24 Burst results for "Prime Minister Rishi Sunak"
Bloomberg Radio New York
"prime minister rishi sunak" Discussed on Bloomberg Radio New York
"Fell four tenths of a percent. Staying with China Karen Janet Yellen is striking a positive tone at the end of her trip to the country. The Treasury Secretary says bilateral meetings served as a step forward for the two nations. She thinks the world is big enough for both economies to thrive. Over the weekend Yellen also shared her outlook on the US economy. She says the risk of a recession is not off the table yet. But we would expect with the job market as strong as it is now to see a slower pace of ongoing job gains. Secretary Yellen made the comments on Face the Nation and from CBS. Catch the program every Sunday on Bloomberg Radio. Nathan, as Janet Yellen returns to the US, President Biden heads overseas. The president's on his way to a NATO meeting in Lithuania. first But he stops in London to discuss Ukraine with Prime Minister Rishi Sunak. Back here in the US, Karen, earning season kicks off on Wall Street this week. One prominent strategist is projecting bearish results. Morgan Stanley's. Mike Wilson says better than feared sentiment likely won't fuel an equity rally. He expects analysts to cut second half earnings projections. Meantime, economic data is in focus for investors, Nathan and the Fed as well. We get June readings on consumer prices, producer prices and consumer sentiment. This week, paid in Regal and chief economist Jeffrey Cleveland says recent data suggests a soft landing might just be possible for the US economy. It may not be the base case, but you get an easing of labor demand and the unemployment rate doesn't rise. That's your soft landing, so it's possible with the 3 .6 unemployment rate. We're on track for it. I wouldn't rule it out. Paid in and Regal chief economist Jeffrey Cleveland says the Fed will likely stay higher for longer, even if inflation comes down this week. Futures this morning, they're lower. S &P futures down two tenths a of percent on nine points. Dow futures little changed. NASDAQ futures down a third of a percent or 53 points. The DAX in Germany is up a quarter percent. Ten -year Treasury down 132nd, yield 4 .06%, the yield on the two -year 4 .91%. NYMEX crude oil is down three quarters of a percent or 54 cents at $73 .32 a barrel. COMEX gold is down a tenth of percent a or $2 .60 at $19 .29 .90 an ounce and the euro 1 971 against the dollar. Straight ahead, we have your latest local headlines plus a check of and this is Bloomberg. Thanks for watching. It's 531 on Wall Street, time to bring in Michael Barr for a look at what else is going on in New York and around the world. Michael? Thank you very much, Nathan. New York Governor Kathy Hochul declared a state of emergency for Orange County after excessive rains caused flash flooding. A woman was killed rushing in the floods as she was trying to make it to safety from her home. Executive Steve Newhouse says in the eastern portion, near West Point, many roads are submerged. I talked to the governor, a DOT, everybody's working their hardest to get here. We're handling all the calls on a priority basis. So if basement your is flooded, that is not a priority. We are trying to rescue people that are stuck in their cars. Stifling heat is still scorching from coast to coast. In Palm Springs, California, Fire Captain Nathan Gunkel warns out -of -towners the sweltering summer days are too much for residents, let alone anyone who is not accustomed to this climate. We're concerned about the tourists coming into town. They could be from Canada, they could be from back east, they're not used to how to live and survive in the higher attempts like this. And they want to go out and explore. They're a beautiful city, we want them to go out, but they need to be prepared. The Southwest is gearing up for a second second week of 110 plus degree temperatures. North Korea says it will shoot down American spy planes intruding into its airspace. North Korea says the spy planes allegedly violated its airspace several times over the last week. The US and South Korea have held multiple air drills this year. There is a new alarm being raised over an energy drink allegedly targeting children. New York Senator Chuck Schumer calling is on the FDA to investigate the energy drink Prime, which he says is being marketed to children and contains 200 milligrams of caffeine. Global news 24 hours a day powered by more than 2700 journalists and analysts over 120 countries. I'm Michael Barr. This is Bloomberg. Thank you, Michael. I'm Michael Barr. Five thirty three on Wall Street time for the Bloomberg update. sports Here's John Staschow. All right, Nathan, not the way the Metro Yankees wanted to go to the All -Star break. Let's have that six game winning streak, but then two losses in San Diego Padres won 62 as Joe Musgrove, Mets who the couldn't score off of in last year's playoffs. Shut him down again. And Manny Machado hit two home runs off as he drove in five at the stadium. Yankees got back to back home runs from Anthony Volpe and Kyle Agassioko. They led the Cubs four to one seventh inning. Cubs will then score six times to win seven to four. Costly air on Glaber Torres, if the season ended now, the Yankees would not be in the playoffs. They're only a game ahead of last place, Boston, Yankees and the just did something they never do, a mid -season firing of hitting coach Dylan Lawson. Tomorrow's All -Star Game is in Seattle. We'll find out today if Garrett Cole gets the start. The home run derby is tonight. Pete Alonso trying to win for the third time. LSU just won the College World Series. Two Tigers taken with the first two picks of the draft. Pitcher Paul Skeens to Pittsburgh. Outfielder Dylan Cruz to Washington. Nets and Yankees both took high school players in the first round. Wimbledon Novak Djokovic won the first two sets of his fourth -round match, both in tiebreakers. hit They the curfew. They'll finish the match today with the loss by Francis Tiafoe. The last American on the men's side is Chris Eubanks. Today he faces Stefanos Tsitsipas. Randall Stephenson served on the PGA Tour policy board for 12 years. He has resigned due to concerns with the merger with Liv and doing business with Saudi Arabia. Sepp Straka shot 62. He won the John Deere. Allison Corpus took the U .S. Women's Open at Pebble Beach. John, thank you. S &P futures right now, they are down 8 points. futures Stough down 13. Nasdaq futures down 53 points. Ten -year Treasuries now down 2 .32 for yield very up close to 4 .07 percent. Yield on the two -year 4 .91. NYMEX Crudes down eight -tenths of 1 percent at 73 .28 per barrel. There's a book that's endured for generations, shaped entire nations, and is still the best selling book of all time. It's a book that tells of prophets and preachers, of kings and carpenters, a book meant for everyone. There's more to the story. Explore the book you thought you knew at Museum of the Bible in Washington DC. Plan your visit today at MuseumOfTheBible .org slash explore. New York, another update on Wall Street. In fact, records to London. UK businesses are feeling the effects of higher prices. To Hong Kong. The Hang Seng down about .3 1 percent right now. 24 7 business and market news that expands your world view. Always always nice to see you, French finance minister. I'm much more concerned about how things flow out of China. Bloomberg Radio, Bloomberg the Business app in Bloomberg Radio dot com. Bloomberg. The world is listening. Thank you. story tells he
Bloomberg Daybreak Europe
Fresh update on "prime minister rishi sunak" discussed on Bloomberg Daybreak Europe
"Of one percent and oil prices Brent crude sinking 1 .1 percent this morning 92 26th about okay weaker commodities in focus part of the reason for the weaker commodities story is some of the difficulties we're seeing in China so let's get to our top stories the trouble Chinese property developer Evergrande says its main its mainland unit has defaulted on a major onshore bond it comes as reports emerge that a former CEO and CFO at the company have been detained by Chinese authorities moonbags Joanne Joanne from Hong Kong Evergrande subsidiary hanged out real estate defaulted on 547 million dollars is in principle plus interest the onshore bond was due September 25 in March hang dah missed an interest payment on the bond which was issued back in 2020 hang dah said would actively negotiate with bondholders to find a solution meanwhile Tyson reported that two former Evergrande executives have had been detained by Chinese authorities Joanne Wong says the detentions add another layer of certainty to Evergrande's restructuring plan an index of shares in Chinese property companies slumped on Monday after Evergrande cancelled a meeting with creditors the CEOs of two of Wall Street's biggest banks have been weighing in on growth and interest rates Goldman Sachs boss David Solomon says he expects the Fed to hike further and the US economy to cool here's what he told the American Energy Security Summit is. I think