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Speaker 1: Good morning. It's Monday, the third of July in London.

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Speaker 1: This is Bloomberg Daybreak in Europe's podcast with Caroline Hepga

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Speaker 1: and Stephen Carroll.

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Speaker 2: Coming up today, we'll have news from Apple about the

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Speaker 2: production of their mixed reality headset and.

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Speaker 1: Tesla sets a delivery record for electric cars.

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Speaker 2: Plus we'll have the latest on the riots in France

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Speaker 2: and what it means for President Emmanuel Macran. But first

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Speaker 2: our top stories.

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Speaker 1: Apple is reported to be making major cuts to its

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Speaker 1: Vision Pro headset production plans. Bloomberg's Un Potts reports it.

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Speaker 3: Was seven years in development, hailed as the most significant

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Speaker 3: product launch since the iPhone, But now, according to the

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Speaker 3: Financial Times, Apple is making drastic cuts to production forecasts

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Speaker 3: for its mixed reality Vision Pro headset. The paper says

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Speaker 3: the complexity of the three and a half thousand dollars

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Speaker 3: headsets design and difficulties in production have forced the move.

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Speaker 3: It says fewer than four hundred thousand units are likely

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Speaker 3: to be made next year. Internal targets were for sales

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Speaker 3: of a million. The report, which Apple hasn't commented on,

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Speaker 3: comes in the wake of the tech giant hite a

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Speaker 3: three trillion dollar valuation on Friday seventy its place as

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Speaker 3: the world's most valuable company in London Immunepotsi BIM Big

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Speaker 3: day Break Europe.

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Speaker 2: Tasla has delivered a record of more than four hundred

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Speaker 2: and sixty six thousand cars worldwide in the second quarter,

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Speaker 2: outpacing Wall Street estimates. More from Dembrick's Charlie Palace.

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Speaker 4: The deliveries are the most ever in a quarter for

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Speaker 4: Austin based Tesla and an eighty three percent increase from

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Speaker 4: a year ago. The results demonstrate that CEO Elon Musk's

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Speaker 4: vowed to chase volume by cutting prices have had their

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Speaker 4: intended effect. Analysts survey by Bloomberg had expected Tesla to

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Speaker 4: ship four hundred forty eight three hundred and fifty cars

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Speaker 4: in the quarter. The company also managed to trim the

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Speaker 4: gap between production and deliveries, a number closely watched by analysts,

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Speaker 4: to thirteen thousand, five hundred and sixty units in the

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Speaker 4: second quarter. In New York, Charlie Pale, Bloomberg Daybreak Europe.

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Speaker 1: French President Emanuel Macon will meet the leaders of the

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Speaker 1: National Assembly and send it today to discuss the spate

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Speaker 1: of riots that have swept the country. The number of

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Speaker 1: arrests fell to one hundred and fifty seven overnight, according

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Speaker 1: to the Interior Ministry. Macar held another crisis meeting with

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Speaker 1: ministers on Sunday evening, as forty five thousand police and

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Speaker 1: special forces were deployed for a third night. Meanwhile, the

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Speaker 1: grandmother of the teenager Nail, whose killing sparked the unrest

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Speaker 1: in France, is calling for an end to the violence.

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Speaker 5: The people who are pillaging stop. Stop they're using Nile

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Speaker 5: as a pretext. No, they must stop destroying the shops,

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Speaker 5: the schools, the buses. The mothers take the buses, We

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Speaker 5: take the buses.

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Speaker 1: Tomorrow, I man who in Macall will meet mayors from

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Speaker 1: the two hundred and twenty areas most affected by almost

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Speaker 1: a week of rioting. A first estimate by insurance has

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Speaker 1: put the cost of the damage from the violence at

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Speaker 1: more than one hundred million euros, a number that is

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Speaker 1: expected to rise.

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Speaker 2: The corruption trial of ECB Governing Council member Peter Kasimir

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Speaker 2: begins today. The serving Central Bank policymaker is accused of

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Speaker 2: offering a forty eight thousand euro bribe to speed up

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Speaker 2: tax procedures against several companies during his term as finance minister.

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Speaker 2: The Slovak Central Bank governor who denies wrongdoing faces up

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Speaker 2: to five years in prison if found guilty.

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Speaker 1: Chinese President Shijingping has elevated a long serving technocrat to

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Speaker 1: the Central Bank's top Communist party role. Pang Goong Sheng

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Speaker 1: was named as the pboc's party chief over the weekend.

