1
00:00:02,520 --> 00:00:09,240
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:10,119 --> 00:00:13,240
Speaker 2: This is the Boombag Day BAQ podcast. Good morning, It's Tuesday,

3
00:00:13,240 --> 00:00:16,560
Speaker 2: the twenty fifth of November. I'm Caroline Hepka in London.

4
00:00:16,960 --> 00:00:21,720
Speaker 2: Coming up today, Missiles and drones bombard Kiev as Ukraine

5
00:00:21,800 --> 00:00:26,040
Speaker 2: strikes southern Russia. Following talk of big progress on a

6
00:00:26,079 --> 00:00:29,479
Speaker 2: peace deal, President Trump holds back to back calls with

7
00:00:29,520 --> 00:00:33,479
Speaker 2: the leaders of China and Japan as tensions flair. Plus

8
00:00:33,520 --> 00:00:37,760
Speaker 2: Food for Thought, Why Preta, Marges's revival recipe, hinges on

9
00:00:37,880 --> 00:00:42,320
Speaker 2: a meal deal, and thirteen pounds salads. Let's start with

10
00:00:42,360 --> 00:00:46,720
Speaker 2: a roundup of our top stories. Russia and Ukraine exchanged

11
00:00:46,760 --> 00:00:51,520
Speaker 2: heavy far this morning as both sides confronted strikes. Ukraine's

12
00:00:51,560 --> 00:00:56,680
Speaker 2: air defenses worked to protect the capital Kiev from heavy bombardment,

13
00:00:57,000 --> 00:01:00,600
Speaker 2: while a region on Russia's Black Sea coast also reportedly

14
00:01:00,680 --> 00:01:05,720
Speaker 2: came under sustained drone attack. The surgeon hostilities comes just

15
00:01:05,959 --> 00:01:10,160
Speaker 2: hours after President Donald Trump struck a positive tone on

16
00:01:10,240 --> 00:01:14,120
Speaker 2: the proposals and prospects for a cease far, saying in

17
00:01:14,160 --> 00:01:18,919
Speaker 2: a social media post that big progress was being made. Meanwhile,

18
00:01:19,040 --> 00:01:23,360
Speaker 2: Ukrainian President Zelinsky says that a proposed US plan has

19
00:01:23,760 --> 00:01:28,319
Speaker 2: correct points, but sensitive issues still need to be discussed

20
00:01:28,600 --> 00:01:30,040
Speaker 2: directly with Trump.

21
00:01:30,640 --> 00:01:32,000
Speaker 3: Of course, we.

22
00:01:32,040 --> 00:01:36,000
Speaker 4: All continue working with partners, especially in the United States,

23
00:01:36,000 --> 00:01:42,040
Speaker 4: and look for compromises that's strengthen but not weaken US.

24
00:01:42,440 --> 00:01:46,400
Speaker 2: President Zelinsky spoke as Ukrainian and European officials scrambled to

25
00:01:46,520 --> 00:01:49,800
Speaker 2: draft a counter offer. In the days since the White

26
00:01:49,840 --> 00:01:54,560
Speaker 2: House Special ENVOYE. Steve Witchkov and his Russian counterpart killed Dmitriyev,

27
00:01:54,800 --> 00:01:58,840
Speaker 2: hammered out an initial twenty eight point peace plan. Bloomberg

28
00:01:58,960 --> 00:02:03,680
Speaker 2: understands that the result is now a streamlined nineteen point plan,

29
00:02:03,960 --> 00:02:08,760
Speaker 2: which Russian officials have already dismissed as a non starter.

30
00:02:09,680 --> 00:02:13,720
Speaker 2: The European Union has rejected a US demand to ease

31
00:02:13,760 --> 00:02:16,960
Speaker 2: tech regulation in return for lower steel tariffs. In a

32
00:02:17,000 --> 00:02:20,400
Speaker 2: statement on Monday, the EU's anti trust chief, Theresa Ribera

33
00:02:20,520 --> 00:02:24,640
Speaker 2: said the bloc's digital rulebook is quote not up for negotiation.

34
00:02:25,080 --> 00:02:28,640
Speaker 2: That's after US Commerce Secretary Howard Latinik told Bloomberg his

35
00:02:28,760 --> 00:02:34,280
Speaker 2: administration could relax levies in return for the rollback, So.

36
00:02:34,200 --> 00:02:37,080
Speaker 3: We're talking to him about take your foot off the

37
00:02:37,120 --> 00:02:42,680
Speaker 3: regulatory statement, build those data centers in America and in

38
00:02:42,720 --> 00:02:45,760
Speaker 3: exchange for that, we'll come up with a cool steel

39
00:02:45,800 --> 00:02:48,160
Speaker 3: and aluminum deal that we'll all be together.

40
00:02:48,720 --> 00:02:52,280
Speaker 2: Howard Latinik, speaking there. The news follows President Trump's characterization

41
00:02:52,600 --> 00:02:56,000
Speaker 2: of EU digital regulation as the sort of so called

42
00:02:56,160 --> 00:03:00,760
Speaker 2: trade barrier that his tariffs are intended to target. The

43
00:03:00,880 --> 00:03:06,440
Speaker 2: US imposes a fifty percent levy on European imports of metals.

