tv Varney Company FOX Business June 13, 2023 10:00am-11:00am EDT
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stuart: good morning, a little rolling stones. it is 10:00 eastern and we go straight to the money. the dow industrials are up 146 points. the nasdaq which was up more than 100 points is up 50 but we will take it. the bottom right-hand corner of the screen, most of the dow 30 are in the green. it is a rally day today. 10 year treasury yield slightly lower, this one is slightly higher, 377 on the 10 year, the price of oil $70, $69.72 and bitcoin is up back to the $26,000 level. that's the market on this inflation day. now this. one of the most beautiful cities in america on the verge of economic and cultural
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collapse. san francisco has become the poster child of urban failure, the fall has been dramatic. i lived there in the 1970s. it was a beautiful city where everyone wanted to be, not now. i use the word collapse. i don't think that's an exaggeration. there is now a sudden rush of people and businesses, on market street, one of the biggest in the city, closing. 19 stores in the union square area including nordstrom, office depot, stores that handle things like cvs and walgreens closing downtown. workers are staying home, staying away, one quarter of the city's office space is unoccupied, that's economic distress bordering on collapse. it's easy to blame crime and drugs for the xo does. wants to visit the world's largest outdoor bathroom.
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underlying it all is cultural collapse. a strong word but justified. stealing is not considered wrong. the law allows shoplifters to take what they say they need. that's the socialist creed, to which according to his need. san francisco was built by capitalism, it is collapsing from an overdose of work socialism. one last point. gavin newsom is elected mayor of san francisco in 2004. he made it a sanctuary city and issued id cards to all those illegals. he is the governor of california and wants to be the president of the united states. the collapse of the city where he was born will surely not help him. second hour of varney just getting started. i want to bring in guy benson. a modest moderate sort of guy
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with the following question. am i being too extreme saying san francisco is on the verge of economic and cultural collapse? what say you? >> i don't think so. it's very sad. a city that has been a gem. absolutely beautiful. i visited there many times and in some ways it is unrecognizable. it is extremely extremely sad what happening and it is not some magical event beyond anyone's control. that intervening in san francisco. this collapse, this dk is the direct result of policies. people decided to do this to the city of san francisco. elected officials have decided to inflict this harm on the city. it was always a very liberal place, not this crazy it has gotten this crazy. they just spent $6 million on a
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big glossy glitzy ad campaign basically begging tourists to come back and within days of that ad being rolled out publicly of you have the closure of two of the biggest, the abandonment of two of the biggest hotels in the city by management and the ownership company and you mentioned one of the biggest malls in the city hollowed out, whole foods gone, walgreens shuttering locations. this isn't happening in a vacuum or accident. this is unfortunately design dk. stuart: is this going to hurt gavin newsom? >> it should. this is the city that he ran in the state he is running but he wants to job promotion again, hell no. stuart: one more. a legal analyst at cnn is slamming the department of justice by slow walking the hunter biden investigation. roll tape. >> this is preposterous. this has been pending since 2018.
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five years, this investigation is not the laptop. this is attacks issue, and obscured gun law and which we are not allowed to do, did he lie about that. this man's the trump administration. i don't know what is going on. stuart: that is on cnn. is the media starting to wake up by the hunter scandal. >> the man has a point certainly, it is not an obscure gun law, about buying a gun, possessing a gun, i have a legal expert to say some of these charges against hunter biden are open and shut, could have been dealt with in a matter of days, weeks, months
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manatt year after year and the wrinkle to this is theirs one whistleblower in the irs saying they are in a position of evidence that the administration is slow walking this inappropriately so there's an aroma of politics involved here, it throws another wrinkle and wrench into the argument we have the same line and treat everyone the same way in america. that's clearly not the case. stuart: crazy times. a former president in the dock may be wearing an ankle bracelet, a sitting president accused of fraud. extraordinary stuff. trying to sort this out in the next 18 weeks. 2024 presidential candidate nikki haley slamming the dnc for not holding primary debates. what exactly did she say? lauren: it is part of the basement strategy to hide the president's weakness thereby protecting him but also boost their newest candidate.
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>> to see a president who can't debate can't lead. welcome to the shadow campaign that is a future president, kamala harris. that is what they are trying to do. they don't want him to debate because they know a primary, he would flounder and he will do worse in a general election but they are trying to hide him as long as they can. it's not going to work. this is about kamala harris. this is about democrats making sure kamala harris is the presidential nominee for the democrat side. lauren: haley is running for the republican nomination for a couple months and she said from the beginning a vote for president biden is a vote for president kamala harris. might not make it. stuart: i a that the other day. i think she is right. to the cpi report after the consumer price index report. consumer prices up 4% in the last 12 months.
