The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

US-Iran tensions over the Strait of Hormuz heightened after a flurry of military strikes at the start of the week, with neither side prepared to cede ground over the crucial waterway. It caused a surge in oil prices that rippled through global markets, hitting stocks and bonds on worries that higher energy costs will fuel inflation and force the Federal Reserve to boost rates. Bloomberg News Senior Editor Wendy Benjaminson has latest details on fighting in the Middle East, while Bloomberg News Macro Strategist Frank Monkam explains the impacts on the energy and bond markets.

On today's episode:

• Wendy Benjaminson, Bloomberg News Senior Editor
• Frank Monkam, Bloomberg News Macro Strategist
• Heather Lavallee, Voya Financial CEO
• Elizabeth Rambert, Bloomberg News Municipal Finance Reporter

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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

Stepping into his new role as Apple Inc.’s chief executive officer on Sept. 1, John Ternus won’t have much time before the company begins its annual fall product rollouts. This year the lineup will include an unusually ambitious slate of devices he’s been teasing for months internally, including the first foldable iPhone and a smart display that can recognize who’s speaking and tailor content to them. Ternus spearheaded those devices in his previous job as Apple’s hardware chief, while also overseeing work on products that won’t be ready for this fall, including AirPods with cameras that can interpret a user’s surroundings, smart glasses, a home security system, a home display attached to a robotic arm and a camera-equipped pendant that can be worn as a necklace or clipped to a shirt. All these devices will be crucial to Apple’s plans to address the most pressing question facing the company: How can it extend its decades-long run of success into the era of artificial intelligence?

Today's episode features:

• Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech
• Brian Quintenz, KalshiEx Board Member and Fmr. CFTC Commissioner
• Chris Todd, CEO of Envestnet
• Ryan Gould, Bloomberg News Deals Reporter

See omnystudio.com/listener for privacy information.

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

The Colorado River has lost 20% of its flow due to a 25-year drought and chronic overuse, causing major reservoirs to fall to record-low levels. The federal government has proposed a plan to cut water allocations to California, Arizona, and Nevada, with Arizona potentially losing all of its 3 million acre-feet of river allocation in the long run. A significant portion of the Colorado River's water is used for irrigation to grow alfalfa and other hay to feed cattle, with about 26% of the hay grown in California and Arizona being exported to other countries.

For more, Kristine Aquino and Tim Stenovec spoke with Mark Gongloff, Bloomberg Opinion Columnist who covers climate change.

See omnystudio.com/listener for privacy information.