44
00:03:06,880 --> 00:03:09,799
Speaker 2: Despite Trump's threat, the EU says that the rules are

45
00:03:09,800 --> 00:03:13,560
Speaker 2: to ensure fair markets and to protect consumers' rights, and

46
00:03:13,600 --> 00:03:17,440
Speaker 2: they have pressed ahead with enforcement, including recent finds against

47
00:03:17,480 --> 00:03:19,000
Speaker 2: Apple and Meta.

48
00:03:20,400 --> 00:03:20,600
Speaker 5: Well.

49
00:03:20,680 --> 00:03:23,639
Speaker 2: President Trump has held back to back calls with the

50
00:03:23,720 --> 00:03:27,679
Speaker 2: leaders of China and Japan as tensions rise over Taiwan.

51
00:03:28,160 --> 00:03:32,000
Speaker 2: According to Chinese state media, China Shijingping told President Trump

52
00:03:32,040 --> 00:03:35,960
Speaker 2: the island's return to China is an essential part of

53
00:03:36,040 --> 00:03:40,160
Speaker 2: the post World War II international order. Following that conversation,

54
00:03:40,560 --> 00:03:43,480
Speaker 2: Japanese Prime Minister san A Takichi said the US President

55
00:03:43,560 --> 00:03:48,880
Speaker 2: updated her on his talks reaffirming US Japanese ties. Adam

56
00:03:49,000 --> 00:03:53,960
Speaker 2: Fara is senior geoeconomics and analyst for Asia Pacific at

57
00:03:53,960 --> 00:03:58,080
Speaker 2: Bloomberg Economics. He says the outlook remains uncertain.

58
00:03:58,720 --> 00:04:01,600
Speaker 6: The real risk here is that this escalates further. Japan

59
00:04:01,840 --> 00:04:04,840
Speaker 6: relies on China as a principal trading partner and more

60
00:04:04,880 --> 00:04:08,960
Speaker 6: importantly significantly on China's rare earth and critical minerals, which

61
00:04:09,000 --> 00:04:13,760
Speaker 6: could devastate the advanced technology industry and auto industry if

62
00:04:13,760 --> 00:04:16,080
Speaker 6: they were to be pulled back. But so far right now,

63
00:04:16,120 --> 00:04:18,640
Speaker 6: we're not expecting, We're not seeing the signs that the

64
00:04:19,040 --> 00:04:20,800
Speaker 6: China is looking to escalate that far right now.

65
00:04:21,520 --> 00:04:25,559
Speaker 2: Bloomberg Economics is Adam Fara speaking there. The ongoing route

66
00:04:25,640 --> 00:04:30,200
Speaker 2: between Japan and China over Taiwan is injecting fresh uncertainty

67
00:04:30,240 --> 00:04:34,360
Speaker 2: into the Trump Ji relationship, just weeks after leaders of

68
00:04:34,400 --> 00:04:38,800
Speaker 2: the world's largest economies reached a trade truce. Treasury Secretaries

69
00:04:38,800 --> 00:04:41,080
Speaker 2: Scott best And said earlier this month that a rare

70
00:04:41,120 --> 00:04:45,279
Speaker 2: Earth deal between the two countries was hopefully going to

71
00:04:45,279 --> 00:04:49,560
Speaker 2: be completed by Thanksgiving. Those talks on key implementation details

72
00:04:50,000 --> 00:04:54,360
Speaker 2: continue now. Meta is reportedly in talks to spend billions

73
00:04:54,400 --> 00:04:57,880
Speaker 2: of dollars on Google's AI chips, in a sign that

74
00:04:58,000 --> 00:05:03,039
Speaker 2: Nvidia's semiconducted dominance may be challenged. Shares in Nvidia fail

75
00:05:03,200 --> 00:05:05,960
Speaker 2: in late trading after the story was reported by the

76
00:05:06,000 --> 00:05:10,080
Speaker 2: tech outlet the information. Bloomberg's tech analyst Robert Lee says

77
00:05:10,120 --> 00:05:13,200
Speaker 2: competition is almost inevitable for in Nvidia.

78
00:05:13,640 --> 00:05:15,920
Speaker 7: In video simply put as a monopoly at the moment,

79
00:05:16,360 --> 00:05:19,560
Speaker 7: more by accident than design, had an approximate ten year

80
00:05:19,600 --> 00:05:23,679
Speaker 7: technological lead, has been investing for far longer than anybody else,

81
00:05:24,000 --> 00:05:26,679
Speaker 7: and therefore it's got the market to itself at the moment.

82
00:05:26,920 --> 00:05:29,839
Speaker 7: You know, it's been generating I think what economists would

83
00:05:29,880 --> 00:05:33,400
Speaker 7: terms super normal profits. They're not sustainable at that level

84
00:05:33,400 --> 00:05:36,320
Speaker 7: in the long term. So that's clearly going to attract

85
00:05:36,320 --> 00:05:38,720
Speaker 7: competition or alternative suppliers.

