Israeli Troops Encircle Gaza City; Trump to Testify at Civil Trial

On today's podcast: 1) The United Nations said no foreigners, dual-nationals or injured Palestinians were able to leave the Gaza Strip over the weekend . Israeli troops encircled Gaza City and effectively cut off the northern part of the Palestinian territory from the south, according to the military. 2) Donald Trump Jr. told a judge he wasn’t involved in preparing financial statements for his father’s real estate company t hat are at the center of New York state’s civil fraud trial. 3) Billionaire investor Warren Buffett's Berkshire Hathaway is feeling the effects of the deals drought . Its cash pile scaled a fresh record in the latest quarter, hitting more than $157 billion. 4) Plus, Kansas City Chiefs beat the Miami Dolphins and the Buffalo Bills lose to the Cincinnati Bengals. Full Transcript: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with the latest on the war. Israel's military says its ground forces have now encircled Gaza City and taken control of a Hamas base. We get more from Bloomberg's Paul Wallace. They stepped up their assault overnight and they've now encircled Gaza City, which the Israeli military has described as the center of gravity for Hamas's operations. They also say they've effectively cut the Gaza Strip in two now between the north, where they're focusing their military activities, and the south, where they're hoping, since the side of this conflict, for civilians to evacuate too. And Bloomberg's Paul Wallace reports Israel also says a humanitarian corridor for Gaza City area residents to move south remains open well. Nathan Diplomatic efforts to stop the fight and continue. Secretary of State Anthony Blincoln is now in Turkey after an unscheduled to stop in Baghdad. B Lincoln says more needs to be done to get aid and to go. We have about one hundred trucks a day going in. That's good, but it's grossly insufficient. So now we're working on raising that significantly so that more aid in a sustained way gets into a Palaestine who needed and Secretary of State Blincoln also met with Palestinian Authority President Mahmuda Bass in the West Bank on Sunday, and Karen is Israeli bombardments continue. Senior US senators are raising growing alarm about civilian casualties. Independent Vermont Senator Bernie Sanders says Israel needs to stop the bombing. Now, you had six hundred over six hundred thousand people pushed out of their homes. Where are they going? They're staying in United Nations facilities overcrowded. This sononof water, do zunonof food, the sononof medicine, not enough fuel. You got a humanitarian disaster. Senator Sanders spoke on CNN State of the Union. White House Deputy National Security Advisor John Finer says he shares that concern, but Israel needs to address the threat from Hamas. Not only does that threat continue to exist, but you can see to see Hamas say that if given the opportunity, they would conduct a version of what they did on October seventh, again, so the threat has not been eliminated. Deputy National Security Advisor John Finer was a guest on CBS's Faced the Nation, which you can hear every Sunday right here on Bloomberg Radio. Well, Nathan, we now turned to the civil fraud trial of Donald Trump. The former president is scheduled to take the stand today. On bloom Bloomberg's Ed Baxter has the story, Donald Trump has made a living touting his worth and business acumen, and today prosecutors will directly question him an open court about what the judge has already ruled their inflated values. His son Eric says his dad is very fired up. He's already been fined fifteen thousand dollars and two fines for violating a gag order, and the past is called the judge unhinged Trump hating radical left democratic operative. In deposition, he called it the greatest witch hunt in the history of the country and called Attorney General Letitia James an out of control prosecutor Ed Baxter and Work Radio, all right and thank you. In geopolitics, Treasury Secretary Janet Yellen and her Chinese counterpart will hold two days of talks in San Francisco this week. It's a step toward more normal ties ahead of a long anticipated meeting between the leaders of the world's two largest economies, Yellen and Chinese Vice Premier Holy Fang, the nation's top economic official, will meet Thursday and Friday. Turning to the markets, now, Nathan A record for Warren A. Buffett is Berkshire Hathaway's cash pile, reaching more than one hundred and fifty seven billion dollars. It was fueled by elevated interest rates and a lack of meaningful deals. Begin more from Bloomberg's Charlie Wells, this feels a little bit like a good and a bad problem. So sort of going, say, as a regular person to the store, having a lot of cash and not knowing what to do with it because you just don't see anything to buy. That is sort of a problem written large for Berkshire Hathaway right now, where a lot of the money that they do have is parked in short data treasuries. They have been really feeling the benefit of the yields there. But for this company that is known from making smart long term investments for acquiring companies that Buffett really believes in This just seems to indicate there's not a lot of value out there right now. It's Bloomberg Financial reporter Charlie Wells who says Berkshire reported operating earnings of more than ten and three quarter billion dollars in the quarter, and meantime, Karen wall Street's looking for another busy week for earnings, and