WEBVTT - Biden Passes The Torch, UK Tech Tycoon Missing, & Ceasefire Proposal

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

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<v Speaker 2>This is the Bloomberg Daybreak europ podcast, available every morning

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<v Speaker 2>on Apple, Spotify or wherever you listen. It's Tuesday, the

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<v Speaker 2>twentieth of August in London. I'm Stephen Carroll coming up today.

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<v Speaker 2>Biden passes the torch to Harris. The US President calls

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<v Speaker 2>for democracy to be preserved. As the Democratic National Convention

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<v Speaker 2>kicks off in Chicago. Anthony Blincoln says Hummas must say

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<v Speaker 2>yes to a Gaza ceasefire proposal that's been accepted by Israel.

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<v Speaker 3>Plus the British tech.

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<v Speaker 2>Tycoon Michae Linch and five others remain unaccounted for after

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<v Speaker 2>a luxury yacht sinks off the coast of Sicily. Let's

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<v Speaker 2>start with a roundup of our top stories. US President

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<v Speaker 2>Joe Biden has delivered an emotional and bittersweet call for

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<v Speaker 2>Democrats to rally behind Kamala Harris on the first night

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<v Speaker 2>of the party's.

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<v Speaker 3>National convention in Chicago. The president's remarks.

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<v Speaker 2>Which began at eleven thirty pm on the East Coast

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<v Speaker 2>and stretched late into the night, focused on cementing his

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<v Speaker 2>legacy while also handing over to a new generation.

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<v Speaker 4>Selecting Kamawa was the very first decision I made before

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<v Speaker 4>I became when I became our nominee, and it was

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<v Speaker 4>the best decision I made.

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<v Speaker 3>My whole career.

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<v Speaker 4>Show me at president our children could.

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<v Speaker 3>Look up to.

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<v Speaker 2>Biden also cast his decision to exit the race following

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<v Speaker 2>a calamitous debate performance as the natural conclusion of a

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<v Speaker 2>five decade political career.

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<v Speaker 4>I spent the honor of my lifetime the service or President.

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<v Speaker 4>I love the job, but I love my country more.

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<v Speaker 2>The president was at times overwhelmed, stabbing tears from his

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<v Speaker 2>eyes after an introduction by his daughter, pledging to close

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<v Speaker 2>out the last five months of his presidency with accomplishments.

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<v Speaker 2>Joe Biden's speech came after his Vice president, Kamala Harris,

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<v Speaker 2>made a surprise appearance on the first night of the

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<v Speaker 2>Democratic National Convention in Chicago. The party's newly minted nominee

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<v Speaker 2>for the White House used a brief moment on stage

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<v Speaker 2>to thank the President for his service to the nation.

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<v Speaker 3>Joe, thank you for your historic leadership, for your lifetime

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<v Speaker 3>of service to our nation, and for all you will

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<v Speaker 3>continue to do.

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<v Speaker 1>We are forever grateful to you.

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<v Speaker 2>Harras secured the party's nomination uncontested after Biden threw his

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<v Speaker 2>support behind his vice president as he withdrew his bid

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<v Speaker 2>for reelection. Meanwhile, Hillary Clinton, the only woman asiderom Kamala

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<v Speaker 2>Harris to lead a major party presidential ticket, called on

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<v Speaker 2>Democrats to help the vice president break through the glass

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<v Speaker 2>ceiling and ascend to the presidency.

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<v Speaker 5>I see the freedom to look our children in the

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<v Speaker 5>eye and say, in America, you can go as far

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<v Speaker 5>as your hard work and talent will take you.

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<v Speaker 3>And mean it.

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<v Speaker 5>And you know what, And the other side of that

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<v Speaker 5>glass ceiling is Kamala Harris raising her.

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<v Speaker 1>Hand and taking the.

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<v Speaker 5>Oath of office as our forming seventh President of.

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<v Speaker 3>The United States.

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<v Speaker 2>Hillary Clinton lost to Donald Trump in twenty sixteen after

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<v Speaker 2>leading in the polls for much of the race. Current

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<v Speaker 2>nationwide polling averages give Harris a slim lead over Trump,

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<v Speaker 2>although still within.

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<v Speaker 3>The margin of error.

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<v Speaker 2>In other news, US intelligence agencies say they're confident Iran

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<v Speaker 2>is behind a recent hack of Donald Trump's presidential campaign.

