With Iran's fragile ceasefire expiring on Wednesday, new Bloomberg satellite data analysis reveals the scale of US-Israeli strike damage and the heightened stakes of a return to all-out war.

Krishna Karra, is Bloomberg News Senior Satellite Imaging reporter. He discusses how they received access to these images and the extent of what they learned about the strikes in Iran.

With Iran's fragile ceasefire expiring on Wednesday, new Bloomberg satellite data analysis reveals the scale of US-Israeli strike damage and the heightened stakes of a return to all-out war.
Krishna Karra, is Bloomberg News Senior Satellite Imaging reporter. He discusses how they received access to these images and the extent of what they learned about the strikes in Iran.

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Listen for reporting from the magazine that helps global leaders stay ahead. Hosts Carol Massar and Tim Stenovec bring you insight on the people, companies and trends shaping today's complex economy.&nbsp; You can watch and listen to Businessweek LIVE on YouTube, weekdays from 2PM to 5PM ET: <a href="http://bit.ly/3vTiACF">http://bit.ly/3vTiACF</a>.&nbsp;

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Iran Satellite Data Reveal Scale of US-Israeli Strikes

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The people, companies and trends shaping the global economy.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

In another reversal, US President Donald Trump announced a unilateral, open-ended extension of the ceasefire in the Iran war. Now, there’s no peace, but no active war either. This may become the new normal: a fragile ceasefire without a formal deal, with tensions simmering, sporadic flare-ups, and oil near $100.

Indefinite Extension

The US and Iran were discussing returning to talks in Islamabad on the eve of the two-week ceasefire deadline. Trump warned he was unlikely to extend the truce and would resume bombing Iran if they failed to show. Tehran held its line: no talks while the US blockade remained.

That pointed to a return to hostilities unless someone blinked. Trump blinked first. The political cost of war was rising for the US, as was its economic toll. The prospects for a win were becoming more elusive by the day. Tehran’s goal remains the same: survival and imposing a global cost for the war. It can’t afford to blink, and it didn’t.

What does this mean for the war? There’s no deal so there’s no lasting peace. There’s no high-intensity war either. Instead, the war may be settling into a prolonged middle ground:
No formal end to the hostilities between the US/Israel and Iran because the underlying differences remain unresolved. These include issues such as Iran’s nuclear program, the Strait of Hormuz, and Lebanon.
Escalation, on the other hand, is costly. It draws the US deeper into a conflict it doesn’t want and more entrenched in a region it would prefer not to focus on. Tehran, weakened but also emboldened, will hold the Strait of Hormuz and the global economy hostage. And Arab Gulf states are likely to face renewed attacks.


Today's show features:
Ray Takeyh, Senior Fellow for Middle East Studies at Council of Foreign Relations
Seth Jones, President of Defense and Security Department at CSIS on Defense and Counterterrorism measures in Iran War
Jay Hatfield, CEO and CIO at Infrastructure Capital Advisors
Seth Fiegerman, Bloomberg AI Editor on SpaceX Has Deal for Right to Acquire Cursor for $60 Billion
Michael Stivala, President & CEO at Suburban Propane

