Houthi Escalation; Alphabet AI Spend; 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 Nathan Hager. And I'm Karen Moscow. Karen, we begin with a widening war in the Middle East. Iran-backed Houthi militants have claimed their first attack on commercial shipping in months, targeting two Saudi Arabian oil tankers in the Red Sea. It comes after the U.S. carried out a 12th straight night of attacks on Iran's military sites. President Trump is not indicating he's ready to go back to the negotiating table.
they're not ready to make a deal. Because every time they make a deal, they want to change it and everything. They're not ready. They'll be ready very soon.
President Trump spoke at a rally in Marietta, Georgia. We get more from Bloomberg Middle East managing editor Paul Wallace in Dubai.
Effectively, the Houthis have now opened a new front in the U.S.-Iran war. This comes about three days after the Houthis said effectively that they were going to attack ships calling at Saudi Arabian ports. And this is extremely worrying for not just the Saudi Arabians, but for the U.S. and its allies and the global oil market.
Bloomberg's Paul Wallace reports the Red Sea had emerged as a key workaround for oil exports, particularly for Saudi Arabia, with the Strait of Hormuz effectively shut down. Well, Nathan, as the conflict appears to be escalating, the House has passed a $95 billion budget plan to keep the war going. It's part of a two-step process that would let Republicans fast-track $73 billion for the war without Democratic votes and billions more in aid to farmers hit by tariff retaliation and war-related price increases. House Speaker Mike Johnson was able to unite Republicans behind the bill.
We continue to deliver for the people, and we're going to continue that streak all the way through the end of this year and into the next Congress.
House Speaker Mike Johnson spoke on Capitol Hill. No Democrats voted for the measure. Party leaders say they plan to make the vote a centerpiece of their campaign to retake the House in November. In the Senate, Karen, President Trump's top trade negotiator, Jameson Greer, says the U.S. will remain intent on tariffs as the Trump administration prepares to replace the duties that the Supreme Court struck down.
How are Houthi attacks in the Red Sea escalating tensions in the Middle East?
Bloomberg's Amy Morris reports from Washington.
U.S.
What details explain the Houthis’ targeting of Saudi oil tankers and global oil risks?
Trade Representative Jameson Greer told lawmakers that tariffs are here to stay even after the Supreme Court ruling because they'll find a way. Since the ruling, the president has already signed orders to impose a 50% tariff on Canadian goods. Plus, the administration has proposed 10% tariffs on more than 80 countries. U.S. Trade Representative Jameson Greer.
The specific authorities this administration is using have changed, but the trade strategy has not. We are committed to continuing to use tariffs and to negotiate deals to support the reindustrialization of our economy, protect American workers, and increase their wages.
Lawmakers also grilled Greer on reimbursement of those tariffs for small businesses and American consumers. In Washington, Amy Morris, Bloomberg Radio.
All right, Amy, thank you. We turn to the markets now where futures are lower following a couple of high-profile tech earnings. And we begin with Alphabet. Shares of the Google parent, they are down 3.5% in early trading. The company is raising its capital spending forecast to as much as $205 billion this year. And that's reigniting concerns about a lack of fiscal discipline in the race to dominate artificial intelligence. Tom Giles is Bloomberg's executive editor for technology.
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