1
00:00:02,520 --> 00:00:07,000
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:09,760 --> 00:00:13,000
Speaker 2: This is the Bloomberg deba curate podcast. Good morning, It's Wednesday,

3
00:00:13,000 --> 00:00:16,040
Speaker 2: the fifteenth of July. I'm Caroline Hipcot in London and.

4
00:00:16,000 --> 00:00:19,560
Speaker 1: I'm Stephen Carolin Brussels. Coming up today, The United States

5
00:00:19,640 --> 00:00:23,079
Speaker 1: hits dozens of targets in Iran as President Trump drops

6
00:00:23,079 --> 00:00:25,520
Speaker 1: his plan for a twenty percent shipping charge in the

7
00:00:25,520 --> 00:00:26,440
Speaker 1: Strait of Hormuz.

8
00:00:27,000 --> 00:00:30,920
Speaker 2: The Bank of England's Bailey warns Britain must maintain fiscal

9
00:00:31,040 --> 00:00:34,400
Speaker 2: discipline as Andy Burnhat prepares to become the UK's next

10
00:00:34,400 --> 00:00:35,040
Speaker 2: Prime Minister.

11
00:00:35,520 --> 00:00:39,320
Speaker 1: Plus the wild West of home testing. Medical professionals warn

12
00:00:39,360 --> 00:00:42,280
Speaker 1: of the risks of using kits being marketed to consumers

13
00:00:42,560 --> 00:00:43,519
Speaker 1: on social media.

14
00:00:44,040 --> 00:00:46,160
Speaker 2: Let's start with a roundup of our top stories.

15
00:00:46,720 --> 00:00:49,280
Speaker 1: The United States has launched a seven hour wave of

16
00:00:49,320 --> 00:00:52,640
Speaker 1: strikes against Iran, hitting dozens of military targets near the

17
00:00:52,640 --> 00:00:56,560
Speaker 1: Strait of Hormos and along the country's southern coast. US

18
00:00:56,600 --> 00:00:59,960
Speaker 1: Central Commands has fighter jets, drones, and warships targeted miss

19
00:01:00,040 --> 00:01:03,920
Speaker 1: style sites, naval assets, and coastal defenses in an effort

20
00:01:03,920 --> 00:01:07,920
Speaker 1: to further degrade Around's ability to threaten commercial shipping Earlier,

21
00:01:07,959 --> 00:01:11,280
Speaker 1: President Trump abandoned plans to impose a twenty percent fee

22
00:01:11,280 --> 00:01:14,480
Speaker 1: on cargoes passing through the Strait of Hormus after Gulf

23
00:01:14,520 --> 00:01:16,679
Speaker 1: States urged him to reconsider.

24
00:01:17,040 --> 00:01:18,840
Speaker 3: I don't think anybody should be able to charge a

25
00:01:18,880 --> 00:01:22,160
Speaker 3: fee for the for the straight or for any other

26
00:01:23,040 --> 00:01:27,000
Speaker 3: straight relationship in terms of other sections of the world.

27
00:01:27,000 --> 00:01:29,800
Speaker 3: I don't think anybody should be really in their position.

28
00:01:30,319 --> 00:01:33,280
Speaker 3: But we were doing it as a reimbursement. The Gulf

29
00:01:33,360 --> 00:01:36,199
Speaker 3: States are going to invest a tremendous amount of money

30
00:01:36,640 --> 00:01:40,160
Speaker 3: into the United States, and that was very satisfactory to me.

31
00:01:40,480 --> 00:01:42,200
Speaker 3: I think it's actually much better.

32
00:01:42,400 --> 00:01:45,240
Speaker 1: That Trump wouldn't say how much or which countries would

33
00:01:45,240 --> 00:01:48,560
Speaker 1: take part in that investment. The US President once again

34
00:01:48,640 --> 00:01:52,080
Speaker 1: warned that US strikes could expand to Iranian bridges and

35
00:01:52,240 --> 00:01:55,840
Speaker 1: power stations on less Tehran returns to negotiations.

36
00:01:56,240 --> 00:01:59,000
Speaker 2: The Governor of the Bank of England has delivered a

37
00:01:59,160 --> 00:02:03,360
Speaker 2: thinly veil warning to incoming Prime Minister Andy Burnham, urging

38
00:02:03,440 --> 00:02:08,280
Speaker 2: him to prioritize economic growth while maintaining fiscal discipline. In

39
00:02:08,360 --> 00:02:11,360
Speaker 2: his Mansion House speech last night, Andrew Bailey said that

40
00:02:11,400 --> 00:02:14,960
Speaker 2: Britain's long term growth rate has more than halved since

41
00:02:15,000 --> 00:02:16,280
Speaker 2: the financial crisis.

42
00:02:16,960 --> 00:02:19,120
Speaker 4: Macroeconomisters is part of the answer.