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scott shelladdy, what's this about using dollar tree prices instead of the consumer price index to measure inflation. what is this about? >> i have my own show like your show. we have online where viewers can text what they think about the show in real time. sometimes not so good. i like the feedback. a woman wrote in and said we need something more commonsense a bowl than the consumer price index thing which folks can't put their arms around and everything at the dollar tree that used to be $0.99 is marked 25, that is up 25% when you can do something like a dollar tree index. we should start something called the dti instead of the cpi and then another production that came up because cardboard boxes, at my house they are all over the place, a lot of stuff from amazon and the likes and all those deliveries but
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cardboard box usage or production is down 11% from last year and on top of that, those who make the cardboard boxes are running 75% capacity when they normally run when things are good between 90 and 95% capacity. so we thought we should have a cardboard box index, cbi instead of cpi to get everybody out there that is feeling a lot of this inflation be a lot worse than 4%, the real truth about it so we are not using the boxes we did because the economy is down and dollar tree index would say everything is up 25%, it should be noted this report last year's 8.6%. everyone needs to remind themselves they are up 4% from last year's 8. 6% rise% rise so that is why things are hurting. stuart: when i first came to this country one of the big indicators was called boxcar
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loadings. remember that? you are a chicago guy, that was from in the day. let's get the dollar tree index and cardboard box indicator. work that out and see if it compares to the consumer price index which i think is fairly behind. always good, very original stuff, see you again soon. back to the market, looking at the movers including game stock up 6%. >> ryan cohen increased his stake to 12% of the company. that is bad news, last week, fired its ceo, it's fifth ceo in five years and streaming video games is popular right now, behind microsoft if deal, game stop cells important copies and if you' re streaming a video game a videogame in the future, now and in the future you can go into game stop. they have some issues.
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stuart: what just came up on my prompter, manchester, you are to give the report on manchester. >> fill in all the blanks of all your knowledge. there's a report that the son of i say qatar, the former prime minister made the winning $6 billion bid for the club. that would be more than general radcliffe and the owner, the american blazer family wanted 7.5 billion so it looks like they might be getting 61/4 billion. stuart: manchester united may be owned by gulf oil, their neighbors, manchester city even more famous, they just won the european championship, the saudis just bought golf and are buying into soccer as well. the explosion of middle eastern money into western sport is
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interesting. lauren: they are sitting on a lot of oil money at want to diversify beyond oil before it goes green. stuart: let me move on to netflix. lauren: reports they are testing a live streaming service for sport starting with the liberty golf tournament or formula one driver tournament. they stayed away from live sports because of the expenses but they could be getting and according to the wall street journal. could happen this fall. stuart: netflix is up again. paul mccartney says artificial intelligence helped create what he calls the final beatles record. details coming up. california governor newsom defending reparations but says it doesn't mean, doesn't have to mean writing a check in. his comments not sitting well with folks who are demanding millions in cash. kelly o'grady will have that
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story. sean hannity pressed newsom on the homelessness crisis in his state. >> the state has not made progress in the last two decades. housing costs are too high, regulatory thickets are too problematic. stuart: is the situation so bad that there is no obvious solution. jason rantz, our west coast guy on that next. ♪ ♪ sam who make...? ...everyday products... ...designed smarter. like a smart coffee grinder - that orders fresh beans for you. oh, genius! for more breakthroughs like that... ...i need a breakthrough card... like ours! with 2.5% cash back on purchases of $5,000 or more... plus unlimited 2% cash back on all other purchases! and with greater spending potential, sam can keep making smart ideas... ...a brilliant reality!
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levels in a year. favorable inflation news producing a good rally on the market. san francisco exodus, who is leaving now? lauren: en market seat, largest mall in san francisco. they have been operating for 20 years but they have seen a decline in shoppers and sales. they put numbers on a, traffic down 43%, sales 3%, sales down 35% from just before covid. now it will be given back to its lender and the san francisco doom continues. they are calling it the next detroit. the new mayor commented on this and said we have a new vision. what does that include? what's your new vision? who is going to come? who is going to invest money? where are your shoppers? it will be a rehab center. stuart: a collapsing situation.
