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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: This is the Bloomberg Day Precate podcast, available every morning

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Speaker 2: on Apple, Spotify or wherever you listen. It's Thursday, the

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Speaker 2: tenth of October here in London. I'm Caroline Hepkin.

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

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Speaker 3: million homes and businesses are without powers Hurricane Milton hits Florida.

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Speaker 2: The Fed Minutes revealed details of resistance to Jerome Pal's

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Speaker 2: half point interest rate cut in September.

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Speaker 3: Plus, we look at a casino company's big bet on

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Speaker 3: a country where gambling is illegal and why it's paying off.

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Speaker 2: Let's start with a round up of our top stories.

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Speaker 3: Hurricane Milton has arrived on Florida's west coast near Tampa.

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Speaker 3: The storm came ashore near Siesta Key with winds of

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Speaker 3: one hundred miles per hour, according to the US National

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Speaker 3: Hurricane Center. Florida Governor Rondasanta says the state is well prepared.

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Speaker 4: We have massive amounts of search and rescue equipment and

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Speaker 4: personnel standing, and we hope that there's not a big

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Speaker 4: need for that, but we're prepared for that. And that's

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Speaker 4: not just our state and local. It's also our National Guard,

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Speaker 4: our State Guard. We have about nine thousand National Guard

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Speaker 4: personnel between Florida and other state.

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Speaker 3: Ronda Santa speaking there, authorities say life threatening storm surge

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Speaker 3: and flash flooding will continue as the storm moves inland.

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Speaker 3: More than two million homes and businesses in Florida are

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Speaker 3: without power, according to data from Power Outage dot US.

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Speaker 3: The Hurricane Center says several tornadoes are also likely tonight

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Speaker 3: across parts of central Florida.

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Speaker 5: Now.

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Speaker 2: Minutes from the fmc's last meeting show disagreement among policymakers

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Speaker 2: over the size of their September rate cut. The Minute

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Speaker 2: said a substantial majority supported the fifty bases point move,

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Speaker 2: but also showed that there was a preference among some

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Speaker 2: officials to cut rates at a more gradual pace. The

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Speaker 2: former Kansas City Fed president Esther George says the Central

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Speaker 2: Bank faces a delicate balancing at the moment.

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Speaker 1: I've always been among those that believe this last mile

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Speaker 1: can be the most difficult, because now you're trying to

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Speaker 1: get from something in the neighborhood of three percent inflation

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Speaker 1: to two and over what period of time can you

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Speaker 1: do that and still ensure that the public believes you

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Speaker 1: will get back there that those inflation expectations stay anchored.

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Speaker 1: So I remain pretty focused on where we are with

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Speaker 1: the current inflation dynamics.

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Speaker 2: Esther George, speaking there to Bloomberg. The FED minutes indicate

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Speaker 2: that the Fed chair Joy in Power, is unlikely to

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Speaker 2: get another big interest rate cut from his policy committee

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Speaker 2: as long as the US labor market holds up according

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Speaker 2: to the median estimates in a Bloomberg survey of economists,

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Speaker 2: call USCPI inflation data, which is out later today, is

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Speaker 2: expected to show that prices rose by zero point two

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Speaker 2: percent last month.

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Speaker 3: The potential Israeli attack on Iran's nuclear facilities is testing

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Speaker 3: American influence on the country. President Joe Biden is warned

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Speaker 3: against the action, as US officials worry a strike on

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Speaker 3: Iran's energy infrastructure could royal energy markets. With the US

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Speaker 3: has few assurances against escalation, Mara Rudman, professor at the

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Speaker 3: University of Virginia, says retaliation may still go ahead.

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Speaker 6: What the US wants does matter to Israel may not

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Speaker 6: be determinative, and so I would just caution with that. Ultimately,

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Speaker 6: you have a sovereign country that's going to do what

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Speaker 6: it feels as is in it's best interest to defend itself.

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Speaker 6: The relationship between President Biden and Prime Minister Netanyahu is

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Speaker 6: a different type of sticking point challenge, and I think

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Speaker 6: that was reflected in Golan to visit being put on

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Speaker 6: hold by the Prime.

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Speaker 3: Minister mar Rudman, who was a former official in the

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Speaker 3: Department of State, speaking there to Bloomberg. Sources of told

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Speaker 3: Bloomberg that Biden's team is proposing alternatives, including a fresh

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Speaker 3: round of economic sanctions on Iran and a bid to

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Speaker 3: give Prime Minister Benjamin Netaniahoho another option. Biden and Netanyah,

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Speaker 3: who spoke yesterday for the first time in more than

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Speaker 3: a month. During that time, ISRAELA stepped up a campaign

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Speaker 3: to target his Bla and Lebanon, killing most of its

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Speaker 3: senior leadership, including leader Hassan Nasrala.

