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Speaker 1: Good morning. It's Tuesday, the twelfth of September here in London.

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Speaker 1: This is the Blueberg Daybreak here a podcast. I'm Caroline

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Speaker 1: Hepka coming up today. JP Morgan Boss Jamie Diamond calls

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Speaker 1: for more humility from regulators as he slams their capital plans.

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Speaker 1: Apple gears up for a high stakes iPhone launch as

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Speaker 1: fears of a China backlash grow, and we take a

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Speaker 1: closer look at Thierry bruttof the EU enforcer who wants

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Speaker 1: big tech to play by his rules. Let's start with

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Speaker 1: the roundup of our top stories. JP Morgan CEO Jamie

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Speaker 1: Diamond has taken aim at US regulators, calling plans to

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Speaker 1: hold more capital than international competitors a quote huge negative,

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Speaker 1: and Diamond didn't stop there, pointing out that the Fed

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Speaker 1: needs to be more aware of their own mistakes.

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Speaker 2: The fellow Reserve shall humility. They're the ones that called

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Speaker 2: the world rach On going up. It wasn't the fellow

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Speaker 2: Reserve in general, is each one of them in dependently factors,

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Speaker 2: each central bank, the buyer them might have a little

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Speaker 2: more humility over stuff like this.

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Speaker 1: Jamie Diamond's comments come as federal agencies push ahead with

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Speaker 1: plans to require banks to add billions of dollars to

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Speaker 1: their capital cushions after a number of smaller US lenders

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Speaker 1: collapsed earlier this year. The Federal Reserve is done raising

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Speaker 1: interest rates and will likely cut them by roughly one

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Speaker 1: percentage point next year. That's according to chief economists at

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Speaker 1: some of North America's largest banks. Bloombag's Charlie Pellett reports.

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Speaker 3: The latest forecast from the American Bankers Association's Economic Advisory

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Speaker 3: Committee shows while the US will probably dodge a recession,

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Speaker 3: economic growth looks set to slow markedly in coming quarters,

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Speaker 3: pushing up unemployment while reducing inflation. According to their median forecasts,

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Speaker 3: the committee sees economic growth slowing to less than an

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Speaker 3: annualized one percent rate in the coming three quarters in

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Speaker 3: response to the Fed's past interest rate increases and a

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Speaker 3: tightening of credit conditions. He in New York, Charlie Pellet

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Speaker 3: Bloomberg Radio.

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Speaker 1: Now Bank of England policy maker Katherine Mann says that

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Speaker 1: more rate hikes should be on the cards. In the UK,

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Speaker 1: the most hawkish member of the Monetary Policy Committee warned

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Speaker 1: that it's easier to fix a flagging economy than persistently

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Speaker 1: high inflation. The Chancellor, Jeremy Hunt, told Bloomberg that price

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Speaker 1: rises are weighing on fiscal decisions too.

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Speaker 4: When you're trying to bring down inflation, you have to

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Speaker 4: be really careful not to pump extra money into the economy,

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Speaker 4: much as you would like to not to pump extra

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Speaker 4: money into people's pockets, because that can push up prices

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Speaker 4: and keep inflation higher for longer. So the one thing

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Speaker 4: I can absolutely say is that our focus at the

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Speaker 4: autumnce statement will be on bringing down inflation.

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Speaker 1: Jeremy Hunt added that if the UK didn't improve its

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Speaker 1: economic growth, taxes will rise, and you can hear the

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Speaker 1: full interview with the Chancellor on the UK Politics podcast.

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Speaker 1: Apple will attempt to regain the narrative later today with

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Speaker 1: the launch of a new iPhone, updated Apple Watch and AirPods.

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Speaker 1: The launch comes as the Coopertino firm confronts fears of

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Speaker 1: a consumer backlash in China after Beijing band government employees

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Speaker 1: from using iPhones at work. Hayman Capital Management founder and

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Speaker 1: CIO Carl Bass says he thinks Apple faces a rough

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Speaker 1: ride in the country.

