Oil Drops Ahead of UN Meetings; Networks Sue Over White House Press Ban

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This is Bloomberg Businessweek Daily, reporting from the magazine that helps global leaders stay ahead. With insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Businessweek Daily Podcast with Carol Massar and Tim Stenovec.

Carol Massar (0:33)

Hey, listen, we've been talking about this. We know this time of the year here in New York City so well. Streets blocked off, lots of barriers, security on high alert.

We've got a lot of officials coming in and out of the Bloomberg building as well. And you've got members of New York City Police Force all over Manhattan, the UN General Assembly getting underway.

Tim Stenovec (0:52)

The UN HQ is right here in New York City. The meeting is happening amid the Russian war against Ukraine, the US war on Iran, now in its seventh month. Carol, it is a lot. We've also got leaders from many different countries here in the US and also meeting in other places too.

Carol Massar (1:08)

So we want to figure out kind of what we all need to be focusing on this week. Chris Kennedy, that's part of his job here at Bloomberg. He's Economic Statecraft Lead at our Bloomberg Economics Team. He's out there in our Bloomberg DC News Bureau. Chris, there's UNGA. Let's not forget President Trump's meeting President Xi of China. He's also meeting the Interim President of Venezuela. It feels like it's a game of whack-a-mole, the geopolitical version this week.

What's top of mind for you and the team in DC and all of our Bloomberg News reporters and editors that are following the UN General Assembly this week?

Chris Kennedy (1:40)

Well, as you said, this week is always a big one on the foreign policy front. We are, of course, watching UNGA, the high level week, and we don't expect any major peace deals to come out of this week. Of course, the president would love to have some good news on the foreign policy front. So there's always a possibility he could get something or message something. But in terms of what we're actually looking at, we think the Gulf Cooperation Council meeting will be something to watch. In particular, there's questions about US commitment post midterms. There's questions about the extent to which the US is willing to engage and defend some of the Gulf Arab allies in the region, especially after some of the requests coming out of Riyadh from Saudi Arabia for support from the US. So just getting a sense of where things are going to be going from there. Of course, Delce Rodriguez is in town, as you mentioned. We see this as the US really trying to put her forth to the global community as a legitimate leader of Venezuela, perhaps attract some additional investment from other countries. And then Ukraine, Russia, Zelensky and Trump will meet. President Trump is very concerned about diesel prices. We think it's unlikely that he will be able to secure a ceasefire primarily because that would require Russia to stop attacking Ukraine as well, as frustrated as Trump is about the refinery hits by Ukraine on Russian energy assets.

Then, the big meeting between Xi and Trump in DC. It's a lot.

It's a lot. We don't expect a ton there either. We do think that both sides really want to maintain stability right now. China has no interest in a big shock to the relationship between the US and China right now, because they depend on global growth holding up, export markets around the world. And of course, the US still depends on China for critical inputs like rare earths. And the president wants to avoid any additional economic headwinds before the midterms.

Tim Stenovec (3:49)

Chris, forgive me for being... You covered a lot, so we appreciate that. Forgive me for being a little provincial though, and bringing up the mayor's meeting today with President Trump. That's happened later this afternoon. The president is now on his way here to New York City for that meeting. From a DC perspective, I mean, we understand the New York perspective being New Yorkers here, but the DC perspective, why are you watching this?

Chris Kennedy (4:12)

The mayor's meeting. Yeah, the mayor's meeting with the president. So I think for the president, this is really just an exercise in messaging. I think we saw previously when President Trump met with Zoran Momdadi that it was positively covered by the press.

Toby Rice (4:31)

It was a bromance, Chris.

Carol Massar (4:33)

Come on, just go there. We're all in.

Chris Kennedy (4:37)

He's been, the president's been very frustrated by the way the media is covering him recently, as we saw, you know, kicking out some news outlets from White House access. So I think that's primarily it. It's not going to solve any of the problems and the challenges that he faces ahead of midterm elections on November 3rd.