43
00:02:19,120 --> 00:02:23,480
Speaker 2: Of course, stable inflation and sound public finances create the

44
00:02:23,560 --> 00:02:27,880
Speaker 2: conditions for investment and for planning. Bailey's comments came as

45
00:02:27,880 --> 00:02:31,320
Speaker 2: Bloomberg learned that advisers to incoming Prime Minister Andy Burnham

46
00:02:31,360 --> 00:02:34,960
Speaker 2: remained divided over his choice of chancellor. It's understood that

47
00:02:34,960 --> 00:02:38,600
Speaker 2: some of Burnham's closest allies have been arguing against appointing

48
00:02:38,800 --> 00:02:42,640
Speaker 2: ed Milliband and are increasingly convinced that they have now

49
00:02:42,720 --> 00:02:47,160
Speaker 2: won that argument. That's as the likely outgoing Chancellor, Rachel

50
00:02:47,200 --> 00:02:51,679
Speaker 2: Reeves says that the next government must combine ambitious reform

51
00:02:51,880 --> 00:02:53,359
Speaker 2: with economic credibility.

52
00:02:53,960 --> 00:02:57,240
Speaker 5: This government has shown that change, indeed at radical change

53
00:02:57,400 --> 00:03:01,320
Speaker 5: is possible. Governments can achieve that change only when they

54
00:03:01,360 --> 00:03:05,960
Speaker 5: combine radicalism with credibility. That hard won credibility must be

55
00:03:06,040 --> 00:03:09,239
Speaker 5: sustained if this work of radical change is to continue.

56
00:03:09,480 --> 00:03:12,760
Speaker 2: Reeves also told the audience of senior finance and business

57
00:03:12,800 --> 00:03:16,160
Speaker 2: figures at Mansion House that she believes Britain's future depends

58
00:03:16,200 --> 00:03:20,560
Speaker 2: on keeping the confidence of investors while rebuilding ties with

59
00:03:20,600 --> 00:03:21,600
Speaker 2: the European Union.

60
00:03:22,000 --> 00:03:24,359
Speaker 1: Just some breaking earnings news now the Dutch chip equipment

61
00:03:24,400 --> 00:03:27,919
Speaker 1: maker ASML is expecting fullier net sales of between forty

62
00:03:28,000 --> 00:03:32,200
Speaker 1: three to forty five billion euros, far above expectations. It

63
00:03:32,280 --> 00:03:34,320
Speaker 1: also gave a bullish forecast for the three months to

64
00:03:34,360 --> 00:03:36,760
Speaker 1: the end of September of net sales at between eleven

65
00:03:36,800 --> 00:03:40,320
Speaker 1: and twelve billion euros. For the most recent periods, the

66
00:03:40,320 --> 00:03:43,640
Speaker 1: company reported net sales of nine point three billion euros

67
00:03:43,640 --> 00:03:47,480
Speaker 1: that was also above expectations. It says that it's investigating

68
00:03:47,560 --> 00:03:51,640
Speaker 1: plans to boost capacity another thirty percent for twenty twenty eight.

69
00:03:51,680 --> 00:03:54,200
Speaker 1: This is analysts have been seeking clarity on whether ASML

70
00:03:54,240 --> 00:03:57,440
Speaker 1: can expand its capacity in the face of soaring demand

71
00:03:57,480 --> 00:03:59,800
Speaker 1: from artificial intelligence developers.

72
00:04:00,320 --> 00:04:02,840
Speaker 2: China's economy grew at its slowest pace in more than

73
00:04:02,880 --> 00:04:05,520
Speaker 2: three years in the last quarter, expanding by four point

74
00:04:05,520 --> 00:04:09,320
Speaker 2: three percent. That's below Beijing's target range of four and

75
00:04:09,360 --> 00:04:12,160
Speaker 2: a half to five percent. The weaker than expected data

76
00:04:12,280 --> 00:04:15,520
Speaker 2: is likely to increase pressure on policymakers to step up

77
00:04:15,560 --> 00:04:19,039
Speaker 2: support for the world's second largest economy. Officials are now

78
00:04:19,040 --> 00:04:23,880
Speaker 2: expected to consider faster public spending and more infrastructure investment

79
00:04:24,160 --> 00:04:27,159
Speaker 2: when China's top leaders meet later this month.

80
00:04:27,800 --> 00:04:30,120
Speaker 1: China and India could be hit by a new US

81
00:04:30,160 --> 00:04:33,320
Speaker 1: sanctions bill targeting the top five buyers of Russian oil

82
00:04:33,360 --> 00:04:36,440
Speaker 1: and gas. The legislation, being backed by President Trump, was

83
00:04:36,520 --> 00:04:39,599
Speaker 1: spearheaded by the late Senator Lindsay Graham. It would grant

84
00:04:39,600 --> 00:04:42,000
Speaker 1: the US authority to hit countries with tariff rates of

85
00:04:42,080 --> 00:04:45,640
Speaker 1: up to one hundred percent Democratic Senator Richard Blumenthal as

86
00:04:45,680 --> 00:04:47,640
Speaker 1: one of the bills bipartisan backers.

87
00:04:48,480 --> 00:04:52,120
Speaker 6: It's been referred to as a tariff's bill, but actually

88
00:04:52,640 --> 00:04:58,080
Speaker 6: it imposes full blocking sanctions on why swaths of the

89
00:04:58,440 --> 00:05:06,960
Speaker 6: Russian economy, including its energy industry, financial industry, defense industrial base, oligarchs,

90
00:05:07,040 --> 00:05:10,560
Speaker 6: business people, and Vladimir Putin himself.

