Iran War Cost Tops $37B For US, Zelenskyy Ousts Army Chief, More
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News when you want it with Bloomberg News Now. I'm Stephen Carroll.
And I'm Caroline Hepker.
The widening conflict between the United States and Iran is leaving America's Gulf Arab allies increasingly anxious about the threat to their security and economies. Sources tell us that officials in the region are now divided over how President Donald Trump should proceed. Some are urging tougher military action, while others want an immediate return to diplomacy.
How are Gulf Arab allies reacting to the widening US–Iran conflict and calls for diplomacy or military action?
The growing split comes as Trump sought to play down prospects of immediate talks with Iran.
They want to meet desperately to try and end it because they're getting decimated. I will tell you, they want to desperately meet. And until they're ready to meet in a meaningful way, we have no interest.
Despite Trump's comments, mediators are continuing efforts to restart negotiations as Houthi militants in Yemen threaten shipping in the Red Sea, helping to push Brent crude oil higher for a fourth straight day. In Washington, Defence Secretary Pete Hegseth asked lawmakers for another $87 billion to replenish Pentagon stocks depleted by the war with Iran. During a Senate Appropriations Committee hearing, Democrat Dick Durbin asked Hegseth how much the conflict has cost so far.
Do you have a new estimate about what the war has cost us so far in this, the fifth month of the first year of this war in Iran?
Senator, the estimate we have as of today is $37.5 billion.
Hegseth faced criticism from a number of Democrats at the hearing over the growing costs of the unpopular conflict that is now once again raising energy prices in the United States.
UK Prime Minister Andy Burnham has approved the continued use of British military bases for what the government here describes as defensive US strikes against Iran. The decision maintains the policy of his predecessor, Keir Starmer, allowing American aircraft to operate from sites including Diego Garcia and RAF Fairford. And as Britain seeks to avoid an immediate rift with Washington, the new defence secretary, Wes Streeting, has signalled the government is preparing to accelerate defence spending and invest more in Britain's domestic defence industry.
My focus is on maximising our deterrence and ensuring that should deterrence fail, we're ready to fight and win alongside allies. That means re-industrialisation and building back up our production capacity so we can give our armed forces the kit they need, as well as building and buying British so that we deliver good jobs in communities in every part of our country.
West Streeting added that the Prime Minister's commitment to national defence would become even clearer in the coming months, fuelling expectations that military spending could rise to 3% of GDP by 2030.
UK government borrowing costs are lingering around two-month highs as oil prices and fiscal jitters keep the markets on edge. Both Britain's new Prime Minister and its new Chancellor are stressing their commitments to fiscal discipline. Here is Chancellor John Healey speaking to Treasury staff yesterday.
I'm still burning with a passion about this institution as a force for stability, for security, for growth, a force for a successful Britain.
But despite Healey's words, some in the bond markets wonder how the new administration intends to fund some of its big pledges. This morning, the government has announced it's lowering the national cap on all bus fares in England outside London from £3 to £2.
To the latest earnings now, Spanish lender Santander has reported profits that beat estimates in the second quarter of just over €3.5 billion. Net interest income at the bank also came in ahead of expectations at almost €11.7 billion. Santander says that it's on track to meet its 2026 targets. We're also looking at the profit beat from Norwegian energy company Equinor. It's reported adjusted operating income after tax of $3.44 billion for the three months to the end of June. The oil and gas firm and the industry at large have lifted in recent months, have been lifted by higher crude oil prices.
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