86
00:05:39,400 --> 00:05:42,040
Speaker 2: Robert Lee speaking there The challenge too in Vidia, the

87
00:05:42,080 --> 00:05:45,120
Speaker 2: world's largest company, comes as it also faces pushback in

88
00:05:45,160 --> 00:05:48,279
Speaker 2: the investment world. In Vidia has been sending memos to

89
00:05:48,320 --> 00:05:52,240
Speaker 2: Wall Street analysts after famous investor Michael Burry accused the

90
00:05:52,240 --> 00:05:56,880
Speaker 2: company of diluting its stock. To the UK, now Chancellor

91
00:05:56,960 --> 00:05:59,479
Speaker 2: Rachel Reeves will cut the amount that Britain's can save

92
00:05:59,640 --> 00:06:02,479
Speaker 2: tax free in a bid to get more people investing

93
00:06:02,600 --> 00:06:06,080
Speaker 2: in stocks. Bluemaker has learned that the twenty thousand pounds

94
00:06:06,120 --> 00:06:10,000
Speaker 2: annual limit on cash individual savings accounts known as iser's

95
00:06:10,480 --> 00:06:13,920
Speaker 2: will be cut to twelve thousand pounds At tomorrow's budget.

96
00:06:14,440 --> 00:06:18,200
Speaker 2: Reeves is expected to announce multiple tax rises at the

97
00:06:18,240 --> 00:06:23,240
Speaker 2: fiscal event, something the head of Britain's Confederation of British Industry,

98
00:06:23,360 --> 00:06:25,880
Speaker 2: Rain Newton Smith, has railed against.

99
00:06:26,760 --> 00:06:31,120
Speaker 8: So if growth is your priority, make hard choices for it,

100
00:06:31,360 --> 00:06:34,160
Speaker 8: Prove it against opposition, against.

101
00:06:33,800 --> 00:06:36,719
Speaker 2: Short term politics, be it on welfare, bit.

102
00:06:36,600 --> 00:06:42,120
Speaker 5: Pension increases, Show the markets you mean business. All short

103
00:06:42,200 --> 00:06:45,160
Speaker 5: term politics leads to is long term decliente and this

104
00:06:45,320 --> 00:06:49,120
Speaker 5: country cannot afford another decade of stagnation.

105
00:06:49,960 --> 00:06:53,159
Speaker 2: Rain Newton Smith's comments are a sign of the deep

106
00:06:53,200 --> 00:06:57,080
Speaker 2: misgivings from the business community ahead of the budget. At

107
00:06:57,120 --> 00:07:01,640
Speaker 2: the same event, the Business Secretary Peter Karl apologize for

108
00:07:01,680 --> 00:07:05,640
Speaker 2: the uncertainty cause by the speculation around tax hikes in

109
00:07:05,800 --> 00:07:08,880
Speaker 2: the budget. Those are our top stories for you today.

110
00:07:09,240 --> 00:07:12,800
Speaker 2: In markets, global stocks are gaining. We see the MSCI

111
00:07:13,040 --> 00:07:15,880
Speaker 2: Asia Pacific Index at the moment up by four tenths

112
00:07:15,880 --> 00:07:19,880
Speaker 2: of one percent. Yesterday in the usn Video stock slipped

113
00:07:19,960 --> 00:07:22,840
Speaker 2: one and a half percent, Alphabet's rose by two point

114
00:07:22,960 --> 00:07:25,880
Speaker 2: six percent. US and European stock futures are both in

115
00:07:25,920 --> 00:07:29,400
Speaker 2: the red this morning. Also, I note that European defense

116
00:07:29,440 --> 00:07:32,520
Speaker 2: stocks have been struggling, been one of the big gainers

117
00:07:32,520 --> 00:07:34,880
Speaker 2: over the course of this year, but a Goldman SAX

118
00:07:34,960 --> 00:07:37,200
Speaker 2: basket of the top defense stocks in Europe is now

119
00:07:37,240 --> 00:07:41,680
Speaker 2: down about twenty five percent from the early October peak. Meanwhile,

120
00:07:41,840 --> 00:07:44,640
Speaker 2: the fedz Christopher Waller says that he's advocating an interest

121
00:07:44,720 --> 00:07:47,240
Speaker 2: rate cut in December, so that view seems to be

122
00:07:47,800 --> 00:07:50,400
Speaker 2: piling up in terms of ten year treasury yields, where

123
00:07:50,400 --> 00:07:53,360
Speaker 2: at four spots zero three yields up a basis point,

124
00:07:53,720 --> 00:07:56,760
Speaker 2: gold typically benefiting from lower rates of courses up by

125
00:07:56,760 --> 00:07:59,640
Speaker 2: three tenths of one percent this morning at four one

126
00:07:59,680 --> 00:08:03,640
Speaker 2: hundred and fifty one dollars. Those are the markets now.

127
00:08:03,640 --> 00:08:05,720
Speaker 2: In a moment, we're going to bring you more on

128
00:08:05,760 --> 00:08:11,600
Speaker 2: the latest to push Ukraine and Russia towards some kind

129
00:08:11,640 --> 00:08:15,800
Speaker 2: of ceasefire deal, as well as why Peta marje is

130
00:08:15,840 --> 00:08:20,160
Speaker 2: looking at thirteen pounds salads to drive its revival. But

131
00:08:20,480 --> 00:08:22,320
Speaker 2: before we get to that, there's always a story that

132
00:08:22,400 --> 00:08:24,720
Speaker 2: catches my eye, and actually it's still on the food theme.

