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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. This is the Bloomberg

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Speaker 1: Dabak Podcast. It's Friday, the nineteenth of July. Here in London.

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Speaker 1: I'm Caroline Hepka.

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Speaker 2: And I'm Lizzie Burden.

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Speaker 3: Coming up today, a major global tech outage hits Banks,

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Speaker 3: TV Networks, Airlines and the London Stock Exchange.

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Speaker 1: Donald Trump accepts his party's nomination and accounts surviving the

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Speaker 1: assassination attempt.

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Speaker 2: Plus speculation mounts.

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Speaker 3: President Biden's grasp on the Democratic presidential nomination appears to

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Speaker 3: be slipping, as reports suggest that Obama has also now

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Speaker 3: weighed in.

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Speaker 1: Let's start with a roundup of our top stories.

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Speaker 3: Series of technical glitches has disrupted global services at airlines, Banks,

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Speaker 3: and the London Stock Exchange after Microsoft reported and outage

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Speaker 3: across its online services. United Airlines, KLM and Delta are

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Speaker 3: among many airlines reporting issues and grounding their planes. Global

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Speaker 3: Aviation editor Benedict Camels says the entire world's airlines will

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Speaker 3: be affected by this backlog.

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Speaker 4: Yeah, problem with this magnitude usually takes days to resolve

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Speaker 4: in terms of getting everything back to order. Now, don't

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Speaker 4: expect planes to come falling out of the sky. You

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Speaker 4: know it's not panic, but as a precaution, people will

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Speaker 4: be on the ground. You will see planes landing and

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Speaker 4: places they shouldn't be landing. I airports they shouldn't be landing,

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Speaker 4: not in the green field. And getting that system back

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Speaker 4: in you know, it's a very finely tuned operation that's

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Speaker 4: going to take a while.

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Speaker 2: As well as planes.

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Speaker 3: Camel notes that the issues have hit a range of sectors.

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Speaker 3: The LSS news wire is down, the Bank of Israel

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Speaker 3: says the outer just called disruptions to the banking system,

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Speaker 3: and sky News is off air. Several newspapers have also

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Speaker 3: reported some of the problems stem from crowdstrikes security software,

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Speaker 3: which points to the widespread nature of the disruption. A

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Speaker 3: spokesperson for Microsoft told Bloomberg that they're continuing to progress

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Speaker 3: on mitigation efforts for the affected Microsoft three six y

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Speaker 3: five apps and services, and you've seen in CrowdStrike shares

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Speaker 3: dropping twelve percent amid the reports of the outage.

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Speaker 1: And now. Donald Trump has delivered his keynote address at

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Speaker 1: the Republican National Convention as he accepted the party's nomination

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Speaker 1: for the presidency, in a speech that veered between calls

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Speaker 1: for unity and divisive rhetoric on a range of topics.

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Speaker 1: Trump began by describing his near death experience during last

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Speaker 1: Saturday's attempted assassination.

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Speaker 5: If I had not moved my head at that very

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Speaker 5: last instant, the assassin's bullet would have perfectly hit its mark,

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Speaker 5: and I would not be here tonight.

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Speaker 6: We would not be together.

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Speaker 1: After recounting the details of the attempt on his life,

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Speaker 1: Trump launched into a broad pitch for a second term

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Speaker 1: as president that started with a call for the country

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Speaker 1: to come together.

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Speaker 5: Despite such a heinous attack. We unite this evening more

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Speaker 5: determined than ever. I a more determined than ever, and

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Speaker 5: so are you, So is everybody abusing. Our resolve is unbroken,

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Speaker 5: and our purpose is unchanged to delivery government that serves

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Speaker 5: the American people better than ever before.

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Speaker 1: However, as the speech went on, Trump delivered an increasingly

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Speaker 1: meandering and grievance focused address with sweeping pledges to cut taxes,

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Speaker 1: bring down inflation and illegal immigration, and stop foreign wars.

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Speaker 1: But notably, he only directly addressed the current president once

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Speaker 1: by name.

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Speaker 5: What this administration? The damage that this administration has done?

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Speaker 5: And I say it often, if you took the ten

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Speaker 5: worst presidents in the history of the United States.

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Speaker 2: Think of it. The ten worst added them up.

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Speaker 5: They will not have done the damage that Biden has done.

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Speaker 5: I'm only going to use the term once Biden. I'm

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Speaker 5: not going to use the name anymore, just one time.

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Speaker 5: The damage that he's done to this country is unthinkable.

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Speaker 5: It's unthinkable.