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Speaker 5: I think Apple is in for let's just say, a

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Speaker 5: much much longer period of distress in China, and I

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Speaker 5: think you've seen Apple try to move to India on

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Speaker 5: the production side, and they've been successful in moving a

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Speaker 5: very large portion of their production in a very short

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Speaker 5: period of time. I just think that's going to be

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Speaker 5: something they.

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Speaker 2: Have to do.

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Speaker 1: Carl Bass spoke to Bloomberg as the tech giant renewed

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Speaker 1: a con tract to get modem chips from Callcom. The

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Speaker 1: deal is a sign that Apple's efforts to build its

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Speaker 1: own components is taking longer than expected. Bloomberg has learned

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Speaker 1: that arms initial public offering is already over subscribed by

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Speaker 1: ten times and bankers plan to stop taking orders later today.

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Speaker 1: That's a day earlier than planned. The offer for the

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Speaker 1: British chip designer owned by SoftBank could end up fifteen

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Speaker 1: times oversubscribed, and shares are due to start trading in

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Speaker 1: the US on Thursday. The former head of MI six

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Speaker 1: is that the UK needs to remain and maintain a

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Speaker 1: dialogue with China, so Richard Dilov's intervention comes after a

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Speaker 1: parliamentary researcher was arrested on suspicion of spying for Beijing,

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Speaker 1: something that he denies. Britain's former s by chief says

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Speaker 1: that the situation needs to be handled delicately.

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Speaker 6: This issue is not black and white. You can be

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Speaker 6: tough with China and you can show China that you

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Speaker 6: mean business when they interfere in your internal affairs, but

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Speaker 6: you can also trade with them. Look, this is not

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Speaker 6: a cold war with China.

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Speaker 1: The former head of MI six is comments come as

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Speaker 1: senior Tory MPs lined up in the House of Commons

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Speaker 1: to pressure the Prime Minister to designate designate China as

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Speaker 1: a threat to the UK. Responding to the initial story,

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Speaker 1: Rishisunak called the relationship with Beijing a quote challenge, but

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Speaker 1: stop short of going any further than that. Dangerous concrete

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Speaker 1: has been discovered in the Houses of Parliament, adding to

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Speaker 1: the list of the buildings affected Bloomberg's You and Pots reports.

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Speaker 7: Now, crumbling public buildings have been a big pr headache

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Speaker 7: for Rishi Signac's governments. Now the contentious form of concrete

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Speaker 7: that's forced over one hundred schools to close has been

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Speaker 7: found in the Houses of Parliament. Mitigations will be put

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Speaker 7: in place after a routine inspection uncovered so called reinforced rack.

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Speaker 7: Bloomberg understands that structural engineers assess there is no immediate risk.

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Speaker 7: The discovery rack on the Parliamentary State adds to a

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Speaker 7: growing list of aging buildings causing major political trouble for

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Speaker 7: the Conservatives in London. I'm Une pots Bloomberg Radio.

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Speaker 1: Now though to the question of Apple is annual iPhone

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Speaker 1: unveiling is going to happen today and usually on an

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Speaker 1: unusual amount riding on the outcome. The iPhone fifteen is

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Speaker 1: going to be unveiled today in California. So joining me

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Speaker 1: this morning is quick takes. Alex Web Good morning, Alex,

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Speaker 1: great to have you on the program. What are we

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Speaker 1: expecting them from the new products, especially the price and

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Speaker 1: the sales that they.

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Speaker 6: Could go on.

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Speaker 7: So the actual.

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Speaker 8: Hardware itself, as we've seen in recent years, the upgrades

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Speaker 8: are sort of more iterative. You know, there's no sort of,

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Speaker 8: at least to my mind, blockbuster new Leap. There'll be

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Speaker 8: slightly thinner bezels around the edge. It's going to be

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Speaker 8: USB sea port rather than a lightning port for charging.

