WEBVTT - Jamie Dimon Slams Regulators, The EU's Tech Enforcer & Apple's Big Day

0:00:02.440 --> 0:00:05.600
<v Speaker 1>Good morning. It's Tuesday, the twelfth of September here in London.

0:00:05.680 --> 0:00:08.719
<v Speaker 1>This is the Blueberg Daybreak here a podcast. I'm Caroline

0:00:08.760 --> 0:00:13.000
<v Speaker 1>Hepka coming up today. JP Morgan Boss Jamie Diamond calls

0:00:13.039 --> 0:00:18.240
<v Speaker 1>for more humility from regulators as he slams their capital plans.

0:00:18.920 --> 0:00:22.200
<v Speaker 1>Apple gears up for a high stakes iPhone launch as

0:00:22.239 --> 0:00:25.680
<v Speaker 1>fears of a China backlash grow, and we take a

0:00:25.680 --> 0:00:29.720
<v Speaker 1>closer look at Thierry bruttof the EU enforcer who wants

0:00:29.920 --> 0:00:33.280
<v Speaker 1>big tech to play by his rules. Let's start with

0:00:33.320 --> 0:00:37.360
<v Speaker 1>the roundup of our top stories. JP Morgan CEO Jamie

0:00:37.400 --> 0:00:41.279
<v Speaker 1>Diamond has taken aim at US regulators, calling plans to

0:00:41.320 --> 0:00:46.640
<v Speaker 1>hold more capital than international competitors a quote huge negative,

0:00:47.000 --> 0:00:49.720
<v Speaker 1>and Diamond didn't stop there, pointing out that the Fed

0:00:49.840 --> 0:00:52.880
<v Speaker 1>needs to be more aware of their own mistakes.

0:00:53.360 --> 0:00:56.160
<v Speaker 2>The fellow Reserve shall humility. They're the ones that called

0:00:56.160 --> 0:00:58.280
<v Speaker 2>the world rach On going up. It wasn't the fellow

0:00:58.320 --> 0:01:01.000
<v Speaker 2>Reserve in general, is each one of them in dependently factors,

0:01:01.000 --> 0:01:03.120
<v Speaker 2>each central bank, the buyer them might have a little

0:01:03.120 --> 0:01:04.480
<v Speaker 2>more humility over stuff like this.

0:01:05.480 --> 0:01:09.360
<v Speaker 1>Jamie Diamond's comments come as federal agencies push ahead with

0:01:09.440 --> 0:01:12.800
<v Speaker 1>plans to require banks to add billions of dollars to

0:01:12.880 --> 0:01:16.920
<v Speaker 1>their capital cushions after a number of smaller US lenders

0:01:16.959 --> 0:01:22.479
<v Speaker 1>collapsed earlier this year. The Federal Reserve is done raising

0:01:22.560 --> 0:01:25.759
<v Speaker 1>interest rates and will likely cut them by roughly one

0:01:25.800 --> 0:01:30.120
<v Speaker 1>percentage point next year. That's according to chief economists at

0:01:30.160 --> 0:01:34.880
<v Speaker 1>some of North America's largest banks. Bloombag's Charlie Pellett reports.

0:01:34.720 --> 0:01:39.840
<v Speaker 3>The latest forecast from the American Bankers Association's Economic Advisory

0:01:39.840 --> 0:01:43.280
<v Speaker 3>Committee shows while the US will probably dodge a recession,

0:01:43.680 --> 0:01:47.319
<v Speaker 3>economic growth looks set to slow markedly in coming quarters,

0:01:47.600 --> 0:01:53.040
<v Speaker 3>pushing up unemployment while reducing inflation. According to their median forecasts,

0:01:53.120 --> 0:01:56.040
<v Speaker 3>the committee sees economic growth slowing to less than an

0:01:56.040 --> 0:01:59.840
<v Speaker 3>annualized one percent rate in the coming three quarters in

0:02:00.040 --> 0:02:03.840
<v Speaker 3>response to the Fed's past interest rate increases and a

0:02:03.880 --> 0:02:07.760
<v Speaker 3>tightening of credit conditions. He in New York, Charlie Pellet

0:02:07.800 --> 0:02:09.040
<v Speaker 3>Bloomberg Radio.

