| For months now, the drumbeat of reports on US employment, consumer spending and a handful of other regular data dumps has managed to send the denizens of Wall Street racing from pillar to post even more than usual. Sometimes context-free coverage of the Federal Reserve about whether, when and by how much it will start cutting interest rates hasn’t helped either. But at the risk of visualizing a wolf where one doesn’t exist, it’s looking like tomorrow’s jobs report may be one that really counts. On Thursday, stocks whipsawed ahead of that data, with investors seeing this as the big one before the central bank’s meeting later this month. Given Fed Chair Jerome Powell’s recent emphasis on the labor market, many in the industry now contend Friday’s US payrolls will dictate whether the Fed cuts by 25 or 50 basis points, though hopes for the latter have, until recently, been considered far fetched. —David E. Rovella Paramount Global, the parent of CBS, will be controlled by software billionaire Larry Ellison after a group led by his son David completes its purchase of the Redstone family’s interest in the film and TV company. Ellison, the co-founder of Oracle, is backing his son’s proposal to buy the Redstone’s National Amusements and take control of Paramount for more than $8 billion. The older Ellison will own 77.5% of National Amusements through a trust and series of corporations, according to a regulatory filing.  Larry Ellison Photographer: David Paul Morris/Bloomberg The rewards programs of the four largest US air carriers are being probed by the US government as it seeks to understand how consumers “are impacted by the devaluation of earned rewards, hidden or dynamic pricing, extra fees and reduced competition and choice.” The probe would be the first extensive government look at the programs that have expanded to produce billions of dollars for airlines annually—in some cases adding more revenue than flight operations. Federal regulators could demand changes that might disrupt these profit centers for both carriers and credit-card issuers, and remove a travel option highly valued by consumers. Salesforce is said to be in advanced talks to buy the privately held startup Own for about $2 billion. A deal could be announced as soon as Thursday. Own would be Salesforce’s biggest deal since buying Slack in 2021. Salesforce held talks to buy Informatica earlier this year, but didn’t reach an agreement. Meanwhile, Intel is said to be considering options for its stake in the struggling automated driving systems provider Mobileye Global as part of a major strategy overhaul.  At Salesforce Tower in San Francisco Photographer: David Paul Morris/Bloomberg UK regulators are scrutinizing how some of the world’s biggest banks help private equity firms layer on debt, prying into a controversial corner of the $8.2 trillion buyout industry. The Prudential Regulation Authority is said to have asked banks to provide more information about their offering of net-asset-value (NAV) loans to buyout funds. It’s also asked some lenders how much capital they have dedicated to the effort and how much leverage they’ve offered to fund managers for these loans. NAV loans are a type of debt that allows fund managers to borrow against a pool of companies they own, making them a controversial form of financing because they let private equity managers layer more leverage onto their funds. Police in China have detained five current and former employees of British drugmaker AstraZeneca for questioning about what’s said to be potential illegal activities. The individuals being held are said to be Chinese citizens who marketed cancer drugs in AstraZeneca’s oncology division. The investigation is being led by police in the southern city of Shenzhen. One probe is related to the company’s collection of patient data, and whether that infringed China’s data-privacy laws. San Francisco has long celebrated its progressive values and immigration sanctuary policies. Now a deadly fentanyl crisis is testing its commitment to those ideals. Open-air drug markets dot a downtown already struggling to recover from the pandemic and a record number of people died from overdoses last year. Faced with a deepening emergency, city leaders have quietly embraced a controversial tactic to combat the epidemic: deportation. Already at the center of a sprawling federal corruption probe and facing a 2025 campaign with record-low poll numbers and a growing number of challengers in his own party, the news keeps getting worse for New York City Mayor Eric Adams. Federal agents just searched the homes of several of the Democrat’s aides, including New York City Police Department Commissioner Edward Caban and Deputy Mayors Sheena Wright and Philip Banks. Investigators also seized the phones of officials including senior Adams adviser Tim Pearson and Raul Pintos, who serves as Caban’s chief of staff at the NYPD. It’s unclear if this criminal investigation is tied to the graft probe of the Adams administration or a brand new one.  Eric Adams Photographer: Yuki Iwamura/Bloomberg The NFL wants to create millions of fans like Renan Ribeiro. The 38-year-old grew up in soccer-obsessed Brazil knowing almost nothing about American football. He learned a little about the sport from movies. Years later, he caught the end of a Super Bowl on TV and was hooked. In Brazil, soccer is “inserted into your life, whether you like it or not,” said Ribeiro, an artist in São Paulo, who now often watches three NFL games on Sundays. “I don’t really have a conception of whether I really like soccer, or if it’s simply a culture imposed on me. American football was a choice.”  The NFL Fanatics pop up store at Morumbi Shopping Center in Sao Paulo on Aug. 30. Photographer: Tuane Fernandes/Bloomberg Get the Bloomberg Evening Briefing: If you were forwarded this newsletter, sign up here to receive Bloomberg’s flagship briefing in your mailbox daily. Bloomberg Tech: Humanity has always relied on technology to drive growth. With the emergence of artificial intelligence, society is being asked to trust tech with economies, media and health like never before. Join visionaries, investors and business leaders in London on Oct. 22 to discuss the risks and rewards of this new age. Speakers include Monzo CEO TS Anil, Cohere Co-Founder and CEO Aidan Gomez, ŌURA CEO Tom Hale and ASML President & CEO Christophe Fouquet. Buy tickets today. | 