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Speaker 8: That is kind of not really Apple's own choice, that's

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Speaker 8: being pushed by regulation in the European Union. And there'll

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Speaker 8: be a few sort of what they call the intron

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Speaker 8: not to cringe it. It's name the dynamic island in

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Speaker 8: the prone in the Pro models, which is the little

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Speaker 8: sort of thing that replaced the notch at the top

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Speaker 8: of the phone. That's going to be going into all models.

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Speaker 8: But as you say, the key thing is going to

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Speaker 8: be price, and in the Pro models they're going to

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Speaker 8: be there's going to be titanium shells which will let

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Speaker 8: them charge presumably a more premium price. And that's partly

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Speaker 8: to your point then about sales. We have seen stagnating

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Speaker 8: unit sales. What we're then trying to do, what they're

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Speaker 8: then trying to do is eke more dollars out of

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Speaker 8: the units they are able to sell, therefore more premium pricing.

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Speaker 1: Okay, So if the unveiling and the kind of annual

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Speaker 1: event to day may not be huge, what about Apple

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Speaker 1: and whether it has a China.

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Speaker 3: Problem or not.

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Speaker 8: Yeah, I mean, we don't quite know yet, but there

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Speaker 8: is concern that there might be. Essentially what we've seen

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Speaker 8: in the past few weeks are report, not at least

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Speaker 8: from our colleagues, that the Chinese state owned agencies and

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Speaker 8: companies they are not allowed to own an iPhone as

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Speaker 8: your work phone. Essentially in those context now that in

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Speaker 8: and of itself is not going to be significant for

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Speaker 8: unit sales. The question is whether there is a broader

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Speaker 8: issue with Chinese nationalism pushing people towards buying domestic manufactured

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Speaker 8: handsets and away from iPhones. And in the past this

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Speaker 8: has hurt Apple on occasion, but after each instance, iPhone

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Speaker 8: sales have rebounded in that country, and in fact, China

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Speaker 8: has been a relatively bright spot for them, where other

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Speaker 8: companies have seen declining sales their Apple has been able

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Speaker 8: to recover a little bit. But that is certainly something

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Speaker 8: that people are watching. It's not something that Tim Cook

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Speaker 8: will comment on today. It's probably something we're going to

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Speaker 8: have to wait until the next quarterly earnings call to

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Speaker 8: get any real visibility over.

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Speaker 1: Okay, the industry wide slow down though in smartphone demand

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Speaker 1: is not just Apple, is it?

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Speaker 8: No? And frankly, Apple's been doing better than a lot

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Speaker 8: of the competition. The sales that Samsung have declined a

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Speaker 8: lot more significantly than an Apple. If you look at

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Speaker 8: the second quarter of twenty twenty two, Apple and Samsung

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Speaker 8: have twenty two percent market share. It now has twenty

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Speaker 8: percent market share. In that time, Apple's market share has

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Speaker 8: increased by a percentage points. So we have seen it

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Speaker 8: actually benefit from the trarails of its biggest competitor. And

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Speaker 8: crucially it's that pricing point. You know that Samsung tends

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Speaker 8: to play in the slightly less premium category. It does

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Speaker 8: still have some offerings up in the high end, but

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Speaker 8: that really is dominated by Apple and that's where the

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Speaker 8: pricing point really comes into play.

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Speaker 1: Yeah, okay, really interesting, Alex, Thank you so much for

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Speaker 1: being with me this morning. Quick takes Alex Web. They're

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Speaker 1: looking ahead then to Apple's annual iPhone unveiling in California. Well,

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Speaker 1: Alex was mentioning that it was Europe that influenced Apple's

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Speaker 1: charging system. Attitudes to US tech really are a big deal.

