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Speaker 1: Good morning.

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Speaker 2: It's finally the twenty fourth of November here in London.

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Speaker 2: This is the BlueBag Daybreak you at podcast. I'm Caroline Hepki.

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Speaker 3: And I'm Stephen Carroll. Coming up today.

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Speaker 4: A fragile truce begins between Israel and Hamas in Gaza

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Speaker 4: ahead of an expected hostage release.

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Speaker 2: Barkley's is reportedly looking to shed up to two thousand

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Speaker 2: jobs and slash a billion pounds in costs.

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Speaker 4: And billionaire buyers get cold feet. High net Worth house

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Speaker 4: hunters give UK purchases the cold shoulder and instead opt

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Speaker 4: to rent.

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

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Speaker 4: A temporary ceasefire in the war between Israel and Hamas

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Speaker 4: has begun. In the coming hours, the first group of

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Speaker 4: Israeli hostages is expected to leave Gaza. In total, Hamas

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Speaker 4: has agreed to free fifty hostages, while Israel will release

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Speaker 4: one hundred and fifty jailed Palestinians, all of those involved

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Speaker 4: in the dealer, women and children. Speaking yesterday, Israel's Prime

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Speaker 4: Minister Benjaminettannia, who said he's still confident of freeing all

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Speaker 4: of the roughly two hundred and four people abducted by

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Speaker 4: Hamas during the deadly October seventh attack.

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Speaker 5: We hope to get our hosts as out. It's not

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Speaker 5: without its challenges, but we hope to get this first

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Speaker 5: trunch out and then we're committed to getting everyone out.

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Speaker 5: But we'll continue with our war aims, namely to eradicate Commas,

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Speaker 5: because Commas has only promised that they will do this

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Speaker 5: again and again and again.

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Speaker 4: Netania, who made the comments during a press conference with

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Speaker 4: David Cameron, who was on his first visit to Israel

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Speaker 4: since becoming the UK's Foreign secretary. He says it's important

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Speaker 4: to the deal between Hamas and Israel is fulfilled.

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Speaker 6: We hope to see this humanitarian pause. I think that's

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Speaker 6: important because it's an opportunity to get hostages out and

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Speaker 6: to get aid in, and I hope and would urge

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Speaker 6: everyone who's involved in that agreement to make sure that

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Speaker 6: it happens.

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Speaker 4: David Cameron's comments on the agreement come as more aid

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Speaker 4: is expected to flow into Gaza during the pause and hostilities.

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Speaker 4: The Hamas run government media office said as that close

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Speaker 4: to fifteen thousand people have now been killed in the

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Speaker 4: Palestinian enclave, with the UN callingists a humanitarian disaster.

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Speaker 2: Now let's move to some corporate news, Barclays is said

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Speaker 2: to be working on plans to reduce costs by as

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Speaker 2: much as a billion pounds in a move that could

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Speaker 2: lead to thousands of job losses.

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Speaker 1: With more his bloombergs at Ewan Potts.

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Speaker 3: The cuts of Barclays could involve as many as two

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Speaker 3: thousand jobs, equivalent to about two percent of the bank's workforce.

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Speaker 3: According to report from Reuters, the headcount reduction would be

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Speaker 3: primarily from the lenders back office operations, with the proposals

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Speaker 3: currently being reviewed by top managers at the bank. A

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Speaker 3: spokesperson for Barclays declined to comment on the story. The

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Speaker 3: report comes just weeks after Barclay's reveal it was looking

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Speaker 3: at ways to reduce structural costs in a bid to

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Speaker 3: increase profits. This after it reported disappointing third quarter earnings

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Speaker 3: that prompted a fresh slide in the bank's share price

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Speaker 3: in London. I'm ewing pots Bloomberg Radio.

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Speaker 4: Jeremy will suspend a constitutional limit on net and you

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Speaker 4: borrowing for a fourth consecutive year. This comes after Chancellor

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Speaker 4: laf Schultz's government was forced into a radical budget overhauled

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Speaker 4: by a ruling last week. From the country's top court.

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Speaker 4: More now from Bloomberg's Zoech Nevis Christian Lindner.

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Speaker 7: The finance minister is a fiscal hawk, and he had

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Speaker 7: said in twenty twenty three we're going back to the

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Speaker 7: death break now that all would have been fine if

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Speaker 7: it hadn't been that the way Germany was spending that

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Speaker 7: money wasn't a way that was outside of the normal budget.

