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

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Speaker 2: This is the Bloomberg Daybreak Asia podcast. I'm Brian Curtis

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Speaker 2: along with Doug Krisner join us each day for the

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Speaker 2: stories making news and moving markets in the Asia Pacific.

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Speaker 2: You can subscribe to the show anywhere you get your

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Speaker 2: podcasts and always on Bloomberg Radio, the Bloomberg Terminal, and

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Speaker 2: the Bloomberg.

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Speaker 1: Business app well.

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Speaker 2: Joining us now on the program is Chuck Camello, President

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Speaker 2: and CEO at Essex Financial Services, to take a closer

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Speaker 2: look at global markets the start off in the United States. Chuck,

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Speaker 2: I wonder if the focus switches back to the FED.

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Speaker 2: Last week very much not on the FED. It was

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Speaker 2: really about earnings and specifically in Nvidia that drove markets

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Speaker 2: to these record highs. This week, do we get back

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Speaker 2: to the macro.

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Speaker 3: Well, thank you so much for having me. Yeah. I

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Speaker 3: think we're certainly going to see some macro information coming

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Speaker 3: with the FED and the number that's going to be

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Speaker 3: coming out that's going to be a key macro number

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Speaker 3: and a big part of you know, the whole inflation story,

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Speaker 3: which again we obviously continue to talk about into twenty

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Speaker 3: twenty four. But yeah, I think you know, the entire

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Speaker 3: world practically was waiting for that big and vidio number

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Speaker 3: last week. They certainly didn't disappoint and it obviously gave

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Speaker 3: the markets just a tremendous, tremendous tailwind.

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Speaker 4: So we heard from Warren Buffett over the weekend he

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Speaker 4: doesn't see much in the way of a meaningful opportunity

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Speaker 4: right now. He's sitting on a truckload of cash, I

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Speaker 4: think something over one hundred and sixty seven billion in

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Speaker 4: the fourth quarter. Does he have a point? I mean,

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Speaker 4: if you're shopping for value right now, there's not much

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Speaker 4: on the shelf.

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Speaker 3: Yeah, I mean, well a couple of things. One. You know,

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Speaker 3: at least he's making probably north to five percent on

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Speaker 3: that big number, so that certainly doesn't hurt Warren in Berkshire.

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Speaker 3: So at least the short rates are very high, So

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Speaker 3: I'm sure you're happy about that. But I think he's

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Speaker 3: certainly right. I mean, there's not a huge compelling buy

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Speaker 3: that is screening. There are certainly our pockets of opportunity,

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Speaker 3: whether it be opportunities in healthcare, a little bit of

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Speaker 3: you know, energy, if you want to be a little

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Speaker 3: bit more adventures, but there's big parts of the equity

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Speaker 3: market that haven't participated. You know, healthcare is on the rise,

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Speaker 3: doing better, but even you know, there's a tremendous amount

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Speaker 3: of value side of the market, small and midcaps where

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Speaker 3: that have really not participated, and you know, could be

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Speaker 3: a very nice opportunity for you know, an allocation of

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Speaker 3: somebody's investment dollars. Because again, I agree, there's nothing screaming

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Speaker 3: by at this point, but you know, I think any

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Speaker 3: any pullback with tech is a buying opportunity. And again,

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Speaker 3: small mid value all you know have have certainly not

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Speaker 3: had the kind of run that that large gap growth has,

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Speaker 3: especially tech.

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Speaker 2: He has his own parameters and they are very very strict.

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Speaker 2: He's looking for unusually big purchases with unusual value attached

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Speaker 2: to it. Some might say he's he's missed an opportunity

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Speaker 2: in artificial intelligence. Uh and and others might say, well, yeah,

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Speaker 2: but that's not really the area that Warren Buffett would

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Speaker 2: buy in. But he did buy Apple, and I think

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Speaker 2: it's still his largest holding. So is it getting more

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Speaker 2: complicated for the Buffet team?

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Speaker 3: Well, yeah, I mean you're one hundred percent correctly. I mean,

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Speaker 3: what they're looking for is very different than you know

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Speaker 3: what the average investor in the United States is looking

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Speaker 3: for and how they're looking to allocate money. But I think,

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Speaker 3: you know, Warren certainly has missed some of the tech

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Speaker 3: I means done unbelievably well in so many different investments.