91
00:05:10,680 --> 00:05:13,000
Speaker 1: Bloom and Tell insisted that any tariff measures would be

92
00:05:13,080 --> 00:05:17,039
Speaker 1: quote targeted separately. In Europe, EU ambassadors will meet again

93
00:05:17,120 --> 00:05:19,479
Speaker 1: today to try and get the block's latest Russian sanctions

94
00:05:19,520 --> 00:05:20,880
Speaker 1: package across the line.

95
00:05:21,000 --> 00:05:24,760
Speaker 2: The number of hot days in London above thirty degrees

96
00:05:24,880 --> 00:05:28,640
Speaker 2: have quadrupled since the nineteen eighties. Data from the State

97
00:05:28,720 --> 00:05:32,200
Speaker 2: of the UK Climate Report suggests that temperatures in the

98
00:05:32,240 --> 00:05:35,640
Speaker 2: southeast of England are now four point five degrees higher

99
00:05:35,800 --> 00:05:38,720
Speaker 2: on the hottest days. Bloomberg's Weather and climate reporter to

100
00:05:38,839 --> 00:05:42,719
Speaker 2: Joe Wertz says Europe's record breaking heat waves are taking

101
00:05:42,839 --> 00:05:44,560
Speaker 2: a human toll.

102
00:05:44,680 --> 00:05:48,840
Speaker 7: We've seen thousands and thousands of deaths across Europe, five

103
00:05:48,880 --> 00:05:53,120
Speaker 7: thousand in Germany, health authorities there said last week, and

104
00:05:53,520 --> 00:05:57,120
Speaker 7: thousands of war and Spain and France, and really, as

105
00:05:57,160 --> 00:05:59,920
Speaker 7: the researchers and governments and these different countries start to

106
00:06:00,000 --> 00:06:02,400
Speaker 7: take a look at the numbers, I think everyone thinks

107
00:06:02,760 --> 00:06:05,440
Speaker 7: we're going to see more and more deaths attributed to

108
00:06:05,480 --> 00:06:06,520
Speaker 7: these extreme temperatures.

109
00:06:07,040 --> 00:06:11,040
Speaker 2: Bloomberg's Joe Wertz there as infrastructure and energy networks across

110
00:06:11,080 --> 00:06:14,239
Speaker 2: the continent continue to be strained. Heat waves in France

111
00:06:14,360 --> 00:06:17,520
Speaker 2: have lifted summer power use to the highest level since

112
00:06:17,560 --> 00:06:18,839
Speaker 2: twenty twenty two.

113
00:06:19,040 --> 00:06:22,320
Speaker 1: Open ai is preparing to bring it artificial intelligence into

114
00:06:22,360 --> 00:06:25,640
Speaker 1: the home with a new kind of consumer device. Bloomboogs

115
00:06:25,680 --> 00:06:26,800
Speaker 1: Ewan Parts has more.

116
00:06:26,960 --> 00:06:29,840
Speaker 8: Bloomberg has learned that open ai is developing a screen

117
00:06:29,920 --> 00:06:32,680
Speaker 8: free smart speaker slated as a new type of home

118
00:06:32,680 --> 00:06:35,880
Speaker 8: computer for the AI era, which told the device will

119
00:06:35,920 --> 00:06:39,479
Speaker 8: act as a human like companion, controlling smart home appliances,

120
00:06:39,560 --> 00:06:43,760
Speaker 8: playing media, answering questions, and responding some messages using chat GPT.

121
00:06:44,480 --> 00:06:47,880
Speaker 8: The technology is meant to become increasingly personalized and proactive

122
00:06:47,880 --> 00:06:50,839
Speaker 8: as it gains a deeper understanding of its owner over time,

123
00:06:51,320 --> 00:06:54,000
Speaker 8: and puts open Ai into more direct competition with the

124
00:06:54,120 --> 00:06:57,520
Speaker 8: likes of Apple, Amazon and Google. In London, i'm une

125
00:06:57,520 --> 00:06:58,640
Speaker 8: pots Bloomberg Radio.

126
00:07:00,080 --> 00:07:04,120
Speaker 2: The Spain have stunned France with a two nil victory

127
00:07:04,160 --> 00:07:08,120
Speaker 2: to reach the World Cup Final. Their discipline defense proved

128
00:07:08,160 --> 00:07:10,640
Speaker 2: too much for an attack led by Killian and Babbet.

129
00:07:11,000 --> 00:07:13,320
Speaker 2: Here's the view of one Spanish fan.

130
00:07:14,680 --> 00:07:15,280
Speaker 1: Moilliam Will.

131
00:07:15,680 --> 00:07:19,280
Speaker 9: They played very well, very well, and we did everything

132
00:07:19,320 --> 00:07:22,480
Speaker 9: we could, even though the French team was also very good.

133
00:07:22,880 --> 00:07:26,040
Speaker 9: So see you next time to win and long live Spain.