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Speaker 7: That Constitutional court decision last week said that is not okay,

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Speaker 7: that that you can't function like this, it's unconstitutional. So

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Speaker 7: that means that they've spent all this money for twenty

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Speaker 7: twenty three and it's late November at this stage, you

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Speaker 7: can't get that money back in any other way.

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Speaker 4: Bloomberg Zoeich Novice says the emergency move to lift the

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Speaker 4: so called debt break will be part of a revised

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Speaker 4: twenty twenty three budget to be presented next week.

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Speaker 2: According to reports, Nissan will produce two new types of

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Speaker 2: electric vehicles here in the UK. The Japanese carmaker will

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Speaker 2: manufacture the new Cash, Cai and Duke electric models and

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Speaker 2: its plant in Sunderland. Helped by financial support from the

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Speaker 2: UK government, Nissan had committed to a one billion pound

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Speaker 2: upgrade of the factory in twenty twenty one, where it

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Speaker 2: already makes the Leaf model. It comes as talks continue

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Speaker 2: with the EU to avoid the imposition of post Brexit

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Speaker 2: tariffs on electric cars due to come into force in January.

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Speaker 4: New data shows UK consumers are more willing to splash

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Speaker 4: out on big purchases. Market research company GfK's Consumer Confidence

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Speaker 4: Index shows this month's six point rise comes after a

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Speaker 4: fall in October. It's the biggest increase since April, but

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Speaker 4: the score is still at minus twenty four. A further

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Speaker 4: boost in spending is likely in December after Chancellor Jeremy

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Speaker 4: Hunt announced major tax cuts this week and finally.

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Speaker 2: Growing costs are putting multimillionaires and even billionaires off buying

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Speaker 2: homes in the UK, according to new data. Bluebog's tiwa

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Speaker 2: Adebayo has the details.

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Speaker 8: New data shows that those with cash to splash at

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Speaker 8: the very top end of the British property market and

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Speaker 8: now more likely to rent than by According to a

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Speaker 8: report by luxury broker Beecham, billionaires and multimillionaires spent a

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Speaker 8: total of three hundred and forty million on London homes

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Speaker 8: valued above fifteen million pounds in the first half of

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Speaker 8: the year. That's down from over four hundred million pounds

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Speaker 8: over the same period last year. But as purchases are falling,

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Speaker 8: the high end rental market is booming. The number of

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Speaker 8: super prime homes being let out in the first half

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Speaker 8: of this year double the twenty twenty two figure. Beecham

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Speaker 8: Estates say stamp duty, financial scrutiny and a possible labour

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Speaker 8: government are concerns for billionaires looking to buy property in Britain.

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Speaker 8: In London, tiwa Adebayo, Bloomberg Radio.

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Speaker 2: Now in a moment we'll be getting more details on

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Speaker 2: the cost cutting plan at Barclay's that we mentioned. But

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Speaker 2: that GfK Consumer Confidence a survey surprising rebound in consumer confidence.

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Speaker 2: Maybe that means that people will be inspired by a

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Speaker 2: bigger Christmas presents.

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Speaker 4: Well, and if you're looking for an idea our Bloomberg

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Speaker 4: Opinions Andrea Felstad has a great piece out today looking

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Speaker 4: at how the price of some luxury watches may fall.

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Speaker 4: A Diamond Rolex Anyone is the title of the piece.

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Speaker 4: This of course, as we've seen the slowdown in luxury spending,

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Speaker 4: we've seen some of the big names in that sector.

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Speaker 4: Of course, reporting a slowdown in sales too. But also

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Speaker 4: Andrea points out that rough diamond prices have begun to stabilize.

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Speaker 4: One the man made diamond values remain under pressure, and

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Speaker 4: that could see the likes of Rolex or Paddock fleep

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Speaker 4: watches change hands for less than they did eighteen months ago,

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Speaker 4: making some bargains. Andrea says, likely this it will suggests

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Speaker 4: they won't get cheaper still, so perhaps it could be

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Speaker 4: the time to be investing in a fancy watch.

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Speaker 8: Yeah.

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Speaker 1: Well, apparently pandemic.

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Speaker 2: During the pandemic and just after the pandemic, that was

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Speaker 2: the kind of peak time I think people sort of yeah,

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Speaker 2: buying more significant gifts for others. But now, she says,

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Speaker 2: actually prices are coming down, maybe the moment to look

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Speaker 2: a nice piece from Bloomberg pinning commnist ANDREWA. Felstit then,

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Speaker 2: who of course covers the luxury market for us.

