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Good Morning.
I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with a developing story. Overnight. New York City Mayor Eric Adams has been indicted following a federal corruption investigation. We get the very latest with Bloomberg's John Tucker. Good Morning, John, Nathan.
Weeks of searches, subpoenas, and resignations of top officials pushed New York City's government into crisis and now a bidder. Mayor Eric Adams released a video statement last night.
I always knew that if I stood my ground for all of you, that I would be a target, and a target I became. For months, leaks and rumors have been aimed at me in an attempt to undermine my credibility and paint me as guilty.
The indictment so far is sealed. We don't yet know what the federal criminal chreeses are or when the mayor is likely to appear in court. The mayor and some of his senior administration officials have been the subject of at least four different federal investigations that we know about. Two of which we learned about just this month. This could be related to any one. A probe that become became public in November of last year appeared to be
centering on potential campaign finance violations. Authorities have been looking at the conduct of people close to him, including the now former Police Commissioner Edward Cobban, who stemped down just a couple of weeks after his phone was seized by federal agents that in connection with a potential scheme involving his twin brother. Adams is vowing to remain in office, despite calls for his immediate resignation from fellow Democrats in New York Income John Tucker Bloomberg Radio, all.
Right, John, thank you. While the indictment of Adams, just the second black mayor in the city's more than four hundred year history, is a remarkable turn for a former police captain who beat a crowded field to win the New York City mayor's race into a running on a law and order platform that pledged to make city government work better. Bloomberg'slawer to mea SA has been looking into the probes.
The earliest investigation that we became aware of was a probe that sort of burst into public view in November of last year. That appeared to be centering on potential campaign finance violations in the mayor's twenty twenty one campaign, the campaign that got him elected mayor, and whether or not there was some interaction with the Government of Turkey potential straw donor scheme. But two other investigations seemed to
be underway. It's not clear if those actually are looking at the mayor's conducts specifically, but they do seem to be looking at the conduct of people who are incredibly close to him.
Bloomberg's lawer to Mea says that Adams could be removed from office by Governor Kathy Hugel upon formal charges, with a chance to defend himself, and can be suspended for up to thirty days during the process.
Karen, We've also had fast moving developments in the Middle East. Israel continues to go after Hesballa targets in Lebanon, even as the US and Allies proposed a three week ceasefire. President Biden and French President Emanuel Macrome presented the proposal to allow for negotiations so people in northern Israel and southern Lebanon can return to their homes. Israel's UN ambassador Danny Denone says that's what he'd like to see.
What happened either after the war all before.
We hope it will be before bud. Bloomberg's Paul Wallace reports it's not clear whether Hesboela will accept the offer.
One thing that I.
Think is quickly is that something will have to be given to Heswell, some kind of political concession to allow it to save face, because it's quite difficult to see as well are agreeing to move back its forces from the Israeli border and to stop firing on Israel and Esse it gets something in return.
Bloomberg's Paul Wallace in Dubai. This week's air strikes have left more than six hundred dead, including at least fifty children. Hesbel has responded with hundreds of rocket attacks, including one aimed for the first time at Tel Aviv.
Well Nathan. The US has announced a new weapons package for Ukraine, where three hundred and seventy five million dollars the assistants. Coincides with a visit by Ukrainian President Vladimir Zelenski to the US this week. Meantime, former President Donald Trump lashed out at the Biden administration and Zelenski for refusing to make a deal with Russia.
A deal could have been made if we had a competent president instead of a president that.
Egged it all on.
And Biden and Kamala allowed this to happen by feeding Zelenski money and munitions like no country has ever seen before. Every time he came to our country, he'd walk away with sixty billion dollars. It's probably the greatest salesman on Earth.
In another development, Trump is planning to return to the site of the first assassination attempt on his life. Trump will hold a rally at the Fairgrounds in Butler, Pennsylvania, on October fifth, exactly one month before election day.
Mccar and Vice President Kamala Harris was in Pennsylvania yesterday laying out her vision for what she calls an opportunity economy. In a speech to the Economic Club of Pittsburgh, the Democratic presidential nominee promised to be an ally to both corporate executives and the people who work for them.
Well, I'm a capitalist.
I believe in free and fair markets.
I believe inconsistent and transparent rules of the road to create a stable business environment.
Vice President Harris's campaign also released an eighty two page policy blueprint. After her speech, she also gave her first solo interview as a candidate to MSNBC, saying she'll visit the US Mexico border tomorrow and making another pitch for the bipartisan immigration bill that stalled in Congress this year.
