Trump Rejects Iran Proposal, Nor’easter Along East Coast, More
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Building a successful business is hard. Building one that lasts is even harder. The jobs market is tough. Industries are evolving. AI is advancing. How do you adapt and stay ahead? I'm James Reed, Chairman and CEO of Reed, and host of the All About Business Podcast. Every Monday, I sit down with founders, CEOs, and entrepreneurs who've built extraordinary businesses, the people who get things done. I ask them about the decisions that mattered, the risks they took, the mistakes they made, and what they'd tell you to do differently. Whether you're building a business, leading a team, or simply fascinated, By how successful people think. You'll hear honest conversations about the good, the bad, and the ugly of building something that lasts.
If you want top insights and actionable advice to apply to your career or business venture, listen to James Reed, All About Business. Listen on Apple, Spotify, YouTube, or wherever you get your podcast. See you next time.
News when you want it. With Bloomberg News Now, I'm Ed Kalagi. President Trump said Saturday he rejected a deal from Iran to reopen the Strait of Hormuz as Saudi Arabia's capital came under attack from Yemen's Houthis over the weekend.
I'm not that deal would not be acceptable.
President said this to reporters as he departed the White House on Saturday, adding that the US naval blockade in the Strait of Hormuz is putting increasing economic pressure on Iran.
It's a wall of steel. I would put it up and guess what? They don't have any money now because they wanted to close the strait and I said, That's fine, we're gonna close it on you, but everybody else is able to use it.
US and Iranian negotiators had been exploring a deal that would see Tehran reopen the Strait of Hormuz and Washington lift its blockade of Iranian ports. The pact would have been similar to the memorandum of understanding the two countries reached in mid June, which led to a fragile ceasefire that collapsed weeks later. Hundreds of flights have been grounded and thousands don't have power as a powerful nor'easter makes its way up the east coast. Bloomberg meteorologist Craig Allen is tracking it.
Potential landfall will be along the New Jersey shore, New York City, or Long Island before stalling and then looping back out to sea. Now this could take another 48 hours, and this means a prolonged period of very strong winds, heavy rain, and damaging surf comparable to a tropical storm.
Craig Allen, New York and New Jersey have declared states of emergency with storm surges expected to raise ocean levels by three feet. In a social media post on Saturday, President Trump says he approved fuel economy standards ending the Biden administration's EV mandate. In response, Transportation Secretary Sean Duffy says a major victory for U.S. auto workers is coming Monday. The European Union is warning its member states about a potential energy price crisis, Bloomberg's Monica Ricks explains.
The crisis is being driven by the conflict in the Middle East. European gas prices have more than doubled since it started in late February, reaching their highest level since late 2022 earlier this month. And Energy Commissioner Dan Jorgensen wants the 27-nation block to consider measures to cut demand and continue filling gas storage ahead of winter. are just over 70% full right now, compared with a seasonal norm of about 86% for this time of year. Monica Ricks, Bloomberg Radio.
The AI discussion will continue in Washington this week after talks behind closed doors with China's president. Bloomberg's Nathan Hager has more from Washington.
A source familiar with the plans tells Bloomberg government, President Trump and House Speaker Mike Johnson will meet with tech CEOs this week on AI. That's after a veritable who's who of tech. From NVIDIA's Jensen Wong to OpenAI Sam Altman joined the president at the White House State Dinner for Xi Jinping. Speaker Johnson sent lawmakers back to their districts last week, even though leading Democrats urged him to keep them on Capitol Hill to work on AI policy.
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