UK Prime Minister Resigns; Alan Greenspan Dies at 100

Bloomberg Audio Studios, Podcasts, Radio News.
Good morning.
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today.
Karen, we begin with a major political development this morning
in the United Kingdom. Prime Minister Keir Starmer has announced
he is stepping down. Let's go to London and get
the very latest with Bloomberg's Ewen Parts.
Good Morning, Ewan, Karen and Nathan.
Less than two years after his Landslide election victory, Kisarmer
says he's standing down as Prime Minister of the United Kingdom.
He made the announcement outside Number ten, Downing Street less
than half an hour ago.
The question my party is asking now is whether I
am best placed to lead us into the next general election.
I have heard the answer of my parliamentary party to
that question, and I accept that answer with good grace.
Very decision I've taken has been about putting the country
I love first. That is why I will resign as
Leader of the Labor Party.
Starmer went on to say that nominations for a new
leader of the Labor Party and hence Prime Minister, will
open on July ninth, with the new Prime Minister in
place by September. Starmer's exit opens the door to Britain's
fifth premiere since twenty twenty two. Quite the milestone for
a polittle system once prized for its stability in London,
I'm you in pots Sploomberg.
Radio, right you and thank you. Now we want to
get the latest on peace negotiations between the US and Iran.
Both sides began technical discussions over the weekend in the
Swiss resort of Bergenstock, and Iranian officials saying major progress
has been made. Vice President jd Vance is sounding optimistic
as well.
What today really represents is the beginning of a technical
negotiation that's not going to solve every disagreement, but it's
going to allow us to sit together as team for
the first time really in history, to figure out what
matters most to the respective parties, to settle those issues,
to solve those issues and get to a better tomorrow.
Vice President JD Vance spoke at the start of the
talks in Switzerland and we get the very latest around
Bloomberg Middle East correspondent Abir abu Omar.
After the meetings concluded. Later today, we heard by the
Joint Pakistani Guitar Body that they're supposed to go on
until the end of this week, and some of the
things that had been discussed, according to the Foreign Minister
of Iran, Ambas Areshi, were the waivers on oil sanctions.
He said some of those are lifted. He also said
some of the frozen assets have been unblocked. He also
said there is some major progress when it comes to
the Lebanon issue, which seems to be the lasting sticking
point in those negotiations, and.
Bloomber Zabir abu Omar reports the US and Iran have
set up a communication line to avoid incidents in miscommunication
around the Strait of Hormones and Karen.
Action is continuing to pour into the latest developments. Former
Defense Secretary Mark Esper says the next sixty days could
be a challenge.
We have a long road ahead of us with regard
to sustaining the current MoU the agreement.
With Lebanon as a spoiler, and.
Then secondly, I think big picture is getting to the
nitty gritty on the details of the nuclear deal, if
you will, and what that eventually looks like.
Former Defense Secretary Mark Esper appeared on Bloomberg this weekend.
Heard each Saturday and Sunday at seven am Wall Street
Time on Bloomberg Radio and Television, and the Bloomberg Business app.
Nathan, and ally of President Trump, has won the election
in Colombia and one of the closest results in the
nation's history. Albalardo de l'es brie garnered forty nine point
seven percent of the votes, with ninety nine point nine
percent of results released by electoral authorities. Senator Evan Cepeda
earned forty eight points seven percent support. The final result
is expected toward the end of the week after a
review processes. Briea is a business owner and lawyer who
earned President Trump's endorsement despite never having run for office.
Karin Us China Relations earned the spotlight as well. This morning,
China has announced sanctions on ten American military related companies.
This is in response to a recent US move that
bar some leading Chinese tech firms from defense contracts. China's
also imposed export controls against two US rare earth producers
that are part of the Washington's effort to reduce dependence
on China by establishing an alternative supply chain for those
critical minerals.
From geopolitics, Nathan to the world of Sports, an exciting
finish at the US Open on Long Island, and Bloomberg
Sports anchor John stash Hour joins us with more John,
good Morning.
Good Morning, care and Wyndham.
Clark rab the Open lead back on Thursday with his
opening round sixty four. He held that lead throughout the weekend,
but in the final round yesterday, his six shot lead
was cut to one over fellow American Sam Burns. He
survived on the seventy second hole. God this put on
the way up the hill, left of the hole, turning
back to the rock.
This has a chance.
It's gonna get We've been a fun of the and
a fifth pluck from Wyndham Park.
He's going to win the US Open.
US Opened Radio with the calls. Clark won the Open
for the second time in four years. John Stashiewer, Bloomberg Radio. Okay, John,
thank you? What was all fun and games?
At the box office for Disney, Toy Story five scored
Hollywood's best opening weekend this year so far.