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Speaker 1: At more than an hour and a half, Trump's was

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Speaker 1: the longest nomination acceptance speech by Republican or Democrats in

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Speaker 1: the modern era. It brings to a close a Republican

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Speaker 1: convention that has been buoyed by a steady stream of

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Speaker 1: polling showing Trump ahead of Biden on key issues. For

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Speaker 1: the November election.

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Speaker 3: Biden's facing increasingly public warnings to quit the presidential race

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Speaker 3: from top Democratic lawmakers and supporters. That's his aides insist

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Speaker 3: that the president is not wavering and remains dedicated to

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Speaker 3: running while he continues to isolate with COVID nineteen Blackstone

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Speaker 3: executive and billionaire Democrat donor John Gray says he hopes

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Speaker 3: Biden thinks about the demands of another term.

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Speaker 7: Well, the President is a good man, he has been

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Speaker 7: a wonderful public servant, and like Speaker Pelosi said, you

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Speaker 7: know he's gotten the vote in the Democratic primary. This

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Speaker 7: is his decision, but I would hope he considers the

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Speaker 7: really extreme physical toll of this business, of this job.

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Speaker 7: I should say, I'm going to wait and see what

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Speaker 7: happens here on the Democratic side. I am a Democrat,

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Speaker 7: but I'm going to let the process play out.

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Speaker 3: Black Stones, John Gray speaking there. Perhaps the harshest blow

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Speaker 3: to his campaign comes from former President Barack Obama. The

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Speaker 3: Washington Post reported that he told allies Biden needed to

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Speaker 3: seriously consider the viability of his campaign. According to a

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Speaker 3: Senate Age Democrat, senators in competitive races are on the

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Speaker 3: verge of calling on the president to step aside, and

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Speaker 3: the only questions are when and how to announce their position.

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Speaker 1: Now to France, lawmakers have re elected a centrist candidate

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Speaker 1: from Emmanuel Macrel's Renaissance party to lead the National Assembly. Yeah,

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Speaker 1: braun Preve reappointed could be a sign that the President's

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Speaker 1: coalition is best place to form a new government after

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Speaker 1: the parliament was dissolved last month. Braun Privet won the

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Speaker 1: vote by thirteen ballots, with support from centrists and center

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Speaker 1: right lawmakers outside of her own alliance. Her election isn't

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Speaker 1: directly related to the appointment of a prime minister, all

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Speaker 1: the formation of a new French government, but it could

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Speaker 1: give an indication of which coalitions are able to unite

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Speaker 1: behind a single candidate.

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Speaker 3: And finally, the Englishman Daniel Brown is the surprise clubhouse

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Speaker 3: leader going into the second round of the Open Championship Golf.

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Speaker 3: Round two is underway at Royal Troon, where he's still

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Speaker 3: six under para stroke clear of twenty nineteen winner Shane

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Speaker 3: Lowry and Brown will be back in action from eleven

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Speaker 3: am UK time today. Several big names haven't made such

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Speaker 3: good starts, though Roy McElroy's on seven Ovo was two

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Speaker 3: time PGA champion, bryceon De'shambeau and Tiger Woods among the.

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Speaker 2: Other players well off the pace.

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Speaker 3: And it is risk off partly because of this series

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Speaker 3: of technical glitches disrupting services at airlines, banks and the

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Speaker 3: London Stock Exchange, an unusually widespread cascade of failures that

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Speaker 3: have erupted from the US to Asia after Microsoft reported

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Speaker 3: an outage across its online services. And we can get

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Speaker 3: the latest now from our Asia tech editor Flood south Off,

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Speaker 3: who joins us from Hong Kong.

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Speaker 2: Flood just give us some perspective here.

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Speaker 8: Well, We really don't know the exact extent of it.

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Speaker 8: It's very interesting because it is, like I say, very widespread,

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Speaker 8: but it isn't necessarily.

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Speaker 6: All that deep. We keep it is indeed a cascade.

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Speaker 8: We keep hearing updates from Poland, from Singapore, from Switzerland,

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Speaker 8: all saying that they're having to do things manually as

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Speaker 8: far as airlines go and chickens. Somebody posted a tweet

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Speaker 8: where they got their first handwritten boarding pass. But it

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Speaker 8: isn't actually grounding airlines and airports at the moment. It's

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Speaker 8: just leading to delays and disruptions more so than anything

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Speaker 8: catastrophic so far.

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Speaker 1: What do we understand about exactly what's gone wrong in

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Speaker 1: terms of the disruption to the cloud? What is it.

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Speaker 6: Right?

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Speaker 8: Well, initially what happened was late on Thursday night in

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Speaker 8: the US. This was the first grounding of flights. One

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Speaker 8: smaller airline in the US ground flights and they said

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Speaker 8: it was Microsoft's Asia cloud services were to blame for that.

