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Speaker 1: Good morning. It's Tuesday, the sixth of February here in London.

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Speaker 1: This is the Bloomberg DAYBAQ podcast. I'm Caroline Hepkit and.

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Speaker 2: I'm Stephen Carroll. Coming up today. UBS resumes share buybacks

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Speaker 2: as the lender ramps up its cost cutting drive.

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Speaker 1: Chinese equities rebound as Beijing intensifies its efforts to stem

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Speaker 1: a growing market route.

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Speaker 2: And King Charles suspends public duties as he receives cancer treatment.

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

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Speaker 2: UBS is pledging to hand as much as a billion

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Speaker 2: dollars to shareholders this year. That's after the Swiss lender

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Speaker 2: which absorbed Credit Sweets last March, reported a larger than

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Speaker 2: expected net loss of two hundred and seventy nine million

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Speaker 2: dollars in the fourth quarter. The bank, led by CEO

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Speaker 2: Sergio or Matti, also increase the amount of planned cost

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Speaker 2: savings from ten billion to thirteen billion. UBS is already

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Speaker 2: the undisputed top wealth manager in many parts of the world,

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Speaker 2: Sergio or Matti signaling that the United States will be

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Speaker 2: a major plank of its growth strategy.

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Speaker 1: Now to China present, Shijingping will be briefed by regulators

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Speaker 1: on the state of financial markets under scoring an urgency

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Speaker 1: in Beijing to prop up the country's plunging stocks. The

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Speaker 1: news comes as China looks to titan trading restrictions on

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Speaker 1: domestic institutional investors and some offshore units. Plumbags ivon Man

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Speaker 1: has more from Hong Kong.

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Speaker 3: We hear Chinese officials have imposed caps on some brokerages

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Speaker 3: cross border total return swaps with clients. This is a

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Speaker 3: channel that can be used by Chinese investors to short

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Speaker 3: Hong Kong stocks. At the same time, Chinese brokers who

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Speaker 3: use a channel to buy mainland shares for their offshore

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Speaker 3: units were told not to reduce their positions. Also, we

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Speaker 3: hear some hedge funds have been banned from placing cell

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Speaker 3: orders completely, and still others have been barred from cutting

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Speaker 3: stock positions in leverage funds. Economists say this could provide

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Speaker 3: some short term relief, but may be counterproductive as investors

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Speaker 3: worry about their ability to exit the market. In Hong Kong.

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Speaker 3: Amiva Men Bloomberg Radio.

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Speaker 2: King Charles is receiving treatment for an unspecified form of cancer.

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Speaker 2: According to a statement from Bookingham Palace, The illness was

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Speaker 2: discovered during the King's hospitals day last month. The Palace

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Speaker 2: says doctors have advised the seventy five year old monarch

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Speaker 2: to postpone public facing duties. Christina Kiriaku, former Communication Secretary

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Speaker 2: to the King, says he will be adequately assisted in recovery.

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Speaker 2: There are more.

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Speaker 4: Enough people to assist, and this is what happens in

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Speaker 4: every family. If someone gets ill, everyone spits the duties.

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Speaker 4: I feel certain that the King will be incredibly well supported,

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Speaker 4: not least of which by the Queen as well.

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Speaker 2: Former Royal Communication Secretary Christina Kiriaku there The news comes

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Speaker 2: less than a year and a half after the death

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Speaker 2: of Queen Elizabeth I, and follows a recent stay in

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Speaker 2: hospital for the Princess of Wales who underwent planned abdonald surgery.

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Speaker 1: Now to a story around tech workers, thirty two thousand

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Speaker 1: tech workers have lost their jobs since the start of

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Speaker 1: the year. This according to affirm that tracks cuts in

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Speaker 1: the industry layoffs dot Fyi says that many firms are

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Speaker 1: still trying to correct their overhearing that took places during

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Speaker 1: the pandemic. The latest data point comes as social media

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Speaker 1: firms Snap announced that it is reducing its workforce by

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Speaker 1: about ten percent in recent weeks, Amazon and Alphabet also

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Speaker 1: announced cuts aimed at reducing costs while the sector makes

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Speaker 1: greater use of artificial intelligence.

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Speaker 2: The Bank of England chief economist says the monetary policy

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Speaker 2: outlook has shifted U pills as the central Bank could

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Speaker 2: lower rates this year as a reward for the economy

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Speaker 2: for bringing inflation down. James Wilcock has the details.

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Speaker 5: Many in the financial sector will be wondering if they'll

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Speaker 5: be getting a reward for good performance at this time

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Speaker 5: of year banking. The chief economist, Hue Pill says you might.

