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Speaker 1: This is Bloomberg Daybreak Europe for this Tuesday, the twenty

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Speaker 1: eighth of February in London. Coming up today, a breakthrough

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Speaker 1: deal on Northern Ireland soonac secures changes to post brexit

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Speaker 1: trading rules with the EU. No capital needed. A Danny's

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Speaker 1: CFO speaks exclusively to Bloomberg, saying the group isn't looking

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Speaker 1: for a cash injection. Staying the course. An ECB policymaker

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Speaker 1: tells us the Central Bank must push on with policy tightening.

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Speaker 1: Baker Bank soon acts Brexit deal, Britain risks been sidelined,

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Speaker 1: and more woman making it onto top boards. Those are

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Speaker 1: the stories we're looking at in today's papers. And I'm

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Speaker 1: Leanne Kern's plus back on top Elon Musk regains his

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Speaker 1: crown as the world's richest person as the value of

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Speaker 1: Tesla soars. That's all straight ahead on Bloomberg Daybreak Europe.

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Speaker 1: The Business news you need to start your day in

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Speaker 1: just one fifteen minute podcast on Apple, Spotify, the Berg

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Speaker 1: Business App, and everywhere you get your podcasts. Good morning,

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Speaker 1: I'm Stephen Carroll. Here are the stories we're following today.

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Speaker 1: The UK and the European Union have reached a new

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Speaker 1: deal on trading rules for Northern Ireland. The agreement includes

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Speaker 1: a green and red lane system for goods, as well

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Speaker 1: as a mechanism for politicians installment to oppose changes to

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Speaker 1: certain EU rules. Prime Minister Rishi Suonak hails the deal

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Speaker 1: as being good for all sides together. We have changed

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Speaker 1: the original protocol and are today announcing the new Windsor framework.

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Speaker 1: Today's agreement deliver smooth flowing trade within the whole. The

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Speaker 1: United Kingdom, protects Northern Ireland's place in our Union and

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Speaker 1: safeguard's sovereignty for the people of Northern Ireland. Soon, Acnal

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Speaker 1: needs to win over Northern Ireland's Democratic Unionist Party and

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Speaker 1: an influential group of pro Breggs at MPs from his

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Speaker 1: own party. Failure to do so could mean the PM

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Speaker 1: would need the support of opposition Labor MPs to at

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Speaker 1: the deal through Parliament. Now. If the deal is ratified,

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Speaker 1: it could pave the way for closer ties between the

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Speaker 1: UK and EU on issues like financial services, security and

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Speaker 1: scientific research. Speaking to us here on Daybreak, europe EISE

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Speaker 1: managing partner Andy Baldwin says he's positive about the benefits

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Speaker 1: of an agreement. The deal between the UK and the

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Speaker 1: EU around the Northern Ireland Protocol. I do believe we'll

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Speaker 1: see a shifting improvements in business sentiment generally, which ultimately

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Speaker 1: lead to an improvement in cross border trade. The EU

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Speaker 1: is still the UK's largest training partner. I think sometimes

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Speaker 1: people forget that. Andy Baldwin's view was echoed by Blackrock

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Speaker 1: and Aberdeen, who expects the deal to remove only some

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Speaker 1: of the uncertainty that has dogged the UK since Britain

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Speaker 1: chose to leave the European Union. Britain's improving economic prospects

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Speaker 1: of putting Chancellor Jeremy Hunt under pressure to improve salaries

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Speaker 1: for public sector workers. You and Pots reports it's little

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Speaker 1: more than two weeks until Jeremy Hunt delivers his budgets,

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Speaker 1: and latest forecast on Bloomberg Economics say the Chancellor may

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Speaker 1: have more room to maneuver than he's publicly admitted. Sliding

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Speaker 1: energy prices have contributed to roughly doubling the headroom against

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Speaker 1: his key fiscal targets, leaving public sector net borrowing almost

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Speaker 1: forty billion pounds lower than in the OBAS November forecast.