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Speaker 8: What Microsoft said, We reached out to them, we spoke

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Speaker 8: with them. They said that they fixed what issues they

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Speaker 8: had with their cloud services in the US, But within

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Speaker 8: a couple of hours later we saw disruptions showing up

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Speaker 8: in Japan and Australia. Australian banks reported that they were

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Speaker 8: having issues, and it doesn't appear to have something to

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Speaker 8: do with Microsoft. It seems to be separate from the

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Speaker 8: US issues because at the moment, what we're seeing is

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Speaker 8: impacts across Asia and Europe, none across US services, but.

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Speaker 6: That may also change.

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Speaker 8: There is also the indication that CrowdStrike software has played

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Speaker 8: a part in all of this, so it may be

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Speaker 8: a mix of both Microsoft disruptions and CrowdStrike.

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Speaker 3: There's a quote on the Tea Live blog on the

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Speaker 3: technical outage, Vlood, very frustrated system technician on Reddit saying

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Speaker 3: the entire sum of everything that CrowdStrike might ever have

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Speaker 3: prevented is probably less than the damage they just caused.

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Speaker 3: If you could look at the market impact for US,

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Speaker 3: because also the Bank of Israel seems to have been affected.

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Speaker 2: How widespread is this going to be?

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Speaker 8: I mean, that's right, just before coming on for Radio

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Speaker 8: I saw a crass strike share price was down twelve percent,

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Speaker 8: and in my go further than that. One of the

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Speaker 8: things to bear in mind is that for airlines this

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Speaker 8: is their peak period. School term just ended in Germany,

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Speaker 8: a whole bunch of people are going off on holiday.

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Speaker 8: So if this does lead to flight cancelations and because

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Speaker 8: of these delays, you know they may accumulate on top

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Speaker 8: of each other and cause more disruption of travel.

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Speaker 6: Airlines are going to be affected.

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Speaker 8: We did also see some trade the end, thankfully, after

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Speaker 8: being weak for so long, goat improvement because people so

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Speaker 8: it's kind of a safe haven for investments. I suppose,

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Speaker 8: so market reaction is going to be I think it's

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Speaker 8: also going to develop as the story develops.

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Speaker 6: It is still unwindening for us.

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Speaker 1: No, absolutely, it's ongoing. But Vlad, can you put our

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Speaker 1: minds at rest? Bad actors? Are any bad actors involved?

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Speaker 1: Is it an attack of any kind?

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Speaker 6: Right? Well, that's the one thing that was seeing zero

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Speaker 6: evidence of.

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Speaker 8: It does appear to be some sort of again, cascade

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Speaker 8: is probably the best term here. There was probably some

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Speaker 8: glitch with Microsoft which may have led to a glitter

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Speaker 8: with crash track, which in turn has led to a

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Speaker 8: whole bunch of other cascading effects.

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Speaker 6: But the thing that is worth folks know you here

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Speaker 6: is a lot of this stuff depends on the cloud.

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Speaker 8: It actually illustrates how dependent we are on these Internet

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Speaker 8: technologies and here I.

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Speaker 3: Thought we were cruising into the weekend current a last

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Speaker 3: not the drama continues, but of we thank you our

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Speaker 3: Asia Tech editor with the latest from Hong Kong. And

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Speaker 3: I have to recommend this Tea Life blog on the terminal.

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Speaker 3: It's covering every twist and turn of this technical outage,

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Speaker 3: from the disruption to the airlines, to the banks, to

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Speaker 3: the Central Banks and the London Stock Exchange.

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Speaker 2: So give it a read. Go to tliv on the terminal.

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Speaker 1: Now, Donald Trump delivered his first public address and surviving

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Speaker 1: a failed assassination attempt, he called for unity, tax cuts,

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Speaker 1: closing the US border, ditching what he called the Green

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Speaker 1: new scam, and ending foreign wars. All of this, of course,

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Speaker 1: when he accepted the nomination from his Republican party to

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Speaker 1: run as president. And it comes as the Democrats amred

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Speaker 1: in a debate about whether President Biden should quit the race.

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Speaker 1: If when, how joining us now to discuss his Bloomberg

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Speaker 1: anchor Critty, Good to good morning Critty. So this ninety

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Speaker 1: minute speech happened very late overnight for us in the UK.

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Speaker 1: Your impressions of the speech unifying or divisive?