In Bloomberg's Monica Ricks.
Has More, Toy Story five debuted as the highest grossing
movie at the domestic box office this weekend, raking in
one hundred and sixty million dollars in ticket sales, easily
surpassing Universal Super Mario Galaxy Movie, which made one hundred
and thirty one million back in April.
We're going to even back up.
It also had the most successful opening weekend in the
entire Toy Story franchise that started in nineteen ninety five.
The animated flick got strong reviews heading into the long
holiday weekend, and a big boost from Taylor Swift, whose
latest chart topping hit is in the soundtrack.
Monica.
Rick Bloomberg Radio.
All right, Monica, thank you. Let's turn to the markets now,
SMP futures. They're down to tenth of a percent this morning.
As you begin a new trading week, Morgan Stanley strategist
Mike Wilson says equity markets are facing a bigger risk
from thinning liquidity than potential interest rate hikes. Wilson says
liquidity conditions are tightening and may remain a headwind for
stocks into July.
Well, let's check out some stocks in the early trading
this morning. Karen shares of Intel are at another record
high in the pre market, up about four and a
third percent. The chip maker closed out last week with
a ten percent gain on News that's working with Apple
to design and produce semiconductors domestically.
And Nathan shares a SpaceX They're coming down to Earth.
They're now down three point four percent this morning. The
Elon muss led company has now dropped more than ten
percent following its successful IPO. Time now for a look
at some of the other stories making news in New
York and around the world. And for that we're joined
by Bloomberg's Michael Barr.
Michael, good morning, Good morning here.
Bola cases have surpassed one thousand in the Democratic Republic
of the Congo, where health workers are becoming infected. Almost
eighty nurses, doctors, and other healthcare workers have become ill.
Many infections occurred in ordinary clinics and hospitals. At least
eighteen of them have died during the epidemic. They were
protests at Sunday's World Cup soccer match in Englewood, California.
Protesters gathered outside the Iran Belgium match to call out
the regime and pressure President Trump to remember his promise
to the Iranian people back in March.
He said help is on the way, and that cost
the lives of forty thousand Irunis. He told them to
go onto the streets to protest, and they did exactly
that with hope of freedom. And so we need him
to stick to that because if he doesn't, he's not
different than any other US birthday.
Some protesters ripped Iranian flags. President Trump says the Lincoln
Memorial reflecting pool would likely need to be drained for repairs.
Has been plagued by algae, and the recent applied blue
paint coating is peeling off after a recently completed fourteen
point seven million dollar renovation. The President blamed the problems
on vandals. Last week, National Park Service workers poured hydrogen peroxide,
which can strip or peel paint, into the water, attempting
to clean the algae. The administration officials confirmed that at
least five people have been arrested, including a former three
time Olympian, on vandalism charges. The ex Olympian, sixty seven
year old David Hearn, strongly denies the charge. A wildfire
exploding over the weekend in central Utah forcing evacuations. Officiill
say the Iron Fighter near Eureka has grown to nearly
twenty two thousand acres. This resident lives in the fire zone.
This is real, sad.
They road and off roaded in these mountains in a
lot of memories and they're all famous.
Just gone burned up.
So far, the wildfire is zero percent contained. Global News
twenty four hours a day and whenever you wanted with
Bloomberg News. Now, Michael barn this is Bloomberg Herron.
Stay with us.
More from Bloomberg Day Break coming up after this. I'm
Karen Moscow. We bring you this special report with NBC reporting.
Former Federal Reserve Chairman Alan Greenspan has died at the
age of one hundred. We take a look at his
life and legacy with Bloomberg's John Tucker.
Greenspan was born in New York in nineteen twenty six.
He studied clarinets at New York's Juilliard School and went
on the road with a Henry Jerome orchestra. Between gigs,
he started reading books on stocks and eventually quit the
band to study business and economics at NYU. He met
libertarian icon Iron Rand in the early fifties and joined
her inner circle. She nicknamed him the Undertaker, and he
soaked up her notions about free markets. Greenspan first entered
the political scene in the late nineteen sixties, worn in
as chairman of the Council of Economic Advisors under President Ford,
and in nineteen eighty seven, Ronald Reagan appointed Greenspan to
head up the Federal Reserve.
It's my pleasure to welcome Alan Greenspan.
He'd go on to serve an unprecedented five terms. Greenspan
cultivated a wizard like aura, with markets holding their collective
breadth ahead of his often cryptic comments. His mention of
interrational exuberance in the markets briefly sends stocks tumbling around
the world. His legacy would be challenged when the financial
crisis erupted less than two years after he stepped down.
He wouldn't be spared in the blame game that followed.