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Speaker 1: Bloomberg Economics's chief Asia economist Chang Shu says that one

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Speaker 1: key sector of the economy could now see a change

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Speaker 1: in approach.

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Speaker 6: Pango San has been the pointer person, as it were,

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Speaker 6: for devising property market, and we know the word is

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Speaker 6: that he has a more hawky stancer and the property

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Speaker 6: regulation going forward, we do see him taking a more

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Speaker 6: practical approach in dealing with the property market.

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Speaker 1: Despite that, Shi that, Chang Shu says, the appointment is

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Speaker 1: broadly seen as an indication of policy continuity. Reaction in

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Speaker 1: China's equity and credit markets was muted well.

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Speaker 2: US Treasury Secretary Janet Yellen will travel to Beijing later

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Speaker 2: this week. She becomes the second member of Biden's cabinet

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Speaker 2: to visit, after Secretary of State Anthony Blincoln's trip three

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Speaker 2: weeks ago. The US Treasury Department it says Yellen will

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Speaker 2: meet with senior Chinese government officials, without naming exactly who,

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Speaker 2: but that Yellen would not meet President she Jingping as

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Speaker 2: for a bilateral summers. President Joe Biden said in mid

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Speaker 2: June that he anticipates meeting she in the next several months.

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Speaker 1: Okay, those are a few of our top stories for

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Speaker 1: you this morning. A bit lighter though, of course. It's

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Speaker 1: the start of summer in the UK. Wimbledon begins today.

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Speaker 1: Absolutely tons of the expected to be eaten and Novak Djokovic,

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Speaker 1: of course, the Serb is won twenty three Grand Slam titles.

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Speaker 1: It's seen widely is the favorite in terms of Wimbledon. Yeah,

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Speaker 1: it begins today.

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Speaker 2: Well, lots of interest to and Andy Murray and what's

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Speaker 2: going to happen to him? Could this be his last tournament?

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Speaker 1: Yeah?

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Speaker 2: Poor man, so many helps pen in them every year.

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Speaker 1: Yeah, absolutely, and he has had an incredible career. And yet,

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Speaker 1: of course with the replacements that he's had in the

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Speaker 1: surgery meantly difficult. But then these champions are fighters, they

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Speaker 1: are battlers. And Venus Williams is going to be at

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Speaker 1: the tournament. She is forty three and playing. I mean,

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Speaker 1: what a remarkable career.

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Speaker 2: Yeah, amazing. All right, Well, let's turn back to our

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Speaker 2: top story this morning. Apple reportedly slashing production targets for

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Speaker 2: its Vision Pro because manufacturers are struggling with the novel

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Speaker 2: gadget's complex design. The Financial Time says the tech giant

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Speaker 2: is now preparing to make fewer than four hundred thousand

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Speaker 2: versions of the headsets, joining us to discuss as Bimber

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Speaker 2: Quick takes Alex web Alex, good morning to you. What

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Speaker 2: is the reported problem that Apple is facing here?

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Speaker 7: So, according to the FT's reporting, it's to do with

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Speaker 7: the micro led displays, which are essentially inside the headset,

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Speaker 7: that they have some issues with the yields. Something you

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Speaker 7: quite often see with new technologies that of the number

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Speaker 7: that come off the production line, a lower percentage of

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Speaker 7: those are actually usable than Apple would like. It's what

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Speaker 7: we saw actually with face ID when that was first

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Speaker 7: wrought to market a few years ago. So it's probably

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Speaker 7: a relief in a sense that they weren't going for

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Speaker 7: a massive you know, trying to ship fifteen million units

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Speaker 7: in the first year. When you're just dealing with a

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Speaker 7: few hundred thousand, the stakes a little bit lower. That's

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Speaker 7: also perhaps one reason why they might have done it

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Speaker 7: on that sort of scale.

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Speaker 1: Yeah, absolutely, So then is it a big blow for

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Speaker 1: a kind of flagship product, Does it increase the anticipation

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Speaker 1: the excitement about it, or how can we judge?

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Speaker 7: I mean, you might find actually that it kind of

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Speaker 7: helps them because of scarcity sometimes is beneficial. And at

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Speaker 7: this stage it wasn't likely to make any meaningful difference

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Speaker 7: to the bottom warranteed the top line. In fact, it's

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Speaker 7: probably going to be it's a good chance to be

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Speaker 7: loss making in the first year. This is a flagship

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Speaker 7: product in the sense of flagship announcement, but the iPhone

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Speaker 7: is still the flagship product, right that is still the

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Speaker 7: thing that drives more than fifty percent of revenue. This

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Speaker 7: probably the sales are like to be more than a

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Speaker 7: rounding error. When it comes to Apples overall learnings, it's

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Speaker 7: about laying the groundwork for what might be to come.