it's gonna it's going to be hard to get inflation back to the target and that probably means if inflation is sticky we will see additional interest rate increases and ultimately that probably does lead to a little bit more of a slowdown in the economy whether that's a recession or it's just a slowdown you know it's hard to say but it would be unprecedented to through go this type of a tightening cycle and not see us get to a little bit of slower economic growth than what we're seeing right now. The comments from Solomon come as JP Morgan CEO Jamie Dimon said that he's not sure if the world is prepared for 7 % interest rates. Speaking to the Times of India, Dimon said that going to that level would be much more painful than getting to 5%. The London Stock Exchange CEO Julia Hoggart says UK firms risk their market value by listing in America. The LSE boss told a conference that international companies underperform US domestic companies in their stock markets. She noted that out of 23 firms that have raised over $100 million in the US over the past decade, six have delisted and 13 are trading down, only four are trading above their initial value. Nissan says that it is still committed to making only electric vehicles by 2030, despite the Prime Minister Rishi Sunak's green rollback. Primozio and Potts reports. The boss of the UK's biggest car factory says there's no turning back The now. words of Nissan's CEO, who says he's sticking with the company's plan to produce only electric vehicles in Europe by 2030. Last week Prime Minister Rishi Sunak pushed back plans for a UK ban on the sale of petrol new and diesel cars by five years to 2035. Nissan's also said it could make more vehicles at its massive Sunderland plant if the UK signs better trade deals to export them. Officials from the EU and UK meanwhile are expected to meet today to discuss their EU tariff regime. In London, I'm Ewan Potts, Bloomberg Radio. The Liberal Democrat, Ed Davey, will give his first autumn conference speech since becoming leader later today, the beginning of the party's campaign offering for the next general election and Davey has already ruled out coalition a government with the Conservatives. I have ruled out dealing with the Conservatives. I personally have fought the Conservatives all my life. I and many Liberal Democrat MPs have always ruled out a coalition and says the ruling party is quote a bad soap opera rather than a functioning government. And just lastly, Tishsell the founder, Ken Griffin, is said to be in talks to join a group of investors bidding to take over the Telegraph media group. Various media reports say that Griffin could provide financial backing to the consortium led by fellow hedge fund manager Paul Marshall. That's ahead of an auction for the newspaper that begins in the next few weeks. Bloomberg understands that Griffin would only invest in the effort personally and not through his company. Straight Right ahead on Bloomberg Daybreak Europe, we'll be talking markets with Alex Brazier, managing director and deputy head of the Blackrock Investment Smith Institute. There's a lot to discuss when it comes to what's been going on in Treasury markets. What does that tell us about the underlying performance of the US economy? Moody's concerned around the threat of shutdown in the United States. Might we see the US lose its last after remaining triple A rating? Lots to discuss with Alex Brazier. This is Bloomberg. Do you need to communicate and collaborate from anywhere? Vonage does that. With one streamlined app, you get full features that work on desktop or mobile wherever you go. Join video meetings and calls, respond to messages and work from home, in the office or on the road. You can even capture conversations on the go because the Vonage mobile app can integrate with your CRM. Now your small business can communicate like a big enterprise. See more of what Vonage can do for you at Vonage .com. Today, with tools like Nanome's Virtual Reality Lab, students can use the metaverse to study complex subjects. They can manipulate molecular structures in 3D, paving the way for a deeper understanding. Learn more at meta .com slash metaverse impact. Together, we have the opportunity to build a more sustainable and inclusive future. At the Bloomberg New Economy Forum, we
Bloomberg Radio New York
"prime minister rishi sunak" Discussed on Bloomberg Radio New York
"But a slower remains we CBS. pace would optimistic expect but of says Catch the she ongoing with program every the job job Sunday market on Bloomberg as gains. Radio. strong overseas. as it And Yellen Well now is He's made Karen, on now his the way comments it's to President a to NATO on Biden's Face meeting the see in turn Nation Lithuania for from a trip but first the President stops in London to discuss Ukraine with UK Prime Minister Rishi Sunak. Amy Morris has more from our Bloomberg 99 .1 newsroom in Washington. Biden will meet with Sunak to compare notes on their support for Ukraine after several allies questioned the President's decision to send cluster bombs to Ukraine. They're also expected to discuss the Atlantic Declaration, a potential trade pact that could help UK lawmakers qualify for electric vehicle subsidies. Brokering deal with Turkey could also come up. Turkey has blocked Sweden from joining NATO and Biden may also bring up post Brexit arrangements for Northern Ireland. Biden will also have tea with King Charles III at Windsor Castle, their first meeting since his coronation. In Washington, I'm Amy Morris, Bloomberg Daybreak. Amy, thank you. Well, back here U in the .S., much of the country is bracing for severe heat. Near record temperatures will spread from the southwest across Texas and the Great Plains this week. Temperatures of 100 degrees or more are expected to strain electricity networks. The blistering heat will hit the southern U .S. and northern Mexico, challenging local records. All right, let's turn to the equity markets now, Karen. The S &P 500 is coming off its second losing week over the past three, and some investors see more pain ahead. Let's get the details from Bloomberg's Lisa Mateo in New York. According to Bloomberg's latest Markets Live poll survey, profit warnings and fears of higher interest rates are threatening key the U .S. stock indicator. 55 percent of respondents say the upcoming earnings season will hurt stocks. 42 percent say the biggest reason will be the impact of further tightening of financial conditions. Many the predict Federal Reserve will raise interest rates later this month after data from last week showed moderating payrolls but stronger than expected wage growth in June. In New York, Lisa Mateo, Bloomberg Daybreak. All right, thank Lisa, you. Well, earnings are front and center for many on Wall Street. The season kicks off in earnest this Can week. we get a preview from Bloomberg's Charlie Pellet? Friday, we hear from JPMorgan Chase, Wells Fargo, and Citigroup. The earnings reports come amid a backdrop of inflation and the specter of rising interest rates. Lizanne Saunders is chief investment strategist at Charles Schwab. We know first expected. quarter was better than A lot of people are focusing on the fact that calendar year 2023 estimates are lifting but that's only because of the beat in the first quarter. Second quarter, third quarter, fourth quarter, and even into first next quarter year have also have all had downtrends in their estimates so that will come in clearer focus when we start to enter reporting season. Thursday it's Delta Airlines in PepsiCo with a focus on pricing power. In New York, Charlie Pallet, Bloomberg Daybreak. Alright Charlie, thanks. We've got some conflicting calls this morning on earnings. Goldman Sachs strategists expect companies to meet the low bar set by consensus. They say negative earnings revisions for this year and next appear to have bottomed and sentiment has improved. Meantime, and Morgan Stanley's Mike Wilson has a more bearish view. He expects analysts to keep cutting second half profit projections. Wilson also says company forecasts will matter more than usual this year. And we have an update on Meta's new Threads app. The new social media platform has now gained 100 million users. according That's to TechCrunch. Threads hit the million user mark after just five days of existence and it makes it one fastest of the growing consumer products ever. S &P futures now are down seven points, Dow futures down 12, NASDAQ futures down 45, 10 -year Treasuries down 1 32nd for yield of 4 The two -year yield 4 .91, NYMEX Crude is down 0 .01, down 0 .69, .17 at $73 a barrel and the euro is at 1 .0966 against the dollar. Straight ahead, your latest Take local headlines and a check of sports, this is Time now to take a look at some of the other stories making news in New York and around the world with Bloomberg's Michael Barr. Good morning, Michael. Good morning, Nathan. New York Governor Kathy Hochul declared a state of emergency for Orange County last night. Heavy rain spawned extreme flooding killing at least one person and forced road closures.