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Speaker 5: He told the press that if the UK got a

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Speaker 5: good score its inflation metrics, he expects a performance related

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Speaker 5: bonus in the form of a rake one for improvement.

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Speaker 5: Though revised labor market data which suggests a tightening jobs

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Speaker 5: market that means Pill's focus, like his language, is likely

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Speaker 5: on wage data coming next week in London. James Wilcock

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Speaker 5: blue Berg Radio.

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Speaker 1: UK retail sales growth sload in January and another sign

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Speaker 1: of weak consumer demand. The British Retail Consortium says that

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Speaker 1: the rate of increase was just one point two percent

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Speaker 1: last month. That's lower than the three month average and

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Speaker 1: also lower than the pace of inflation. While the volume

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Speaker 1: of foods sold saw its largest growth in over a year,

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Speaker 1: sales of big ticket items such as furniture and household

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Speaker 1: appliances remained poor.

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Speaker 2: Germany's finance minister says the country's far right AfD party

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Speaker 2: is a risk for the economy. Christian Lindner called out

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Speaker 2: threats to international investment posed by the group but at

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Speaker 2: Bloomberg event and Frankfurt. He also said the party's discussion

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Speaker 2: of leaving the EU would cripple Germany financially for.

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Speaker 6: YID, for every party of the Democratic center such as

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Speaker 6: the CDU, CSU and the SPD and of course the Greens,

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Speaker 6: any form of cooperation with the a f D must

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Speaker 6: be ruled out. With a party that casually talks about

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Speaker 6: Germany leaving the European Union, which would ruin us economically,

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Speaker 6: with a party that Marie La Penn warns against it,

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Speaker 6: and there must be no cooperation whatsoever. A party like

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Speaker 6: the AfD must not have any power over the stake.

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Speaker 2: Ndner added that any cooperation with the a f D

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Speaker 2: should be ruled out and that the issue came up

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Speaker 2: as he tried to promote Frankfurt as a potential home

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Speaker 2: for the EU's new anti money laundering agency. The news

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Speaker 2: comes as a growing number of business leaders of voicing

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Speaker 2: concerns about the rise of the fire right. Deutsche Bank

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Speaker 2: CEO Christian Savings said last week the populist platforms lead

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Speaker 2: directly to economic decline.

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Speaker 1: And those are our top stories.

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Speaker 2: You know, we'll dig into those results from UBS and

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Speaker 2: get more on King Charles's cancer diagnosis. But another that

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Speaker 2: caught our eye this morning was about the risk of

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Speaker 2: zoom calls and how the rise of deep fakes is

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Speaker 2: causing some trouble. This is a piece from our colleague

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Speaker 2: Parmeils and from Bloomberg Opinion's been writing about this after

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Speaker 2: a finance worker in Hong Kong transferred twenty five million

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Speaker 2: dollars to scammers who were posing as a CFO at

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Speaker 2: a conference call.

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Speaker 1: This is really really troubling, isn't it Because a year

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Speaker 1: ago you never would have talked about kind of deep

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Speaker 1: fake videos. You wouldn't have been perhaps so wary of

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Speaker 1: a zoom call, I mean onlike a kind of phishing

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Speaker 1: email or a scam test. Quite kind of used to

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Speaker 1: having to look very very carefully at the phone at that,

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Speaker 1: but now the zoom call too Yeah.

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Speaker 2: The idea that somebody could be telling you because essentially

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Speaker 2: the story in Hong Kong happened because that worker got

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Speaker 2: a suspicious email, was worried about it, asked for clarification,

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Speaker 2: ended up on a live conference call with these people. Now,

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Speaker 2: so Parmei in her piece has a number of piece

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Speaker 2: of advice beyond the usual multi factor stification and the

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Speaker 2: like and using secure channels, but you know, to do

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Speaker 2: things like ask people to make an unusual gesture because

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Speaker 2: movements still haven't been perfected by deep faking technology, people

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Speaker 2: to scratch their nose or touch their ear, and so

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Speaker 2: that this could actually become the new are you on

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Speaker 2: mute of zoom calls? Asking people to instead demonstrate that

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Speaker 2: they are actually who they say.

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Speaker 1: Having to out fox you know, real time deep fakes. Yeah,

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Speaker 1: that's a new one.