0:02:10.000 --> 0:02:13.000
<v Speaker 1>Now Bank of England policy maker Katherine Mann says that

0:02:13.160 --> 0:02:16.160
<v Speaker 1>more rate hikes should be on the cards. In the UK,

0:02:16.639 --> 0:02:20.320
<v Speaker 1>the most hawkish member of the Monetary Policy Committee warned

0:02:20.360 --> 0:02:24.120
<v Speaker 1>that it's easier to fix a flagging economy than persistently

0:02:24.200 --> 0:02:28.239
<v Speaker 1>high inflation. The Chancellor, Jeremy Hunt, told Bloomberg that price

0:02:28.520 --> 0:02:31.560
<v Speaker 1>rises are weighing on fiscal decisions too.

0:02:33.240 --> 0:02:35.600
<v Speaker 4>When you're trying to bring down inflation, you have to

0:02:35.639 --> 0:02:40.520
<v Speaker 4>be really careful not to pump extra money into the economy,

0:02:40.919 --> 0:02:43.720
<v Speaker 4>much as you would like to not to pump extra

0:02:43.760 --> 0:02:47.520
<v Speaker 4>money into people's pockets, because that can push up prices

0:02:47.960 --> 0:02:50.320
<v Speaker 4>and keep inflation higher for longer. So the one thing

0:02:50.360 --> 0:02:53.959
<v Speaker 4>I can absolutely say is that our focus at the

0:02:54.000 --> 0:02:56.679
<v Speaker 4>autumnce statement will be on bringing down inflation.

0:02:58.400 --> 0:03:01.560
<v Speaker 1>Jeremy Hunt added that if the UK didn't improve its

0:03:01.639 --> 0:03:05.200
<v Speaker 1>economic growth, taxes will rise, and you can hear the

0:03:05.240 --> 0:03:08.680
<v Speaker 1>full interview with the Chancellor on the UK Politics podcast.

0:03:09.919 --> 0:03:12.800
<v Speaker 1>Apple will attempt to regain the narrative later today with

0:03:12.880 --> 0:03:16.840
<v Speaker 1>the launch of a new iPhone, updated Apple Watch and AirPods.

0:03:17.200 --> 0:03:20.920
<v Speaker 1>The launch comes as the Coopertino firm confronts fears of

0:03:20.960 --> 0:03:25.639
<v Speaker 1>a consumer backlash in China after Beijing band government employees

0:03:25.919 --> 0:03:29.960
<v Speaker 1>from using iPhones at work. Hayman Capital Management founder and

0:03:30.040 --> 0:03:33.919
<v Speaker 1>CIO Carl Bass says he thinks Apple faces a rough

0:03:34.040 --> 0:03:35.119
<v Speaker 1>ride in the country.

0:03:36.240 --> 0:03:39.560
<v Speaker 5>I think Apple is in for let's just say, a

0:03:39.960 --> 0:03:43.960
<v Speaker 5>much much longer period of distress in China, and I

0:03:44.000 --> 0:03:46.480
<v Speaker 5>think you've seen Apple try to move to India on

0:03:46.560 --> 0:03:49.760
<v Speaker 5>the production side, and they've been successful in moving a

0:03:50.000 --> 0:03:52.320
<v Speaker 5>very large portion of their production in a very short

0:03:52.360 --> 0:03:54.200
<v Speaker 5>period of time. I just think that's going to be

0:03:54.240 --> 0:03:54.880
<v Speaker 5>something they.

0:03:54.800 --> 0:03:55.200
<v Speaker 2>Have to do.

0:03:56.360 --> 0:03:59.600
<v Speaker 1>Carl Bass spoke to Bloomberg as the tech giant renewed

0:03:59.640 --> 0:04:03.320
<v Speaker 1>a con tract to get modem chips from Callcom. The

0:04:03.400 --> 0:04:06.360
<v Speaker 1>deal is a sign that Apple's efforts to build its

0:04:06.400 --> 0:04:11.880
<v Speaker 1>own components is taking longer than expected. Bloomberg has learned

0:04:11.920 --> 0:04:15.840
<v Speaker 1>that arms initial public offering is already over subscribed by

0:04:15.920 --> 0:04:19.400
<v Speaker 1>ten times and bankers plan to stop taking orders later today.

