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Speaker 1: This is Bloomberg Daybreak. Heuret for this Wednesday, the eighth

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Speaker 1: of March in London. Coming up today March Madness, five

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Speaker 1: weeks after the Fed slowed the pace of hikes, Powell

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Speaker 1: hints at a re acceleration the benefits of breaking the

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Speaker 1: glass ceiling, the seven trillion dollar potential dividend from closing

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Speaker 1: the gender gap in leadership, giving business a break. Hunt

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Speaker 1: considers tax and centers to spury UK investment, Go green

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Speaker 1: or go home. Google's brain melts and hr in two

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Speaker 1: hundred and eighty characters or less, those of the stories

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Speaker 1: we're looking at in today's papers. I'm James Walcock. Plus,

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Speaker 1: it turns out money does buy you happiness, and you'll

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Speaker 1: need to earn half a million dollars a year before

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Speaker 1: you each a platter. That's all straight ahead on Bloomberg

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Speaker 1: Daybreak Europe, the Business news you need to start your

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Speaker 1: day in just one fifteen minute podcast on Apple, Spotify,

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Speaker 1: the Bloomberg Business app and everywhere you get your podcasts.

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Speaker 1: Good morning, I'm Stephen Carroll and I'm Caroline Heitke. Here

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Speaker 1: all the stories that we're following today, Higher, faster, longer.

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Speaker 1: That's the message from Jerome Powell speaking to lawmakers on

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Speaker 1: Capitol Hill. The Federal Reserve chair was unexpectedly hawkish in

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Speaker 1: his outlook. The latest economic data have come in stronger

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Speaker 1: than expected, which suggests that the ultimate level of interest

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Speaker 1: rates is likely to be higher and previously anticipated. If

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Speaker 1: the totality of the data were to indicate that faster

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Speaker 1: tightening is warranted, we'd be prepared to increase the pace

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Speaker 1: of rate hikes. Pale's comments come after the Fed opted

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Speaker 1: to slow the pace of rate hikes last month with

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Speaker 1: a quarter point increase. Reacting to the news, traders increased

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Speaker 1: bets on a half point hike at the next FOMC meeting.

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Speaker 1: Powell will appear in Congress again later today now. Billionaire

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Speaker 1: investor Ken Griffin responded two Powell's comments, saying that the

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Speaker 1: setup for a US WITH session is now unfolding. Speaking

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Speaker 1: to Bloomberg, the founder of Citadel and Citadel Securities, so

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Speaker 1: had this advice for the head of the Federal Reserve.

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Speaker 1: If I could tell one thing to the chairman, I

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Speaker 1: would tell him to say last I would just be

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Speaker 1: writing a message. We're going to put the inflations you

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Speaker 1: need back in the bottle. We're going to do what

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Speaker 1: it takes to make that happen, and we're going to

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Speaker 1: raise rates consistently until we see very clear evidence that

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Speaker 1: we put this behind us. Because every time they take

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Speaker 1: the foot off the break where the market perceives are

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Speaker 1: taking the foot off the break and the job's not done,

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Speaker 1: they make their work even harder. Griffin also told Bloomberg's

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Speaker 1: Philippe Markets that controlling inflation with rate hikes is like

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Speaker 1: having quote surgery with a dull knife. He added that

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Speaker 1: Americans had been stung by traumatic levels of inflation last year.

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Speaker 1: Closing the gender pay gap and increasing the number of

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Speaker 1: women in the labor force could raise global economic activity

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Speaker 1: by as much as seven trillion dollars, according to research

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Speaker 1: from Moody's Analytics. Their study, published on International Women's Day,

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Speaker 1: highlights how limited and patchy progress has been an elevating

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Speaker 1: women in the workplace over the past decade. Achieving gender

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Speaker 1: equality is the goal at the heart of the UN's

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Speaker 1: Sustainable Development Goals that member states agreed to achieve by

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Speaker 1: twenty thirty. Now, President Xijingping has unveiled a sweeping overhaul

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Speaker 1: of China's bureaucracy. The plan includes more oversight of China's

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Speaker 1: financial system and restructuring the Ministry of Science and Technology.