Bloomberg Daybreak Europe
Fresh update on "prime minister rishi sunak" discussed on Bloomberg Daybreak Europe
"The trouble Chinese property developer Evergrande says its mainland unit has defaulted on a 4 billion yuan that's 547 million dollar onshore bond. The default comes as reports emerged that a former CEO and CFO of the company have been detained by Chinese authorities. Bloomberg's and loans bonds reporter Loretta Chen has the details. The local media testing which is a reputable media in mainland China reported last night that the ex CFO and CEO of Evergrande group were detained by police and these are the people who used to be right -hand men of Huikao Yan the founder of Evergrande so this is quite significant in terms of the destiny of this company you know whether it's going to finish all these unfinished projects while its chief executives are detained. Loretta Chen says that the detentions add another layer of uncertainty to Evergrande's debt restructuring plan. index An of shares in Chinese property companies slumped on Monday after Evergrande cancelled a meeting with creditors. The EU's chief trade negotiator says Beijing's failure to condemn Russia's war in Ukraine is damaging China's investment opportunities. Wrapping up a high -stakes trip to the world's second largest economy Valdis Dombrovskis this issued clear attack on President Xi Jinping's foreign policy. China's position is affecting the country's image not only with European consumers but also with businesses. Over a third of EU companies in this country have indicated that China's position on the war is making it a proactive investment destination. China's response and its contribution to resolving the war is a way that is important for us to engage. Dombrovskis' trip to the country comes after the EU announced a probe into China's electric vehicle subsidies. The move has increased tensions between Brussels and Beijing with the most significant risk of a damaging trade war. The CEOs of two of Wall Street's biggest banks have been weighing in on growth and interest rates. Goldman Sachs boss David Solomon says he expects the Fed to hike further and the US economy on the economy to cool. Here's what he told the American Energy Security Summit. I think it's going to be hard to get inflation back to the target. And that probably means if inflation is sticky, we will see additional interest rate increases and ultimately that probably does lead to a little bit more of a slowdown in the economy, whether that's a recession or it's just a slowdown. You know, it's hard to say, but it would be unprecedented to go through this type of a tightening cycle and not see us get to a little bit of slower economic growth than what we're seeing right now. The comments from Solomon come as JP Morgan's CEO Jamie Dimon said that he's not sure if the world is prepared for 7 % rates. Speaking to the Times of India, Dimon said that going to that level would be much more painful than getting to 5%. The London Stock Exchange CEO Julia Hoggatt says the UK firms risk their market value by listing in America. The LSE boss told a conference that international companies underperform US domestic companies in their stock market. She noted that out of 23 British firms that have raised over $100 million in the US over the past decade, six have delisted and 13 trading are down, only four are trading above their initial value. Nissan says that it is still committed to making only electric vehicles by 2030, despite Rishi Sunak's green back. But it begs you in part to report. The boss of the UK's biggest car factory says there's no turning back now. The words of Nissan's CEO, who says he's sticking with the company's plan to produce only electric in Europe by 2030. Last week, Prime Minister Rishi Sunak pushed back plans for a UK ban on the sale of new petrol and diesel cars by five years to 2035. Nissan's also said it could make more vehicles at its its massive Sunderland plant if the UK signs better trade deals to export them. Officials from the EU and UK, UK. Meanwhile, they're expected to meet today to discuss their EU tariff regime. In London, I'm Euan Potts, Bloomberg Radio. The Prime Minister Rishi Sunak is also under pressure to say whether HS2 will go ahead in full. It's understood the Prime Minister is concerned by the cost of the rail project, but he has not confirmed reports that burrowing the into Manchester section will be scrapped. The former chairman of HS2 until 2021, Alan Cook, has told the Bloomberg UK politics podcast, the government is ignoring the long There has to be a much more consistent and concerted view from government about simply move away from one position to another to another position. It damages our reputation. It damages the way that we actually look at things and actually when we're trying to recruit the very, very best people that we need in the programme. It makes them very Alan Cook is currently chairman of the high -value manufacturing catapult. The Atlanta Times reporting today that the new US owners of Birmingham City Football Club have written to the Prime Minister with a similar warning that he'll damage trust in the UK if he scraps the HS2 rail project. Citadel founder Ken Griffin is said to be in talks to join a group of investors bidding to take over the Telegraph media group. Various media reports say that Griffin could provide financial backing to the consortium, led by fellow hedge fund manager Paul Marshall. That's ahead of an auction for the newspaper that is expected to begin in the next weeks. few Bloomberg understands that Griffin would only invest in the effort personally and not through his company. Thanks for watching. Please subscribe. Thanks for watching. See you next time. specific index is down by seven tenths of one percent and the ten -year treasury yield two basis points higher point five five percent okay those are the markets that do you like to eat out have you been to any fantastic restaurants lately lately no but it is one of my favorite things to do okay this is your list then clearly our food editor Kate Crader has the list you need for all of the best destinations for out eating this autumn she's named the top 13 New London restaurants and it includes a lot of Japanese cuisine $900 Japanese beef meal from rotisserie chicken to
AP News Radio
U.K. deputy prime minister quits after investigation found he bullied staff
"Britain's deputy prime minister Dominic raab has resigned after an independent probe found he bullied civil servants, though he is criticized the report as flawed. Rob's announcement comes the day after prime minister Rishi sunak received findings into 8 formal complaints that rob had been abusive towards staff members during a previous stint in that office and while serving as Britain's foreign secretary and Brexit secretary. Labor opposition leader Keir Starmer says rams exit has exposed a double weakness in prime minister Rishi sunak. He should never have appointed him in the first place, along with other members of the cabinet that shouldn't have been appointed. And then he didn't sack him and even today it's rather resigned rather than prime minister who acts. Rob says he's resigning because
AP News Radio
UK demonstrators protest Israeli leader's visit to London
"Britain's prime minister, Rishi sunak, has welcomed Israeli leader Benjamin Netanyahu to his Downing Street office, even as demonstrators gather nearby to protest his right wing policies. Your own attorney general says you'll breaking the law. This visit to London comes as Israel faces a national crisis over his government's plans to overhaul the judicial system, as thousands of people took to the streets of Israeli cities on Thursday Netanyahu, who's on trial for corruption has defiantly pledged to proceed with the overall which gives Israel's most right-wing coalition in history more control over judicial appointments, weakens the Supreme Court by limiting judicial review of legislation and allows parliament to overturn court decisions with a simple majority. I'm Charles De Ledesma
Monocle 24: The Globalist
"prime minister rishi sunak" Discussed on Monocle 24: The Globalist
"Disasters and a symbol of global cooperation and hope. Pauline, thank you very much indeed. That's Pauline pudu there and here's what else we're keeping an eye on. The United States and South Korea have announced they'll conduct more than ten days of joint military drills later this month. The freedom shield exercises aim to strengthen their combined defensive posture and will begin on the 13th of March. Ukrainian forces have dug new trenches to try to hold back Russian attackers from the eastern city of bakhmut. Some sources state that Ukraine has repelled more than 170 attacks in the 5 principal sectors of the front line over the last 24 hours. And the Cambodian opposition leader Kim soccer has been sentenced to 27 years under house arrest. After the three year trial soccer was found guilty of treason and would be banned from politics, voting in elections and unable to meet anyone outside his family. This is the globalist. Stay tuned. It's Friday, which means it's time to hear Andrew Muller's weird, wacky and wonderful take on what the past 7 days have taught us. We learned this week that being inside a single market containing most of the world's richest economies is good. What blows my mind. Blow me down. We learned this from UK prime minister Rishi sunak, who in the course of selling his silk purse from salz in Northern Ireland deal, took a break from his usual shtick of pitching Brexit as a passport, the blue British passport obviously to the sunlit uplands to enthuse to an audience in Belfast about the possibilities and opportunities of free trade
AP News Radio
Sunak says U.K. has reached deal with EU on Northern Ireland trade
"British prime minister Rishi sunak is in Belfast to sell his landmark agreement with the EU to its toughest audience. That is unionist politicians who fear post Brexit trade rules and weakening Northern Ireland's place in the UK a deal was struck on Monday to resolve a dispute over the Northern Ireland trade that has vexed relations since the UK left the EU in 2020. The agreement will ease customers checks and other hurdles for goods moving to Northern Ireland from the rest of Britain, but Northern Ireland's British unionist politicians have yet to give it their blessing. Their support is key to restoring Northern Ireland's semi autonomous government, which is in limbo amid the trade feud
Bloomberg Radio New York
"prime minister rishi sunak" Discussed on Bloomberg Radio New York
"DAB digital radio. It has just gone 8 o'clock, so we've got the European market open for you, but first I want to bring you the latest inflation figures out of Spain, the February figure for CPI rising 6.1% faster than had been expected 5.7% was the estimate that that is also after we had inflation figures from France also beating estimates coming in at 7.2% year on year, the EU harmonized figures for February, some interesting hotter than expected inflation from both of those countries looking at European market stock 600 stars in the day down by half of 1% of 4100 is four tenths lower this morning, the cat Carolina and Paris 6 turns lower the FTSE mib in Milan is four tenths of 1% lower as well. If we look ahead towards Wall Street, the futures there are also in the red, we are talking about S&P even these down by a third of 1%, NASDAQ features down by four tenths of 1% in terms of the sectors that are moving across the stock 600 this morning, just two sectors seeing gains, energy shares up three tens of 1% telecom shares are flat to the upside. All the other sectors are in the red chemicals bottom of the basket they are down by 8 tenths of 1% and just to bring your reaction to those inflation figures we're seeing bonds move yields rather move it significantly higher across the European space this morning to ten year yield we were talking yesterday about hitting its highest level since 2011, 2.59% was a threshold yesterday. Today it's 2.65% up 7 basis points. Spanish yields jumping as well after that inflation figure of the ten year Spanish yield, their 8 basis points higher this morning, 3.61%. The URL for its part, a tenth of 1% weaker against the dollar one O 6 is where that's trading. Yes, really interesting. We saw a small move on the French data and then another move on the Spanish data as you point out Steven so we're continuing to focus on an inflation print and the Euro did move higher, one O 6, as you say, now the handle on the Euro dollar. So that's the data. Let's