WEBVTT - Kremlin Talks ‘Very Useful’, OpenAI CEO ‘Code Red’ Push, Plastic Demand Keeps Rising

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>This is the Bloomberg DAYBAQ podcast. Good morning, It's Wednesday,

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<v Speaker 2>the third of December. I'm Caroline Hepga in London.

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<v Speaker 1>And I'm Stephen Caroline Brussels. Coming up today. The Kremlin

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<v Speaker 1>makes positive noises following Russia US talks, but stops short

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<v Speaker 1>of backing a peace plan for Ukraine.

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<v Speaker 2>Open AI CEO Sam Altman declares a code read as

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<v Speaker 2>the firm scrambles to improve chat GPT with rivals snapping

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<v Speaker 2>at its heels, plus.

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<v Speaker 1>A truck's worth every second. Why global plastic pollution is

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<v Speaker 1>forecast to hit two hundred and eighty million tons a

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<v Speaker 1>year by twenty forty.

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<v Speaker 2>Let's start with a roundup of our top stories.

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<v Speaker 1>Talks between Russian President Vladimir Putin and US Envoy Steve

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<v Speaker 1>Whitcoff on a plan to end Russia's war in Ukraine

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<v Speaker 1>concluded after nearly five hours without a deal. According to

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<v Speaker 1>the Kremlin, Putin held very useful talks, but a compromise

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<v Speaker 1>hasn't been reached yet on the critical issue of territorial control.

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<v Speaker 1>The former US Ambassador to Ukraine, Steve Pifer, says the

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<v Speaker 1>Russians and Ukrainians remain far apart, and he believes Putin

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<v Speaker 1>is using the talks to drive a wedge between the

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<v Speaker 1>United States and Europe.

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<v Speaker 3>What the Krewmen hopes is that they can somehow continue

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<v Speaker 3>to string President Trump along and get him to sort

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<v Speaker 3>of back away and not continue the kind of support

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<v Speaker 3>that Ukraine has received from the West over the past

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<v Speaker 3>three and a half years, whereas Europe has made clear

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<v Speaker 3>that it is prepared to continue that support.

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<v Speaker 1>Steve Pifer, and now a senior fellow at the Brookings Institution,

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<v Speaker 1>was speaking after Vladimir Putin earlier accused European leaders of

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<v Speaker 1>sabotaging peace efforts with unacceptable changes to proposals originally drawn

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<v Speaker 1>up between the US and Russia.

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<v Speaker 2>The European Union has reached a deal to phase out

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<v Speaker 2>Russian gas a year earlier than originally planned. Negotiators representing

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<v Speaker 2>members States, the European Parliament, and the European Commission agreed

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<v Speaker 2>a deal in the early hours of this morning to

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<v Speaker 2>gradually prohibit liquified natural gas imports from Moscow by the

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<v Speaker 2>end of twenty twenty six. That's in addition to a

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<v Speaker 2>plan to end pipeline gas imports by September twenty twenty seven.

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<v Speaker 2>It means the BLOCK can finally end its energy reliance

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<v Speaker 2>on Moscow as it looks to the US and the

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<v Speaker 2>Middle East as alternative suppliers of.

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<v Speaker 1>NG Francis President Emmanuel macrom is preparing for togs with

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<v Speaker 1>the President cheating paying as part of a three day

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<v Speaker 1>visit to China. Beijing wants support from France, a fellow

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<v Speaker 1>member of the UN Security Council, in its dispute with

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<v Speaker 1>Japan over Taiwan status. Wombrooks freddie Fulston has more.

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<v Speaker 4>President Xi is looking to court Macron as part of

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<v Speaker 4>a diplomatic effort to isolate Japan's new Prime Minister, Senai Takeichi.

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<v Speaker 4>Macron's priority is to address global trade tensions and press

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<v Speaker 4>she to use his influence on Putin to end the

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<v Speaker 4>war in Ukraine. Kirs Starmer's team will be watching closely

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<v Speaker 4>as the UK Prime Minister prepares for a visit next month.