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Speaker 1: That's what the chancellors should do with his new wiggle

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Speaker 1: room economists at the Institute for Fiscal Studies have weighed

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Speaker 1: in on the debate about public sector pay. They say

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Speaker 1: the government's argument that increases the pay would add to

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Speaker 1: inflation are a distraction tactic. In London, Immune pots to

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Speaker 1: Bloomberg Day Britt Europe, the Danne Groups CFO has told

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Speaker 1: Bloomberg that the group's Asia focused investor meetings are to

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Speaker 1: rebuild trust and not to ask for cash. The Indian

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Speaker 1: Conglomorates has seen one hundred and fifty billion dollars wiped

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Speaker 1: AARF its value after a short seller Hindenburg made allegations

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Speaker 1: of accounting fraud and stock manipulation. A Danny has repeatedly

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Speaker 1: denied those claims. Let's take a lessen to what the

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Speaker 1: group's CFO, Jugashender Sings had to say to us in

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Speaker 1: an exclusive interview on the matter. We have an obligation

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Speaker 1: in duty to face people in environment like this and

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Speaker 1: not the simply luev season calls, but to actually meet

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Speaker 1: in Pusson and answer the pushing from posture, Danny's Jugatender saying,

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Speaker 1: speaking as it emerged that JP Morgan Asset Management has

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Speaker 1: removed any exposure to the conglomerate from its EESG portfolios.

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Speaker 1: Data compiled by Bloomberg shows that around five HUNDREDSG funds

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Speaker 1: in Europe continue to hold at Danny stocks. A third

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Speaker 1: ECB policymaker this week has doubled down on tightening. Croatia

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Speaker 1: National Bank Governor Boris Vuchich tells Bloomberg taming core inflation

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Speaker 1: is the main priority. As long as the core prosists

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Speaker 1: at the levels that we're talking about, and this is

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Speaker 1: vioicle car then our rates are and significantly higher than

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Speaker 1: where our target is. We should persevere and we should

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Speaker 1: really bring it down to the levels where we needed

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Speaker 1: to be in the medium term. For which Itch is

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Speaker 1: the European Central Bank's newest policymaker since Croatia joined the

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Speaker 1: Euro at the start of this year. Although he won't

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Speaker 1: vote on March's rate decision, where markets see a hike

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Speaker 1: of fifty basis points or higher is near certain, for

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Speaker 1: which it will have voting rights on the ECB from

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Speaker 1: April to September. And Elon Musk has regained his spot

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Speaker 1: as the world's richest person after briefly losing the title

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Speaker 1: to LVMH's Arnau with more Heirsboomberg's Charlie Palace. Musque's wealth

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Speaker 1: has been boosted by a nearly seventy percent surge in

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Speaker 1: Tesla's stock price this year. It is up about one

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Speaker 1: hundred percent from its intraday low on January sixth, as

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Speaker 1: investors pile back into bets on riskier growth stocks amid

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Speaker 1: signs of economic strength and a slower pace of Federal

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Speaker 1: Reserve interest rate increases. The company has also benefited from

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Speaker 1: more demand for its electric vehicles after cutting prices on

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Speaker 1: several models in New York. Charlie Pellett, Bloomberg Daybreak Europe.

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Speaker 1: Those are our top stories this morning. In case you're

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Speaker 1: feeling depressed on your own pay day. Elon Musk's one

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Speaker 1: day change in his wealth was worth some seven billion

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Speaker 1: dollars according to our rich list. Rich go if you've

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Speaker 1: got the terminal in front of you the change of

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Speaker 1: year to day to see Elon Musk's fortune rise by

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Speaker 1: fifty billion dollars. Bellar Arno Poor Bernard Arno only twenty

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Speaker 1: three billion dollars increase in his fortune over the last year,

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Speaker 1: so the difference between them now is only just around

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Speaker 1: two billion dollars. So we may see more fluctuations to

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Speaker 1: come further ahead as well. But that's the latest on

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Speaker 1: the rich list anyway. From Bloomberg up next, Baker backs Sunacs,

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Speaker 1: bregsit deal, Britain risks being sidelined, and more women making

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Speaker 1: it onto top boards. Now the paper review on Bluebird

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Speaker 1: Daybreak Europe. The news you need to know from today's

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Speaker 1: papers Blue began. Garans is with me in studio to

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Speaker 1: look through today's paper is good morning to you, Leanne.

