18 Burst results for "Caroline Let"
Crypto Banter
"caroline let" Discussed on Crypto Banter
"All right, let's talk about sweet Caroline and how her testimony may actually send SBF to jail for life. I want to know from you, how many years do you think that SBF, tell me before, let's talk about it now before in the comments, how many years do you think SBF is going to do? Tell me now, and then tell me again after we talk about, after we talk about the next section. So I want you to tell me in the comments, I want you to tell me how many years you think SBF will do. Either he's going to do life or he's going to do 20, 30, 40 years, or he's going to get away scot-free. Let me know in the comments, what you think. Just before we get into the Caroline story and before I want to just, I just, I just want to remind you guys. I know a lot of you guys have been talking to me about the bybit lucky draw. Don't forget the bybit lucky draw. If you don't have an account, get an account. If you get an account on bybit, you sign up, you deposit a hundred and trade 500, get 30 bucks, deposit a thousand, get 2000. You can get huge signup on his, but more importantly, right now they've got this lucky draw and you do certain things. You get a, you can win an iPhone, you can win an Apple watch. All you do is you do certain things and then you press the spin button and then you can win all these things. I think it's a great, great, great, great, great campaign. All right, let's talk about Caroline. Let me know. Okay. I see Jafit says 17 years. Lim Eugene says forever. Carl Fowler says 10. Blacksell says 12. GM says 20. Dave Roy says 10. Now let's go into what Caroline actually said yesterday. Okay. So what happened yesterday? It was mind boggling and sorry guys, just remember, by the way, if we get to 1200 likes and I see we've very, very, very, very, very close, then I'm going to show you the indicator that shows me that this, that it's been worrying me. It's turned from a worry into an opportunity. I'm very happy. And I'm going to show you why it could be, it could explode the bull market. So I haven't forgotten about that. 1,200 likes. I see we, we, we pretty much there. We're pretty much there. All right. So this was Caroline's testimony yesterday. This is why I think she may put her ex boyfriend in prison for life yesterday. She took the stand again. Okay. Let me tell you, it was mind boggling what came out of there. It was mind boggling. Not only, not only did she admit to manipulating the markets and trying to keep Bitcoin under 20,000 using your money. If you were on FTX, she doctored different internal external versions of Alameda's balance sheet that removed certain line items that included FTT tokens in the balance sheet. I'll show it in a second. She admitted that there was a Chinese bribe in order to draw $1 billion stuck on OKX. Alameda used wallets of Thai prostitutes on the exchange. Caroline said Ryan Salami confirmed identities of the Thai prostitutes. Caroline referred to the bribe as the thing. Trabuco knew about the bribe. He was in the signal chat. Sam yelled at Caroline and made a cry saying it was her fault. Alameda was in such bad condition. Sam wanted to raise a billion dollars from the Saudi prince to help fill the hole. And okay, I'm going to show you some other things here. So that's what happened yesterday. I mean, I want you to understand how delusional SPF was. So SPF had a shopping list, okay, or a wish list on his wish list. Get this. He wanted to buy Snapchat. He wanted to buy BlockFi. Eventually did buy BlockFi, but the deal didn't work out. He bailed them out. And then he said he wanted to be president. And when he said he wanted to be president, the judge, the prosecutor was like, president of what? Like, just confirm that me and you are seeing the same thing, that he actually wanted to be president of the United States. Because I mean, the guy is absolutely fucking delusional. Anyway, here is why she may actually put her boyfriend in jail for life. This comes from inner city press. Let me make go here. I think it's just easier to watch. And we can watch together. Just as soon as I put my volume on. Sam Beckman free trial. And it's great. We are Matthew Russell Lee inner city press here during a break in the Sam Beckman free trial. And it's been a doozy. It's been a doozy. Carolyn Ellison on the stand today, October 11th. And it finally got into the Chinese bribes. Now this is a count that the Bahamas has put on ice, said that they didn't agree to it when he was extradited. And it seems like they could. Okay. So hear this out. Remember that SBF was extradited from the Bahamas. And when they extradited him from the Bahamas, they cited a certain number of charges that they're extraditing him for. Then SBF lawyer said, hold on a second. No, there's certain charges that you've levied against us that you can't actually try in a court because they weren't included in the list of extradition charges. But doesn't mean that they're going to go away. It just means that in this trial right now, they can't be used amongst those charges. The count might go away, except that it was brought in today to show motive, method, knowledge. And here essentially is what it consists of. A million dollars of net FTX's investment capital was frozen in China as part of a money laundering investigation. They wanted to get it out. There was a guy called Mr. Ma working for FTX. He tried to get a lawyer over there. No, they tried to get a lawyer over there. It didn't work. Mr. Ma had another solution. And the solution ended up involving bribes to Chinese government officials to the tune of $100 million through a count in the name of Thai prostitutes. Yes, it's true. This case has it all. So there were multiple objections by Bankman Freight's counsel, Mr. Mark Cohen. And Judge Kaplan agreed to a number of them, but then came back with a curative instruction or a limiting instruction that these were not being offered for the proof. Now, what's interesting is that mentioned more than once during Ms. Ellison's Chinese bribery testimony with Sam Trabuco, her co-CEO. He talks about SBFA. They talk about a bribe, a bribe charge in China. And I imagine that the jail time that you will do for bribing a Chinese, I mean, the guy's going to jail. I'm not going to say for life because I want to hear what you want to say. Other things that came out yesterday.
