this stuff is going to be behind the closed doors, the discussions with Biden and Netanya who not taken out into the public, but you're starting to notice it in a lot of the public statements we're hearing from US officials. And as this fighting goes on and it compares to intensify, the question goes on as to how much longer this war can continue, how much more intense we could see that fighting take place, particularly around these population centers that do have very sensitive operations in Gaza City completely. And then there's the after question as well. But let's deal with the for how long question, which is you know, again, what Netanya who has said, and he said this as recently as a day or two ago, was that it will take not many years, right, So he's not ruling out the year's quantity of time.…
Full show notes at the publisherOn today's podcast: 1) The Israeli army conducted raids in northern Gaza on the outskirts of the Shati refugee camp, while a UN agency said that a naval strike had seriously damaged one of its guesthouses. 2) The US still faces a risk of a government shutdown at the end of this week despite a new compromise plan by Speaker Mike Johnson that leaves out hardline conservative priorities like cutting spending and curtailing migration. 3) The White House cited a resumption of US-China military communications as a priority ahead of this week’s meeting between Presidents Joe Biden and Xi Jinping. Full transcript: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. Let's get the latest developments on the war in the Middle East. The US has conducted airstrikes in eastern Syria on targets link to Iran. Those strikes come as talks intensified to secure the release of hostages in the Gaza strip As Bloomberg News Managing editor Sylvia Westall reports, President Biden discussed that issue with the leader of Katar last night. Kata's quite question important role in this. It's already helped mediate between Israel, Hamas and foreign governments to release a small number of people and the estimates for around about two hundred hostages still trapped there, and are those talks ongoing. There's been discussions between Biden and the ruler of Katar and all these countries involved, and Israel said it won't even contemplate a cease far until those hostages are released. Bloomberg Sylvia west All reports President Biden also talked about increasing the flow of humanitarian assistance into Gaza with Cautter's premiere. Well, it's really Prime Minister Benjamin Etna who was asked about whether there could be a deal to exchange captives with Hamas. There could be, but I think the less I said about it, the more I'll increase the chancels that it materializes. And it's a result of pressure, military pressure, of the extraordinary work that the idea of was doing. And Prime Minister Nanya, who was on NBC's Meet the Press, but as really President Isaac Herzog is expressing caution, there are talks of behind the scenes. I cannot confirm any details. What I can say is that there's nothing substantial right now on the table. The United States is also heavily involved in this, so there's nothing tangible that I can report. Israeli President Isaac Herzog was a guest on CBS's Face the Nation, and you can hear Face the Nation and Meet the Press every Sunday on Bloomberg Radio. Turning to politics back here at Home, Karen, there is now one less Republican candidate for president. South Carolina Senator Tim Scott has ended his campaign. Scott says he will not immediately make an endorsement in the race, and he's not looking to join a Republican ticket as a vice presidential candidate Well Nathan. The US faces a risk of a government shutdown at the end of this week. Meanwhile, House Speaker Mike Johnson is trying a new approach to funding the government. By Bloomberg's At Baxter reports, the shutdown risks still Inger. The Johnson plan would extend some government funding until January nineteenth and others until February second. It also declined to do the immedia thirty percent spending cuts demanded by the right wing of his party, so that means fewer Republican votes and reliance on Democrats to cross lines and vote for it. He says, spending addiction cannot be broken overnight. Democrats so far have been moot. Whitehouse, though has already said it would only lead to future shutdowns. Johnson says he's scheduling a vote for tomorrow at Baxter Bloomberg Radio. All right, thank you well. Former New York Fed President Bill Dudley's warning the US fiscal position is on a quote unsustainable trajectory. Dudley is also a columnist form Bloomberg Opinion. He told the conference in Sydney there's a lack of political will to resolve the crisis at a time when debt costs are soaring, Nathan. The warning from Dudley comes just two days after the US was threatened with the loss of its last top credit rating. Moody's Investors' Service signaled it was inclined to downgrade the nation because of a wider budget deficits and political polarization. Deborah Cunningham is Global Liquidity Market's Chief investment officer at Federated Hermes. The concerns being bore what's happening from a congressional perspective, and the dysfunctionality from a lawmaking standpoint is the concern rather than the actual quantitative financials. So I think from an impact as much on the economy from an impact on where rates are at this point, I think that's behind US and debort Cunningham had federated Herme, says Moody's is the only one of the three main credit companies with a top rating on the US Karen, We're watching for major geopolitical news this week. President Joe Biden and Chinese leader Shei Jinping are scheduled to meet face to face on Wednesday, as the United States hosts the annual Asia Pacific Economic Cooperation Conference for the first time since twenty eleven. White House National Security Advisor Jake Sullivan says resuming military communications is crucial when it comes to managing the relationship. Ties and communications between our two militaries are critical. The Chinese have basically severed those communication links. President Biden would like to re establish them, and he will look to this summit as an opportunity to try to advance the ball on that. National Security Advisor Jake Sullivan tel CNN. The Biden she meetings also expected to cover the Israel Hamas War, Russia's invasion of Ukraine, human rights, and artificial intelligence well NY then ahead of the Biden She meeting. We are seeing signs of improving US China relations. Sources a Beijing is weighing ending a freeze on Boeing seven thirty seven Max aircraft in China. Boeing has not made any significant sales of its best selling narrow body jets in China since at least twenty eighteen. In another development, earlier this morning, the Emirates announced it was buying Boeing aircraft valued at fifty two billion dollars. So the broader market Karen investors have another major event to look forward to tomorrow when we get the latest reading on inflation with the Consumer Price Index for October. Anda Wong is chief US economist with Bloomberg Economics. We are expecting the headline CPI to be very soft because seasonally adjusted gasoline prices actually came down over five percent in October, so a month the increase of zero point one percent on the headline CPI. Bloomberg Chief US Economist Stana Wong says, over all consumer price data are expected to show inflation easing to a year on year rate of three point three percent in October. Time. Now for look at some of the other stories making news around the world. For that. We're joined by Bloomberg Scott Carr, Scott, Good morning, Good morning, Karen. Donald Trump Junior will be back on the stands today in New York as the first defense witness in the Trump organization civil fraud trial. The Trump family organizations being accused of fraudulently inflating their wealth on paper to obtain better loans. The New York Attorney General's Office ended its arguments last Wednesday and was denied a motion to limit certain expert witnesses from testifying for the defense. One person is dead four others injured after a shooting at a flea market in Texas. Police in Perlin, Texas, say three adults and two children were shot at the popular street market yesterday afternoon. Officer Chad Rodgers says the incident started as an argument between two people, though it's unclear if they both had guns. Three adult victims and two children, so a lot of people that are very very upset, and this does not appear to be a targeted attack on the flea market. That this was a disturbance between two individuals that resulted in people being shot. So far, no arrest have been made. All five victims were taken to local hospitals. A state of emergencies been declared in Los Angeles by California Governor Gavin Newsom after fire broke out underneath a storage yard early Saturday morning, igniting highly flammable wooden palettes. Trailers and cars then jump to another storage yard, growing in size to eight acres at one point, causing the closure of LA's Highway ten in both directions. The freeway remains closed, and officials say they'll be lucky if they can get one lane open today. The traffic is going to be horrendous. It's going to really impact Los Angeles. The blaze burned through the equivalent of six football fields. The governor says the state is mobilizing resources to complete repairs and minimize the impact for travel in and around the city. Iceland is evacuating a resort town south of the capital of Reykovic how to fear the town of Grindevic may be destroyed by a volcanic eruption. The town is near an active volcanic system and was evacuated over the weekend after magma shifting beneath the ground triggered hundreds of earthquakes. Local officials say that magma was at a very shallow depth, so they were expecting an eruption at any time. Global news twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Scott Carran. This is Bloomberg all right, Scott, thank you, while we're bringing news throughout the day right here on Bloomberg Radio. But now, as Scott said, you can get the latest news on demand whenever you want it. Subscribe to Bloomberg News Now to get the latest headlines at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot com, plus Apple, Spotify, and anywhere else you get your podcast. Time Now for the Bloomberg Sports Update, here's John stash Hour John Karen Sunday, number ten in the NFL began for the second week in a row in Frankfurt, Germany. The Colts beat the Patriots ten to six. That drops New England to two to eight, their second three game winning streaking the season. They have the worst record in the AFC. Only Carolina has the worst record in the NFL. The Patriots have scored over seventeen points only twice in ten games. Another win for red hot Houston Texans. It was thirty to twenty seven at Cincinnati. Texans won and on a field goal on the final play. They've gone five games, which is more than they had won in any of the last three seasons. Bengals four game wins streak comes to an end. They fall the last place in the AFC North, where Cleveland won at Baltimore thirty three to thirty one. The Browns were down by fourteen with nine minutes left, scored two touchdowns in the forty three seconds span, then they won on a game winning field goal. That ends the Ravens four game winning streaking. The brown they're only a half game behind. The forty nine Ers, ended their three game losing streak. They won big at Jacksonville thirty four to three and rock Pirty through three touchdown passes. The Commanders lost in Seattle twenty nine to twenty six the Seahawks one on a field goal final play. Last night, the Raiders beat the Jets sixteen to twelve. Third s three loss for the Warriors, beaten home by Minnesota won sixteen to won ten. Philadelphia won it over Indiana's Tyrese Maxi scored fifty points. Dedicated the win to Kelly Oubre of the Sixers, who's going to be out significant time after injury suffered in a car accident Saturday night. Texas A and M and a surprise fired football coach jimbo Fisher. They'll owe him seventy five million in a buyout. John Stashewer Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, d C. Nationwide on SYRIASXAM, the Bloomberg Business app in Bloomberg dot Com. This is Bloomberg day Break. Good morning. I'm Nathan Hager. Now to the latest from the Middle East. The US continues to strike targets in eastern Syria that are linked to Iran, as Israel intensifies its ground campaign against Hamas in northern Gaza. All this as talks continue on the international level to try to release Hamas hostages from more. We're joined by Bloomberg Israel Economy and Government reporter Galite Alstein in Tel Aviv. Ghalite, Good morning. What's the latest we can say now about the ground assault? Of course, there's been a lot of focus in recent days on the Alshifa hospital that Israel says is hiding a main military headquarters for Hamas. Right, So good morning, Nathan. So, as you mentioned, we're seeing the Israeli army pushing forward on the ground operation in Gaza. In northern Gaza, the Israeli troops have been conducting rays over the past hours at the outskirts of the Alshati that's a camp in northern Gaza. They've been targeting what they say is tourist infrastructure that they say is located in central governmental institutions in the heart of civilian population, and that involves our schools, universities, mosques and residences. At the same time, you mentioned Alshika Hospital, so we've been hearing that the last generator that Al Shifa ran out of fuel two days ago November eleventh, and yesterday Israel said that it allowed delivery of fuel three hundred liters of fuel for the first time to this hospital, and then Israel exclaimed that Hamas has prevented the hospital from collecting this fuel. So we have to wait and see on what happens with that. The hospital director has said to media that this quantity, even if it had been collected is far enough from being enough. He said, it could only be sufficient for as little as thirty minutes of operations in the hospital. So we're still waiting to see what happens on that, and also in the evacuate of babies from this hospital, which the idea I found promise to facilitate has not yet happened according to Israel, because Hamas has also been preventing that. As the ground defensive goes on, Galad, of course, we're hearing more talk about trying to secure the release of hostages in the Gaza strip. President Biden held talks last night with Katar's emir about that what role could Qatar play in this situation? Right, so, Kata is considered to be a very important player, perhaps the most significant town of player in these negos negotiations on the release of hostages. There are two hundred and thirty nine hostages that are still being held in Gaza. So, as you mentioned, President Tom Joe Biden this speak with the Katari Emir and he said that the urgent, ongoing efforts to secure additional releases are going on. What we're hearing from Israel media at the same time is a lot of caution on these talks. We've heard them. Israeli President tom Isa Kertzev express question about a possible release of hostages helped by Hamasi said last night that there is nothing substantial right now on the table, although we are using all tools possible quote unquote, that's what he said, and Israeli media have been reporting that talks are on the release of around eighty hostages, probably women, children and earlerly will be prioritized if this release does take place, with Hamas demanding a ceasefire of roughly three to five days in return for these releases, and a similar number of Palestinian prisoners to be released as well. As I said, everyone is discussing this with a lot of caution, and it's not clear whether these talks will show any results anytime soon. In the meantime, Israel is also continuing to face fire from Hesbola in the north, going from or coming from Lebanon. Is the Israeli military in our last minute here Galite at risk of getting under further strain, potentially getting stretched. Right So so this is a very important point. Yesterday there was a very clear sense of escalation on Israel's border, with Lebanon. It was the most intense day of fighting since October s…
Full show notes at the publisherBloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.
