US-Iran Talks Continue; SK Hynix's US Debut

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Good morning, I'm Karen Moscow and I'm Alexis christopherus. Here
are the stories we're following today.
I like to as we begin with the latest developments
in the Middle East. Despite two days of clashes, An
American officials says, talks between the US and Iran over
a permanent peace deal continue. We get the latest with
the Bloomberg European and News director Will Kennedy.
Never a side has the appetite to return to full
blown conflict. Clearly the last few days have been the
worst since that original truce deal was signed, but there
is it seems, a willingness to keep things on track.
Those technical talks are at level of officials, not politicians.
As such, they will continue with some of the sticking
points that we've discussed before, like the future of the
straight OFFORM moves, the nuclear program, the release of Vanian funds.
We'll have to see whether they yield much progress.
And Bloomberg's well.
Kennedy says, talks slowed this week as Iran held days
of funeral rights for a former Supreme leader Ali Hamanie.
And Karen back here in the US and White House officials,
says President Trump has fired two Democratic members of the
Election Assistants Commission. That's the agency charged with helping states
facilitate accurate elections. A Republican member has also resigned. The
departures marked the latest move by the President to put
his stamp on how elections are run months before voters
head to the polls. In November last month, a Supreme
Court expanded a president's right to dismiss government officials, including
at independent agencies. Alexis.
We now turned to politics overseas, where Andy Burnham is
one step closer to becoming the next Prime Minister of
the UK. We go live to London and get the
latest with Bloomberg's James Wilcock.
James, good Morning, Good morning, Karen, Alexis. Barring an act
of God, Andy Burnham is Britain's next Prime Minister. You
need twenty percent of late BRIMP support to stand to
replace Kis Starmer. Yesterday, on the first day nominations were open,
Andy Burnham got seventy nine point nine percent without overwhelming endorsement.
Attention now turns to who the labor front runner would
pick to run his governments, on what he would do
in London, James Wilcock Bloombergradier.
Thanks James. Let's start to the markets now, where futures
are mostly lower as we close out the trading week.
Nasdaq futures down by about six tenths of a percent. Yesterday,
tech stocks led the way higher when the NASDAK gained
one point three percent.
And Alexis tank will once again be in focus with
the US trading debut of sk heinez the South Korean
memory chip maker raised more than twenty six billion dollars
in its American depository receipt offering. That's the largest ever
US first time share sale by a foreign company. Brandon
Burke is research director at FUTUAM.
Right now is an ideal time to capitalize on the
strategic role of memory in the AI buildout. Sk Heinex
has shown that it's a critical partner in development of
novel AI systems along with innovators like Nvidia, and it's
developing the next gen systems that can continue high growth
for the memory trade as we head into the next
wave of agentic systems and.
Brandan burg with future msk heinexchel make its debut on
the NASDAC today under the symbol SKHY.
And this morning in Europe, Karen shares of easy Jet
rallying more than fourteen percent. The budget carrier has received
a fresh takeover offer of seven point seven billion dollars
from private equity firm Apollo Global Management. Now that beats
a rival proposal from Castle Lake and it's a surprise
twist in the takeover saga that sets up a possible
bidding war now between these two US investment funds.
And Europe's biggest car maker is planning major changes Alexis
Volkswagen intends to cut its model lineup as much as
fifty percent in en effort to save money. Stephan Nicola
covers autos Her Bloomberg in Europe.
Falk On CEO Oliver Bloomer is attempting the biggest restructuring
in many many years at Europe's biggest carmaker. He wants
to make Volkswagen smaller, faster and more profitable. That's because
competition is intensifying in China, which is a big market
for Volksagen, but also in Europe, where a lot of
the Chinese carmakers don't know pushing into that region because
of a tough pricing competition in their.
Whole market and Bloomberg Stephan Nikola there Volkswagen's decision follows
weeks of tension with labor leaders and politicians over proposals
to eliminate thousands of.
Jobs and Karen on Wall Street Goldman Sachs as banning
employees from trading on most prediction markets, Bloomberg's John Tucker
in New York Now with the very latest and John,
I have a feeling other firms may soon be doing
the same.
Yeah, So the Bank acts US updated it's policy to
prohibit trading out event contracts. This is related to specific
companies as well as a function, outcomes, or the performance
of any financial market. Repeated violations of the policy may
lead to firing. The new policy does exclude sports and
entertainment bets the depiction of prediction markets like KLSHI and
poly market. They've created new risk around insider trading, in
particular for financial industry employees. We're often aware of non
public information. The Goldman's move one of the most pointed
efforts by a Wall Street firm grappling with these new
regulatory issues raised by the boom em betting on events
in New York coome John Tucker Bloomberg Radio.
All right, John, thank you, let's turn to the economy now,
Fetchhrman Kevin Warrish has announced the leadership of five task
forces that will examine the central banks approach to key
aspects of policy making. Worstapped several former policy makers for
the task forces, including former Bank of England governor Mervin King.
Other names include Karen Dinan of Harvard, who previously held
top roles at the Treasury Department, and former Walmart CEO
Doug McMillan.
Former Fed chair Ben Bernanki has a new job. He's
been appointed to Anthropics Long Term Benefit Trust. Bernanki will
advise on topics such as the societal impact of AI.
He'll also have the authority to appoint and remove corporate
board members. We get more from Bloomberg Technology host ed Ludlow.
The Long Term Benefit Trust essentially gets to have board oversight,
It can appoint directors, it can control the mechanics of
that board composition, and with time has a power to
add more, which Anthropak says it will do and so
reflecting not just on Bernanke's position as a former chair
of the Federal Reserve, but also his work in academia,
looking at the economic history of the Great Depression and
disruptive cycles in the history of the US economy.