Bloomberg Radio New York
"caroline let" Discussed on Bloomberg Radio New York
"Was the last hike. And that's the big change in the yield market outlook is that we're seeing effects the of normalization in the labor market. But you look at the ECI report, you look you at some of the other broader reports, what do they show you? They show a gradual slowing in wage inflation. see the effects of normalization. And so that feeds into this narrative that the Fed can be done, they can wait. And so for the yield outlook look it's really about the shape of the curve. What we saw this week, the steepening. And I think that remains to be The message, that's our main focus in terms of our position. In your broad mandate, which spread gives you the most information right now which comparison of of yields two gives you the most information. You know, you can you look at lots of different measures, we we tend to like the five year, five year forward. It's a nice measure. captures It both the level and the shape of the curve. And it's moving. And you know, we've seen a significant move this week. And for good reason. The back end of the curve is definitely a bit more challenged when you look at historic levels. Hear the full conversation on the latest edition of the Bloomberg surveillance podcast. Subscribe on Apple, Spotify and anywhere you else get your podcasts. Plus, listen anytime on the Bloomberg Business App and bloomberg live in London on DAB Digital Radio to Bloomberg 11 3 0 in New York Bloomberg 99 1 in Washington Bloomberg 1 0 6 1 Boston Bloomberg 9 60 San Francisco, the Bloomberg Business App and bloomberg .com This is Bloomberg Daybreak Europe. It's five to eight. Good morning. I'm Stephen Carroll and I'm Caroline Let's check in now and some of the stories that our colleagues in the markets today live page are following today salmon spreads with us in studio for more. Good morning to you, Sam. We've got more news on house prices today, which are falling, but at the same time also proving to be too high. Yes. So yes, house prices are going down
Bloomberg Radio New York
"caroline let" Discussed on Bloomberg Radio New York
"Economists calendar. This conference organized by the French group Cirque des Économistes, or the Economists. Circle of The theme this year is renewing hope and features politicians, CEOs and some ECB policy makers, joining the discussions as well. Bloomberg's Paris reporter Caroline Conant will be there and she joins us now for more on Caroline, this. many of our listeners may not be familiar with Aix -en -Provence. Can you tell us a bit about, first of all, where this event is taking place? Stephen, I think you have to close your eyes and imagine the village atmosphere of Aix -Provence. -en So it's in the southeast of France, less than one hour north of Marseille. You can hear the sound of the cicadas because it's the beginning of summer and you have some concerts, some operas at night. That's where the conference is taking place, probably one of my favourite events of the year, even though sometimes the weather might I get very hot occasionally close to 40 degrees Celsius. So most importantly, simply, most importantly, I would say it's one of the best events to mingle with French executives and ministers, because they are relaxed, they're very open to conversations and sometimes they actually share some news with you. They really enjoy the conference because it's also the same weekend as the Opera Festival in Aix Provence -en and it comes at a quiet period before the first half earnings season, so not too much Prechure, it's kind of like Davos in France, that's why we call it here the French Aha, well you're making us all very jealous, the prospect of that setting anyway for the organisation. Talk to us about the key topics that are going to be up for discussion. As you mentioned this year the main topic is renewing hope which couldn't be course of more appropriate given the geopolitical uncertainties, the war in Ukraine, the rebellion of Wagner and Russia and the concerns also on the economic front about a credit crunch and the danger of a possible recession. So we'll get some general comments about all that, about the outlook for the economy but also some of the other issues, supply chain, innovation, labour refugees for example, but X as you know also likes expanding the topics for discussion. So for example the ECB president Christine Lagarde is doing a panel about gender equality. You've also got the former prime minister and the presidential hopeful Edouard Philippe who'll talk about choices for the future of society. So there will be also a lot of discussions about ecological awareness, healthcare, work -life balance. There is one panel for example which is called Working Live to or Living to Work. So that's a pretty interesting choice and of course education. The younger generations will also be discussed and on the other side of the spectrum the retirement because we're just a few months after President Macron passed his very controversial pension reform. Yeah I mean look it's a fascinating set of discussions. I do think it's very interesting as you say that when you have this summer setting and the idea that you know people are perhaps a little bit more relaxed they'll take time to dig into the broader economic that issues perhaps we don't to get during the rest of the year but having said that we have got a couple of ECB names are going to be attending as well. What we should be expecting to hear from them? There are no less than five central bankers attending including four from the ECB, President Lagarde, but also the French, Wilroy de Gallo, the Portuguese and the Spanish and also separately you've got Bank the of England governor Andrew Bailey who's going to be there on the Sunday so very interesting and it's not usually a place where Christine Lagarde breaks a lot of news but some of the others they like talking they like to be a bit more open minded to talking on the sidelines so we'll check if they give any signals regarding the next ECB meeting in July and also of course the highly expected September meeting what will be the policy after these next meetings how many more rate hikes are we going to see that will be some of the key questions and who knows if we're lucky I might actually have an exclusive sit down with one of those central bankers and my gut feeling this will actually happen oh we're all wishing for that as well Caroline let's set ourselves up for that ECB conversation though and bring you some of the interview that ECB vice president Luis de Guindos in recent days he's been speaking to Bloomberg at the ECB forum in Sintra in Portugal and told our editor at large Francine Lacroix that the September rate hike decision was open we are there not done is more ground to be covered and you know the key factor is going to be the of evolution inflation and so what we want to indicate is very clearly our determination to reduce inflation and to bring inflation down to our definition of pressability so what happens for future interest rate hikes i know you're data dependent i know september is a question mark but given the data points we have now are you just going to power ahead and hike well i think that july is it a complete it has been indicated and you know it's quite clear september september will depend you know you know what are the factors that are going to determine what happens in september will be our bank lending survey that i think that is very important because it's going to be an indication of how our monetary policies transmitted to the financial system and from the financial system to the rest of the economy how you know the tightening of financing conditions fit it through to the real economy the second will be you know our projections in september we will have a new round projections and finally the evolution of of core inflation from the line inflation that i think that is uh you know very relevant in
Bloomberg Radio New York
"caroline let" Discussed on Bloomberg Radio New York