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<v Speaker 2>Investigators believe that attackers gained access to internal documents relating

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<v Speaker 2>to the former president, but it's unclear whether attacks on

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<v Speaker 2>the Democratic campaign succeeded.

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<v Speaker 3>In a joint statement.

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<v Speaker 2>The agencies say Tehran sees American elections as consequential for

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<v Speaker 2>its national security interests. News of the breach emerged after

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<v Speaker 2>Microsoft flagged Iranian government attempts to access the emails of

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<v Speaker 2>campaign staff members.

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<v Speaker 3>In the Middle East, Anthony B.

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<v Speaker 2>Lincoln says Israel has accepted a ceasefire proposal to halt.

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<v Speaker 3>The war in Gaza.

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<v Speaker 2>According to the US Secretary of State, now Hamas must

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<v Speaker 2>say yes.

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<v Speaker 6>The fierce urgency of now, that's what I think we're

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<v Speaker 6>all feeling, and we do see this as the best

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<v Speaker 6>opportunity to finally get this over. The finish line will

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<v Speaker 6>never give up on it, but the challenges. The longer

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<v Speaker 6>this goes on, the more hostages will suffer and possibly perish,

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<v Speaker 6>and the more other things happen that could make things impossible.

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<v Speaker 2>Anthony Blincoln, speaking there during his ninth trip to the

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<v Speaker 2>Middle East since the conflict broke out, The top US

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<v Speaker 2>diplomat said he will next travel on to Egypt and

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<v Speaker 2>Katar to understand what their leaders are hearing from Hamas

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<v Speaker 2>on the next steps. Meanwhile, both Iran and Hezbollah have

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<v Speaker 2>vowed to retaliate against Israel for recent assassinations. It says

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<v Speaker 2>they committed. Blincoln's trip was seen in part as an

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<v Speaker 2>effort to deter such a strike. The British entrepreneur Mike

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<v Speaker 2>Lynch is among six people missing after his luxury yacht

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<v Speaker 2>was struck by a tornado and sunk off the coast

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<v Speaker 2>of Sicily. One person has died, according to the Italian Coastguard,

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<v Speaker 2>which is leading search operations. Oceanographer Simon Bauxholt knows the

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<v Speaker 2>area well.

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<v Speaker 7>He can get some quite horrendous storms. In fact, some

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<v Speaker 7>of the worst storms I've been in have been in

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<v Speaker 7>that region, and they do sort of build up very

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<v Speaker 7>very quickly. The sea temperatures in the area of four

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<v Speaker 7>degrees higher than sort of the twenty year average. They

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<v Speaker 7>really are very very warm, and that fuels these storms.

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<v Speaker 2>Simon Bauxhoff in the University of Southampton, speaking there. Lynch

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<v Speaker 2>was found not guilty by a San Francisco jury just

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<v Speaker 2>ten weeks ago over accusations that he had committed Silicon

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<v Speaker 2>Valley's biggest ever fraud during the eleven billion dollar sale

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<v Speaker 2>of his company, Autonomy, to Hewlett Packard in twenty eleven.

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<v Speaker 2>The European Central Bank policymaker says the case for a

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<v Speaker 2>September rate cut is growing stronger because of increasing risks

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<v Speaker 2>to the growth outlook. In a speech in New York,

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<v Speaker 2>pointed to no clear signs of a pickup in the

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<v Speaker 2>manufacturing sector as boosting the case for monetary easing. It's

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<v Speaker 2>the first comment from a Government Council member during the

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<v Speaker 2>ECB's summer break. Markets have priced in a quarter point

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<v Speaker 2>cut from the ECB at its next meeting on the

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<v Speaker 2>twelfth of September, and the UK Government has signed off

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<v Speaker 2>on London City Airport's plan to grow passenger numbers by

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<v Speaker 2>nearly a third. The move is designed to show the

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<v Speaker 2>government's pro growth credentials, but it's angered environmental campaigners who

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<v Speaker 2>say will increase carbon emissions. Bloomberg Exchange Wallcock has more.

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<v Speaker 8>London's smallest airport, has been pushing to fly more for

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<v Speaker 8>over two years. It had been blocked by its local

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<v Speaker 8>council of the fears about the noise, a decision that

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<v Speaker 8>Labor Government have now overruled. Greenpeace say the approval undermines

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<v Speaker 8>the UK's climate leadership. The argument over London City is

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<v Speaker 8>a smaller version of the much bigger debate of how

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<v Speaker 8>Britain bounces its environmental commitments with its growth targets in London.

