China, Paul Donovan, UBS discussed on Bloomberg Daybreak: Europe
We give it to you every fifteen minutes here on Bloomberg radio. Let's get over now to at least Martin Newt from Bloomberg opinion to talk about one of the most read stories this morning. Chinese brokerages have stepped into the Fuhrer surrounding controversial comments made by UBS chief economist, Paul Donovan or actually, the comments, I would say are not controversial. It's the understanding of those comments, the reception of them. In china. Donovan talked about Chinese pigs in terms of the inflation in pork prices in China and somehow everyone in China has taken it the wrong way at least Martinuzzi. Why what am I misunderstanding here because when you when you read the content the comments it doesn't seem like, there's even any way to take them out of context? Yes. I think I think certainly that's. They weren't intended to offend that, that I think is pretty safe to say, but that's how they've been interpreted. And I guess it comes on the back of other companies that have found themselves in the center of seminar storms for language representations that were seen to be taken as, as wastes in the past one example, being Dolgin Coban with one of its ads. But there was all is what it is. And we have some of their competitors now. Claiming they're going to be putting business from UBS. So it certainly has become something that the Bank continental, but more my question, I guess is. The Chinese really taken these comments to be offensive and racist, because he was. So clearly talking about the commodity. Hog prices. Or are they or is this a result of the tensions between China and the western world via Donald Trump? Are they are they pretending to be offended by these comments? Because there's this seems to be no way you could interpret them as as derogatory. I think you've hit the point that I mean that's certainly that the background is that tension. And I think you can read into UBS as reaction which was very swift and on equivocal that they're certainly very. Concerned about how this backdrop is fighting their business and could affect their business in China, which, of course, is a significant business. They're the biggest wealth manager in the Asia Pacific. They've recently been awarded the first majority stake in the security joint venture for phone company, which means that they'll be growing those securities businesses. Well, and and growth is really going to be coming from Asia, and from China for them in the future. So you can you can see what's this -nificant of the magnitude of what's at stake here. So what has UBS done in response to me, is it even fathomable that the Bank would fire Paul? Donovan. I don't think there's any, any sense that that's on the calls at the moment. I think they have gone out of their way to approach is to attract the comment Donovan was on, on our radio and on TV yesterday as well, reiterating a poetry and his quite unequivocally as I said earlier, so I think, as far as the Bank has done hitherto, they could really not have done much mall. So we'll have to say. All right, Elise. Thanks so much for joining us morning early pre she ate it. And it's a it's a great column. I recommend our listeners, go ahead and check it out, and all of the opinion pieces. Really my favorite section on the Bloomberg terminal Opie. I n go also I often find myself looking at the opinion page on the website, Bloomberg dot com. Let's get over to leeann guarantee now with your local news headlines. Leeann good morning mass, and we start with the latest on the twin attacks against two oil Tonga's near the Persian Gulf yesterday. The US released video. Then the Trump administration says captured involvement bind his logic revolution regard patrol boat in yesterday's attacks. It was the first evidence publicly put full by the US to support its claim that Iran was behind the attacks, which was announced earlier by secretary of state, Michael Pompeo, this assessment is based on intelligence. The weapons used the level of expertise needed execute the operation recent similar rating attacks on shipping and the fact that no proxy group. Operating in the area has the resources and proficiency to act with such a high degree of sophistication Iranian officials have rejected the accusation calls growing full Hong Kong's lead to delay. A controversial extradition Bill and ISO question carry LAM's, Texas, tensions, the prompt lawmakers to postpone debate until at least next week, Oganization. This week's mass protests, calling renewed demonstrations on Sunday, turning to the race for the next UK prime minister poise Johnson has comfortably won the first round of votes. He was backed by one hundred and fourteen Tori. MP seventy-one, head of his newest rival, but for my Brexit secretary Dominic ramp who is also in the contests says there's still a long way to go. At the.