Trump's Hormuz Blockade Fee, States Sue Paramount Skydance, More

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What is the main topic discussed in this episode?

Amy Morris 0:00

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Amy Morris 0:14

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Nathan Hager 0:24

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Amy Morris 0:30

News when you want it with Bloomberg News Now. I'm Amy Morris. The U.S. and Iran exchanged fresh strikes overnight into today, prolonging those tit for tat attacks. Iran says the agreement with the U.S. has, quote, undoubtedly entered a crisis phase. President Trump says the U.S. is going to reinstate its blockade of Iranian ships moving through the Strait of Hormuz. And he told Fox News he is demanding a 20 percent reimbursement on all other cargo shipped through the waterway.

Unknown 0:57

We just want to be reimbursed for doing all of this, for putting our people in danger. But we're really not putting people, we're really saving people.

Amy Morris 1:06

Oil prices extended their gains after Trump's comments. WTI right now about $75 a barrel. Brent crude now close to $80 a barrel. Delta CEO Ed Bastian says Delta will do just fine with these higher oil prices and that oil will likely stay sticky for longer. He adds that the international travel season is looking healthy.

Unknown 1:25

Businesses, international, American Express, our loyalty programs, our cargo business, we have so many different lines of business, including here in the U.S., our domestic travel. It's all doing very, very well, and I don't see fuel prices deterring that.

Amy Morris 1:40

Here our entire interview with Delta CEO Ed Bastian on the Bloomberg Talks podcast. A group of about a dozen states plans a lawsuit to block Paramount Skydance from buying Warner Brothers Discovery. Sources tell Bloomberg the antitrust lawsuit is set to be filed in federal court. The deal would combine two of the five largest U.S. film studios and has been cleared by the Justice Department, but still faces opposition from Democrats and a lot of people in Hollywood. FCC Chairman Brendan Carr.

Brendan Carr 2:08

Well, it's hard to see a real legitimate antitrust action, but of course, you know, I leave it to the antitrust experts to weigh in on this. I did think it was interesting that there was a statement at least attributed to the California Attorney General that said that they would not sue if Paramount agreed to spin off CNN.

Amy Morris 2:25

FCC Chair Brendan Carr was a guest on Bloomberg Tech.

What did President Trump say about reinstating a Strait of Hormuz blockade and charging a 20% fee?

Amy Morris 2:29

Paramount Skydance more than 3% higher. Warner Brothers Discovery shares more than 3% higher. A sell-off in tech giants sent stocks lower. The market also fell as oil got higher. We check the markets for you all day long here at Bloomberg. S&P 500 down 0.6% NASDAQ down 1.25% and the Dow down 0.4%. The 10-year Treasury yield at 4.6% and the 2-year yield at 4.25%. SK Hynix fell 17% as its peers declined, the biggest full-day retreat on record. Apple filing a lawsuit against OpenAI, alleging the company systematically stole its intellectual property by asking former Apple employees... To bring along information about unreleased products, Apple is seeking monetary damages. Shares of Apple now less than 1% higher.

Amy Morris 3:14

A federal appeals court says Canview, the maker of Tylenol, must face lawsuits claiming that Canview hid alleged risks of autism in children if their mothers took Tylenol while they were pregnant. Canview and major health authorities strongly dispute that. The three-judge panel in New York decided a lower court made a mistake when ruling that the plaintiffs relied on flawed science. Now, in 2023, a Manhattan federal judge blocked 500 cases from proceeding to trial against Canview. This move revives those lawsuits and opens the door to thousands more that could cost the company billions of dollars to settle. Canview shares fell nearly 2%. A federal judge says President Trump's lawsuit against the IRS over his leaked tax returns was filed for an improper purpose.