get to some of our top stories and we'll start with the Brexit latest. The UK and the European Union have reached a new deal on trading rules for Northern Ireland. The agreement includes a green and a red lane system for goods as well as a mechanism for politicians in storm on to oppose changes to certain EU rules. Prime minister Rishi sunak hailed the deal as being good for all sides. Together, we have changed the original protocol and are today announcing the new Windsor framework. Today's agreement delivers smooth flowing trade within the whole United Kingdom, protects Northern Ireland's place in our union and safeguard sovereignty for the people of Northern Ireland. Sunak now needs to win over Northern Ireland's democratic unionist party and an influential group of pro Brexit MPs from within his own party. Failure to do so could mean the p.m. would need the support of opposition labor MPs to get the deal through parliament. Now, if the deal is ratified it could pave the way for closer ties between the UK and EU on issues like financial services security and scientific research, speaking to us here on daybreak, Europe, EY's global managing partner Andy Baldwin said he's positive about the benefits of an agreement. A deal between the UK and the EU around the Northern Ireland protocol. I do believe we'll see a shift in improvements in business sentiment generally, which ultimately leads to an improvement in cross border trade. The EU is still the UK's largest trading partner. I think sometimes people forget that. Andy Baldwin's view was echoed by BlackRock and Aberdeen who expect the deal to remove only some of the uncertainty that's dogs the UK since Britain chose to leave the EU. On to the inflation picture and French inflation accelerated to a record in February, increasing pressure on the European Central Bank to deliver more rate hikes, consumer prices jumped at 7.2% year on year in France up from 7% in January. That was more than estimated and the Spanish number has also come in higher than estimated at 6.1% year on year. The Croatian national bank governor Boris vuitch tells Bloomberg taming core inflation is the main priority. As long as the court persists at the levels that
Bloomberg Radio New York
"prime minister rishi sunak" Discussed on Bloomberg Radio New York
"The government has officially announced its mandatory mask mandate will be lifted as of tomorrow at Baxter with more from the Bloomberg newsroom in San Francisco Eddie. Yeah, there have been all kinds of talks about dates and a little bit later announced tomorrow and Doug after three years here, chief executive John Lee announcing masks no longer be required indoors, outdoors on public transport, says the epidemic is under control with no sign of a big rebound. A health secretary Lowe says Hong Kong fully returns to normal. It'll be interesting to see how much of the population still masks up. UK prime minister Rishi sunak calls a new deal with the EU regarding Northern Ireland, a new chapter. He was full of superlatives, new beginning, all leading to the Windsor framework, which is what this is called. He says shopping can become a two way street that now includes prescription drugs. From now on, drugs approved for use by the UK's medicines regulator will be automatically available in every pharmacy and hospital in Northern Ireland. And if Northern Ireland feels the EU becomes too cumbersome. This will establish a clear process through which the democratically elected assembly can pull an emergency brake for changes to EU goods rules that would have significant and lasting effects on everyday lives. He calls it a decisive moment. Votes from oil rich Nigeria still being tabulated from Saturday's presidential election, Bloomberg's Jennifer Saba Sasha and LEGO says some results have come in. Provisional results
AP News Radio
Sunak says U.K. has reached deal with EU on Northern Ireland trade
"The British government says it's reached a deal with the European Union to resolve their long running trade dispute over Northern Ireland. Prime minister Rishi sunak says he and European Commission president Ursula von der leyen would hold a news conference on Monday. The government had previously said it would only happen if a deal was struck government officials have told the BBC and Sky News that the deal has indeed been done. The agreement marks a breakthrough in a spat that soured post Brexit relations between Britain and the EU and sparked a political crisis in Northern Ireland, but now sunak awaits the judgment of Northern Ireland's democratic unionist party or DUP, which is boycotting the region's power sharing government until the trade arrangements are substantially changed. I'm Charles De
Bloomberg Radio New York
"prime minister rishi sunak" Discussed on Bloomberg Radio New York
"Transformation into a fast growing business around effectively managed services and solutions. So that's what's currently and that's what's really driven this split to the firm is to make both businesses successful. We've not been we're not over indexing on a percentage of business going either way. It's what is needed to make both businesses successful. When it comes to China, China's total state owned enterprises to shun the big four, including EY. Do you think this place will help in that or are you being shut out of the market in China? No, far from it, you know, China is one of our largest businesses as EY today. At the moment in time, our China firm won't be participating in the Everest transaction. We continue to win state owned enterprise audits in China. We've actually won a number of a couple of months ago. However, in reality, no business can outrun if you like the geopolitical tensions that we see. And obviously we do see increasing geopolitical tensions between China, the U.S. and the west and like any multinational organization we have to navigate that as a business, which is what we're what we're trying to do, Stephen. Okay, but you're still committed to trying to grow the business within China. Yeah, our China business is actually the growth in China has been slow in the last 12 months, but because ultimately they were as an economy one of the slower economies to come out of out of China. We're seeing now probably low single digit growth now in our China business, which if you look for the last ten years has been in high double digit double digit growth. That's really due to the impact of COVID in the rate and the economics there. So we expect China to come back to what we'd say a normal growth rate for the firm as we move more and more into this year and the COVID impact becomes more of a factor for the last financial year. So yes, we're still very committed to China. We're investing in China and I still see the growth for the China business being significant moving forward. Andy, I want to ask you about a big story that we're following here today this expected deal between the EU and the UK on changes to post Brexit trading rules. Do you see that that could have a benefit for business in the UK? I do, look, I think in reality, the Northern Ireland protocol has been an ongoing source of tension between the United Kingdom and the EU where both sides I think want to move on from Brexit. So I think a resolution to that not only clearly will ensure that we continue to have peace on the island of Ireland, which is most important thing for all of us, but actually I think that will unlock I think a couple of things. One, you look at university related research and R&D were locked out of the programs from an EU point of view from a UK point of view. We believe this will open up that. And I think just general cross border trade, we've seen a drop in trade with the EU. I don't think necessarily that directly into Ireland, but there was a sentiment piece here as well. So I think a deal between the UK and the EU around the Northern Ireland protocol, I do believe we'll see a shift in improvements in business sentiment generally, which ultimately will lead to an improvement in cross border trade. The EU is still the UK's largest trading partner. I think sometimes people forget that. Yeah, okay. It's just help us 9 here in London. We're speaking to Andy Baldwin, who's the global managing partner at EY. I want to ask you a specifically about retention at EY. It looks as if retention has improved, you're hiring target it looks like fewer people basically are jumping ship, but there's surely going to be quite a lot of turbulence when EY does carry out the split, the kind of project Everest split. How do you see the jobs market and hiring now? Yeah, so the great resignation is over. We were seeing our attrition in the low 20s. That's now fallen now to pre COVID levels. And obviously, as a result, we're sort of recalibrating our own our own hiring plans. What I would say is some parts of the market still remain quite tight from a hiring point of view. So have a look at we've got 75,000 technologies now and E and Y hiring into the AI space in particular, we're doing a lot around that. That's still continues to be quite a tight labor market in terms of our own hiring and obviously moving forward with obviously Everest. Look, Everest for us is a demerger. That will actually involve creating more jobs, not losing, losing jobs, both organizations will need to stand up and a whole series of enabling functions that will mean we'll have to hire additional people to do that, especially in technology. And then on the client service side, we're continuing to grow at 15% a year. The new co business for us at the moment is growing at 19 and a half percent our order business is growing at 11%. We've done, we've done no redundancies as a firm. We've done some what I would say modest performance management in a couple of locations, but we continue to be very positive about the marketplace where cautious, like any organization, but we continue to be positive and we're continuing to have aggressive hiring plans and acquisition plans. And I think as we do move forward towards the separation, I only see that increasing. Okay, anti Baldwin, global margin partner, DY, thank you very much for joining us on the program this morning. It's just coming up to 9 33 in the city. Caroline, let's get a check on where markets are moving in Europe today. We are seeing the stock 600 up by one just over 1% now the 4100 is 8 tenths of 1% higher the cat around in Paris. One and a half percent higher the Dax in Frankfurt 1.4% higher. So reverse of the falls that we saw in trading on Friday, all of the sectors across the stock 600 seeing gains, chemical shares leading the gains up by 1.8% Wall Street futures also higher S&P minis are up by half of 1%. Okay, let's go on then to a few of our top stories for you this morning. The UK and the EU are said to be preparing to unveil a post Brexit settlement on Northern Ireland, Bloomberg understands the agreement will be announced after a meeting later today with prime minister Rishi sunak and European Commission president, but there are concerns that some Tory MPs may try to block the deal. Here's the leader of a hardline European research group Mark Francois. Parliament should not be rushed. If I were advising the prime minister, my honest advice to him would be don't try and bounce parliament next week because that is likely to go badly wrong. If you look at all the history of this, which is complex, trying to bounce parliament usually ends badly. Conservative MP Mark Francois there, but even if his group rebels against a legislation, it is likely to pass with labor expected to back it. If a deal can be agreed, it will be seen as a triumph for sunac, who has sought to dial down tensions with the EU since taking power in October. The vast majority of British business leaders in the survey say they expect a recession this year, but don't plan to cut jobs. Three quarters of UK business leaders in the survey by Boston consulting group say they expect their workforce to stay the same or grow over the next 12 months without the same number optimistic about firms growth prospects and when it comes to inflation more than half of the business later surveyed say they plan to continue to raise prices in the coming 6 months. JPMorgan's market cap may hit a $1 trillion by the start of next decade that, according to analysis from rival Wall Street Titan, Morgan Stanley, leading Alice Betsy gratz believes a $1 trillion valuation could be reached in 12 years time if interest rates remain elevated. She adds the bank could get there even sooner if it's able to cut costs and accelerate revenue growth.
