scarlet: you mentioned bill hwang has a prior run in with the sec. faces jail time, what does that look like? josh: sentencing guidelines for him are through the roof. probably life given the billions lost allegedly. that said, he will not go to jail for life for this. there could be a significant jail sentence here. i think the judge will take into account that he had a prior run-in. the resolution was with the company, not within, but that will be an argument to make. this wasn't a mistake. he knows how to avoid breaking securities laws and he did it again. scarlet: a lot of wall street has been riveted by the inner workings of this trial. what part fascinated you the most? josh: two pieces of it. one is you have the tiger cub. a guy with a great pedigree, made a ton of money. then there are the losses the banks took, cs went under in part of this. you have these two dramas that have captured wall street. scarlet: josh naftalis, appreciate you being here, being our ears and eyes on the ground. quick headline, president biden saying we cannot waste

there were other banks equally who turned down bill hwang and archegos.y came there looking for leverage and help and backing and was turned away. there was a mixture across the banks, but some were about as reckless as you can be. scarlet: you covered goldman sachs, morgan stanley. how has the archegos disaster and the blowup impacted the way they operate? do you see them doing things differently as a result? >> it is hard to get a full window into what they are doing. in the immediate aftermath of the collapse, all risk management operations must have been on high alert. they were willing to look under every rock carefully. but the question is as we get further away, we are already three years past the archegos collapse. as we get further away, how long does this remain in your memory and how quickly does the allure of new promising attractive fees ensure that this fades away in the rearview mirror? scarlet: always good questions to pose, especially during bank earnings season. paul davies and -- on the archegos lessons banks may or may not learn moving

bill hwangb had pleaded not guilty. —— bill hwang.s that wiped out his personal fortune and his company collapsed, causing millions of doses in losses for banks including morgan stanley, credit suisse and some had to take responsibility for doing business with them including pay cuts, demotion and some of them even lost theirjobs. there also question asked about why those big banks chose to do business with him because of his background because if you remember he was banned from the hong kong market in 2014 and also in 2012. he settled inside it trading charges in the us. bill hwang is due to be sentenced in late october. thanks, mariko 0i, with the details. nigeria is africa's economic powerhouse, so why are so many young people trying to leave? it's become so common, there's even a term for it — �*japa'. hannah gelbart, from the bbc�*s what in the world podcast, has been speaking to students in lagos about what japa means for them, and what it means for the country they're trying to leave behind. students here are facing a difficult

hwang is likely to appeal. vonnie quinn, glover news. israel is a telling all palestinians in gaza city to leave immediately as fighting intensifies in what used to be the enclave's most popular list area. that is now ash populist area. the israeli military dropped leaflets on the city telling residents to move south. it was the first place is really forces targeted in their ground offensive. the u.s. will apply new tariffs to steel and aluminum shipments diverted through mexico. that's in a bid to prevent china from getting around existing levees. the white house is looking to head off what affairs could be a flood of steel and aluminum products from oversupply into china. and a quick look at how oil is trading. we have seen oil trade steadily higher over the last couple of weeks. we see brent just shy of about $86 here, so i firm upswing in the last couple of weeks, boosted by the demand outlook, better seasonal outlook. opec demands yesterday reiterating that they see demand growth for oil at 2.2 million barrels per day for this year,

prosecutors accused hwang of lying to lenders by secretly amassing large stakes in a handful of mediaogy firms — artificially driving up their share prices. when archegos proved unable to pay money back to the banks, it prompted a mass—sell off of stocks that wiped out hwang's personal fortune. samsung electronics unveiled a series of new products at its "galaxy unpacked" event held in paris. the event featured a new series of foldable phones, smartwatches, as well an updated earphone model that can translate foreign languages it hears into a user's chosen language. the company also announced its first foray into "smart rings", health monitoring devices that measure users�* heart rate and sleep. the $400 device will be available later injuly. staying with samsung electronics — thousands of workers are set to remain on strike, with the union representing them calling for the industrial action to continue indefinitely. the national samsung electronics union says 6,500 of its members have been striking since monday — calling for better pay and benefits. while samsung claims the strike wi