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Speaker 1: Blum Bog's chief North Asia correspondence Stephen Engel, explains why

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Speaker 1: Beijing is making the changes now. There's lots of rhetoric,

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Speaker 1: lots of blaming target at the United States, but this

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Speaker 1: is a new China. They realize there is a bifurcation

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Speaker 1: happening here and they need to be prepared for the

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Speaker 1: next century, if you will, of self reliance. Stephen Angele

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Speaker 1: reports that the revamp comes as the United States ramps

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Speaker 1: up measures to prevent China from obtaining advanced technology. Here

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Speaker 1: in the UK, the Chancellor Jeremy Hunt is considering plans

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Speaker 1: to help capital investment in order to boost economic growth

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Speaker 1: in Britain, sources Bloomberg. The Chancellor is considering plans to

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Speaker 1: replace super deductions with extra tax relief on investments, bending

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Speaker 1: Bloomberg's un Parts reports. It was one of us she

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Speaker 1: Slack's flagship policies as chancellor, but his investments super deductions

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Speaker 1: are set to expire at the end of this month.

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Speaker 1: It's a double blow for business, coming on the same

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Speaker 1: day that corporation tax is set to jump from nineteen

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Speaker 1: to twenty five percent. Bloomberg has learned that Hunt is

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Speaker 1: reviewing options to replace the business tax relief in his

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Speaker 1: budget next Wednesday. The Chancellor's challenge is to find a

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Speaker 1: way to boost Britain's woeful business investments with little slack

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Speaker 1: in the public finances in London, Immune Partsinbog day Break

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Speaker 1: Europe and just finally to some corporate news this morning,

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Speaker 1: Elon Musk says that Twitter may break even on a

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Speaker 1: cash flow basis in the second quarter of this year,

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Speaker 1: and has they shot it even going positive? That story

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Speaker 1: now from Bloomberg's Charlie Pellets, speaking at On Morgan's Stanley

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Speaker 1: conference in San Francis School, Musk the company has been

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Speaker 1: working on making it's advertising more relevant. Musk, who bought

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Speaker 1: Twitter last year for forty four billion dollars, emphasize that

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Speaker 1: Twitter's debt burden after the deal is quite high and

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Speaker 1: the cost of servicing the debt is around one and

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Speaker 1: a half billion dollars annually, about equivalent to its current

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Speaker 1: cash burn rate. Musk said, with all the attention Twitter gets,

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Speaker 1: its quote startling how little money it makes in New York.

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Speaker 1: Charlie Pellett Bloomberg Daybreak Europe, and we'll have more on

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Speaker 1: Elon Musk and Twitter in today's paper review. Well, those

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Speaker 1: are our top stories this morning, Carolina is a headline

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Speaker 1: caught my eye in the chail this morning. It turns

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Speaker 1: out that money does buy happiness, at least up to

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Speaker 1: half a million dollars. Did you have to tell me

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Speaker 1: or listeners that I don't think so? But no, Look,

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Speaker 1: in all seriousness, this is a new study, a survey

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Speaker 1: of more than thirty three thousand people living in the

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Speaker 1: US that's been published, and basically it contradicts a now

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Speaker 1: really famous paper in twenty ten by the economists Angust

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Speaker 1: Deton and psychologists and others where they said that if

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Speaker 1: you get to a certain income level, then your happiness platters.

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Speaker 1: It was like sixty seventy thousand pounds something like that.

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Speaker 1: Apparently this has now been debunked. It's not true. Was

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Speaker 1: there such inflation though? It's just like the sixty or

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Speaker 1: seventy thousand dollars sort of half a mill exactly. Time

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Speaker 1: certainly has moved on. But look, I mean, it's interesting

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Speaker 1: to kind of see this idea. Obviously, there's the income

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Speaker 1: level at which you know you're worried about much more

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Speaker 1: basic paints than you know, be able to pay your bills.

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Speaker 1: But certainly the point over that to see where people

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Speaker 1: money does seem to increase people's steadily incrementally. It does

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Speaker 1: apparently make you feel better, more contented. Anyway, there are

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Speaker 1: news you can use this morning, absolutely right better. Using

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Speaker 1: the skills in time of women though in OECD countries

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Speaker 1: can raise global economic activity by approximately seven percent. That

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Speaker 1: was the bit of news that we brought to you earlier,

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Speaker 1: according to Moody's analytics, and there later research on of

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Speaker 1: course International Women's Day. But the stagnant gender pay gap

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Speaker 1: and the lack of women getting inter management roles in

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Speaker 1: the past decade does mean that i w D Day

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Speaker 1: feels perhaps are less enthusiastic than it has done in

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Speaker 1: the past. Joining us now to discuss is Amanda Pullinger,

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Speaker 1: who is the chief executive of a hundred Women in Finance.