we get a preview of that from Bloomberg's Charlie Pellett. Just over four hundred members of the S and P five hundred index have reported so far, and many US companies have been putting on a better than an expected show for their third quarter results, boosting investor confidence. Nattie lovell Is, Senior US Equity Strategistic, UBS Financial Services, the early season is coming in better than expected, and so we think that the outlook continues to improve. Among some of the names reporting this week, the Walt Disney Company, Armholdings, Biogen, Devin Energy, d R, Horton, Ubs, and Uber in New York. Charlie Pellett Bloomberg Radio, All right, Charlie, thanks, so he turned to the economy now. At Atlanta, FED President Raphael Bostik said policymakers can be patient when it comes to interest rate moves. Today, my outlook is that we're going to stay on that slow and steady and if we continue to do that, then I think where we are now will be sufficiently restrictive to get us to the two percent level for inflation. But there's still a lot that's going to happen between now and even the next meeting. Helena FED President Rafael Bostik made the comments in an interview with Bloomberg. So Michael McKee and catch the entire interview on the Bloomberg Talks podcast and Karen. Elon Musk has revealed his own artificial intelligence bought to challenge chat GPT. It's called Grock and it is the first product from Musk's Xai company. It is now in testing with a limited group of US users. Earlier this year, Elon Musk was among signatories of a petition calling for a pause in advancing AI models in order to allow for the development of shared safety protocols. Time now for a look at some of the other stories making news around the world. For that, we're joined by Bloomberg's John Tucker, John good Morning, and Karen the Biden Administration providing sixteen point four billion dollars for rail infrastructure projects along Amtrak's busy Northeast quarter. Let's get more in this report from Washington and Bloomberg Steed Podisk. The new funding includes three point eight billion dollars for the Gateway Hudson River Tunnel, which officially began construction Friday. It will benefit twenty five passenger rail projects overall. The money will help to rebuild tunnels and bridges, upgrade tracks, station power systems and signals, and advance projects to increase operating speeds. The Northeast carridor stretching from Boston to Washington, is the most heavily traveled rail corridor in the country, supporting eight hundred thousand trips per day in a region that represents twenty percent of the US economy. Some projects will be finished within the next few years. Steve Potisk, Bloomberg Radio. Federal health officials are expanding in investigation into potentially lead tended pouches of apples in them and fruit marketed for children. The MPDAS received reports of seven illnesses in at least five states. John Eastman says the only thing he could be guilty of is giving bold legal advice to former President Donald Trump. Eastman is one of the nineteen defendants indicted on charges of election fraud and racketeering over alleged efforts to overturn the results of the twenty to twenty presidential election. This is a bridge too far in our criminalization of the law and our criminalization of our political opposition, Eastman spoke on CBS's sixty Minutes. Iowa Governor Kim Reynolds will endorse Florida Governor Ron de Santis for the Republican presidential nomination at a rally in Des Moines today. An endorsement by the pocket of governor would be a win for Dessantis, who struggled to maintain early momentum Donald Trump to right at Reynolds in Dessantis in a post on his Truth social platform on Sunday, saying her endorsement of his rival contender will be the end of her political career. And Benjaminetye, who suspended a far right minister indefinitely from his government after he claim dropping a nuclear bomb on Gaza was quote a possibility. Global News twenty four hours a day, whenever you want it with Bloomberg News now I'm John Tucker, and this he is Bloomberg. Karen. All right, John, thank you. We bring you news throughout the day right here on Bloomberg Radio. But now, as John said, you can get the latest news on demand whenever you want it. Subscribe to Bloomberg News Now to get the latest headlines at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot com plus Apple, Spotify, and anywhere else you get your podcasts. It is time now for the Bloomberg Sports Update. Here's John stash Hour. John herein the NFL. Sunday began in Frankfurt, Germany, battle of AFC Division leaders, and the Chiefs led the Dolphins twenty one up at a halftime, held on beating Miami twenty one to fourteen. Kansas City seven and two tied for the best record of the AFC with Baltimore. The Ravens fourth straight win was an easy one thirty seven to three over Seattle. The night ended with Cincinnati stayin hot a fourth straight win with the Bengals. They beat the Bills twenty four to eighteen. Joe Burrow through for three hundred and forty eight yards and two touchdowns. Buffalo had a chance to move into a tie for first with Miami. Cincinnati remains a game behind Baltimore. The Commanders first win at New England since nineteen ninety six. They beat the Patriots twenty to seventeen. Sealed the win with a late interception. The Patriots are two and seven. They are one and four at home. C J. Stroud put on a performance in Houston. The rookie quarterback set a record for most