"Briefing Caroline. Let's start with the story out of the United States three children and three adults have been killed at a school shooting in Tennessee, police shot dead the attacker who they have identified as a 28 year old former student who they say identified as transgender, following the tragedy president Joe Biden again called on Congress to ban assault weapons saying that gun violence is ripping out the soul of the nation. The chairman of Barclays has described recent allegations against the former CEO gest daily over his relationship with Jeffrey Epstein as quote serious and new. It's the lenders first update on the matter since daily left the bank back in November 2021, said he quit his Barclays boss after UK regulators found that he had underplayed his relationship with the pedophile financier staley is challenging those findings. And finally, the head of the U.S. National Security Agency's cybersecurity arm says TikTok is China's Trojan horse and poses a long-term strategic cybersecurity concern, rob Joyce says that the U.S. needs to monitor the video sharing app's parent company in order to avoid a security incident 5 ten or 20 years down the line, TikTok says it poses no greater risk than other social media giants. And as your global news, 24 hours a day. Okay, let's tell you what's coming up. We'll get an update on the London rush where we carve out time to cover businesses in the UK that are making news Ocado, diageo. Two of the names we might talk about this has been back. Bloomberg radio on demand and in your podcast feed. On the latest edition of the Bloomberg business week podcast, he has worked at the New York fed up on Capitol Hill at bear Stearns, he's an investment banker who focuses on the banking group. We've got a must, listen to conversation with Chris whale and chairman of willing global advisers on why the fed has to drop rates. The small banks out there who are trying to hold the most important customers they have, which is their business customers. Are fighting a losing battle because let's say I'm paying them 2% now on their balances and even arranging ways to give them yield on their escrows to payroll balances, stuff that normally we don't pay interest on, right? But they can get 4% on a T Bill. And so they come into the office, they sit down with you and they say Carol, I can get 4% on a T belt, why should I keep my money with you? Powell and the fed have been insensitive to the fact that they execute monetary policy through the bond market. And when they did QE in 2020 and 2021, not only did they cause a problem for the banks, but they tied their own hands. And yet they want to pretend that they didn't. You see? Right now, if you look at the ten year, it's headed back to 3%. What should the fed be doing right now, Carol? They should be selling mortgage backed securities. They should peg that ten year to about three and a half and say to the desk in New York, if it goes below three and a half sell. What I worked at the fed we could do things like that but the fed today is so bureaucratic and so ossified that not only do they not know what's going on in the markets, but they model liquidity. You know how they model
Bloomberg Radio New York
"caroline let" Discussed on Bloomberg Radio New York
"Profit, actually slightly below estimates at 12.17 billion Swedish krona, so that for Volvo. So some of the Nordic companies reporting this morning, of course, remember that you've had out a number of the big U.S. firms, IBM, for example, reported earnings yesterday and also plans to cut one and a half percent of their staff, Tesla stock rose 5 and a half percent aftermarket with their report on the number of cars that they managed to deliver. The river dollar spot index is softening the dollar is at a 9 month low. The river dollar spot index drops by a tenth of 1%, the Euro this morning trading at one spot zero 9 one 8 is fairly flat as for bond yields right now. U.S. benchmark years at three 44 are down by 8 basis points. That is your Bloomberg radio business slash Steven. Thanks, Caroline. Let's turn now to Tesla's latest results better than expected profits in the last quarter, but giving mixed signals on the outlook for the growth in deliveries, Bloomberg's automotive editor at Stefan Nikola joins us now for a more good morning to you, Stefan. So investors welcome to this report from Tesla shares rising and after I was trading, what was the good news in it first of all? Yeah, good morning from Berlin. So the good news is that demand is looking good. That was the big concern before earnings and Elon Musk sort of tried to dispel those concerns right from the start. He said, demand is twice the range of production in January. That's quite the good number. We've had better than expected profit. Tesla said that they have $20 billion in cash on hand, which is quite the impressive number. So yeah, all in all, it looks pretty decent. We have 1.8 million cars expected to be delivered this year. That's not quite the 50% increase, but it's a decent number. Okay. Am I right in thinking that the Tesla numbers are a bit erratic? Is that just my impression? What about the trajectory for Tesla deliveries then? Yeah, so quite a while ago, Tesla and Elon Musk have projected that growth will always always be 50% each year. So that's not the 1.8 million car delivery number. That's not quite 50%. But it's still a decent increase and that's why the shares rose post market. The erotic thing about the company is that demand was quite weak. A weekly share in the last year and Tesla lowered prices across the board in China in the U.S. and Europe. And that certainly will help bolster demand early this year. The key question will be what will Tesla do with its product lineup because that is one of the concerns that that may be looking stale. Stefan, can you put these numbers in context first compared to what we've been hearing from other carmakers and the gloomier economic context? Yes, of course. So we have to keep in mind that Tesla still is the EV leader by far. It sells the most fully electric cars in the world, BYD from China is coming in second and they are expanding, but Tesla is still industry leading when it comes to selling EVs. And it still has pretty decent margins, it's also a recorded 340 $324 million in FSD revenue in the fourth quarter FSD. That's the full self-driving driver systems product. So basically less software revenue, that's another good thing that Tesla is doing, getting money from software. Okay, interesting. Thank you so much Stefan, Alfred being with us. Bloomberg's automotive editor Stefan Nikola they're talking us through Tesla earnings. Now, let's move on to talk about another major issue. Share the Narnia group companies lost nearly $12 billion in market value yesterday after the U.S. investor Hindenburg research said that it was shorting the conglomerate stock. Now the firm is run by Nate Anderson and it made wide ranging allegations of purported corporate malpractice in an almost 100 page report, which the adani group's CFO describes as a malicious combination of selective misinformation and stale basis and discredited allegations joining us now for more is Bloomberg's PR Sanjay, who is in Mumbai for his life this morning. Great to have you with us good morning. Indian markets are closed for a holiday, but this is a huge story. Why has Hindenburg a research firm a short seller fairly small, targeted a Dani group? Thank you for having me. So it's just things that they have to show on the position of the vaccine group has been the company manipulated the alleged and the way also say that the adult group has created some shell companies in the countries like Dubai, Caribbean islands and Mauritius that is threat to tax cut, money laundering and the corruption, et cetera. But today, analyst Diego has been I'd always allocation. Today, the nickel head of the unequal had said they come out and said that they are evaluating vegan actions against the England band, the research, which is released yesterday. Okay, where does the story go from here, kind of Donny recover from this, what more do we know about that legal action being taken? So it's interesting to note one more point here, a city adani has launched its follow on offer to this $2.5 billion. And actually evening, we have this group to stock exchanges that at least 30 high profiling investors have already shown interest in invested in adani group. So what adana is thinking that the central research report is about that all on offer, which started yesterday and then the research report also launched history. So now we'll have to wait and watch how the retail investors will be investing in this HBO and what are the kind of details that we could that will be ajani will be adopting against target and yeah, this could be set for a significant fight. Thank you so much, PL Sanjay, joining us live on Mumbai to talk about this issue, this accusation from Hindenburg research against actually the Indian industrialist Gautam mandani and his businesses remember he is richer than Bill Gates or wine buffet. So this is set to be a huge issue in markets. Yeah, and it's something that we'll watch, of course, when Indian markets trade tomorrow, they are closed today for the republic day. Let's get a check on the markets for you next. This is Bloomberg daybreak
Bloomberg Radio New York
"caroline let" Discussed on Bloomberg Radio New York
"Smoked salmon and scrambled eggs offensive as they're calling it continues seemingly successfully. I thought it was very interesting. The conversation between Rachel Reeves the shadow Chancellor in France are from scene LaCroix. Francine asked her about strikes. She asked her about the tax situation as we've just been talking about. And the answers are very similar to what the government's giving. She says she'll get round the negotiating table with the union. She says she'll cut taxes once the economy is growing. But the difference is, labor's in Davos and the Tories on. Okay? Really interesting. Thank you so much to both of you for joining us at Bloomberg's UK correspondent Lizzie Burton and our senior UK economist Dan Hansen. Yeah, for rapping really all of the top business lines when it comes to the UK. Let's get a bit of a roundup though and an update on our top news stories with both Louise moon, hi Luis. Hi. Thank you, Caroline. Let's start in the U.S.. The fed needs to continue to raise rates if it wants to get inflation onto a sustainable path. That's the view of two of the bank's top decision makers who say price rise data is still coming in too hot. The cryptocurrency lended genesis has filed for bankruptcy. The latest firm to collapse in the aftermath of FTX downfall. The company filed for chapter 11 protection in New York, according to court documents. It said in a statement that it plans to use the court process to try to sell assets or raise money. Adding that it would use $150 million of cash to fund itself during bankruptcy. And Bloomberg understands that JPMorgan has set aside at least $10 billion to back its foray into the lucrative world of direct lending. The sizable bet