0:04:19.440 --> 0:04:22.159
<v Speaker 1>That's a day earlier than planned. The offer for the

0:04:22.160 --> 0:04:25.760
<v Speaker 1>British chip designer owned by SoftBank could end up fifteen

0:04:25.880 --> 0:04:29.400
<v Speaker 1>times oversubscribed, and shares are due to start trading in

0:04:29.480 --> 0:04:34.040
<v Speaker 1>the US on Thursday. The former head of MI six

0:04:34.240 --> 0:04:37.200
<v Speaker 1>is that the UK needs to remain and maintain a

0:04:37.320 --> 0:04:41.320
<v Speaker 1>dialogue with China, so Richard Dilov's intervention comes after a

0:04:41.400 --> 0:04:46.000
<v Speaker 1>parliamentary researcher was arrested on suspicion of spying for Beijing,

0:04:46.440 --> 0:04:49.880
<v Speaker 1>something that he denies. Britain's former s by chief says

0:04:49.920 --> 0:04:52.440
<v Speaker 1>that the situation needs to be handled delicately.

0:04:53.279 --> 0:04:56.960
<v Speaker 6>This issue is not black and white. You can be

0:04:57.120 --> 0:05:00.520
<v Speaker 6>tough with China and you can show China that you

0:05:00.839 --> 0:05:04.560
<v Speaker 6>mean business when they interfere in your internal affairs, but

0:05:04.640 --> 0:05:07.240
<v Speaker 6>you can also trade with them. Look, this is not

0:05:07.800 --> 0:05:09.240
<v Speaker 6>a cold war with China.

0:05:10.160 --> 0:05:13.240
<v Speaker 1>The former head of MI six is comments come as

0:05:13.279 --> 0:05:16.160
<v Speaker 1>senior Tory MPs lined up in the House of Commons

0:05:16.200 --> 0:05:20.040
<v Speaker 1>to pressure the Prime Minister to designate designate China as

0:05:20.080 --> 0:05:23.080
<v Speaker 1>a threat to the UK. Responding to the initial story,

0:05:23.160 --> 0:05:27.400
<v Speaker 1>Rishisunak called the relationship with Beijing a quote challenge, but

0:05:27.480 --> 0:05:32.040
<v Speaker 1>stop short of going any further than that. Dangerous concrete

0:05:32.080 --> 0:05:35.320
<v Speaker 1>has been discovered in the Houses of Parliament, adding to

0:05:35.440 --> 0:05:39.320
<v Speaker 1>the list of the buildings affected Bloomberg's You and Pots reports.

0:05:39.320 --> 0:05:42.800
<v Speaker 7>Now, crumbling public buildings have been a big pr headache

0:05:42.800 --> 0:05:46.000
<v Speaker 7>for Rishi Signac's governments. Now the contentious form of concrete

0:05:46.040 --> 0:05:48.400
<v Speaker 7>that's forced over one hundred schools to close has been

0:05:48.440 --> 0:05:51.640
<v Speaker 7>found in the Houses of Parliament. Mitigations will be put

0:05:51.680 --> 0:05:55.600
<v Speaker 7>in place after a routine inspection uncovered so called reinforced rack.

0:05:55.960 --> 0:05:59.680
<v Speaker 7>Bloomberg understands that structural engineers assess there is no immediate risk.

0:06:00.160 --> 0:06:02.680
<v Speaker 7>The discovery rack on the Parliamentary State adds to a

0:06:02.720 --> 0:06:05.520
<v Speaker 7>growing list of aging buildings causing major political trouble for

0:06:05.520 --> 0:06:08.360
<v Speaker 7>the Conservatives in London. I'm Une pots Bloomberg Radio.