134
00:07:26,560 --> 00:07:29,680
Speaker 2: Spain have conceded just one goal throughout the tournament. They

135
00:07:29,680 --> 00:07:33,440
Speaker 2: will face either England or Argentina, who meet tonight for

136
00:07:33,520 --> 00:07:36,880
Speaker 2: the other place in the final. Thomas Tucles England are

137
00:07:36,920 --> 00:07:40,960
Speaker 2: aiming to end the defending champion's reign. Stephen, Do I

138
00:07:41,040 --> 00:07:44,120
Speaker 2: need to mention that kickoff is eight pm tonight in

139
00:07:44,280 --> 00:07:48,040
Speaker 2: England London? Time probably not right. Let's kept to the

140
00:07:48,160 --> 00:07:52,440
Speaker 2: markets than this hour, shall we looking at European stock futures?

141
00:07:52,600 --> 00:07:55,480
Speaker 2: We are in the green this morning, even as oil

142
00:07:55,600 --> 00:07:58,920
Speaker 2: prices continue to rise. Brank Crud at eighty five dollars

143
00:07:58,960 --> 00:08:01,560
Speaker 2: at fifty three, up by almost one percent, only a

144
00:08:01,680 --> 00:08:05,720
Speaker 2: handful of vessels crossing the Strait of Hormuz. Other markets

145
00:08:05,760 --> 00:08:08,880
Speaker 2: of note the Cosby we've got dip buiers and a

146
00:08:09,040 --> 00:08:12,280
Speaker 2: huge surge of seven percent for the Cosby led by

147
00:08:12,400 --> 00:08:15,720
Speaker 2: Rally and sk Heinigs. But those Chinese GDP figures mean

148
00:08:15,760 --> 00:08:20,040
Speaker 2: that Shanghai Shanzen indices are slipping and TENU treasure yields.

149
00:08:20,040 --> 00:08:23,360
Speaker 2: This morning, ahead of the PPI data, we had an

150
00:08:23,480 --> 00:08:28,000
Speaker 2: unexpectedly weaker than expected print for the CPI inflation. But

151
00:08:28,000 --> 00:08:30,920
Speaker 2: we get PPI today a four point six percent for

152
00:08:31,000 --> 00:08:33,600
Speaker 2: teny usils up by about a basis point. The Fed's

153
00:08:33,880 --> 00:08:37,439
Speaker 2: chair Kevin Walshing the Central Bank's mission on inflation wasn't accomplished.

154
00:08:37,559 --> 00:08:40,640
Speaker 2: The Bank of England governor, urging a UK growth pushed

155
00:08:40,720 --> 00:08:41,720
Speaker 2: those other markets.

156
00:08:42,520 --> 00:08:43,840
Speaker 1: In a moment, we'll bring you more on how the

157
00:08:43,840 --> 00:08:46,440
Speaker 1: City of London received those speeches from Rachel Reeves and

158
00:08:46,440 --> 00:08:49,920
Speaker 1: Andrew Bailey, plus why medical professionals are warning about a

159
00:08:50,000 --> 00:08:53,640
Speaker 1: wild West in home testing. Put another story that we've

160
00:08:53,640 --> 00:08:56,199
Speaker 1: been reading this morning on how social media posts are

161
00:08:56,200 --> 00:09:00,840
Speaker 1: now traveling much further thanks to AI powered translation. Briberck

162
00:09:00,840 --> 00:09:03,240
Speaker 1: opinion columnists florod Redly has been writing about this in

163
00:09:03,280 --> 00:09:06,120
Speaker 1: the context of the World's Cup. He points to a

164
00:09:06,160 --> 00:09:10,160
Speaker 1: post about Egypt's defeat to Argentina, originally posted in Spanish,

165
00:09:10,280 --> 00:09:13,520
Speaker 1: seen around the world thanks to the automatic translation provided

166
00:09:13,559 --> 00:09:16,760
Speaker 1: on the X platform now. Growd points out that each

167
00:09:16,760 --> 00:09:20,720
Speaker 1: World Cup contents its own technological advance, a signpost perhaps

168
00:09:20,760 --> 00:09:24,040
Speaker 1: to how much can change in four years. But this,

169
00:09:24,280 --> 00:09:26,240
Speaker 1: he says, is the first time that he gets to

170
00:09:26,280 --> 00:09:28,640
Speaker 1: see what people in other cultures are saying about football

171
00:09:28,760 --> 00:09:32,600
Speaker 1: in their own words, removing a language barrier and democratizing

172
00:09:32,640 --> 00:09:37,120
Speaker 1: the conversation and also revealing the wit of multiple cultures.

173
00:09:37,600 --> 00:09:41,360
Speaker 1: I think a lot of us have despaired about how

174
00:09:41,760 --> 00:09:44,760
Speaker 1: AI could be replacing necessary human skills, and I think

175
00:09:44,800 --> 00:09:47,719
Speaker 1: those of us that sweated over learning other languages are

176
00:09:47,720 --> 00:09:50,360
Speaker 1: perhaps feeling a little bitter about it. But you know,

177
00:09:50,400 --> 00:09:53,000
Speaker 1: the transitions aren't perfect, but they are opening a door

178
00:09:53,520 --> 00:09:57,000
Speaker 1: to perhaps better cross cultural understanding. Is that too far?