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we have california governor gavin newsom defending the reparations plan. reparations don't mean that, quote, write a check. kelly o'grady has the story. what is their reaction to newsom's comments? >> i say that because the california reparations task force story has held public meetings, many for residents to share their thoughts previously and those individuals have been clear that money is necessary, their vote is tied to reparations and even warned of what will happen if they aren't paid what they are road. but they feel they are road. the governor has shown support for reparations in the past but wouldn't commit to a number on hannity last night. >> doesn't have to be in the frame of writing a check. reparations comes in many forms, reparations is more than about money. that implies a deeper
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rationalization of what is achievable, what is reasonable and what is right. >> reporter: the final proposal is due july 1st but the most extreme price tag proposed has been 1.4 million. eligible requirements are being determined. it does allude to the fact the number could grow. one recommendation a task force with maker did the state to develop social programs and issue a formal apology, despite slavery never being legal in california. the proposal doesn't insure expected costs but the task force indicated it could run $800 billion. the question from critics is have to pay for this, the state is facing a budget deficit $31.5 billion up $10 billion from a few months ago. it will be up to governor and legislature to figure out if they approve it but back to what you said in the beginning it is of real concern what happens. how will people react if the reality doesn't meet the expectation. stuart: thanks very much. governor newsom was pressed on the homeless crisis during his
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interview with sean hannity. >> the state is not made progress as it relates to homelessness. housing costs are too high, regular tour thickets are too problematic. people eau claire pushing back against housing starts. i've been there four years and can't make up for the fact that in 2005 we had a historic number of homeless under the republican administration. stuart: jason rantz is with me now. i heard a lot of blame there but i heard no suggestion of a solution. >> there solution or what they think is the solution has everything to do with housing. he mentioned housing costs are too high. homelessness is not due to high housing costs. if that were the case there would be so many homeless people who are dealing with mental health issues that have not been addressed.
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people who were not born homeless, you fall into an addiction in particular you lose connection with family members and friends. if i god for bid were in a position i could not pay my rent this month, i have people i can go to that would be able to help in the short term but when your life is been completely consumed by this addiction you end of alienating everyone around you, you end up on the street and end up in this position that i could give you a house but you will just continue to use and die of an overdose inside. stuart: it seems there is no solution. later in the show, the county supervisor on the show wants to ban homeless encampments in san diego. i don't know whether the aclu will accept that. are we allowed to ban encampments? >> the aclu at this point will get in the way of anything someone who's a moderate republican would put out there.
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the fact is you can in fact ban encampments, you need space for them to go but the problem is the places that they create for homeless people which has become a larger encampment with several small ones spread out throughout the city. you going to portland because that's exactly what they did people are living next a massive encampments, complaining about open drug use crime that is happening all over the place. at the end of the day the money should be going into treatment. when we get these people treatment we can at least get them on the right path, start to get a job. we can subsidize in the short term and help people get by. the long-term solutions folks are not serious about tackling. stuart: as sean hannity pointed out, florida had the same homeless problem unlike california. it is a policy thing.
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this is of interest to me. dane county, wisconsin is considering a new resolution. they want to declare themselves a sanctuary city for self identified transgender and non-binary individuals. this includes children. what do you make of that? >> the good news is it's a useless signal, that's all this is because part of their resolution is if there's a state law that prevents a minor from getting gender reassignment surgery or urging the sheriff not to enforce, don't know if it will go anywhere but of what they are doing. they keep spreading this narrative that the lgbt community is under threat, particularly transgender individuals because there is reasonable pushback against folks, who say gender reassignment surgery or energy any surgery intervention for child is an appropriate. i can tell you as someone who's
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a member of the lgbt community there is a lot more pushback from our perspective as relates to minors as folks on the left and folks in the media want to admit. stuart: jason rantz, good stuff, thanks for joining us, we will see you again. a new report shows hundreds of millions of dollars in covid relief aid were stolen or misspent during the pandemic. we will break down those numbers which are truly shocking. we told you about people trying to lose weight with ozempic, it is anxiety and depression. doctor marc siegel is next. ♪ ♪
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lauren: battery technology is better giving vehicles longer range, talking 750 charge potentially and they charge fast, talking 10 minutes, cheaper to manufacture. stuart: they said ten minutes to recharge a battery which will give you 750 mile range, no matter the stock is up 6%. lauren: they are lagging when it comes to ev sales, they are betting people use traditional gas as well as charging them, they are -- 12 million evs electric vehicles by 2030. it shows where they are. stuart: that is the story. then we've got archer aviation. i'm member them from flying taxis. lauren: this is been rumored but it is now official, their
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chief safety officer, someone who is working to put the rules in place, shares are up today. stuart: we had him on the show, short-haul trips, then we have urban outfitters. lauren: they own anthropology, they are up 4%, morgan stanley upgraded them to a price target of $41, they say they are sufficiently deep. a one they offer $41 a share. lauren: they are up 50%. stuart: percentagewise that is great but with the gains we expect from big tech, $50 a day. lauren: it is such a narrow market. there are other more traditional ones. stuart: here we go. why was the energy drink
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celsius searched millions of times on tiktok? lauren: for weight loss. it was rumored it contained a chemical in ozempic which is not true, they say not true but people especially on tiktok searched the phrase celsius ozempic drink more than 11 million times so celsius said that is false but the drink seems to have hit the sweet spot with many. you could lose weight. increases your metabolism but it does not contain ozempic. it is like the new ai. the numbers go up and the weight goes down but sales numbers go up. of the one we have been talking about people using ozempic for weight loss but many users report a decrease in anxiety and depression since they started using it. that's what they say. doc siegel will straighten it
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out. weight loss drugs like ozempic are treating binge eating disorders. is this a new all-purpose class of drugs? >> it may be. i say may be because what we can't prove yet is whether these effects are the benefits of looking down and saying where did my gut go? so you feel better and look better and maybe that increases your depression but increasing studies show a positive effect of ozempic on the brain. they are stabilizing, decreasing is that surge of dopamine after that causes more eating. it is addictive eating. when it tastes good you get the hormone and this is blocking it. what does ozempic do? it stop sugar released from the liver, it causes delayed emptying of the gut and this is the key, big study in south korea is showing this.
