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

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Speaker 2: This is the Bloomberg Daybreak Europ podcast, available every morning

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

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Speaker 2: tenth of December in London. I'm Stephen Carroll.

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Speaker 1: And I'm Caroline Hepke. Coming to you from Bloomberg's inaugural Women,

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Speaker 1: Money and Power event in London. As new data reveals

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Speaker 1: that the most gender diverse companies deliver higher returns.

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Speaker 2: And another news, the Syrian rebel group the Topple Asad's

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Speaker 2: regime says it's now forming a transitional government, but questions

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Speaker 2: remain about what comes next. Plus police charge a male

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Speaker 2: suspect with murder after the fatal shooting of United Health

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Speaker 2: executive Brian Thompson in New York last week. Let's start

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Speaker 2: with a roundup of our top stories.

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Speaker 1: The representation of women on boards has almost tripled since

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Speaker 1: twenty ten, and the most gender diverse companies are delivering

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Speaker 1: higher shareholder returns. Exclusive analysis by Bloomberg Intelligence shows that

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Speaker 1: in develop markets, the top twenty percent of companies for

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Speaker 1: female board membership return between two and five percent more

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Speaker 1: than the bottom twenty percent. The new data comes as

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Speaker 1: the UK's Labor government works to boost investment in female

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Speaker 1: led businesses. That effort is being led by Hannah Bernard,

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Speaker 1: head of Business Banking at Berkley's and co chair of

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Speaker 1: the government's invest in Women Task Force.

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Speaker 3: I think we now need to collectively change the system

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Speaker 3: and raise the profile and I think having the first

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Speaker 3: female TANSK was helpful. I think having a support of

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Speaker 3: Minnesoca staff so is helpful because it starts to show

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Speaker 3: that it's important politically as well as economically. It's not

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Speaker 3: and this is a commercial thing. It's not just about

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Speaker 3: ticking boxes and doing the right thing. It is a

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Speaker 3: commercial imperative that we start to unlot of potential of

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Speaker 3: women in the UK.

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Speaker 1: Hannah Bernard of Berkley speaking to Bloomberg Radio. Research from

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Speaker 1: the organization twenty five by twenty five shows women now

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Speaker 1: hold twenty three percent of roles that typically lead to

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Speaker 1: CEO positions in footsy one hundred companies. That's up from

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Speaker 1: sixteen percent in twenty twenty one. However, despite that increase,

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Speaker 1: only nine out of one hundred fifty one hundred CEOs

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Speaker 1: are women.

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Speaker 3: Well.

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Speaker 1: One of the world's most prominent female CEOs is Jane

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Speaker 1: Fraser the boss of City Group, currently halfway through her

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Speaker 1: five year plan to turn around the bank. She says

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Speaker 1: she's now focusing her efforts on improving technology, reducing costs,

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Speaker 1: and growing fee revenues. In an exclusive interview ahead of

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Speaker 1: Bloomberg's Women, Money and Power Conference, Fraser sought to highlight

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Speaker 1: a leaner international operation and a fresh focus on wealth management,

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Speaker 1: but she says she won't grade her turnaround efforts just yet.

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Speaker 4: We aren't done yet, so I can't give herselves a

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Speaker 4: grade yet. I've always said that this is a multi

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Speaker 4: year journey.

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Speaker 1: We're going to be very disciplined about making sure that

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Speaker 1: we don't take shortcuts.

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Speaker 2: And the problem with grading yourself along the way is.

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Speaker 1: It becomes too tempting to do a quarter.

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Speaker 3: By quarter grade as opposed to we're just very very

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Speaker 3: focused and accountable for delivering what the end product looks like.

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Speaker 1: Investors, analysts, and Citygroups Board aren't waiting to judge Jane

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Speaker 1: Fraser's progress as CEO. The stock continues to trail Peers

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Speaker 1: and analysts now predict that she will fall short of

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Speaker 1: her twenty twenty six goal for returns. Now women are

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Speaker 1: controlling increasing sums of money around the world, setting the

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Speaker 1: stage for major shifts in wealth management and philanthropy. With

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Speaker 1: more here is Bloombergs Tea ada Iyo.

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Speaker 5: Women are expected to control thirty four trillion dollars of

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Speaker 5: investable assets in the US by twenty thirty. That's up

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Speaker 5: from seven point three trillion dollars just ten years ago.