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Speaker 3: He has made Apple obviously, notwithstanding, but you could argue,

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Speaker 3: and I think he's even said that, you know, had

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Speaker 3: he been a little bit more adventurous on the tech

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Speaker 3: side of things, that certainly would have been certainly a

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Speaker 3: big positive. But you know, I think the other gentlemen

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Speaker 3: that are running Berkshire Hathway at this point bring a

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Speaker 3: whole different view on a lot of these different and

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Speaker 3: new exciting areas of the market, especially around tech and AI.

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Speaker 3: So you who knows what the future holds. But you know,

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Speaker 3: as we say to individual clients, I mean, you know,

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Speaker 3: technology is, has been, is and will continue to be

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Speaker 3: a bigger and bigger part of our lives. And AI

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Speaker 3: has the potential to be a tremendous generational change, not

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Speaker 3: just for the country, for the world, and you know,

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Speaker 3: better to be involved in some way, shape or form

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Speaker 3: with that than sit on the sideline.

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Speaker 4: No doubt about that. But when I think of Berkshire

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Speaker 4: obviously there is the insurance company part of the portfolio,

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Speaker 4: also a couple of financials banks American Express I think

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Speaker 4: is still a very large position, and energy. I think

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Speaker 4: he's still building a position in Occidental petroleum. When you

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Speaker 4: look at the financials, when you look at the energy complex,

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Speaker 4: just those two. Are there opportunities here, Chuck?

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Speaker 3: We believe there are so, especially in both areas. I mean,

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Speaker 3: you've seen financial so far have a pretty good start

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Speaker 3: to the year. You're again in this environment. It took

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Speaker 3: a while for them to sort of get their legs

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Speaker 3: under them with all the obvious challenges they've had. But

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Speaker 3: you know, we do think there's opportunities in financials. Energy,

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Speaker 3: you know, continues to go, you know, in and out

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Speaker 3: right now. It tends to one of the outside of

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Speaker 3: things that you're seeing a lot of consolidation, a lot

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Speaker 3: of mergers in that space. You're you're also seeing it

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Speaker 3: in financials with you know, the big credit card merger

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Speaker 3: last week. So you know, with energy especially very low

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Speaker 3: pees general, a lot of cash, a lot of good

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Speaker 3: dividend yields. And again if you're you know, if you

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Speaker 3: don't want to buy tech you quote unquote because it's

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Speaker 3: too high, and you're looking for an area to get

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Speaker 3: into and to participate. Having a certain portion of your

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Speaker 3: portfolio and energy and financials, you know, certainly makes a

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Speaker 3: lot of sense for for most investors.

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Speaker 2: Well, a nice segue to Asia might be that Warren

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Speaker 2: Buffett continued to increase his stake in those trading companies

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Speaker 2: in Japan. Uh, he didn't. I don't think he's doing

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Speaker 2: much in China. But if we can swing the conversation

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Speaker 2: around to Japan, We've had these enormous gains and yet

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Speaker 2: there are still a lot of people pushing Japan. Others

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Speaker 2: might say, well, Japan has had a good run. Now

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Speaker 2: maybe you should look at China. How does that equation

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Speaker 2: work In Chuck Camelo's head, Yeah.

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Speaker 3: Well, you know, so you's interesting. I mean, they've finally

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Speaker 3: reached you know, got back to the old high I

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Speaker 3: took eight three hundred and eighty three days since nineteen

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Speaker 3: eighty nine to get there, so worth the way. But

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Speaker 3: I would certainly say, you know, you know, if we're

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Speaker 3: if we're allocating to that part of the world, we're

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Speaker 3: generally tending to be more towards Japan. China is has

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Speaker 3: a host of issues. You know, I'm not sure anybody

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Speaker 3: can quite understand exactly going to do. You know, we

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Speaker 3: had the recent rules about institutional investors not being able

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Speaker 3: to buy or sell in the first I forget first

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Speaker 3: thirty minutes or hour beginning or end of the trading day.