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<v Speaker 2>James Wilcock the Radio, those are your top stories this morning.

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<v Speaker 2>Now at a moment, we'll dig into Joe Biden's speech

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<v Speaker 2>to the Democratic National Convention in Chicago and bring you

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<v Speaker 2>more on that story around the British entrepreneur Mike Lynch.

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<v Speaker 2>But in the story that we've been watching about the

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<v Speaker 2>DNC in Chicago has been the social media influencers the

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<v Speaker 2>Democrats have invited to be part of the media circus

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<v Speaker 2>at the event as well. Some two hundred of them

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<v Speaker 2>have been given privileges like access to delegates and studio

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<v Speaker 2>space on site in Chicago, a reflection of the campaign's

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<v Speaker 2>belief that social media creators are at least as important

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<v Speaker 2>as traditional media organizations for getting its message out to voters.

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<v Speaker 2>So some of those will also of course be making

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<v Speaker 2>speeches at the DNC. We saw Deja Fox speaking earlier

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<v Speaker 2>on on Monday evening in Chicago, of course, an influencer

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<v Speaker 2>that's focused on reproductive rights, which is seen as a

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<v Speaker 2>key issue for Kamala Harris to lead on in the

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<v Speaker 2>campaign as well.

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<v Speaker 3>She actually worked on Harris's failed.

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<v Speaker 2>Bid for the nomination in twenty two and she's now

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<v Speaker 2>based in Arizona, which is one of the key swing

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<v Speaker 2>states to watch in this campaign as well. But getting

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<v Speaker 2>social media influencers involved has also highlighted how sensitive the

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<v Speaker 2>issue over the warring gaza is for the Democratic Party.

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<v Speaker 2>And you can read more on that story from our

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<v Speaker 2>colleague Prattish naray Anon on Bloomberg dot com and of

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<v Speaker 2>course on the terminal. Let's stick into the comment so

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<v Speaker 2>that we heard from the President Joe Biden to the convention.

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<v Speaker 2>Our Bloomberg TV anchor Kritti Kopta was listening in and

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<v Speaker 2>she's with us now this morning. Critty, great to have you.

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<v Speaker 2>Joe Biden needed to show that he was handing over

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<v Speaker 2>the torch to Kamala Harris form a position of strength.

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<v Speaker 3>Did he succeed, He did succeed, But he.

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<v Speaker 9>Made a very quick appearance and then he's now off

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<v Speaker 9>to his vacation, his family vacation.

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<v Speaker 1>So it really shows that he's not dwelling on the issue.

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<v Speaker 9>He's trying to kind of show a support, show that

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<v Speaker 9>he is very much on board of a Kamala presidency,

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<v Speaker 9>but then ready to move forward and ready to kind

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<v Speaker 9>of focus on being president for the remainder.

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<v Speaker 1>Of his term.

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<v Speaker 3>What stout out for you from his speech.

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<v Speaker 9>Well, I think it was interesting is that he of

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<v Speaker 9>course endorsed her in a very big way. We already

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<v Speaker 9>knew that he had done that, but I think the

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<v Speaker 9>fact that he was greeted with a lot of we

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<v Speaker 9>love you Joe Biden, we like.

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<v Speaker 3>The Crimekeey Joe.

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<v Speaker 9>Yeah, the crowd was chanting. But remember the background of this.

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<v Speaker 9>He didn't want to step down. He didn't want to

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<v Speaker 9>be in this position. He actually, behind the scenes reports

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<v Speaker 9>has suggested that he thinks he still could have won

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<v Speaker 9>the election, but that it would have done irreparable.

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<v Speaker 1>Damage to his party.

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<v Speaker 9>So imagine still making that DNC appearance with the thought

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<v Speaker 9>process and with the idea that people are chanting for

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<v Speaker 9>and appreciating and cheering him on for the very fact

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<v Speaker 9>that he stepped down the very thing he did want

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<v Speaker 9>to do. So the fact that he's still able to

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<v Speaker 9>deliver a speech given the issues that he's had in

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<v Speaker 9>the past, with some of his kind of endurance issues,

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<v Speaker 9>and still be able to do that on the face that,

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<v Speaker 9>I thought that was pretty admirable.

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<v Speaker 3>Frankly, it was a marquee event.