179
00:09:57,600 --> 00:09:59,839
Speaker 2: No, I think it's I think it's fantastic and it

180
00:10:00,120 --> 00:10:02,240
Speaker 2: is useful, And yes, I was one of those people

181
00:10:02,320 --> 00:10:04,840
Speaker 2: who you know, worked very hard to try to get

182
00:10:04,840 --> 00:10:06,839
Speaker 2: my German a bit more fluent than it is now.

183
00:10:07,640 --> 00:10:10,679
Speaker 2: I think it's also great because it does translate kind

184
00:10:10,720 --> 00:10:13,640
Speaker 2: of colloquial language and it's just at speed. I think

185
00:10:13,679 --> 00:10:17,840
Speaker 2: that's the amazing thing. And you know, Garoyd talks about

186
00:10:18,080 --> 00:10:22,360
Speaker 2: Killian and Bappe and that that whole kind of the

187
00:10:22,400 --> 00:10:25,800
Speaker 2: repults to the Paraguayan senator who had attacked him in

188
00:10:25,800 --> 00:10:31,120
Speaker 2: these terrible racist tweets wrote back and that got huge attention,

189
00:10:31,520 --> 00:10:34,160
Speaker 2: you know, and then and Bapo supported by the French

190
00:10:34,280 --> 00:10:38,360
Speaker 2: Football Federation. I think that being able to reply quickly

191
00:10:38,679 --> 00:10:40,320
Speaker 2: and for so many people to be able to see it,

192
00:10:40,360 --> 00:10:42,640
Speaker 2: I think actually maybe had some impact.

193
00:10:43,320 --> 00:10:43,520
Speaker 3: Yeah.

194
00:10:43,559 --> 00:10:45,240
Speaker 1: Look, it's a really interesting piece. We'll put a LinkedIn

195
00:10:45,280 --> 00:10:47,959
Speaker 1: in our podcast show notes. Let's bring you more and

196
00:10:47,960 --> 00:10:49,360
Speaker 1: no though on the comments that we heard from the

197
00:10:49,400 --> 00:10:51,959
Speaker 1: Bank of England governor on economic policy ahead of Andy

198
00:10:51,960 --> 00:10:56,280
Speaker 1: Burnham becoming Prime minister outgoing Chancellor Rachel Reeve. You Reves

199
00:10:56,360 --> 00:10:57,960
Speaker 1: used her speech at the same event to the London

200
00:10:58,040 --> 00:11:00,400
Speaker 1: financial industry at Manchion House to say that you must

201
00:11:00,440 --> 00:11:03,960
Speaker 1: be much bolder in pursuit of closer ties with the

202
00:11:03,960 --> 00:11:07,320
Speaker 1: eu UR. City editor Catherine Griffith joins us now from

203
00:11:07,320 --> 00:11:10,040
Speaker 1: more Catherine, Good morning. Andrew Bailey very clear about what

204
00:11:10,120 --> 00:11:12,760
Speaker 1: the UK economy needs. Was this a prescription he was

205
00:11:12,800 --> 00:11:13,960
Speaker 1: handing to Andy Burnham.

206
00:11:14,120 --> 00:11:17,160
Speaker 4: I think he was definitely trying to hand a prescription

207
00:11:17,440 --> 00:11:19,680
Speaker 4: to Andy Burnham. And I don't think there will have

208
00:11:19,720 --> 00:11:22,560
Speaker 4: been anyone in the room last night who will have

209
00:11:22,600 --> 00:11:25,440
Speaker 4: disagreed with him that you need to very much focus

210
00:11:25,520 --> 00:11:30,520
Speaker 4: on growth while also having a strict, strong, stable approach

211
00:11:30,679 --> 00:11:34,920
Speaker 4: to the country's finances. I mean everyone knows that, of course,

212
00:11:35,000 --> 00:11:37,520
Speaker 4: but it's an important message for the Governor of the

213
00:11:37,559 --> 00:11:40,200
Speaker 4: Bank of England to deliver at this point, a few

214
00:11:40,280 --> 00:11:42,880
Speaker 4: days before Andy Burnham is set to become Prime Minister.

215
00:11:43,200 --> 00:11:46,480
Speaker 2: Rachel Reeves also speaking at Mansion House, I mean, probably

216
00:11:47,000 --> 00:11:51,760
Speaker 2: likely her last major address as Chancellor. What stood out

217
00:11:51,840 --> 00:11:53,080
Speaker 2: from her speech.

218
00:11:53,480 --> 00:11:56,760
Speaker 4: So her speech, which the Treasury trailed to an unbelievable

219
00:11:56,840 --> 00:12:00,840
Speaker 4: level this year, just an extraordinary level. It was a

220
00:12:00,880 --> 00:12:04,560
Speaker 4: political speech. It's not that normal for the speech of

221
00:12:04,720 --> 00:12:07,840
Speaker 4: the Chancellor at the Mansion House event to really be

222
00:12:07,920 --> 00:12:11,520
Speaker 4: sort of intended for people outside the room, but that

223
00:12:11,720 --> 00:12:14,520
Speaker 4: is what it was last night. A real sort of

224
00:12:14,640 --> 00:12:18,840
Speaker 4: robust defense of her legacy as Chancellor. And that of

225
00:12:18,920 --> 00:12:23,240
Speaker 4: the Kirstarmer government. It was interesting in the room because

226
00:12:23,720 --> 00:12:26,680
Speaker 4: there'd been this sort of silly sense of why on

227
00:12:26,720 --> 00:12:29,280
Speaker 4: earth is Rachel Reeves giving this speech? She may well

228
00:12:29,360 --> 00:12:32,640
Speaker 4: only be chancellor for a few more days. But at

229
00:12:32,679 --> 00:12:36,079
Speaker 4: the same time, actually she was received warmly. I think

230
00:12:36,080 --> 00:12:39,040
Speaker 4: there was a human level of she's had a tough job.