Bloomberg Radio New York
"caroline let" Discussed on Bloomberg Radio New York
"To have you in the radio studio this morning. Let's start the program with a look at the markets this morning. European shares are actually down two tenths of 1%. Even though we had a couple of bits of positive news in the retail space from retailers next and being in Europe, meanwhile, the other big story, of course, is the hangover form the fed minutes yesterday in terms of US Treasury yields this morning. Let's have a look at those. We're trading now up three basis points at three 71. Also yields rising across Europe, German yields now up close to four basis points at 2.3%. Also the world's pile of negative yielding debt has now vanished that's the key factor to think about this morning and the reopening in China, Mainland China and Hong Kong, the border is going to gradually reopen from Sunday. We saw a lot of positivity in trading this morning, the hang sang was up significantly up more than 1% this morning. There's the markets. Yeah, crazy think at one point there's $18 trillion worth of negative debt now. It is a big old goose egg. Caroline, let's get to some of our other top stories this morning. In his first speech of 2023, Rishi sunak has set out a series of pledges to voters on inflation, the economy and immigration. 5 promises. We will have inflation, grow the economy, reduce debt, cut waiting lists and stop the boats. Those are the people's priorities. They are your government's priorities and we will either have achieved them or not. No tricks, no ambiguity. Three months into the job, the prime minister also promised to deliver peace of mind for the public as his government faces widespread strike action and a creaking national health service. The opposition leader Keir Starmer is due to give a major speech this morning setting out the labor's priorities for the year ahead. Starmer's party is more than 20 points ahead in recent polling. Meanwhile, for politics in the UK to politics in the U.S., the Republican leader Kevin McCarthy has failed 6 times in two days to get elected a Speaker of the House of Representatives, paralyzing the political process, president Joe Biden called the standstill a national embarrassment. To be able to have a Congress that can't function is just embarrassing, we're greatest nation in the world. How can that be? Well
Bloomberg Radio New York
"caroline let" Discussed on Bloomberg Radio New York
"Time for a check of the markets at 6 40 a.m. here in London. I'm Caroline Hepburn the fallout from the BOJ remains the key story for Marcus two year JGB yields, currently still in negative territory by four one hundredths of a percent, but we did see them raspberry above zero for the first time since 2015. Plus, the pool of global debt sub zero yields has shrunk significantly $11 trillion at the end of 2021 and now yesterday down to just around 700 billion dollars. So that easy money and liquidity really being sucked out of the system. In terms of Asian equities more broadly though this morning, they are down by a tenth of 1%, even though we've seen a positive reaction for the topics, banks index, which climbs another 2.6% this morning, one of the winners in terms of the BOJ decision. The Japanese yen trades at a 132 zero 6 are down by two tens of 1% this morning. Stop futures for the U.S. and for Europe are positive right now. Your stock 50 futures up by 8 tenths of 1% in this usually much quieter week and oil and iron ore prices also rising. That is your big radio. Business flash back to Stephen for our best of our conversations. Thanks, Caroline. Let's dig more into those stories that are moving markets this morning. We're joined by kit duke's chief FX trash just at societe general kit great to have you with us. So as we were just hearing from Caroline there, the end holding on to much of yesterday's strength on the back of that BOJ decision, is this a new world for the Japanese currency, how much further do you think it could strengthen? It has form in a big range in terms of these really big rises in dollar yen that we've seen over the years being completely reversed. So I don't think we're supposed to go back to a hundred, but if you look to the charter that going back 30 years, you'd be rather worried that sort of thing to do. So I'm not going to be surprised by how strong the yen can eventually get. We just won't be on a straight line. I think the number everyone's going to pick on is will be a 125 as an eventual target. But something that might be considered to be a reasonable tariff angry number. And I think in the short term, I wouldn't be too surprised if the sort of short covering of the end positions will get us to a 130 quite quickly. Okay. Are you expecting more loosening of yield curve control now? Is this the path? Our market's right to expect that. I would have thought that this was the April move brought forward and they'll want to do nothing until April now. That's probably the messaged mister corrode is trying to send to us. So I'm not expecting having if I had had such a long period of trying to fight disinflation. I wouldn't turn policy too quickly. I would want to sort of knock into inflation expectations, get some signs of wage growth into the system. And emphasize that what I'm trying to do is have an orderly move. So I wouldn't want to be bullied by the market to go faster if I were then. Okay. What about the consequences of these moves on investments elsewhere? Is this going to see a big shift in in the way that investments around Japan have been made up to now? Yeah, I think it makes me make sure a big shift in terms of investments in Japan and globally just because you've seen the bank of Japan prevent anybody from anybody else from being able to buy government bonds almost in Japan. They had to do something else. They were already the world's biggest international investor in foreign assets. They were helped enormously by a week in the end and by lots of your differential. That's not necessarily changing completely, but the story is changing. And so yeah, I think this has an impact on investment. Business Japan and globally to be honest because you've built a single biggest holder of foreign assets has made a fairly major move really. It's first sort of shift in policy in years. Yeah, stylings down 10% year on year against the U.S. dollar and it's also moving in quite a big way against the Japanese yen. It's prospects, any better going into 2023 seems that Central Bank moves aboard simply highlight the weakness of Sterling. They do, but Sterling is still very weak. I mean, the bounce back from one O three against the dollar up above one 20. So it tells you that there was a very large short position in Sterling amongst the trading community and not much love for it from anywhere else. I still think that the pattern at the moment is that even if the economy is not doing well, by and large, dreadful news is expected and any glimmer of hope is received positively and I think we'll continue to see that. So I'm hope, but I also expect Sterling to be a fairy boring currency jury 2023 just because there's so much bad news already in the price. And I can't actually see much fantastic news coming out. So we'll probably see it track the Euro pretty closely and go up against the dollar over the course of the year. We've focused so much in recent months on the strength of the dollar and the impact that's having on other currencies around the world. What about the pound Euro cross? Because that's actually a pairing we haven't seen a whole lot of movement on as the narrative has been around the dollar. I wonder do you see, you know, starting being much weaker against the Euro as well as we've seen the Euro regain some strength. I spent slightly more weaken gradually against Europe. So in fact, we can a lot on some days. But I think it's going to be by the end of the year a few percentage points, lower against the Euro, maybe trading at .9 rather than .8687 by the end of the end of next year. But it's not that I don't think it's going to be an enormous move just because I'm an unless you get some really good news coming out of Europe. We're still both sides really have the same problems. We're still beset by concern that there's more shocks to come out of the war in Ukraine, concern that the energy prices and quite over concern that although there's inflation policy normalized, there's still fiscal problems and there's still economic problems around. So most of the Europe and the UK story is pretty similar. The UK stories worse and sentiment around the currency is already worse. So how much that we can currency less than 5% would be my best guess. 