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Speaker 1: The headline we're starting with us in the Telegraph this

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Speaker 1: morning it says Rishi Sunacs Bregsit deal is the start

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Speaker 1: of a positive new era in our relationship with the EU. Yes, indeed, Stephen,

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Speaker 1: good morning to you. So this is actually a comment

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Speaker 1: piece so written up by the Minister of State for

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Speaker 1: Northern Ireland, Steve Baker. And what I feel when I

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Speaker 1: read this is this article really reflects the mud music

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Speaker 1: coming out of Prime Minister Rishi Sunac and Erschela vonder

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Speaker 1: Lyon's meeting yesterday. It seemed to be very amicable. Ershela

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Speaker 1: vonder lyon calling Rishi Sunac dear Rishi on more than

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Speaker 1: one occasion. Now, the Euroskeptic MP says the Windsor Framework,

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Speaker 1: that's what it's been renamed, finally ends the uncertainty created

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Speaker 1: with the Northern Ireland Protocol and calls it a real

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Speaker 1: turning point for the relationship between the UK and the EU.

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Speaker 1: We obviously chose to Brexit in more than half a

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Speaker 1: decade ago, Stephen, so this is positive news on the horizon.

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Speaker 1: He also says now has time to focus on the

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Speaker 1: opportunities that await us to benefit of the people in

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Speaker 1: businesses across the United Kingdom. Baker also says those opportunities

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Speaker 1: will be unlocked after taking three big steps forward through

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Speaker 1: the new Brexit deal, and you mentioned them earlier, Stephen,

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Speaker 1: free flowing trade by removing the board in the IRISHI,

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Speaker 1: changes to VAT, and also the Stormont break and so

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Speaker 1: these are positive things moving forward. But I think it's

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Speaker 1: also important to mention while we are talking about the story,

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Speaker 1: because Steve Baker has been instrumental in lots of Brexit

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Speaker 1: agreements we've had before, and was really the downfall of

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Speaker 1: Theresa Mas a Chequers agreement which he vehemently was against,

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Speaker 1: and also Northern Ireland Protocol of course brought in by

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Speaker 1: Boris Johnson, so really a glowing endorsement for Rishi Sunak

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Speaker 1: and what they managed to achieve yesterday. However, the DUP

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Speaker 1: is still going through the fine details of the deal

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Speaker 1: and still a few things to hash out, I'm sure. Yeah,

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Speaker 1: still so much to unpack in that story. But interesting

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Speaker 1: to get the respective of Steve Baker, as you say, LeeAnne,

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Speaker 1: such an important figure over the history of this story.

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Speaker 1: I mean, checkers, you're talking about going back to twenty

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Speaker 1: eighteen already, which feels like at least three lifetimes ago,

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Speaker 1: and well is three three ministers ago? Actually four at

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Speaker 1: this stage anyway of last count. Let's turn to The

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Speaker 1: Times next lean the headline Britain risks being sidelined and

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Speaker 1: funding war. Yes, Steven, so we appear to have ended

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Speaker 1: one fight and now we might be internewering another fray.

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Speaker 1: And this is Washington and Brussels and also Britain are

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Speaker 1: preparing for a fight over the feature of green energy projects. Now.