133
00:08:24,800 --> 00:08:26,560
Speaker 2: Maybe there's always a food theme at this time in

134
00:08:26,600 --> 00:08:29,520
Speaker 2: the morning. For me, it's going to a restaurant about

135
00:08:29,840 --> 00:08:33,960
Speaker 2: eating or is it about the spectacle. Bloomberg's food critic

136
00:08:34,120 --> 00:08:39,800
Speaker 2: Kate Krada says that she knew that people dining out

137
00:08:40,200 --> 00:08:44,520
Speaker 2: wanted a memorable experience, but actually she didn't realize how

138
00:08:44,559 --> 00:08:47,480
Speaker 2: much of a full on obsession the spectacle has really

139
00:08:47,520 --> 00:08:52,400
Speaker 2: become until she visited eleven Madison Park in New York.

140
00:08:52,600 --> 00:08:54,960
Speaker 2: She says it started with the potato, and then Kate

141
00:08:55,040 --> 00:08:58,000
Speaker 2: goes on to describe what the restaurant did to the

142
00:08:58,120 --> 00:09:04,199
Speaker 2: humble spud, cross wire sliced, smoke infused, dusted, and displayed.

143
00:09:04,559 --> 00:09:07,880
Speaker 2: She says it was just a showstopper. The issue is

144
00:09:08,200 --> 00:09:11,560
Speaker 2: the potato was not fully cooked, and she actually gave

145
00:09:11,880 --> 00:09:15,960
Speaker 2: eleven Madison Park not great marks for the food, but

146
00:09:16,120 --> 00:09:19,720
Speaker 2: she said that the spectacle did blow her away. And

147
00:09:19,720 --> 00:09:22,200
Speaker 2: of course, anyone who knows the restaurant industry knows that

148
00:09:22,679 --> 00:09:28,440
Speaker 2: eleven Madison Park emp often has won three Mechnat stars.

149
00:09:28,559 --> 00:09:32,600
Speaker 2: It was a voted the world's best restaurant in twenty seventeen,

150
00:09:32,679 --> 00:09:34,679
Speaker 2: so it's kind of really up there. But she also

151
00:09:34,760 --> 00:09:37,200
Speaker 2: says that there are lots of other restaurants now that

152
00:09:37,320 --> 00:09:40,800
Speaker 2: are emulating this. You know, servers who feel like friends,

153
00:09:40,840 --> 00:09:44,560
Speaker 2: they entertain you. The carbone Rivieria, which is a new

154
00:09:45,120 --> 00:09:48,920
Speaker 2: restaurant in Las Vegas, which has a speedboat to take

155
00:09:48,960 --> 00:09:52,040
Speaker 2: you around the lake outside. No wonder, maybe food at

156
00:09:52,080 --> 00:09:56,280
Speaker 2: restaurants is feeling a bit like an afterthought, So I

157
00:09:56,360 --> 00:10:00,560
Speaker 2: quite fancy the speedboat dinner experience anyway. Link to it

158
00:10:00,920 --> 00:10:04,559
Speaker 2: in our show notes for you now. An initial US

159
00:10:04,640 --> 00:10:08,559
Speaker 2: facts peace plan for Ukraine has been paired to nineteen

160
00:10:08,600 --> 00:10:12,959
Speaker 2: proposals with European allies warning against a Russia and Russia's war.

161
00:10:13,000 --> 00:10:15,520
Speaker 2: But Moscow has bought at the plan and overnight Russia

162
00:10:15,559 --> 00:10:19,320
Speaker 2: and Ukraine exchanged a lot of fart joining US. Now.

163
00:10:19,320 --> 00:10:22,400
Speaker 2: Has Bimberg's chief europe correspondent Oliver Crook to talk about

164
00:10:22,400 --> 00:10:26,640
Speaker 2: this Oli Good morning. There was vehement opposition to the

165
00:10:26,640 --> 00:10:31,080
Speaker 2: witkof Dmitriev twenty eight point planned by the Europeans that

166
00:10:31,200 --> 00:10:36,640
Speaker 2: has been reworked. Is there any way forwards given Russia's rejection?

167
00:10:36,800 --> 00:10:38,320
Speaker 2: What's the US going to do next?

168
00:10:38,760 --> 00:10:40,920
Speaker 1: Well, that's the big question about what the United States

169
00:10:40,960 --> 00:10:42,440
Speaker 1: is going to do next. We can give you sort

170
00:10:42,480 --> 00:10:44,360
Speaker 1: of the sequencing of what the last kind of thirty

171
00:10:44,400 --> 00:10:46,240
Speaker 1: six hours in the next few hours will look like.

172
00:10:46,280 --> 00:10:49,400
Speaker 1: So obviously there were those long discussions in Geneva between

173
00:10:49,400 --> 00:10:52,240
Speaker 1: the US delegation and the Ukrainians. We understand the Europeans

174
00:10:52,240 --> 00:10:54,480
Speaker 1: were sort of there on the side, weren't part of

175
00:10:54,520 --> 00:10:57,559
Speaker 1: the principal discussions, but we're sort of advising at the sidelines.