0:06:09.480 --> 0:06:13.839
<v Speaker 1>Now though to the question of Apple is annual iPhone

0:06:14.040 --> 0:06:19.360
<v Speaker 1>unveiling is going to happen today and usually on an

0:06:19.440 --> 0:06:22.840
<v Speaker 1>unusual amount riding on the outcome. The iPhone fifteen is

0:06:22.880 --> 0:06:26.040
<v Speaker 1>going to be unveiled today in California. So joining me

0:06:26.080 --> 0:06:28.919
<v Speaker 1>this morning is quick takes. Alex Web Good morning, Alex,

0:06:28.960 --> 0:06:31.479
<v Speaker 1>great to have you on the program. What are we

0:06:31.960 --> 0:06:35.400
<v Speaker 1>expecting them from the new products, especially the price and

0:06:35.480 --> 0:06:36.400
<v Speaker 1>the sales that they.

0:06:36.279 --> 0:06:36.800
<v Speaker 6>Could go on.

0:06:38.120 --> 0:06:40.080
<v Speaker 7>So the actual.

0:06:41.360 --> 0:06:45.360
<v Speaker 8>Hardware itself, as we've seen in recent years, the upgrades

0:06:45.400 --> 0:06:47.680
<v Speaker 8>are sort of more iterative. You know, there's no sort of,

0:06:48.400 --> 0:06:52.760
<v Speaker 8>at least to my mind, blockbuster new Leap. There'll be

0:06:52.800 --> 0:06:54.880
<v Speaker 8>slightly thinner bezels around the edge. It's going to be

0:06:54.960 --> 0:06:57.640
<v Speaker 8>USB sea port rather than a lightning port for charging.

0:06:57.720 --> 0:07:00.279
<v Speaker 8>That is kind of not really Apple's own choice, that's

0:07:00.600 --> 0:07:05.200
<v Speaker 8>being pushed by regulation in the European Union. And there'll

0:07:05.240 --> 0:07:07.880
<v Speaker 8>be a few sort of what they call the intron

0:07:07.920 --> 0:07:10.720
<v Speaker 8>not to cringe it. It's name the dynamic island in

0:07:10.800 --> 0:07:12.960
<v Speaker 8>the prone in the Pro models, which is the little

0:07:13.040 --> 0:07:15.080
<v Speaker 8>sort of thing that replaced the notch at the top

0:07:15.120 --> 0:07:17.280
<v Speaker 8>of the phone. That's going to be going into all models.

0:07:17.520 --> 0:07:19.360
<v Speaker 8>But as you say, the key thing is going to

0:07:19.400 --> 0:07:22.320
<v Speaker 8>be price, and in the Pro models they're going to

0:07:22.320 --> 0:07:27.040
<v Speaker 8>be there's going to be titanium shells which will let

0:07:27.120 --> 0:07:31.400
<v Speaker 8>them charge presumably a more premium price. And that's partly

0:07:31.560 --> 0:07:34.520
<v Speaker 8>to your point then about sales. We have seen stagnating

0:07:34.720 --> 0:07:37.160
<v Speaker 8>unit sales. What we're then trying to do, what they're

0:07:37.160 --> 0:07:40.080
<v Speaker 8>then trying to do is eke more dollars out of

0:07:40.120 --> 0:07:43.680
<v Speaker 8>the units they are able to sell, therefore more premium pricing.

0:07:43.880 --> 0:07:46.960
<v Speaker 1>Okay, So if the unveiling and the kind of annual

0:07:46.960 --> 0:07:51.040
<v Speaker 1>event to day may not be huge, what about Apple

0:07:51.400 --> 0:07:52.800
<v Speaker 1>and whether it has a China.

0:07:52.600 --> 0:07:53.240
<v Speaker 3>Problem or not.