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Speaker 5: According to figures from McKinsey. In Western Europe, women are

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Speaker 5: expected to hold forty five percent of assets under management

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Speaker 5: by the end of the decade. The trend is being

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Speaker 5: driven by demographics. Women are living longer than men, leaving

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Speaker 5: them to control family fortunes. The shift is also being

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Speaker 5: helped by greater numbers of women pursuing lucrative careers. Leaders

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Speaker 5: of US financial advisory firms say they're adapting their operations

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Speaker 5: to better serve women, as female clients value transparency and

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Speaker 5: collaboration more than men do. In London, t Wadabayo Bloomberg Radio.

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Speaker 1: More than six hundred senior women in finance are attending

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Speaker 1: Bloomberg's Women, Money and Power event in London today to

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Speaker 1: discuss the future of investing, asset management, and banking, as

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Speaker 1: well as the role of women as investors and leaders.

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Speaker 2: In other news, Israel has stepped up its attacks on

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Speaker 2: military sites in Syria, striking hundreds of targets across the country.

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Speaker 2: According to multiple reports, the strikes targeted at army bases, airports,

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Speaker 2: and surface to air missile systems. The attacks come as

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Speaker 2: Syrian rebel group Hiat Tari al Sham appointed Mohammad al

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Speaker 2: Bashir to form a transitional government. HTS was considered is

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Speaker 2: consider a terrorist organization by many countries, but the UK's

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Speaker 2: former ambassador to Syria, Simon Collis, says governments will need

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Speaker 2: to engage with them.

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Speaker 6: Syria has a future now. Under assaid, it had no future.

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Speaker 6: To understand which way the wind is blowing and to

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Speaker 6: do what we can to nudge things in the right direction.

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Speaker 6: Protection of the rights of women, minorities, that kind of thing.

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Speaker 6: You have to talk to people.

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Speaker 2: Simon Collis, speaking there, Local TV reported that Muhammad al Bashir,

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Speaker 2: who ran the Territori's Hatets controlled before it toppled the

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Speaker 2: regime of Bashar al Assad, has now tasked with preventing

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Speaker 2: Syria from quote slipping into chaos. The twenty six year

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Speaker 2: old man has been charged with the murder of United

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Speaker 2: Health executive Brian Thompson in New York. Last week, Luigi

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Speaker 2: Mangioni was declared. It was detained in Pennsylvania following a

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Speaker 2: tip off from a McDonald's employee. The state's governor, Josh Shapiro,

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Speaker 2: says justice will be delivered.

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Speaker 6: In a civil society. We are all less safe.

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Speaker 1: Ideologues engage in vigilante justice in some dark corners.

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Speaker 2: This killer is being hailed as a hero. Hear me

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Speaker 2: on this.

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Speaker 1: He is no hero.

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Speaker 2: Mangioni's arrest comes after a five day manhunt for killing

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Speaker 2: that police described as targeted and premeditated. He was found

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Speaker 2: with a handwritten manifesto that was critical of healthcare companies,

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Speaker 2: profit motives, and Mandaleese is considering buying the US chocolate

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Speaker 2: maker Hershey for fifty billion dollars. Bloomberg has learned the

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Speaker 2: snack food giant has made a preliminary approach about a

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Speaker 2: tie up deals. Reporter Crystal Ce broke the story and

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Speaker 2: says any deal would face regulatory scrutiny.

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Speaker 4: This is a deal that would, in a normal circumstance

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Speaker 4: attract antitrust reviews. So I don't think we're there yet.

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Speaker 4: Like we said, it's a preliminary approach. Also, the other

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Speaker 4: thing too that is unique to the situation is that

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Speaker 4: the deal is subject to approval of the Attorney General

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Speaker 4: and in Pennsylvania because of the trust structure, so there

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Speaker 4: are a lot of regulatory hurdle on top of the

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Speaker 4: market hurdles.

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Speaker 6: See out of that.

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Speaker 2: This was the second time that Mandalize has looked at

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Speaker 2: acquiring Hershey. In twenty sixteen, it broke off talks after

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Speaker 2: its twenty three billion dollar bid was rejected by the

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Speaker 2: chocolate maker. Hershey shares closed up closed up by eleven

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Speaker 2: percent in New York yesterday. Those are your top stories

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Speaker 2: on the market's Eurostoks fifty features are down four tenths

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Speaker 2: of one percent, the Mascias Pacific index is down by

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Speaker 2: two tenths and the tenure Treasury yield is two basis

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Speaker 2: points lower at four point one nine percent. Now, in

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Speaker 2: a moment, we'll bring you more on the situation in

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Speaker 2: Syria as the rebel group that toppled the Asad regime

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Speaker 2: looks to form a new government. But first to Caroline,

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Speaker 2: who is across the city of London fro Bloomberg's European

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Speaker 2: headquarters for Bloomberg's first Women Money and Power event. Caroline

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Speaker 2: Good morning. What is the idea behind this event?