1) We preview this week's upcoming CPI and PPI data
2) The Dubai Airshow kicks off this week - a major event for airlines and plane makers
3) President Biden prepares to meet China's President Xi in San Francisco this week
4) A Government shutdown looms - Speaker Johnson in focus.
See omnystudio.com/listener for privacy information.
On today's podcast: 1) Israeli struck outpatient clinics of Al-Shifa Medical complex in Gaza City, Palestine Authority radio reports. The Israeli military has said that Hamas’s main military headquarters is located underground near Al-Shifa and has told the hospital to evacuate patients. 2) Federal Reserve Chair Jerome Powell said the US central bank will continue to move carefully but won’t hesitate to tighten policy further if needed to contain inflation. 3) West Virginia Senator Joe Manchin announced Thursday he won’t seek reelection, a blow to Democrats’ prospects for keeping the Senate majority in 2025. 4) Industrial & Commercial Bank of China’s US unit had been hit by a cyberattack, rendering it unable to clear swathes of US Treasury trades after entities responsible for settling the transactions swiftly disconnected from the stricken systems. That forced ICBC to send the required settlement details to those parties by a messenger carrying a thumb drive as the state-owned lender raced to limit the damage. 5) Chicago Bears take down the Carolina Panthers in Thursday Night Football Full transcript: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. Karen, the latest on the Israel Hamas war. Israel says it's struck back at an organization from Syria. The target at a school in the southern city of Ailat with a drone. Meanwhile, the White House is confirmed Israel's agreed to four hour daily humanitarian pauses in northern Gaza to allow civilians to flee, but Mark Regev, who advises Israel's Prime Minister, says it's not a ceasefire. We will continue this operation until we have destroyed Harmasa's military machine. The idea of a humanitarian pause is in a specific place, for a specific time, to help the civilian population who are not the target of our operation on the country. We want to see the move out of Hamsway. That was Benjamin Natanyahu advisor Mark Regev meantime. A short time ago, Palesidine Authority Radio reported that Israel's forces struck outpatient clinics of a medical complex in Gaza City. Israel's military says the main military headquarters of Hamas are located underground near that hospital, and had they told the hospital to evacuate patients, well, Nathan, we turn now to news that still making waves in Washington. A Democrat, Joe Mansion of West Virginia, stepping away from Capitol Hill. I will not be running for re election to the United States Senate, but what I will be doing is traveling the country and speaking out to see if there is an interest in creating a movement to mobilize the middle and bring Americans together. Senator Manchin is an honorary original honorary co share of No Labels, the centrist group that's now working on a possible third party presidential campaign. Bloomberg's Wendy Benjamin Sin has more from Washington. If he does go for an independent or third party run, that's going to make it very, very difficult, because the people who feel that Biden may have gone too far to the left, or is too old, or all the other things are looking at this guy a true old soele conservative Democrat. Bloomberg's Wendy Benjamin Sin notes mansion still has eleven point three million dollars in a Senate reelection campaign that he could use in a presidential run. Well, politics has Washington's focus. Karen Summer, President Biden's cabinet have headed West Finance. Leaders of the US and China have begun talks setting the groundwork for the Biden she meeting next week at the Asia Pacific Economic Cooperation Summit. Bloomberg's Ed Baxter has the story from San Francisco. Treasury Secretary Janet Yellen meets again today here in San Francisco with Chinese Vice Premier Hu LaFong. She is saying the US has no design to break economic ties with China, but these two day meetings are aimed at making progress on a slew of economic issues before the heads of state sit down. China's main concerns in the supply chains in high tech, the US focusing on fair competition in tech, as well as freedoms and the issue of Taiwan. In San Francisco, I'm at Baxter Bloomberg Radio. All right, ed, thanks, So we turned to the markets now, and stocks are coming off their first drop in eight sessions. That declines came after FED Chair J Powell warrant interest rates may have to climb further. If it becomes appropriate to tighten policy further, we will not hesitate to do so. We will continue to move carefully, however, allowing us to address both the risk of being misled by a few good months of data and the risk of overtightening. On the same day Powell spoke, Richmond FED President Thomas Barkin said the US economy still has not felt the full effect of past interest rate increases. I think there's more lag to come from hikes. I'm not sure that you know that's everybody's view, but that's that's certainly my view. I also believe that there's inflation is going to take longer to settle than the more optimistic forecast that you might see. And the economy is also in focus in Europe. The UK economy flatlined in the third quarter, defying forecasts of a small contraction and ensuring a recession is avoided this year. GDP was unchanged from q two. Economists surveyed by Bloomberg forecast a tenth of one percent decline on average. Well. In other news this morning, Nathan the world's largest bank, has been hit by a cyber attack. The incident caused the US unit of the Industrial and Commercial Bank of China to reroot some treasury trades and may get more from Bloomberg's reshound Salamad in Hong Kong. The hack forced clients to reroot transactions. A large number of trades in US treasuries were prevented from being cleared. It left brokers and traders scrambling to US as the extent of the impact of the cyber attack. There are reports of liquidity being affected, and speculation continues to mount that the issues were a cattle for a very poor oaction of thirty year bonds. So to say, ICBC allerted clients that trading was being impacted. ICBC as seti hight cybersecurity for a mandant and has been offered assistance from the FBI in Hong Kong. I'm Rishard Salomit Bloomberg Radio Oka, rish thank you staying in Asia. The final day of the Bloomberg New Economy Forum in Singapore has wrapped up. Climate change was a major focus. We caught up with US Special Presidential Envoy for Climate John Kerry. People are well aware of how critical the situation is. Mother Nature has been sending us massive messages in the last years. We know we have to reduce the emissions. We know that the costs of not doing so will be much greater than the cost of doing so. And Special Climate Envoy John Kerrey praise the Inflation Reduction Act for attracting green investment to help fight climate change. Well, Nathan, let's check out some stocks on the move this morning. Shares a Biagio down more than eleven percent, the maker of Johnny Walker and Smeirnov Vodka issuing a profit warning because of a steep slowdown in Latin America. Shares of Plug Power They're plunging down more than twenty nine percent in early trading. The company reported revenue well below estimates. S and P futures are little changed right now up a point. Futures up two tents of one percent, a gain of sixty points. In NASTAC futures are lower by two tenths of one percent. That's a decline of twenty seven points. Tenure Treasury is down three thirty seconds, for a yield of four point sixty three percent. This is Bloomberg. All right, Nathan, thanks time now for a look at some of the other stories making news around the world. For that, we're joined by Bloomberg's John Tucker. John, Good morning, Good morning, Karen. The FBI investigating potentially deadly attacks on election offices in five states, bombing some letters laced with fencanyl. The letters were sent to Nevada, California, at Georgia, Oregon, at Washington State. The Fulton County, Georgia Board of Commissioners chairman is Rob Pitts. Crazy people out there who will go to any extreme to disrupt, interrupt, fair, open, transparent elections in our country and specifically here in Fulton County. Officials are calling it domestic terrorism. They're only seven days until the government could face yet another shutdown. More in that story from Washington and Bloomberg. Steve Potis Congress needs to approve a budget that would keep the government funded through the rest of the year, but there are already some divisions among Republicans as to how that may happen. Democrats also say they wouldn't accept certain cuts to social programs, and the White House says that some of the bills Republicans are proposing would cut funds to law enforcement. White House Deputy Press Secretary Olivia Dalton says the time is running out and House Republicans should stop playing political games and follow the lead of the Senate by getting to work on bipartisan bills. Steve Potisk Bloomberg Radio. President Biden was in the Illinois Thursday congratulating union auto workers taking a victory lap after they won a new contract. The President reminding those workers he joined them on the picket line, and Donald Trump did not. I stood and other stood with his shoulder and shoulder on that picket line. My predecessor went to a non union shop and attacked. I hope you says, so. I hope you guys have a memory where I come from. It matters. Mister Biden was the first president in history to join workers on the picket line. The nation's first openly gay governor, looking to re enter politics nearly twenty years after he left former New Jersey Governor Jim McGreevy, announcing Thursday he'll seek the mayor's office in Jersey City in twenty twenty five. He announced in August two thousand and four he was a gay American and acknowledged having an extramarital affair with the male staffer he resigned that year. Global News twenty four hours a day and whenever you want it with Bloomberg News Now. I'm John Tucker, and this he is Bloomberg Karen. All right, John, thank you well. We bring you news throughout the day right here on Bloomberg Radio. But now as you can get the latest news on demand whenever you wanted, subscribe to Bloomberg News Now to get the latest headlines at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot Com, plus Apples, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports Update. Here's John Stash Hour, John Karen. The Thursday night game to kick off Week ten in the NFL. Not much of a game. Carolina Panthers have only won once all season. Chicago Bears came in having won only twice. Panthers got a seventy nine yard aquartment through the first quarter, but it is their only touchdown, and the Bears got one in the third quarter to take their first lead. Chicago won sixteen thirteen, and this helps the Bears get the first pick of the draft because they own Carolina's pick as a result of the trade of the two teams swung just before last year's draft when the Panthers moved up, and we're able to get the first overall pick and take quarterback Pryce Young NBA in Mexico City. Good one. We treated Atlanta and Orlando gray seabasket. Craig goes underde Ls at the corner. Dejante Let's take away just three Foma books take the lead ten twenty tenswoey tea that the final Hawks radio the Caltre Young forty one points in the victory. Gianna's Sun to the Cup reported in fifty four points but had two late turnovers, and Milwaukee blew a ten point fourth quarter lead and lost at Indiana one twenty six till one twenty four Celtics are home tonight to play in the Brooklyn Nets. The Wizards host Charlotte. The Warriors don't play until Saturday, when they take on Cleveland. Bruins. Hot Start continues the hat trick for Charlie Coyle in a five to two win over the New York Islanders. Rangers Hot Start with their tenth win. They beat Minnesota four to one. Connor Bdard, the young star for Chicago, two goals to assist his best game. Blackhawks beat Tampa Bay five to three. The player of the air at women's college basketball, Caitlin Clark forty four points in Iowa season openings win. John Stanshaware Bloomberg Sports, Karen all right, John, thank you well. Straight ahead on Bloomberg Daybreak, we're going to get the very latest out of Israel. We'll be speaking with the Bloombergs Kalite Allstein in Tel Aviv. And ahead of that conversation, SNP futures are little change down, futures up a tenth of up percent. NASDAK future is down two tenths of up percent. Ten year treasury down four thirty seconds, the yeal four point sixty four percent, and the yield on the two year is at five point two percent. Nimex screwed oil up eight tenths of up percent. And this is Bloomberg from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syria's exam the Bloomberg Business app in Bloomberg dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. We want to get you caught up now on the war in the