7 out of ten economists expect a U.S. recession, but some also see a pivot for the fed next year in terms of the possibility of easing monetary policy. Where does it leave the dollar as though another dollar peak coming? Where's the trajectory for obviously the most important global currency? I think the dollar has peaked. It's on its way down. And it's obviously down from a big height. Now, this is the biggest dollar rally. We've just had since the one in the early 1980s, the very beginning of my career. And so it can come down quite a long way. The things that drove it up, economic outperformance, geopolitical risks early fed tightening or all of that is very much in the rearview mirror. And I think that's clear enough to me now the economy is probably in better shape today than a lot of people think that we'll see what the numbers we get to do that. But they're still very close to full employment. They're still spending power. They still have some pent up savings to take them through Christmas. So we may still get some economic surprises to the upside in the U.S. and we may yet get some more geopolitical surprises that help the dollar before we're done. So it won't be a straight line, but I do think that if you look at sort of a big picture, the dollar went up and awfully
Bloomberg Radio New York
"caroline let" Discussed on Bloomberg Radio New York
"Gas shut off possibility from Russia. European benchmark natural gas features up by 3.4% this morning and just a reminder in terms of U.S. stock futures. After the Wall Street valley that we saw on Friday, NASDAQ futures are 1.1% S&P 500 Amy features up 8 tenths of 1%. Those are the markets, let's get to our top stories now. Lizzie Burton has all the details. Okay, Caroline, let's start here in the UK where two of the contenders for the job of prime minister have taken aim at the Bank of England. In a televised debate last night, the foreign secretary Liz truss and former treasury minister Kenny badenoch criticized the Central Bank's record in taming the fastest inflation rate in four decades. Trust has hinted that she may change the Bank of England's mandate if she wins. London is set to be one of the hottest places in the royal today, with temperatures soaring above the Western Sahara. The Met office has issued a red warning for extreme heat, which comes into force today, with temperatures possibly going above 40 Celsius for the first time. Network rail are reducing speed on services while LNER says it will not be running trains from London to Leeds or York today and tomorrow. And finally, in China, new COVID cases are continuing to climb, although numbers for yesterday were lower in many areas than the day before. Shanghai is rolling out mass testing in 9 districts after reporting 17 cases yesterday, and Macau's extending a citywide shutdown with all non-essential businesses to stay closed through July 22nd. The gaming hub is struggling to contain its worst ever COVID outbreak. Global news 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. I'm Lizzie burden, this is
Bloomberg Radio New York
"caroline let" Discussed on Bloomberg Radio New York
"Weeks of sort of rumor and speculation that he wouldn't go through with it? Well, he is kind of super Musk isn't he. He is pretty bulletproof. He survived all sorts of things. You know, security's regulators and even libel cases. Nothing seems to stick to this guy. The Musk of lights out there, they love him and they think he's the second coming. And of course those who don't like him just are waiting for his him to have his comeuppance. Maybe this is it. But history shows that he manages to go away with quite a lot. And who knows, maybe he will this time as well. Okay, Bloomberg opinion columnist Tim kulp and thank you very much for taking us through the latest on that fascinating story around Twitter and Elon Musk. Yeah, ever divisive. Right, let's get over to Briggs. He has the rest of the agenda for today, so what should we be watching out for Leanne? Caroline, let's just take a quick look of key things markets are watching up for today. We always have a lot of data at 10 a.m. UK time. It's Europe's largest economy in focus so we'll get the latest results from Germany's Z W survey expectations now that's followed by Portugal CPI, had 11 a.m. UK time, then it's Hungary Central Bank rate decision at 1 p.m. also UK time and also today, BOE governor Andrew Bailey will discuss the economic landscape at an event by the official monetary and financial institutions forum right here in London and also I don't know the exact timing I've been looking for but Rishi sunak the former Chancellor will be launching his official leadership campaign and nominations will open and close for people looking to be the next prime minister. Thank you, this is Bloomberg
Bloomberg Radio New York
"caroline let" Discussed on Bloomberg Radio New York
"Stories George Soros is warning that Russia's invasion of Ukraine could be the start of another World War speaking out the World Economic Forum in Davos the 91 year old billionaire said Russia and China posed the greatest threat to an open society Repressive regimes are now in the ascendant And open societies are under siege Today China and Russia present the greatest threat to open society So that was George Thor speaking on Russian gas he sounded a bit more optimistic though saying that Europe is Putin's only market giving the continent bargaining power In terms of Central Bank news this morning New Zealand Central Bank has raised rates by half a percentage point for a second meeting in a row the rbn zed lifted the official cash rate from one and a half to 2% as expected by economists the bank raised its forecast for rates to peak at close to 4% in 2023 as the country battles inflation Meanwhile here in the UK Boris Johnson is due to address the influential 1922 committee of conservative MPs today at 5 p.m. according to a person familiar with the matter it is a sign that Downing Street expects the publication of the long awaited internal probe into lockdown parties known as party gate to be published imminently And just lastly the U.S. has suffered its deadliest school shooting in four years at least 19 students and several teachers have been killed at an elementary school in San Antonio close to San Antonio in Texas Here is Bloomberg's Ed Baxter reporting An unusually open fed has all but promised So we'll bring that sound to you in a moment that should have been the report of course on the school shooting that happened close to San Antonio in Texas overnight Caroline let's just bring you some of the red headlines just across the channel from marks and spencers at their full year adjusted pre-tax profits coming in slightly better than had been expected 522.9 million pounds.
Bloomberg Radio New York
"caroline let" Discussed on Bloomberg Radio New York
"Or ten Good morning Samuel Good morning Caroline Let's start with Netflix which can't chill The streaming service has slumped 26% post market after it lost 200,000 subscribers in the first quarter Its first decline in a decade The streamer is looking at a lower priced model that carries adverts to stem the tide of competing services and rampant account sharing Let's hear from co chief executive officer Reed Hastings I'm a bigger fan of consumer choice And allowing consumers who would like to have a lower price and our advertising tolerant get what they want makes a lot of sense So that's something we're looking at now We're trying to figure out over the next year or two Meanwhile Netflix has also seen another drop of 2 million users in this period Here in the UK Boris Johnson has apologized to the House of Commons for breaking lockdown rules he devised Bloomberg's Charles caple reports on the party Gates debt scandal Boris Johnson however also insisted he didn't think at the time he'd done anything wrong He said the gathering was before a meeting on COVID strategy and he didn't think it could amount to a breach of the rules The prime minister was seeking to bring an end to a scandal that has plagued him for months attempting to move the conversation on to the war in Ukraine and the cost of living crisis The labor leader appealed to backbench Tories to bring honesty and integrity back to politics and Mark Harper a conservative MP said Johnson is no longer worthy of the office he holds But so called party gate shows no sign of stopping There is still the prospect of more fine sir Johnson and MPs will vote on Thursday on whether to refer Johnson to the committee on standards for misleading parliament in London Charles cape or Bloomberg daybreak Europe And Russia has given the under siege Ukrainian city of Mario Po a deadline of midday UK time to surrender but resistance forces have repeatedly rejected the call Ukraine's president Vladimir zelensky has a game called for more weapons despite pledges of further support from Britain and the U.S. He has described the situation in Mario pole at extremely severe with civilians given no access to humanitarian corridors Purposefully.
