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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the.

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Speaker 2: Bloomberg Day BAQ podcast, available every morning on Apple, Spotify

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Speaker 2: or wherever you listen. It's Thursday, the twenty second of

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Speaker 2: May in London. I'm Caroline Hepcare another Oval Office confrontation.

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Speaker 2: President Trump repeats the conspiracy theory of white genocide in

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Speaker 2: South Africa against the country's president. Two people working for

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Speaker 2: Israel's embassy have been shot and killed in Washington, DC.

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Speaker 2: And making memories make money. How the popularity of Formula

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Speaker 2: one has started a collector's market. Let's start with the

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Speaker 2: roundup of our top stories. US President Donald Trump confronted

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Speaker 2: South Africa's leader, Cyril Ramaposa in the Oval Office, repeating

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Speaker 2: a conspiracy theory that there was a white genocide in

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Speaker 2: the country. In an impromptu press briefing scheduled by the

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Speaker 2: White House, the US President claimed that white farmers were

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Speaker 2: being killed in the country. Here is part of the exchange.

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Speaker 3: When you do allow them to take land, No no, no, no,

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Speaker 3: do allow them to take land. Nobody can take.

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Speaker 4: Where they take the land, they kill the white farmer.

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Speaker 5: And when they killed the white farmer, nothing happens to them.

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Speaker 3: No, there is.

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Speaker 5: Quite nothing happened.

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Speaker 2: The episode was described by Ramaposa's aids as an ambush

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Speaker 2: and that the US claims are not true. No land

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Speaker 2: has been seized by the South Africa since Apartheit ended,

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Speaker 2: whilst killings of farmers have been falling over the last

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Speaker 2: twenty years. President Ramoposa pushed back in the meeting.

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Speaker 3: I'm sorry, I don't have a plane to give you.

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Speaker 3: I wish I.

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Speaker 1: Did I take you.

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Speaker 6: I would take if your country offered the United States.

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Speaker 2: Air Force applant, I would take it.

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Speaker 1: Okay.

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Speaker 3: But coming back to this issue, which I really would

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Speaker 3: like us to talk about and talk about it very calmly.

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Speaker 3: We were taught by Nelson Mandy whenever there are problems,

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Speaker 3: people need to sit down around the table and talk

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Speaker 3: about it.

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Speaker 1: Where they are about this is.

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Speaker 2: In February, President Trump froze almost all A two Pretoria,

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Speaker 2: claiming that it persecuted white Africana farmers. Now the RAND

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Speaker 2: weakened as the discussion between Trump and Ramaposa became more heated.

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Speaker 2: The US Defense Department has formerly accepted a luxury Boeing

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Speaker 2: seven four seven eight jumbo jets from Kuttar to temporarily

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Speaker 2: serve as the new Air Force One. It's one of

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Speaker 2: the biggest foreign gifts ever given to the US government

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Speaker 2: and has raised ethical and security concerns. A Bloomberg investigation

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Speaker 2: has also found that President Trump has more than doubled

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Speaker 2: his net worth since the beginning of his second presidential

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Speaker 2: election campaign. The US president is now worth roughly five

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Speaker 2: point four billion dollars. Two Israeli embassy workers have been

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Speaker 2: shot dead in Washington, d C. The shooting happened last

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Speaker 2: night near the Capital Jewish Museum, just steps away from

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Speaker 2: an FBI office. The motive is still unclear, but police

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Speaker 2: say that a suspect is now in custody and shouted free,

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Speaker 2: Free Palestine while being detained. Washington DC Police Chief Pamela

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Speaker 2: Smith gave this statement.

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Speaker 5: Officers located one adult male and one adult female unconscious

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Speaker 5: and not breathing at the scene. DC fire and ems

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Speaker 5: responded in Despite all life saving efforts, both victims succumbed

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Speaker 5: to their injuries.

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Speaker 2: Washington DC Police Chief Pamela Smith, speaking there as Israel's

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Speaker 2: Ambassador to the United Nations, Danny Danon, called the attack

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Speaker 2: a depraved act of anti Semitic terrorism. Now President Trump

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Speaker 2: has reportedly told European leaders that Vladimir Putin is not

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Speaker 2: ready to end the war because he thinks that Russia

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Speaker 2: is winning. The Wall Street Journal says that the US

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Speaker 2: president conceded that acesphar was unlikely at this stage. It

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Speaker 2: comes as the UK ourges G Seven allies to further

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Speaker 2: sanctioned Russian oil to put pressure on Moscow. JP Morgan

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Speaker 2: CEO Jamie Diamond says that he can't rule out the

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Speaker 2: US economy will fall into stagflation. The head of America's

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Speaker 2: largest bank says the country faces huge risks from geopolitics,

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Speaker 2: from deficits, and from price pressures.