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Speaker 1: The newspaper article in The Times is highlighting these quiet

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Speaker 1: fears in Britain over the effect of the President Joe

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Speaker 1: Biden's new Inflation Reduction Act and what impact it may

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Speaker 1: have on British industry. We do know the packages designed

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Speaker 1: to drive the US to net zero emissions by twenty

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Speaker 1: fifty and provide investment and tax breaks to fund clean

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Speaker 1: energy projects. Now, I don't know if you can recall

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Speaker 1: last week. I know the lot has happened, but Drax

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Speaker 1: we spoke about the power company in northern England as

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Speaker 1: warning that it's two billion pound investment was its serious

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Speaker 1: risk without urgent government action, as Biden's new measures have

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Speaker 1: made investing in America just so much more attractive. Stephen

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Speaker 1: and the Trade secretary here, Kemmy Badenox says the government

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Speaker 1: is working with the EU to lobby Washington. But listen

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Speaker 1: Westminster's reluctions to get involved in global green energy subsidies.

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Speaker 1: Race has really been criticized for being too slow. Guess

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Speaker 1: what we've spoken about this too. The budget by Jeremy

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Speaker 1: Hunter is not expected to announce any bonanza climate measures

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Speaker 1: next month, as I said on the fifteenth of March,

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Speaker 1: not too far away now, So there we are. This

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Speaker 1: is just something that's saying have we been too slow

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Speaker 1: to act? Something definitely interesting to watch as we go forward.

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Speaker 1: Let's turn next to Financial Times. Leanne due UK executive

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Speaker 1: target for women met three years ahead of schedule. Yes,

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Speaker 1: so women occupied two out of five board seats at

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Speaker 1: foot See three fifty companies reaching the target three years earlier,

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Speaker 1: according to the Financial Times. Now they've been looking at

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Speaker 1: this government back campaign to encourage more female representatives in

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Speaker 1: executive roles. The annual Footsie Woman's Leader Review found forty

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Speaker 1: point two percent of directors at the largest limited companies

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Speaker 1: were actually women. Last year the foot See one hundred

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Speaker 1: listed companies with the highest proportion of female board represented

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Speaker 1: include the Drinks Group, Diagio, Auto Trader, and also seven

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Speaker 1: Trent that's a water company. We've spoken about them before

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Speaker 1: and later on our show today in the eight o'clock hour,

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Speaker 1: Denise Wilson, the foot See Woman Leaders CEO, is going

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Speaker 1: to be speaking to us and I found it really

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Speaker 1: interesting what she said in this article. She said, the

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Speaker 1: hushed water cooler conversation on the lack of women from

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Speaker 1: yesterday has evolved into a core and critical business topic. Also,

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Speaker 1: Greggs has a lot of women on the board, So

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Speaker 1: there we are. This is a positive story for getting

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Speaker 1: more women in the workplace. Okay, Lean Garan's thank you

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Speaker 1: very much for that. Look at today's paper is let's

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Speaker 1: turn back to the story around that Breggsit deal. Months

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Speaker 1: of talk, talk, but the European Union of the UK

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Speaker 1: have done a deal on post Braggsitt trading rules for

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Speaker 1: Northern Ireland. Will it be enough though to convince the

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Speaker 1: Democratic Union's party to rejoin a para sharing government in

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Speaker 1: Storm and plenty of other hurdles to worry about as well.

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Speaker 1: Our UK correspondent Lizzie Burden is with us in studio. Lizzie,

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Speaker 1: let's talk about the deal. First of all, has Ritchie

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Speaker 1: Sonac been able to get a better deal than his

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Speaker 1: predecessors or Stephen I'm sure that you've read through every page,

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Speaker 1: every line of this document, but at first glance it

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Speaker 1: seems that he's done the impossible. But it's all, of course,

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Speaker 1: as you imply. Going to Hinge on the Northern Ireland Unionists,

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Speaker 1: he claims that the Windsor Framework has fundamentally rewritten the

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Speaker 1: Northern Ireland Protocol because, for one, it allows London rather

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Speaker 1: than Brussels to set vat rates in Northern Ireland, which

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Speaker 1: Brussels previously had said couldn't be done. It also removes

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Speaker 1: lots of the red tape on goods going between gb

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Speaker 1: and Northern Ireland by setting up so called red and

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Speaker 1: Green lanes, and the rabbit out of the hat moment

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Speaker 1: yesterday was the storm Ont break, which gives the Northern

