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News when you want it With Bloomberg News Now, I'm Amy Morris. New York City Mayor Eric Adams is indicted on bribery and fraud charges after a federal corruption investigation. Adams is accused of accepting illegal campaign contributions for his mayoral campaign from foreign nationals, and he's accused of defrauding the City of New York, using illegal contributions to defraud the city's matching funds program up to ten million dollars.
He's also accused of accepting luxury travel, hotel stays, and other benefits from foreign nationals. You, as attorney for the Southern District of New York, Damian Williams.
The mayor had a duty to disclose these gifts on his annual public disclosure forms so that the public could see who.
Was giving him what.
But as we allege, year after year after year, he kept the public in the dark.
Adams is defiant and says he will not step down.
My day to day will not change.
I will continue to do the job for eight point three million New Yorkers that I was elected to do.
Federal prosecutors alleged that for nearly a decade, Adams accepted improper benefits from wealthy foreign business people seeking to gain influence over him. Hurricane Helene is now a Category two storm, but could grow into a powerful Category three or even a four by the time it makes landfall around Florida's Big Bend. Rescue teams from across the country are staging in the region to be ready to go when they're needed. This task force member is from Pennsylvania.
There could be a swift water rescue environment due to flash flooding, an urban flooding. There could be other rescue environments just from accumulative water where we got to put boats in a rescue people.
Helene is gaining power as toward Florida, where it is expected to make landfall tonight or early tomorrow morning. Whether and hurricane specialists say this storm is going to cause catastrophic flooding across several states from extremely heavy rain. There
will be no ceasefire. That from Israel's foreign minister after the US and France proposed a three week pause in fighting with Hesbolah, Lebanon's economy minister tells Bloomberg's Jumani Bersecci has Belah is starting to show flexibility on a truce.
They have suffered a lot of blows. The three thousand operatives were critically injured in those explosions last week. They've lost senior commanders, and the air strikes had begun at the beginning of this week. And so from their perspectives, would this be them showing that they're conceding.
Bloomberg's Jumana Barsecci reporting from our European headquarters in London. Wells Fargo has entered a key new phase of its almost seven year effort to escape a federal reserve cap on its assets, punishment that has become the most feared in banking. We get more with Bloomberg shanale Bassic.
Behind the scenes. Wells Fargo has submitted a third party review of risk and control overhauls for analysis and sign offf However, sources have warned that it could still see the cap stretching at least into next year while the FED reviews this submission. Of course, it has been a long and costly road for Wells Fargo to get to this point.
Bloomberg shanale bassic the cap limits the bank to its size at the end of twenty seventeen about one point nine to five trillion dollars in assets, curbing the company's potential to boost profits. Wells Fargo shares are now four point three percent higher. We got a lot of economic data this morning, and the US continues to show signs of growth. Second quarter GDP was revised higher to three percent. Durable goods orders barely changed last month, which was better
than economists expected. Weekly jobless claims fell to a four month low of two hundred and eighteen thousand. We get perspective with Bloomberg's Jonathan Farrell.
So at a time when we're really worried about the next step in the economy and the evolution of the American economy being layoffs, people getting fired and claims rising, we just don't see it in the dates of right now, we do not see it at all.
Bloomberg's John Farroh, And we check the markets for you all day long here at Bloomberg. The S and P five hundred of a quarter percent, NASDAC up three tenths of a percent, the Dow up a half percent, and the Russell two thousand up eight tenths of a percent. The tenure yield at three point eight percent, the two
year treasury yield at three point six percent. Boston FED President Susan Collins and FED Governor Adriana Kugler participated in a fireside chat focusing on the intersections between banks supervision and financial inclusion. Coogler says access to credit is critical for the Fed's employment mandate.
But on employment side of the mandate, it is very critical to have access to credit because access to credit is usually needed to pursue an education, which opens stores for employment. It is critical to have access to housing and to autos and cars, which are what he called toots jobs as well.
Fed Governor Adriana Coogler and that's news when you want it with Bloomberg News. Now, I am Morrison, this is Bloomberg