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Speaker 2: Now let's go to the UK. The guilt market could

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Speaker 2: face buyer's strike if the UK government decides to dramatically

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Speaker 2: increase borrowing. This according to an economist that City Bank.

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Speaker 2: Bloomberg's Tima Adebayo has more Now.

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Speaker 7: The Chancellor of Rachel Reeves is preparing to launch her

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Speaker 7: inaugural budget later this month, but Ben Naburro, chief UK

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Speaker 7: economists at City Group, has a stark warning for her.

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Speaker 7: He says the prospect of new debt rules to allow

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Speaker 7: more spending on investment could spark fit in guilt investors

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Speaker 7: with limited appetite for new bonds. Reeves's current rule book

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Speaker 7: gives just eight point nine billion pounds of headroom according

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Speaker 7: to the Office for Budget Responsibility, but a different measure

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Speaker 7: she is thought to be considering would provide a sixty

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Speaker 7: two billion pounds buffer. The Bank of England already boasts

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Speaker 7: the second largest supply of government bonds in its history,

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Speaker 7: and according to Nabarro, a rule change could just push

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Speaker 7: investors over the edge. In London, Tee what at a

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Speaker 7: bio Bloomberg Radio.

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Speaker 3: Saying in the UK, the government's planning the most significant

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Speaker 3: changes to workers' rights and a generation. Its new Employment

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Speaker 3: Rights Bill starts its process into law today. It's been

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Speaker 3: heavily lobbied by both business and unions. James Wilcock has

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Speaker 3: the story.

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Speaker 5: Ending zero our's contracts, six pay rights from day one,

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Speaker 5: extending men's paternity rights, with more reviews on the way.

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Speaker 5: This is a megabill and it will change Britain's labor market.

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Speaker 5: The government argue for the better making people better paid

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Speaker 5: and more productive, but some businesses have been alarmed by

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Speaker 5: the bill. Federation of Small Businesses policy chair Tina McKenzie

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Speaker 5: called it a rushed job. Many of the measures will

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Speaker 5: be subject to further consultation, with the majority not expected

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Speaker 5: to be implemented until Autumn twenty twenty six, so expect

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Speaker 5: further battles between business and unions ahead in London. James

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Speaker 5: Wilcock Woomberg Radio.

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Speaker 2: Meanwhile, the race to lead the UK's second largest political

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Speaker 2: party is now down to two after Conservative lawmakers knocked

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Speaker 2: out the front runner in a shock result. James Cleverly

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Speaker 2: was seen as the Unity candidate and near certain bet

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Speaker 2: for the final runoff until the surprise ballots Kenny Badenock

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Speaker 2: forty two votes, James Cleverly thirty seven votes and Robert

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Speaker 2: Jenerck forty one votes. Jenrick and Bednock are both seen

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Speaker 2: as on the right of the party and have focused

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Speaker 2: their campaigns on cultural issues and immigration. The pair will

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Speaker 2: now make their pitch to Conservative members who last elected

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Speaker 2: Liz Truss as party leader and Ben Ainsley.

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Speaker 3: Says skippering Britain to America's Cup sailing success for the

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Speaker 3: first time would eclipse his achievements at the Olympics. The

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Speaker 3: America's Cup first began in eighteen fifty one off the

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Speaker 3: south coast of the UK, where the country has never

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Speaker 3: been Victoria barrious in the competition. Ainsley says winning US

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Speaker 3: would be the top of his career.

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Speaker 8: Highlights the fact that Britain has never won it and

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Speaker 8: was such a proud sporting and maritime nation. That's the

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Speaker 8: motivation for myself and the rest of the team, and

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Speaker 8: absolutely it would eclipse anything that you know, I've been

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Speaker 8: fortunate to experience an Olympic level because it's also a

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Speaker 8: massive team sport.

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Speaker 3: The four time gold medalist will lead the Inneus Britannia

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Speaker 3: team backed by Jim Ratcliffe, against the reigning champions New

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Speaker 3: Zealand in the final in Barcelona this weekend.

