Trump warns Putin

Good morning. Donald Trump issues a warning to Vladimir Putin. Crypto hits a new high. And spare a thought for the residents of Manhattan as rents hit a record—again. Listen to the day's top stories.

— Omar El Chmouri and Eleanor Thornber

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Raising the stakes. Donald Trump warned he would impose "very severe consequences" if Vladimir Putin didn't agree to a ceasefire agreement, following a call with European leaders ahead of his meeting with the Russian president. But Tass reported that the two will hold a joint press conference after the talks. Meanwhile, Treasury Secretary Scott Bessent told Europe it's "put up or shut up time" when it comes to sanctions on nations that buy Russian energy.

Trump Warns Putin After Alaska Summit Prep With Europe

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The rally in US stocks may be in for a pause, as futures stalled before more key prices data today. The numbers may offer fresh clues on how aggressively the Federal Reserve might cut interest rates, an outlook that has fueled a dayslong risk-on rally.

Bitcoin briefly climbed past $124,500, topping the previous all-time high as investors explored risk-taking territory. Benefiting from the appetite for digital currencies, entrepreneurs Brendan Blumer and Kokuei Yuan are now billionaires thanks to their combined majority stake in aptly-named crypto exchange Bullish, which raised $1.1 billion at a blockbuster public offering.

Trump's trade policy is still making waves. The Port of Los Angeles said it handled the highest container volume in its 117-year history last month, as uncertainty over tariffs drove shippers to front-load cargoes. The president's controversial plan to take a cut of revenue from chip sales to China is raising concerns that the US government will find ways to start charging more companies for business activities with other countries. Stay up to date on the trade war and its economic impact with our tracker.

Kristaps Porzingis of the Boston Celtics dunks the ball against the New York Knicks. Photographer: Maddie Meyer/Getty Images North America

NBA owners signed off on Bill Chisholm's $6.1 billion purchase of the Boston Celtics from the Boston Basketball Partners. Despite the deal being first agreed to in March, it wasn't fully financed. Last month, the league officially begun the process to expand for the first time in more than two decades.

Deep Dive: Google's Search for a Workaround

Photographer: Andrey Rudakov/Bloomberg

Google and its parent company, Alphabet, used an internal reorganization to exclude the value of lobbying by its senior executives from disclosures, shielding a significant portion of its spending from view, according to the nonprofit Tech Transparency Project.

The move helped knock Google off the top of the spending charts, while allowing it to maintain a robust network of advocates pushing its interests in Washington, during federal scrutiny of its dominance in search and advertising and the beginnings of AI regulation.
It still faces challenges. The US government has said it wants Google to sell its Chrome browser and license search data to competitors, among other proposed proposed changes.
AI startup Perplexity made a formal offer to acquire Chrome for $34.5 billion this week, and OpenAI has also expressed interest.

The Big Take

Putin visits the Uralvagonzavod factory in Nizhny Tagil, Russia in February 2024. Photographer: Ramil Sitdikov/Pool Sputnik Kremlin

Russia's budget deficit has widened to the largest in more than three decades, oil revenues have slumped, inflation and interest rates remain painfully high, and insiders are sounding alarms about a looming debt crisis. In short, Russia's economy is spluttering under the weight of Moscow's invasion of Ukraine just as Presidents Putin and Trump meet to talk peace.

Big Take Podcast

What to Expect From Trump-Putin Summit

Opinion

Want to know what's hot, and what's not, in the luxury industry? The answer can often be found in music, with name-checks in song lyrics skyrocketing during the sector's boom—and slumping in recent years, Andrea Felsted and Carolyn Silverman write. Might MK's summer track Dior signal a resurgence?

Bloomberg Green New York: Join us on Sept. 25 for a solutions-focused look into a new era of climate action during Climate Week NYC. On the heels of the 80th United Nations General Assembly, we'll hear how top leaders in business, finance and government are approaching climate issues during times of geopolitical uncertainty. Learn more.

Before You Go

A residential apartment building near the Manhattan Bridge. Photographer: Michael Nagle/Bloomberg

Apartment hunting in New York is getting even more cutthroat. Manhattan rents have hit records nearly every month this year—July being the latest. New leases were signed at a median of $4,700 last month, and the number signed after bidding wars rose to an all-time high of 29%.

A Couple More