Bloomberg Radio New York
"prime minister rishi sunak" Discussed on Bloomberg Radio New York
"The Munich security conference in Germany today, Harris said the U.S. has examined the evidence and there's no doubt Russian forces engaged in crimes against humanity. She described them as horrendous atrocities, including acts of murder, torture, and rape, the vice president vowed the Kremlin will be held accountable for its actions. The U.S. is officially calling off the search for debris from three unidentified objects shot down by the military last weekend. The Pentagon says it didn't find anything after fighter jets down the objects in remote areas over Alaska, Canada, and the Great Lakes. 5 former Memphis police officers accused of causing the death of Tyree Nichols are due back in court may 1st after pleading not guilty to murder charges. Nichols is a black man who died after being severely beaten during a traffic stop at a hearing Friday the judge said the defendants are entitled to a fair trial. That's the latest I'm Julie Ryan. And I'm Susanna Palmer in the Bloomberg newsroom. Vice president Kamala Harris, speaking to the Munich security conference today, said the U.S. has concluded Russia committed crimes against humanity in its invasion of Ukraine and vowed that Moscow would be held to account for its actions. She said many countries are united. The transatlantic alliance is stronger than ever. The United States will support Ukraine for as long as it takes. We will not waver. British prime minister Rishi sunak told the conference NATO allies should finalize a security guarantee for Ukraine when the alliance's leaders meet at a summit in July. One year after Russia invaded Ukraine on February 24th, the global economy is still enduring the consequences, as we hear from Bloomberg's Amy Morris. Tight supplies of grain fertilizer and energy along with more inflation and economic uncertainty have created problems, especially in emerging economies. Companies and countries in the developed world have proved surprisingly resilient, a warmer than usual winter has helped lower natural gas prices, limiting the damage from an energy crisis, but it all adds up to a slowing global economy, Amy Morris Bloomberg radio. Federal Reserve governor Michelle Bowman said the U.S. Central Bank should keep raising interest rates to reduce inflation. Inflation is much too high. Bowman spoke at the Tennessee bankers association credit conference in Nashville Her comments echo that of other fed officials this week who said the Central Bank may need to raise interest rates more than previously thought to cool persistently high inflation. A member
Bloomberg Radio New York
"prime minister rishi sunak" Discussed on Bloomberg Radio New York
"To gain that decisive advantage on the battlefield. That's why the provision of heavy tanks was so important. So I air defense is absolutely critical. You're right to mention artillery and longer range weapons also help. Now those are all the things that will allow Ukraine to defend itself and repel Russian aggression. And indeed, yes, to have a counter offensive that moves Russia outside of its own country. I think that's entirely reasonable. And we should be fully behind Ukraine in that ambition and want that ambition to succeed. UK prime minister Rishi sunak, they're speaking to us at the Munich security conference today. From Home Depot, Walmart, the biggest U.S. retailers are about to grab the earnings spotlight. These are numbers that will come in starting on Tuesday. They will provide investors with crucial insight into consumer demand. The direction of economic growth and corporate America's profitability. But these earnings announcements beer watching for a key reason, consumer discretionary shares are the year's top performing group in the S&P 500 after getting battered in 2022. One fed president is seeing slow progress on inflation and calling for more rate hikes. Bloomberg's and moss to explains. Their slow progress being made in the fight against inflation, but more interest rate hikes will be needed that's according to Richmond fed president Thomas barkin. However, he's unsure how many more rate hikes will be needed. That's because he says progress is being made, but victory isn't being seen and must do Bloomberg radio. Household debt is at a record high. We get more about that from Bloomberg's Kim Kerrigan. New data released last week by the Federal Reserve bank of New York shows household debt in the U.S. hit a record $16.9 trillion during the fourth quarter. It also shows American credit card balances are at a record level and rose more than 6% during the quarter to $986 billion. There's been a rise in delinquencies as well as more Americans are having trouble meeting their payment obligations. Kim carrigan Bloomberg radio. Basketball superstar Michael Jordan turned 60 years old yesterday. He is widely regarded as one of the greatest players in NBA history. Prior to turning 60, it was revealed that make a wish America would get $10 million from Jordan. He said he's been a partner with make a wish from more than three decades. It's been described as the largest
Bloomberg Radio New York
"prime minister rishi sunak" Discussed on Bloomberg Radio New York
"Next. We're at 6 minutes past the hour. We begin with a death toll in both turkey and Syria. It continues to rise after that massive earthquake Dan schwarzman is here with global news, Dan. Yeah, Doug, the number is staggering as of now over 12,000 feared dead another 58,000 plus injured in the deadly 7.8 magnitude earthquake that hit parts of turkey and Syria earlier in the week, Secretary of State Anthony blinken saying the U.S. is sending rescue teams to the affected areas. We've deployed more than a 150 search and rescue personnel to turkey. We have U.S. helicopters that are helping to reach areas that would otherwise be difficult to access. In Syria, we have NGO partners that we funded over the years that are providing lifesaving assistance to those in need. Across both countries. In Washington meeting with amongst others, NATO secretary general Jan Stoltenberg now President Biden also breaking down the help that's being offered to the region. The United States I was offering our full support, full support, rescue and recovery teams on our NATO ally deploying teams for the U.S. agency of international development drawing additional resources, including our armed forces in Europe to assist Turkish teams on the ground. Biden talking his temperatures continue to drop in the region with rescue teams continuing to work around the clock to find those who are still trapped in that rubble. Now according to China's center of disease control and prevention, the number of COVID related deaths has dropped by 98% from January's high levels on Monday, a 102 deaths were recorded at hospitals across the mainland, that's down Doug from a high of almost 4300 on January 4th, now severe hospitalization cases also declining significantly from a 128,000 on January 5th, it's now down to 2000. For the first time in almost a year, North Korea believed to have held a military prey to showcase its growing arsenal and its nuclear push. Today, by the way, marking the 75th anniversary of the founding of the North Korean military is ruler Kim Jong-un continues to push to modernize and expand the range of the country's missiles. Ukrainian president volodymyr zelensky making a surprise visit to England earlier meeting with prime minister Rishi sunak as well as King Charles the third, zelensky also addressing lawmakers in parliament and praising the resolve of the country. Zelensky visiting Paris and meeting with French president Emmanuel Macron and German Chancellor Olaf Schultz later and he's going to be heading by the way to Brussels to talk with EU leaders in the summit, as well as address the European Parliament on Thursday. U.S. continuing efforts to recover the alleged Chinese spy balloon off the coast of South Carolina, Secretary of State Anthony blinken saying that the U.S. is sharing the information about the balloon with dozens of countries around the world. Global news 24 hours a day powered by more than 2700 journalists and analysts in over a 120 countries, I'm Dan Schwartzman, Doug. All right, Dan, we'll check back at about 15 minutes here on daybreak, Asia. In the meantime, let's bring in Silas jaw, chief economist and head of market research at our HB banking group who joins from Kuala Lumpur. Stylish, thanks for being with us. I always enjoy these conversations. We got to begin with the fed. I think it's fair to say it's driving so much of the price action. This relentless drum beat, the need to see rates at rates levels I should say above what we are seeing today, John Williams that have the New York fed today saying that policy is going to need to be restricted for a while. Is that a risk? Might we see an abrupt change in the equation here, a softening in the economy that requires the fed to cut before the end of the year? Probably not. Our core view has remained unchanged that the U.S. economy is not going into any recession in 2023. Growth is going to hold up probably on an average annual basis at around 2% year on year versus 2.1% last year. The bottom line here is that the fed is a bit confused in terms of trying to a certain relationship. The old Phillips curve does it really exist. And from our perspective to curve doesn't exist, which means that the labor market data that came out last week is not going to have a material impact on inflation in the future, particularly core PC inflation. And so they can stop at around 5 to 5.25% as the peak rate stay there for a while and test the waters as what chairman Powell has been saying all along. So as they say, the state of one data point, which is not red hot or else number last week. It's not going to completely determine the path of the set. However, the market dynamics have changed. We've been mentioning for some time the market is living in a dreamland where anything that the fed is going to cut this year where we've been on the set is going to be pausing this year and for some time. And market is just adjusting to that probably that view of ours or what the fed has been guiding all along. And that's what the market is now priced. Nicely at peak rate of around 5.1% and the cuts have been pushed out to December rather than second half of the year. So what is the given everything that you've just laid out there, help me understand the message of the bond market if yields are down today as they were yesterday, we got four 42 on a two year three 59 on a ten, we're still inverted. Yeah, we get that. But we're down in yields. We have been for a couple of days now, and I'm wondering whether the bond markets suspects that if the fed continues down this path, the probability of not just weaker growth, but recession becomes greater. Is that fair? That's a really tough question because the bond market all along. So the typical thesis has been since the curve is inverted at a recession is coming. And recession hasn't come. So the inverted curve by itself is not a leading indicator anymore for any U.S. recession. Overly price action in terms of moving around is really just an adjustment to the reality, the reality that the fed or what the fed has been guiding all the longest. We're not cutting in 2023. And we may be extending that for some time. And so that's the reason why the volatility in the bond market
Bloomberg Radio New York
"prime minister rishi sunak" Discussed on Bloomberg Radio New York