176
00:10:57,679 --> 00:10:59,800
Speaker 1: There were apparently a couple of different kind of peace

177
00:10:59,800 --> 00:11:02,760
Speaker 1: plans that were circulating after that. There was a European one,

178
00:11:02,760 --> 00:11:05,600
Speaker 1: there was the one that the Ukrainians and the Americans

179
00:11:05,600 --> 00:11:07,720
Speaker 1: had worked together, and we seem to have settled on

180
00:11:07,720 --> 00:11:10,520
Speaker 1: this nineteen point plan that is sort of the considered

181
00:11:10,559 --> 00:11:13,520
Speaker 1: the sort of living document it seems that is currently

182
00:11:13,679 --> 00:11:16,080
Speaker 1: now being under a review by the United States and

183
00:11:16,120 --> 00:11:18,200
Speaker 1: eventually will make us way back to Russian As you say,

184
00:11:18,280 --> 00:11:20,320
Speaker 1: the Russians have been sort of very dismissive, sort of

185
00:11:20,360 --> 00:11:23,520
Speaker 1: out of hand about that proposal as it stands. We

186
00:11:23,520 --> 00:11:25,880
Speaker 1: heard from Zelenski last night in his nightly addressed. He's

187
00:11:25,880 --> 00:11:27,960
Speaker 1: saying that after the Geneva talks, there is no longer

188
00:11:27,960 --> 00:11:29,800
Speaker 1: the twenty eight point plan. There's the nineteen to one.

189
00:11:29,960 --> 00:11:32,160
Speaker 1: Many of the right elements have been taken into account

190
00:11:32,200 --> 00:11:35,240
Speaker 1: into that framework. But what that framework did do is

191
00:11:35,320 --> 00:11:37,200
Speaker 1: kick down the road a number of the most pic

192
00:11:37,240 --> 00:11:40,640
Speaker 1: contentious political issues for the President of the United States

193
00:11:40,640 --> 00:11:43,920
Speaker 1: and President Zelenski to discuss between the two of them

194
00:11:43,960 --> 00:11:46,120
Speaker 1: in person, ideally at some point or on the phone.

195
00:11:46,200 --> 00:11:48,400
Speaker 1: And I spoke to one of Zelenzi's aids yesterday saying

196
00:11:48,400 --> 00:11:50,680
Speaker 1: that that call could come over the next few days.

197
00:11:50,720 --> 00:11:53,319
Speaker 1: Where the action now turns is in Abu Dhabi, where

198
00:11:53,360 --> 00:11:56,480
Speaker 1: we understand that the Army Secretary Dan Driscoll, who is

199
00:11:56,520 --> 00:11:59,200
Speaker 1: now playing a much larger role in these negotiations. We

200
00:11:59,240 --> 00:12:02,120
Speaker 1: understand ad to reports that he met with some Ukrainians

201
00:12:02,160 --> 00:12:04,079
Speaker 1: in Abu Dhabi last night, that he will be meeting

202
00:12:04,080 --> 00:12:06,480
Speaker 1: with some of the Russian officials a little bit later

203
00:12:06,520 --> 00:12:09,239
Speaker 1: today to try to hammer out some of these differences.

204
00:12:09,400 --> 00:12:11,280
Speaker 1: But again, all of that being said, this is still

205
00:12:11,280 --> 00:12:15,520
Speaker 1: a very sort of actively debated document, living as we say,

206
00:12:15,679 --> 00:12:18,280
Speaker 1: and ever evolving. Though all of that being said, I

207
00:12:18,280 --> 00:12:21,640
Speaker 1: think that the Thursday Thanksgiving timeline is probably a little

208
00:12:21,640 --> 00:12:23,600
Speaker 1: bit ambitious in terms of actually getting all of this

209
00:12:23,679 --> 00:12:24,840
Speaker 1: over the line.

210
00:12:25,280 --> 00:12:29,959
Speaker 2: Yes, absolutely, I known Dan Driscoll, interesting an ally of

211
00:12:30,040 --> 00:12:36,000
Speaker 2: JD Vance, also European leaders, though they have pushed back

212
00:12:36,040 --> 00:12:38,880
Speaker 2: against this twenty eight point plan, but they have got

213
00:12:38,880 --> 00:12:44,040
Speaker 2: this kind of maximalist rhetoric with quite gradualist measures, some

214
00:12:44,160 --> 00:12:48,320
Speaker 2: might argue. And so the question is also about the

215
00:12:48,360 --> 00:12:53,000
Speaker 2: frozen Russian assets. Is anything changing on the European side, Well,

216
00:12:53,040 --> 00:12:54,360
Speaker 2: it sort of depends who you ask.

217
00:12:54,400 --> 00:12:56,240
Speaker 1: I mean, they're going to hold a sort of coalition

218
00:12:56,280 --> 00:12:58,720
Speaker 1: of the willing Call today, which is obviously greater than

219
00:12:58,760 --> 00:13:00,400
Speaker 1: just the Europeans. So that is going to be where

220
00:13:00,440 --> 00:13:03,480
Speaker 1: the European discussion goes. That's about fifty countries. This will

221
00:13:03,480 --> 00:13:06,079
Speaker 1: be assembled virtually, you know, it will be attended by Starmer,

222
00:13:06,400 --> 00:13:08,600
Speaker 1: m Cooin, all the sort of usual suspects in terms

223
00:13:08,640 --> 00:13:11,800
Speaker 1: of trying to make forward progress on other ways that

224
00:13:11,800 --> 00:13:14,040
Speaker 1: they can support Ukraine, ways that they could lobby the

225
00:13:14,160 --> 00:13:16,440
Speaker 1: United States. But you point out once again and I

226
00:13:16,440 --> 00:13:18,679
Speaker 1: feel like a broken record coming on every day and

227
00:13:18,720 --> 00:13:21,280
Speaker 1: talking about this, but the one point where the Europeans

228
00:13:21,360 --> 00:13:24,319
Speaker 1: can exert leverage can make a massive difference to these