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<v Speaker 2>Of course, the party Kamala Harris did make a quick

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<v Speaker 2>appearance on stage earlier on in the evening. We heard

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<v Speaker 2>from Hillary Clinton as well on that issue, though, of

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<v Speaker 2>the the war in Gaza as being something that potentially

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<v Speaker 2>Kamala Harris is vulnerable about. Alexandria Ocasio Cortez, who spoke

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<v Speaker 2>earlier in the evening as well, got one of the

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<v Speaker 2>biggest applause lines of the night by saying that Harris

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<v Speaker 2>was working to bring a cease fire in Gaza. Is

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<v Speaker 2>this a difficult issue for the vice president?

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<v Speaker 9>This is a very difficult issue, and this is where

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<v Speaker 9>she has actually been able to garner more support than

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<v Speaker 9>President Biden has remembered. This is the achilles heel for

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<v Speaker 9>the Democratic Party right now and for I think Americans broadly.

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<v Speaker 9>It has become a very divisive issue, as we've seen

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<v Speaker 9>across college campuses, among many many other different forums. And

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<v Speaker 9>one of the issues with President Biden and what we're

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<v Speaker 9>expected to see with the nominee Kamala Harris as well,

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<v Speaker 9>was what was going on in Dearborn, Michigan is kind

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<v Speaker 9>of a microcosm of what's going on in the broader country,

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<v Speaker 9>which is that they're losing out on not only the

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<v Speaker 9>Muslim vote, but then a lot of people who support

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<v Speaker 9>or at least don't so I should say, push back

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<v Speaker 9>against some of the atrocities that are happening in Gaza

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<v Speaker 9>as well, and the American administration being seen as supporting that.

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<v Speaker 1>So that was going to be the Achilles Heal.

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<v Speaker 9>But the fact that Kamala Harris has actually made an

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<v Speaker 9>active approach to say we're listening to the people who

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<v Speaker 9>are on both sides of this, We're willing to take

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<v Speaker 9>meetings on both sizes, They're still a step further than

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<v Speaker 9>Joe Biden has gone when it comes to appeasing that

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<v Speaker 9>part of the dialogue. And I think that's where she

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<v Speaker 9>started to see more supports, more of the independent voters

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<v Speaker 9>who've looked at both candidates to say, actually, this might

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<v Speaker 9>be a turning point for her. It's interesting though that

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<v Speaker 9>comment came out from aoc SO. Alexandra Ortasio cortest our

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<v Speaker 9>International audience. She is an up and comer in the

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<v Speaker 9>Democratic Party. She's a congresswoman from New York and also

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<v Speaker 9>represents of course the Latino vote, the minority vote, and

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<v Speaker 9>is aligned in a lot of issues with a lot

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<v Speaker 9>of the Muslim vote as well.

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<v Speaker 2>Yeah, it's certainly very interesting to hear her comments at

0:11:43.360 --> 0:11:46.599
<v Speaker 2>the event. Of course, Donald Trump doing his best to

0:11:47.160 --> 0:11:49.840
<v Speaker 2>garner some of the attention while very much political has

0:11:49.880 --> 0:11:53.920
<v Speaker 2>been focused on Chicago, focusing on division, Steene Harris and

0:11:54.000 --> 0:11:55.680
<v Speaker 2>Biden is not getting any traction.

0:11:56.040 --> 0:11:57.720
<v Speaker 1>It's not getting that much traction.

0:11:57.880 --> 0:11:59.319
<v Speaker 9>In fact, when you look at some of the polsters,

0:11:59.360 --> 0:12:02.800
<v Speaker 9>some the kind of political strategists, the concern here for

0:12:02.920 --> 0:12:05.600
<v Speaker 9>President Trump is that he actually hasn't been able to

0:12:05.640 --> 0:12:07.560
<v Speaker 9>regain the momentum. There was always going to be that

0:12:08.360 --> 0:12:12.079
<v Speaker 9>kind of knee jerk reaction that you saw when Kamala

0:12:12.120 --> 0:12:14.920
<v Speaker 9>Harris was going to be named Dominie, coming out kind

0:12:14.920 --> 0:12:16.959
<v Speaker 9>of with a bang. But this was kind of being

0:12:17.040 --> 0:12:19.199
<v Speaker 9>viewed initially, at least in the polling numbers, as a

0:12:19.240 --> 0:12:21.760
<v Speaker 9>little bit of a honeymoon phase, and then we were

0:12:21.800 --> 0:12:23.440
<v Speaker 9>expected to kind of see some of those Polly numbers

0:12:23.480 --> 0:12:26.160
<v Speaker 9>come back to President Trump in the lead. We haven't

0:12:26.160 --> 0:12:28.360
<v Speaker 9>seen that yet. Now we're still waiting till September when

0:12:28.360 --> 0:12:30.160
<v Speaker 9>there is remember still the summer period. People are so

0:12:30.280 --> 0:12:33.040
<v Speaker 9>on holiday. Not everyone is as engaged in politics right now.