Middle East. We've seen more strikes into Syria as Israel continues its advances on Hamas in Gaza, and Israel's military now says it has agreed to quick humanitarian windows to allow people to flee the fighting in northern Gaza. For the very latest, we are joined now from Tel Aviv by Bloomberg News Economy and Government reporter for Israel, Kalie alstein Ghalid. Thanks for being with us. As always, I want to start off with this latest report that we're hearing, I think from Palestine Authority Radio about Israeli strikes on an out patient clinic in Gaza City. What more do we know? All right? Hi, Good morning, Nathan, so on the ground in Gaza Israeli army, as we know, has been operating at the heart of Kaza City over the past several days, and now we have been hearing more and more reports from the Palestinian side that some of these Israeli forces are approaching hospitals. So, as you mentioned, we heard the report from the Palestinian Authority radio that says that dozens were killed and wounded from an Israeli strike on outpatient clinics at Al Shifa Medical Complex in Gaza City. And we also hear Hamas saying that there are Israeli tanks in the vicinity of three different hospitals in northern Gaza, and these are different hospitals, Alvan Tisci, Al Nassel and Al Ajun Hospital, and the director of one of these hospitals, the Children's Hospital, issues a comment saying we've been surrounded in the hospital since yesterday and IDF vehicles are stationed around the hospital. We cannot provide even the slightest medical services, so that's what this hospital director is saying. Now, all these statements have not yet been confirmed by the IDEF, but I think we can probably definitely not probably expect more to come on that. But the Israeli military has said made some comments about potential targets in that area. What is the Israeli military saying about that? So, the Israeli military has been saying for a while that Hamas command centers are positioned underground beneath some of these hospitals. They've mainly focused on Al Shifa Hospital, and they've also presented some evidence the idea that they said was back by the US and the UK intelligence agencies. They've shown evidence that command centers of Kama's opposition beneath Al Shifa Hospital, and they say this is not the only hospital where this is happening. So that is why we are getting these reports of army, Israeli army forces surrounding these hospitals probably and this is coming after Israel's military confirmed US reports that there was an agreement on humanitarian windows in the fighting. What more do we know about that? Right? So, I think we're basically seeing…
Full show notes at the publisherOn today's podcast: 1) Former US Secretary of State Hillary Clinton said both Israel and the Palestinians need new leadership in order to have a chance of achieving a peace deal once the current war in the Gaza Strip ends. 2) The five Republicans scrapping to fashion themselves as the alternative to Donald Trump opened their debate Wednesday night blaming the former president for the party’s latest election embarrassment — then spent the next 90 minutes doing little to distinguish themselves from the GOP frontrunner. 3) Donald Trump’s daughter Ivanka Trump testified she had no role in preparing his allegedly inflated financial statements and wasn’t aware that he was claiming a net worth of more than $4 billion as she was trying to get a Trump Organization loan for the Doral golf club in Florida in 2011 3) Missed your favorite actors? After nearly four months of striking, they're coming back. Wednesday's deal between striking actors and studios and streaming services won't immediately restore filming to its full swing. That will take months. 5) Walt Disney, embroiled in another fight with activist investor Nelson Peltz, posted fourth-quarter profit that beat analysts’ expectations and said it will cut an additional $2 billion in expenses. Disney stock jumps. Full Transcript: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with the latest developments in the war in the Middle East. The Pentagon says the US IS carried out an airstrike on a weapons warehouse in eastern Syria. Defense Secretary Lloyd Austin says the self defense strike was in retaliation for attacks on American forces in Iraq and Syria. Meanwhile, Israel says some fifty thousand more Palestinians have fled to southern Gaza as Israel's army pushes deeper in to Hamas strongholds in the north of the territory. All this as, Former Secretary of State Hillary Clinton says, both Israel and the Palestinians need new leadership. So I think you have to create the environment in which there is a chance to revitalize the peace process and a potential for a two state solution. Hamas is not interested in a two state solution. They are dedicated to the destruction of Israel. That is in their charter. If you've been watching lots of different outlets over the last month, that is what the leaders of Hamas say, you know they want to destroy Israel. Former Secretary of State Hillary Clinton added that while Israel's unlikely to agree to a ceasefire that would benefit Hamas, it probably will accept pauses to allow aid to reach civilians in Gaza. Clinton made the comments in an interview with Bloomberg's editor in chief John Micklethwaite at the Bloomberg New Economy Forum in Singapore. Well Nathan. The war in the Middle East was a major topic at last night's Republican presidential debate in Miami. The five candidates on the NBC stage were united in support of Israel, including Florida Governor Ronda Santis. I would be telling BB finish the job once and for all with these butchers. Come on, they're proris, their massacring innocent people. But there were devides over a to Ukraine and how to approach China. Of ak Ramaswami and Nikki Haley had a sharp exchange over banning TikTok in the last debate. She made fun of me for actually joining TikTok while her own daughter was actually using the app for a long time. So you might want to take care of your family first. Read my appreciation daughter man. Nikki Haley and the other candidates also went after front runner Donald Trump for skipping the debate. Jeanie she and Zano is a politics contributor for Bloomberg. She said he was a good president for the time, but he is not the right president for now. And then she pointed to the fact that he created eight trillion dollars in debt, he's wrong on Ukraine now, and the fact that we can't live in the past. Genie she Andzano notes the former president held a rally ten miles away rather than appearing on the debate stage. Meanwhile, Nathan House Republicans have issued subpoenas to members of President Biden's family. The move to subpoena the president's son Hunter and brother James comes as Republicans look to gain ground in their nearly year long investigation. So far, they have failed to uncover evidence directly implicating the President in any wrongdoing. Now to the latest developments caring in the New York Front trial of Donald Trump, his daughter Ivanka's day on the witness stand was filled with denials of any knowledge of her family's net worth calculations. Sloomberg's Ed Baxter has the story. She says she didn't know that her dad was claiming and that worth of more than four billion dollars as she tried to get a loan for the Durreal Golf Club in Florida. She flatly says she's not involved in his personal financial statements. Attorney General Letitia James says, not true. Ivanka Trump secured negotiated loans to obtain favorable terms based on fraudulent statements of financial condition, and she says the Trumps cannot hide from the truth. The Attorney General has wrested Ad Baxter. Bloomberg Radio all right ed, thanks well. From New York to Hollywood. The actors' union has reached a deal with studios to end its strike. Can we get the latest from Bloomberg's Doun Prisner. The vote by the union's Theatrical Committee was unanimous. Common ground was found on issues ranging from the use of artificial intelligence to payment from streaming services, and now, after four months, the strike by some one hundred and sixty thousand actors is over. The previously striking screenwriters have been back on the job for more than a month, so now production of scripted TV shows and movies can resume. And like the writers, the Actors' Union benefited from direct involvement in the talks by some of the most powerful people in Hollywood in New York. I'm Doug Prisner, Bloomberg Radio. All right, Doug, thanks now. Some of those most powerful people included Bob Eiger, and the settlement comes the same day Eigers Walt Disney Company posted fourth quarter profit that beat analyst estimates. Disney also says it'll cut an additional two billion dollars in expenses. Bob Iger says his company will also launch a beta trial bundle of Disney Plus and Hulu next month. We expected Hulu on Disney Plus will result in increased engagement, greater advertising opportunities, lower churn, and reduced customer acquisition cost, thereby increasing our overall margins. Man Right now, shares of Bob Bigers Walt Disney Company are higher by four percent in early trading. Well Nathan, Another CEO, is making news this morning. Bank of America's Brian moynihan said his company has a succession plan in place and that nothing is left a chance in deciding on his eventual replacement. Moynahan, who made the remarks at the Reuters Next conference, took the helm in twenty ten in the wake of the global financial crisis. And there's another bank in the spotlight this morning, Karen. That would be Morgan Stanley. Its wealth management business is under Federal Reserve scrutiny, sources say the New York based banks top regulators pressing whether the firm is taking adequate measures to prevent potential money laundering by wealthy clients outside the US. Representatives for the FED and Morgan Stanley declined to comment. And it's time now for a look at some of the other stories making news around the world. For that, we're joined by Bloomberg's John Tucker, John Good morning, Hey, Good morning Karen. Former President Donald Trump did skip the third uop to at in Miami, instead holding a campaign rally about ten miles away in Heyaliah twenty twenty four is our final battle. Stand with me in the fight. We will finish the job that we started so brilliantly seven years ago. We never had a country like we had just three years ago. Meantime, at judge in Michigan expected to hear arguments today whether the Secretary of State there has the authority to keep Donald Trump's name off state ballots for president. Various groups have filed similar lawsuits in other states, portraying Trump as the insider of the January sixth Capitol riot. They point to part of the Constitution the prohibits a person from running for federal office if they've engaged in insurrection or rebellion. Industry regulators say power grades that supply more than half of the US population may run short of electricity during an extended cold snap or severe storm over the coming winter. That story in this report from Bloomberg's Charlie Pellett. The North American Electric Reliability Corps as regional system operators in a vast swath of the country, stretching from Texas to New England, are at risk of insufficient electricity supplies during peak winter conditions. The report came in a winter reliability assessment which also showed Quebec and Saskatchewan facing the threat of power shortfalls. The outlook is even more dire than last year's report, which set a quarter of Americans were at risk of cold weather power emergencies in New York Charlie Pellett Bloomberg Radio, the population of the US climbed to about three hundred seventy million and twenty eighty before reversing course starting to fall before the turn of the century. This according to News Census Bureau projections and the bureau's most likely scenario, the number of people sixty five or older, we'll overtake the number under eighteen in just six years. Add A nineteen thirty two painting by Pablo Picasso, fem A la Montre, sold for one hundred and thirty nine point three million dollars last night at Sotheby's in New York. At a stroke, it becomes the second most expensive piece by the artist to santl at auction. Global News twenty four hours a day and whenever you want it with Bloomberg News Now. I'm John Tucker and this is Bloomberg Karen. All right, John, thank you well. We do bring you news throughout the day right here on Bloomberg Radio. But now, as John said, you can get the latest news on demand whenever you want it. Subscribe to Bloomberg News Now to get the latest headlines at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dut Plus, Apples, Spotify, and anywhere else you get your podcasts. Four off time now for the Bloomberg Sports Update with John Stashauer, John Karen. The NBA took Tuesday off to let everyone vote back with a busy night on Wednesday, including showdowns in the East and West. Both games won by home teams by three points. In Philadelphia, the Sixers made it six wins in a