229
00:13:24,320 --> 00:13:27,680
Speaker 1: negotiations to the Ukrainians is by figuring out what to

230
00:13:27,720 --> 00:13:29,880
Speaker 1: do with the one hundred and forty billion euros worth

231
00:13:29,880 --> 00:13:32,280
Speaker 1: of Russian assets that are sitting in Belgium that there

232
00:13:32,320 --> 00:13:34,560
Speaker 1: has been no consensus on among the EU twenty seven

233
00:13:34,600 --> 00:13:36,480
Speaker 1: on how to get that sort of loan backed by

234
00:13:36,520 --> 00:13:39,200
Speaker 1: those assets and get it to Ukraine. As we've said many,

235
00:13:39,240 --> 00:13:42,360
Speaker 1: many times, this would change the dynamic fundamentally for the

236
00:13:42,440 --> 00:13:44,680
Speaker 1: Ukrainians if they had one hundred and forty billion euros

237
00:13:44,720 --> 00:13:47,360
Speaker 1: in the bank. I spoke to the Lithuanian Foreign minister

238
00:13:47,520 --> 00:13:50,040
Speaker 1: yesterday who said, listen, we need to be realistic here

239
00:13:50,080 --> 00:13:51,800
Speaker 1: in Europe. In order to get a seat at this

240
00:13:51,880 --> 00:13:54,280
Speaker 1: table in twenty twenty five with Donald Trump, you need

241
00:13:54,320 --> 00:13:55,960
Speaker 1: to earn your seat at the table. And the only

242
00:13:56,000 --> 00:13:57,520
Speaker 1: way that we can earn our seat at the table

243
00:13:57,720 --> 00:13:59,400
Speaker 1: is to move on those Russian assets. And that's what

244
00:13:59,400 --> 00:14:00,560
Speaker 1: we should be doing today.

245
00:14:01,720 --> 00:14:05,079
Speaker 2: Okay, that's one view, then on what the Europeans should

246
00:14:05,120 --> 00:14:08,200
Speaker 2: be doing. What about the state of the conflict. Though

247
00:14:08,320 --> 00:14:12,800
Speaker 2: Russia's economy is barely growing given the war spending, Ukraine

248
00:14:12,840 --> 00:14:16,520
Speaker 2: is struggling with manpower on the front line. The conflict

249
00:14:16,760 --> 00:14:18,479
Speaker 2: is there and it's face.

250
00:14:18,720 --> 00:14:21,360
Speaker 1: Absolutely and we see you overnight over the last week.

251
00:14:21,360 --> 00:14:23,320
Speaker 1: I mean, there's been a number of reports, especially the

252
00:14:23,360 --> 00:14:25,680
Speaker 1: mid middle of last week, where a number of missiles

253
00:14:25,720 --> 00:14:30,640
Speaker 1: hitting apartment buildings, killing many civilians. Overnight, Kiv getting absolutely pummeled.

254
00:14:30,800 --> 00:14:34,440
Speaker 1: The Ukrainians in returning fire into Russia that downed most

255
00:14:34,680 --> 00:14:37,000
Speaker 1: a great majority of those drones. But this is a

256
00:14:37,000 --> 00:14:40,360
Speaker 1: war that is of course raging very very violently, continues

257
00:14:40,400 --> 00:14:43,400
Speaker 1: to be fought on the front lines for very sort

258
00:14:43,440 --> 00:14:45,560
Speaker 1: of marginal gains on the Russian side, But they have

259
00:14:45,640 --> 00:14:48,080
Speaker 1: been advancing throughout all this discussion. I think that the

260
00:14:48,240 --> 00:14:51,040
Speaker 1: sort of big question here will be if the United States'

261
00:14:51,160 --> 00:14:54,160
Speaker 1: position changes on what we have, which is this bill,

262
00:14:54,240 --> 00:14:56,520
Speaker 1: this bipartisan bill that sits right now in the US

263
00:14:56,600 --> 00:14:59,600
Speaker 1: Senate about those bone crushing sanctions that post put forward

264
00:14:59,600 --> 00:15:02,280
Speaker 1: by Linz. This is something that would pass in the

265
00:15:02,360 --> 00:15:05,200
Speaker 1: United States. It has support from the Democrats and the Republicans.

266
00:15:05,400 --> 00:15:08,200
Speaker 1: And a reminder, that is for sanctions on anybody buying

267
00:15:08,480 --> 00:15:11,120
Speaker 1: Russian crude oil or gas from the United States five

268
00:15:11,200 --> 00:15:13,480
Speaker 1: hundred percent tariffs, and we should say, Caroline. Something that

269
00:15:13,520 --> 00:15:15,160
Speaker 1: we sort of have missed with all of this sort

270
00:15:15,160 --> 00:15:17,160
Speaker 1: of deluge of the news over the twenty eight point

271
00:15:17,200 --> 00:15:19,920
Speaker 1: plan that on Friday last Friday is when those Luke

272
00:15:19,920 --> 00:15:23,120
Speaker 1: Oil and Roznev sanctions went into effect for the first time.

273
00:15:23,360 --> 00:15:25,640
Speaker 1: Those are absolutely massive in terms of the damage they

274
00:15:25,640 --> 00:15:27,640
Speaker 1: will do to the Russian economy of course, it is

275
00:15:27,680 --> 00:15:29,520
Speaker 1: a long sort of term damage that it will do.

