Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Netflix dropped out of the fight to buy Warner Bros. Discovery, clearing the way for rival bidder Paramount Skydance Corp. to clinch its $111 billion deal for the historic Hollywood studio.

(2) In the UK, The Green Party won a special election for a Manchester seat in the House of Commons, underscoring the threat posed to UK Prime Minister Keir Starmer’s governing Labour Party on its left flank.

(3) Anthropic rejected the Pentagon’s latest offer in a dispute over safeguards around the use of its artificial intelligence technology by the US military, escalating the standoff a day before a government deadline for the company to drop its restrictions or face severe consequences.

(4) US and Iranian officials ended the latest round of nuclear talks in Geneva on Thursday by agreeing to reconvene as soon as next week, opening the door to further diplomacy even as President Donald Trump masses military forces in the region.

(5) Former US Secretary of State Hillary Clinton said she denied any association with disgraced financier Jeffrey Epstein during a “repetitive” hours-long deposition before congressional investigators Thursday.

Podcast Conversation: What the First Billionaire Reveals About the First Trillionaire

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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Nvidia the dominant maker of artificial intelligence processors, failed to impress investors with its latest sales forecast, signaling that concerns about an overheated AI economy will continue to dog the company.

(2) President Donald Trump’s new tariff program will leave about €4.2 billion ($5 billion) of European Union exports facing levies above the 15% ceiling agreed in the EU-US trade accord.

(3) The UK’s top banks are resisting a regulatory initiative to boost lending by lowering their capital levels, people familiar with the matter said, casting doubt over an effort to boost growth.

(4) Cuban forces killed four people who had opened fire from a speedboat with Florida tags, an incident with the potential to escalate an already tense standoff with the US.

(5) The Trump administration imposed sanctions on more than 30 entities that support Iranian oil and weapons sales, ramping up pressure on Tehran amid nuclear talks and the looming threat of US airstrikes.

(6) President Donald Trump said this week the US would “easily” prevail in any military confrontation with Iran. Recent activity on the ground in the Islamic Republic, though, indicates any victory might be short-lived.

Podcast Conversation: Middle-Aged Patients Fuel Growing Demand for Subtle Nose Jobs

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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) President Donald Trump offered a strident defense of his administration and economic record, declaring the nation is “bigger, better, richer and stronger than ever before” in a State of the Union address that contained few new policy announcements.

(2) HSBC reported better-than-estimated earnings for 2025 as Europe’s largest bank closed out a year in which its market value broke through £200 billion ($270 billion) for the first time in its history.

(3) A few weeks ago, analysts at UBS Group AG laid out a worst-case scenario for defaults in the private credit sector. Their outlook is even more grim now.

(4) Money manager Danny Moses, immortalized in The Big Short, said private credit and private equity firms’ push into retail products reminds him of the years preceding the subprime mortgage crisis.

(5) European Commission President Ursula von der Leyen said the bloc will deliver on its €90 billion ($106 billion) loan package to Ukraine “one way or another” as the war-battered nation is set to run out of funds in a matter of weeks.

(6) Lawyers acting for Peter Mandelson, the former UK ambassador to Washington who was linked to convicted sex offender Jeffrey Epstein, said his arrest at home was prompted by a “baseless” suggestion that he was about to flee the country.

(7) Spain is the euro zone’s fastest-growing major economy since 2022, but construction hasn't kept up and now its housing crisis is reaching a boiling point.

Podcast Conversation: MAGA Meets Europe: Trump’s Envoys Rip Up Diplomatic Playbook 

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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Donald Trump’s new 10% global tariffs went into effect on Tuesday, kicking off a White House effort to preserve the president’s trade agenda after the Supreme Court struck down his original sweeping duties.

(2) The artificial intelligence “scare trade” erupted again on Monday as growing concerns about the disruptive power of AI dragged down shares of delivery, payments and software companies, and sent International Business Machines Corp. to its worst plunge in 25 years.

(3) JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon, asked about fierce competition across the financial industry, said he’s starting to see parallels to the era before the 2008 financial crisis, when a rush to make loans ended disastrously.

(4) UK police arrested Labour Party grandee Peter Mandelson on suspicion of misconduct in public office after the US Department of Justice released emails allegedly showing him forwarding government information to convicted sex offender Jeffrey Epstein.

(5) President Donald Trump’s efforts to end Russia’s invasion of Ukraine are stalling with peace talks deadlocked and the fighting largely at a stalemate after four years of war.

(6) Progress towards gender equality at the top of British businesses is 'achingly slow'. That's according to the CEO of the FTSE Women Leaders Review, which has released its latest report.

(7) Meta and its partner EssilorLuxottica are at an early lead in the market for smart glasses, but are finding they come from two very different corporate traditions, with distinct priorities.

Podcast Conversation: As Trump’s Takeover Threats Wane, Greenland Refocuses on Tourism 

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Your morning briefing. All the news you need to start your day

On today's podcast:

(1) Senior US officials said President Donald Trump’s tariff defeat at the Supreme Court won’t unravel deals negotiated with US partners as they sought to defend the administration’s assertive trade policies. 