row. They beat the Celtics one oh six to one oh three. They lost to Boston to the second round of last year's playoffs, when they blew a three to two series lead. The Sixers had the best record in the East and the Denver Nuggets, defending NBA champs, had the best record in the league eight and one. They beat Golden State one o eight to one oh five. N Koleokus scored thirty five points. Klay Thompson couldn't get a shot off at the buzzer as he tried to tie the game. Victor Wembin Yama's first game in New York it didn't go well. He scored only fourteen points, not only four of fourteen. The Spurs lost to the Knicks one twenty six to one oh five. The Lakers got blown out at U and lost by thirty four Lakers or zero to five on the road. Shay Gilgess Alexander report in forty three points for Oklahoma City in a win over Cleveland. Capitals lost in overtime Florida one four to three. Ron Washington, a seventy one year old baseball lifer, named the new manager of the Los Angeles Angels. He managed the Texas Rangers for eight years, won a couple of tenants there, but he has not managed in the big leagues since twenty fourteen. Not a great NFL game tonight Chicago and Carolina. The Bears will again be quarterbacked by the undrafted rookie Tyson Badge in third straight week as Justin Field's not ready to return from the injured thump. John stash Ellert Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syrias Exam the Bloomberg Business Appen Bloomberg dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. We want to take you to Singapore now and the Bloomberg New Economy Forum, where world leaders have been weighing in on the economy and geopolitical risks, including former Secretary of State Hillary Clinton. She sat down with Bloomberg News Editor in chief John Micklethwaite to discuss Israel, Ukraine, China, and the future of the United States. They began with a discussion on President Biden's upcoming meeting with Chinese President She Jinping. Part of the reason it was, you know, somewhat more positive when I was there and we had a very regular set of meetings is because Hu Jintao was a Chinese leader who decided he would not stay for life, he would fulfill his term, he would follow the guidance of the Chinese Communist Party, there would be a transition a new group of leaders. You know, some holdovers, but you know, other new faces would be in power, and so there could be a constant renewing of both the Chinese government and through that the American relationship. Once she Jin Ping decided to stay in office for life, that creates a lot of you know, challenges within their own system, and I think we're seeing some of that. And so part of what I hope will come out of this meeting is an attitude by President Shei that you know, he wants to get back to some kind of regular order, that he sees it in China's interests to really dig in with the President Biden, develop a platform for discussions for problem solving, really sending that signal. I think he will find a receptive partner with President Biden if that's available. Israel and Hamas, I think you are in favor of a humanitarian pause or pauses, but you're against the SIESFA which many people in this region asking for. You know, the numbers of dead arising rapidly ten thousand according to Hamas Italy, but you still got like eighty nine dead at the UN which is a gigantic number for United Nations, the Red Crescent and so on. Can you perhaps explain why you don't want to cease far? There is a difference between a ceasefire which would in effect freeze the situation in Hamas's favor. I negotiated a ceasefire between Israel and Hamas in November of twenty twelve, and at that point both parties did not want to go any further. The breaching of a pre existing ceasefire by Hamas with rockets being sent into Israel had not caused a lot of damage, and there also had not been the development of the infrastructure of terror that Hamas has built in Gaza. I don't know any nation represented at the New Economy Forum faced with the kind of assault that Israel was faced with by Hamas that would not be number one defending itself and number two trying to prevent it from happening again, because with every other cease fire it did happen again until finally we got to the breach of a ceasefire which was in existence on October seventh with the terrible attack by Hamas. So a ceasefire, if it were possible which frankly, I don't think is possible. I don't think you know, Israel is interested in a ceasefire at this point, but they are perhaps willing to have what we do call humanitarian pauses for the purpose of both getting aid in to try to assist the civilians in Gaza, but also getting the more than two hundred and forty hostages out. You know, these hostages are not just Israeli. One of the biggest groups of hostages are workers from Thailand who are working on farms in Israel. So there is a global dimension to the hostages that a pause could perhaps inspire some willingness on the part of Hamas to let the hostages go. But a ceasefire that would freeze the sit…
Full show notes at the publisherOn today's podcast: 1) Ohio voters enshrined abortion rights in their state’s Constitution, a boon for Democrats running on the issue and complicating Republicans’ approach to the 2024 elections. 2) Political polarization has helped make 2023 the biggest off-year for ballot measures in more than a decade in the US, 3) Israel said its troops have entered the middle of Gaza’s main city, as they continue their operation against Hamas. 4) Two days after former President Donald Trump testified at his New York Fraud trial, it's his daughter Ivanka's turn to take the stand. Full transcript: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with last night's election results and a major victory for abortion rights in Ohio. Voters approved Issue one, which enshrines the right to abortion access in the state constitution, by a fifty six to forty four percent margin. Bloomberg Politics reporter Mark Niquette is in Ohio and has more It passed pretty overwhelmingly. And what's going to get a lot of attention is this past in what has become a Republican state. And it's clear that this issue passed even in counties that Donald Trump carried pretty handily in twenty twenty. Bloomberg's Mark Mniquette reports this makes Ohio the latest state to back abortion rights after last year's Supreme Court decision to overturn Roe v. Wade. In the interest of transparency, we should note that Michael Bloomberg, founder and majority owner of Bloomberg Radio parent Bloomberg LP, donated a million dollars to the campaign supporting Ohio's abortion rights amendment. Well Nathan, It was also a good night for Democrats in Virginia, with every seat in the state legislature up for grabs. Democrats won majorities in both the House of Delegates and the state Senate. It's a blow to Republican Governor Glenn Youngkin. He's seen as a presidential contender in twenty twenty eight and had hoped to pass a fifteen week abortion band with GOP control. And in another major race, Democrat Andy Basher has won a second term as governor of Kentucky, a state former President Donald Trump carried by nearly twenty five points in twenty twenty And In other political news, Karen Tonight, in Miami, Republicans hold their third presidential debate. Five candidates will take part. Ron De Santis, Sneaky Haley, Vivek Ramaswami, Tim Scott, and Chris Christy Well Nathan notably absent, will be GOP front runner Donald Trump. Two days after the former president testified at his New York fraud trial, it's his daughter, Ivanka's turn to take the stand, and Bloomberg's ad Baxter has the story. The trial issue is whether Donald Trump inflated the worth of his properties to lenders and other business dealings. Ivanka Trump has pretty much disappeared from the public spotlight, opting to leave both New York and Washington, d C. For Miami, but part of what prosecutors want to look at as her role in several real estate transactions, as well as the valuation of her New York apartment, which they say was priced at about two and a half times the value ed Baxter Bloomberg Radio. Okay, Ed, thank you. We now turn to the latest developments in the war in the Middle East. Israel says its troops have entered the middle of Gaza's main city. Meanwhile, Saudi Arabia's Minister of Investment says talks toward normalization of ties with Israel remain on the table, Despite the Kingdom criticism of Israeli military action. We spoke exclusively with Khalid Alfala, you know when those discussions were taking place, and his Royal Highs, the Crown Prince was clear that it is contingent on a pathway to peace for resolution of the Palestinian questions. That was on the table, that remains on the table. And obviously the setback over the last month has brought that has clarified. Why was Saudi Arabia so adamant The resolution of the Palestinian conflict has to be part of a broader normalization in the Middle East. Saw the Investment Minister. Khalid Alfala added his country is pained on a human level at the loss of life in Gaza and in Israel. He spoke at the Bloomberg New Economy Forum in Singapore. Well back in the US, Nathan, the House is voted to censure Democrat Rashida Tahlieb of Michigan for her rhetoric about the Israel Hamas war, and Speaker Mike Johnson presided over the vote on this vote. Quote. The yea's are two one hundred and thirty four and the nays are one hundred eighty eight, with four answering present. The resolution is adopted. The House's action was an extraordinary rebuke of the only Palestinian American in Congress to leave defended her stance, saying she quote will not be silenced and I will not let you distort my words. Turning to markets now, Karen, the s and P five hundreds. Coming off seven straight days of gains. Today, investors await more clues on interest rates from a host of Central Bank officials, including FED share J. Powell. Yesterday, FED Governor Christopher Waller commented on the recent jump in tenure yields since the beginning of July. This thing has gone way up, almost a full percentage point. I think in Central Bank terms of financial markets, that's an earthquake. Governor Chris Waller notes yields on ten yere treasuries have climbed more than one hundred basis points since the end of July. Well, earnings will also be on investors' minds. This afternoon, we hear from Disney, Nathan and Bloomberg Stown Buzzby as a preview. With strong revenue expected at its theme parks, Disney forecasts report overall earnings growth for last quarter and to once again add subscribers to its flagship Disney Plus streaming service investors also watching any comment on when that streaming business will be profitable, the latest on spinning off its ESPN network into a separate streaming unit, and updates on selling off a ABC network and other non core media holdings. Bloomberg consensus calls for adjusted earnings per share of sixty nine cents revenue of twenty one point four to three billion dollars. Tom busby Bloomberg Radio, Okay, Tom, thanks and after the bell earnings to get you caught up on watching Shares of Robinhood They're down seven and to half percent in early trading. The online brokerage reported revenue that missed estimates. Bumble shares are down nine percent, a day after announcing it would replace its CEO. The dating app reported worse than expected revenue guidance. Rivian Automotive shares are up six and a half percent. The ev makers raising its forecast for overall production this year, and forgive me. Shares of Toast are Toast this morning they are down seventeen and a half percent. The restaurant software company lowered the upper range of its full year revenue forecast, and it is time now for a look at some of the other stories making news around the world. For that, we're joined by Bloomberg's John Tunker. John Good Morning, Good morning, Karin. History made in the City of Brotherly Love. Among the results of tuesday's election, Democrat Cherrell Parker won Philadelphia's mayoral election. Parker becomes the first female mayor of the city. No matter where we went, our message stayed the same. And guess what I learned during that time Philadelphia that people were yearning for authenticity. Parker won with seventy four percent of the vote. Another first in the nation's small estate, Democrat Gave Mmo defeated Republican Jerry Leonard to win Rhode Island's first congressional district seat and become that state's first black candidate to elect it to Congress. The journey of so many Rhode Islanders and their families is one of Britain, hard work, determination and resilience. And I stand on the shoulders of so many who came before me to make this day possible. Imoll picked up sixty five percent of the vote there. Based on questions for the bench, a majority of justices on the Supreme Court appear inclined to uphold a federal gun ban on people who are under restraining orders for domestic violence. The Solicitor General, Elizabeth Prelogord defended the law. The constitutional principle is clear, you