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Speaker 1: Good morning, thanks for starting to hot up this morning.

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Speaker 1: This event is to get the most important women in

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Speaker 1: finance gathered to Yeah, in the same place to meet.

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Speaker 1: It's people like Santander's Anabot in City groups, Jain Fraser,

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Speaker 1: Man Groups, Robin Grew to hear their views on how

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Speaker 1: they made money in twenty twenty four. The outlet for

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Speaker 1: next year. It's less even about diversity and female representation

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Speaker 1: than it is simply about hearing their views on everything

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Speaker 1: from M and A to interest rate, geopolitics, all of

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Speaker 1: the investment opportunities that they see in twenty twenty five.

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Speaker 2: This as there have been drives in many regions to

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Speaker 2: increase female representation on boards, and Bloomberg Intelligence has actually

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Speaker 2: been looking at the effect that this has on companies performance.

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Speaker 4: Yeah.

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Speaker 1: Absolutely. The research shows that with a greater number of

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Speaker 1: women on boards you deliver higher returns between two and

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Speaker 1: five percent higher returns in developed markets and between two

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Speaker 1: and six percent lower volatility for emerging markets. That is,

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Speaker 1: mixed leadership teams and having more women at a higher

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Speaker 1: level delivers results. So that is the data. The backtop,

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Speaker 1: of course hasn't been all that rosy when you look

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Speaker 1: at the metrics like the gender pay gap or the

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Speaker 1: number of female CEOs. I mean that's actually gone backwards

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Speaker 1: here in the UK for the foots one hundred and

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Speaker 1: globally only six percent of the world's big firms are

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Speaker 1: led by women at CEO level, So there's still a

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Speaker 1: long way to go. But the idea that it delivers

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Speaker 1: results to have mixed leadership teams is very significant. And

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Speaker 1: I was talking to Hannah Bernard from Barclays who's in

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Speaker 1: charge of the UK's Investing Women Drive, which is backed

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Speaker 1: by the chance of Rachel Reeves. She says that it's

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Speaker 1: about increasing investment in women led and mixed investment teams

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Speaker 1: by investing more in female founded businesses because we know

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Speaker 1: that again the soil of twenty twenty four, private equity

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Speaker 1: investment in female led companies fell back versus twenty twenty three.

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Speaker 1: But actually if you deliver more of that money, you know,

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Speaker 1: if women control more money, the returns are be What about.

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Speaker 2: The efforts, Caroline that are being made in the UK

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Speaker 2: to increase the severe underrepresentation of women in leadership roles

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Speaker 2: in companies, so that you talked about some of the

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Speaker 2: strategy there in terms of investment, but what about efforts

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Speaker 2: to try and get more women into those top jobs.

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Speaker 1: There are so many initiatives. I mean it is the

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Speaker 1: gender paid gap reporting is something by law that the

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Speaker 1: UK has to do. That's one primary drive. There's also

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Speaker 1: been you know, the thirty percent Club, trying to get

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Speaker 1: more women involved at board level to the level of

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Speaker 1: thirty percent, the twenty five x twenty five group, which

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Speaker 1: is led by Tara Kemlyn Jones. They have been encouraging

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Speaker 1: corporations to take a more flexible approach to candidate's experience

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Speaker 1: when it comes to getting that CEO seat because we

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Speaker 1: know that there are more women in the roles that

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Speaker 1: lead to CEO, but it's still a very narrow path.

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Speaker 1: It's very difficult to make that lead. Nine ninety percent

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Speaker 1: footy one hundred bosses are still men and the numbers

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Speaker 1: have gone down versus twenty twenty one. And as the

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Speaker 1: CEO of WB Directors fore and A. Hathorne has been

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Speaker 1: telling me today, there are still big areas outside of

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Speaker 1: financial services where the regulatory lens has been focused on

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Speaker 1: getting more gender diversity in other parts of business like

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Speaker 1: tech or private equity that lens has not been there,

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Speaker 1: that focus hasn't been there, and that's something also that

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Speaker 1: is changing. So there's a lot of impetus for change,

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Speaker 1: but it's still a very difficult needle to move.