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Speaker 7: And if you can get these devices into the hands

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Speaker 7: of developers, that means they can start building the apps

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Speaker 7: and services that would run on Vision Pro or perhaps

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Speaker 7: Vision which might be the second generation at a slight

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Speaker 7: lower price, so that when it does, in Apple's hope,

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Speaker 7: become a mass market product. There is a slew as

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Speaker 7: a bevy of really compelling use cases that then drive

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Speaker 7: a more widespread adoption.

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Speaker 2: This, of course, I was coming after Apple have that

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Speaker 2: market milestone hitting three trillion dollar valuation last week.

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Speaker 7: Yeah, it's fascinating. The Apple machine just kind of churns

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Speaker 7: on sort of no matter what. I feel as though

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Speaker 7: that number was perhaps less directly to do with the

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Speaker 7: vision pro than it was just Apple's ability to continue

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Speaker 7: layering on services to the iPhone that not only give

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Speaker 7: users and another opportunity to spend their money with Apple,

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Speaker 7: but also ensure they have to keep returning and buy

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Speaker 7: the iPhone. If you've got an Apple card, if you've

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Speaker 7: got an Apple Watch, if you've got AirPods, you know,

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Speaker 7: if you spend all the money on those things, you're

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Speaker 7: way less likely to be able to trade it in

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Speaker 7: for an Android because you're so deeply tied into it.

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Speaker 7: And that's really been the story of Apple under Tim

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Speaker 7: Cook over the past few years. Yeah.

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Speaker 1: Absolutely, the wearable's business is husually important to them. Alex,

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Speaker 1: thank you so much for being with us. Bloomberg quick

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Speaker 1: takes Alex.

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Speaker 2: Web up next. Pimco's CEO warns of a harder landing

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Speaker 2: and banks told to uphold free speech after accounts blacklisted.

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Speaker 3: Now the paper review on blue Bird Daybreak Europe. The

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Speaker 3: news you need to know from today's papers.

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Speaker 2: I'm bloom Berkley and Goerren's is the studio with the

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Speaker 2: details of those stories. Good morning to you, Leanne. Let's

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Speaker 2: start with the Financial Times. The headline there bond fund

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Speaker 2: giant Pimco prepares for harder landing for global economy.

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Speaker 8: Yes, indeed, Stephen, good morning to you. Pimco says markets

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Speaker 8: are far too optimistic about central bank's ability to dodge

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Speaker 8: a recession and this comes as a really battle inflation

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Speaker 8: in the US and also in Europe. So speaking to

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Speaker 8: the FT over the weekend was a CEO and he

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Speaker 8: said he's preparing for a harder landing than other investors,

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Speaker 8: while top central banked chiefs really continue their campaign of

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Speaker 8: interest rate rises and we've obviously seen that here in

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Speaker 8: the UK the Bank of England raising rates. However, speaking

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Speaker 8: to the newspaper, the CEO thinks of soft landing is

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Speaker 8: actually most likely for the US economy. So predicting that

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Speaker 8: the firm owned by Germany's alliances favoring high quality government

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Speaker 8: and corporate bonds right now at the moment, and Pimco's

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Speaker 8: moved to safer bonds as really part of an industry

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Speaker 8: shift that we're seeing towards higher quality fixed income assets,

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Speaker 8: but really a warning their Carol line that we are

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Speaker 8: too optimistic about the central bank's ability to dodge a

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Speaker 8: recession and get inflation down. And this is all according

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Speaker 8: to the CEO of Pimco. Yeah.

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Speaker 1: Of course, Bloomberg was speaking to the CEO of Alians

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Speaker 1: on Friday. Alians owns PIMCO, and so his comments to

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Speaker 1: us were also pretty fascinating to layer in because he

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Speaker 1: was talking about, yes, bonds are back, but it's all

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Speaker 1: about flows. We've got a guess actually all on the program.

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Speaker 1: He's going to be able to talk to us a

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Speaker 1: little bit more about that a little bit later on.

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Speaker 1: But the question is how much of the flows into

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Speaker 1: bonds go into passive strategies or active strategies, you know,

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Speaker 1: how much into ETF, how much into active managers. But yeah,

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Speaker 1: and so the soft landing idea sort of plays into that.