can disarm dangerous persons. The federal ban has been on the books for thirty years. We Works collapse is spreading through the battered commercial real estate industry, threatening to upend dozens of leases in cities including San Francisco and New York. That story from Bloomberg's Charlie Penllett. The co working giant spiral into bankruptcy, hit landlords along the way as it renegotiated and sought to exit many leases. Now Monday's bankwet see filing and a plan to terminate nearly seventy of those contracts is set to exacerbate issues facing many of we Work's landlords. The tenant wants out and could have more power to leave. Office owners have been grappling with a slowdown spurred by higher borrowing costs that are pressuring building values, as well as a shift in tenant demand with a rise in remote work in New York. Charlie Pellett, Bloomberg Radio and Global News twenty four hours a day and whenever you want it with Bloomberg News Now. I'm John Tucker, and this is Bloomberg Karen. All right, John, thank you. It is time now to get a check of sports. But first we're going to tell you that you may bring your news throughout the day here on Bloomberg Radio. But now, as John said, you can get the latest news on demand whenever you want it. Subscribe to Bloomberg News Now to get the latest headlines at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot com plus Apple, Spotify, and anywhere else you get your podcast. Now is Sports Hears John stash Hour, John Karon. The college basketball season is underway and it begins with Kansas ranked number one. The Jayhawks had a season opening win on Monday, and the day after, they restructured the contract of their longtime coach Bill Selph. He's won two national championships, he's already in the Hall of Fame, and self's new contract means that he surpasses John Caliperi. He's now the highest paid coach in college hoops Baylor being Auburn eighty eight eighty two, a win for Saint John's playing for the first Summuner, their new coach, another Hall of Famer Rick Patino. There was no NBA. There's some big ones tonight. It's the Celtics and Sixers in Philadelphia. Both teams are five and one. Philly's four and oh at home Denver the defending NBA Champs seven and one, five and oh at home. And tonight welcoming in the Golden State Warriors. San Jose Sharks finally got a win. It was two to one over Philadelphia. That's their first win of the season. It comes in their twelfth games. See. Titans say they will stick with rookie quarterback Will Levis even when the incumbent QV Ryan Tannehill returns from his ankle injury. Lev Is very impressive in his first Star with He threw four touchdown passes. They drafted him in the second round out of Kentucky. Kyler Murray's going to make his season debut for Arizona on Sunday, back from the torn ACL suffered last season. Josh Dobbs not surprisingly becomes the starter in Minnesota. He was pressed into duty last Sunday because of an injury to the rookie quarterback who went down and Dobbs rallied the Vikings to victory. Of course, they've lost Kirk Cousins for the season. John Stanshleyer Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syrias Exam the Bloomberg Business app in Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. We want to get you no more results from last night's off off year elections. Abortion rights may have been officially on the ballot in just one state, but the issue may have driven voters in races beyond that state Ohio, and into Virginia and perhaps beyond for more. We're joined now by Bloomberg News Senior editor Bill Ferries. Bill, good morning. It was a pretty overwhelming result for Issue one in Ohio. Does that results have residents into next year's election? Absolutely? I think for Democrats who have been really trying to get the party to focus on abortion rights, they're all seeing what they would call victories in Ohio, Kentucky and even Virginia last night, and I think they're going to say that that is a positive way forward for them looking into twenty twenty four after what is probably many would say has been a tough week looking at Paul showing President Biden perhaps lagging former President Trump in a number of the key swing states. So this is something I think, given the results last night, you're going to hear Democrats talking a lot more about in the coming months that abortion. I'm sorry. That result in Virginia in particular is pretty interesting because the Republican governor there, Glenn Youngkin, who's been talked about as a potential presidential candidate, not just in twenty twenty eight but this this cycle as well, had campaigned pretty hard on this idea that if Republicans took over the state legislature, that a fifteen week abortion ban could be passed in Virginia. What does this result for Democrats winning in Virginia mean for Youngkin's political prospects. Well, for Democrats, I think it's a big sigh of relief that the Virginia still came in I think on their side, and looks like both chambers are going to be in Democratic hands going into the going in the next year for Young Kin, I think it's going to be it's going to make that idea that he could be some sort of last minute candidate if for some reason Donald Trump is not in the race. It starts to rule that out. He has a much weaker hand facing Democrats in both chambers in terms of being able to get his policies passed and dominating the agenda. I think Democrats are going to try to set the tone once they take their seats. It does, you know, it's still I think the idea that Youngkin could could be a candidate in twenty twenty eight is also tested a little bit. It's so early to even be talking about that at this point. But if you're a potential yet we do. If you're a potential candidate looking that far ahead, you think about the agenda you want to set, the accomplishments, the legislative accomplishments you'd like to have. And I think this makes that a lot harder for someone like Governor Youngkin to plan out and game out ahead of that election. You know, almost five years from now. You mentioned Democrats potentially talking more about abortion rights into this election cycle. What about the economy, that's been an issue that this present has struggled to gain traction on. Does abortion override economic issues for voters in this election cycle? You know, that's the economy is often the deciding factor for a lot of voters going into the polling booth. I think there are definitely voters on both sides who would view abortions as the key issue, the biggest thing, the most important thing to them. But in the end, you know, I think the economy is often what swings voters either way, particularly those independent voters in the middle. If heading you know, in the months heading into November twenty twenty four, they're feeling better than they are now about the economy, that probably benefits the incumbent of the Biden administration. If they're feeling worse and there's a lot of signs that, you know, the economy could be struggling more next year than it is this year, then that makes it I think a harder slog for the president and his team to argue that they should remain in place. So it's the economy, you know, it's that Carville saying it's the economy stupid. I think that that's always going to be if not the biggest, one of the biggest factors. We know that v…
Full show notes at the publisherOn today's podcast: 1) Israeli Prime Minister Benjamin Netanyahu said he sees his country having security control over Gaza for an “indefinite period,” suggesting it will maintain that role even after fighting in the besieged territory ends. 2) Donald Trump took to the witness stand Monday morning and within minutes turned his day in court into a live Truth Social post. No one understands real estate like he does, Trump testified, and the banks knew what they were doing. The judge sitting next to him is “biased,” the court is a “fraud” and the case against him “crazy,” Trump said, voice rising. 3) Former high-flying startup WeWork filed for bankruptcy listing nearly $19 billion of debts, a fresh low for the co-working company that struggled to recover from the pandemic. 4) In football, the Los Angeles Chargers break the New York Jets 3-Game win streak Full transcript: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with the war in the Middle East. Today marks one month since the Hamas attack in southern Israel that's set off the conflict. Now, the Hamas run health ministry in Gaza says more than ten thousand people have been killed since the fighting began on October seventh, but Israeli Prime Minister Benjamin Netanyahu is rejecting calls for a ceasefire. There'll be no ceasefire, general ceasefire in Gaza without the release of our hostages. As far as tactical little pauses an hour here, an hour there, we've had them before. I suppose we'll check the circumstances in order to enable goods, umanitarian goods to come in or our hostages individual hostages to leave. But I don't think there's going to be a general seas far and Prime Minister Natanyah, who tells ABC News Israel could have security control over Gaza for an extended period. Israeli military spokesman Peter Lerner tells Bloomberg Radio the goal of war is to dismantle humous as a governing authority and a terrorist entity. Of course, we understand that that role, that goal is a very expensive goal and it will take time. And so the operation itself, the war itself, is an open ended war. It so we don't have any power glass counting the minutes until we end. And you can listen back to our entire interview with Israeli military spokesman Peter Lerner on the Bloomberg Talks podcast. Well, Nathan, back here in the US, the civil trial continues in New York against Donald Trump. It was a fiery day one. On the witness stand for the former president of Bloomberg's, Ed Baxter has the story. Trump yelled at the judge, said he was biased, and the court was a fraud, was a skill, and this is the case. It should have an attorney general. Letitia James says she got what she needed. At the end of the day, the documentary evidence demonstrated that, in fact, he falsely inflated his assets, and Bloomberg's Patricia Hurtado says she's never seen anything like it. He was claiming that I've done real estate for fifty years and as a developer, basically I have a right to just declare magically what Something's worth. Daughter Ivanka is on the stand Wednesday Ed Baxter Bloomberg Radio. Okay and thank you now. Donald Trump will not be participating in tomorrow Night's Republican presidential debate in Miami. Five candidates will. They are Ron DeSantis, Nikki Haley, Vivek Ramaswami, Senator Tim Scott, and former New Jersey Governor Chris Christie. Former White House chief of staff mc mulvaney says Trump's decision not to participate may have repercussions. I think it may come back to haunt him when Joe Biden, assuming Bibes's the Democrat nominee, has the ability then with good reason to say, oh, Donald, you didn't debate in the primary, I'm not debating you in the general. And Trump would be desperate for a debate headhead against Bid and Bide would be desperate for an excuse not to do one. And former Trump White House Chief of Staff mcmulvaney says Nicky Haley is the one with the most to gain from this debate. Mulvaney was on Bloomberg Sound On with Joe Matthew. You can catch the program one pm Eastern on Bloomberg Radio or listen on demand wherever you get your podcasts. Well, Nathan, Before we get to that Republican debate tomorrow, voters head to the polls today to vote on some key issues. So Hio residents will decide if access to abortion care should be enshrined in the state's constitution. It'll be closely watched nationally as a gauge of a key issue ahead of the twenty twenty four presidential elections. And in Virginia, Republican Governor Glenn Younkin is campaigning hard for his party to hold the state House and reclaim the Senate majority GOP victories. Goodline Youngkin up as a potential alternative to Donald Trump as the party's twenty twenty four presidential nominee. Well, Karen, let's turn now to the markets. We're watching shares of ubs they are hired by more than three percent. In Europe, the Swiss Bank, which took over Credit Sweee earlier this year, reported stronger than expected client inflows. We get more from Bloomberg's Guy Johnson in Zurich. We are getting some stabilization in terms of client money to keep the wealth management division that is really important. So we managed to stabilize that that may be give than the opportunity to start to kind of accelerate things here a little bit. But these circle numbers are basically just bridge numbers. We we waiting for the fullier numbers and at that point we're going to get a strategy update. At that point, we're going to get a clear idea of where Sergio Mossy, the CEO, and the rest of the team are going to take this combined Edsito mean Bloomberg Sky Johnson says overall, UBS posted a quarterly net loss of seven hundred and eighty five million dollars, its first quarterly