"The job rebuilding the economy and restoring faith in democracy. Reaction in Congress was loud. Bloomberg Washington correspondent Joe Matthew says things started to get unruly in the House chamber. We heard Marjorie Taylor Greene yelling liar along with a couple of other members of the Republican caucus from the very back of the room. Things got pretty unruly here. Speaker McCarthy had to repeatedly shush his caucus. Bloomberg politics contributor Genie she and Zeno says Republicans interrupting the speech played right into the president's hands as he looked to cast part of the party as French extremists. Arkansas governor Sarah Huckabee Sanders chosen to speak on behalf of Republicans in response to the State of the Union, worked in the Trump administration for two and a half years and criticized the president for his age. At 40. I'm the youngest governor in the country, and at 80 he's the oldest president in American history. Sanders claims The White House has been, quote, hijacked by the radical left and praised the new Republican controlled House as a way to hold the Biden administration accountable. Ukrainian president Vladimir zelensky is visiting Britain today. This is his first trip to the UK since Russia's invasion nearly a year ago. He is holding talks with prime minister Rishi sunak, addressing parliament and will be meeting with UK military chiefs. This visit comes as sunak announced that Britain is training Ukrainian pilots on NATO standard fighter jets. Live from the Bloomberg interactive broker studios, this is global news powered by more than 2700 journalists and analysts in more than 120 countries. I'm Amy Morris and this is Bloomberg Tom and creed. I mean Morris, thank you so much. It doesn't work on radio, but we'll go there. The imagery was the most poignant I've seen of the zelensky world tour, either by Zoom, or about a remote, to see the light filtering down through a window given in honor of the three brave gentleman who died in 1940, 41 in the Battle of Britain, and the leveling of the House of Commons, they saved the House of lords, they saved Westminster hall, and there was a war of another time, which if a little bit I've read about it was extraordinary, thank you, Patrick O'Brien for your contribution there. And there was this guy with another war with a light filtering down in front of the assembled. I thought it was really, really moving. It was very moving. And it's coming at just such a crucial time when, of course, the UK has promised the spider jet pilots. We've gone from requests from tanks that were brought perhaps too late. It seems to be the consensus to now air. It will be something. It was really extraordinary imagery. Look for that from Bloomberg television and digital in the coming days. Futures at negative 18 this is Bloomberg
Bloomberg Radio New York
"prime minister rishi sunak" Discussed on Bloomberg Radio New York
"Here in London. I'm Caroline hep, can we check the markets all through the day here on Bloomberg, reggio, so Jerome Powell speaks today that's the focus of many in the markets this morning, Asia, are advancing OCI age Pacific index up by three tenths of 1%. European stock futures also gaining some ground your stocks 50 futures up by a tenth of 1% and NASDAQ and S&P 500 in many features, holding on to positive territory, but yesterday, of course, they finished lower overall the dollar is also weakening down by a tenth of 1% this morning. Treasures have seen a two day route ten year yields right now are trading let's have a look at the ten year they're trading at 360 two. So down two basis points on the two year at four 42 so also dropping 5 basis points. The two year reacted quite strongly yields ticking higher after the fed's bostic talked about the terminal rate perhaps having to be higher, the RBA, down Australia height 25 basis points this morning, but hawkish forward guidance, we also saw a big jump in Japanese nominal wages in December and the yen, jumping on the back of that up by four tenths of 1%, also break food is advancing this morning. That is your Bloomberg radio business flash. Now let's get a round up of the global news has been both the angular and good morning. Caroline good morning, more than 4000 people have died after two of the most powerful earthquakes in decades hit turkey and Syria, millions of people were left without heating, gas, electricity, or fuel during a freezing night with heavy snowfall. It is feared the death toll will keep rising as rescuers search the rubble of destroyed buildings. Now in France, labor unions are holding a third day of strikes and protests against raising the retirement age, widespread disruption is expected on the Paris subway today, France's real operators urging people to postpone travel the French parliament is debating the proposal to raise the minimum retirement age from 62 to 64. And the UK prime minister Rishi sunak is a mini reshuffle today according to sources that's of his cabinet as he does a try to reset his premiership after a rocky first 100 days in office. Bloomberg has learned the prime minister will appoint a new Conservative Party chair that's after he sag nadeem zahawi over a tax scandal more than a week ago a breakup of the department for business energy and industrial strategy is also expected. However, the government has declined to comment. Global news powered by more than 2700 journalists and analysts symbol then 120 countries I'm leann gerrans, this is Bloomberg, Alex. Thanks, Diana. Let's dig into some of the one of the big earnings stories today, BP is lifting its dividend and extending a share buyback program after reporting record profits of almost $28 billion for 2022. The all giants fourth quarter adjusted net profits missed expectations, however, coming in at $4.8 billion. Joining us now is we've also had the BP CEO Bernard Looney talking on Bloomberg TV saying that yes they paid tax bill globally in 2022 globally maybe not such good news for the UK's coffers. BP had low average gas trading performance in the fourth quarter and that it is expecting to invest more energy to invest more into energy security and the transition. So we're joined now by Bloomberg's launching editor for energy and commodities will Kennedy's talk us through some of this. What's your top line take on the results? It's a strong set of results, but I think let's cast things forward and some of the strategy targets that Looney has set for the company. He's seeking to be insure investors that they can the company can generate sufficient returns. He set some quite ambitious targets for profitability over the next few years. Now to do that, he's done something quite interesting. He sort of honed the message on new energy transition to say that they were concentrated on higher return investments. That's things like EV charging and its four court business that also includes. A bit of what it doesn't include is wind power and solar and hydrogen where it says it's going to be really, really laser light focused on returns. But importantly, he's also dialed back a little bit on their targets to move away from oil and gas production. So while they're increasing a bit more in new energies, they're also going to increase investment in old energy and that's, I think, an important shift in the strategy that really shows that the transition may not be as fast as people think. And that oil and gas remains extremely profitable. Yeah, they're very interested in the idea of a split, you know, trying to please all customers with that one message. Okay, so then what about comparison to peers in obviously what has been a huge year for oil and gas businesses? Yeah, that's exactly right. I mean, all the all majors and we're still waiting for total, but this is BP's the fourth to report or the big international majors have had extremely profitable 2020 twos, but the European majors have not offered the returns to investors that their peers in the U.S. have. And I think when we hear from BP when we hear from Shell, a lot of what they're telling investors is trying to close that gap. And that would mean that means assurances that they will invest wisely and prudently in new energies and it also means that they will continue to raise dividends and buy back shares and we saw that on today. Now, importantly, that rests on quite high assumptions about how oil and gas prices are going to be in the future, all this strategy depends on buoyant markets. Okay, point markets. Well, thank you so much for coming into the studio Bloomberg's managing editor for energy and commodities world Kennedy. Thank you so much for your time. All right, I want to also squeeze in now. Another really key interview that we've had, the Bank of England is getting it totally wrong by continuing to increase interest rates despite forecasting a dramatic drop in inflation over the medium term and along with session. That is the view of Danny blanchflower Professor of economics at Dartmouth college, former MPC member at the Bank of England. He was speaking to us here on Bloomberg radio. Have a listen. Some of the story at the Bank of England is that they can be less hawkish. I think what you're going to see in the UK is you're going to see the Central Bank having to respond to really bad data. And so you're going to start to see more we're seeing house prices tumbling. You're going to start to see really bad stuff appearing as these economies slow fast. And the Central Bank and the markets are then going to respond to that. So I'm sitting here waiting and central banks are sitting there thinking, oh goodness, let's hope this idea of a soft landing is fine. And we're not going to see a shoe drop. And my bet to the listeners here is that shoes will drop. What does that mean for jobs, recession or the UK economy generally that in the next 6 months? Well, I mean, if you think of the UK economy, clearly the Central Bank is forecast and a recession lasting longer. Think of it and recession lasting longer than happened in the Great Recession in 2008 and 9. Jeremy hunt is actually imposed a huge austerity budget. So that austerity bites, the raising of rates, bytes, but it hasn't bitten yet. They take a
AP News Radio
Prime Minister Rishi Sunak Fires Nadhim Zahawi, U.K. Conservative Party Chairman
"British prime minister Rishi sunak fired the chairman of the governing Conservative Party on Sunday for a serious breach of ethics rules in failing to come clean about a tax dispute, sunak had faced days of pressure to sack nadeem zahawi amid allegations he settled a multi-million dollar unpaid tax bill while he was in charge of the country's treasury. The prime minister acted after a standards probe found had breached the ministerial code of conduct. In a letter to zahawi, said he had been forced to act to keep his promise that his government would have integrity, professionalism, and accountability at every level. So
Bloomberg Radio New York
"prime minister rishi sunak" Discussed on Bloomberg Radio New York