0:07:53.640 --> 0:07:56.080
<v Speaker 8>Yeah, I mean, we don't quite know yet, but there

0:07:56.120 --> 0:07:58.800
<v Speaker 8>is concern that there might be. Essentially what we've seen

0:07:58.840 --> 0:08:00.520
<v Speaker 8>in the past few weeks are report, not at least

0:08:00.480 --> 0:08:06.960
<v Speaker 8>from our colleagues, that the Chinese state owned agencies and

0:08:07.160 --> 0:08:11.000
<v Speaker 8>companies they are not allowed to own an iPhone as

0:08:11.040 --> 0:08:13.640
<v Speaker 8>your work phone. Essentially in those context now that in

0:08:13.680 --> 0:08:16.520
<v Speaker 8>and of itself is not going to be significant for

0:08:16.840 --> 0:08:19.960
<v Speaker 8>unit sales. The question is whether there is a broader

0:08:20.000 --> 0:08:26.640
<v Speaker 8>issue with Chinese nationalism pushing people towards buying domestic manufactured

0:08:26.720 --> 0:08:29.280
<v Speaker 8>handsets and away from iPhones. And in the past this

0:08:29.360 --> 0:08:33.319
<v Speaker 8>has hurt Apple on occasion, but after each instance, iPhone

0:08:33.360 --> 0:08:35.760
<v Speaker 8>sales have rebounded in that country, and in fact, China

0:08:35.760 --> 0:08:38.040
<v Speaker 8>has been a relatively bright spot for them, where other

0:08:38.080 --> 0:08:40.760
<v Speaker 8>companies have seen declining sales their Apple has been able

0:08:40.800 --> 0:08:44.880
<v Speaker 8>to recover a little bit. But that is certainly something

0:08:44.880 --> 0:08:46.680
<v Speaker 8>that people are watching. It's not something that Tim Cook

0:08:46.720 --> 0:08:49.679
<v Speaker 8>will comment on today. It's probably something we're going to

0:08:49.720 --> 0:08:52.280
<v Speaker 8>have to wait until the next quarterly earnings call to

0:08:52.280 --> 0:08:53.840
<v Speaker 8>get any real visibility over.

0:08:54.160 --> 0:08:57.959
<v Speaker 1>Okay, the industry wide slow down though in smartphone demand

0:08:58.120 --> 0:08:59.280
<v Speaker 1>is not just Apple, is it?

0:08:59.800 --> 0:09:02.000
<v Speaker 8>No? And frankly, Apple's been doing better than a lot

0:09:02.000 --> 0:09:05.360
<v Speaker 8>of the competition. The sales that Samsung have declined a

0:09:05.360 --> 0:09:07.360
<v Speaker 8>lot more significantly than an Apple. If you look at

0:09:07.400 --> 0:09:09.760
<v Speaker 8>the second quarter of twenty twenty two, Apple and Samsung

0:09:09.800 --> 0:09:12.439
<v Speaker 8>have twenty two percent market share. It now has twenty

0:09:12.480 --> 0:09:15.560
<v Speaker 8>percent market share. In that time, Apple's market share has

0:09:15.600 --> 0:09:18.319
<v Speaker 8>increased by a percentage points. So we have seen it

0:09:18.679 --> 0:09:22.160
<v Speaker 8>actually benefit from the trarails of its biggest competitor. And

0:09:22.200 --> 0:09:25.720
<v Speaker 8>crucially it's that pricing point. You know that Samsung tends

0:09:25.720 --> 0:09:28.719
<v Speaker 8>to play in the slightly less premium category. It does

0:09:28.760 --> 0:09:32.440
<v Speaker 8>still have some offerings up in the high end, but

0:09:32.520 --> 0:09:35.520
<v Speaker 8>that really is dominated by Apple and that's where the

0:09:35.520 --> 0:09:36.960
<v Speaker 8>pricing point really comes into play.

0:09:37.160 --> 0:09:39.760
<v Speaker 1>Yeah, okay, really interesting, Alex, Thank you so much for

0:09:39.800 --> 0:09:42.280
<v Speaker 1>being with me this morning. Quick takes Alex Web. They're

0:09:42.320 --> 0:09:47.240
<v Speaker 1>looking ahead then to Apple's annual iPhone unveiling in California. Well,

0:09:47.679 --> 0:09:51.040
<v Speaker 1>Alex was mentioning that it was Europe that influenced Apple's

0:09:51.160 --> 0:09:56.559
<v Speaker 1>charging system. Attitudes to US tech really are a big deal.