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Speaker 1: Good morning, Amanda, Thank you so much for joining us,

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Speaker 1: bright and early in the studio, Very bright and early

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Speaker 1: to be here. Ye good to see you. The gender

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Speaker 1: pay gap, the lack of women in leadership, the damage

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Speaker 1: of the pandemic years to women's careers. I'm interested to

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Speaker 1: understand how your members, and there are many more than

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Speaker 1: a hundred of them. How your members are now thinking

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Speaker 1: about their careers. So I'm the CEO of a global association.

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Speaker 1: We are now in thirty two locations across five continents,

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Speaker 1: so I do have a kind of global perspective on this,

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Speaker 1: and surprisingly, maybe not surprisingly, a lot of the issues

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Speaker 1: are the same around the world. There are some interesting differences,

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Speaker 1: but by and large, you know, the same challenges exist

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Speaker 1: that have very often existed. But I think what we're

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Speaker 1: really focused on is how do how do we create progress?

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Speaker 1: Right There's been a lot of talk about the lack

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Speaker 1: of and certainly if we look at numbers like what

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Speaker 1: percentage of the world's fund managers are women, it's about

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Speaker 1: ten percent to Cross Alternatives and long only mutual. That

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Speaker 1: hasn't changed for twenty thirty years. So we're really focused

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Speaker 1: on saying what can we do to change that? And

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Speaker 1: the first thing that I think we need to do

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Speaker 1: is to focus on those women who are in those roles.

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Speaker 1: Make those women visible, because if we're going to try

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Speaker 1: and to change the demographics of our industry, we have

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Speaker 1: to change the perception of what an expert looks like.

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Speaker 1: And unfortunately, right now, many people perceive the investment role

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Speaker 1: in particular as being a male role. So let's change

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Speaker 1: that perception so that we can not only change the

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Speaker 1: perception of the general public, but also the next generation

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Speaker 1: of women coming into those roles. So concretely, how do

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Speaker 1: we do that? I mean, if you know your organizations

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Speaker 1: go as is, thirty percent of senior investment professionals to

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Speaker 1: be women and thirty percent of executive committee members to

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Speaker 1: be women by twenty forty. Is that not ambitious enough?

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Speaker 1: Should we be looking for something higher than that? Really

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Speaker 1: interesting and there's been a lot of debate, but should

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Speaker 1: it be fifty percent? I want to set a goal

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Speaker 1: that's realistic, and the reality is getting from ten percent

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Speaker 1: to thirty percent even in twenty years, takes all sorts

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Speaker 1: of different initiatives, right. It takes bringing in the next generation,

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Speaker 1: inspiring the next generation of women to look at investing

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Speaker 1: in a positive way. It takes the industry making very

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Speaker 1: concrete decisions. It takes women saying yes to being on

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Speaker 1: your show, for example, and being out there. So I

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Speaker 1: think it's I think thirty percent is very doable by

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Speaker 1: twenty forty. Would I like it to be quicker? Yeah,

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Speaker 1: but I think by setting a longer term goal and

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Speaker 1: starting now being deliberate, I do believe it's possible. Last

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Speaker 1: night we had our London Gala and we gave awards

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Speaker 1: to firms in the industry who are making progress. And

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Speaker 1: what's exciting is if you're deliberate, if DI initiatives are

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Speaker 1: driven from the top, not given to ADI department, if

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Speaker 1: those firms are putting in place initiatives internal and external,

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Speaker 1: we are seeing progress. Aberdeen won the award and they

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Speaker 1: are getting close to that thirty percent level both executive

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Speaker 1: committee and in terms of their senior investment professionals. But

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Speaker 1: look on international Women's there. I think partly why there

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Speaker 1: does seem to be concern is that actually, you know,

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Speaker 1: the goal of thirty percent that's been around for a decade,

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Speaker 1: actually in gestation for like twenty years, So there is

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Speaker 1: deep disappointment and skepticism around whether these goals are achievable,

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Speaker 1: especially when there are not actual targets. So I kind

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Speaker 1: of want to understand whether you think that there needs

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Speaker 1: to be a more muscular approach, I mean more than

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Speaker 1: just visibility in persuasion actual targets. And again, like the

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Speaker 1: Moody's research goes back to you have to have policies

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Speaker 1: of flexible working, of affordable childcare, of paid maternity paternity

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Speaker 1: leave to drive change. Do you think there need to

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Speaker 1: be more goals? So, look, I think there are three

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Speaker 1: things in play. I think there are social norms around

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Speaker 1: the world that are still playing into whether or not

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Speaker 1: highly educated women who have a family should be working

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Speaker 1: at all. I mean, you know, amongst our members, particularly

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Speaker 1: places like Germany and Switzerland, it is still really tough

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Speaker 1: to be a working mother in those societies. You contrast

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Speaker 1: that to somewhere like Nigeria, where forty percent of the

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Speaker 1: CEOs in our industry are women and forty center the

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Speaker 1: chairs of boards or women, where social norms, believe it

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Speaker 1: or not are slightly different. So there's a social norm

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Speaker 1: element of this. There's also the culture within a firm.