Bloomberg's Ed Ludlow says Bernanki is currently a Distinguished Fellow
at the Brookings Institution. He led the Federal Reserve during
the two thousand and eight global financial crisis and recovery.
Five eight on Wall Street Time for a look at
some of the other stories making news in New York
and around the world. For that were joined by Bloomberg's
Michael Baarn. Good morning, Michael, Good morning, Alexis.
There are new details in this week's fatal shooting of
a Mexican national killed by federal agents in Houston, claiming
self defense. Homeland Security official says fifty two year old
Lorenzo Sogato Arajo resembled the target they were looking for,
and ICE officers then initiated the vehicle stop. A HS
official told ABC. Though Arajo was not the person they
were looking for, ICE has said he didn't follow verbal
commands and tried to run over an officer. Agents claim
they shot a Rajo in what Ice says was self defense.
Virginia Congressman James Walkinshaw is a Democratic member of the
House Oversight Committee.
The Administration, ICE, DHS, FBI.
Have presented not one ounce of evidence to support their
description of the events, and I think it's incumbent upon them.
To do so.
Sons are calling for an independent investigation. A former Olympic
canoe racer has pleaded not guilty to deliberately damaging the
Lincoln Memorial Reflecting Pool. David Hearn was in DC Superior
Court and faces a felon account of property destruction. Hearn's
attorneys argue the charges are based on a concocted narrative
that the pool was vandalized. Hearn's attorney, Norm Eisen, this.
Indictment reflects the administration's effort to escape coat Davy and
to shift blame for their own failures.
President Trump ordered a multimillion dollar renovation of the pool,
but the project has faced issues, including peeling paint and algae.
The wife of former New Jersey Senator Bob Menendez will
report to federal prison today after a judge denied her
last minute attempt to extend her surrender date as she
fights breast cancer. Last September, Nadine Menendez was sentenced to
four and a half years in prison and for bribery,
obstruction of justice, and acting as a foreign agent. Global
news twenty four hours a day and whenever you want
it with the Bloomberg News Now. I'm Michael Baarn. This
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Thanks Michael.
A time now for our Bloomberg Sports Update, and for
that we bring in John Stashauer.
Thanks Daron.
The Wimbledon Women's semifinal match between Coco Golf and Carolina
mccoba went to a third set tiebreaker. Muhoveah pulled it
out one of twelve to ten and will now play
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Men's semis. Today it's Novak Djokovic against Jonnick Center and
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soccer in Foxborough, France. Two nothing win over Morocco to
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Daybreak, and we're.
Told talks between the US and Iran over our permanent
peaceton continue despite two days of clashes that threaten to
shatter an already fragile ceasefire. Sources are telling Bloomberg the
US is still committed to finding a diplomatic solution, and
for more. We're joined by Patrick Sikes, Middle East Breaking
News editor for Bloomberg News. Patrick, good morning, So what
can you tell us about the talks that are being held.
Yeah, that these technical talks continue. I think most likely
the substantive part of those will be focused on the
Strait of hor Mooz, obviously wherever the past few days
we've seen these repeated clashes, despite ostensibly the status of
the ceasefire remaining in effect. Of course, we did have
that comment from Trump the other day saying that to
him it was dead, but quickly followed with the caveat
that those talks were continue. So a strange kind of
liminal phase for now. It does seem that the active
hostilities have eased again, and with that some trickles through
the strait the waterway, but the still lots of hurdles
ahead of the diplomacy.
So we are seeing a little bit of movement. Then
through the strait of horror moves we are seeing Naimke
scrude oil down a bit this morning. So is there
some hope that traffic is moving again or will at
least in the near term.
Exactly in the near term, you know, short of another
flaring up with those tensions and more strikes, I think
we're likely to see some owner's crews with a higher
risk appetite be willing to take the risks. They've also
got to decide do they take the northern route along
the Iranian coast in cooperation with the Iranian authorities, or
do they defy that order from the Iranians and try
to take the southern route and go dark and avoid detection.
So two quite different ways to go about it. In general,
the hostilities are going to cut the willingness to do
that and maybe encourage those who feel they have to
go to do so via that more discreete southern route,
But it is still going to be a cap on traffic.
Where are the mediators and all this or cutter and
Pakistan trying to keep this latest tid for tad fighting
from really erupting into something bigger.
Yeah, the Pakistanis have been the main mediators throughout. They
of course hosted the main face to face round of
talks that we had since the start of the war,
and then the Qataris came on board kind of later
in the process and have remained involved. They became kind
of implicated in the latest hostilities when some of their
LNG ships came under attack. That mattered in particular, not
just because of their role as mediators, but also because
they are home to this massive LNG liquefied natural gas
plant and those attacks meant that the Qataris decided to
slow down the restart of that plant after it had
been damaged in the war. So, you know, the energy
side of it impacting the market is dovetailing directly with
the diplomacy at this stage.
And what about Israel? Has President Trump been in contact
with Netnyahu at all and as he weighed in on
the latest fighting.
Yeah, there are course closely in contact. But I think
what this all phase of the conflict has shown is
that those two allies, although they began the war very
much in lockstep with one another, as it went on,
their stated goals diverged, Israel taking a harder line approach,
you know, keen to continue the war and see certainly
a resolution to the status of the nuclear stockpile and
the US seeming to be contented in the short term
at least to kind of return to the pre war
status quo, for example, in the straight at fore moves
and at least just get the economy and energy flows
moving again as a basis to then lay the groundwork
for further talks on those other issues like nuclear which
will be just as thorny as the horn moves one
that they're struggling with right now.
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