Chapter 1: What is the main topic discussed in this episode?
The UK stands apart as a place to do business, not because of one advantage, but many working together. Over 10 trillion pounds in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
News when you want it with Bloomberg News Now. I'm Ed Kalecki. President Trump says Iran's supreme leader was killed in U.S.-Israeli airstrikes, raising the stakes in a conflict that's spiraling across the oil-rich Middle East and disrupting traffic around the Hormuz shipping strait.
Trump said in a social post that Ayatollah Ali Khamenei, one of the most evil people in history, is dead, adding that the heavy and pinpoint bombing, however, will continue uninterrupted throughout the week or as long as necessary.
Killing the ruler who dominated the Islamic Republic for more than three decades took the U.S.-Israeli campaign to quash Iran's regional power to a new level, even as Iran retaliated with strikes on U.S. allies in the oil-rich Middle East and threatened tanker traffic through the Hormuz shipping strait.
Iran's semi-official forest news agency said Trump's claim was denied by sources close to the Supreme Leader's office. Oil shipping has largely paused in the Strait of Hormuz that links the oil-rich Persian Gulf to the open seas after the U.S. and Israel bombed Iran with Iranian media saying the waterway is practically closed.
Ships reported hearing a radio broadcast purporting to come from the Iranian Navy announcing that transit through the waterway was banned. There's been no formal announcement from Tehran about the status of the strait, which is crucial for the flow of oil and gas. But several tankers that had been heading toward Hormuz turned around in recent hours.
A large number had already paused to wait near the entrance to the waterway after the bombing started. The disruption is impacting everything from crude oil tankers to container ships that carry furniture. OPEC will consider a larger supply increase when key members meet Sunday following U.S. and Israeli airstrikes on targets in Iran. Bloomberg's Monica Ricks reports.
The group led by Saudi Arabia and Russia was expected to resume modest production increases from April after a three-month supply freeze. They'd added monthly increments of 137,000 barrels a day in the fourth quarter. but these attacks could now escalate production increases. Physical disruptions are also a big concern, but for now, the Strait of Hormuz remains open.
That's a critical shipping lane for much of the world's crude supply. Oil prices climbed with Brent crude as high as $73 a barrel Friday, but oil markets could be shaken up a bit come Monday. Monica Ricks, Bloomberg Radio.
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Chapter 2: What did President Trump say about Khamenei's death?
Bloomberg's Dan Williams. There have been some questions about the president's authority to attack Iran without congressional approval. Former National Security Advisor and Ambassador to the United Nations John Bolton talked about it on Bloomberg this weekend.
This is manifestly within the president's constitutional commander-in-chief authority. The gang of eight were briefed on this on Tuesday. And if Congress doesn't like it, Congress can cut off appropriation. That's where congressional power comes in.
John Bolton on Bloomberg this weekend. You can hear more of the show tomorrow at 7 a.m. Eastern. Well, the reaction poured in as the day went on from all over the world. Russia called the strikes unprovoked aggression.
Chapter 3: How are U.S.-Israeli airstrikes affecting the Middle East?
China said it's highly concerned and called for a stop to the assault. Australia, Canada, they both expressed support for the U.S. France, Germany and Britain also have called for negotiations to resume between the U.S. and Iran following Iran's attacks on other countries. This is UK Prime Minister Keir Starmer.
It is vital that we prevent further escalation and return to a diplomatic process. We want to see peace and security and the protection of civilian life. Iran can end this now. They should refrain from further strikes, give up their weapons programs, and cease the appalling violence and repression against the Iranian people.
UK Prime Minister Keir Starmer. The Iran conflict triggered a sharp risk-off move across cryptocurrencies. Bitcoin fell as much as 3.8 percent to 63,038 before stabilizing near 64,000 in early morning trading in New York. Ether slid as much as four and a half percent to 1836. Roughly 128 billion dollars was erased from the total value of digital assets in the immediate aftermath. This according to
CoinGecko data. Operating profits at Berkshire Hathaway fell nearly 30 percent in Warren Buffett's last quarter as chief executive officer as insurance underwriting earnings slumped. That metric fell by more than 54 percent and the company warned of potential future challenges to the business because of strong competition and rising claims.
Berkshire also took a $4.5 billion impairment on its Kraft Heinz and Occidental Petroleum holdings. Berkshire's cash pile stood at $373.3 billion. That's down from $381.7 billion in the previous quarter. The conglomerate's earnings are closely watched because its stable of businesses, ranging from insurance to rail, energy and manufacturing, provides a snapshot of the health of the U.S. economy.
That's news when you want it with Bloomberg News Now. I'm Ed Kalecki. This is Bloomberg.
As a place to do business, the UK stands apart. Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over Ā£10 trillion to work every day, fuelling innovation across every sector. Home to four of the world's top universities, it provides exceptional talent and breakthrough research.
This sits alongside a clear 10-year industrial strategy, unlocking smarter regulation and making it faster and easier to operate. Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth. Visit business.gov.uk slash growth.
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Chapter 4: What is the current status of oil shipping in the Strait of Hormuz?
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