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<v Speaker 4>It comes as China condemned the UK's decision to once

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<v Speaker 4>again delay plans for a Chinese super embassy in London,

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<v Speaker 4>an ongoing saga in Westminster in London.

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<v Speaker 1>Freddie Fulston Bloomberg Radio.

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<v Speaker 2>Now a tax holiday on newly listed UK shares is

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<v Speaker 2>set to spark a revival of London's IPO market. So

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<v Speaker 2>that's according to a top banker who says that plans

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<v Speaker 2>to exempt stocks of freshly public London companies from a

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<v Speaker 2>zero point five percent stamp duty for three years has

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<v Speaker 2>resonated well. Anthony Goodman, co CEO at Goldman Sachs International,

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<v Speaker 2>speaking at the Financial Times its Global Banking Summit, so

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<v Speaker 2>the move will create a more level playing field than

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<v Speaker 2>other markets.

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<v Speaker 1>Open A CEO Sam Altman has declared a code red

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<v Speaker 1>situation has more rivals to chachipt emerge. Bloomberg understands the

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<v Speaker 1>tech boss sent an internal memo calling for employees to

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<v Speaker 1>put in a surge to improve the AI chatbot and

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<v Speaker 1>delay work on other initiatives like AI agents and advertising.

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<v Speaker 1>Bloomberg Tech Europe anker Tomackenzie says the issue comes down

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<v Speaker 1>to financing and.

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<v Speaker 5>It does speak to that funding story, the need to

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<v Speaker 5>have those deals, the need to raise capital, have that

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<v Speaker 5>liquidity and raise debt as well. For open AI, which

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<v Speaker 5>does not have the balance sheet of course of the

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<v Speaker 5>likes of Alphabet and needs that liquidity and that funding

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<v Speaker 5>to spend not just on the infrastructure, but to the

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<v Speaker 5>ensure that there is adoption of their products, and particularly GPT.

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<v Speaker 1>Tom McKenzie speaking there, Will Altman didn't directly address his

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<v Speaker 1>reasons for encouraging the push, Sources tell Bloomberg he recently

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<v Speaker 1>warned workers at Google's AI resurgence could cause temporary headwinds

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<v Speaker 1>for the firm. OpenAI declined to comment on the reports

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<v Speaker 1>of the memo.

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<v Speaker 2>And those are our top stories for you this morning.

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<v Speaker 2>Looking at the markets US and your opin stop futures,

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<v Speaker 2>little brighter Eurostox Swifty futures up by a quarter of

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<v Speaker 2>one percent. There's been a better session in Asia to

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<v Speaker 2>the costb Index up by one point one percent. Gains

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<v Speaker 2>for the nick A actually declines though in China, so

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<v Speaker 2>those are the outlying markets. Bitcoin has rebounded to a

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<v Speaker 2>closely watched story, up by two point four percent. We

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<v Speaker 2>trade now above ninety three thousand dollars present. Trump says

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<v Speaker 2>he will announce his selection to lead the Federal Reserve

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<v Speaker 2>in early twenty twenty six, usually important for the bond markets.

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<v Speaker 2>Tenure US yields this morning trading down a basis point

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<v Speaker 2>at four spots zero seven, and the dollar has weakened

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<v Speaker 2>this morning. So Bloomberg Dollar Spot index currently down a

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<v Speaker 2>tenth of one percent. You've got the greenback weakening against

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<v Speaker 2>all major currency pairs. So those are the markets at

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<v Speaker 2>a moment.