The chairman of the Financial Crisis Inquiry Commission was Phil Angelid's.
My view is you could have, you should have, and
you didn't. And I do think this is one area
we have to explore the.
Issue of retrospective and figuring out what you should have
done differently. It's a really feutile activity because you can't,
in fact, in the real world do it. I was
seventy percent of the time, but I was wrong for
thirty percent of the time.
He later insisted to Bloomberg the meltdown was of once
in a century event that no one could see coming.
Everybody missed it. Academia, the Federal Reserve, all.
Regulators late in retirement, and other crisis would emerge. Green
Span spoke again to Bloomberg during the height of the pandemic.
Virus is creating a major element of uncertainty, and so
we have to deal with it forecasting it is very precarious.
The thing he loved most was as doctor Greenspan to
diagnose the patient, which was the economy. John Tucker, Bloomberg Radio.
All right, John, thank you, and again NBC reporting former
Federal Reserve Chairman Allan Greenspan has died at the age
of one hundred. The cause was said to be complications
of Parkinson's disease.
Coast to Coast on Bloomberg Radio, nationwide, on Serious Exam
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Good morning. I'm Nathan Hager.
The UK is about to get its seventh Prime minister
in just ten years, after just two years in the job.
Keir Starmer is out.
Every decision I've taken has been about putting the country
I love first. That is why I will resign as
leader of the Labor Party UK.
Prime Minister Keir Starmer made that announcement just this morning
outside number ten Downing Street and joining us for London
from London is Bloomberg Daybreak Europe banker Caroline Hepger. I
don't think we can call this announcement unexpected, Caroline. It
seems like Prime Minister Starmer has been bleeding support from
within his own Labor Party for quite some time, but
still quite an emotional announcement from the soon to be
former PM.
Good morning, Good morning, Nathan.
Absolutely prime Minister kis Starmer's downing outside number ten Downa
Street on a blazing hot day. He was actually drowned
at the start of his speech from a perma protester
outside of Number ten, and that to me, Nathan seemed
to say at all. A UGOV poll says that sixty
six percent of Britons don't know what Starmer stood for.
His message did not get through. He came in elected
on a promise of change, but he couldn't convert that
despite the huge number of Labor MPs that he had
couldn't also convert it swiftly enough. So in this speech,
which as you say, was not unexpected, he said that
he took with good grace the idea that he was
not going to take the government forwards or into the
next general election, that he was proud of what the
Labor government had achieved so far on things like reforming workers'
rights and renter's rights. He talked about there being an
orderly handover of power. So, given all the pressure that
he's been under, who is going to take over next
and what is the process going to look like? It
may well stretch over the summer. The handover will happen
probably in September. Andy Burnham is still the favorite to
take over a prime minister. The question is whether there'll
be other challenges. We're thinking west Streeting, who resigned as
Health Secretary. That was one of the pressures on Starmer.
He announced that resignation after Labour's disasters performance in the
May local elections. Would there be a deal between west
Streeting and Andy Burnham, maybe that he comes in to
Burnham's cabinet. Would that sort of short circuit any bigger
leadership contest over the summer, so we still really don't
know whether it's going to be a contest or a
coronation for Andy Burnham.
Well, what's the thinking as far as our understanding Caroline
within the Labor Party about what would be better, Whether
it could be just handing Andy Burnham the premiership or
going through a leadership challenge.
I mean, that is a question of huge debate and
there are a lot of different opinions on it. Look
speaking to the Institute for Government's CEO Hannah White earlier
this morning, she has written a lot about the transition
and they look at the mechanics that think tank of
power in Britain and she was saying that she was
hoping for sort of more time so that whoever does
come in next actually has time to flesh out policy,
because that is one of the key criticisms of Starmer
that despite fourteen years of a Conservative government, the Labor
Party didn't have an effective plan for policy and didn't
deliver it quickly enough. Markets haven't reacted particularly strongly either
in terms of sterling or guilty eells today, so and
there have been various thoughts coming out of different advisors.
It would seem different whisperers out of the Andy Burnham
camp about how much time they would like. Some see
it as an advantage to sort of strike whilst the
iron's hot and to get into government quickly. Others, though,
you know, worn that maybe more time is needed to
coalesce around policies that will actually be delivered. And that
is also the bottom line on Burnham. We still really
don't know what the former Mayor of Manchester would actually
deliver as PM. You know, he's talks about a number
of policies, rode back on a number of policies. He's
a well known quantity in some senses. He's been an
MP before, Mayor of Greater Manchester, has tried twice before
and failed to get the labor leadership. This is a
third run on it, run at it, So what would
he actually deliver?
That still a big question mark.
This is Bloomberg Daybreak, your morning podcast on the stories
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