June 24, 2025: Andrew Cuomo Concedes in NYC Democratic Primary for Mayor, More

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Episode Transcript

Speaker 1 (00:02):
News when you wanted with Bloomberg News. Now, I'm Doug
Krisner here in New York City. The polls are closed
and the counting is underway in the Democratic mayoral primary.
Bloomberg's Denise Pellegrini is here with the latest.

Speaker 2 (00:13):
Denise, Doug, We've got some major developments. New York City
mayal primary will go to a rank choice count because
no candidate can win fifty percent of the vote. Here's
the breakdown. Ninety percent of the vote counted. Democratic Socialists
and Queen's Assemblyman Zora Mamdani making a way stronger than
expected forty three and a half percent, showing a different

(00:35):
picture for former Governor Andrew Cuomo. He has conceded in
the Democratic primary with thirty six point three percent to
the vote and ninety percent of the vote counted. Here's
Cuomo to supporters.

Speaker 1 (00:46):
Tonight was not our night.

Speaker 3 (00:50):
Tonight was Assemblyman Mandani's night.

Speaker 4 (00:54):
Now.

Speaker 2 (00:55):
Cuomo, i should point out, has previously said if he loses,
he would still run on his newly created Fight and
Deliver party ballot, so he's down but not out there.
Current Mayor Eric Adams has also says he plans to
run in the race in November as an independent and
looking at some other races, City Controller Brad Lander. He

(01:16):
got eleven point four percent in that mayoral primary, far
fewer than expected. A lot of his supporters just straight
out voting for Mamdani. It looks like and in other
races were also looking at mayor Manhattan District Attorney Alvin Bragg.
He's the winner in his primary. Denise Pelgrene Bloomberg Radio, and.

Speaker 1 (01:36):
We should note that Michael Bloomberg, founder and majority owner
of Bloomberg Radio parent Bloomberg LP, has endorsed Andrew Cuomo
in the democratic primary. America's recent bombing of Iran's nuclear
sites may have fallen short of the claims issued by
the White House. A report produced by the Defense Intelligence
Agency says the strikes likely did not cripple the core

(01:58):
components of Iran's nuclear program below ground, including its centrifuges.
The report says the strikes did set back the program
several months to as much as a year, with considerable
damage on the surface. Here's General Frank McKenzie, former commander
of US Central Command.

Speaker 5 (02:15):
We certainly should not consider it as defenditive. This still
very early after the attack. It'll take a little while
to come to finality on what the battle damage assessment is.

Speaker 1 (02:26):
That is General Frank McKenzie, former commander of US Central Command. Meantime,
Israel and Iran appear to be honoring a ceasefire broken
by President Trump late Monday, there were reports of Israeli
air strikes and Iranian missile launches continuing past the deadline
at midnight Washington time. President Trump spoke to reporters earlier
today aboard Air Force One.

Speaker 6 (02:47):
I'd like to see everything calm down as quickly as possible.
Regime James takes chaos, and ideally we don't want to
see so much chaos, so to see how it does.
You know, the Iranians are very good traders, very good
business people, and they got a lot of oil. They
should be fine. They should be able to rebuild and
do a good job. They're never going to have nuclear

(03:09):
but other than that, they should do a great job.

Speaker 1 (03:11):
Now. Israel did acknowledge at least one strike following the deadline,
saying it responded to incoming Iranian missiles, and at the
same time, the UN Nuclear Watchdog says it's ready to
resume inspections in Iran Treasury Secretary Scott Besson said today
House and Senate Republicans can cut a deal on the
issue of state and local tax deductions within the next

(03:34):
two days. These comments suggest lawmakers may resolve one of
the key issues that has stymied President Trump's economic legislation.
Here is Beson speaking to reporters earlier on Capitol Hill.

Speaker 3 (03:45):
I had a very successful lunch meeting with the Senators.
I think that we are on track for a hopefully
for a vote this Friday for July fourth. For the
tax bill. Is doing peace deals, tax deals, trade deals,
so you've done a peace steel I think we'd have

(04:06):
the tax ill done by July fourth, and then we
can finish with the.

Speaker 1 (04:11):
Trade deals that is US Treasury Secretary Scott bessont there now,
lawmakers from high tax states are pushing to raise the
cap on state and local tax deductions to forty thousand dollars,
with a vote in the Senate expected as early as Friday.
Besson says the bill's passage would unlock the administration's ability
to wrap up key trade deals. After the bail FedEx

(04:34):
slashed it's earnings forecast for the current quarter. This reflects
the company's current economic outlook, and it assumes no further
negative developments in global trade or in the economic and
geopolitical environments. We got reaction from Craig Fuller. He is
the founder and CEO of the price reporting agency freight Waves.

Speaker 4 (04:53):
I think the volatility that we're seeing in the logistics
market is in many ways unprecedented. It can be compared
to COVID, but a lot of uncertainty calls by policy decisions.
So really the war, because of the fact that it looks,
at least at this point contained, it's less of a factor.
What we're looking at is just US trade policy and
how it impacts the rest of the world, how they

(05:13):
respond to it.

Speaker 1 (05:14):
That is Craig Fuller of Freightways speaking earlier to Bloomberg. Incidentally,
the shares and FedEx were down more than five percent
in late US trading, and that is news when you
want it with Bloomberg News. Now, I'm Doug Chrisner, and
this is Bloomberg