(2) The European Parliament’s trade chief will propose freezing the ratification process of the European Union’s trade deal with the US until they’ve received details from President Donald Trump’s administration on its trade policy.

(3) After boasting for months about its preferential trade deal with US President Donald Trump, the UK is at risk of becoming the biggest loser in the aftermath of the Supreme Court’s decision to strike down his global tariffs.

(4) Oil fell as investors weighed the odds of a nuclear deal between the US and Iran, with more negotiations on the issue expected later this week as American forces mass in the Middle East.

(5) Hungary plans to block every European Union decision concerning Ukraine, including a new sanctions package against Russia and key loans, until oil starts flowing again through the Druzhba pipeline in western Ukraine.

(6) Berlin dentists entrusted €2.2 billion ($2.6 billion) in retirement savings to a group of colleagues with more experience filling cavities than managing money. Now half of it is gone.

Podcast Conversation: The New Economics of Going Out Have Transformed Clubbing

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to earnings from chipmaker Nvidia along with a focus on 3 stocks for the week ahead. 
• In the UK – a look ahead to a special election in the UK.
• In Asia – a look ahead to India Prime Minister Narendra Modi’s two-day visit to Israel.

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The Supreme Court has struck down Donald Trump’s sweeping global tariffs.

Breaking news analysis from Bloomberg:

In a 6 to 3 ruling, the Court struck down President Donald Trump’s sweeping global tariff program, dismantling his signature economic policy and delivering his most significant legal setback since returning to the White House. 

The justices ruled that the President exceeded his authority by invoking a federal emergency powers law to impose so-called reciprocal tariffs worldwide, along with targeted import taxes the administration said were necessary to combat fentanyl trafficking. 

However, the Court did not address whether importers are entitled to refunds. That issue now returns to a lower court, and the financial stakes are substantial. If refunds are ultimately required, they could total as much as 170 billion dollars, more than half of the total revenue generated by the tariff program. 

For instant reaction and analysis, Bloomberg Intelligence co-hosts Paul Sweeney and Scarlet Fu speak with:

Tyler Kendall, Bloomberg Washington Correspondent
June Grasso, Bloomberg Legal Analyst and host of Bloomberg Law 
Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners 
Dave Townsend, Partner at Dorsey and Whitney

Stay with us as we break down the legal reasoning, the economic implications, and what this means for the administration’s broader trade agenda.

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Your morning briefing. All the news you need to start your day

On today's podcast:

(1) The US military is stationing a vast array of forces in the Middle East, including two aircraft carriers, fighter jets and refueling tankers, with President Donald Trump saying that Iran had 10 to 15 days at most to strike a deal over its nuclear program.

(2) US President Donald Trump’s latest retraction of support for Britain’s deal to hand the Chagos Islands to Mauritius comes as the UK government holds off giving permission for him to use the Diego Garcia military base in the archipelago for any possible strike on Iran.

(3) The arrest of Andrew Mountbatten-Windsor on suspicion of misconduct in public office is a fresh nadir for the UK's most powerful family.

(4) European Central Bank President Christine Lagarde reiterated calls for global partnership to salvage an international order that not only benefits the strongest.

(5) Bank of America is committing $25 billion to private-credit deals, joining its Wall Street rivals in putting its own balance sheet behind lending in the fast-growing market, according to people with knowledge of the matter.

Podcast Conversation: The Boss’s Best Party Ever

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Instant reaction to the arrest of former Prince Andrew.

Mishal Husain, host of The Mishal Husain Show, joins Bloomberg’s Tom Keene and Paul Sweeney to discuss the latest developments after Andrew Mountbatten-Windsor, the brother of the UK’s King Charles, was arrested on suspicion of misconduct in public office after further details emerged of his relationship with convicted sex offender Jeffrey Epstein.

King Charles III issued a statement outlining his “deepest concern” about the matter, and promising Buckingham Palace’s “full and wholehearted support and co-operation” with the investigating authorities.

“What now follows is the full, fair and proper process by which this issue is investigated in the appropriate manner,” Charles said. “Let me state clearly: the law must take its course.”

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Your morning briefing. All the news you need to start your day

On today's podcast:

(1) Federal Reserve officials appeared surprisingly wary of cutting interest rates when they met last month, with several even suggesting the central bank may need to raise rates if inflation remains stubbornly high.

(2) OpenAI is close to finalizing the first phase of a new funding round that is likely to bring in more than $100 billion, according to people familiar with the matter, a record-breaking financing deal that would give the startup additional capital to build out its artificial intelligence tools.

(3) French President Emmanuel Macron said the free speech defense of social media platforms is “pure bullshit,” pushing back against a key foreign policy goal of President Donald Trump.

(4) Oil steadied after its biggest daily gain since October, following a report that American military intervention in Iran could come sooner than expected.

(5) Nestlé is considering further reducing its footprint in the ice cream business, as new Chief Executive Officer Philipp Navratil reviews the company’s sprawling operations, people with knowledge of the matter said.

(6) Denmark's economy looks robust on paper, with employment at a record high and public finances strong, but many Danes are anxious about their professional futures due to layoffs at major companies. 

Podcast Conversation: Travellers Are Dying To Solve A Murder Mystery On Vacation

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