0:12:33.080 --> 0:12:36.600
<v Speaker 9>In the States, it's striving season, nevertheless, but in September.

0:12:36.640 --> 0:12:38.160
<v Speaker 9>If you just continue to see that poll, those polling

0:12:38.240 --> 0:12:40.760
<v Speaker 9>numbers show the same lack of momentum. This is where

0:12:40.760 --> 0:12:42.400
<v Speaker 9>you get into trouble, and I think that's the concern

0:12:42.679 --> 0:12:44.840
<v Speaker 9>around some of the campaign strategy and the Trump campaign

0:12:44.880 --> 0:12:45.240
<v Speaker 9>right now.

0:12:45.440 --> 0:12:48.480
<v Speaker 2>Gritty good to Bimberg TV anchor. Thank you very much. Well,

0:12:48.559 --> 0:12:50.320
<v Speaker 2>let's turn into a different story that we're following now.

0:12:50.320 --> 0:12:53.280
<v Speaker 2>The British entrepreneur Mike Lynch among the six people missing

0:12:53.320 --> 0:12:56.040
<v Speaker 2>after a luxury yacht was struck by a tornado and

0:12:56.080 --> 0:12:58.640
<v Speaker 2>sunk off the coast of Sicily, are reported to at

0:12:58.760 --> 0:13:00.960
<v Speaker 2>a Baio is here with more on story, Tira, What

0:13:01.000 --> 0:13:02.160
<v Speaker 2>do we know about what happened?

0:13:02.440 --> 0:13:04.920
<v Speaker 10>So, as you mentioned, it was early Monday morning when

0:13:04.920 --> 0:13:08.120
<v Speaker 10>that luxury yacht sank off the coast of Sicily. On

0:13:08.200 --> 0:13:12.199
<v Speaker 10>board were twelve guests and ten crew members, among which

0:13:12.280 --> 0:13:16.200
<v Speaker 10>were the British tech entrepreneur Mike Lynch. Now currently he's

0:13:16.240 --> 0:13:18.960
<v Speaker 10>still missing. We have heard from some sources that his

0:13:19.080 --> 0:13:23.120
<v Speaker 10>wife Angela was amongst those rescued. Just to give you

0:13:23.160 --> 0:13:25.480
<v Speaker 10>a bit more context about who he really is, He's

0:13:25.640 --> 0:13:28.320
<v Speaker 10>an eminent figure in British business. He's known by some

0:13:28.400 --> 0:13:31.840
<v Speaker 10>as the British Bill Gates. He's the founder of multiple

0:13:32.000 --> 0:13:35.760
<v Speaker 10>technology companies, including dark Trace, which he founded through his

0:13:35.840 --> 0:13:39.920
<v Speaker 10>venture capital firm. That's a cyber security business. It has

0:13:40.000 --> 0:13:42.800
<v Speaker 10>a market cap of over four billion dollars and is

0:13:42.840 --> 0:13:46.000
<v Speaker 10>listed on the London Stock Exchange. And outside of that,

0:13:46.040 --> 0:13:49.680
<v Speaker 10>he's also been an advisor to two former UK Prime Ministers.

0:13:49.920 --> 0:13:52.439
<v Speaker 10>So a very important figure in the world of technology

0:13:52.480 --> 0:13:55.400
<v Speaker 10>and in the world of the wider UK landscape.

0:13:55.760 --> 0:13:57.480
<v Speaker 3>What do we know about the other people who were

0:13:57.520 --> 0:13:59.240
<v Speaker 3>on board this yea Well.

