July 23, 2025 • 5 mins
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Speaker 1 (00:00):
News when you wanted with Bloomberg News. Now I'm Doug Prisner.
Jeffrey Epstein's associate. Gilaine Maxwell is being formally subpoened by
the House Oversight Committee. The letter, signed by committee chair
James Comber, says Maxwell is to be deposed August eleventh
at the Federal Correction Institution in Tallahassee. We got reaction
from Marak Gillespie, founder of Bluestack Strategies.
Speaker 2 (00:23):
I do think it's interesting that the decision to bring
her in by House Oversight kind of happened without necessarily
any involvement from the foreg president and from Speaker Johnson.
I think that it was a pressure and you saw
it kind of play out with the House Rules Committee,
the kind of issues they ran into there, and then
this happened, and now DJ is looking to bring her
(00:45):
in as well. So it's interesting what that kind of spurred.
Speaker 1 (00:48):
That is Mark Gillespie, founder of Bluestack Strategies, speaking earlier
on Bloomberg's balance of power. Meantime, the Wall Street Journal
is reporting President Trump was warned by Attorney General Pam
Bondi that his name was in fact listed in the
so called Epstein files. Now. The journal cited senior Trump
administration officials in that report, with one saying the documents
(01:10):
contained hundreds of other names. Well later, the White House
sent mixed signals following that story. It released an initial
statement characterizing the report as fake news, but then a
White House official told Reuters the administration was not denying
that Trump's name appears in some files, noting that Trump
was already included in a tranche of materials Bondi assembled
(01:33):
in February for conservative influencers. Columbia University has reached a
deal with the Trump administration to restore federal funding for research.
According to the White House, Columbia will pay a two
hundred million dollar fine to settle claims related to discriminatory practices.
Other provisions of this agreement require Columbia to provide more
(01:55):
transparency around its hiring and admission practices and to increase oversight.
That will include the appointment of a resolution monitor and
an administrator to ensure Columbia complies with the agreement and
federal laws. We go to earnings news next. After the
Bell Tesla missed Wall Street expectations for the second quarter.
(02:16):
The company reported adjusted EPs of forty cents and revenue
falling by twelve percent to twenty two and a half
billion dollars. That is the sharpest sales decline for Tesla
in over a decade. Here is CEO Elon Musk on
the earnings call.
Speaker 3 (02:31):
We probably could have a few rough quarters. I'm not
saying it well, but we could Q four, Q one,
maybe Q two. But once you get to autonomy at
scale in the second half and half of next year,
something by the end of next year. I think the
I was surprised if Tesla's economics are not very compelling.
Speaker 1 (02:56):
That is Tesla's CEO Elon Musk, and shares in Tesla
are down by more than four percent in late US trading.
We also heard from Alphabet after the bell. The company
beat street expectations on second quarter revenue. However, Alphabet also
warned of higher spending ahead. Capital expenditures are forecast to
hit eighty five billion dollars in twenty twenty five. That's
(03:18):
up from the seventy five billion the company previously forecast.
We got reaction from Brett Thil, senior tech analyst at Jeffries.
Speaker 4 (03:27):
Now, I don't think there was any big fireworks. You know,
you had a bigger capex number was about four and
a half billion higher, which is a sign of investing AI.
They raised capex by ten bill which again everyone knows
it's going to AI, and so I think everyone likes
that that they're spending to key pace.
Speaker 3 (03:45):
But obviously he's.
Speaker 4 (03:46):
Having a drag on the margin. So the margin last
course about forty percent. They're at thirty eight point three percent,
so a little bit of a drag on the margin, that.
Speaker 1 (03:53):
Is Brett Thil, Senior tech analyst at Jeffries. Shares in
Alphabet were up by more than one percent in late
US trading. A federal appeals court has ruled at President
Trump's order seeking to end birthright citizenship is unconstitutional now.
This upholds a decision from a lower court that blocked
its enforcement nationwide. The recent decision from a divided panel
(04:15):
of the ninth US Circuit Court of Appeals now puts
birthright citizenship one step closer to quickly coming back before
the Supreme Court. The US and South Korea have discussed
creating a fund to invest in American projects. We are
told this could potentially be a part of a trade deal.
These talks are also focused on reaching a fifteen percent
(04:35):
teriff freight that would include autos, and there may be
a pledge by South Korea to purchase more US goods
in key sectors now, one analyst said, the recent trade
deal between the US and Japan really puts a lot
of pressure on South Korea to reach a similar agreement. Now,
in the US Japan deal, the United States is imposing
(04:56):
a fifteen percent tariff on Japanese products, including autos, and
as more trade negotiations do take place, President Trump suggested
he would not go below fifteen percent as he sets
his reciprocal tariff rates ahead of that August first deadline.
Here is Trump speaking at an AI summit earlier in Washington.
Speaker 5 (05:15):
But We're going to have a very very simple tariff
for some of the countries. Have so many countries, you
can negotiate deals with everyone. So I'll have a straight
simple tariff of anywhere between fifteen and fifty percent. A
couple of we have fifteen because we haven't been getting
along with those countries too well, so we just say
let's pay fifty.
Speaker 1 (05:34):
That is President Trump's speaking there, and that is news
when you want it. With Bloomberg News. Now, I'm Doug Prisner,
and this is Bloomberg
News when you wanted with Bloomberg News. Now I'm Doug Prisner.