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Speaker 2: The tech is evolving as well. Yes, that's a piece

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Speaker 2: from Primeals in this morning. Well, let's get more details

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Speaker 2: next on the results we've had out from UBS, the

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Speaker 2: bank announcing that it's zooming share buybacks, upping its cost

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Speaker 2: cutting targets, as well as it reported a bigger than

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Speaker 2: expected last in the fourth quarter of the year. We

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Speaker 2: have Bloomberg senior finance editor Stefani A Biyanke with us

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Speaker 2: from More. Stefani A, good morning to you. Take us

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Speaker 2: through some of the headlines. Then these are the first

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Speaker 2: full year results from ubs, including Credit Sueee.

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Speaker 7: I think one of the key headlines, as you've said,

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Speaker 7: is this share buyback that was paused during the integration

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Speaker 7: of Credit Swiss after that deal was done. So they've

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Speaker 7: now said they're going to restart this buyback in the

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Speaker 7: second half for as much as one billion dollars. So

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Speaker 7: this was a key point that investors were looking out for.

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Speaker 7: Another key point to mention is that they've confirmed the

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Speaker 7: profitability target for the coming years. This chairman had mentioned

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Speaker 7: that they were probably going to exceed that, so it

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Speaker 7: seems that they're sticking with that plan and hoping that

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Speaker 7: they will actually be able to achieve that. In terms

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Speaker 7: of cost savings, they're looking to now save thirteen billion

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Speaker 7: in the coming years, so this is slightly higher than

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Speaker 7: the ten billion that they'd mentioned earlier. So this really

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Speaker 7: is quite a non ambitious plan for these cost savings,

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Speaker 7: and it will be interesting how they're looking to achieve this.

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Speaker 1: That is interesting, and of course there's a tea live

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Speaker 1: blog on the Bloomberg terminal Tea Live go for all

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Speaker 1: of this commentary as well as your expertise Stefania the

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Speaker 1: three year strategic plan. You know, this is also what

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Speaker 1: we're expected to hear alongside these quarterly in terms of

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Speaker 1: the fiscal targets you mentioned some cost savings very important,

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Speaker 1: but there's also a plan for some expansion. Will we

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Speaker 1: hear any more about potential M and A or what

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Speaker 1: the future may hold for UBS?

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Speaker 7: Of course, I mean we will be speaking to the

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Speaker 7: senior executives later on today and hopefully we will we

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Speaker 7: will ask about that. But it is a difficult time.

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Speaker 7: It has been a difficult time for European banks, not

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Speaker 7: just European banks, US banks, and in terms of M

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Speaker 7: and A, obviously interest rates have been impacting them as well.

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Speaker 7: A lot of them have actually been reporting job losses,

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Speaker 7: so it's not the easiest environment for them. They have

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Speaker 7: said as well. In terms of the Credits Swiss integration,

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Speaker 7: this could be one of the most difficult times coming up,

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Speaker 7: and investors really are trying to put pressure on them

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Speaker 7: and they want to see the results and they want

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Speaker 7: to see the benefit from this integration with Credit Swiss,

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Speaker 7: so it will be an interesting few months ahead for them.

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Speaker 2: Stefani A. Client outflows had been a huge focus in

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Speaker 2: the run up to both the collapse of Credit Sue,

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Speaker 2: but then those key months after UBS took over that

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Speaker 2: business as well. What sort of signals are we getting

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Speaker 2: out of these results in terms of the interest from clients.

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Speaker 7: Well, they've actually said that they've managed to secure about

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Speaker 7: seventy seven billion dollars worth in news sets during the period,

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Speaker 7: so this shows that the client win back does seem

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Speaker 7: to be working. They do seem to be feeling fairly

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Speaker 7: secure with this this new setup and with the integration

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Speaker 7: of Credit Swiss, so they'll obviously be looking to capitalize

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Speaker 7: that capitalize on that going forward in.

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Speaker 1: Terms of their capital ratios and the kind of stability

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Speaker 1: of the business. Again, we've had out numbers as expected.

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Speaker 7: Yes, that's right. There really hasn't been a huge surprise,

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Speaker 7: which is obviously a good good news for the banks.

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Speaker 7: So let's see if they can carry on doing that

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Speaker 7: for the next for the next quarters.

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Speaker 2: Find A bianchi Are, Senior Finance Editor. Thank you very

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Speaker 2: much for joining us with the details of those results

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Speaker 2: from UBS and that headline news that they are returning

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Speaker 2: to share buybacks of one billion dollars planned for this

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Speaker 2: year now.

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Speaker 1: Bucking and Pallace announced yesterday that King Charles has been

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Speaker 1: diagnosed with cancer and has begun treatment. Joining us now

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Speaker 1: to discuss this story of interest, particularly here in the UK.