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Speaker 1: I just think there's a.

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Speaker 4: Chance that things will You'll have stagflation.

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Speaker 3: I might say it's going to happen.

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Speaker 4: I don't want the real essay.

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Speaker 3: He's predicting that.

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Speaker 4: I'm not, but we have to be prepared for something

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Speaker 4: like that.

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Speaker 2: JP Morgan's Jamine Diamond there in an exclusive Bloomberg interview.

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Speaker 2: Both the FED and Wall Street are waiting to see

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Speaker 2: how uncertainty and taris hit the economy. But meanwhile, of course,

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Speaker 2: US bond investors are pushing back against President Donald Trump's

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Speaker 2: tax cut plan. Now yesterday yields on benchmark thirty year

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Speaker 2: treasuries hit five point one percent, just shy of a

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Speaker 2: two decade high, sparking declines in US stocks and the dollar.

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Speaker 2: Audrey go Is, head of asset Allocation and Standard Chartered

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Speaker 2: Wealth Management, saying that tenure treasury yields could also be

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Speaker 2: on the rise in the near future.

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Speaker 7: All bias is still for maybe some near some upsight

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Speaker 7: in terms of you you know, maybe towards four point

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Speaker 7: seventy five perhaps where the tenure U is concerned over

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Speaker 7: the next one four months. Even when that wire to

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Speaker 7: spike and break up of maybe yet to dig highs

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Speaker 7: for that matter, that will probably you know, allow the

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Speaker 7: fact to do a bit more dafishly astart delivering recut

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Speaker 7: and therefore that should then pressure use towards our was

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Speaker 7: was forecasts with round four point four to four point

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Speaker 7: twenty five percent with a ten year US one U

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Speaker 7: is concern.

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Speaker 2: That was Standard Charters Audrey go speaking there. Investor sentiment

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Speaker 2: towards treasury took a big hit after Moody's ratings stripped

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Speaker 2: the US of its top credit grade last week. Of course,

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Speaker 2: late last week, and also dipped further yesterday after that

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Speaker 2: twenty year bond auction that drew surprisingly tepid demand. How

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Speaker 2: to Republican leaders, though, have now released a new version

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Speaker 2: of the bill, the Tax and Spending Bill, featuring a

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Speaker 2: higher deduction limit for certain taxes, in a bid to

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Speaker 2: try to garner more supportant to actually get a swift

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Speaker 2: resolution to the Trump tax plan, to try to get

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Speaker 2: it through Congress before they go on recess break. Meanwhile,

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Speaker 2: speaking of government here in the UK, the government has

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Speaker 2: hinted that it will you turn on a signature benefit

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Speaker 2: cut for pensioners. Changes to the winter fuel allowance were

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Speaker 2: originally introduced in the autumn budget. They were to try

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Speaker 2: to fill this so called twenty two billion pound black

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Speaker 2: hole in the public finances flagged by the Chancellor. But

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Speaker 2: speaking in the House of Commons on Wednesday, Prime Minister

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Speaker 2: Kirs Starmer announced that he now wants more pensioners to

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Speaker 2: be eligible and that he would reconsider the thresholds for

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Speaker 2: subsidies as the economy improves.

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Speaker 1: We want to take measures that will impact on people's

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Speaker 1: lives and therefore we will look at the threshold, but

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Speaker 1: that will.

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Speaker 6: Have be part of a fiscal event.

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Speaker 2: The Prime Minister Kistarma, speaking there as Boomberg reports that

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Speaker 2: the policy has been widely blamed for the labor parties,

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Speaker 2: collapsing poll ratings and poor performance in May's local elections.

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Speaker 2: So those are some of our top stories en for

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Speaker 2: you this hour. Let's get to the markets. So Wall

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Speaker 2: Street is now increasingly concerned around the ballooning deficit. Of course,

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Speaker 2: the Republican tax bill is fast approaching. Actually they've been

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Speaker 2: talking late into the night in Washington, DC about this.

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Speaker 2: US stocks tumbled with rising yields. There was also this

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Speaker 2: week twenty year auction last night which was quite a

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Speaker 2: red flag. Thirtye yields jump twelve basis points yesterday, they

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Speaker 2: briefly touched five point at one percent. This morning, Let's

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Speaker 2: have a look at ten year treasury yields end because

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Speaker 2: those two have been moving somewhat. They are down actually

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Speaker 2: a basis point this morning at four fifty nine. Okay,

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Speaker 2: so some pressure maybe easing at the moment. Looking at

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Speaker 2: the dollar, are we are weaker ten one tenth of

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Speaker 2: one percent, three sessions of losses. Gold also rising, and

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Speaker 2: bitcoin this morning has also hit a fresh record high.