My pledge is it, when elected president, if the American people will have me, I will bring that bill back and I will sign it into law.
Kamala Harris also defended her opposition to nipon Stiel's takeover of US steal. She says keeping steel production American owned is more important than the potential job losses if the deal falls through.
Well, Nathan, The latest campaign incomes as Congress adverts a government shutdown. It passed a short term a federal funding bill We get more with Bloomberg's Ed Baxter in.
The House Speaker Mike Johnson relied on Democratic votes to move it through an expedited process that limited Florida bate but required a two thirds vote.
This is not the House's fault, It's the Senate's fault. They passed not a single Appropriations bill, So there was nothing for the two chambers to negotiate in the end, and there was no agreement on the top line spending number.
So as you hear, the animosity between House and Senate will continue and they'll go at it again in December. The White House has issued a statement thanking the bodies and saying it will work with them. Ad Baxter, Bloomberg Radio.
Thanks ed turning. The market's futures are higher on Wall Street, fueling the gains Micron Technology. Those shares are up nearly sixteen percent. The largest US maker of computer memory chips, gave a surprisingly strong revenue pretty for the current period, helped by demand for artificial intelligence gear.
Well, Nathan, we're also seeing big gains for stocks in Asia. Over night, stocks in China and Hong Kong rose more than four percent. China'stop leaders ramped up urgent efforts to revive growth with pledges to support fiscals spending and stabilize the beleaguer property sector.
Karen, this is a Bloomberg exclusive. Open AI is talking about giving CEO Sam Alten a seven percent equity stake in the company and restructuring to become a for profit business. This would mark the first time Sam Altman's granted ownership in the AI startup source to say, open aies mauling these changes against the backdrop of an exodus of senior managers.
Honest time Now for a look at some of the other stories making news in New York and around the world. And for that we're joined by Bloomberg's Michael Barr.
Michael, Good morning, Good.
Morning, Karen. Hurricane Aleen continues to strengthen as it heads toward the Big Bend area of Florida's Gulf Coast. Florida Governor Rond Desanta says on top of the winds, forecasts say the storm surge threatens to be unsurvivable.
Remember you hide from wind, but you run from the water.
Bloomberg meteorologist Rob Carolyn has more.
Hurricane Helen located about three hundred miles to the southwest of Tampa, moving off towards the north at eleven miles an hour. It will continue to strengthen today. It is forecast to hit the Florida Big Bend area tonight as a Category four hurricane. Winds could be an excess of one hundred and twenty miles an hour, with a storm
surge in excess of twenty feet. The system will produce rain and wind across the Florida Peninsula and Florida Panhandle today, so that rain will be spreading north with across the southeastern United States today. Looks like since the system is going to be moving quickly this evening, it's going to bring rain and significant wind to portions of the Southeastern United States tonight and into tomorrow, and we could have inland flooding as far north as the southern Appalachians and
Tennessee River Valley. I'm BROB Carolyn Bloomberg Radio.
Thank you Rob. A panel of appellate judges in New York will hear former President Donald Trump's appeal of his civil fraud case ruling. The judge overseeing the case ordered Trump and his company to pay more than four hundred and sixty million dollars in fines. The court will have to decide whether to uphold the verdict or reduce the
almost half billion dollar penalty. After Israel launched a new campaign against Hensbella Prime Minister Benjamin Nett and Yahoo postponed his trip to New York to speak before the UN General Assembly that Yahoo was supposed to speak today, but we'll speak on Friday. Before then, delegates are expected to hear from Lebanon's foreign minister. Global news twenty four hours a day and whenever you want it with the Bloomberg News. Now, I'm Michael Barrn. This is Bloomberg Karen.
Sorry, Michael barr thank you. Time now for the Bloomberg Sports Update with John Stanshawer.