for october 28, both hwang and halligan are likely to appeal. a look at the csi crackdown on shortselling in china. these are some of the short interest stocks that we are watching at the moment. pharma companies seeing arise as we see the securities watchdog tightening the shortselling roles to poster the equity markets. some of the most extreme steps to restrict shortselling. they are really looking to support the nations sliding stockmarket ahead of the third print them. this is an increase in margin requirements for shortselling to take place from july 22. essentially making those trades more expensive for hedge funds and other investors. more ah want to save on some of the biggest names in streaming on the network made for streaming? x marks the spot. now you can add the new xfinity streamsaver™ that includes netflix, peacock, and apple tv+. that's xfinity streamsaver™ for just $15 a month. all your favorites. all in one place. only from xfinity. for more watching and less spending... x marks the spot. do it all on the network made for stre

journalist su min hwang has been telling us more.now. he has assumed power in 2011, and it has been speculated that he suffers from high blood pressure and diabetes since early 30s — he's currently 40 now — and he also comes from a family with a history of heart problems. his father, kim jong—il, and his grandfather, kim il—sung, both died of heart issues. and, although we don't know the exact details of what kind of new medicine his aides are trying to get from abroad, what we do know — and what the south korean intelligence service is saying, is that his health issues are likely to be stemming from his heavy smoking, drinking, and due to his stress. he's currently expected to be around 140kg, which puts him at the obese category on the nhs bmi chart. his daughter is also gaining a bit more attraction at the moment. she has been at high—profile public events since 2022, and that's highly unusual for north korean leaders to showcase their their offsprings in a public eye. and what we've seen is that the state media calling her "most

and wolves are pursuing their complaint against a como player after hwang hee—chan was the target ofhey did not consider the incident racist. tennis now, and rafael nadal is through to the last 16 of the atp swedish open after beating bjorn borg's son leo in straight sets. the spaniard cruised to victory inside just 84 minutes and will take on cameron norrie next. nadal is working towards being fit for the olympics in paris later this month. we are lucky to play the whole match without rain. a huge honour to play against the son of one of the guest legends at the history of our sport, so... applause i think he played quite well. he has a future in front, so i wish him all the very best. britain's mark cavendish has failed to extend his new record of 35 stage victories in the tour de france. it's probably his final year in the race. with mountains looming, today was the last chance for cavendish to add to his record — but after spending pretty much all of stage 16 safely tucked inside the peloton, he couldn't break through for the final burst. yasper philipsen was first over the line.

. >>> archegos founder bill hwang has been found guilty of fraud and other charges tied to the collapseng is set for late october. >>> shares of costco pop as they raise the membership fees for the first time since 2017.$65 a. >>> shares of citigroup under pressure with banking regulators fining the bank $136 million for violating consent orders dating back to 2020 tied to insufficient internal controls and risk management. >>> the ftc is suing optum and cvs and cigna over questionable practices with discussions of prices for insulin. >>> and federal reserve governor lisa cook is predicting a soft landing for the u.s. economy. her baseline forecast saying the it will move to 2% without much impact on employment. the central bank is attentive to labor risk. >>> and here's what to watch before the open. we get the anticipated p cpi report and jobless claims. we get earnings from delta airlines with ceo ed bastian will speak on "squawk box" after 7:00 a.m. and sean connolly will speak with jim cramer at 6:00 p.m. we will hear from two central bank presidents later today. the cpi report is

the conversation between hwang and zuckerberg highlighted one thing which is meta is a critically importantu just explain to our audience what meta does with nvidia's technology and a sense of how important a customer they are. >> they are one of the biggest spenders on nvidia's g.p.u.'s and other stims. they are putting these massive super computers in place to do training of a.i. models that they then use for the services they offer through the -- through facebook and their other platforms. zuckerberg was talking about that yesterday. he was begrudgingly acknowledging how many hundreds of thousands of g.p.u.'s he's bought. ed: one thing what ian said, that's why we are watching microsoft and watching others in the earnings context. the infrastructure commitments probably will have an impact on nvidia down the line. ian king, thank you very much. sticking with a.i., credo a.i. complete add funding round of $21 million. it doubled their valuation to about $101 million. that's bloomberg exclusive reporting. the company focuses on a.i. governance. an area of particular significance during a t