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it works on the hormones in your brain, causes the hormones to change so you don't feel hungry and don't feel anxious. i think this is a real finding. stuart: is there a shortage of ozempic on the market? doctors are prescribing it for weight loss? >> yes. first of all that is approved for weight lost and ozempic is for diabetes, both can work for both but i'm disturbed by this, the first group i'm looking to target with ozempic are diabetics who are also obese. they get sugar under control and get them to lose weight and as a cure for diabetes to lose weight if you had diabetes in the first place. we have a problem. they are ramping up production. we are seeing more more and more of the drug, less and less of a shortage but assurance is not covering it for this but insurance is not covering ozempic.
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they are ramping up production. another last thing. pfizer is coming out with a pill for this. these are shots, once a week shots. pfizer coming out with a pill looks very promising, should be on the market in three months. stuart varney asks when it will be in the doctor's office? six months. stuart: one last one. fda panel has approved the all liners drug, the clinical trial showed robust, clear and consistent results slowing the progression of the disease. tell me more about this. >> we never have a segment we don't talk about alzheimer's and i will tell you again it doesn't apply to you at all. this is an audition, we don't have a single cobweb in that brain. when lauren was on last week for the same level of incredible interviewing but seriously here's the issue with this drug, it decreases, by
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27%. and the plaques, it can lead to brain swelling, and on the road to walls i mers, 70% effectiveness. >> we are out of time, one of these heartbreaks coming up. and and their new ap analysis, shows how much covid relief money was stolen or wasted, tens of billion dollars. >> this is an associated press study, those are the numbers.
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280 billion, misspent, they are expected to go of the investigation digs deeper. it is so easy. when the government was giving covid money you wanted it to get in people's pockets. and and they applied for checks and, taking healthcare money, it is a drop in the bucket. -- >> thank you very much indeed. for the first time in three years borrowers have to begin paying off their student loans again. people are asking tips for
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♪ stuart: that is distinctively london, you can see it is 82 °, we are playing the song the beatles come together because paul mccartney says he used artificial intelligence to help create what he's calling the final beatles record. he told a british radio station the technologies being used to extricate john lennon's voice from an old demo so the song
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could be completed. mccartney did not say which song it is but will be reduced that is released later this year. we to i assume one that was never finished. what would it be. one other thing about this. stuart: i obviously don't. the department of education clarified when student loan payments will restart? lauren: october. it has been three years. students will start to repay their debt. 45 million student borrowers have to resume their payments this fall. interest start adding up september 1st. the party is over. what about the supreme court decision on student debt relief, we are waiting for that this summer, waiting to see how the supreme court rules. either way because of the debt ceiling deal struck between republicans and democrats, would be required to pay
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something come october. stuart: just buying votes. lauren: when the bill is due after this summer. stuart: i want to get back to this perpetual tipping story. we picked the mother load of comment. lauren: i feel guilty all the time. lauren: them stuart: you got to to just about everything these days. after 25 has been following this story it is with me now. we know how customers feel about a tip for everything. what about business owners? >> reporter: we spoke to a restaurant owner considering getting rid of this altogether because of the problems it causes louisiana bakery as a counter service restaurant and one of the problems they have is sometimes tourists don't realize they are leaving a big tip as they check out. they alert the credit card company after to get the money back. so siena loses that money and it's a problem because it has artie been distributed to the
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workers as tips. they notice the frustration these screens cause, they might get rid of it altogether. >> we are dealing with people not realizing they are chipping and some people find it annoying. i got a slice and a coke. they feel the pressure to tip. they want the feeling, maybe they will do away with altogether. >> reporter: this proliferation of checkout screens, automated tip options left a sour taste in their mouth when they should be thinking about the delicious taste, and 32% are annoyed. with 300 tip screens. and a minimum pay raise for delivery workers. and that is before tips.