loss in almost six years. Well Staying in the banking industry, Nathan Morgan Stanley's James Gorman, who's preparing to step down as CEO at the end of this year, says he will vacate his post as chairman by the end of twenty twenty four. Gorman made the comments in an interview at a nie K forum in Tokyo. Ted Pick, a co president and three decade veteran of the firm, will be elevated to the top role in January, and turning to the US economy, Karen, it is too early to declare victory over inflation. That's the view from Minneapolis Fed President Neil Kashkari. We're making progress. The job market remains strong, the unemployment rate is still quite low at around three point nine percent, So overall the fundamentals are healthy. But we haven't completely solved the inflation problem. We still have more work ahead of us to get it done. Speaking of Fox News, Minneapolis Fed chief Neil cash Care ads he's nervous about declaring victory on inflation too soon. Well. In Corporate News, Nathan, it was once a high flying startup, and now we Work has filed for bankruptcy. The company said had struck a restructuring agreement with creditors and with streamline its rental portfolio of office space. We works collapse as the culmination of a year's long saga for the company, which was once the biggest office tenant in Manhattan. And Karen Bloomberg News has learned SpaceX's on track to book revenues of about nine billion dollars this year across its Rocket launch and Starlink businesses. SpaceX has projected a rise to around fifteen billion in twenty twenty four. The figures represent a rare look into the finances of the Elon Musk led company, which sells commercial space on its reusable rockets as well as Internet beamed down from a constellation of satellites. Right, Nathan, thanks time now for look at some of the other stories making news around the world. For that, we're joined by Bloomberg's John Tucker. John, good morning, and good morning, Karon. The US government's debt interest build has now soared passed one trillion dollars. The story in this report this morning from Bloomberg's Jeff Bellinger. Bloomberg analysis shows annualized interest payments on the US government debt pile climb past one trillion dollars at the end of last month. That amount has doubled in the past nineteen months and is equivalent to fifteen point nine percent of the entire federal budget for fiscal year twenty twenty two. The worsening metrics may reignite debate about the US fiscal path amid heavy borrowing from Washington. That dynamic has already helped to drive up bond yields, and it led Fitch Ratings to downgrade US government debt in August Jeff Bullinger, Bloomberg Radio. The Supreme Corps today is taking up a challenge to a federal law that prohibits people from having guns if they're under a court order to stay away from their spouse, partner, or or other family members. The Federal Appeals Court in New Orleans struck down the law. Following the Supreme Court's bruined decision. In June of twenty twenty two, I Well Governor Kim Reynolds officially throwing her support behind Florida's governor for the Republican presidential nomination, Ron DeSantis is the person that we need leading this country. At ABC News. IPS's polls shows if the Republican Party nominates someone other than former President Trump, more Republicans said it would be more likely to turn out and vote an election day. Talks with striking Hollywood actors are ongoing after the union rejected with the studios called their last best and final offer. The Strength started in July. Netflix co CEO Ted Sorrando says he's hopeful and agreement will be reached soon. We're in the business of telling stories. That's what we want to do every day. So his grind to a hall for a few months, and so we're going to try our best to get things up and running and get the output. Becka for our fans too. Ted sarandas with Netflix, spoke to Reuters. Elon Musk's company, Neurrolink, is seeking a volunteer for its first clinical trial, as looking for someone willing to have a chunk of their skull removed by a surgeon so a large robot can insert a series of electrodes and super thin wires into their brain. Global news twenty four hours a day and whatever you want it with Bloomberg News Now. I'm John Tucker and this is Bloomberg Karen. All right, John, thank you well. We do bring you news throughout the day right here on Bloomberg Radio. But as John said, you can now get the latest news on demand whenever you want it. Subscribe to Bloomberg News Now to get the latest headlines at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot Com, plus apples, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports Update. Here's John stash Hour, John Karen, what did I football? The cab Week nine Chargers at the Jets and LA's Darius Davis ran a punt back eighty seven yards. I'm minted forty five into the game. Chargers went on to have eight sacks and crushed the Jets twenty seven to six. Both teams are now four and four. The Celtics are five and one. Their first loss of the season came in overtime at Minnesota, one fourteen to one oh nine. The Sixers are five and one. Joel mbing forty eight points in a one forty six to one twenty eight win over Washington. The Wizards are one and five. Steph Curry scored thirty four. Golden State won at Detroit, won twenty to one. Oh nine. Bruins keeping the hot start. They're ten to one and one. They've beaten Florida twice. They were stunned by the Panthers in the playoffs last season, Boston won three to two. College basketball is underway a lot of blowouts, including number one Kansas winning by forty three. Second ranked Duke won by thirty eight, Third ranked Perdue won by fifty three, but Michigan State, ranked fourth in the country, stunned in overtime, lost to James Madison. Michigan State's longtime coach Tom Izzo nephew as an assistant for James Madison. Three baseball teams have new managers. The Cleveland Guardians hired thirty nine year old Stephen Boyd, just recently retired as the player, spent last season as a low level coach in Seattle. He replaces They're retiring Terry francona great counsel, leaving Milwaukee after nine years with the Brewers, but stayin in the NL Central. He's the new manager of the Cubs. The Mets new manager is his former Yankee coach, Carlos Mendoza. John Stanshiawer Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on SYRIASXAM, the Bloomberg Business app in Bloomberg dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. It has now been one month since the deadly Hamas attack in southern Israel and the retaliatory war in Gaza shows little sign of slowing. The Israeli military says it has Gaza City surrounded and is moving closer to the city the center as it carries out operations from the ground and air, while the Hamas run health ministry in Gaza says the death toll from this month of war has now passed ten thousand. For the latest were joined by Bloomberg News Israel government and economy reporter Galite Alstein Ghalite, good morning. We are one month into this war. Given what we're hearing from Israeli leaders in the political and military spheres, what could month two look like? Yeah, so, actually we've been hearing on Prime Minister in Nathaniel On tonight, he speaks to NBABC News in an interview. He references the talks of a possible ceasefire in the Gazza striep, and he says that it's totally dependent on the release of all Israelis being held hostage by Hamas. However, he does say that Israel could allow tactical passes for humanitarian purposes. He says, and our hear and our their quote unquote, and he explains that in his opinion, the ceasefire would hamper the war effort because the only thing so he says that works on these criminals. As he refers to Hamas, is the military pressure that Israel has been excerting. So we also hear on Israel's defense minister, you're Afghan speaking today, he doesn't give a very specific wife frame for the war moving forward, but he does say it will take more than a week or two, so we can at least read into what he says is the fighting going on for several more weeks, the fighting itself for several more weeks, but what comes after, what comes as far as the change of leadership that Israel is looking for after it achieves that goal that it's set out to dismantle and destroy Hamas. So I think that is still a question that remains to be answered, and I do not think that there is a clear answer. Also for any Israeli officials or other official shows we're involved in some sort of talks or vaccinal talks on this som on this matter, it is a complicated issue. If I go back home to what Nataniel said last night, he didn't discuss some who would be ruling or who would be leaving Gaza in the day after, but he did say that for an indefinite period after the war. Israel would like to maintain, will maintain and will want to maintain and overall security responsibility in Gaza, suggesting that it will maintain that roll even after the fighting in the territory end. So that does not mean that Israel will will occupy Gaza and will rule there, but it will definitely want we want an arm and a leg in the security responsibility. In the strip you mentioned the Prime Minister natanyahuo talking about tactical pauses in the fighting. We heard from Secretary of State Anthony Blincoln over the weekend in his whirlwind trip talking about humanitarian pauses. Is there really a difference between those two ideas well? You know, I think when you speak about human humanitarian pauses, like Nathaniel said himself, you speak about very brief arm positive he said, an hour here, an hour there, while seasfire fire as much you know, wide…
Full show notes at the publisherOn today's podcast: 1) The United Nations said no foreigners, dual-nationals or injured Palestinians were able to leave the Gaza Strip over the weekend. Israeli troops encircled Gaza City and effectively cut off the northern part of the Palestinian territory from the south, according to the military. 2) Donald Trump Jr. told a judge he wasn’t involved in preparing financial statements for his father’s real estate company that are at the center of New York state’s civil fraud trial. 3) Billionaire investor Warren Buffett's Berkshire Hathaway is feeling the effects of the deals drought. Its cash pile scaled a fresh record in the latest quarter, hitting more than $157 billion. 4) Plus, Kansas City Chiefs beat the Miami Dolphins and the Buffalo Bills lose to the Cincinnati Bengals. Full Transcript:Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with the latest on the war. Israel's military says its ground forces have now encircled Gaza City and taken control of a Hamas base. We get more from Bloomberg's Paul Wallace. They stepped up their assault overnight and they've now encircled Gaza City, which the Israeli military has described as the center of gravity for Hamas's operations. They also say they've effectively cut the Gaza Strip in two now between the north, where they're focusing their military activities, and the south, where they're hoping, since the side of this conflict, for civilians to evacuate too. And Bloomberg's Paul Wallace reports Israel also says a humanitarian corridor for Gaza City area residents to move south remains open well. Nathan Diplomatic efforts to stop the fight and continue. Secretary of State Anthony Blincoln is now in Turkey after an unscheduled to stop in Baghdad. B Lincoln says more needs to be done to get aid and to go. We have about one hundred trucks a day going in. That's good, but it's grossly insufficient. So now we're working on raising that significantly so that more aid in a sustained way gets into a Palaestine who needed and Secretary of State Blincoln also met with Palestinian Authority President Mahmuda Bass in the West Bank on Sunday, and Karen is Israeli bombardments continue. Senior US senators are raising growing alarm about civilian casualties. Independent Vermont Senator Bernie Sanders says Israel needs to stop the bombing. Now, you had six hundred over six hundred thousand people pushed out of their homes. Where are they going? They're staying in United Nations facilities overcrowded. This sononof water, do zunonof food, the sononof medicine, not enough fuel. You got a humanitarian disaster. Senator Sanders spoke on CNN State of the Union. White House Deputy National Security Advisor John Finer says he shares that concern, but Israel needs to address the threat from Hamas. Not only does that threat continue to exist, but you can see to see Hamas say that if given the opportunity, they would conduct a version of what they did on October seventh, again, so the threat has not been eliminated. Deputy National Security Advisor John Finer was a guest on CBS's Faced the Nation, which you can hear every Sunday right here on Bloomberg Radio. Well, Nathan, we now turned to the civil fraud trial of Donald Trump. The former president is scheduled to take the stand today. On bloom Bloomberg's Ed Baxter has the story, Donald Trump has made a living touting his worth