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<v Speaker 1>We'll bring you more on those Kremlin talks over Ukraine

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<v Speaker 1>and whether their reason for optimism are caution, plus why

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<v Speaker 1>global plastic demand is set to keep surging. We've also

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<v Speaker 1>Caroline in working our very human eyes over the writing

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<v Speaker 1>by our colleagues on AI this morning. Plenty to read

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<v Speaker 1>across Bloomberg on this subject as always, but a couple

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<v Speaker 1>of stories that have stood out for us. One in particular,

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<v Speaker 1>our opinion columnist Dave Lee has been tackling some of

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<v Speaker 1>the Internet outrage over the re released Beatles anthology documentary,

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<v Speaker 1>which AI was used to restore and enhance old footage

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<v Speaker 1>of the band. Sounds like a great idea, except people

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<v Speaker 1>put spot at things like John Allen's guitar and one

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<v Speaker 1>performance appeared to have about ten strings at Paul McCartney's

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<v Speaker 1>face didn't look quite right. One fan on Radit remarking

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<v Speaker 1>that he looked like a shrunken head. This is look,

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<v Speaker 1>we're kind of back into the territory of how good

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<v Speaker 1>is this technology? Really, and Dave kind of digs into

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<v Speaker 1>the idea of because there's been resistance, of course about

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<v Speaker 1>from Paul McCartney, in particular to some of the UK

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<v Speaker 1>rules around copywriting and AI, although he has supported the

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<v Speaker 1>use of the technology to for example, support the Now

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<v Speaker 1>and Then song three as well. Yeah, the kind of

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<v Speaker 1>fine line between what's good and rice when it comes

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<v Speaker 1>to applying AI to creative products like music or a film,

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<v Speaker 1>And then when does it get just a bit weird

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<v Speaker 1>and too much?

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<v Speaker 2>Can I say something? I just think this is like

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<v Speaker 2>bad plastic surgery, isn't it for AI? If it's wrong,

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<v Speaker 2>it looks really freakish. But actually the world has largely

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<v Speaker 2>kind of accepted moderate tweaks. Maybe, But does it fundamentally

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<v Speaker 2>alter I mean plastic surgery for age and beauty, but

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<v Speaker 2>AI for history, for your cultural icons? Does it all

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<v Speaker 2>to something fundamental? I don't know. I feel very curmudgeonly

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<v Speaker 2>saying that I do. Even I dislike just remastering of

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<v Speaker 2>old records in Maria Callas and so on, so you know,

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<v Speaker 2>I'm a purist.

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<v Speaker 1>I think Colin firmly in the letter B Camp clearly

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<v Speaker 1>on this front. You can read Davely's a piece at

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<v Speaker 1>Bloomberg dot com for its lash opinion. We'll put a

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<v Speaker 1>link to it in our podcast show notes as well.

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<v Speaker 2>Now, let's bring you more on the talks between the

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<v Speaker 2>US and Russia over Ukraine. The discussions were described in

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<v Speaker 2>polsitive terms by both sides, but it's unclear what progress

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<v Speaker 2>was made. Tony Halpin, who leads our team covering Russia's

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<v Speaker 2>economy and government, joins us now for more on this. Tony, Hello,

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<v Speaker 2>what came out of this huge important meetings? Good morning.

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<v Speaker 6>Well, there was a lot of positive rhetoric from the

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<v Speaker 6>Kremlin side, at least we haven't had a US read

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<v Speaker 6>out yet, but there wasn't a great deal of substance

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<v Speaker 6>on what the two sides might have agreed on on

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<v Speaker 6>where the disagreements remain unbridgable apart from the question of territory,

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<v Speaker 6>which the kreminin Foreign policy aid Ulshookov said they didn't

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<v Speaker 6>really reach any compromise on. And since that's such a

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<v Speaker 6>central issue about the amount of Ukrainian land that Ukraine

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<v Speaker 6>that Russia is trying to take and have recognized as

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<v Speaker 6>its own, it suggests there's still plenty of work left

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<v Speaker 6>to do.

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<v Speaker 1>So what happens next. Then does a meeting between Trump

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<v Speaker 1>and Putin look likely? At this stage?