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Speaker 1: And Tierry Burton is the bold, sometimes brash European politician

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Speaker 1: who's made himself actually the face of a long list

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Speaker 1: of legislation affecting big tech, particularly big tech in the

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Speaker 1: US Billion begs. Jillian Deutsch has been looking into the

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Speaker 1: man who wants big tech to play by his rules. Jillien,

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Speaker 1: good morning, Thank you so much for being with us.

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Speaker 1: This is a very interesting piece for anyone who doesn't

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Speaker 1: know who is Chieri Bruton.

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Speaker 9: That's a great question and thanks so much for having me.

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Speaker 9: As Alex was mentioned, you know, this USB C charger,

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Speaker 9: this is something that actually not just the EU, but

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Speaker 9: really tier brit sawn champion. This was a great segue there.

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Speaker 9: He is a former telecom CEO, former French finance minister

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Speaker 9: and even a best selling sci fi author. But now

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Speaker 9: he is the European Union's biggest tech regulator. He has

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Speaker 9: a title of the Internal Market Commissioner and this is

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Speaker 9: given him leeway us up into a whole bunch of topics.

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Speaker 9: So you see him talking about vaccines, energy, but really

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Speaker 9: some of the most notable legislation that he is and

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Speaker 9: part of is Digital Services Act, which is policing how

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Speaker 9: platforms police content on their pleae content on their platforms,

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Speaker 9: and the Digital Markets Act, which is a whole new

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Speaker 9: list of anti trust rules. And like you mentioned, you know,

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Speaker 9: he's really made himself the face of these rules.

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Speaker 8: Two big tech.

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Speaker 9: Companies and they really see him as kind of this

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Speaker 9: new age of not just clipping their wings, the American

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Speaker 9: tech wings, but really championing new legislation actually benefits European companies.

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Speaker 1: Yeah, that is really interesting. How is his different his

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Speaker 1: approach different than from other EU politicians and you know

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Speaker 1: people in Brussels. How has he viewed.

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Speaker 9: It's interesting, So I guess probably the best comparison is

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Speaker 9: Margaret Vestiger. So anyone who's really ever followed any kind

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Speaker 9: of European tech legislation or any of these you know,

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Speaker 9: infamous indie trust or tax cases coming out of Brussels,

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Speaker 9: it's been Investigar behind them. She was even labeled the

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Speaker 9: American hating tax lady once by former US President Donald Trump.

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Speaker 9: But Pratona's really kind of taken that title of eu'll

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Speaker 9: enforce her away from Vestiger, and only because she's just

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Speaker 9: actually just got on leave to take another job or

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Speaker 9: to Deviye for another job. But even before that, you know,

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Speaker 9: over the past three and a half years, he's really

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Speaker 9: made himself the face of legislation, excuse me. And he's

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Speaker 9: also you know, really kind of pushed the boundaries of

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Speaker 9: this legislation and in part by writing you know, rules

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Speaker 9: that actually give more advantages to European tech companies. But

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Speaker 9: also has a very different personality. Investiger has this kind

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Speaker 9: of intimidating calm and she presents very carefully crafted lawsuits,

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Speaker 9: whereas Breton. It's quite brash. He really keeps CEOs on

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Speaker 9: their toes. It's very unpredictable. He's definitely a character here

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Speaker 9: in Russell's that has been quite divisive.

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Speaker 1: Yeah, and so how is he seen by companies and CEOs.

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Speaker 9: So companies and CEOs tend to write them off sometimes

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Speaker 9: as like another anti American tech regulator, but at the

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Speaker 9: same time they obviously see tons of legislation coming out

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Speaker 9: of the EU. I mean, be honest with DSA and

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Speaker 9: d MA, You've got cybersecurity rules, you've got artificial intelligence

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Speaker 9: rules coming up. He's really the one who spearheaded the

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Speaker 9: chipsacked for example here in Russells. So they also are

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Speaker 9: really trying to make it clear to him that they're

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Speaker 9: taking him very seriously, and he believes them.

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