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Speaker 2: So Bitcoin now up two point eight percent, one hundred

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Speaker 2: and eleven thousand dollars above that mark. For bitcoin. So

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Speaker 2: those are the markets now coming up. In just a moment,

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Speaker 2: we will bring you the latest when it comes to Washington,

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Speaker 2: d C. And a fatal shooting of two people outside

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Speaker 2: a museum overnight. And we'll also talk about what happened

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Speaker 2: in the Oval Office, some parallels of course to what

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Speaker 2: happened with Ukraine's Vodomis and INSTCUW and he went to

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Speaker 2: the Oval Office with South Africa's president. But before we

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Speaker 2: get onto that, you know, lots of very serious news.

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Speaker 2: Something a bit lighter caught my eye today too, Formula

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Speaker 2: one memorabilia. Apparently there is a boom beginning in this.

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Speaker 2: On Saturday in Monaco, M Sotherby's it's putting up for sale,

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Speaker 2: Michael Schumacher's two thousand and one Ferrari. This is the

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Speaker 2: one that won, you know, the major trophies for him.

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Speaker 2: It's estimated to be sold for around fifteen million euros.

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Speaker 2: That's almost seventeen million dollars. Bloomberg Pursuits Hannah Elliott has

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Speaker 2: been writing all about this. Why is there this booming

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Speaker 2: memorabilia market? Of course, it's to do with the focus

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Speaker 2: and the TV shows that have been made about F one,

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Speaker 2: which in turn has triggered huge popularity for the sport

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Speaker 2: in the US, and it follows this waive of very

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Speaker 2: high profile auctions that we've already seen. In April, Ayrton

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Speaker 2: Senna his McLaren Honda Formula one helmets sold for almost

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Speaker 2: a million dollars. And apparently there are plenty more of

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Speaker 2: these sort of keepsake sales, as even one in Lake

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Speaker 2: Como over the weekend. So lots of people want this

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Speaker 2: old gear from well driving legends. Now let's turn our

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Speaker 2: attention then to what happened in the Oval Office yesterday,

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Speaker 2: President Trump staging another ambush of a world leader, playing

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Speaker 2: a video for President similar Opposa that claim to show

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Speaker 2: a genocide against white farmers in South Africa joining us

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Speaker 2: now to discuss its been big Senior editor for US

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Speaker 2: Government and Economics, Bill Ferries, Bill, good morning, Welcome to

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Speaker 2: the program. Thanks for your time. How damaging is it

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Speaker 2: for South Africa to have this unfounded accusation by the

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Speaker 2: US administration. Is there any merit in this accusation whatsoever?

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Speaker 4: Well, I think South Africa, I think the government wants

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Speaker 4: to get ahead of as much as it can. At

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Speaker 4: this point of Trump's remarks, his claims about a genocide

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Speaker 4: taking place because they don't want it to take hold,

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Speaker 4: and there is a real threat that trade ties could

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Speaker 4: be impacted if this, if this belief really gets a

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Speaker 4: better grip, you know, in terms of the reality of

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Speaker 4: the claim. I mean, this has been it's been widely debunked.

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Speaker 4: I mean, of course, black South Africans were largely stripped

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Speaker 4: of the right to even own land during the apartheid

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Speaker 4: and colonial era. That was lifted on return to democracy.

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Speaker 4: But white people still own more than seventy percent of

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Speaker 4: the rural land in South Africa. But when you're talking

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Speaker 4: about you're talking about crime, violent crimes. It's a country

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Speaker 4: with a high violent crime rate, but of course the

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Speaker 4: victims are almost overwhelmingly young black men. Last year, according

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Speaker 4: to the government data, there were fifty five murders that

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Speaker 4: took place on farms. Many of those would expected to

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Speaker 4: be white farmers, but they don't break it down by race.

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Speaker 4: But that's compared to more than twenty seven thousand murders

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Speaker 4: that took place elsewhere, So there's certainly a problem of violence.

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Speaker 4: I think one interesting thing about these claims being made

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Speaker 4: by the Trump administration is that has really united South

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Speaker 4: Africans politically behind this government. This is the government that

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Speaker 4: has Afrikaners in the cabinet, that has Africaners support in

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Speaker 4: the business community. So it's a widely debunked claim, but

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Speaker 4: one that President Trump continues to hold on to.

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Speaker 2: And yeah, some of my opposer was still optimistic about

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Speaker 2: President Trump despite it being you know, a trap South

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Speaker 2: Africa opting to engage with the US. I will President

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Speaker 2: Trump actually go to the G twenty, That's another question

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Speaker 2: because that's being held a zalafka.

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Speaker 4: He was optimistic. I think he took the lesson from

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Speaker 4: that that kind of blow up with Ukrainian President of

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Speaker 4: Vladimir Zelenski and Trump just a month or two ago.