and business acumen, and today prosecutors will directly question him an open court about what the judge has already ruled their inflated values. His son Eric says his dad is very fired up. He's already been fined fifteen thousand dollars and two fines for violating a gag order, and the past is called the judge unhinged Trump hating radical left democratic operative. In deposition, he called it the greatest witch hunt in the history of the country and called Attorney General Letitia James an out of control prosecutor Ed Baxter and Work Radio, all right and thank you. In geopolitics, Treasury Secretary Janet Yellen and her Chinese counterpart will hold two days of talks in San Francisco this week. It's a step toward more normal ties ahead of a long anticipated meeting between the leaders of the world's two largest economies, Yellen and Chinese Vice Premier Holy Fang, the nation's top economic official, will meet Thursday and Friday. Turning to the markets, now, Nathan A record for Warren A. Buffett is Berkshire Hathaway's cash pile, reaching more than one hundred and fifty seven billion dollars. It was fueled by elevated interest rates and a lack of meaningful deals. Begin more from Bloomberg's Charlie Wells, this feels a little bit like a good and a bad problem. So sort of going, say, as a regular person to the store, having a lot of cash and not knowing what to do with it because you just don't see anything to buy. That is sort of a problem written large for Berkshire Hathaway right now, where a lot of the money that they do have is parked in short data treasuries. They have been really feeling the benefit of the yields there. But for this company that is known from making smart long term investments for acquiring companies that Buffett really believes in This just seems to indicate there's not a lot of value out there right now. It's Bloomberg Financial reporter Charlie Wells who says Berkshire reported operating earnings of more than ten and three quarter billion dollars in the quarter, and meantime, Karen wall Street's looking for another busy week for earnings, and we get a preview of that from Bloomberg's Charlie Pellett. Just over four hundred members of the S and P five hundred index have reported so far, and many US companies have been putting on a better than an expected show for their third quarter results, boosting investor confidence. Nattie lovell Is, Senior US Equity Strategistic, UBS Financial Services, the early season is coming in better than expected, and so we think that the outlook continues to improve. Among some of the names reporting this week, the Walt Disney Company, Armholdings, Biogen, Devin Energy, d R, Horton, Ubs, and Uber in New York. Charlie Pellett Bloomberg Radio, All right, Charlie, thanks, so he turned to the economy now. At Atlanta, FED President Raphael Bostik said policymakers can be patient when it comes to interest rate moves. Today, my outlook is that we're going to stay on that slow and steady and if we continue to do that, then I think where we are now will be sufficiently restrictive to get us to the two percent level for inflation. But there's still a lot that's going to happen between now and even the next meeting. Helena FED President Rafael Bostik made the comments in an interview with Bloomberg. So Michael McKee and catch the entire interview on the Bloomberg Talks podcast and Karen. Elon Musk has revealed his own artificial intelligence bought to challenge chat GPT. It's called Grock and it is the first product from Musk's Xai company. It is now in testing with a limited group of US users. Earlier this year, Elon Musk was among signatories of a petition calling for a pause in advancing AI models in order to allow for the development of shared safety protocols. Time now for a look at some of the other stories making news around the world. For that, we're joined by Bloomberg's John Tucker, John good Morning, and Karen the Biden Administration providing sixteen point four billion dollars for rail infrastructure projects along Amtrak's busy Northeast quarter. Let's get more in this report from Washington and Bloomberg Steed Podisk. The new funding includes three point eight billion dollars for the Gateway Hudson River Tunnel, which officially began construction Friday. It will benefit twenty five passenger rail projects overall. The money will help to rebuild tunnels and bridges, upgrade tracks, station power systems and signals, and advance projects to increase operating speeds. The Northeast carridor stretching from Boston to Washington, is the most heavily traveled rail corridor in the country, supporting eight hundred thousand trips per day in a region that represents twenty percent of the US economy. Some projects will be finished within the next few years. Steve Potisk, Bloomberg Radio. Federal health officials are expanding in investigation into potentially lead tended pouches of apples in them and fruit marketed for children. The MPDAS received reports of seven illnesses in at least five states. John Eastman says the only thing he could be guilty of is giving bold legal advice to former President Donald Trump. Eastman is one of the nineteen defendants indicted on charges of election fraud and racketeering over alleged efforts to overturn the results of the twenty to twenty presidential election. This is a bridge too far in our criminalization of the law and our criminalization of our political opposition, Eastman spoke on CBS's sixty Minutes. Iowa Governor Kim Reynolds will endorse Florida Governor Ron de Santis for the Republican presidential nomination at a rally in Des Moines today. An endorsement by the pocket of governor would be a win for Dessantis, who struggled to maintain early momentum Donald Trump to right at Reynolds in Dessantis in a post on his Truth social platform on Sunday, saying her endorsement of his rival contender will be the end of her political career. And Benjaminetye, who suspended a far right minister indefinitely from his government after he claim dropping a nuclear bomb on Gaza was quote a possibility. Global News twenty four hours a day, whenever you want it with Bloomberg News now I'm John Tucker, and this he is Bloomberg. Karen. All right, John, thank you. We bring you news throughout the day right here on Bloomberg Radio. But now, as John said, you can get the latest news on demand whenever you want it. Subscribe to Bloomberg News Now to get the latest headlines at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot com plus Apple, Spotify, and anywhere else you get your podcasts. It is time now for the Bloomberg Sports Update. Here's John stash Hour. John herein the NFL. Sunday began in Frankfurt, Germany, battle of AFC Division leaders, and the Chiefs led the Dolphins twenty one up at a halftime, held on beating Miami twenty one to fourteen. Kansas City seven and two tied for the best record of the AFC with Baltimore. The Ravens fourth straight win was an easy one thirty seven to three over Seattle. The night ended with Cincinnati stayin hot a fourth straight win with the Bengals. They beat the Bills twenty four to eighteen. Joe Burrow through for three hundred and forty eight yards and two touchdowns. Buffalo had a chance to move into a tie for first with Miami. Cincinnati remains a game behind Baltimore. The Commanders first win at New England since nineteen ninety six. They beat the Patriots twenty to seventeen. Sealed the win with a late interception. The Patriots are two and seven. They are one and four at home. C J. Stroud put on a performance in Houston. The rookie quarterback set a record for most passing yards ever by an NFL rookie QB four hundred and seventy yards. He threw for five touchdowns and including the game winner with six seconds left. Houston in a wild one beat Tampa Bay thirty nine to thirty seven. Minnesota is without its starting quarterback, Kirk Cousins. They started a rookie Jaron Hall, then he went out with a concussion, so they put in Joshua Dobbs, who they acquired Tuesday, and he threw a touchdown pass with twenty two seconds left. The Vikings beat the Falcons thirty one to twenty eight. NFCE showdown in Philadelphia, the Eagles beat the Cowboys twenty eight to twenty three. The Eagles are eight and one. John Stash. There were Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on SYRIASXAM, the Bloomberg Business app, and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. Israel's military now says it has Gaza City surrounded and a Hamas base under its control as the ground defensive continues. That' says Secretary of State Anthony Blincoln, wraps up another whirlwind diplomatic trip to the Middle East to try to keep the war from spreading. For the latest, we are joined by Bloomberg Israel Economy and Government reporter Galite Alstein in Tel Aviv, Ghalie. Good morning. First, could you update us on all that's been happening on the ground since then? Yes, Hi, Nathan, as I can so. As you mentioned, the Israeli army is now encircling Gaza City and has also cut the entire northern part of the Gaza Strip from the southern part. Idea of spokesperson Daniel Hagari tells us last night that essentially there is a northern Gaza and a southern Gaza at this time. Last night, the Israeli Army carried out a massive attack on Hama's infrastructure that's below and above the ground, and the Ideas referred to this as a significant operation during which internet and telecom services have been disrupted in Gaza for the third time since the fighting began. Israeli Army reports that they have struck four hundred and fifty targets from the air over the past day. Overnight, they have taken control of a Hamas military compound. They also say that Jamal Mussa, who was responsible for the special security operations of Hamas, was struck and killed by Israeli fighter jets, and Hamas battalion commanders were also killed in battles, and this was on the ground. With these kinds of advances that are being reported by the Israeli military, there becomes the question about whether this war can head into a new phase, perhaps a more tactical phase. Is that the kind of thinking that's being bandied about now in leadership circles in Israel right now. Yeah, so we're not being told everything on the on the ground maneuver. So what we can say though, is that right now the Israeli Army is definitely concentrating on a more precise operation in Gaza city. There right now, I'm basically encircling the very center of the some city and they're tackling what is over there, like I said above, and beneath the ground. There's also very complex array of tunnels that is underneath some Gaza city, and that is a very hard operation to tackle these tunnels, to find the piers, to block them, or to even go inside. So that's I think the big challenge for the ground forces at this time. And along with the reports that Hamas leadership has been killed, we are also hearing continuing reports of a mounting civilian toll as well, and growing concern here in the United States from the White House and Democratic lawmakers about that what impact, if any, is that having on Israel's thinking. So, you know, we were seeing first of all, I think we should mention that the Palestinian deathil is now said to be almost ten thousand, nine hundred, seven hundred and seventy people that were killed in Gaza. And this morning the Idea of announced that it will once again allow safe passage on one of the main roads in Gaza for four straight hours and calling residents in North Gaza to move south for their safe on the humanitarian aid. So we have seen that grow slightly larger than over the past few weeks. Yesterday, seventy trucks that were carrying international humanitarian aid were transferred to Gaza via the Rafa crossing. We've also heard Jordan's King Abdallah the second Stay that his nation air dropped urgent medical aid to a Jordanian field hospital in Gaza City. So Israel is allowing more and more humanitarian truck truck some trucks carrying humanitarian aid to come into Gaza. Still no fuel is allowed to go into the strip. A…
Full show notes at the publisherBloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.
1) We get Disney earnings this week after, the company said it plans to buy Comcast's one-third of the Hulu streaming service, kicking off an appraisal process that will extend into next year.
2) Republican presidential contenders will face off Wednesday night in their first debate of the primary season — minus frontrunner Donald Trump, who continues to lead his GOP rivals by a double-digit margin.
3) UBS will be eager to show the benefits of its takeover of Credit Suisse in results on Tuesday, the first full quarter including the acquired business. While reports from US and European peers bode well, much of the Swiss bank’s fortunes hinges on its ability to retain talent and put Credit Suisse’s troubles swiftly behind it.
4) Australia Prime Minister Anthony Albanese is heading to China, recognizing that the two nations have much to gain from constructive dialogue — and lots to lose without it.
