October 2, 2026: Trump to Name A.I. Czar, G7 to Release Diesel Fuel Stocks, More

0:00 News when you want it with Bloomberg News Now, I'm Dan Schwartzman. President Trump has begun a campaign blitz to turn the tide for congressional Republicans with midterm elections just one month away. Trump held a rally at an arena on the campus of the University of South Alabama in Mobile where he touted that his economic agenda had helped attract investment and jobs in the state. Polls currently put the president at or near historically low levels on his handling of the economy, a one-time strength for Trump. He and other Republican leaders are also insisting that a vote for Democrats is a vote for crazy left-wingers. Bloomberg's Megan Scully on balance of power.

0:35 Certainly that's something that can resonate with certain parts of the MAGA base. But the biggest issue of this midterm election, beyond the shadow of a doubt, is not socialism. It is affordability. It is what people are paying at the grocery store.

0:51 You can hear the rest of that interview with Bloomberg's Megan Scully on the Balance of Power podcast. The Fly Dubai co-pilot who stabbed his captain and then sent the plane diving toward the ground had previously been banned from flying by Oman due to concerns he had adopted radical ideological views. That's according to the Wall Street Journal. Despite the ban, the Omani national was hired by Fly Dubai.

1:11 It is not known whether Oman shared concerns about the pilot's radicalization with with other countries or airlines. Israeli Prime Minister Benjamin Netanyahu says they are investigating whether the pilot acted alone or had others working with him. A Federal Aviation Administration panel determined a software issue in certain Boeing 737 MAX flight computers was not a safety issue. The FAA's Corrective Action Review Board made that determination because pilots retain full control of the aircraft and the indications to the flight crew are clear. President Trump is expected to name U.S. Director of National Intelligence Jay Clayton as the artificial intelligence czar, tasking him with spurring the technology's development.

1:49 Clayton has served as director of national intelligence since July, following his Senate confirmation to the position. The president has hailed AI as an engine of economic growth and has rejected calls for additional regulations to contain safety risks. U.S. Coast Guard investigators and the FBI have found evidence that hackers accessed the propulsion system of an oil supertanker as it was approaching the Texas coast this summer, according to U.S.

2:13 officials familiar with the matter. The cyber attack resulted in outsiders gaining temporary access to the digital system on the ship, with officials still examining how the breach occurred and who was responsible. The G7 and its partners plan to release as much as 100 million barrels of emergency oil and diesel stocks. Bloomberg TV Washington correspondent Tyler Kendall gave more details on the balance of power program.

2:35 It's going to be released over the next four months. It will add supply to the market, which at this point is desperately needed. And what is so interesting about how the White House went about this is that President Trump seems to lend his support to a diesel export ban, which would hit our European allies. So it feels like the pressure in that regard ultimately helps to get this over the finish line.

2:54 That's Bloomberg correspondent Tyler Kendall. The Trump administration had been putting pressure on the Group of Seven nations to release stocks to help bring down soaring fuel prices. European diesel futures slumped more than 8 percent before recovering slightly, while U.S. diesel futures fell by as much as 5.6 percent. The deal will help alleviate concerns over President Trump's earlier threats to implement a U.S. diesel export ban.

3:17 The U.S.

3:17 Justice Department will not reopen a criminal investigation into former Fed Chair Jerome Powell for cost overruns related to the central bank's building renovation project, although Attorney General Todd Blanch didn't rule out continuing to look into the project's oversight and potentially take action. if evidence of wrongdoing came to light.

3:34 A report released this week by the Fed's Office of Inspector General found no evidence of criminal wrongdoing by Powell connected to the $ 2. 4 billion project, despite an initial $ 1. 3 billion budget in 2020. U.S. employers added a disappointing 29,000 jobs, and the unemployment rate ticked up last month to a still low 4.2 percent from 4.1 percent in August. Economists had expected 90,000 new jobs. We get a closer look with Bloomberg's Michael McKee.

4:02 This doesn't suggest significant weakness in the economy. It takes us back to the story of low fire, low hire. So maybe for the Fed, it takes it off the table as a major issue and gives them a reason they don't have to do something in October unless we get the CPI report as a major surprise or something like that. But right now, only 18.5% chance of a hike at the end of October. still pricing in 70% for December.

4:29 That's Bloomberg's Michael McKee. Paramount has sold $ 52 billion of loans and bonds to fund its takeover of Warner Brothers Discovery. The company's interest bills are now much higher than if it had issued debt earlier, with added interest costs estimated between $ 250 million to $ 500 million a year. Paramount shares sank almost 10% as a debt deal was completed, with the company planning to cut $ 6 billion a year from expenses to keep leverage under control. Apple says some AT & T customers who recently upgraded to the iPhone 18 Pro Max will need to replace their devices after a bug caused them to lose cellular service. The bug has prevented some 18 Pro Max owners from making calls, accessing data,

5:09 or sending and receiving text messages on the network, making their devices largely unusable unless connected to a Wi-Fi network. The $ 1, 300 phone, which went on sale two weeks ago, is Apple's highest-end handset outside of its forthcoming foldable iPhone, which is set to be released on October 23rd. That's news when you want it with Bloomberg News Now. I'm Dan Schwartzman and this is Bloomberg.