"The political risks to the UK prime minister Rishi sunak and they saying you're a skeptic Tory MPs could turn against him if he seen to have sold out to Brussels. So different threads there Caroline in the Brexit talks, but seems to be fairly more positive. Strikes clearly getting a lot of coverage still. What's the iPad newspaper telling us? Yes, Alex indeed, so lots of headlines across the papers day on strikes are the times warns a house service could start treating patients in temporary cabins and car parks to help tackle the crisis. The Guardian reports plan strikes by nurses and paramedics will go ahead later this week with unions insisting the house secretary hasn't done enough to resolve those disputes, but the I newspaper has more positive news suggesting the offer of a one off payment could actually help break the deadlock. So we're seeing that today in the paper says ministers are considering a reject pay deal for NHS workers, which could lead to strike action being called off later this month. However, we do know ambulances are going on strike tomorrow, so we'll see Anne Boleyn's workers and paramedics taking part in industrial walkouts, the house secretary Steve Barkley has agreed to explore a proposal by union negotiators to backdate next year's NHS pay deal this January. However, that plan will have to be agreed by both Rishi sunak and the Chancellor Jeremy hunt. Okay. Last story on the war in Ukraine, The Daily Telegraph headlining that Britain is considering sending challenger two battle tanks to Ukraine. Yes, indeed. And this is going to be supplying Ukraine with tanks for the first time from Britain to help the country fight a Russian forces and that's according to the telegraph. But this comes as a foreign office says it supporting the families of two British men who have actually gone missing in Ukraine both of them were volunteers. They were sent to help evacuate civilians in the Donetsk region but they still haven't been heard from and as we did say discussions are taking place about delivering the British armies, challenger two main battle tank to Ukraine, so really an escalation of armor to the country as they still continue to battle the war. I'm going to actually flag something now. That's a Bloomberg scoop, I think, originally that story, and the telegraph is following it, but the thing that's significant about it actually is that it means that it gives cover for the Germans to allow leopards to be delivered to Ukraine. And they're far more countries have leopards than they have challenges. So it's more useful to Ukraine to have them because they're easier to maintain, I guess. And also France is also considering sending tanks too. So we are seeing France, Germany, and the UK all deciding on more weaponry, which Ukraine has been calling for. The absolute is about having a unified front, isn't it? Thank you so much, lean, Gary's for that look through the newspapers. Okay, let's continue our conversations around the UK. The treasure is treasury has announced that it's cutting its energy support package for businesses and bringing in a new smaller 12 month program from April this happened in parliament just yesterday on the first day back after the festive break. Joining us now to discuss the energy issue and others facing the sun at government is blue based UK correspondent Lizzie burden. Good morning Lizzie, gas prices have been falling. Everything should be better for businesses. That's the line from the government. Yeah, well, they have been falling, but they're still about triple the pre crisis level. Let's not forget that. And as you say, this is a much smaller program. The 12 month program that the treasury minister James cartilage announced in the House of Commons yesterday is worth about 5.5 billion pounds. Now that compares to
Bloomberg Radio New York
"prime minister rishi sunak" Discussed on Bloomberg Radio New York
"Machine to be more efficient to be more productive, you pay higher business rates. You kind of robbing Peter to pay Paul. There's you want the fiscal incentives that encourage investment. You want to make sure that the UK is attractive and there's a package of measures that allows us to compete with other investment destinations. Because the window for this investment around electric vehicles and batteries is a relatively small one and it's closing. Okay, just very briefly has kissed said anything or indicate anything he's about to make a very big speech this morning that would encourage you to look to labor's policies. They're really trying to appeal to business. I believe they are and certainly politically agnostic. Whichever part party looks to have policies that will encourage manufacturing in general automotive specifically invariably the industry is going to look to that party, that set of policies has more likely to attract the investment that is critical to this industry, because once you invest in automotive, the spread effect on the rest of the regional and national economy is significant, given the multiplication factors that have been implicit in manufacturing. Well, we'll see if he adds anything to all of that in Keir Starmer's speech later today. Mike, thank you so much for joining us. My cause chief executive of the society of motor manufacturers and traders. Okay, let's get some of our top stories now. So in his first feed speech of 2023, Rishi sunak has set out a series of pledges to voters, three months into the job, the prime minister promised to deliver peace of mind for the public as his government faces widespread strikes and a creaking national health service. We hugely value public sector workers like nurses. They do incredibly important work. And that's why we want a reasonable dialog with the unions. About what's responsible and fair for our country. And in the coming days, we will update you on the government's next steps. Prime minister Rishi sunak speaking yesterday, now the opposition leader Keir Starmer is due to give a major speech this morning setting out labor's priorities for the year ahead with his party more than 20 points ahead in recent polling. And Republican leader Kevin McCarthy has failed 6 times in two days to get elected as speaker of a Speaker of the House of Representatives rather without a speaker, the house is unable to carry out any other business. Arkansas representative French hill tells Bloomberg, it's hard to know what the rebels want. People kept changing their demands, initially it was, let's have an outstanding Republican conference rules package and a House rules package. Kevin McCarthy listened to that. We had weeks of meetings and discussions
Bloomberg Radio New York
"prime minister rishi sunak" Discussed on Bloomberg Radio New York
"We're going to bring you the top stories. Protests against COVID restrictions have spread across China with people taking to the streets to vent their anger and frustration, large demonstrations have been reported in Beijing, Wuhan and Xinjiang after COVID rules were blamed for hampering rescue efforts when a fire broke out an apartment block killing ten people. At one demonstration in Shanghai, protesters called for the president Xi Jinping to step down when a fire broke out an apartment block killing ten people. At one demonstration in Shanghai, protesters called for the president Xi Jinping to step down, that's a level of descent unheard of since he took power a decade ago. The BBC says it's extremely concerned about Shanghai police arresting one of his reporters covering the protests. In a statement, it said Ed Lawrence was kicked and beaten during his arrest and held for several hours. The broadcaster said that the officials were released Lauren claimed to use arrested for his own good, prevent him from catching him COVID from the crowd. Here in the UK, prime minister Rishi sunak is facing pressure to drop a ban on new onshore wind farms soon ex predecessor Boris Johnson and Liz trust are among a group of 20 conservative lawmakers backing a pro win amendment in parliament. It's a second rebellion on the same religious in less than a week after the government pulled a vote on its housing building plans. Global news, 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries, this is Bloomberg. Thanks Oliver. And it is now 9 20 a.m. in the city time to check in with Bloomberg opinion as we do every morning. The wave of protests that swept across major Chinese cities and university campuses this weekend really is extraordinary. And the immediate questions from such an open challenge to the party's authority are why now? What does it mean? And where will all this lead? Those are the words of Bloomberg opinions, Matthew brooker, who spent three decades in Hong Kong and China, he joins us now in London, good morning, Matthew, great to have you with us. Let's start with what the questions you set are. Why now? What does it mean? And where will this lead? Well, yes, and the first one is the easiest one to answer. Obviously, I think it's just clear that people have reached their limit with the zero COVID policy. There was clearly very strong public support for it at the start, which did keep China's death toll from COVID down way, way below what we've seen in the U.S. and Europe and most developed countries, but now we're almost three years into the pandemic and I think people have just had their fill of it. And they're not willing to put up with it anymore. And this fire in urumqi, just acted as a trigger, but I feel like, you know, the kind of tipping point on this has been coming for a while anyway. Matthew, given that you lived through the protests and then you lived through the oppression that followed in Hong Kong. If you're drawing lessons from that episode when, at one point, 2 million out of what a population of 7 million people in Hong Kong took to the streets. How do you think about the reaction and the response in the hours and days ahead from Beijing and its security services? Yeah, I think it's very difficult to compare Hong Kong because Hong Kong has got a or had a tradition of being a very open society where rights to free assembly and free expression will supposedly enshrined and protected, so the Hong Kong process in 2019 was sort of extraordinary, but they fit into a tradition of protests there. I find the COVID protests in Mainland China just extraordinary astonishing by comparison. Because we all know that history of after Tiananmen and there are protests that take place in China a lot as you know, but they tend to be kind of localized in nature and very often the participants will kind of cloak themselves in patriotism, wave the flag to make it clear that they're not challenging the Communist Party directly and very often these protests are directed supposedly at rogue local governments and local officials and they're actually appealing to Beijing to intervene on their side. So I don't think we really ever seen on this scale since Tiananmen is people kind of directly challenging the party's authority. I mean, people in Shanghai chanting, you know, Xi Jinping stepped down and Communist Party stepped down. So it feels like we're in sort of almost uncharted territory here and I think it's very hard to predict where it goes from here. Clearly, in Hong Kong, ultimately there was a very harsh crackdown and that has been, you know, China's template for dealing with protests that gets out of hand and I think if these protests continue to build in the mainland and proliferate, then I think that's ultimately what we're going to be looking at. Matthew brooker, Bloomberg, opinion, columnist, thanks so much for joining us and you can read more on this and other stories from Bloomberg opinion at Bloomberg dot com slash opinion as well as on the terminal by typing opn go. Yeah, really important context there from Matthew brooker who spent such a long time in Hong Kong and looking at all things China as well. The futures in the
Bloomberg Radio New York
"prime minister rishi sunak" Discussed on Bloomberg Radio New York