The people, companies and trends shaping the global economy.
Watch Carol and Tim LIVE every day on YouTube:&nbsp;<a href="http://bit.ly/3vTiACF" data-destination="rte:bind">http://bit.ly/3vTiACF</a>.
In another reversal, US President Donald Trump announced a unilateral, open-ended extension of the ceasefire in the Iran war. Now, there&rsquo;s no peace, but no active war either. This may become the new normal: a fragile ceasefire without a formal deal, with tensions simmering, sporadic flare-ups, and oil near $100.
Indefinite Extension
The US and Iran were discussing returning to talks in Islamabad on the eve of the two-week ceasefire deadline. Trump warned he was unlikely to extend the truce and would resume bombing Iran if they failed to show. Tehran held its line: no talks while the US blockade remained.
That pointed to a return to hostilities unless someone blinked. Trump blinked first. The political cost of war was rising for the US, as was its economic toll. The prospects for a win were becoming more elusive by the day. Tehran&rsquo;s goal remains the same: survival and imposing a global cost for the war. It can&rsquo;t afford to blink, and it didn&rsquo;t.
What does this mean for the war? There&rsquo;s no deal so there&rsquo;s no lasting peace. There&rsquo;s no high-intensity war either. Instead, the war may be settling into a prolonged middle ground:
<ul>
<li>No formal end to the hostilities between the US/Israel and Iran because the underlying differences remain unresolved. These include issues such as Iran&rsquo;s nuclear program, the Strait of Hormuz, and Lebanon.</li>
<li>Escalation, on the other hand, is costly. It draws the US deeper into a conflict it doesn&rsquo;t want and more entrenched in a region it would prefer not to focus on. Tehran, weakened but also emboldened, will hold the Strait of Hormuz and the global economy hostage. And Arab Gulf states are likely to face renewed attacks.</li>
</ul>
 Today's show features:
<ul>
<li>Ray Takeyh, Senior Fellow for Middle East Studies at Council of Foreign Relations</li>
<li>Seth Jones, President of Defense and Security Department at CSIS on Defense and Counterterrorism measures in Iran War</li>
<li>Jay Hatfield, CEO and CIO at Infrastructure Capital Advisors</li>
<li>Seth Fiegerman, Bloomberg AI Editor on SpaceX Has Deal for Right to Acquire Cursor for $60 Billion</li>
<li>Michael Stivala, President &amp; CEO at Suburban Propane</li>
</ul>

No Peace, No War — the New US-Iran Normal

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/4eaf7af7-2821-4bda-9065-b434014acc2e/transcript

As Washington battles over tariffs and supply chains, and Wall Street fixates on AI infrastructure, a new tech cluster is quietly thriving – and it’s not in Silicon Valley. It’s California’s state capital: Sacramento. The city – less than 90 miles from the Bay Area – is seeing unprecedented industry momentum (it’s home to nine global chips companies and offers 26x more semiconductor growth capital than the U.S. average). Greater Sacramento is outpacing the Bay Area in semiconductor job growth: According to the Greater Sacramento Economic Council, the region is expected to exceed state averages in GDP growth and job creation through 2026 — and is the #1 California market for semiconductor growth.

Barry Broome is President and CEO of the Sacramento Economic Council. He discusses how Sacramento is a new CA hub for tech/industry as the Bay Area remains pricy and businesses deal with continued regulations. He speaks with Carol Massar and Tim Stenovec.

As Washington battles over tariffs and supply chains, and Wall Street fixates on AI infrastructure, a new tech cluster is quietly thriving &ndash; and it&rsquo;s not in Silicon Valley. It&rsquo;s California&rsquo;s state capital: Sacramento. The city &ndash; less than 90 miles from the Bay Area &ndash; is seeing unprecedented industry momentum (it&rsquo;s home to nine global chips companies and offers 26x more semiconductor growth capital than the U.S. average). Greater Sacramento is outpacing the Bay Area in semiconductor job growth: According to the Greater Sacramento Economic Council, the region is expected to exceed state averages in GDP growth and job creation through 2026 &mdash; and is the #1 California market for semiconductor growth.
Barry Broome is President and CEO of the Sacramento Economic Council. He discusses how Sacramento is a new CA hub for tech/industry as the Bay Area remains pricy and businesses deal with continued regulations. He speaks with Carol Massar and Tim Stenovec.

Sacramento as New Hub for Semiconductor Job Growth

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/ff5c4259-a15b-4bd4-9c24-b433014b0ec6/transcript

The people, companies and trends shaping the global economy.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Kevin Warsh repeatedly pledged to act independently if he’s confirmed as the next Federal Reserve chair, rejecting Democratic concerns he would be a “sock puppet” for President Donald Trump, who continues to demand lower interest rates.

Warsh, in testimony before the Senate Banking Committee Tuesday, called for a slew of changes to the way the US central bank makes its decisions, including a new framework for dealing with persistent inflation and a new way of communicating with the public. But he provided few specifics and avoided answering questions about the near-term path of interest rates.