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On today's podcast: 1) Bankman-Fried Found Guilty of Fraud at FTX Criminal Trial Jurors in New York found Sam Bankman-Fried guilty of engaging in a massive fraud related to the collapse of his FTX crypto exchange. Bankman-Fried’s arrest last December, weeks after his exchange filed for bankruptcy, marked a dramatic escalation in the efforts by regulators and prosecutors to rein in what they perceive as excesses in the industry. 2) Israel Latest: Intense Gaza Strikes as Blinken Lands In Tel Aviv Hezbollah’s leader issued a warning to Israel that the Lebanon-based militant group is ready for “all possibilities,” suggesting the daily cross-border fire between the two could tip into a full-blown war. 3) Apple Warns of Sluggish Holiday Quarter After China Slowdown Apple Inc.’s disappointing holiday-quarter outlook has cast a spotlight on its mounting problems in China, where the iPhone maker is struggling with the unexpected rise of Huawei Technologies Co. and an increasingly hostile business environment. FULL TRANSCRIPT: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with a guilty verdict for Sam bankman freed. It took a jury less than five hours to convict the FTX co founder of seven counts of fraud and conspiracy. Bloomberg's June Grosso begins our team coverage. It's not a surprise because the evidence against him was overwhelming. And think, what did it is? Sam Bankminfried took the stand in his own defense. And when a defendant takes the stand that way, the whole thing in the jury's mind becomes a credibility game. How credible do they find him? Bloomberg's June Grosso says, Sam bankman Fried faces as much as twenty years in prison on each of the most serious charges. He'll be sentenced in March. Well, Nathan Bloomberg, The legal reporter Ava Benny Morrison, was in the courtroom during the verdict, and she continues our team coverage. Dave was pretty emotionless. He was as to stand up by the judge. When the jury delivered its verdict. He faced the jury box, he held his hands in front of him and it looked like he was tearing down at the floor as the jury. As the fourth person to the jury confirmed guilty to each of the seven charges. He then sat back down. When the jury walked out of the room, he was whispering with his lawyers. He was nodding a lot. While he wasn't very emotional. His parents were. They were holding each other. His dad doubled over at one point. Bloomberg Legal reporter Ava Bennie Morrison reports Bankman's lawyer is considering an appeal may Karen Bloomberg. Business Week investigative reporter Zeke Fox wrote a book on ftx's Crypto roller Coaster, and he says Bankman freed struggled under cross examination. When his own lawyer was questioning him, he had a lot to say, but when the prosecution had there turned a cross examine, he suddenly didn't remember anything and in one moment that was dramatic, I mean, especially for me. The prosecutor asked her, as she asked him about the statement, there was more leeway, and he said, I don't remember saying anything like that. She whipped out a copy of my book, number Go Up and walked it over to him like a hard copy and was like turn to page two twenty four in Bloomberg Business Week, Zeek Fox ads the conviction is the first in a wave of legal action against crypto companies. Nathan now to the other major trial happening in New York, Donald Trump's two hundred and fifty million dollars civil fraud case. The former president's two oldest sons took turns on the witness stand, denying any role in preparing their company's financial records. Afterward, Donald Trump Junior addressed reporters before even having a day in court, I'm apparently guilty uh a fraud for relying on my accountants to do wait for it, accounting. Donald Trump Junior's brother is set to continue testifying today. Their sister, Evonka, will take this stand next week. She lost an appeal to delay her testimony. Well, Karen, we now turn to the war in the Middle East. Secretary of State Anthony Blinken is back in Tel Aviv. We're determined that this conflict not spread, and we'll be talking to both the Israeli government partners in the region about what all of us are doing to prevent that from happening. When Secretary of State b Lincoln's arrival comes as ground operations continue in Gaza. The Hamas run Health Ministry says more than nine thousand Palestinians have died in the fighting. Israel says seventeen of its soldiers have been killed. Well, Nathan, the House has passed the Aid for Israel bill, but Bloomberg's ad Baxter reports and may have a troubled future. This is a victory for House Speaker Mike Johnson, but it looks as if it is dead to become law. Senate majority leader Chuck Schumer has been saying taking funding from IRS enforcement is a bad idea, and President Biden is out saying if it were to hit his desk, he would not sign it. House Speaker Johnson says it will get done. There is absolutely no equivocation here. We have to stay with Israel, and Republican Congressman Tom Cole says there are different paths to get the aid. We have a lot of unspent money. We ought to use that toward a more important purpose and that's his real So the issue is far from settled at Baxter Bloomberg Radio, Okay, and thank you. Turning the market. Shares of Apple are down more than three percent. The world's most valuable company reported its fourth straight sales decline and its warning holiday revenue will be about the same as last year. Angelo Zeno, as senior equity analyst, it's CFRAA research. It's not the most favorable landscape out there for PCs, even though the broader PC landscape appears to have found some sort of putting for the time being. But at the end of the day, the consumer landscape is still very challenging in nature CFAs angelo Zino says. The results also suggest apples facing a deceleration in China. Well Nathan O their stocks on the move this morning. Shares of DraftKings up seven percent. The sports betting operator reported sales and player numbers that beat analyst expectations, Block shares surging more than a ten percent. The Payments Giant run by Jack Dorsey, again boosting its profit forecast for the year, and shares a Booking dropping as much as seven percent in light trading. The company formerly known as Price Lines as travel demand had been diminished by the Israel Hamas war. On the economic front, karen a busy week concludes with the October Jobs report, a preview of that now from Bloomberg's Michael McKee, FED chair j Powell says a tight labor market could lead to another rate move, which means markets will parse the October jobs report trying to determine what it signals. Is hiring still much stronger than what's needed to absorb an increasing labor force. Have higher interest rates led companies to pull back on hiring or even start letting people go. Our companies still paying up to attract workers, While the Fed we'll also see the November payrolls report before its next meeting. Powell says it will take several months of data to make any decisions. Michael McKee, Bloomberg Radio. All right, Nathan, thank you. It is time now for a look at some of the other stories making news around the world, and for that we're joined by Bloomberg's John Tucker, John, good morning, and Karen. Something maybe rotten in the Big Apple. The mayor's fundraising campaign is under investigation. Let's get more on this report from Bloomberg's Michael Barr. Mayor Adams ditched a White House meeting on the migrant crisis and flew back to the city. The mayor explaining his abrupt return, but you probably heard the reports involved in one of my campaign staffers. The staffer is lead fundraiser, twenty five year old Brianna Suggs, whose Brooklyn home was raided by the FBI. Along with the officers of a New York construction firm called KSK, it made fourteen thousand dollars in campaign contributions. The investigation is looking into whether the company, along with Turkish nationals, made in proper donations in New York. Michael Barr Bloomberg Radio Adams was supposed to be with the mayors of Chicago and Denver. It asked Congress to approve President Biden's request at one point four billion dollars to help the cities and states in the migrant crisis. Denver Mayor Mike Johnston, we're both of what wey've done. It's critical for us that this package passes over the next several weeks to get funding to cities, otherwise we'll have catastrophic impacts. The Democratic Mayor's trying to put pressure on the blinded administration to address the humanitarian crisis caused by record crossings at the southern border. The Senate had voted ninety five to one to confirm Admiral Linda Franchetti to be the next Chief of Naval Operations, making her the first woman to be a US military service chief. Set of Majority Leader Chuck Schumer and Admiral Fanchette is an exceptional leader with a distinguished career serving our nation. I'm confident she has the experience, the skills, and the vision to succeed as the US Navy's top naval as the US Navy's top officer. Franchetti's confirmation comes amid a temporary break from a blockade by Senator Tommy Tubberville stalling hundreds of military promotions. Riding high on historic contract wins against Detroit's automakers, UAWT President Sean Fain he is confident he can now take on Tesla and it's anti union chief Elon Musk. In an interview with Bloomberg yesterday, Fan said we can beat anybody global news twenty four hours a day and whenever you want it with Bloomberg News. Now, I'm John Tucker, and this is Bloomberg. Karen, all right, John, thanks, so we bring you news throughout the day here on Bloomberg Radio. But now you can get the latest news on demand whenever you want it. Subscribe to Bloomberg News Now to get the latest headlines at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot com plus Apple, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports Update. Here's John stash Hour John Karen Weign. I'm in the NFL Underway with an AFC game in Pittsburgh. The Steelers and Titans were tied at ten, then at thirteen. Pittsburgh trailed in the fourth quarter. Ticket in the shotgun gets the snap looks right. Johnson White open tutop Pittsburgh. The Steelers bunched ninety two yards to take Tully. That's the day Johnson's first touchdown and won a couple season tests. Twenty Games TV had the calls. The Steelers beat the Titans twenty to sixteen. Pittsburgh's five and three Tennessee is three and five In Victor Weinberana's fifth NBA game, the Spurs rookie sensations scored thirty eight points. He had ten rebounds. Some highlight reel baskets as the San Antonio Spurs blew a twenty seven point lead but still beat Phoenix won thirty two to one twenty one. Philadelphia's three and one won by fifteen over Toronto. Joel Mbi scored twenty eight. The Pelicans are four to one. They played without Zion Williams from CJ. McCollums scored thirty three and win over Detroit. Orlando won by two at Utah Paalo Bankero scored thirty. The games tonight of the NBA marked the beginning of the NBA's in season tournament. The Bruins are nine to zhoin one. They beat Toronto three two in a shootout. Nelson Cruz announced his retirement at age forty three. Played nineteen seasons. There eight different teams at four hundred and sixty four home runs as expected World Series ratings, the lowest ever one hundred and thirty baseball players will be free agents. Heading the list show AO Time John Stanshaur Bloomberg sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syrias Exam. The Bloomberg Business app in Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. Guilty on all counts. After a month long trial, Sam Bankman Freed is convicted in one of the biggest cases of financial fraud in decades over the collapse of his FTX crypto empire. For more reaction to this outcome, we are joined now by Bloomberg Law host June Grosso. It's good to have you back with us this morning. Of course, this came after more than fifteen days of testimony that this jury heard. In the end, though it did take only about five hours for those jurors to come back with a verdict. Your thoughts, Yeah, it was a very quick verdict. I think that the evidence of this case was overwhelming. The prosecution had not only documents that they could present, but they also had three insiders, three witnesses who were close friends of Bankment Freed, one a former girlfriend of his, who were in on the process, in on what happened, and they testified, and their testimony was very you know, conclusive, and the cross examinations really didn't expose many holds in their testimony. And you also had the fact that Sam bankmin Freed took the stand, and when a defendant takes the stand, the focus for the jury then becomes the credibility of that defendant. And while he did pretty well on direct examination, on cross examination, the cross exit nomination was just withering and he said I don't know, or words to that effect more than a hundred times. So I think that in this case, he's taking the stand, which was a risky move. Everyone knows that it's a risky move for a defendant to take the stand, and it worked against him. Here, was that the biggest mistake that Sam Bankman Freed made to take the stand? Or is there something more that he could have done to try to rebut that testimony from as you say, what used to be his closest friends, his inner circle, Well, you know, it's hard to say. I don't want to characterize it as a mistake really because I don't know that he had any other choice. The evidence against him, as I said, was building, building, building. He had those those witnesses who turned against him, and really, what else could he have done but take the stand. He really had no other recourse. It was sort of forced on him as the trial was going on, the question will he take the stand or not. And the analysis was, well, he has the kind of personality to want to take the stand. I mean, look at all the times he's talked in the media, but everyone knew that on cross examination he was going to be confronted with not only the testimony of the three people who were closest to him at FTX and Alima Research who turned on him, but also all the statements that he made, all the times he talked to the media about FTX after the bankruptcy. So but what else could he do? It was it was a hail Mary pass and he took it. But you know, the choice was really there wasn't really wasn't much choice because it was so overwhelming at that point that you know, he had to take the chance. And there was, as you mentioned, so much overwhelming testimony against him before the standard. Even before that testimony, I mean, he lost a number of pre trial motions that kept him from calling expert witnesses. And of course there was that moment even before he was allowed to testify before a jury, where he got on the stand in front of the judge to argue for being allowed to testify about advice from his lawyers. So I mean, he had a number of hands tied behind his back, didn't he. Yeah, I think you know so many of the motions, every big one that I can think of. The judge ruled against him, and in particular, he was on the stand, as you mentioned, about three hours testifying before the judge, so the judge could decide whether or not he could get use an advice of council defense and that was really critical to his defense his lawyers, and he wanted to…
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