0:13:59.280 --> 0:14:02.400
<v Speaker 10>At the moment, Italy Coast Guard are leading the search

0:14:02.440 --> 0:14:06.160
<v Speaker 10>and rescue operation. They've recovered fifteen people. Unfortunately one person

0:14:06.240 --> 0:14:10.000
<v Speaker 10>has died. That leaves six missing, including Lynch, and just

0:14:10.120 --> 0:14:13.040
<v Speaker 10>in the last few moments we've heard from the BBC

0:14:13.160 --> 0:14:16.800
<v Speaker 10>that among those missing are a Morgan Stanley banker and

0:14:16.800 --> 0:14:20.760
<v Speaker 10>a Clifford Chance lawyer, as well as Mike Lynch's eighteen

0:14:20.840 --> 0:14:24.640
<v Speaker 10>year old daughter Hannah, who's also been reported unaccounted for.

0:14:25.440 --> 0:14:27.160
<v Speaker 10>In terms of what's being put on in terms of

0:14:27.200 --> 0:14:30.720
<v Speaker 10>the rescue effort, there's a team of specialized divers that

0:14:30.840 --> 0:14:34.560
<v Speaker 10>have been employed to look for any individuals that might

0:14:34.640 --> 0:14:38.840
<v Speaker 10>still be inside the boat. That's now fifty meters underwater.

0:14:39.280 --> 0:14:41.840
<v Speaker 10>There's also a helicopter that's been drafted in, as well

0:14:41.840 --> 0:14:45.400
<v Speaker 10>as the fire brigade who have joined the search. In

0:14:45.480 --> 0:14:48.080
<v Speaker 10>terms of what's happened over the course of those few

0:14:48.120 --> 0:14:50.360
<v Speaker 10>hours since the sinking on Monday, there's been some quite

0:14:50.400 --> 0:14:54.080
<v Speaker 10>astonishing stories coming out of this rescue mission, including the

0:14:54.120 --> 0:14:57.400
<v Speaker 10>story of one British mother who has now been rescued.

0:14:57.800 --> 0:15:00.720
<v Speaker 10>We know that she is a colleague of Mike Lynch.

0:15:01.000 --> 0:15:04.120
<v Speaker 10>She says she kept her baby alive after the boat

0:15:04.200 --> 0:15:07.000
<v Speaker 10>sank by holding the one year old child above the

0:15:07.040 --> 0:15:09.600
<v Speaker 10>water until the two were able to get into a

0:15:09.640 --> 0:15:12.400
<v Speaker 10>rescue boat. She says her family only survived because they

0:15:12.440 --> 0:15:14.200
<v Speaker 10>were on the deck of the boat at the time

0:15:14.240 --> 0:15:15.040
<v Speaker 10>that it sank too.

0:15:16.040 --> 0:15:20.600
<v Speaker 2>Yes, and still, of course that search and rescue mission underway, Teawa.

0:15:20.840 --> 0:15:23.960
<v Speaker 2>I wonder if also you could just briefist a little

0:15:23.960 --> 0:15:26.200
<v Speaker 2>bit on what we know about the trip at South MIKEA.

0:15:26.280 --> 0:15:29.320
<v Speaker 2>Linch had been in the news recently because he was

0:15:29.360 --> 0:15:31.280
<v Speaker 2>cleared just weeks ago on fraud charges.

0:15:31.560 --> 0:15:34.960
<v Speaker 10>Yes, this is perhaps one of the most surprising parts

0:15:35.200 --> 0:15:38.280
<v Speaker 10>of the story. So back in twenty eleven, Lynch made

0:15:38.400 --> 0:15:41.560
<v Speaker 10>his riches really by selling his company to the US

0:15:41.680 --> 0:15:47.320
<v Speaker 10>computing giant Hewlett Packard for eleven billion, but he had

0:15:47.360 --> 0:15:51.200
<v Speaker 10>been embroiled in a decade long legal battle about the acquisition.

0:15:51.440 --> 0:15:55.080
<v Speaker 10>He was accused of committing Silicon Valley's biggest ever fraud

0:15:55.480 --> 0:15:58.280
<v Speaker 10>during the sale, but he was found not guilty in

0:15:58.320 --> 0:16:02.080
<v Speaker 10>San Francisco just ten weeks ago, and they were supposed

0:16:02.120 --> 0:16:03.040
<v Speaker 10>to be celebrating.

0:16:04.720 --> 0:16:07.480
<v Speaker 2>This is Bloomberg Daybreak Europe, your morning brief on the

0:16:07.520 --> 0:16:10.600
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