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Speaker 1: Bloomberg's Tea, added Baio. What do we know TIA about

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Speaker 1: the King's illness and treatment so far?

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Speaker 8: We do know that, at least as of yesterday, according

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Speaker 8: to the statement, the King has begun a schedule of

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Speaker 8: regular treatments. The Palace have also said that this is

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Speaker 8: not related to treatment that the King received last month

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Speaker 8: for an enlarged prostate. They haven't disclosed exactly what sort

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Speaker 8: of cancer it is, but they have said that that

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Speaker 8: prostate diagnosis was benign. There is a sense of optimism

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Speaker 8: actually in the statement too. The Royal communications team have

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Speaker 8: said that the King is looking forward to returning to

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Speaker 8: four public duty as soon as possible. And actually the

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Speaker 8: last couple of lines of that statement did catch my

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Speaker 8: eye in particular because it does offer some sort of

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Speaker 8: explanation as to why this information is being shared and

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Speaker 8: why it's being shared now. So it says that His

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Speaker 8: Majesty has chosen to share the diagnosis and I'm just

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Speaker 8: going to read from it here now to prevent speculation

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Speaker 8: and in the hope that it may assist public understanding

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Speaker 8: for all those around the world who are affected by cancer.

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Speaker 8: And these couple of lines are particularly interesting because they

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Speaker 8: do offer a sort of break from tradition for the

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Speaker 8: Royal Communications team, which is generally extremely factual and to

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Speaker 8: the point with these sorts of statements, I mean announcements

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Speaker 8: talking about royal bursts for example, are typically only a

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Speaker 8: couple of lines long. And looking back to last month,

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Speaker 8: when the communications team released a similar statement about the

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Speaker 8: King's treatment for an enlarged prostate, it was very short,

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Speaker 8: just four lines long, highly factual in tone, and released

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Speaker 8: after his discharge from hospital. All that statement did a

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Speaker 8: send was acknowledged that his engagements had been rescheduled and

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Speaker 8: thank his medical team. And this statement definitely does have

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Speaker 8: a different feel to it.

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Speaker 1: TEA.

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Speaker 2: Of course, I think King is the head of state

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Speaker 2: in the UK and also in Commonwealth countries as well.

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Speaker 2: What do we know about the functioning of government during

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Speaker 2: this time and his key role.

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Speaker 8: So when it comes to what we know about what

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Speaker 8: the King will be doing and what he won't be

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Speaker 8: doing in terms of his duties. The statement does say

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Speaker 8: that the King will continue his non public facing duties. So,

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Speaker 8: according to the statement, he will continue to conduct state

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Speaker 8: business and official paperwork as usual. This is likely to

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Speaker 8: include the reading and signing of government documents. They're famously

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Speaker 8: delivered every day to the Monarch in a red box.

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Speaker 8: Some of those documents, of course, will require a signature

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Speaker 8: from the Monarch to formally approve legislature through royal assent.

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Speaker 8: He may also continue his weekly meetings with the Prime Minister.

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Speaker 8: That's a duty that's highly important in the royal household

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Speaker 8: that something in the King won't want to suspend completely,

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Speaker 8: and there is actually a precedent for these meetings being

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Speaker 8: carried out over the phone. The late Queen Elizabeth I

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Speaker 8: hosted her weekly audiences in this way during the COVID pandemic.

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Speaker 8: The Buckingham Palace team says that the King has been

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Speaker 8: advised to suspend public facing duties and looking at the

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Speaker 8: Court Circular that's the section of the royal website which

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Speaker 8: shows which engagements have taken place and who's conducted them,

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Speaker 8: this has actually been the case from the end of

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Speaker 8: last month. The King has obviously been receiving treatment for

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Speaker 8: that in large prostates, so a lot of engagements being

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Speaker 8: undertaken by Princess Anne and other royals. There are members

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Speaker 8: of the family who hold a position called Counselor of States,

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Speaker 8: and these are individuals who are appointed to act in

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Speaker 8: the King's place should he become unwell and unable to

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Speaker 8: undertake official duties by law. These are the Sovereign's spouse,

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Speaker 8: so Queen Camilla, and the next four people in line

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Speaker 8: for the thrown over twenty one. Since both Prince Harry

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Speaker 8: and Prince Andrew have stepped back from those official duties recently,

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Speaker 8: the King did actually name his siblings, Princess Anne and

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Speaker 8: Prince Edward as Counselors of State in twenty twenty two,

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Speaker 8: so it's likely that we will see them also step

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Speaker 8: in place in the coming weeks.

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