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and this is very new. and the city, and reducing tipping well force remaining workers to deliver faster. that goes into effect in july. it a lot to think about. i heard even odds for both of you, worked really hard. i want to know, i work hard on this show. you like to appreciate my work. lauren: we don't have too, making 17 and change, are we required to tip on top of that. i thought tip workers were working for savings. >> reporter: both -- they think tips will be less. stuart: ten seconds left. more varney after this.
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adding back to jersey to a big fundraiser, his arraignment in miami. trump says if he wins the election in 24, he will appoint a special prosecutor. is that a good idea to be looking backwards? >> he is angry because he did not go after hillary clinton when he got the job in 2016 even though hillary clinton weapon eyes the investigation. she weapon eyes did in august, because she wanted to overwhelm her email scandal. once he got the job, he didn't stop and they amped it up and comey and company amped it up and for the next 31/2 years they had to deal with the russia investigation, and the thought of being illegitimate so he's angry. when they get that point, do i think he is going to execute it? no. he will get the nomination will win the general and beat two indictments, so there's a long road to get there but i understand the mindset. stuart: he seems on track to get the nomination.
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brian: this is what it is. in a perfect world you look what he did with the documents and say i'm going to judge who i vote for by the way he handled these sensitive documents. that's the way we used to do it and bringing documents back and put them in the archives when they belong. now the way we do do it is try to put you in jail and now we have a situation where we have another investigation going on of president biden and nobody knows what is going on. they had stuff all over five separate locations including in his garage on the floor, we don't know how that is going. this guy, 37 counts. not saying trump is innocent. just saying please even pretend to be somewhat equal. pretend. stuart: pretend. i will change the subject. secretary of state antony blinken blames trump for the
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china spy base in cuba. >> it is our assessment despite awareness and some attempts to address the challenge of the last administration we were not making enough progress on this issue. we've been executing on that approach carefully but in our judgment with results ever since. i can't get into every step we've taken but the strategy begins with diplomacy. we engaged governments that are considering hosting at high levels, something we are carefully monitoring. stuart: it seems he is blaming trump. it is always trump's fault, isn't it? brian: president obama did the same thing. secretary of defense gates, he would say i am still here. every meeting they went to, i inherited this, this was my problem, i'm the same guy. i was with that administration. it is not all, you didn't inherit all of this.
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she didn't stop looking back for 2 and a half to 3 years. amazing to me he's on speaking terms with bush 43 but that's the kind of class act he is. this is what admiral kirby did. admiral kirby said the wall street journal story about his spy base in cuba financed by china, billions into cuba did not -- then he comes back and says it is true but it was from 2019. i lied but was because they had it in 2019. the same surveillance tools were used by the cuban communist government to crack down on the authorizing among cuban people who want a semblance of freedom after 60 years of oprah ration. this administration did nothing, billions for china, hurt the cuban people and hurt, allowed them to put a spy base in their country. that's what china does. they come in with money and extort you when you can't pay it back. stuart: it never stops, never stops. great stuff. thanks very much, see you again soon.
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ai companies are limiting access to chat bots in hong kong. >> they are worried what they will say about beijing, in the crosshairs, critical of the chinese government, the wall street journal reported google and microsoft and open ai are limiting their chat bots in hong kong because of china's growing influence. the house of representatives is demanding an update from the pentagon, the national defense authorization act has a portion that deals with artificial intelligence specifically how to use it to defend against china. stuart: thanks. still ahead. kurt volcker on ukraine's progress as they continue their counteroffensive. neil sean talking about returning to call and duck family treasure stars jace and jeff robertson. we also have this. donald trump is facing federal
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criminal charges, president biden accused in a bribery scheme. the two leading candidates next year's election it in deep legal trouble. how does the rest of the world see us. that is "my take" next. ♪ ♪ we're talking about cashbackin. not a game. not a game! we're talking about cashbackin. we're talking about cashbackin. we're not talking about practice? we're talking about cashbackin.
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we're talking about cashbackin. we're talking about cashbackin. not a game! we've been talking about practice for too long. -word. -no practice. we're talking about cashbackin. we're talking about cashbackin. i mean, we're not talking about a game! cashback like a pro with chase freedom unlimited. how do you cashback? chase. make more of what's yours.
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