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Speaker 1: Ireland Assembly the power to delay and potentially stop EU

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Speaker 1: laws taking effect in Northern Ireland. But as was always

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Speaker 1: going to be the case, and you predicted this, the

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Speaker 1: European Court of Justice remains the final arbiter on the

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Speaker 1: application of EU laws and the deal only reduces it

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Speaker 1: doesn't remove the number of EU laws that apply in

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Speaker 1: Northern Ireland. So we've got a deal, but the tension

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Speaker 1: isn't going away until the Brexitters and the unionists have

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Speaker 1: digested a deal, till it's voted through Parliament, and until

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Speaker 1: power sharing's restored in Stormont. Okay, So what changed in

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Speaker 1: the kind of development of this deal then? How do

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Speaker 1: they manage to guess things to where they are? Yeah? Well,

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Speaker 1: what was striking yesterday if you watched the press conference,

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Speaker 1: was the warmth with which European Commission President Ursula vonde

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Speaker 1: Lyon addressed Rishi soon act. She called him dear Rishi

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Speaker 1: and he's seen in Brussels as a pragmatist, even if

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Speaker 1: he's a Brexitter. She said he'd been constructive and understanding

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Speaker 1: of the parameters of brussels position, especially compared to Boris

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Speaker 1: Johnson and Liz Trust and indeed he himself said that

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Speaker 1: this deal is decisively better than anything that's come before. Now,

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Speaker 1: the substance that's different is two crucial points. First of all,

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Speaker 1: he's dropped Boris Johnson's Northern Ireland Protocol Bill, which would

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Speaker 1: have allowed the UK to unilaterally override parts of the

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Speaker 1: Northern Ireland Protocol. And secondly, the UK has given Brussels

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Speaker 1: access to its customs databases. I'd say it came down

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Speaker 1: to the tone and those two big concessions. Yeah, certainly

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Speaker 1: the data sharing was seemed to unlock an awful lot

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Speaker 1: of the practicality around this, because the whole idea and

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Speaker 1: the thing that matters most to people and businesses on

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Speaker 1: the Northern Ireland is how easily goods will be able

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Speaker 1: to flow from Great Britain to Northern Ireland, and the

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Speaker 1: data sharing was the key point, as he say, Lezzie,

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Speaker 1: that'll unlock that. Let's look at what happens next parliamentary votecoming.

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Speaker 1: Who do we need to be watching? Well, there are

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Speaker 1: two questions. Can he get the deal through Parliament and

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Speaker 1: can he restore power sharing in Northern Ireland On the first.

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Speaker 1: MP's are expected to vote on the deal next week.

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Speaker 1: Sunac has got the numbers because Labors said it will

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Speaker 1: support him, but he needs the DUP to back it

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Speaker 1: to heal his party because Tory Brexitters are going to

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Speaker 1: follow the unionist's lead and relying on Labour's votes would

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Speaker 1: be humiliating, it would be an admission of his weakness.

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Speaker 1: So on the second point, he's gone to Belfast to

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Speaker 1: convince the Unionists to get on side. Really, the whole

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Speaker 1: deal was aimed at passing the DUP's seven tests. That's

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Speaker 1: precisely the task that Soonac set his negotiators when he

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Speaker 1: became Prime Minister. And one hopeful sign is that the

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Speaker 1: DUP leader Jeffrey Donaldson yesterday said he was thankful to Sunak.

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Speaker 1: He took credit for pressuring Brussels to move this far.

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Speaker 1: And after that not one Tory came out against the deal,

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Speaker 1: including Boris Johnson and Lisztrust. This is Bloomberg Daybreak Europe,

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Speaker 1: your morning brief on the stories making news from London

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Speaker 1: dot Com. Our flagship New York station, is also available

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Speaker 1: on your Amazon Alexa device. Just say Alexa Play Bloomberg

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Speaker 1: eleven thirty. I'm Stephen Carroll. Join us again tomorrow for

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Speaker 1: all the news you need to start your day right

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Speaker 1: here on Bloomberg Daybreak Europe