Bloomberg Radio New York
"caroline let" Discussed on Bloomberg Radio New York
"3% for crude oil yesterday WTI crude features down by about a tenth of 1% 85.5 this morning volatility gauges though are at a high for this year That is even a big radio business slash Now here are today's top stories from guerin's video Hi Caroline let's start with the top story dominating the UK news today The stakes are rising for Boris Johnson after the Metropolitan Police began formally probing allegations He and the staff held parties that broke the government's own pandemic rules the police a process is likely to take longer than the ongoing civil service fact finding investigation led by Sue gray reports say inquiry could be published as soon as today Now in earnings news Microsoft shares recovered in late trade after the software giant reassured investors at the Azor cloud computing business still has the potential to drive growth The company posted second quarter sales and profit gains with revenue climbing 20% to $51.7 billion And sources say invidia is quietly preparing to abandon its purchase of arms from SoftBank group That is after making little to no progress in winning approval for the $40 billion chip deal in Nvidia has told partners that it does not expect the transaction to close the purchase has drawn a fierce backlash from regulators and the chip industry Global news 24 hours a day on air and on Bloomberg quick tag powered by more than 2700 journalists and analysts in more than 120 countries and Leanne guerin's this is Bloomberg Caroline Thanks so much With our top stories Now it's time for square mile I'll look at what matters to the City of London This week focused on the UK's tech sector which received more money than ever last year at just over 29 billion pounds up from 11 and a half billion pounds in 2020 according to government figures But could London ever lose its crown as the center of tech innovation as parts of the north of England are quote leveled up Cambridge is the leading regional tech city in the UK followed closely by Manchester and so joining us now is Matthew Scully in who is founder and CEO of the cloud data company matillion which recently achieved unicorn status and is based in Manchester welcome Matthew thanks for being with us So it was a record year then for investment in UK tech you argue that British thinking on fast growing businesses like yours actually really needs to change in the next year Exactly how Good morning Caroline Thanks for having me on the show And yeah I think we're making progress It's getting better But for me at least the rate at which we build high growth businesses here in the UK is still got a way to go in terms of increasing I just don't think we wake up in this country and think I'm going to build a $1 billion multi-billion dollar consequential generational business Our track history is of building smaller companies and then selling them I think that's partially because of the attitude that we have in society which isn't always supportive of high growth and capital consuming business model And I think it's also in part because of the support we give to businesses like that The way we invest in them and the way we set those investments up and the guidance that we give to entrepreneurs and CEOs as they do it Do you think the government is doing enough then There have been some measures to try to foster a better business environment Also the leveling up agenda of course in building the northern powerhouse lots of slogans is that doing enough when it comes to tech Yes I think it's not my place to comment on government policy per se I think we can always do more It my company we have that encoded in our value to no processes is ever finished I do think there's things the government can do further to encourage more investment We have a huge amount of capital in our substantial economy The majority of mine hasn't come from the UK We've raised over $300 million capital to fuel our accelerated growth and only the first few million of that came institutional investor were fantastic British investor company called wire fan who had VCT business investor UK tax record So that's good But I think we have much more we can do In the U.S. last year there were over 200 IPOs creating half a $1 trillion of enterprise value The UK is not getting its fair share of that yet Okay And you're jointly headquartered in Denver in Colorado in the U.S. which is also kind of an interesting point How does the UK tech scene right now then stand up on a global set Explain some of this but versus let's say the U.S. in Europe what do you think about the tech scene now So I think compared to Europe we're performing well I think taking part to the U.S. we're just getting started really which is great It means all the upside still to come Carolina supposed But first of all why is this a good thing Why should we be doing that more of this And for me it's because creating the sorts of businesses that we can create and high growth business models is good for UK PLC for society at large and for people in this fine country We create high salary jobs We're always in a worldwide race for talent which means we focus on culture and diversity We create Hello Discover here To explain our cashback match here's how it works We give you cash back for using your discover card on the things you were going to buy anyway.
Bloomberg Radio New York
"caroline let" Discussed on Bloomberg Radio New York
"Oracle buying medical record systems provider Cerner corp for about $28.3 billion in an all cash deal the company's biggest acquisition ever Shareholders of Oracle not necessarily chairman that news Gamma is a Nike the company's new report earnings after the bell 2.7% to the downside today We're going to have all eyes and supply chain comments of course about factory closures potentially in Vietnam And then of course what's going on in China as well Caroline Let's talk about supply chains when it comes to commodities right now because I'm going to go across asset GMM is your terminal gain of choice if you want to be looking at global macro movers I'm looking at natural gas up more than four percentage points Why is that gas going up once again here in the U.S. It's a cold weather snap but in the Europe it's about a supply chain issue It's about worries of flows coming from Russia into Germany as well as the colder weather but elsewhere commodities really taking a downdraft today WTI crude off by more than 3.7% $68 is where we end the day That as we saw of course the twin issues of acron and indeed when the bill got better plan being just put on ice for the time being what does that mean for the global growth What does that mean for the oil demand We see some of the metals as well zinc off by more than one and a half percent Moving on into the FX space and that's why we see the commodity related currencies take such a move lower New Zealand dollar kiwi off by 5 tenths of a percent the Canadian dollar falling in sympathy with oil off by four tenths of a percent And we move instead into the likes of the Swiss franc up to tens of percent a haven trade as we see once again the variant start to hit European significant amounts British power by a quarter percent as we start to see this hospitalizations just take up slightly and 91,000 people affected by COVID in just one day alone Well and you're certainly wondering if you see some of that at least maybe a little bit of a safe haven trade Caroline in yields on the front end of the market You're getting twos and 5s catching a little bit of a bid but really only one basis point go long around That's where we're really starting to see some of that yield curve steepening you're back up to I guess higher than what it was but still 79 basis points here on the twos tens But really highlighting perhaps maybe some of the inflationary concerns that we still continue to have on the long end Certainly not growth fears at least for now Micron certainly not seen that Caroline is you take a look at some of their commentary about next quarter earnings very positive still on track four What are they saying to record solid profitability on 2022 But it does really highlight some of the concerns that we've had about supply chain issues And maybe some of this variant Yeah well speaking of that I think a lot of our audience potentially a couple hours after they woke up this morning woke up to the news that adobos was being postponed this year It was supposed to happen in the mid part of January I think perhaps not surprising that many people given the autocrane variants rampant spread The question is does it actually happen over the summer when it's being rescheduled to the second year in erosion Ollie that it's canceled at least in January January is a very messy January We knew that that JPMorgan healthcare conference is going virtual There's another milk and plan just in following months after that There's a hope that these things continue because the deal makers want to deal right They want to be able to get there But they can do that without conferences They show that in 2021 and in 2020 right I was telling Caroline I have never seen a lead this big for Goldman Sachs when it comes to deal making a little bit of help there today from the sterner deal that we saw with normal today Deals they still get done even when they were all worrying about all Macron variant And perhaps not being able to get across to Switzerland quite this January All right but maybe this summer Guys we are going to have to leave it there that is going to do it for our cross platform coverage excuse me There you go That's going to do it We'll see you tomorrow though Same time same place on Bloomberg TV Bloomberg radio and on YouTube You're listening to Bloomberg businessweek with Carol messer and Bloomberg quick takes Tim steno V on Bloomberg radio It's Bloomberg business week 10% of your kitty grind felt live in the Bloomberg interactive broker studio in New York We are still awaiting earnings from Nike that company expected to.