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<v Speaker 6>Eurosha was pretty cautious about that. Actually, he said it

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<v Speaker 6>would depend on the progress that was being made. And

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<v Speaker 6>previously President Trump has said that he's not really interested

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<v Speaker 6>in meeting with Putin and Zelenskin less a deal is

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<v Speaker 6>on the table. It doesn't seem that a deal is

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<v Speaker 6>on the table currently. We're waiting still to see what

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<v Speaker 6>Steve Wikkopp and Jared Kushner report back to President Trump

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<v Speaker 6>and what President Trump has to say about The meeting

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<v Speaker 6>was a fairly lengthy one five hours, But so far,

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<v Speaker 6>at least, nobody's talking about any kind of renewed summit

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<v Speaker 6>between Putin and Trump.

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<v Speaker 2>So where is Ukraine in this Ukrainian president saying that

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<v Speaker 2>he is ready to receive all signals from the talks.

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<v Speaker 2>How much, say, does Ukraine have in these conversations.

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<v Speaker 6>Yes, it's a trick. I mean, let's not forget Ukraine

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<v Speaker 6>is the victim in this war, right, They're the ones

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<v Speaker 6>that were invaded by Russia. It's their sovereign territory that

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<v Speaker 6>US and Russian negotia we're discussing yesterday in carving up

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<v Speaker 6>that's made it very difficult for Ukrainian President Voladimir Zelensky.

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<v Speaker 6>Ukrainian negotiators were in Florida at the weekend talking to

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<v Speaker 6>the US. The US was trying to shape the peace

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<v Speaker 6>plan ahead of the meeting with Putin yesterday. But Zelenski's

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<v Speaker 6>leverage is pretty limited with the US, and he's very

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<v Speaker 6>reliant on European support really to kind of back up

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<v Speaker 6>the positions that he's taking and his efforts really to

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<v Speaker 6>restrict the amount of Russian demands that have been made

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<v Speaker 6>upon him.

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<v Speaker 1>And there was some saber rattling from Vladimir Putin as

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<v Speaker 1>well going into these talks, these comments that reported that

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<v Speaker 1>he wasn't planning to go to war with Europe, but

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<v Speaker 1>if Europe suddenly wants to go to war and starts

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<v Speaker 1>when we are ready right now is what he's reported

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<v Speaker 1>and said, how should we be reading those comments in

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<v Speaker 1>the context of the talks that were about to happen

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<v Speaker 1>at that stage.

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<v Speaker 6>Yeah, So I think at some levels this is basically

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<v Speaker 6>just high level trolling by Poutin. I mean, his whole

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<v Speaker 6>stackergy at the moment is to basically restrict discussions about

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<v Speaker 6>the outcome in Ukraine. To Russia and the US and

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<v Speaker 6>to sideline Europe and to cast it as not serious.

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<v Speaker 6>So he wants to show really that you know, if

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<v Speaker 6>Europe saber rattling about war with Russia, he doesn't regard

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<v Speaker 6>that as serious because, let's face it, Russia is one

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<v Speaker 6>of the world's biggest nuclear powers. And as he said,

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<v Speaker 6>you know, there wouldn't be anybody to talk to if

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<v Speaker 6>war really did escalate between Russia and Europe. And so

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<v Speaker 6>this is part, I think of his strategy to say

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<v Speaker 6>that the future of Ukraine is a matter between him

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<v Speaker 6>and Trump and Europe should just butt out.

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<v Speaker 7>Really.

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<v Speaker 2>Yeah, well, let's see what emerges then. On the US side,

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<v Speaker 2>we did here from Marco Rubio an interview with Fox News,

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<v Speaker 2>saying that trying to end the war in a way

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<v Speaker 2>that protects Ukraine is the US goal. So we've had

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<v Speaker 2>that so far. Tony, thank you so much for being

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<v Speaker 2>with us. Tony Halpin leads our team covering Russia's economy

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<v Speaker 2>and government, talking about those talks on Ukraine. Stay with us.