Jeffrey Epstein's associate. Gilaine Maxwell is being formally subpoened by
the House Oversight Committee. The letter, signed by committee chair
James Comber, says Maxwell is to be deposed August eleventh
at the Federal Correction Institution in Tallahassee. We got reaction
from Marak Gillespie, founder of Bluestack Strategies.
Speaker 2 (00:23):
I do think it's interesting that the decision to bring
her in by House Oversight kind of happened without necessarily
any involvement from the foreg president and from Speaker Johnson.
I think that it was a pressure and you saw
it kind of play out with the House Rules Committee,
the kind of issues they ran into there, and then
this happened, and now DJ is looking to bring her
(00:45):
in as well. So it's interesting what that kind of spurred.
Speaker 1 (00:48):
That is Mark Gillespie, founder of Bluestack Strategies, speaking earlier
on Bloomberg's balance of power. Meantime, the Wall Street Journal
is reporting President Trump was warned by Attorney General Pam
Bondi that his name was in fact listed in the
so called Epstein files. Now. The journal cited senior Trump
administration officials in that report, with one saying the documents
(01:10):
contained hundreds of other names. Well later, the White House
sent mixed signals following that story. It released an initial
statement characterizing the report as fake news, but then a
White House official told Reuters the administration was not denying
that Trump's name appears in some files, noting that Trump
was already included in a tranche of materials Bondi assembled
(01:33):
in February for conservative influencers. Columbia University has reached a
deal with the Trump administration to restore federal funding for research.
According to the White House, Columbia will pay a two
hundred million dollar fine to settle claims related to discriminatory practices.
Other provisions of this agreement require Columbia to provide more
(01:55):
transparency around its hiring and admission practices and to increase oversight.
That will include the appointment of a resolution monitor and
an administrator to ensure Columbia complies with the agreement and
federal laws. We go to earnings news next. After the
Bell Tesla missed Wall Street expectations for the second quarter.
(02:16):
The company reported adjusted EPs of forty cents and revenue
falling by twelve percent to twenty two and a half
billion dollars. That is the sharpest sales decline for Tesla
in over a decade. Here is CEO Elon Musk on
the earnings call.
Speaker 3 (02:31):
We probably could have a few rough quarters. I'm not
saying it well, but we could Q four, Q one,
maybe Q two. But once you get to autonomy at
scale in the second half and half of next year,
something by the end of next year. I think the
I was surprised if Tesla's economics are not very compelling.
Speaker 1 (02:56):
That is Tesla's CEO Elon Musk, and shares in Tesla
are down by more than four percent in late US trading.
We also heard from Alphabet after the bell. The company
beat street expectations on second quarter revenue. However, Alphabet also
warned of higher spending ahead. Capital expenditures are forecast to
hit eighty five billion dollars in twenty twenty five. That's
(03:18):
up from the seventy five billion the company previously forecast.
We got reaction from Brett Thil, senior tech analyst at Jeffries.
Speaker 4 (03:27):
Now, I don't think there was any big fireworks. You know,
you had a bigger capex number was about four and
a half billion higher, which is a sign of investing AI.
They raised capex by ten bill which again everyone knows
it's going to AI, and so I think everyone likes
that that they're spending to key pace.
Speaker 3 (03:45):
But obviously he's.
Speaker 4 (03:46):
Having a drag on the margin. So the margin last
course about forty percent. They're at thirty eight point three percent,
so a little bit of a drag on the margin, that.
Speaker 1 (03:53):
Is Brett Thil, Senior tech analyst at Jeffries. Shares in
Alphabet were up by more than one percent in late
US trading. A federal appeals court has ruled at President
Trump's order seeking to end birthright citizenship is unconstitutional now.
This upholds a decision from a lower court that blocked
its enforcement nationwide. The recent decision from a divided panel
(04:15):
of the ninth US Circuit Court of Appeals now puts
birthright citizenship one step closer to quickly coming back before
the Supreme Court. The US and South Korea have discussed
creating a fund to invest in American projects. We are
told this could potentially be a part of a trade deal.
These talks are also focused on reaching a fifteen percent
(04:35):
teriff freight that would include autos, and there may be
a pledge by South Korea to purchase more US goods
in key sectors now, one analyst said, the recent trade
deal between the US and Japan really puts a lot
of pressure on South Korea to reach a similar agreement. Now,
in the US Japan deal, the United States is imposing
(04:56):
a fifteen percent tariff on Japanese products, including autos, and
as more trade negotiations do take place, President Trump suggested
he would not go below fifteen percent as he sets
his reciprocal tariff rates ahead of that August first deadline.
Here is Trump speaking at an AI summit earlier in Washington.
Speaker 5 (05:15):
But We're going to have a very very simple tariff
for some of the countries. Have so many countries, you
can negotiate deals with everyone. So I'll have a straight
simple tariff of anywhere between fifteen and fifty percent. A
couple of we have fifteen because we haven't been getting
along with those countries too well, so we just say
let's pay fifty.
Speaker 1 (05:34):
That is President Trump's speaking there, and that is news
when you want it. With Bloomberg News. Now, I'm Doug Prisner,
and this is Bloomberg
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