Iran Says $12 Billion to Be Unfrozen, Greenspan's Legacy, More
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The Big Take podcast from Bloomberg News keeps you on top of the biggest stories of the day.
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Chair Powell opened the door to this first interest rate cut.
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News when you want it with Bloomberg News Now. I'm Nathan Hager.
And I'm Karen Moskow.
Karen, we begin with the latest on the Middle East. The U.S. has issued a 60-day license allowing Iran to sell its own oil on the international market, giving Tehran an economic lifeline as the two sides continue talks toward a permanent peace deal. We get the very latest from Bloomberg Middle East correspondent Abir Abu Omar.
What we know about this waiver is that essentially the US Treasury has extended it to Iran until August 21st. That is the day where the 60-day period of negotiations would have stopped. And so that would allow Iran to sell oil exports, bringing back this much-needed supply to the market because of the shutdown in the Strait of Hormuz. The waiver essentially means that Iran can sell its oil even to US refineries.
And Bloomberg's Abir Abu Omar reports this morning Iranian state media are saying that the strait is fully open to commercial ships and checking crude oil prices right now. West Texas Intermediate's down 0.5% at $73.50 per barrel. Brent is down 0.6% at $77.44.
Well, Nathan, we turn now to the latest developments in British politics. The UK could be set for a quick transition to a new premiership as rivals to the frontrunner Andy Burnham stand aside. Let's head to London, where Bloomberg's Ewan Potts has the latest.
its seventh Prime Minister in a decade. In fact, it's almost 200 years since Britain changed its leader so frequently. As the Labour Party has a majority in Parliament, its leader becomes Prime Minister. And after the former Mayor of Manchester, Andy Burnham's main rival for the leadership dropped out, he could get the job without a formal contest. If that happened, Number 10 Downing Street could have a new occupant as soon as the middle of next month. In London, I'm Ewan Potts, Bloomberg Radio.
Ewan, thank you. Let's turn to politics here in the U.S. because it's primary day in New York and Maryland, as well as a runoff day in South Carolina. Let's begin in New York, where a number of congressional races could be a test of Mayor Zoran Mamdani's political power. The mayor has endorsed challengers to two Democratic House incumbents, Dan Goldman and Adriano Espaillat. We spoke with Congressman Goldman about his race against former New York City comptroller Brad Lander.
Look, I think broadly, we generally agree on what the problems are. Life is just way too expensive for the vast majority of Americans.
What recent developments have occurred regarding Iran's oil sales?
And we have to address the dramatic escalation in wealth inequality and the difficulty that so many people have in accessing opportunity in this country and the American dream.
New York Congressman Dan Goldman appeared on Bloomberg's Balance of Power. Mayor Mamdani has also endorsed activist Daria-Liza Avila-Chevalier against Congressman Espaillat.
Well, there's also a crowded field to succeed retiring Congressman Jerry Nadler in his midtown Manhattan district, Nathan, and it includes John F. Kennedy's grandson, Jack Schlossberg, and former never-Trump Republican-turned-Democrat George Conway. Mamdani hasn't given an endorsement in that race, but in the interest of transparency, we should note that Michael Bloomberg has endorsed Michael last year for Congress. Bloomberg is founder and majority owner of Bloomberg LP, the parent company of Bloomberg Radio.
We're also keeping an eye on primary races in Maryland. Karen, Democratic Governor Wes Moore is seeking reelection to a second term. He's facing a primary challenge from physician Eric Felber. The Republican governor's race features nine candidates, including former state delegate Dan Cox, who lost to Moore in 2022.
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