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Speaker 9: A little above if we can, if we can say

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Speaker 9: that and I'll start with the unifying because look, he

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Speaker 9: was really compared in a lot of ways to the

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Speaker 9: speech you got out of GD Van's just twenty four

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Speaker 9: hours prior, which was a very tough on China, tough

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Speaker 9: on Mexico, tough on globalization kind of rhetoric that you saw,

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Speaker 9: which in theory sounds a lot like the Trump one

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Speaker 9: point zero that we knew, or there are the policies

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Speaker 9: in his first agenda. But remember, he is trying to

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Speaker 9: really prove not only to his party but to the

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Speaker 9: entire country that this is a man who wants to

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Speaker 9: be taken seriously, who is not going to be chaotic

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Speaker 9: in a second term than his first term, because that's

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Speaker 9: where he's losing voters, even within his own base. So

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Speaker 9: from a kind of unifying perspective, he's really trying to

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Speaker 9: simmer that down. Divisive perhaps though for a financial community,

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Speaker 9: because it's confusing to have a roadmap like this when

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Speaker 9: when you're trying to decide, well, what is President Trump

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Speaker 9: going to be tough on if he's re elected to

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Speaker 9: a second term, and this speech didn't give us much

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Speaker 9: insight on that.

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Speaker 3: And you talk about persuading people, if you look at

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Speaker 3: the poll gap. Is that a response to Trump winning

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Speaker 3: or Biden losing.

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Speaker 4: That's a good question.

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Speaker 2: This is a little bit of both. I think it's

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Speaker 2: more of a question of odds.

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Speaker 9: It doesn't seem like a reflection of necessarily which Canada

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Speaker 9: is more qualified. So I think I will lean with

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Speaker 9: the latter, Lizzie to your question in that this is

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Speaker 9: more of a concern of mental cuty and who can

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Speaker 9: actually do the job and present Biden in that debate

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Speaker 9: did did some serious damage and whatever, whoever the contender is,

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Speaker 9: it should Biden step down doesn't seem to be ensuring

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Speaker 9: much confidence in the continuity, and at least in President

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Speaker 9: Trump's case, there is an argument to be made from

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Speaker 9: independent voters specifically that with President Trump, we at least

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Speaker 9: have a sense and we know what we're getting, even

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Speaker 9: if the financial community may disagree with that.

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Speaker 1: Yeah, in terms of what Trump laid out, I mean

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Speaker 1: it was kind of soaring incomes will skyrocket, inflation will vanish,

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Speaker 1: jobs will come rowing back. This is obviously typical kind

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Speaker 1: of Trump rhetoric. And yet the promises are so huge

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Speaker 1: and there wasn't much policy detail, and you have to

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Speaker 1: layer into that the idea that Trump was saying that

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Speaker 1: he is the defender of democracy, trying to kind of

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Speaker 1: ten that democratic argument that he is anti democratic.

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Speaker 9: He is, and remember these are he's really speaking to

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Speaker 9: the very concerns that voters have on him, which is

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Speaker 9: one from an economic perspective, that terrofs are going to

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Speaker 9: be inflationary. Inflation itself is such a buzzword at the moment,

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Speaker 9: such a kind of cringe word for people on both

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Speaker 9: sides of the Atlantic. Think about it. Right here in

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Speaker 9: the UK, how many people are looking at potential inflation

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Speaker 9: coming out the UK government kind of worried about it.

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Speaker 9: It's the same story in the States, if you say

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Speaker 9: inflation is kind of the kiss of death in terms

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Speaker 9: of rhetoric or perhaps a win. There's also concerns about

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Speaker 9: the deficit. There's concerns about that spending. President Trump is

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Speaker 9: trying to show he can address all of it, that

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Speaker 9: he can decline the deficit by introducing the tariffs, and

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Speaker 9: even if it is inflationary, or at least said to be,

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Speaker 9: is bringing back American jobs, it's bringing higher wages, it's

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Speaker 9: solving the public finance issue. So he's really trying to

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Speaker 9: spin it in that sort of way. And they're to

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Speaker 9: be fair, there are historical economics that do support that

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Speaker 9: argument from the nineteen hundreds and the eighteen hundreds as well,

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Speaker 9: which he's mentioned several times in several of his speeches.

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Speaker 9: In terms of kind of being the Democratic candidate, though,

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Speaker 9: this is again where he really has to prove to

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Speaker 9: even the conservatives within his base that he's not just

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Speaker 9: the MAGA candidate. So if jd Vance was the kind

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Speaker 9: of appeasing the MAGA side of the party, he still

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Speaker 9: has to appease the more kind of fiscally conservative sized

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Speaker 9: that was the Nicky Haleys base for example, or even

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Speaker 9: the religious conservatives which was Mike Pence's base, which was

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Speaker 9: his former VP. He still has to prove to some

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Speaker 9: of the folks within the Republican Party that he is

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Speaker 9: a man of reason. I think that's what he's trying

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Speaker 9: to do here.

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