276
00:15:29,560 --> 00:15:31,200
Speaker 1: It will not be tomorrow. But when I spoke to

277
00:15:31,240 --> 00:15:33,520
Speaker 1: the US Envoy to NATO, Matthew Whitaker, he says that

278
00:15:33,560 --> 00:15:36,000
Speaker 1: this is the thing that the Russians complained the most about.

279
00:15:36,040 --> 00:15:37,280
Speaker 1: This is where it hurts them the most.

280
00:15:38,320 --> 00:15:42,200
Speaker 2: Interesting. Yeah, and also that President Trump and G when

281
00:15:42,200 --> 00:15:44,600
Speaker 2: they spoke on that phone call that we mentioned about

282
00:15:45,400 --> 00:15:49,840
Speaker 2: Japan and China, they also did discuss President g and

283
00:15:49,920 --> 00:15:53,840
Speaker 2: President Trump the Ukraine situation too, So yeah, there's also

284
00:15:53,920 --> 00:15:56,560
Speaker 2: that layer to add Ollie. Thank you so much for

285
00:15:56,600 --> 00:15:59,440
Speaker 2: being with it. Spimberg's chief Europe correspondent Oliver Krook with

286
00:15:59,480 --> 00:16:04,080
Speaker 2: the latest when it comes to the path ahead for Ukraine.

287
00:16:05,480 --> 00:16:08,720
Speaker 2: Stay with us. More from Bloomberg Daybakeuobe coming up after

288
00:16:08,800 --> 00:16:12,760
Speaker 2: this now six pounds meal deals and thirteen quid for

289
00:16:12,800 --> 00:16:16,200
Speaker 2: a salad. Peta Marge's chain of five hundred UK stores

290
00:16:16,240 --> 00:16:19,800
Speaker 2: are trying different approaches under CEO Pano Christo. Joining us

291
00:16:19,840 --> 00:16:23,240
Speaker 2: now to discuss is Bloomberg's consumer reporter Maddie Parker for

292
00:16:23,320 --> 00:16:27,000
Speaker 2: something a bit different. Maddie, good morning. Why is Peta

293
00:16:27,160 --> 00:16:30,000
Speaker 2: Marje You know, the high street chain actually in need

294
00:16:30,080 --> 00:16:31,800
Speaker 2: of a revival do we think.

295
00:16:31,960 --> 00:16:34,560
Speaker 8: If you look at pret's business model, obviously it realizes

296
00:16:34,880 --> 00:16:37,680
Speaker 8: a lot on consumers coming to work then the means

297
00:16:37,680 --> 00:16:39,680
Speaker 8: to prep for their breakfast. Maybe they're popping out for

298
00:16:40,240 --> 00:16:42,200
Speaker 8: some lunch and treating themselves to kind of a price

299
00:16:42,240 --> 00:16:45,840
Speaker 8: once a little bit higher than what supermarkets offer. And

300
00:16:45,920 --> 00:16:48,160
Speaker 8: clearly in the post pandemic world, obviously a fewer people

301
00:16:48,200 --> 00:16:50,800
Speaker 8: actually coming into work. Footfall in the high street has

302
00:16:50,840 --> 00:16:53,080
Speaker 8: falln a little bit for prep So that's one of

303
00:16:53,120 --> 00:16:55,920
Speaker 8: the factors that it's facing. Obviously it's spacing other things

304
00:16:55,960 --> 00:16:58,560
Speaker 8: like higher taxes. We've got some of the highest energy

305
00:16:58,560 --> 00:17:01,400
Speaker 8: costs in Europe and obviously the big question of business

306
00:17:01,480 --> 00:17:04,240
Speaker 8: rates for tomorrow's budget. So kind of facing kind of

307
00:17:04,240 --> 00:17:06,480
Speaker 8: a bit of a marriage of factors that they have

308
00:17:06,520 --> 00:17:08,359
Speaker 8: to navigate, and their CEO is kind of trying to

309
00:17:08,359 --> 00:17:11,320
Speaker 8: search for a right recipe for the chain in this

310
00:17:11,400 --> 00:17:13,720
Speaker 8: kind of post pandemic world. And yeah, as you mentioned,

311
00:17:13,960 --> 00:17:16,359
Speaker 8: some of those offerings of meal deals and salads might

312
00:17:16,400 --> 00:17:17,040
Speaker 8: be the way to go.

313
00:17:17,520 --> 00:17:19,960
Speaker 2: Yeah, meal deals are more common in the supermarkets in

314
00:17:20,000 --> 00:17:22,119
Speaker 2: the UK, aren't they. So what are the key elements

315
00:17:22,160 --> 00:17:25,240
Speaker 2: then to this attempted revival plan.