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Speaker 2: Those are your top stories. Now for the key market

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Speaker 2: moves you need to know this morning. So the S

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Speaker 2: and P five hundred clothes at a record high last night,

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Speaker 2: up zero point seven percent, the forty fourth record in

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Speaker 2: twenty twenty four. Textures led the charge, with Apple climbing

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Speaker 2: by one point seven percent. The Westoller also closed up

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Speaker 2: zero point four percent, rising for its eighth straight session,

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Speaker 2: notching its longest winning streak in more than two years.

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Speaker 2: Although the dollar is currently down, the dollar's run was

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Speaker 2: held by two year yields right seeing six basis points

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Speaker 2: in the session, continuing to erase expectations for FED cuts.

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Speaker 2: And in Asia, mainland Chinese shares the CESI three hundred

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Speaker 2: are two point seven percent higher.

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Speaker 3: And no one want will bring you more on Hurricane

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Speaker 3: Milton making landfall and Florida, Let's tell you about the

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Speaker 3: project to build the Arab Gulf's first casino. Put another

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Speaker 3: story that Kot Maya this morning about the changing style

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Speaker 3: of men's suits in the office. Suits are back, apparently

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Speaker 3: post pandemic. People are wearing them, but they're looser, so

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Speaker 3: they're they're more comfortable to wear. Essentially, this is some

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Speaker 3: sort of sounds like someone's trying to bridge basically at

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Speaker 3: leisure that people were wearing during the pandemic and suits.

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Speaker 3: This is a peace by our colleague Matt Berlinger has

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Speaker 3: been looking at the new styles of suits.

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Speaker 2: I don't think it's just men's suits either. I definitely

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Speaker 2: think women's suits are going the same way too, because

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Speaker 2: it mentions that men's suits double breasted apparently is in yes,

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Speaker 2: for women's suits.

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Speaker 3: As well, but it's also a question of it's it's

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Speaker 3: slightly more relaxed, but it's not nineties baggie. Essentially like

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Speaker 3: a sort of a bridge here trousers no exactly. Yeah, Essentially,

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Speaker 3: slim fitting is out now. It was it was once

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Speaker 3: a style of being very or a sign of being

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Speaker 3: very en trended, apparently, according to Max earlier, now it's not.

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Speaker 3: And he actually points to things like the TV show Industry,

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Speaker 3: which illustrates people working in finance who are wearing very

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Speaker 3: drab clothes, you know, plane jumpers and trousers and hues

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Speaker 3: of black, navy and gray, And apparently this is an

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Speaker 3: attempt to inject some more style and perhaps a little

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Speaker 3: bit more levity into what people are wearing to work out.

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Speaker 3: I have to say I did read this and think

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Speaker 3: though that sounds very American to me, to be honest,

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Speaker 3: it's going to go down and officers here in the

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Speaker 3: same way.

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Speaker 2: Well, there was a real battle over the tie about

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Speaker 2: whether that was coming back, but I do see it

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Speaker 2: in the city of London now. Also e last coated waistbands,

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Speaker 2: but listed about that post pandemic, the.

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Speaker 3: Better well, you know, look, it needs must et cetera.

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Speaker 3: Let's turn back to our top story now though, and

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Speaker 3: the latest on hur Milton, which made landfall in Florida

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Speaker 3: in the early hours of this morning UK time. Our

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Speaker 3: weather reporter Mary Hoy joins US Now for more and

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Speaker 3: Mary Good to speak to you. What's happened then in

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Speaker 3: Florida since Milton made landfall.

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Speaker 9: The hurricane made land for as a Category three storm,

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Speaker 9: and it's since dipped down to category two, packing winds

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Speaker 9: of about one hundred miles per hour, so down a

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Speaker 9: little bit from one hundred and twenty miles per hour

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Speaker 9: when it came ashore, but nonetheless it's still bringing damaging waves,

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Speaker 9: life threatening storm search along portions of the west central

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Speaker 9: coast of Florida, and then along with that also just

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Speaker 9: destructive winds. We saw a stadium in Saint Petersburg where

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Speaker 9: there were that was supporting hurricane of response efforts. That

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Speaker 9: roof of that stadium was ripped off by the winds.

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Speaker 9: So we'll really just kind of keep keeping track of

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Speaker 9: and it's just seeing now the destruction that will try

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Speaker 9: inspire as the storm continues to move inland and across

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Speaker 9: the Florida the Peninsula.

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Speaker 2: Yeah, absolutely densely populated areas. Where is the storm heading now, Mary.