"Midterm elections later today. Now that, of course, index has had two days of larsa's the worst day on Friday in terms of losses that we had seen since March of 2020, so just a slight uptake on the dollar today that's saving the patent trading at one 1492, the Euro just pushing back above parity. This morning, the ten year treasury yield forest bought 22 upper bases point this morning on the equity markets, Asian shares, a mixed picture of the MSCI Pacific index 6 tenth stronger, hang seng back in the red today down by a quarter of 1% after the rally that we'd seen yesterday. You're a struct 50 futures are flat this hour Wall Street features just pushing below the flat line S and p.m. and he's down by a tenth of 1% and oil prices WTI down two tens at $91 and 60 cents. Now on to today's top stories and of course start in the U.S. where Joe Biden and the Democrats face an uphill climb to retain control of both chambers of Congress in today's midterm elections. The Republicans are solid favorites to take the house and have at least a 50 50 chance for the Senate, speaking at a rally on Monday, President Biden said the country's democratic integrity is on the ballot. We know in our bones that are democracies at risk and we know that this is your moment to defend it, preserve or protect the choose it. And I want you to know, we'll meet this moment. Remember, the power in America lies where it always does in your hands, the hands of the people. President Biden has said he intends to run for reelection and will announce a final decision after the midterms. Meanwhile, his predecessor Donald Trump says he'll make a quote big announcement next week, all but confirming a widely anticipated White House run. Elon Musk is telling his more than 100 million Twitter followers to vote Republican in the U.S. midterm elections. The Twitter owner says he recommends a Republican Congress to balance a democratic presidency. Bruce daisley is a former vice president of Twitter. He told us here on Bloomberg radio that the best move for the Bill billionaire now would be to put his phone down. He's conducted himself in a slightly crass way and I think one of the challenges he's going to find is that he needs to bring some calm and stability. I would say if he brings in a tech veteran to run it, saying they've got full autonomy, that would be one of the ways to steady the ship. But the next thing you need to do is just to reign in his own, his own unpredictability, really. He just needs to try and stay off the platform and a suspect some of the people who invested in the product with him will be advising him the same. Daisy left the tech giant in 2020 and says there aren't really any credible alternatives to the mosque owned platform will bring you more from that interview later on this hour. South Africa is spearheading a new plan at the cop 27 climate summit to shift from coal to green energy. The 8 and a half $1 billion proposal backed by the EU U.S. and UK would help meddle income nations to move away from the dirtiest fossil fuel. Meanwhile, prime minister Rishi sunak has promised more overseas climate investment by the UK in the coming years. We will now triple our funding on adaptation to 1.5 billion pounds by 2025. I profoundly believe it is the right thing to do. Sunak says Britain is already delivering on its existing commitment of 11.6 billion pounds, including investing
Bloomberg Radio New York
"prime minister rishi sunak" Discussed on Bloomberg Radio New York
"Seeing dollar weakness persists, the Bloomberg dollar spot index now in Asian trading is down two tenths of 1%. More on markets in 15 minutes. Ed Baxter next with a look at global news headlines, Eddie. All right, thank you, Douglas, so U.S. Secretary of State Antony Blinken is calling on the globe to send a united message to China about any use of force regarding Taiwan exclusive Bloomberg interview today. UK prime minister Rishi sunak told the House of Commons that he is delaying the economic strategy announcement until November 17th. Chinese leaders were omitted from an official account. These are the elders of how Xi Jinping chose his new leadership team and apparent plan to change policy from including party elders and major decisions. South Korean defense minister Li Zhong soup says that Korea needs to be more aggressive in its stance of saying, even if Kim Jong-un attempts to use nuclear weapons, it will bring an end to his regime. Moderna is close to clinching a deal with the U.S. Department of Defense developed messenger RNA vaccines targeting a range of biological threats such as the Ebola virus, and it appears a rosters of the Philadelphia Phillies in Houston Astros for the World Series will have no black players. First time that this has happened since Jackie Robinson broke down the barrier. In San Francisco, I met Baxter. This is Bloomberg. All right, Paul. All right, thanks very much, Ed. We're joined by Sean Darby this half hour. He's chief global equity strategist at Jeffries, and Sean being a chief global equity strategist in such an environment of volatility. Can you outline some of the challenges for us at the moment? Where do you put money to work when we can't even really be sure we've found a Florida market share? That's a very good question. Unfortunately, only two or three asset classes have actually worked year to date, the strong dollar, shorting government bonds and shorting equities. So the sort of group of winners is extremely low and I suspect that everyone's falling into the camp in which we've actually had some of the worst total returns on people's pension funds and 60 40 balance funds in modern history. If I was looking 6 to 12 months out, I would probably be highlighting the fact that there's a reasonable chance that these profit recessions are somewhere in the process of bottoming out. And with many of the yield curves, particularly in the United States inverted, the chances again are bouncer probabilities are that rates of somewhere peaking at the moment. In that respect, the best things to be doing is to be going back to owning some credit, particularly investment grade, and some owning some large cap equities. Those tend to do quite well coming out of a tightening phase. And I think that's what we will be probably seeing from most central banks by March next year. I wonder if the very strong selling that we've seen is bear market, whether or not it puts some discipline on management teams and whether or not companies actually get better. We can talk about Facebook just as a microcosm in there. I might have got too far out over my skis and saying that Mark Zuckerberg will probably realize at some point here that he needs stronger governance at his company and that will perhaps provide a better forward momentum at some point. But this really does force a lot of discipline on companies. And U.S. companies are very good at rolling with the punches. I would agree with you. I guess that some of these more dreamier and more imaginative areas that people are wanting to spend money on in the hope that they deliver very large returns. For a certain time, but probably not now. That's correct. So you can have these sort of Don Quixote type of views about where the company should be going. And you can end up going down a pretty treacherous part and expenditure. I guess what I would try to say to investors is that the perhaps a good thing about this cycle is that the major large caps haven't overextended themselves. And in that respect, when you come out of the cycle, companies don't find they're having to repair the balance sheet and that they can go back into a sort of more profitable stance quite quickly. And I do think there's a reasonable probability at least for the U.S. in that respect that that's going to be how the cycle turns. You don't go through what we would call a balance sheet recession, which tends to mean that you repair the balance sheet before. You start doing anything else. What's your position on China right now? Because between COVID zero, the property crisis and the apparent rise of one man rule and the caprices of one old powerful leader, what are the risks here? Just too many potholes. Well, where I frame the answer is about two and a half years ago, we wrote a piece about dual circulation and essentially implications for investing in common prosperity. And I wish I'd followed my own advice and which was to invest a 100% in essentially consumer Staples stocks. These companies avoided any of the private sector issues that came along over the last 18 months and essentially have been running their businesses pretty much since the late 1990s. I mean, companies like tingy, Qing Tao brewery. And I think those stocks are actually going to still run pretty much as they have done for the last 20 years. And that sort of playing the consumer that sort of juncture is probably going to be a reasonably profitable area to be in. And I think that's how I've sort of framed the answer to questions about running alongside dual circulation and also of course to establishments, which is the more political hegemony. All right, Sean Darby will have to leave it there, but thanks so much for joining us on Bloomberg daybreak. Asia, Sean Derby is the chief global equity strategist at Jefferies. In a moment, Elon being Elon changes his public profile descriptor
Bloomberg Radio New York
"prime minister rishi sunak" Discussed on Bloomberg Radio New York
"Britain's new prime minister Rishi sunak saying that he's ready for the fight and there is a fierce economic battle ahead. Ed Baxter's in San Francisco with global news. Yeah, that's going to be his focus so rich, of course, sunak says the lingering fight against COVID, the war in Ukraine, energy markets and supply chains. I will place economic stability and confidence. At the heart of this government's agenda. This will mean difficult decisions to come. Sunak looks to have his cabinet made up of the advisers he as Chancellor of the exchequer had. This trust meanwhile will join Theresa May and Boris Johnson as a trio of ex p.m.'s on the Conservative Party back bench. And Richard hawk, the president of the foreign relations committee on Bloomberg balance of power today says sunac's focus does have to be narrowed. It just matters less than the fact that it's in such disarray at home, politically and economically means that the bandwidth of the new prime minister is going to be focused almost exclusively on the British economy rather than on anything in Europe or the world at large. We won't have that luxury for the foreseeable future. Not that he will ignore geopolitical but have to be domestic for the time being. South Korea's main opposition party, boycott in a major speech by Yun suk Yoel, the party says June, it's using a retaliatory investigation on a political adversaries to susp to suppress, opposing points of view now. You spoke to a mostly empty parliament chamber. Russian court has refused to hear an appeal for WNBA star Brittany griner. White House spokesman Karina Jean Pierre says The White House will double down on getting her freed. This is a priority and we need Russia. We are asking and telling Russia to negotiate in good faith. Her 9 year drug sentence remains in place U.S. president Joe Biden warning Russia against using nuclear any kind of radioactive weapon in Ukraine, calling them false flag attacks. The president telling reporters that a Russia should be making incredibly serious mistake if it would be using tactical and nuclear weapons. In San Francisco, I'm Ed Baxter. This is Bloomberg. All right, back to New York. Doug, thank you, Ed. Let's get to Dan Schwartzman as we look at global sports here on daybreak, Asia. So Dano could have taught him star beheading to Spain. Interesting story here, Doug sports one in Spain does report that Tottenham star son hyung min is looking to possibly make a move this summer after 8 years of North London with Real Madrid boss Carlo Ancelotti reportedly keeping an eye on the 30 year old if