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Speaker 2: Okay, Caroline will have plenty more from you at Bloomberg's Women,

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Speaker 2: Money and Power event throughout the morning on the program,

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Speaker 2: but for now, thank you. Well, let's turn to Syria

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Speaker 2: and next with the rebel group. The top of the

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Speaker 2: regime of Bashar al Assad has appointed Muhammad al Bashir

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Speaker 2: to form a transitional government. This is Israel steps up

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Speaker 2: airstrikes on military sites in Syria. Joining US now is

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Speaker 2: Stuart Livingston Wallace, who heads our coverage of the Middle East,

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Speaker 2: North Africa, Russia here at Bloomberg. Stuart, let's start with

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Speaker 2: the news of those Israeli air strikes and Syria signs

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Speaker 2: of concerns over the opposition groups that toppled Assad's government

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Speaker 2: over the weekend.

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Speaker 6: Yeah, good morning. I mean, seems to be primarily driven

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Speaker 6: by their concerns about where all this weaponry ends up.

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Speaker 6: And we are talking about really really serious amounts of munitions,

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Speaker 6: and that also includes weapons of mass destruction, so chemical

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Speaker 6: supplies and stock pars and that sort of thing, and

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Speaker 6: we know Asad was using chemical warfare probably as recently

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Speaker 6: as twenty eighteen, so it's definitely a real thing. Now

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Speaker 6: their chief concern is looking at places like Libya, Iraq, Yemen,

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Speaker 6: all these examples of countries where the central government collapses,

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Speaker 6: you have a chaosic situation in the aftermath, and a

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Speaker 6: lot of the weaponry that was built up by the

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Speaker 6: regime then falls into multiple hands, and then obviously there's

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Speaker 6: a very high risk that it then becomes incredibly dangerous.

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Speaker 6: So what they seem to be doing is trying to

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Speaker 6: knock out those sites as quickly as they can. Now

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Speaker 6: Israel as being somewhat reticent about what exactly they're up to,

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Speaker 6: but as you say, there have been multiple reports from

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Speaker 6: multiple sources saying, you know, we're probably looking at a

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Speaker 6: couple hundred or more attacks overnight on very specific sites.

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Speaker 6: So that seems to be what's happening in the air.

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Speaker 6: And then on the ground, they've moved out of that

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Speaker 6: buffer zone next to the water of the Golan Heights

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Speaker 6: and into positions previously occupied by the Syrian army because

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Speaker 6: they just basically left, and there is some sort of

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Speaker 6: debate about how far into Syria they will go again,

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Speaker 6: it seems to be largely aimed at protecting the Golan Heights.

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Speaker 6: Very hard to know what the long term picture is

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Speaker 6: going to look like there because we just don't know

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Speaker 6: what's going to be happening on the ground in Syria.

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Speaker 2: Okay, So that's the latest in terms of those activities. Meanwhile,

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Speaker 2: the group HTS that toppled Asad's regime has named Muhammad

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Speaker 2: al Bashir as the man who's expected to lead a

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Speaker 2: new transitional government. And what do we know about him?

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Speaker 6: First of all, I mean it's very difficult to say.

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Speaker 6: We know a little bit about him. We know he

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Speaker 6: was trained as an engineer. We know that he was

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Speaker 6: sort of running the provisional government or the temporary government

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Speaker 6: live province that was the sort of the area controlled

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Speaker 6: by HTS originally. So I suppose there is some experience

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Speaker 6: there in terms of running civil society and you know,

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Speaker 6: keeping things moving for quite what the intention here is

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Speaker 6: is really hard to tell at the moment because you know,

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Speaker 6: again the situation on the ground is very very difficult.

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Speaker 6: There's not one unified party that is leading the efforts.

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Speaker 6: You have a patchwork of rebel groups, some of whom

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Speaker 6: have unified, many of whom have not. You've got big

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Speaker 6: international actors in various parts of the country, notably in

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Speaker 6: the north with Turkey, you've got the US. In the south,

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Speaker 6: you've got, as I mentioned previously, Israel coming in from

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Speaker 6: the west. So you know where do you go forward

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Speaker 6: from there. They are clearly attempting to come up with

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Speaker 6: some sort of government system, but quite what that might

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Speaker 6: look like, and whether this guy ends up running it

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Speaker 6: really hard to tell at the moment.

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