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Speaker 1: But what I would say is we can't necessarily as

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Speaker 1: women control those things. What we can do, and what

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Speaker 1: we're doing as an organization is helping women find others

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Speaker 1: who are like them, really working together to support each other.

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Speaker 1: You know, visibility changes people's perception. And when I talk

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Speaker 1: to female fund managers, that's my big message is don't

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Speaker 1: think that just by sitting there, working hard and performing,

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Speaker 1: someone's going to notice you. Right, That's not how you

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Speaker 1: build your business. You have to be out there. But

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Speaker 1: I'm not saying it's a simple solution. I'm saying, let's

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Speaker 1: try a lot of different things and let's, you know,

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Speaker 1: let's then learn from those initiatives and double down on

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Speaker 1: those that work. Are you optimistic? I am optimistic, and

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Speaker 1: I'm optimistic because I've seen the applications that are coming

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Speaker 1: in from firms who are truly moving the needle, who

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Speaker 1: are saying, yes, this is something that's going to come

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Speaker 1: from the top, this is long term, this is not

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Speaker 1: a fad. We are focused on these issues and there's

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Speaker 1: some really innovative initiatives coming out which we hope to

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Speaker 1: publish for the industry so that those firms, many firms

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Speaker 1: are struggling out there, let's help them with the solutions,

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Speaker 1: and then there isn't an excuse if we provide you

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Speaker 1: with a bunch of solutions, there's no excuse to say

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Speaker 1: we can't do this. Amanda, lovely to have you in

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Speaker 1: the studio with us on International Women's Day, really great

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Speaker 1: to hear your views. Visibility. Well, I'm glad you mentioned

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Speaker 1: that Amandipudenter, CEO of one hundred women in finance, joining

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Speaker 1: us here live on Blue Black Radio. Up next, Go Greener,

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Speaker 1: Go home, Google's brain melt and hr in two hundred

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Speaker 1: and eighty characters or fewer. Now the paper review on

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Speaker 1: Blue Bird day Break Europe. The news you need to

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Speaker 1: know from today's papers. James Wilcocket is with us for

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Speaker 1: more on those stories. I'm slightly worried if I've just

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Speaker 1: made a grammatical area. There is the two hundred and

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Speaker 1: eighty characters are less two dating characters are fewer. Anyway,

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Speaker 1: let's talk about the pots papers are leading on this morning.

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Speaker 1: A couple of the meeting on the migration bill, where

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Speaker 1: you see an ex Press conference promising to tackle migration. James,

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Speaker 1: let's start with the times they are looking at. A

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Speaker 1: warning from the Institute of Directors this morning. I mean

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Speaker 1: on grammar. Stephen. I always say Stephen is always right

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Speaker 1: as my policy, but no, the idea of it is.

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Speaker 1: But in this case the idea of conductors. A survey

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Speaker 1: of eight hundred and sixty leading business people and eight

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Speaker 1: out of ten supported subsidies to combat climate change and

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Speaker 1: compete with the EU and the US. I mean, we

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Speaker 1: talked about shelseyo Wealth for one on Monday on our

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Speaker 1: program here is saying a similar thing. And it's something

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Speaker 1: Bloomberg have been reporting for quite some time. This large

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Speaker 1: three hundred and sixty nine million billion dollar boost making

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Speaker 1: some energy companies consider moving to the is something Todd

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Speaker 1: Gillespie and Bloomberg has been reporting on EDP, one of

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Speaker 1: Europe's largest renewable energy companies, implying to build more wind

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Speaker 1: turbines in America. And the big question is where does

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Speaker 1: the UK fit into these sort of big amounts of

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Speaker 1: money being spent. Those who speak to business tell me

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Speaker 1: one big fear is that the UK's and stasis right

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Speaker 1: now as it waits for the next election. And we

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Speaker 1: have that scoop overnight we mentioned in the bulletin about

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Speaker 1: business relief. Now, beyond taxes encouraging investment, does the UK

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Speaker 1: government have the capacity to spend? And that is what

