Extreme Heat Impacting July 4th Events, Khamenei Funeral, More
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A new chapter in global growth is being written and much of it is happening in Africa.
Africans need to invest. There are deals to be done and business to be won.
I'm Jennifer Zabasaja. Every week on the Next Africa podcast, we track capital flows and political shifts shaping the continent's future.
The digitalization of Africa is going to power its growth. Creating the world of something like HIV is possible. Population growth is so enormous in Africa.
Listen to Next Africa on Apple, Spotify or wherever you get your podcasts.
News when you want it with Bloomberg News Now. I'm Monica Ricks. A heat dome over the East Coast is disrupting some of today's Independence Day festivities and driving power demands to record levels as people struggle to keep cool. Oh my God, it's very hot. I haven't seen it like this in a long time, but stay cool. Drink a lot of water. Millions will be sweating out triple digit temperatures through the weekend, including in Washington, D.C., where President Trump will headline celebrations of the nation's 250th anniversary. Last night, the president spoke at Mount Rushmore, where Bloomberg's Jeff Mason tells us he made a number of political references, including the threat of communism.
A topic he's brought up repeatedly in the last week after some Democratic socialists won their primaries. And also deliberately or specifically referencing the midterms and saying that the Republicans shouldn't win the midterms and need to work hard at that. So that's a long way of saying he got political and he may get political again tonight.
Trump has pledged to make his speech tonight a long one despite the sweltering heat. Natural gas will likely surpass oil for the first time as the top energy source in the U.S. The Energy Information Administration says that could happen by the end of the decade as the gap between oil and gas usage narrows. The change comes as electric vehicle use and data center production boosts electricity demands, not to mention the extreme heat, which is putting more strain on the U.S. power grid. As for oil prices, those could reach pre-Iran war levels by the end of the year. Bloomberg's Dan Schwartzman has details.
Brent oil could fall to $60 a barrel by year-end as disruptions in the Strait of Hormuz ease. That's according to Citigroup. Global energy markets are rapidly getting back to normal, leading to Brent sinking by 30 percent in the second quarter and undoing all of the gains seen during the conflict. Goldman Sachs has said the global oil market is set to swing back into oversupply, while Morgan Stanley has cut its oil forecasts twice in recent weeks, flagging risks of a glut. Dan Schwartzman, Bloomberg Radio.
Iran began a mass funeral today for late Supreme Leader Ayatollah Ali Khamenei in a week-long ceremony that's expected to draw millions of mourners. It was initially planned for March at the height of the fighting with the U.S. and Israel, but got postponed due to expectations of large crowds.
How is extreme heat affecting July 4th celebrations?
Khamenei's body will lie in state in Tehran until he's buried on Thursday. Peace talks between the U.S. and Iran are expected to pick up soon after that, and U.N. Ambassador Mike Walz says all options are on the table.
When the Iranians know that the alternative is going back to conflict, one can only hope they'll see reason live up to their commitments, not just the United States, but to the United Nations to walk away from this obsession with obtaining a nuclear weapon.
Meantime, U.S. officials believe Israel may have been plotting to kill Iran's top negotiators while Washington was engaged with Tehran in delicate talks this spring to reach an interim peace deal. The New York Times reports officials went so far as to ask other countries in the region to warn Iran about the possibility. Israel had reportedly been intent on killing as many high-ranking officials as it could in the early phase of the war. The Theodore Roosevelt Presidential Library opens today in the Badlands in North Dakota in a very small, remote city called Medora, in tribute to the late president's passion for nature and conservation.
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