HSBC Results Beat, Rhine River Lowest Since 1880, More
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What is the Savannah Bananas story and how do they reinvent sports entertainment?
Have you ever wondered how Jesse Cole took the Savannah Bananas from this? We had a $6 million failure last year. We're going to have bigger ones as we go. To this? We've got shareholders, investors I've reached out to regularly, and the answer is always no.
Or why Elle Duncan would say this about a Netflix sports broadcast.
Sometimes we're going to take really big swings and we're going to freaking whiff.
Then the deal is the show for you. It's a Bloomberg podcast hosted by me, Alex Rodriguez. And me, Jason Kelly. We talk to the biggest names in the world of sports and business, including NBA Hall of Famer Tracy McGrady on one of his biggest blunders. I think I've created something magical. Mm-hmm. Well, I struck out. And you'll even get some of my baseball hot takes. I've had owners tell me, It doesn't matter. The game has to be fixed. It's broken. If we have to lock out the whole year, we will.
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Don't miss out. HSBC has announced a new $1 billion share buyback after reporting second quarter earnings that beat estimates. A pre-tax profit came in at $10.1 billion ahead of the $9.5 billion that analysts had expected. The bank also raised its cost-saving target to $2 billion by the end of this year as CEO Jorge Alhedry accelerates his overhaul of Europe's largest bank through asset sales and simplifying its operations. HSBC shares have touched record highs in recent weeks, recovering from a June slump sparked by China's crackdown on cross-border capital flows.
Now, the water levels in one of Europe's most important rivers are at their lowest point in 150 years. The Rhine River's navigable depth fell to just 24 centimetres at one key choke point yesterday. Bloomberg's energy reporter Ava Brandel says that's the lowest since records began in 1880.
some memories might come up from the 2018 drought and things are looking similarly difficult but also what is important to mention is that like um for example the rhine water level already is almost at the 2018 level but we are just at the beginning of summer so the 2018 level last time that was so low happened at the end of summer and now the summer is just getting started
Bernd L adds that the extreme weather is also drying up other crucial European waterways, including the Danube. As well as disrupting trade, the drought is disrupting power generation and creating the conditions for massive wildfires.
US President Donald Trump says Iran has a last chance to reach a deal with the United States. But Tehran insists it's not negotiating directly with Washington, saying it's discussing shipping routes through the Strait of Hormuz with Oman instead. Despite President Trump's demands, Iran has given no indication it will reopen the Strait of Hormuz and allow toll-free transit. Trump says military action is still on the table.
I want to give them every last chance before decapitation. Very tough to do what we have planned, still planned. We'll see what happens.
It's not clear which negotiations President Trump was referring to or who was involved. He's repeatedly backed away from threats of military escalation in favor of diplomacy, only to see those talks collapse.
Well, all prices are rebounding modestly after yesterday's sharp sell-off as investors weigh President Trump's latest ultimatum to Iran. More than 80% of the oil passing through the Strait of Hormuz is bound for Asia, where the economic impact is becoming increasingly visible. Here's Bloomberg's James Walcock.
A war thousands of miles away is leaving a mark on Asia that can be seen from space. Bloomberg Economics' analysis of NASA satellite imagery found nearly 60% of the region experienced abnormal declines in nighttime light after. the Iran conflict began. The June ceasefire brought that figure down to 54%. But renewed disruption in the Strait of Hormuz could quickly reverse that trend, especially in fuel-dependent economies like Bangladesh, Pakistan and Cambodia. The dimming was concentrated outside major cities, suggesting higher energy costs are hitting poorer rural communities the hardest.
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