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<v Speaker 2>More from Bloomberg DAYBAKEUOPE coming up after this.

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<v Speaker 1>The global production of new plastic is set to increase

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<v Speaker 1>by fifty two percent by twenty forty overwhelming waste management systems.

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<v Speaker 1>That's the alarming finding from a new report from the

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<v Speaker 1>American ENGLPEW Charitable Trusts. Are Reporter Tea out of Bio

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<v Speaker 1>is with us for more on this story. Teama, what

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<v Speaker 1>does this research say about our use of plastic in

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<v Speaker 1>the future.

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<v Speaker 7>Well, I've been pouring over this research and our great

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<v Speaker 7>piece about it on the terminal this morning, and in short,

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<v Speaker 7>from reading it, it seems like things are about to

0:12:30.720 --> 0:12:33.560
<v Speaker 7>get a lot worse unfortunately. I mean, we've known for

0:12:33.559 --> 0:12:36.280
<v Speaker 7>a while now that plastic isn't great for our bodies,

0:12:36.320 --> 0:12:38.880
<v Speaker 7>it's not great for the planet, but this report shows

0:12:38.920 --> 0:12:42.640
<v Speaker 7>that there's clear evidence that it's clogging beaches and oceans,

0:12:43.040 --> 0:12:46.840
<v Speaker 7>and also that microplastics are entering our bodies and harming

0:12:46.840 --> 0:12:50.360
<v Speaker 7>our health. And despite this, what is striking about these

0:12:50.360 --> 0:12:53.680
<v Speaker 7>findings is that we are still continuing to produce plastic

0:12:53.760 --> 0:12:57.880
<v Speaker 7>at accelerating rates. And because of that, one of the

0:12:57.920 --> 0:12:59.880
<v Speaker 7>key findings that has exposed in this report is that

0:13:00.240 --> 0:13:04.160
<v Speaker 7>global plastic pollution will hit two hundred and eighty million

0:13:04.240 --> 0:13:07.679
<v Speaker 7>metric tons per year by twenty forty. That's a dump

0:13:07.760 --> 0:13:12.680
<v Speaker 7>trucks worth of plastic every second. Global production of new

0:13:12.760 --> 0:13:15.760
<v Speaker 7>plastic is set to increase by fifty two percent. That's

0:13:16.160 --> 0:13:19.560
<v Speaker 7>twice as much as waste management systems are increasing to

0:13:19.559 --> 0:13:22.640
<v Speaker 7>deal with it, so it's quite a staggering amount. But

0:13:23.000 --> 0:13:25.960
<v Speaker 7>there are also some interesting insights here about the future,

0:13:26.120 --> 0:13:30.440
<v Speaker 7>especially when it comes to international cooperation. So the report

0:13:30.679 --> 0:13:34.320
<v Speaker 7>talks about how in August there were talks to forge

0:13:34.320 --> 0:13:37.320
<v Speaker 7>a sort of international treaty to kind of rain in

0:13:37.400 --> 0:13:42.959
<v Speaker 7>plastic pollution, but it was blocked by countries that produced

0:13:43.000 --> 0:13:46.440
<v Speaker 7>the majority of the material that would have been blocked

0:13:46.520 --> 0:13:50.280
<v Speaker 7>in those proposals. So it seems like the outlook here

0:13:50.400 --> 0:13:52.680
<v Speaker 7>is a pretty bleak all things considered.

0:13:52.960 --> 0:13:59.080
<v Speaker 2>Yeah, sounds absolutely grim. The consequences of increasing plastic use

0:13:59.160 --> 0:14:03.520
<v Speaker 2>that the research also describe some of those sounds quite alarming. Yeah,

0:14:03.559 --> 0:14:05.240
<v Speaker 2>there are some pretty big consequences.