passing yards ever by an NFL rookie QB four hundred and seventy yards. He threw for five touchdowns and including the game winner with six seconds left. Houston in a wild one beat Tampa Bay thirty nine to thirty seven. Minnesota is without its starting quarterback, Kirk Cousins. They started a rookie Jaron Hall, then he went out with a concussion, so they put in Joshua Dobbs, who they acquired Tuesday, and he threw a touchdown pass with twenty two seconds left. The Vikings beat the Falcons thirty one to twenty eight. NFCE showdown in Philadelphia, the Eagles beat the Cowboys twenty eight to twenty three. The Eagles are eight and one. John Stash. There were Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on SYRIASXAM, the Bloomberg Business app, and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. Israel's military now says it has Gaza City surrounded and a Hamas base under its control as the ground defensive continues. That' says Secretary of State Anthony Blincoln, wraps up another whirlwind diplomatic trip to the Middle East to try to keep the war from spreading. For the latest, we are joined by Bloomberg Israel Economy and Government reporter Galite Alstein in Tel Aviv, Ghalie. Good morning. First, could you update us on all that's been happening on the ground since then? Yes, Hi, Nathan, as I can so. As you mentioned, the Israeli army is now encircling Gaza City and has also cut the entire northern part of the Gaza Strip from the southern part. Idea of spokesperson Daniel Hagari tells us last night that essentially there is a northern Gaza and a southern Gaza at this time. Last night, the Israeli Army carried out a massive attack on Hama's infrastructure that's below and above the ground, and the Ideas referred to this as a significant operation during which internet and telecom services have been disrupted in Gaza for the third time since the fighting began. Israeli Army reports that they have struck four hundred and fifty targets from the air over the past day. Overnight, they have taken control of a Hamas military compound. They also say that Jamal Mussa, who was responsible for the special security operations of Hamas, was struck and killed by Israeli fighter jets, and Hamas battalion commanders were also killed in battles, and this was on the ground. With these kinds of advances that are being reported by the Israeli military, there becomes the question about whether this war can head into a new phase, perhaps a more tactical phase. Is that the kind of thinking that's being bandied about now in leadership circles in Israel right now. Yeah, so we're not being told everything on the on the ground maneuver. So what we can say though, is that right now the Israeli Army is definitely concentrating on a more precise operation in Gaza city. There right now, I'm basically encircling the very center of the some city and they're tackling what is over there, like I said above, and beneath the ground. There's also very complex array of tunnels that is underneath some Gaza city, and that is a very hard operation to tackle these tunnels, to find the piers, to block them, or to even go inside. So that's I think the big challenge for the ground forces at this time. And along with the reports that Hamas leadership has been killed, we are also hearing continuing reports of a mounting civilian toll as well, and growing concern here in the United States from the White House and Democratic lawmakers about that what impact, if any, is that having on Israel's thinking. So, you know, we were seeing first of all, I think we should mention that the Palestinian deathil is now said to be almost ten thousand, nine hundred, seven hundred and seventy people that were killed in Gaza. And this morning the Idea of announced that it will once again allow safe passage on one of the main roads in Gaza for four straight hours and calling residents in North Gaza to move south for their safe on the humanitarian aid. So we have seen that grow slightly larger than over the past few weeks. Yesterday, seventy trucks that were carrying international humanitarian aid were transferred to Gaza via the Rafa crossing. We've also heard Jordan's King Abdallah the second Stay that his nation air dropped urgent medical aid to a Jordanian field hospital in Gaza City. So Israel is allowing more and more humanitarian truck truck some trucks carrying humanitarian aid to come into Gaza. Still no fuel is allowed to go into the strip. Also, the Rafa crossing has been shut down against after after it was opened for several days late last week for foreigners and dual nationals or injured Palestinians to leave Gaza for the first time since some fighting started. So now this crossing is closed again for people. So the trucks are coming in from for Egypt, but the people are not allowed to leave Gaza. This is after the Israelian military claim responsibility for deadly attack on an ambulance near a hospital, although Israel said it was carrying Hamas fighters and in any case, this has brought Hamas to stop enabling people to leave Gaza through the Rougher crossing. This is Bloomberg day Break Today, your morning brief on the story's making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one six to one in Boston, and Bloomberg nine sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus, Let's and Coast to coast on the Bloomberg Business app, serious XM Channel one nineteen, the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak See omnystudio.com/listener for privacy information.