Out of Control' Wildfires in France and Spain, Oil Drops, More

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Bloomberg News Now 7 min 4 speakers 4 chapters transcribed 1 month ago

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What is the main topic discussed in this episode?

Mike Waltz 0:00

The Bloomberg This Weekend Podcast. News, politics, and the lighter side of Bloomberg.

Caroline Hepker 0:06

The cutthroat competition to get a gig on a cruise ship.

Mike Waltz 0:09

They get to enjoy all the amenities and a one-week contract can pay like thousands of dollars for them. I know this is a good gig. Like you're booked through six months and you can pay your bills for like a year and a half.

Lizzie Burden 0:18

And you may get norovirus.

Mike Waltz 0:22

The Bloomberg This Weekend Podcast. Subscribe today on Apple, Spotify, or wherever you listen.

Lizzie Burden 0:30

News when you want it with Bloomberg News Now. I'm Lizzie Burden. And I'm Caroline Hepker. Firefighters in France and Spain are battling wildfires for a sixth day as hotter weather threatens to fuel the blazes. More than 300,000 people have been evacuated from the areas affected with French authorities warning an uncontrolled fire is heading towards the city of Bordeaux. These people have been sheltering in an exhibition hall in the area.

Unknown 0:54

The police arrived and told us we had to go with them. They brought us to stay here for a few days. We don't know how long. Yes, we're worried because the fire isn't stopping. People tell us one thing and then another. We don't know. There's no information. So we're waiting. What else can we do?

Lizzie Burden 1:11

The blaze has become so unpredictable that officials say it's creating its own weather system. Local officials this morning say the fire has remained largely stable overnight. In Spain, the country's biggest wildfire on record has burned huge swathes of land south of Madrid. Spanish Prime Minister Pedro Sánchez says there are still challenging hours ahead.

Unknown 1:31

The scale of disaster we're experiencing once again in our country is sadly very difficult to comprehend. Yesterday we reported 130,000 hectares had been affected and burned so far this year. Today that figure has already risen to more than 150,000 hectares.

Lizzie Burden 1:48

Pedro Sanchez speaking via translator there as more than 1,500 soldiers were deployed to help firefighters while dozens of roads have been closed. Forecasters say that temperatures are set to rise again this week, raising fears the fires could spread even further.

Caroline Hepker 2:04

Oil prices have slumped after the US paused strikes against Iran, halting a 13-day bombing campaign that has rattled energy markets. Iran says it's also suspended retaliatory attacks, while officials from Tehran and Oman resumed talks aimed at restoring shipping through the Strait of Hormuz.

What are the latest developments in the France and Spain wildfires and who has been evacuated?

Caroline Hepker 2:21

The news briefly pushed Brent crude below $90 a barrel. NBC's Meet the Press... saw the US ambassador to the United Nations, Mike Waltz, insist that President Trump had not totally ruled out further military action.

Mike Waltz 2:37

The president is keeping all options on the table. I've spoken with the negotiators. I've spoken with Secretary Hegseth. What the president is doing right now, as we've seen all along, is giving some talks some space. Talks are ongoing. They're happening at every level, from the more technical aspect of it all the way to the highest levels, of course.

Caroline Hepker 3:00

Mike Waltz speaking there to NBC. With Brent crude prices currently trading at $90.47, despite the pause in US and Iranian attacks, traffic through the Strait of Hormuz remains essentially paralysed, while Yemen's Iran-backed Houthi militants claim they've attacked Saudi energy facilities.

Lizzie Burden 3:19

China's biggest memory chip maker has opened 472% higher in its Shanghai stock market debut. The surge made CXMT China's largest onshore listed company with a valuation of around $487 billion. The firm raised 66.6 billion yuan in the country's second largest ever IPO. Shares later climbed as much as 535% above their IPO price in morning trading, reflecting investors' confidence in CXMT's long-term prospects. despite the AI-driven rally in chip stocks and the idea that it may be peaking.

Caroline Hepker 3:53

UK Prime Minister Andy Burnham says the country should make it harder to claim benefits as his government looks to rein in the soaring welfare bill. Speaking to the BBC, Burnham said, ''We've got to get really serious as a country at getting the welfare down.'' The UK welfare bill is forecast to top £330 billion this financial year, with the state pension accounting for more than half of the total.