0:09:56.760 --> 0:10:02.480
<v Speaker 1>And Tierry Burton is the bold, sometimes brash European politician

0:10:02.520 --> 0:10:05.800
<v Speaker 1>who's made himself actually the face of a long list

0:10:05.840 --> 0:10:10.520
<v Speaker 1>of legislation affecting big tech, particularly big tech in the

0:10:10.600 --> 0:10:13.480
<v Speaker 1>US Billion begs. Jillian Deutsch has been looking into the

0:10:13.480 --> 0:10:17.520
<v Speaker 1>man who wants big tech to play by his rules. Jillien,

0:10:17.600 --> 0:10:20.440
<v Speaker 1>good morning, Thank you so much for being with us.

0:10:20.679 --> 0:10:24.040
<v Speaker 1>This is a very interesting piece for anyone who doesn't

0:10:24.080 --> 0:10:26.160
<v Speaker 1>know who is Chieri Bruton.

0:10:26.960 --> 0:10:28.920
<v Speaker 9>That's a great question and thanks so much for having me.

0:10:29.440 --> 0:10:32.160
<v Speaker 9>As Alex was mentioned, you know, this USB C charger,

0:10:32.320 --> 0:10:34.720
<v Speaker 9>this is something that actually not just the EU, but

0:10:34.720 --> 0:10:37.760
<v Speaker 9>really tier brit sawn champion. This was a great segue there.

0:10:38.120 --> 0:10:41.920
<v Speaker 9>He is a former telecom CEO, former French finance minister

0:10:41.960 --> 0:10:44.800
<v Speaker 9>and even a best selling sci fi author. But now

0:10:44.840 --> 0:10:47.640
<v Speaker 9>he is the European Union's biggest tech regulator. He has

0:10:47.640 --> 0:10:50.760
<v Speaker 9>a title of the Internal Market Commissioner and this is

0:10:51.000 --> 0:10:53.320
<v Speaker 9>given him leeway us up into a whole bunch of topics.

0:10:53.360 --> 0:10:56.160
<v Speaker 9>So you see him talking about vaccines, energy, but really

0:10:56.520 --> 0:10:58.720
<v Speaker 9>some of the most notable legislation that he is and

0:10:58.760 --> 0:11:03.000
<v Speaker 9>part of is Digital Services Act, which is policing how

0:11:03.400 --> 0:11:07.079
<v Speaker 9>platforms police content on their pleae content on their platforms,

0:11:07.360 --> 0:11:09.400
<v Speaker 9>and the Digital Markets Act, which is a whole new

0:11:09.440 --> 0:11:11.839
<v Speaker 9>list of anti trust rules. And like you mentioned, you know,

0:11:11.880 --> 0:11:14.240
<v Speaker 9>he's really made himself the face of these rules.

0:11:14.480 --> 0:11:15.280
<v Speaker 8>Two big tech.

0:11:15.120 --> 0:11:18.480
<v Speaker 9>Companies and they really see him as kind of this

0:11:18.640 --> 0:11:22.280
<v Speaker 9>new age of not just clipping their wings, the American

0:11:22.280 --> 0:11:27.400
<v Speaker 9>tech wings, but really championing new legislation actually benefits European companies.

0:11:27.880 --> 0:11:30.760
<v Speaker 1>Yeah, that is really interesting. How is his different his

0:11:30.880 --> 0:11:36.360
<v Speaker 1>approach different than from other EU politicians and you know

0:11:36.440 --> 0:11:38.640
<v Speaker 1>people in Brussels. How has he viewed.

0:11:39.840 --> 0:11:42.439
<v Speaker 9>It's interesting, So I guess probably the best comparison is

0:11:42.480 --> 0:11:45.640
<v Speaker 9>Margaret Vestiger. So anyone who's really ever followed any kind

0:11:45.640 --> 0:11:48.120
<v Speaker 9>of European tech legislation or any of these you know,

0:11:48.200 --> 0:11:51.280
<v Speaker 9>infamous indie trust or tax cases coming out of Brussels,

0:11:51.640 --> 0:11:53.840
<v Speaker 9>it's been Investigar behind them. She was even labeled the

0:11:53.840 --> 0:11:56.920
<v Speaker 9>American hating tax lady once by former US President Donald Trump.