hwang. remember warner bros. discovery and viacom?> remember, at $90, i said, what the hell is going on, david? >> unable to figure out exactly what was going on because so many wall street firm didn't know what was going on because so much of his buying was done through total return swaps with different firms that didn't have the -- there was so much opacity, they didn't know what other firms were doing. that's part of the fraud, of course. >> credit suisse. >> basically went out of the business. that was the last straw in many ways, although they had one more to come. they had the -- they had the other subsequent scandal before credit suisse and then, of course, they went out with the banking crisis we had in march of 2023. >> why did this not get more talked about? >> i think because it was hard to understand. the current paramount, they benefitted. they sold $2 billion worth of stock in a secondary led by morgan stanley right near the top. that actually had the effect of toppling these things. i was hoping wek could just remind pe

koreanjournalist in london su—min hwang says kimjong un's images inspecting the flooded region is quite or missing. we've seen reports that _ have been dead or missing. we've seen reports that it _ have been dead or missing. we've seen reports that it is _ have been dead or missing. we've seen reports that it is the - have been dead or missing. we've seen reports that it is the sole i seen reports that it is the sole north korean officials are seeking medicines for the north korean leader. tell us a bit more about his health issues was that this isn't the first time that stories like the subsurface. the first time that stories like the subsurface-— subsurface. actually not the first time, his weight _ subsurface. actually not the first time, his weight has _ subsurface. actually not the first time, his weight has been i subsurface. actually not the first | time, his weight has been coming into the issue for a while now. in 2011 and it had been circulated that he suffers from high blood pressure and diabetes since early 30s, he's currently a0 now. he also comes from a family with a histo

esto pasa aquÍ en la convenciÓn vemos cÓmo miembros de la familia hwang entran y salen de reuniones yseis 50 si nos ven desde el oeste aquÍ en el este, bueno, en el este a las nueve 50, hora local ocho 50, una cobertura de equipo liderada por julio vaqueiro. >> claro que sÍ, damiÁn. estamos esperando a ese importante discurso del ex mandatario que regresa a esta escena pÚblica y polÍtica. despuÉs de ese atentado que sufriÓ. sabemos que lo cambiÓ, que tenÍa un discurso planeado despuÉs de este atentado. cambia su discurso. estaremos a lo mejor escuchando ese tema de nuevo de unidad que hemos visto en esta convenciÓn republicana y palabras importantes porque ya acepta oficialmente esa nominaciÓn del partido. >> es importante ahora escuchar ese matiz que harÁ si realmente estÁ marcÁndolo como se habÍa prometido desde entonces. y nad, pendientes ahÍ, porque sabemos que estÁs al pie de la noticia y que estÁ surgiendo. y es importante escuchar lo que trump estÁ diciendo en estos momentos para conocer mÁs acerca de lo que se espera en estas Últimas horas de la convenciÓn republicana. asÍ nos

dani: it took a jury one day to deliver a guilty verdict against octavia -- archegos' bill hwang, stemming from the collapse of his firm in 2021, of fraud and market manipulation. each count carries a penalty of 20 years in prison. and a rare miss for apple, if vision sales will not reach 500,000 units. market tracker ibt says it makes will not sell 100,000 units and a quarter. the international launch should offset the weakness, which would cost roughly half as much, and should help boost sales last year. after an lifelong democrat george clooney has called for president biden to drop his bid for reelection. he is writing in a new york times op-ed saying that one battle he cannot win if the fight against time. it's devastating to say, but the joe biden i was with three weeks ago at the fundraiser was not the joe biden of 2010. he was not even the joe biden of 2020. he was the same man we all witnessed at the debate. clooney had headlined a fundraiser last month that has raised $30 million for's reelection campaign. that is your bloomberg brief. jonathan: thank you. we will see dani in abo