231
00:12:39,160 --> 00:12:43,280
Speaker 4: She got strong applause when she stood up, but there

232
00:12:43,280 --> 00:12:45,200
Speaker 4: are a lot of people in the city who do

233
00:12:45,280 --> 00:12:47,840
Speaker 4: not think she's done a good job as chancellor, but

234
00:12:48,000 --> 00:12:50,960
Speaker 4: are now not particularly to be faced by a summer

235
00:12:51,000 --> 00:12:55,120
Speaker 4: of instability, questions about who will be well, we will

236
00:12:55,160 --> 00:12:57,040
Speaker 4: know who will be the next chancellor soon, but then,

237
00:12:57,080 --> 00:12:59,000
Speaker 4: of course what on earth their policies will be. We

238
00:12:59,040 --> 00:13:01,760
Speaker 4: will have that speculation for weeks and weeks over the summer.

239
00:13:02,160 --> 00:13:04,760
Speaker 1: The imagin Hows dinner is always a really interesting moment

240
00:13:04,880 --> 00:13:08,040
Speaker 1: to gather those big wigs, I suppose from the city

241
00:13:08,080 --> 00:13:10,640
Speaker 1: of London, from the financial industry, along with those key

242
00:13:10,679 --> 00:13:14,760
Speaker 1: policy making names. What was the mood like in the room,

243
00:13:15,000 --> 00:13:17,680
Speaker 1: given that we are in this moment where there could

244
00:13:17,800 --> 00:13:21,280
Speaker 1: be quite a significant change of policy soon us next week.

245
00:13:21,640 --> 00:13:23,000
Speaker 4: There was a bit of a sense of here we

246
00:13:23,080 --> 00:13:27,480
Speaker 4: go again because we've had such turmoil in British politics

247
00:13:27,520 --> 00:13:32,880
Speaker 4: in recent years. The Mansion House dinner, coming usually in July,

248
00:13:33,240 --> 00:13:37,040
Speaker 4: has actually been moments of uncertainty a few times in

249
00:13:37,080 --> 00:13:40,200
Speaker 4: the last few years as various different governments have changed.

250
00:13:41,000 --> 00:13:44,720
Speaker 4: People are obviously hot because we're in another hot period

251
00:13:44,720 --> 00:13:47,800
Speaker 4: of time, but I think the message from the city

252
00:13:48,000 --> 00:13:51,679
Speaker 4: is a desperate desire to have some stability and clarity.

253
00:13:52,280 --> 00:13:55,760
Speaker 4: People were talking about the fact that share prices have

254
00:13:55,800 --> 00:13:58,800
Speaker 4: been a bit hit in recent weeks because people are

255
00:13:58,800 --> 00:14:02,880
Speaker 4: wondering who the UK ansler will be. There is a

256
00:14:02,960 --> 00:14:07,160
Speaker 4: sense that people don't really want the Energy Secretary Ed Miliband.

257
00:14:07,600 --> 00:14:09,880
Speaker 4: But at the other on the other hand, actually I

258
00:14:09,880 --> 00:14:13,200
Speaker 4: think some people think he's he's been effect a very

259
00:14:13,200 --> 00:14:18,480
Speaker 4: effective senior minister, so perhaps he and Burnham would be

260
00:14:18,520 --> 00:14:21,640
Speaker 4: a decent team. It's just whether if you were to

261
00:14:21,720 --> 00:14:25,840
Speaker 4: award Millerban that job, would he become quite dogmatic about

262
00:14:25,880 --> 00:14:29,840
Speaker 4: his views about the climate and the city. The business

263
00:14:29,840 --> 00:14:34,280
Speaker 4: world feel that would be damaging to jobs. There's just fevered,

264
00:14:34,480 --> 00:14:37,120
Speaker 4: endless speculation now about who will get that job, and

265
00:14:37,160 --> 00:14:38,360
Speaker 4: we will find out very soon.

266
00:14:38,760 --> 00:14:41,560
Speaker 2: I mean, whoever does get that job is it's actually

267
00:14:41,560 --> 00:14:44,080
Speaker 2: a difficult moment, isn't it? Because the UK economy does

268
00:14:44,120 --> 00:14:46,040
Speaker 2: seem to be worse seing just a little bit, and

269
00:14:46,080 --> 00:14:48,880
Speaker 2: the expectation is for high inflation in the UK and

270
00:14:48,880 --> 00:14:52,080
Speaker 2: that sort of promise of change that Kir Starmer came

271
00:14:52,160 --> 00:14:55,960
Speaker 2: in on also doesn't seem to have been that much

272
00:14:56,080 --> 00:14:58,120
Speaker 2: something that he was able to deliver in just two

273
00:14:58,200 --> 00:15:00,520
Speaker 2: short years. Catherine, thank you so much for with us

274
00:15:00,520 --> 00:15:03,600
Speaker 2: our city. Edisir Katherine Griffiths just taking us through what

275
00:15:03,760 --> 00:15:08,760
Speaker 2: happened last night of the Mansion House speeches. Stay with us.