John, good morning, Good morning here in the Champagne remains corked in the Yankee Clubhouse, Baltimore one for a second straight night to remain mathematically alive in the al East. Oiols led eight to one on the fifteen, when Juan Soto had a two run home or his forty first. They led nine to three in the night. Darren Judge a three run shot his fifty seventh, but the Orioles hung on nine to seven. Other chants for the Yanks tonight,
nes to Cortes was to start last night. He's been pitching creative late, but he has an elbow straight and Cortes won't pitch again, and so perhaps the Yanks get to the ALCS. Detroit and Kansas City both won. Looks
like they'll be the last two AL wildcards. The Mets rained out in Atlanta last night and hurricaned out tonight, so they'll play this weekend in Milwaukee, and then, assuming the games have meaning, they'll finish the regular season with a doubleheader Monday afternoon back in Atlanta, and the Mets may then have to get out to San Diego for a playoff game on Tuesday. Arizona won last night, Diamondbacks back tied with the Mets. They both lead the Braves by a game. Two of the three teams will make
the postseason second week in a row. A Thursday night, I'm at MetLife. It's the Giants and Cowboys. Both are one and two, with the Giants coming off their first win. Dallas just lost two straight at home. Caitlin Clarks WNBA rookie season is over. She scored twenty five points in Indiana's playoff loss at Connecticut Johns Stashaw.
We're Bloomberg Sports Kennon Nathan.
Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, and around the.
World on Bloomberg dot Com and the Bloomberg Business app. This is Bloomberg Daybreak. Good Morning of Nathan Hager. New York City Mayor Eric Adams is in a fight for political survival as he faces a sealed indictment following a month's long federal corruption pro But the mayor is promising he will fight enough.
I will fight these injustices with every ounce of my strength in my spirit. If I'm charged, I know I am innocent. I will request in immediate trials so the New Yorkers can hear the.
Truth, Mayor Adams at a video message you posted last night. This morning, we're joined by Bloomberg News Managing editor Derek Wallbank for the latest. Derek, good morning. So what do we know about these charges against the mayor?
Well, Nathan, we don't actually only know exactly what he's being charged with. There are there is at least one charge, could be multiple charges that are under seal that could be released as early as today, according to people who asked not to be identified. But we are aware of a couple of things that that Adams has been linked with. Let's let's say right now it should also be said, and I should make this very very clear. Adams has
said he's done nothing wrong. He said that he plans to fight, and he has said that he plans to remain in power. So let's let's put all of that onto the table. But there are some there are some things that he has been dealing with. One investigation that we're aware of was was talking about whether the Adams campaign had coordinated with the Turkish government to take illegal donations and questions about permitting and some other things like that,
you know. And another one was dealing with a search of home owned by a prominent Adams fundraiser.
You know.
So you've got a couple of things that have been going on right that are involving the mayor. Again, we don't know what this exactly is going to be about. We should hopefully get some more information, you know, maybe as the day goes on, maybe as the weeks go on, we should get some more information because this report is going to have to get is going to have to get answered somehow.
But to your point about how the investigation has really been swirling around Adams for some time, we've seen a lot of people in his inner circle really start to go down over this, including the now former police commissioner and some others.
Yeah, and you know, and the thing that I keep thinking about was we're looking at this it's impossible to think of it without thinking of the time and the moment that we're in. Right, we're just a couple of weeks before the US election.
Uh.
You know, Eric Adams is one of the most prominent Democrats that there happens to be, and we're gonna have to hear from really prominent Democrats about what they think. Now. Alexandria Acrossio Cortez has already said that she thinks that Adams should step down. We're gonna be waiting to hear from from Hakim Jeffries, from Chuck Schumer, you know, the
top two Democrats in Congress, or both New Yorkers. We'll need to hear from Kathy Okle, the governor of New York, who has some power maybe in her back pocket, to be able to take some action against the mayor under
state rules. And then you know, there will be a fair number of Republicans who will want to note that Eric Adams and Kamala Harris know each other u in the specter of a presidential race, you know, any sort of difficulties here may become a liability for Harris in much the same way that Mark Robbinson's difficulties in North Carolina have become a difficulty for Donald Trump. So you cannot take this, even if it has nothing to do
with presidential electoral politics. You cannot take the situation out of the moment in time in which it is currently happening.
Now, as you say, we are waiting for some of those more prominent officials to respond. But if he does start to lose support at the highest levels, I mean, how much longer can Adams hold on as he awaits these charges.
Well, that is going to be a question that really only he can answer. You know, New York is a place where political pressure can come thick and fast, right, you know, it is one of the biggest political pressure points anywhere in the US. But it's all so a place where you know, he can, if he gets enough backing,
maybe try and ride this out. Now, it is to say he has been very clear he is going to fight whatever this happens to be, uh, and he wants to remain in power, so that you know, that is a thing that you would have to say if you're
going to try and do that. But part of the answer to that question will deal with you know what we were talking about just before what happens with all of these other very prominent New Yorkers and Democrats and what do they say and how much pressure is put on him externally.
This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.
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I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Debreak