Bloomberg Radio New York
"caroline let" Discussed on Bloomberg Radio New York
"Very attractive to people JCF can help you and your clients organize your charitable giving with a donor advised fund a fund can be established with a tax deductible contribution of $5000 or more Contributions to JCF qualify for the highest tax deduction allowed by law Is it JCF and Y dot org or call two one two 7 5 two 8 two 7 7 Markets headlines and breaking news 24 hours a day Dot com the blue boat business out Quick take This is a Bloomberg business flash Bumblebee's European headquarters here in London I'm Caroline hepler with this bumper radio business flash so Jay Powell day two of testimony starts around three p.m. London time today obviously in Washington D.C. yesterday he said that it may be time to stop calling inflation transitory in terms of bond market reaction U.S. ten year treasury yields rose around three basis points after that hawkish tilt from Jay Powell this morning we're up by 5 basis points on the ten year trading at 1.497 This as we continue to see yield curves flatten Money markets are now estimating a 50 50 chance that the fed will hike as early as May Meanwhile in terms of European yields a Germany is a negative 31 basis points also up by three and a half basis points Excuse me as for the European markets for stocks work by 1% on the usuk 600 All of the sexes currently in the green zetra taxes outperforming up by one and a half percent and the footsie 100 up by 1.3% this morning In the FX space the Bluebird is spot index is slightly softer The Turkish lira spot price is actually up by 6.4% intervention from the Central Bank trading at 1265 somebody like food features are also up by 4% That's a big radio business slash that here is you and pops Global news for mom here Caroline let's start here with the health secretary says that delivering on the promise to offer COVID booster job to all adults by the end of January will be a.
Bloomberg Radio New York
"caroline let" Discussed on Bloomberg Radio New York
"Ever issued not in Europe but in the world Both the demand and size eclipse the UK's debut last month Yeah absolutely And we're going to pick up on this story get a bit more detail from Bloomberg's John angel in the next hour of daybreak Europe So do keep listening for that But also let me update you on some other earnings LVMH beat estimates in the third quarter but growth slowed from the previous period when purchases of Louis Vuitton bags and other luxury items surged after shops reopened from lockdowns so Asia excluding Japan was LVMH's biggest region accounting for 36% of sales followed by the United States Caroline let's talk research and data analytics During a period of recovery from the pandemic major political challenges and inflated food prices understanding market and consumer behavior is becoming more and more valuable Research and data analytics group you go posted unaudited full year results which it said were in line with expectations We're joined now by UFC estefan Shakespeare So Stefan first thanks so much for joining us this morning I'm here on Bloomberg radio So your results coming in line with expectations In terms of the breakdown of these results where did you see the most outperformance Where it currently is the most demand Well funnily enough normally we have some black spots in some negative spots This kind is all black spots We actually have across all our geographies and across all our products We've been seeing very good strength And we have an 18% increase in our revenues and the increase in our margins too That comes largely though If I made a I was trying to see a trend I would say largely it comes from the larger tracking project People want more data now I think maybe it's part of the last two years of pandemic But everybody knew that this was a data driven world but they weren't really accepting it In the last couple of years of course we've been completely obsessed with data by the way it's to do with testing and recovery and all that sort of thing Everybody knows you've got to have data and you have to have quality data Yes absolutely Form filling to me seems to have taken over daily life But Stefan just became only the only thing behavioral data all kinds of things like that as well No I think it's more about COVID than anything else I'm being like hearted but I want to ask something more serious which is about your results There are unordered results Just explain to listeners why that is when we'll get the full audited version if you don't mind Yeah I mean they're basically our audit They haven't been signed off yet for one very specific reason We had a desk unfortunately the team we had some tax questions as it happened the resolution currently upwards So this isn't anything negative about the number at all This is to do with an unfortunate pressure on the last minute of the order that comes last Yeah our thoughts definitely go out to that team member and their family As part of the results as well you talked about a acquisition of resonance And am I correct in understanding that this is the sort of thing if I want to go look at an article a little survey pops up and I have to complete the survey before the article Because you talk about it here in the press release as ethical activation at scale I think that might be some ad speak that goes a bit over my head Well yeah you've got it exactly right And that interaction by the way we keep very short like two questions or so And what it means is that we can gain data but we can also do data driven advertising now And that's something that we haven't been able to do another 80s up a whole new budget So now you can use our data and directly applied to multi-million people advert advertising campaigns By multi millionaire reaching tens of millions hundreds of millions of people using the data that has been deliberately given not data that is scraped off something or got because somebody said yes but they really want to get to something else This is what the ability to use not just meeting in harmony with GDPR rules and all of that But actually embracing data control we allow everybody interact with us to control their data in a way that's very explicit So that's what we mean by ethical activation Yeah I think that's an interesting description Especially in a world obviously that is perhaps going to see more regulation and people perhaps have more control over their data Is that a concern Does that level the playing field how are you thinking about regulation right now Stefan Well we love it because the everything that you have does is based on what we call zero party relationship That is to say everybody who gives us data gives it to us because they want to get paid for it They know how to use and so on So we like the fact that we're entering into a citizen controlled data world It is that control that we are riding So one of our new product allows people to take their data because the new GDPR regulations allow this take their data from Netflix or Google or whatever it is And transport that to us for use And that is actually part of the data control world now So quickly unfortunately we don't have too much time left You obviously have a unique view into how much companies are willing to spend on things like data and analytics What is your view in terms of the recovery for the corporate United Kingdom I believe that corporate Britain will embrace data ever more and actually get real benefits from that And they're seeing that And so I think the future that we will spoke about a few years ago about a data driven economy is definitely here Okay And I suppose where else are you looking for growth then If the UK is focused on increasing data where else would you see growth Our main market is America actually And our main market in America is Silicon Valley So we are used by the top data using companies and America is definitely that country So we see the most growth in the future for common time to come to be actually in our U.S. operation Stefan thank you so much for being with us Really great to have you on the program that is youg of CO Stefan Shakespeare taking us through Their results and also explaining what happened with their results and where they see growth So ethical data food was very very interesting what you had to say Yeah definitely interesting And hey you have to imagine a lot of people are more willing to take a very short survey than pay up for a paywall although I will say support journalists Yes Hey that paywall All right well Caroline coming up on daybreak here We're gonna be joined by James at the investment director at Aberdeen asset management You have to imagine that the topic of the day and really every day is inflation stagflation transitory inflation Yeah absolutely This as we've had lots of comments from the fed in terms of whether inflation is transitory or not and we get the U.S. CPI figure at one 30 so that's going to be crucial for markets which are currently in a bit of a.