0:11:57.400 --> 0:12:00.240
<v Speaker 9>But Pratona's really kind of taken that title of eu'll

0:12:00.320 --> 0:12:03.200
<v Speaker 9>enforce her away from Vestiger, and only because she's just

0:12:03.200 --> 0:12:05.320
<v Speaker 9>actually just got on leave to take another job or

0:12:05.360 --> 0:12:07.679
<v Speaker 9>to Deviye for another job. But even before that, you know,

0:12:07.720 --> 0:12:09.520
<v Speaker 9>over the past three and a half years, he's really

0:12:09.600 --> 0:12:14.080
<v Speaker 9>made himself the face of legislation, excuse me. And he's

0:12:14.120 --> 0:12:16.360
<v Speaker 9>also you know, really kind of pushed the boundaries of

0:12:16.400 --> 0:12:19.920
<v Speaker 9>this legislation and in part by writing you know, rules

0:12:19.920 --> 0:12:23.280
<v Speaker 9>that actually give more advantages to European tech companies. But

0:12:23.320 --> 0:12:26.040
<v Speaker 9>also has a very different personality. Investiger has this kind

0:12:26.040 --> 0:12:30.120
<v Speaker 9>of intimidating calm and she presents very carefully crafted lawsuits,

0:12:30.120 --> 0:12:33.439
<v Speaker 9>whereas Breton. It's quite brash. He really keeps CEOs on

0:12:33.480 --> 0:12:36.640
<v Speaker 9>their toes. It's very unpredictable. He's definitely a character here

0:12:36.640 --> 0:12:38.400
<v Speaker 9>in Russell's that has been quite divisive.

0:12:38.920 --> 0:12:41.760
<v Speaker 1>Yeah, and so how is he seen by companies and CEOs.

0:12:43.080 --> 0:12:45.600
<v Speaker 9>So companies and CEOs tend to write them off sometimes

0:12:45.600 --> 0:12:49.040
<v Speaker 9>as like another anti American tech regulator, but at the

0:12:49.080 --> 0:12:52.080
<v Speaker 9>same time they obviously see tons of legislation coming out

0:12:52.080 --> 0:12:53.880
<v Speaker 9>of the EU. I mean, be honest with DSA and

0:12:53.960 --> 0:12:57.040
<v Speaker 9>d MA, You've got cybersecurity rules, you've got artificial intelligence

0:12:57.120 --> 0:12:59.319
<v Speaker 9>rules coming up. He's really the one who spearheaded the

0:12:59.360 --> 0:13:02.520
<v Speaker 9>chipsacked for example here in Russells. So they also are

0:13:02.520 --> 0:13:04.040
<v Speaker 9>really trying to make it clear to him that they're

0:13:04.040 --> 0:13:06.839
<v Speaker 9>taking him very seriously, and he believes them.

0:13:07.800 --> 0:13:10.360
<v Speaker 1>This is Bloomberg Daybreak Euroup, your morning brief on the

0:13:10.440 --> 0:13:13.560
<v Speaker 1>stories making news from London to Wall Street and beyond.

0:13:14.040 --> 0:13:17.200
<v Speaker 1>Look for us on your podcast feed every morning on Apple,

0:13:17.320 --> 0:13:21.120
<v Speaker 1>Spotify and anywhere else you get your podcasts. You can

0:13:21.160 --> 0:13:24.599
<v Speaker 1>also listen live each morning on London DAB Radio, the

0:13:24.640 --> 0:13:28.360
<v Speaker 1>Bluemberg business app, and Bloomberg dot Com. Our flagship New

0:13:28.440 --> 0:13:31.880
<v Speaker 1>York station is also available on your Amazon Alexa device.

0:13:32.280 --> 0:13:36.520
<v Speaker 1>Just say Alexa Play Bloomberg eleven point thirty. I'm Callen Hepga.

0:13:36.679 --> 0:13:38.880
<v Speaker 1>Join us again tomorrow morning for all the news you

0:13:39.000 --> 0:13:41.880
<v Speaker 1>need to start your day right here on Bloomberg Daybreak

0:13:41.920 --> 0:13:45.360
<v Speaker 1>Europe