He also insisted the president never asked him to commit to any particular rate decision.“The president nominated me for the position, and I’ll be an independent actor if confirmed as chairman of the Federal Reserve,” Warsh said, in response to questions from Democrats about how he planned to handle pressure from Trump.

In her opening remarks, the senior Democrat on the panel, Senator Elizabeth Warren said Warsh would be Trump’s “sock puppet” at the Fed.

“Kevin Warsh hit all the right notes to reassure his supporters on the committee that he will push forward his idea of regime change at the Fed,” Joseph Brusuelas, chief economist at RSM. “He said nothing that will disrupt his path to being approved, if it makes it to the floor of the Senate.”

Treasuries fell as strong economic data and higher oil prices prompted traders to scale back rate-cut expectations, overshadowing testimony from Warsh. The policy-sensitive two-year note climbed as much as seven basis points to 3.79% as US crude oil rose back above $90 a barrel.

Today's show features:
Michael McKee, Bloomberg TV and Radio International Economics & Policy Correspondent on Kevin Warsh's Hearing
Jitania Kandhari, Deputy CIO of Solutions and Multi-Asset Group at Morgan Stanley Investment Management
Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech, on Apple Names John Ternus as new CEO
Samantha Dart, Co-Head of Global Commodities Research at Goldman Sachs
Anil Chakravarthy, President of Digital Experiences Business at Adobe on the company’s Agentic AI Strategy

The people, companies and trends shaping the global economy.
Watch Carol and Tim LIVE every day on YouTube:&nbsp;<a href="http://bit.ly/3vTiACF" data-destination="rte:bind">http://bit.ly/3vTiACF</a>.
Kevin Warsh repeatedly pledged to act independently if he&rsquo;s confirmed as the next Federal Reserve chair, rejecting Democratic concerns he would be a &ldquo;sock puppet&rdquo; for President Donald Trump, who continues to demand lower interest rates.
Warsh, in testimony before the Senate Banking Committee Tuesday, called for a slew of changes to the way the US central bank makes its decisions, including a new framework for dealing with persistent inflation and a new way of communicating with the public. But he provided few specifics and avoided answering questions about the near-term path of interest rates.
He also insisted the president never asked him to commit to any particular rate decision.&ldquo;The president nominated me for the position, and I&rsquo;ll be an independent actor if confirmed as chairman of the Federal Reserve,&rdquo; Warsh said, in response to questions from Democrats about how he planned to handle pressure from Trump.
In her opening remarks, the senior Democrat on the panel, Senator Elizabeth Warren said Warsh would be Trump&rsquo;s &ldquo;sock puppet&rdquo; at the Fed.
&ldquo;Kevin Warsh hit all the right notes to reassure his supporters on the committee that he will push forward his idea of regime change at the Fed,&rdquo; Joseph Brusuelas, chief economist at RSM. &ldquo;He said nothing that will disrupt his path to being approved, if it makes it to the floor of the Senate.&rdquo;
Treasuries fell as strong economic data and higher oil prices prompted traders to scale back rate-cut expectations, overshadowing testimony from Warsh. The policy-sensitive two-year note climbed as much as seven basis points to 3.79% as US crude oil rose back above $90 a barrel.
Today's show features:
<ul>
<li>Michael McKee, Bloomberg TV and Radio International Economics &amp; Policy Correspondent on Kevin Warsh's Hearing</li>
<li>Jitania Kandhari, Deputy CIO of Solutions and Multi-Asset Group at Morgan Stanley Investment Management</li>
<li>Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech, on Apple Names John Ternus as new CEO</li>
<li>Samantha Dart, Co-Head of Global Commodities Research at Goldman Sachs</li>
<li>Anil Chakravarthy, President of Digital Experiences Business at Adobe on the company&rsquo;s Agentic AI Strategy</li>
</ul>

Kevin Warsh Pledges Independence But Dodges Questions on Rates

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/606ee3c7-0b7f-41db-b066-b43301550825/transcript

Iran Satellite Data Reveal Scale of US-Israeli Strikes

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