276
00:15:08,960 --> 00:15:11,480
Speaker 2: More from Bloomberg daybaqube coming up after this.

277
00:15:12,840 --> 00:15:12,920
Speaker 4: Now.

278
00:15:13,040 --> 00:15:17,119
Speaker 1: Social media influencers are selling tests for sexually transmitted infections

279
00:15:17,160 --> 00:15:20,680
Speaker 1: directly to consumers over the internet, but a Bloomberg investigation

280
00:15:20,760 --> 00:15:23,200
Speaker 1: has found that some of the kids should only be

281
00:15:23,360 --> 00:15:26,560
Speaker 1: used by professionals. Our health reporter, Actually Furlong, joins us

282
00:15:26,600 --> 00:15:29,400
Speaker 1: now for more on this story. Actually, home testing for

283
00:15:29,520 --> 00:15:32,360
Speaker 1: various elements has been on the rise since the pandemic.

284
00:15:32,360 --> 00:15:34,440
Speaker 1: What did you discover about these tests that are being

285
00:15:34,440 --> 00:15:35,400
Speaker 1: marketed online?

286
00:15:35,680 --> 00:15:38,000
Speaker 10: So what we found is that many of these companies

287
00:15:38,080 --> 00:15:41,440
Speaker 10: are selling tests that are meant for professional use only.

288
00:15:41,560 --> 00:15:44,760
Speaker 10: So that really means you know, a nurse, a doctor

289
00:15:44,800 --> 00:15:49,200
Speaker 10: should be doing this test, but they're being advertised alongside

290
00:15:49,240 --> 00:15:53,800
Speaker 10: some tests that are actually approved for self testing, but

291
00:15:53,880 --> 00:15:58,160
Speaker 10: they being advertised as use in the home for patients.

292
00:15:58,280 --> 00:16:01,640
Speaker 10: And this really is sort of tapping into this, whether

293
00:16:01,680 --> 00:16:04,960
Speaker 10: it's embarrassment about going to the doctor or on sexual

294
00:16:05,000 --> 00:16:08,480
Speaker 10: health issues, whether it's difficulties of getting an appointment with

295
00:16:08,520 --> 00:16:11,600
Speaker 10: the NHS, and also this desire to take control of

296
00:16:11,640 --> 00:16:16,080
Speaker 10: your own health. So we saw quite a few companies

297
00:16:16,200 --> 00:16:19,520
Speaker 10: selling these tests, and we ordered them and we started

298
00:16:19,800 --> 00:16:22,320
Speaker 10: looked at the instructions and found out that they actually

299
00:16:22,320 --> 00:16:24,520
Speaker 10: really shouldn't be selling them to patients.

300
00:16:24,880 --> 00:16:27,520
Speaker 2: So then I suppose, why is it concerning that the

301
00:16:27,560 --> 00:16:30,880
Speaker 2: tests are being used by patients at home? I mean,

302
00:16:30,920 --> 00:16:34,560
Speaker 2: how are the companies that are selling them responding to

303
00:16:34,600 --> 00:16:35,320
Speaker 2: that criticism.

304
00:16:35,720 --> 00:16:38,440
Speaker 10: Why it's concerning is that, you know, these tests are

305
00:16:38,520 --> 00:16:43,200
Speaker 10: quite complicated when they're targeted at healthcare professionals. So if

306
00:16:43,240 --> 00:16:46,760
Speaker 10: you read the instructions, they're pretty difficult to carry out,

307
00:16:46,800 --> 00:16:50,520
Speaker 10: and if they were approved for home testing, they would

308
00:16:50,560 --> 00:16:53,440
Speaker 10: often have like really clear graphics for how to do them,

309
00:16:53,840 --> 00:16:56,760
Speaker 10: and really importantly, they would have signposting to like if

310
00:16:56,800 --> 00:16:59,400
Speaker 10: this is a positive result, this is what you should do,

311
00:16:59,480 --> 00:17:01,160
Speaker 10: you know, goes to your doctor.

312
00:17:00,840 --> 00:17:01,320
Speaker 4: Et cetera.

313
00:17:02,360 --> 00:17:04,960
Speaker 10: And the tests that we had didn't really have that information.

314
00:17:05,640 --> 00:17:09,720
Speaker 10: The companies themselves, we've got a mixed response, but you know,

315
00:17:09,800 --> 00:17:12,040
Speaker 10: one of the one and one of the companies told

316
00:17:12,119 --> 00:17:15,480
Speaker 10: us very much, very clearly that you know, they were

317
00:17:15,560 --> 00:17:18,359
Speaker 10: these tests were very clear that they were for you know,

318
00:17:18,440 --> 00:17:20,960
Speaker 10: not for home use. But that wasn't really the case

319
00:17:20,960 --> 00:17:23,919
Speaker 10: when we ordered the tests that said home home test.