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Speaker 1: But yeah, and very interesting conversation.

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Speaker 2: Let's go to the telegraph next. Lee and banks tolls

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Speaker 2: to uphold free speech after accounts blacklusters.

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Speaker 8: Yes, indeed, Steve, And there was a lot about this

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Speaker 8: over the weekend in the newspaper and the Chancellor, Jeremy

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Speaker 8: Hunter said to be deeply concerned about bands on customers

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Speaker 8: who hold controversial views. He's actually called on the City Minister,

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Speaker 8: who's Andrew Griffith, to actually investigate the whole issue that

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Speaker 8: is currently swirling around at the moment. White All sources

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Speaker 8: say to the newspaper that the results of a consultation

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Speaker 8: on the whole subject matter is to be published within

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Speaker 8: weeks now. This comes after it was launched earlier this

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Speaker 8: year in the wake of PayPal blocking accounts of free

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Speaker 8: speech groups. So consultation due in and the controversial really

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Speaker 8: actually flared up again last week, and that was after

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Speaker 8: the leading brexityer Nigel Farage revealed his account had been

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Speaker 8: closed by his bank, saying he wasn't sure why this

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Speaker 8: had happened and he had gone to many other high

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Speaker 8: street lenders and couldn't seem to open another bank account.

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Speaker 8: Vica was also dropped as a customer after criticizing his

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Speaker 8: lenders stance on LGBTQ plus issues. So there we are

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Speaker 8: two people and the Treasury is poised to recommend a

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Speaker 8: more rigid notice period if payment providers, including high street lenders,

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Speaker 8: actually want to close a customer's bank account, as well

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Speaker 8: as requiring banks to provide more information about why they

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Speaker 8: have decided to close these accounts. And that is something

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Speaker 8: that Alex Wickham has written on the Bloomberg terminal about

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Speaker 8: Nigel Farage and the controversy surrounding these closed bank accounts.

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Speaker 1: Yeah, I mean Faraj has been on television to talk

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Speaker 1: about how this is serious political persecution at the very

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Speaker 1: highest level of our system. So that's the sort of

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Speaker 1: language that he's using. The bank apparently though, contacted him

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Speaker 1: and it's about actually the fact that it is his

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Speaker 1: business account that is being closed, that he still has

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Speaker 1: the option of opening a personal personal bank account. So

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Speaker 1: it's a little bit I think more complicated than this,

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Speaker 1: and also sort of around the bank's decisions around how

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Speaker 1: they make those decisions around business accounts.

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Speaker 2: Actually, yeah, certainly an interesting story to monitor. Leanne The

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Speaker 2: Times next warnings of summer travel chaos in Europe as

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Speaker 2: air traffic controls expected to be overloaded.

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Speaker 8: Sounds familiar, Yes, very familiar flying to Europe this summer. Well,

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Speaker 8: maybe you might be held up on the runway or

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Speaker 8: you might face delays, and Eurocontrol warned passengers of a

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Speaker 8: challenging period ahead, with high overloads of air traffic seen

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Speaker 8: on most days in many important regions, including Marseille, Athens

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Speaker 8: and Budapest. Now the Times is reporting this and this

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Speaker 8: can result in delays and aircraft's being forced to take

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Speaker 8: these longer routes. And I can't believe there's but twenty

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Speaker 8: five million Brits are expected to head overseas between right

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Speaker 8: now and September, mostly by airs we get away on

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Speaker 8: those summer holidays. Now, the director General of Eurocontrol, which

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Speaker 8: does manage European air space, says this summer in Europe

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Speaker 8: it's particularly challenging because there's less air space because of

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Speaker 8: the war in Ukraine and the military needs aviation. Bosses,

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Speaker 8: including Michael O'Leary, the chief executive of Ryanair, also says

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Speaker 8: there's a series of strikes by controllers in France, which

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Speaker 8: remains one of the biggest threats to summer air travel.

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Speaker 8: But I feel like every year we do get these warnings,

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Speaker 8: so always arrive early, kind of expect to be delayed,

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Speaker 8: which is annoying because I went away and I was

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Speaker 8: delayed because of NATO training in the air space. But

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Speaker 8: these are things that happen, Caroline, so we've all be prepared.

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Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the

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Speaker 2: stories making news from London to Wall Street and beyond.

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Speaker 1: I'm Caroline Hepka and.

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