316
00:17:26,160 --> 00:17:27,760
Speaker 8: So, yeah, as you mentioned, the meal deal is a

317
00:17:27,840 --> 00:17:30,080
Speaker 8: kind of a supermarket staple here in the UK, and

318
00:17:30,119 --> 00:17:33,680
Speaker 8: their CEO panel Christian says that the British consumer loves

319
00:17:33,720 --> 00:17:35,600
Speaker 8: a meal deal, which may well be the case. I

320
00:17:35,640 --> 00:17:38,760
Speaker 8: certainly do. The kind of price point that they're trialing

321
00:17:38,760 --> 00:17:40,479
Speaker 8: out in their store for this meal deal, which will

322
00:17:40,520 --> 00:17:43,200
Speaker 8: include a sandwich, drink and a snack, is kind of

323
00:17:43,240 --> 00:17:46,560
Speaker 8: between six and seven pounds. That is pricier than what

324
00:17:46,600 --> 00:17:49,560
Speaker 8: most supermarkets offer, which kind of usually starts at about under

325
00:17:49,600 --> 00:17:51,399
Speaker 8: four pounds. So that's going to be one of the

326
00:17:51,400 --> 00:17:53,520
Speaker 8: things that they're hoping will kind of attract customers and

327
00:17:53,640 --> 00:17:55,520
Speaker 8: laer them in. The other thing that you mentioned is

328
00:17:56,080 --> 00:17:58,359
Speaker 8: these new salerds. They call them super plates, which is

329
00:17:58,440 --> 00:18:01,119
Speaker 8: quite a fun name. But they're starting and they're kind

330
00:18:01,119 --> 00:18:02,960
Speaker 8: of costing and consumers as much as twelve pounds and

331
00:18:03,040 --> 00:18:06,000
Speaker 8: ninety five, which some people and I spoke to customers

332
00:18:06,040 --> 00:18:08,520
Speaker 8: are saying that that seems a little bit high. But yeah,

333
00:18:08,520 --> 00:18:10,360
Speaker 8: as I say, they're trying to kind of lure kind

334
00:18:10,359 --> 00:18:12,720
Speaker 8: of different kinds of customers in and yeah, offer a

335
00:18:12,800 --> 00:18:14,200
Speaker 8: kind of broad range of products.

336
00:18:14,600 --> 00:18:17,920
Speaker 2: Oh, the meal deal, I mean, is that typically something

337
00:18:18,080 --> 00:18:20,560
Speaker 2: only the UK does. I don't know, it's usually like yes,

338
00:18:20,600 --> 00:18:24,159
Speaker 2: as you say, sandwich drink plus snag. What about the

339
00:18:24,200 --> 00:18:27,760
Speaker 2: budget though, pet Marje and are the high street chains?

340
00:18:27,800 --> 00:18:30,160
Speaker 2: I mean, we've been hearing a lot from businesses about

341
00:18:30,160 --> 00:18:33,200
Speaker 2: how they're quite worried, is prep worried.

342
00:18:33,080 --> 00:18:35,520
Speaker 8: Pret is sort of very much that they're you know,

343
00:18:35,800 --> 00:18:38,200
Speaker 8: trying to persuade the Chancellor for tomorrow to not kind

344
00:18:38,200 --> 00:18:41,920
Speaker 8: of dent very fragile consumer confidence at the moment. It's

345
00:18:42,119 --> 00:18:44,320
Speaker 8: already said that after the lost budget that they were

346
00:18:44,320 --> 00:18:47,840
Speaker 8: having to restructure after obviously national insurance contributions are raised,

347
00:18:47,880 --> 00:18:50,240
Speaker 8: that was higher minimum wage and that really hit the

348
00:18:50,240 --> 00:18:52,280
Speaker 8: sector with kind of billions of the extra anual costs.

349
00:18:52,320 --> 00:18:54,680
Speaker 8: So they are very much along with their kind of

350
00:18:54,720 --> 00:18:57,120
Speaker 8: high street partners and other coffee chains, trying to say

351
00:18:57,119 --> 00:18:59,080
Speaker 8: to the Chancellor listen, this is not the time to

352
00:18:59,119 --> 00:19:01,160
Speaker 8: try and you know, it's not the chance to try

353
00:19:01,160 --> 00:19:03,359
Speaker 8: and kind of hit back consumer confiden where it's already

354
00:19:03,440 --> 00:19:05,080
Speaker 8: and a bit of a low and actually further tax

355
00:19:05,160 --> 00:19:08,040
Speaker 8: rises in particularly that crucial business grease question could kind

356
00:19:08,040 --> 00:19:09,040
Speaker 8: of add to their pain further.

357
00:19:11,200 --> 00:19:13,960
Speaker 5: This is Bloomberg Daybreak Europe. Your morning brief on the

358
00:19:14,040 --> 00:19:17,080
Speaker 5: stories making news from London to Wall Street and beyond.

359
00:19:17,400 --> 00:19:21,360
Speaker 2: Look for us on your podcast feed every morning, on Apples, Spotify,

360
00:19:21,480 --> 00:19:23,520
Speaker 2: and anywhere else you get your podcasts.

361
00:19:23,560 --> 00:19:26,639
Speaker 5: You can also listen live each morning on London Dab Radio,

362
00:19:26,680 --> 00:19:29,280
Speaker 5: the Bloomberg Business app, and Bloomberg dot Com.

363
00:19:29,400 --> 00:19:32,159
Speaker 2: Our flagship New York station, is also available on your

364
00:19:32,200 --> 00:19:36,919
Speaker 2: Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.

365
00:19:37,160 --> 00:19:38,440
Speaker 2: I'm Caroline Hipka and.

366
00:19:38,400 --> 00:19:41,040
Speaker 5: I'm Stephen Carroll. Join us again tomorrow morning for all

367
00:19:41,080 --> 00:19:43,480
Speaker 5: the news you need to start your day right here

368
00:19:43,520 --> 00:19:48,679
Speaker 5: on Bloomberg Daybreak Europe