320
00:17:24,680 --> 00:17:27,800
Speaker 10: So you know that that response doesn't really stand up

321
00:17:29,440 --> 00:17:31,760
Speaker 10: to through the evans that we found and some of

322
00:17:31,760 --> 00:17:34,439
Speaker 10: the companies. One of the companies didn't respond to our

323
00:17:34,520 --> 00:17:35,440
Speaker 10: questions as well.

324
00:17:36,040 --> 00:17:38,320
Speaker 1: In your reporting, you looked at some of the social

325
00:17:38,359 --> 00:17:41,840
Speaker 1: media presents being used to market these tests. That's a

326
00:17:41,920 --> 00:17:45,359
Speaker 1: key factor in this. But I suppose what are regulators

327
00:17:45,640 --> 00:17:46,920
Speaker 1: doing about this issue?

328
00:17:47,200 --> 00:17:50,080
Speaker 10: Yeah, so the social media is really interesting because they're

329
00:17:50,119 --> 00:17:54,439
Speaker 10: being used to advertise these these storefronts. Really you know,

330
00:17:54,480 --> 00:17:58,320
Speaker 10: these companies that sort of erose post COVID selling COVID

331
00:17:58,320 --> 00:18:01,639
Speaker 10: tests and now they're selling these tests. And and again,

332
00:18:01,760 --> 00:18:05,119
Speaker 10: you know, these influencers are are sort of telling people

333
00:18:05,200 --> 00:18:08,520
Speaker 10: that you know, get this test basically, and you know,

334
00:18:08,680 --> 00:18:09,959
Speaker 10: take control of your health.

335
00:18:11,080 --> 00:18:11,520
Speaker 6: Uh.

336
00:18:11,560 --> 00:18:14,399
Speaker 10: And you know, sort of tapping into that that that

337
00:18:14,600 --> 00:18:17,440
Speaker 10: very real desire that people have at the moment to

338
00:18:17,960 --> 00:18:21,240
Speaker 10: you know, be able to access kind of testing and

339
00:18:21,280 --> 00:18:23,600
Speaker 10: screening that they might not get on there on the

340
00:18:23,680 --> 00:18:27,480
Speaker 10: you know, the traditional health service. You know, the regulators

341
00:18:27,520 --> 00:18:29,400
Speaker 10: I think are quite concerned about it.

342
00:18:30,440 --> 00:18:31,000
Speaker 4: Uh.

343
00:18:31,080 --> 00:18:33,919
Speaker 10: And you know when we send them the evidence that

344
00:18:34,000 --> 00:18:35,800
Speaker 10: we found, they said that they were sending it to

345
00:18:35,800 --> 00:18:41,440
Speaker 10: the enforcement team. But again it's quite difficult enforcement game

346
00:18:41,480 --> 00:18:44,320
Speaker 10: really because they would have to order the tests themselves, see,

347
00:18:44,760 --> 00:18:47,359
Speaker 10: you know, prove that they weren't actually meant to be used.

348
00:18:47,800 --> 00:18:50,040
Speaker 10: And you know, the question I suppose is also whether

349
00:18:50,080 --> 00:18:52,560
Speaker 10: that is a priority for them. You know, these regulators

350
00:18:52,600 --> 00:18:55,000
Speaker 10: are understaffed and have you know also a lot of

351
00:18:55,040 --> 00:18:59,440
Speaker 10: other issues with falsified medicines being you know, center around

352
00:18:59,440 --> 00:19:04,919
Speaker 10: the UK. So it's a difficult regulatory space. Was not

353
00:19:05,119 --> 00:19:07,600
Speaker 10: that clear regulation as well, and you know the kind

354
00:19:07,680 --> 00:19:10,800
Speaker 10: of the response that you know companies like what actually

355
00:19:10,840 --> 00:19:13,480
Speaker 10: that might mean for a company, whether they just sort

356
00:19:13,480 --> 00:19:14,960
Speaker 10: of told take your test orf line.

357
00:19:15,080 --> 00:19:16,560
Speaker 4: You know, that's sort of what's unclear.

358
00:19:17,480 --> 00:19:19,840
Speaker 1: Thanks for listening to Bloomberg Daybreak Europe.

359
00:19:20,000 --> 00:19:22,560
Speaker 2: If you're enjoying the podcast, give us a follow, leave

360
00:19:22,600 --> 00:19:24,800
Speaker 2: a rating, all review, and maybe send it to that

361
00:19:24,960 --> 00:19:27,760
Speaker 2: one friend or colleague who's always trying to keep up

362
00:19:27,760 --> 00:19:28,399
Speaker 2: with the news.

363
00:19:28,800 --> 00:19:31,000
Speaker 1: And if one podcast today isn't enough for you, you

364
00:19:31,000 --> 00:19:33,800
Speaker 1: can also listen to us live every weekday from six

365
00:19:33,840 --> 00:19:36,919
Speaker 1: am in London on DAB Radio, on tune in and

366
00:19:37,080 --> 00:19:38,679
Speaker 1: on the Bloomberg Business app

367
00:19:39,080 --> 00:19:41,400
Speaker 2: Or if you've got a smart speaker nearby, just say

368
00:19:41,560 --> 00:19:42,840
Speaker 2: play Bloomberg Radio.