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Speaker 9: It's heading east northeast, generally moving across the central part

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Speaker 9: of the Florida Peninsula, and it's expected to maintain that

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Speaker 9: trajectory through Thursday and then eventually turn eastwards and emerge

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Speaker 9: off of the east coast of Florida by late Thursday,

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Speaker 9: according to the National Hurricane Center. But throughout that track,

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Speaker 9: it's expected to maintain its hurricane intensity, with both hurricane

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Speaker 9: force winds and tropical force winds tropical storm force winds,

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Speaker 9: rather continuing to kind of expert damages across a large

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Speaker 9: area of Florida.

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Speaker 3: Yeah, trying to think about it, I suppose the sort

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Speaker 3: of damage that could be still to come from this Mary,

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Speaker 3: what should we be expecting then over the next twelve

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Speaker 3: hours or so.

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Speaker 9: Well, the storms are just continuing to who affect large

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Speaker 9: areas of Florida where Milton made land. For one thing

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Speaker 9: to kind of I guess consider is that while there's

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Speaker 9: a clear system for categorizing hurricane wind speeds, there isn't

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Speaker 9: as clear of a system for really communicating the risks

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Speaker 9: of storm searchers and so hopefully you know, people who

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Speaker 9: are in the area, if affected, will have evacuated. But

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Speaker 9: that's something that our reporters in the US, our colleagues

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Speaker 9: in the US are following as well. You know, whether

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Speaker 9: people were able to get the necessary warnings to move

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Speaker 9: out ahead of time.

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Speaker 2: Yeah, absolutely, Okay, this is something that we're going to

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Speaker 2: cover then for listeners throughout the morning. Of course, A Mary,

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Speaker 2: thank you so much for being with us. That is

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Speaker 2: our weather reporter Mary hoy to the.

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Speaker 3: United Arab Emirates now or a wind resort started developing

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Speaker 3: its newest casino two years ago, even though the government

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Speaker 3: still hasn't technically legalized gambling. The oney five hundred dain

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Speaker 3: property on man made islands forty minutes from Dubai is

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Speaker 3: rising at a fast clip and now the government has

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Speaker 3: awarded the casino license to Win three years ahead of

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Speaker 3: the scheduled opening. Our Middle East Financing real estate reporters

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Speaker 3: and Vata joins us now from Dubai for more is Enna,

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Speaker 3: Good morning. Can you tell us about WINS project then

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Speaker 3: in ross Alheimer and how exactly it came about?

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Speaker 10: Hi, good morning. So yes, this is a project that

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Speaker 10: was announced into twenty twenty two, and it was a

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Speaker 10: surprise to everyone because, as you know, gambling is a

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Speaker 10: criminal activity across the entire REGCC, the Golf Cooperation Council

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Speaker 10: six countries, including Saudi Arabia and the UAE. It's punishable

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Speaker 10: by jail and fine the whole activity of gambling, So

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Speaker 10: it was kind of a surprise to everyone that they

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Speaker 10: would allow gaming in the first place. But now we're

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Speaker 10: beyond that and a gaming authority has been set and

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Speaker 10: it granted its first license to Win and the one thousand,

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Speaker 10: five hundred room hotel, which was initially planned as a

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Speaker 10: one thousand room hotel, is actually being built. Win bought

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Speaker 10: the entire island because they expect the growth to come

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Speaker 10: later on, and the four islands that make up Morjane

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Speaker 10: are now completely sold off as other developers are moving in.

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Speaker 2: If casino isn't gambling a taboo in the golf, how

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Speaker 2: are policy makers in the UA. They're navigating this whole issue.

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Speaker 10: It's really a tricky one for them, so they're moving slowly.

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Speaker 10: They're pretty much avoiding talking about it. The entire announcement

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Speaker 10: of casino license being granted came from WIN and they

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Speaker 10: didn't put out anything from here. It came in the

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Speaker 10: middle of the night. As you know, the entire region

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Speaker 10: is right now consumed by the news of war in

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Speaker 10: Lebanon and Israel and Palestine. And you're finding now that

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Speaker 10: amid this news cycle, the news came out, there isn't

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Speaker 10: that much discussion of it. Policymakers try to avoid uttering

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Speaker 10: the words casino or gambling. In a way, they're using

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Speaker 10: the same playbook they used years ago when they allowed alcohol,

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Speaker 10: So Muslims weren't allowed to drink and the citizens wantn't

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Speaker 10: allowed them to ours and little by little we started

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Speaker 10: to see kind of relaxation of those rules so on.

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Speaker 10: So far the government is selling this as this is

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Speaker 10: something that we must do to help.

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