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Chapter 1: What is the main topic discussed in this episode?
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News when you want it. With Bloomberg News Now, I'm Doug Krisner. Iran attacked a Singapore-flagged cargo ship earlier today in the Strait of Hormuz. And according to UK Maritime Trade Operations, damage was inflicted to the ship's bridge, but there were no casualties. Now, this attack took place near the coast of Oman.
Hours earlier, Iran's navy warned ships not to use routes through the strait not permitted by the regime. It's unclear how this attack may affect the 60-day deal between the U.S. and Iran to reopen the strait. Now, Washington continues to describe Hormuz as an international waterway. However, Tehran says it has the sovereign right to determine how ships transit the strait.
And today, Secretary of State Marco Rubio was in Bahrain seeking Gulf backing for an Iran deal, and he said, again, tolls are unacceptable.
You can call it a toll. You can call it a fee. Whatever you want to call it, it's a game of semantics. The reality of it is that no country on earth has a right to charge for the use of international waterways. And that will never be an acceptable condition of any deal. The president's been fundamentally clear about that.
Rubio also said the U.S. wants to reach a deal with Iran to end the war, but it will not do so at any price. Pakistani officials say further peace talks are set to take place next week in Switzerland. The U.S. Supreme Court has expanded the president's power over immigration.
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Chapter 2: What happened in the recent Iran attack on a cargo ship?
Today, the high court ruled President Trump has broad authority to end legal protection for people from crisis-ridden countries. Now, this decision opens the prospect of deportation for some 350,000 Haitians and 7,000 Syrians.
Voting 6-3, the court rejected the argument that the Trump administration engaged in unconstitutional racial discrimination by stripping Haitian and Syrian migrants of their so-called temporary protected status. At the same time, the high court threw out a jury verdict won by a Missouri man who blamed the Roundup weed killer for his non-Hodgkin lymphoma.
It was a victory for chemical giant Bayer, which had appealed that jury verdict. The High Court said consumers cannot sue Bayer for the absence of a cancer warning on the product's label, since federal regulators concluded a cautionary statement was not necessary. Shares in Bayer jumped 16% in trading in Germany. A federal judge in Boston has blocked U.S.
officials from carrying out President Trump's executive order to impose new restrictions on mail-in voting in federal elections while a legal fight plays out. Two dozen Democrat states and local jurisdictions sued to stop it. They are accusing the president of election interference in an attempt to preserve Republican control of Congress in November.
The death toll is rising in Venezuela after back-to-back earthquakes struck west of Caracas on Wednesday evening. At least 188 people have died. Acting President Delcy Rodriguez says authorities are still assessing affected areas. At least six Venezuelan states have been impacted.
The government will create an initial $200 million reconstruction fund to finance repairs to infrastructure, hospitals, and housing. An additional fund to support victims is also being discussed. Rescue teams are expected to begin arriving from various countries, and the UN's International Organization for Migration is mobilizing emergency shelters and essential items for affected families. U.S.
consumer spending was up last month, even as prices rose at the fastest pace in more than three years. The core personal consumption expenditures price index was up in May at an annual rate at 3.4 percent. Now, this measure does not include energy prices. The head of the Chicago Fed, Austin Goolsbee, says inflation is still too high and it's trending in the wrong way.
But some of the going the wrong way is driven by what we hope to be temporary events, wars, tariffs. These are things that are supposed to be won and done. And then you would see the inflation going away. It's been a little more disturbing on the services side because that's not real. That elevated inflation is not coming from tariffs. It's not coming from oil prices.
So I think we got to keep watching these numbers.
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Chapter 3: How does the U.S. view the Strait of Hormuz and its international status?
Now, analysts are saying the most recent PCE reading reinforces the view that the Fed's next move is more likely a rate hike than a cut. Apple is boosting prices on Macs and iPads by about 20%. The company is looking to offset increased costs due to a shortage of memory chips and storage. Bloomberg's Mark Gurman calls the move unprecedented.
Apple has not, at least as long as I've been covering the company, which has been well over 15 years at this point, a broad set of price increases like we saw this morning. Mac price increases, iPad, Apple TV, HomePod, HomePod Mini, Vision Pro. We're talking about very significant changes here to the starting prices of Macs.
That is Bloomberg's Mark Gurman, and he went on to say that iPhones appear to be spared from these price hikes. Shares in Apple were down today by more than 6%. And Microsoft is being impacted by higher cost for components as well.
Chapter 4: What did Marco Rubio say about tolls in relation to the Iran deal?
It's the reason why the company announced a third substantial price increase for its current generation of Xbox video game consoles. Today, Microsoft shares were down 3.5%. OpenAI is reportedly leaning toward holding off on its IPO until next year.
The New York Times says bankers for OpenAI said the recent volatility in tech stocks and in SpaceX shares after its record IPO could dampen enthusiasm from retail investors for OpenAI's initial public offering. And that is news when you want it. With Bloomberg News Now, I'm Doug Krisner and this is Bloomberg.
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