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Speaker 4: Well, let's turn to the latest events in the Middle East. Now,

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Speaker 4: with the four day trade steen Israel and Hamas has

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Speaker 4: come into effects. The first hostages are expected to be

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Speaker 4: released from Gaza later today. Bloomberg's On Our Aunt has

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Speaker 4: more on this story for us. Good morning to you

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Speaker 4: on what's happened then so far?

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Speaker 9: This morning, the forty truth between Israel and Hamas went

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Speaker 9: into effect just over an hour ago, and following that

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Speaker 9: we now have the countdown.

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Speaker 7: In about four.

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Speaker 9: Hours, we expect Hamas to release the first group of

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Speaker 9: Israeli prisoners that it's been holding as captives since the

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Speaker 9: October seven attacks, and in return, Israel will then release

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Speaker 9: a Listinians currently being held in Israeli prisons. For every

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Speaker 9: Israeli hostage that Hamas releases, Israel will release three senior

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Speaker 9: people from its prisons at the same time. Right after

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Speaker 9: the Truth began, we saw that some humanitarian aid started

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Speaker 9: going into Gaza for the first time since this war began,

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Speaker 9: and I think the very first trucks that went in

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Speaker 9: we're carrying cooking gas, which obviously is very critical for

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Speaker 9: more than two million people who are currently living in

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Speaker 9: Gaza in what the UN calls a dire humanitarian situation.

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Speaker 8: Yeah.

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Speaker 2: Absolutely, and so that's the timetable then for the release

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Speaker 2: of prisoners from is Well, what do we know about

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Speaker 2: the hostage release from Garza? And you mentioned also the

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Speaker 2: humanitarian aid for Gaza. What are meant to be the

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Speaker 2: next steps?

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Speaker 3: Then?

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Speaker 1: In the next few days.

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Speaker 9: We originally believed that Hamas would be releasing fifty Israeli

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Speaker 9: hostages that it's been holding as captives in one go.

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Speaker 9: As of yesterday, our belief has changed based on reporting

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Speaker 9: out of and elsewhere, and now we believe that Hamas

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Speaker 9: will release those people gradually over the next four days,

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Speaker 9: which is the duration of the original truce agreement, and

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Speaker 9: as it does that Israel in return, will continue releasing

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Speaker 9: the people that it agreed to release from Israeli prisons

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Speaker 9: once that comes to an end. The current Truth Agreement

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Speaker 9: allows an extension of the Truth by a day every

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Speaker 9: time Hamas agrees to release ten additional Israeli hostages. Now,

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Speaker 9: that is a clause that was built into disagreement by

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Speaker 9: mediators and diplomats who believed that putting together this short

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Speaker 9: term truce agreement and possibly extending it one day at

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Speaker 9: a time will give them enough time to try and

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Speaker 9: diffuse tensions between the warring parties and possibly bring them

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Speaker 9: to a point where they can talk about a longer

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Speaker 9: term peace solution. Whether or not that's going to happen,

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Speaker 9: we cannot say now, but obviously among the Israeli authorities,

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Speaker 9: the narrative is that their main objective remains unchanged, and

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Speaker 9: that it is to annihilate and destroy Hamas in the

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Speaker 9: Gaza strip, and that the pause is not an end

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Speaker 9: to the war. And that's something that they actually repeated

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Speaker 9: after the Truth went into effect just over an hour ago.

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Speaker 4: On as we're speaking to you, I'm just saying that

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Speaker 4: a spokesperson for the Hamas run border crossing into Gaza

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Speaker 4: has been speaking to our colleague Farus al Ghoul, saying

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Speaker 4: that the four first four trucks carrying fuel and cooking

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Speaker 4: gas entered have been allowed to enter into Gaza as

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Speaker 4: the ceasefire has taken effects. That's another aspect of this

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Speaker 4: agreement as well, to allow more of that sort of.

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Speaker 3: Aid to enter.

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Speaker 4: That spokesperson saying there are two hundred trucks if humanitarian

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Speaker 4: supplies expects to be delivered into Gaza on Friday. I

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Speaker 4: did want to ask you though about one other aspect

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Speaker 4: of this conflict that we have been watching very clear.

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Speaker 4: Oh see as well, this is the truth of course

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Speaker 4: been Israel and Hamas, but the exchange of fire has

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Speaker 4: continued between Israel and Hezbolah on the northern border of

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Speaker 4: Israel and Lebanon.