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Speaker 4: He said, Rama Posa came out of the meeting and

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Speaker 4: said he still thinks that that Trump will participate in

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Speaker 4: the G twenty, that he doesn't want to hand off

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Speaker 4: the presidency of the G twenty to an empty chair.

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Speaker 4: So I think that still remains to be seen, and

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Speaker 4: I think he's really he really wants to focus on

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Speaker 4: these trade ties and find a way to get past this.

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Speaker 4: We heard this from the South African delegation. They said, okay,

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Speaker 4: they essentially the US got this out of their system.

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Speaker 4: Now we want to talk about trade and the G twenty.

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Speaker 4: Trade is very important in South Africa with the US,

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Speaker 4: and so we'll have to see how that plays out

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Speaker 4: when this reciprocal tariff period kind of wraps up in

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Speaker 4: potentially about forty days.

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Speaker 2: Yeah. Absolutely, Bill, thank you so much for being with

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Speaker 2: me this morning and discussing what happened in the Oval office.

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Speaker 2: Blueberg's senior editor, Bill Ferries, thank you so much for

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Speaker 2: your time. Now, two members of the Israeli embassy staff

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Speaker 2: have been fatally shot outside a museum in Washington, DC overnight.

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Speaker 2: We've learned this just within the past few hours. Boomberg's

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Speaker 2: EMEA news director ro was in Matheson is with us.

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Speaker 2: What exactly do we know about this incident so far?

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Speaker 4: Ross?

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Speaker 6: Well, as you say, what we know is that last

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Speaker 6: night a young couple from the Israeli embassy apparently they

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Speaker 6: were a couple who were about to go back to

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Speaker 6: Israel to become engaged. We're at the museum in Washington

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Speaker 6: for the evening and we're fatally shot by a single

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Speaker 6: suspect who was reported to shouted Free Palestine in the

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Speaker 6: aftermath and has now obviously been detained, and you can

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Speaker 6: see immediately the condemnation that's come across the Aisle in

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Speaker 6: Washington over this. I mean, you can see Donald Trump

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Speaker 6: saying this seems to have been an anti Semitic event.

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Speaker 6: You can see the Democrats saying same, and the mayor

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Speaker 6: of Washington, DC also so an immediate rallying around the

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Speaker 6: Israeli community. They're the Jewish community in DC. In the

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Speaker 6: aftermath of this shooting. They so they are investigating further.

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Speaker 6: They don't know whether this has broader links to anything,

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Speaker 6: or whether this was someone acting just on their own,

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Speaker 6: but obviously it comes at a time when not just

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Speaker 6: in the US, but obviously in the Middle East as well.

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Speaker 6: You know, there's a lot of tensions still over what's

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Speaker 6: happening in Gaza and one of the next steps by Israel.

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Speaker 2: Yeah, absolutely rising tensions. As you say, there are have

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Speaker 2: been now dozens of AIG trucks that apparently been let

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Speaker 2: to Gaza for the first time in eighty days, and

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Speaker 2: yet tensions in the West Bank. Israeli soldiers mistakenly fired

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Speaker 2: warning shots, and a large group of diplomats from the EU,

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Speaker 2: from the UK, from China and a number of other

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Speaker 2: countries in the West Bank. So you know there is

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Speaker 2: rising tension between Israel and other countries.

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Speaker 6: Well, that's right. As you say, there was this incident

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Speaker 6: yesterday where there was a large diplomatic group it seemed

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Speaker 6: to be going through the West Bank. The Israeli authorities

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Speaker 6: say that this group wanted into an area they weren't

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Speaker 6: supposed to. It was an active area, and therefore the

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Speaker 6: Israeli soldiers fired warning shots at them, which means they

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Speaker 6: fired over their heads. So there was obviously no injuries,

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Speaker 6: but it did raise criticism from a number of countries

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Speaker 6: for doing so, and it comes, as you see, really

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Speaker 6: a level of concern in Europe and beyond over the

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Speaker 6: situation in Gaza, where as you say, about ninety eight

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Speaker 6: trucks seem to have now gone in, but that's after

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Speaker 6: many weeks of no way going in whatsoever, and a

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Speaker 6: lot of concern about the level of hunger inside Gaza

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Speaker 6: and the humanitarian crisis that's going on there. And of

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Speaker 6: course the Israeli government's saying they're now trying to prevent hunger.

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Speaker 6: But it's noting that Benjamin Ntnia, who was the one

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Speaker 6: who stopped Date into Gaza. Of course, some weeks ago,

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Speaker 6: and the question is where does this all go in

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Speaker 6: terms of the concern from Europe in the US. But

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Speaker 6: does it change the tone particularly from the US.

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