0:14:05.280 --> 0:14:07.520
<v Speaker 7>And it's great that this report is it's kind of

0:14:07.520 --> 0:14:11.080
<v Speaker 7>a hybrid, so you can see data, current data from

0:14:11.120 --> 0:14:14.000
<v Speaker 7>recent research, but then it puts that into a model

0:14:14.280 --> 0:14:19.200
<v Speaker 7>which helps to predict outcomes under different policy scenarios, and

0:14:19.240 --> 0:14:21.640
<v Speaker 7>included in that are some of the worst case scenarios. So,

0:14:21.640 --> 0:14:25.640
<v Speaker 7>for example, they are about sixteen thousand chemicals in plastics

0:14:25.680 --> 0:14:28.560
<v Speaker 7>and out of those, scientists think that about a fourth

0:14:29.040 --> 0:14:32.160
<v Speaker 7>could be harmful to our health. There are also some

0:14:32.200 --> 0:14:36.960
<v Speaker 7>big environmental risks. So under the current trajectory, plastic related

0:14:37.200 --> 0:14:40.760
<v Speaker 7>greenhouse gas emissions are expected to surge by fifty eight

0:14:40.760 --> 0:14:43.440
<v Speaker 7>percent a year, and that means that if plastic production

0:14:43.520 --> 0:14:46.360
<v Speaker 7>were a country, it would be the third largest emitter

0:14:47.040 --> 0:14:50.520
<v Speaker 7>of gases like carbon dioxide in the world. But what

0:14:50.680 --> 0:14:53.640
<v Speaker 7>is interesting as well here is that Pew has done

0:14:53.680 --> 0:14:58.760
<v Speaker 7>some pretty detailed modeling about those consequences, and I think

0:14:58.840 --> 0:15:02.160
<v Speaker 7>for me, the most striking of those is that the

0:15:02.200 --> 0:15:06.240
<v Speaker 7>authors estimate that the world's population would lose five point

0:15:06.360 --> 0:15:11.560
<v Speaker 7>six million total years of healthy life in twenty twenty five,

0:15:11.680 --> 0:15:14.440
<v Speaker 7>and that's nine point eight million years in twenty forty.

0:15:15.000 --> 0:15:17.480
<v Speaker 7>So I mean, I suppose the biggest impact or the

0:15:17.480 --> 0:15:21.160
<v Speaker 7>biggest consequence that comes out of this is that impact

0:15:21.320 --> 0:15:24.800
<v Speaker 7>on or the shortening of human life that could come

0:15:24.840 --> 0:15:26.160
<v Speaker 7>out of this plastic production.

0:15:26.800 --> 0:15:30.600
<v Speaker 1>And what solutions to the researchers from QARFO, well, actually.

0:15:30.280 --> 0:15:33.640
<v Speaker 7>They don't think it's some sort of innovative new solution

0:15:33.920 --> 0:15:38.120
<v Speaker 7>or invention. They actually say that countries and communities already

0:15:38.240 --> 0:15:42.840
<v Speaker 7>possessed the tools to reduce the manufacture and the use

0:15:42.880 --> 0:15:47.640
<v Speaker 7>of plastic quite greatly. They are suggesting things like better

0:15:47.800 --> 0:15:52.600
<v Speaker 7>productions and packaging design, and also investing in the infrastructure

0:15:53.040 --> 0:15:56.080
<v Speaker 7>to support recycling so that we don't always have to

0:15:56.160 --> 0:16:02.080
<v Speaker 7>produce new plastic products. There's also policy solutions, so ending

0:16:02.120 --> 0:16:06.720
<v Speaker 7>subsidies for plastic production and also expanding waste collection. But

0:16:07.160 --> 0:16:09.200
<v Speaker 7>coming back to that gloom we talked about in the

0:16:09.240 --> 0:16:12.280
<v Speaker 7>original forecast, they do can see that microplastics will be

0:16:12.320 --> 0:16:13.200
<v Speaker 7>harder to control.

0:16:14.960 --> 0:16:17.720
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