Bloomberg Radio New York
"caroline let" Discussed on Bloomberg Radio New York
"The push higher in energy prices oil prices in particular but were also watching coal and a host of other commodities as well Brent prices touching $80 during the Asian trading session So 80 23 is where we trade up by 9 tenths of a percent compared to the previous close 76 12 is where we trade on the WTI price and a big focus on bond markets once again as we busted out of that previous trading range up over one and a half percent on the U.S. ten year We went over 1% on the U.S. 5 year as well So watching those yields drifting just a little bit higher amidst all of that the dollar is entirely stable Caroline Let's go to our top stories this morning as the UK's fuel crunch continues the military has officially been put on standby to help deliver supplies to petrol stations a limited number of army tanker drivers will be trained up in case they're needed It's the latest emergency measure as the government grapples with supply chain reactions that have drained petrol pumps But a group of companies including BP Shell and esso say that they expect demand to ease in the coming days and there's no shortage of fuel at refineries and terminals Meanwhile plenty of jobs coming up for grabs at the U.S. Federal Reserve the Dallas fed president Robert caplan has joined Boston's Eric Rosenberg in early retirement both had been under scrutiny over securities trading activity last year Kaplan will depart on the 8th of October saying that the recent focus on his financial disclosures risks becoming a distraction Rosenberg will retire this week due to an ongoing health condition Meanwhile the recent message from Jerome Powell and fed officials is that the Central Bank will probably begin winding down its bond buying program soon though the economic recovery still has a way to go before the interest rate increases are appropriate The New York fed president John Williams cited progress on both the inflation and labor market front in arguing for a moderation in the pace of bond buying I think it's clear that we made substantial further progress in achieving our inflation goal It's also been very good progress towards maximum employment Now assuming the economy continues to improve as I anticipate a moderation in the pace of asset purchases may soon be warned But pal says that inflation is elevated and will likely remain so in coming months before moderating that's in preparation in prepared remarks rather ahead of Powell's Senate appearance today The US Treasury secretary Janet Yellen also testifies Those are a few of our top stories for you this morning Let's go on to one of our top interviews The Labor Party is gearing up here in the UK for a potential snap election as soon as next year That's according to one senior party figure With the annual party conference in full swing we're awaiting the key speech form care starmer The Chancellor shadow Chancellor Rachel Reeves has been making the case for a more business friendly Labor Party saying the party will scrap business rates replace it with a new business taxation system Now a Bluebird Westminster yesterday you imports and I spoke to Bridget phillipson MP She set out what the party is trying to achieve We've seen obviously a really terrible 18 month old for businesses and for workers And what do we believe the approach that should be taken the product that racial reefs will be setting out in her speech is that labor will tax fairly will spend wisely and will get the economy firing on all cylinders Now that means government working with business to create jobs and opportunity and every part of our country but it also means that when the government spending money is always focused on the value that you get out of every single pound making sure it has best possible effect We've seen extraordinary waste of public money during this pandemic and we would do things differently Is there enough real policy in what is being discussed at the party conference I noticed that the shadow Chancellor former shadow Chancellor John McDonald he's been on the program before and he's never won not to throw some criticism at Keir Starmer He loved this that the pamphlet that starmer wrote and published just before the party conference last week he described that as banality after banality that there was a lot of writing a lot of words but not enough politics in there What would you say in response to that I mean not for the first time I happened to disagree with them on that And I think what we're seeing today from our shadow Chancellor Rachel Ray is a focus not just on the fiscal rules and the approach that labor would take to the public finances on the office of AD for money but also already ambitious agenda around completely overhauling the way in which business rates operate in our country So we will put forward a different system the better reflects the change that taken place in the economy so more modern system of taxation that understands both how high streets but also our online businesses too So we would end business rate in the long run but in the short term we think this should be for all of them and for smaller businesses to be cut to really support our high street to thrive once more So I think we're setting out quite a big agenda around the different choices that are labor government would be taking How will labor get the likes of Amazon to pay more tax when others haven't managed it Well part of that course is around.
Bloomberg Daybreak: Europe
Eurozone unemployment spike held down by support schemes
"A conversation about some of the states that we've been getting out of Europe and Caroline. Let's get Teo, the latest out of Germany, the German economy minister, as you mentioned just that Peter out. Meyer is expected to be speaking shortly, and he's going to give a new forecast for the German economy that we understand It's not going to be as bad as previously expected. Joining us now to continue the conversation, then from TV aspect to him earlier there on Bloomberg television below. Hafeez, the CEO of Macro Hive Bill are very good to speak to you and I want to know how we should look at Germany because the latest data suggests that they are being quite successful in bringing down that spike in unemployment that they saw. You didn't spike as high as other places because they have A furlough scheme in place. Of course, longstanding. Do we take comfort from the German scheme and say, Look at there for low we should all be doing that. Or do we worry about zombified cation of businesses that are supported that way? What is your take on that sort of macro event? You know, I think that's very kind of good observation. I mean, I do think that the German furloughs seems the way they do it with government effectively subsidizing workers that go do you shorter hours is works very well and I think it's something Germany has done. Couple times before, especially off 2008 national crisis. So it kind of works very well for the German later system, whether the country's replicate that it left clear But I do think that Germany at least it works very well. There is a broader question as you point out that this bomb verification and that's something we're really going to find out for the down the line in years to come. Andi. You know, Germany does face the loss of structural challenges. Whether that's also sector with the onslaught of electric cars and so on. You know, it's relationship with China is well, you know if the US doesn't push your further On the whole diversion story there that there are those sorts of challenges as well. I think that kind of loom quite large bowl for Germany. Interesting. I mean, there was talk in the UK to doing kind of sort of work week, going down to four days a week, for example, you know, just try to help the economy. But