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Speaker 9: That's true, and that's a very key point to keep

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Speaker 9: in mind for anyone following the war. The truth agreement

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Speaker 9: is between Hamas and Israel. Now, whether or not other

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Speaker 9: Iranian backed militant groups in the region, such as Hesbula

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Speaker 9: and Lebanon or Hutis in Yemen, will stick to the

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Speaker 9: gist of this agreement, we don't know yet. As you said,

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Speaker 9: just yesterday, we had a very violent day between Israel

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Speaker 9: and Hezbolah following an Israeli airstrike inside Lebanon that apparently

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Speaker 9: killed five members of the militant group, including the son

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Speaker 9: of the militant group's political representative in parliament. There have

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Speaker 9: been about fifty launches of Katusha rockets by Hasbola into Israel.

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Speaker 9: That was a real escalation. So far this morning, we

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Speaker 9: haven't seen a repeat of that. Does that mean it's

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Speaker 9: not going to happen, Well, we don't know. What we

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Speaker 9: know is this The Iranian Foreign minister, who's currently traveling

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Speaker 9: across the region, was in Qatar overnight where he said

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Speaker 9: that he welcomed the truth Agreement. Now, his statement also

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Speaker 9: had a long caveat that included warnings against Israel to

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Speaker 9: end the war, but overall, he said, he welcomes the truth. Now,

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Speaker 9: that's key because we know that Iran has great influence

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Speaker 9: over the militant groups that it backs, such as Huthi's

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Speaker 9: and Hesbola, and they have been the main two players

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Speaker 9: in the region outside of Hamas, outside of Gaza Strip

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Speaker 9: that have been attacking or trying to attack Israel with

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Speaker 9: missiles and drones that they have in their arsenal honor.

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Speaker 2: Okay, thank you for being with us today Bloomberg's honor

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Speaker 2: and giving us the latest details are on the Middle

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Speaker 2: East right now, Well.

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Speaker 4: Let's turn to the news out of Barclays next and

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Speaker 4: reports the banker's working and a cost cutting plan of

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Speaker 4: up to a billion pounds over several years. Reuters reporting

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Speaker 4: got up to two thousand jobs. Maybe a last UK

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Speaker 4: correspondent Lizzie Burden is here with us for more and Lizzie,

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Speaker 4: what are the details in this report?

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Speaker 10: So, Stephen, two thousand jobs represents two percent of the

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Speaker 10: Barclay's workforce roughly, and if they want to save a

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Speaker 10: billion pounds, that would represent about seven percent of its

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Speaker 10: underlying annual operating expenses in twenty twenty two. In terms

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Speaker 10: of where the axe is going to fall. Reuter's reports

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Speaker 10: that any cuts would be primarily at BX Barclay's execution services,

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Speaker 10: that's back office basically, and the cuts would happen over

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Speaker 10: several years, although it's not definite yet. The talks are

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Speaker 10: still ongoing. So this is just the latest in the

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Speaker 10: string of cost cutting measures that Barclay's has undertaken in

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Speaker 10: recent years. They slash bonuses and jobs in retail and

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Speaker 10: investment banking. BX has had to consolidate support for UK

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Speaker 10: retail and international. The irony is, when it was created

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Speaker 10: in twenty seventeen, BX was designed to eliminate duplication and

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Speaker 10: now it could be the victim of the efficiency cuts.

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Speaker 2: How does the situation then facing BARK is compared to rivals, Well,

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Speaker 2: if you.

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Speaker 10: Look at the share price, it's down eleven point five

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Speaker 10: percent this year. It's had a tax well, a talent exodus.

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Speaker 10: It's made it harder to compete with the lights of

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Speaker 10: Deutscher and Bampa Paraban ubs and they've struggled to keep

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Speaker 10: up with US rivals as well, especially in trading. And

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Speaker 10: on top of that, you'll remember there is the trading

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Speaker 10: blunder that's cost the bank hundreds of millions of dollars,

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Speaker 10: so ultimately scores on the doors. Barclay's share price is

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Speaker 10: down twenty six percent since the CEO took over two

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Speaker 10: years ago. Deutsch's share price hasn't moved much, and HSBC's

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Speaker 10: gained thirty seven percent, So Aven Kate Krishnan is going

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Speaker 10: to be desperate to change direction.

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Speaker 1: Here.

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Speaker 3: This is Bloomberg Daybreak Europe.

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Speaker 4: You're morning brief on the stories making news from London

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