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Speaker 1: the iod are really concerned about this morning. Yeah, okay,

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Speaker 1: I think that's very interesting. Yeah, the warning from businesses

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Speaker 1: as we do tick down to budget day on the

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Speaker 1: fifteenth of March, James, there's a story in The Independent

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Speaker 1: about Elon Musk firing someone. Why is this new? I mean,

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Speaker 1: I can see why you'd be skeptical, Caroline. We have

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Speaker 1: been covering this story about him taking over Twitter for

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Speaker 1: a very long time now, and he's overseen firing of

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Speaker 1: roughly two thirds of Twitter's seven thousand fired employees since

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Speaker 1: he took over. And what makes this interesting as and

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Speaker 1: also emblematic of how he has completely shaken up this

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Speaker 1: company is halle Thor left soon. A senior director who's

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Speaker 1: designed firm Una was brought by Twitter in twenty twenty one,

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Speaker 1: tweeted Elone the other day saying, am I fired? It's

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Speaker 1: been nine days since I've been locked out. HR have

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Speaker 1: not been in touch. Do I still have a job?

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Speaker 1: Musk then publicly discussed his job and also his disability

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Speaker 1: with a third party on Twitter. Now that is potentially

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Speaker 1: a breach of the Americans with Disabilities Act, which mandates

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Speaker 1: that US employees should not publicly be disclosing their employees

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Speaker 1: disability status. Then add to that that Hallie is the

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Speaker 1: former Iceland Person of the Year twenty twenty two. The

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Speaker 1: reason being is when Twitter bought his design firm because

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Speaker 1: of his disability, he asked for it to be paid

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Speaker 1: in wages, and he is one of Iceland's top ten taxpayers.

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Speaker 1: He paid forty six percent of his salary tax and

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Speaker 1: you can only imagine what but that salary is because

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Speaker 1: the buyout was in salaries. So this is where this

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Speaker 1: gets money to be interesting for Leon Musk. By terminating

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Speaker 1: his contract and confirming and is terminated, there is a

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Speaker 1: question of the rest of the salary involved in the

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Speaker 1: buyout that Musk may have to pay. So this is

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Speaker 1: financially a big problem for Musk. It looks potentially difficult

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Speaker 1: from an HR perspective, and it all comes what also

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Speaker 1: just look looks terrible in so many ways, doesn't it.

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Speaker 1: And it all comes while Twitter is recovering from its

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Speaker 1: second outage in less than a week, and so it

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Speaker 1: is all adding up to a very difficult picture for

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Speaker 1: the CEO. And I will say Musk did apologize on Twitter,

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Speaker 1: which is also a rare one for him who's known

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Speaker 1: for sort of often doubling down on quite controversial Stanfords. Okay, James,

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Speaker 1: let's turn next to a story from Dave Jones, a

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Speaker 1: deep dive on here Microsoft and chat GPT beats Google

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Speaker 1: on the AI race, and briefly, Stephen this is simple.

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Speaker 1: People are talking about bink. The fact that people are

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Speaker 1: talking about bing again says it all. And what has

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Speaker 1: happened here is Microsoft have with chat GPT changed the game.

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Speaker 1: I mean we have noticed it. We did a Bloomberg

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Speaker 1: interview with Citizel's Ken Griffin just the other day, who

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Speaker 1: is in process for negotiating enterprise as wide license to

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Speaker 1: use open as chat GPT tool. So what dal Jones

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Speaker 1: have done, I've done a deep dive and found out

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Speaker 1: that Google actually had similar kinds of tools in the

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Speaker 1: works as early as two years ago, but they got

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Speaker 1: held up in development. And so it's interesting look at

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Speaker 1: how potentially this race was one that Google lost rather

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Speaker 1: than Microsoft one. This is Bloomberg Daybreak Europe. You're a

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Speaker 1: morning brief on the stories making news from London to

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Speaker 1: Wall Streets and beyond. Look for us on your podcast

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Speaker 1: speed every morning on Apples, Spotify and anywhere else you

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Speaker 1: get your podcasts. You can also listen live each morning

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Speaker 1: on London Dab Radio, the Bloomberg Business app, and Bloomberg

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Speaker 1: dot Com. Our flagship New York station is also available

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Speaker 1: on your Amazon Alexa devices. Just Say Alexa played Bloomberg

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Speaker 1: eleven thirty. I'm Caroline Hitka and I'm Stephen Carroll. Join

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Speaker 1: us again tomorrow morning for all the news you need

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Speaker 1: to start your day right here on Bloomberg Daybreak. Europe