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Speaker 3: You know, some people have said it's uninvestable. I'm not

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Speaker 3: going to go there, but I'll just say there's so

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Speaker 3: many other compelling and wonderful investment opportunities here in the

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Speaker 3: US and around the world that doesn't involve China directly

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Speaker 3: that I'm for the average person that we work with,

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Speaker 3: you're hard pressed tofy to figure a reason why you're

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Speaker 3: going to go there. I quite candidly, I'd rather be

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Speaker 3: in emerging markets in India before I would I want

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Speaker 3: to go to China at this point.

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Speaker 4: So we were talking about M and A a moment ago.

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Speaker 4: Here we have this deal where Nipon Steele It wants

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Speaker 4: to take over us steal. Do you think that deal

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Speaker 4: should be allowed to go through?

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Speaker 3: Well, I think there's probably there's a couple of different

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Speaker 3: ways to look at that, right, I Mean, one is

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Speaker 3: just the pure financials and economics of it, which probably

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Speaker 3: make a lot of sense. The other part is I'm

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Speaker 3: in US Steel is you know, you know, a national

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Speaker 3: company with a long storied history, both really really good

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Speaker 3: in terms of World War Two, and the storied history

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Speaker 3: of that company, which you know, an American company being

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Speaker 3: purchased by a Japanese company of that magnitude stokes a

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Speaker 3: lot of nationalism fears, and whether rightly or wrongly, it's

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Speaker 3: going to be tough. And I think on the economics

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Speaker 3: of it, I think it probably makes a ton of sense.

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Speaker 3: I think it probably should get done, given you know,

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Speaker 3: the benefits I think that US Steel, its employees, shareholders, etc.

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Speaker 3: Would see. But you know, that's going to be something

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Speaker 3: coming out of Washington, d C. And I gave up

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Speaker 3: a long time ago trying to guess what's going to

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Speaker 3: come out of there.

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Speaker 2: The other interesting segue that I've got for you this morning,

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Speaker 2: we talked about Buffett maybe not looking so actively in China,

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Speaker 2: but obviously he made a big play on byd and

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Speaker 2: made a ton of money on that investment more than

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Speaker 2: a decade ago. I note that vin Fast, you know,

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Speaker 2: is sort of rising up in Vietnam. But for a

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Speaker 2: company like Essex Financial Services, do you look for those

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Speaker 2: kind of home runs in Asia something maybe that can

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Speaker 2: play out over the next ten years or is that

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Speaker 2: just too big a bet.

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Speaker 3: Yeah, well, I would certainly say we're we are investors,

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Speaker 3: not traders. So what we're looking for are the best

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Speaker 3: money managers that can find those opportunities for us, whether

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Speaker 3: it's through separately managed accounts, whether it's through mutual funds

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Speaker 3: or ETFs or whatever it might be. We're looking for

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Speaker 3: the managers that can find those types of companies, you know,

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Speaker 3: where where you know, three point four billion dollar organization

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Speaker 3: where you know, we're not We don't have a team

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Speaker 3: of analyst scouring the globe for the up and coming

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Speaker 3: you know, electrical v manufacturer that you might be in

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Speaker 3: the second year of the existence. We're looking for the

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Speaker 3: best money managers on behalf of our clients to be

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Speaker 3: able to get that kind of exposure.

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Speaker 2: Yeah, Okay, out of time unfortunately, Chuck, But thanks very

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Speaker 2: much for joining us, Chuck Cumello, President and CEO at

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Speaker 2: Essex Financial Services. Joining us now in our studios is

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Speaker 2: Danny Lee Bloomberg Asia Transport Reporter to take a closer

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Speaker 2: look at this. So, Danny, great to have you on.

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Speaker 2: It's one thing to say that BYD will rival brands

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Speaker 2: like Ferrari and Lamborghini in price. It's another to say,

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Speaker 2: in terms of sales and attractiveness, what are we hearing

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Speaker 2: about this early model that might lead us to think that, yeah, yeah,

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Speaker 2: they could actually rival Ferrari in Lamborghini.

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Speaker 5: Yeah. So BYD's push into the luxury segment, they've already

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Speaker 5: got one one car out at the moment, a hybrid

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Speaker 5: that has sold around almost four thousand units in just

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Speaker 5: a couple of months. And when you're selling it for

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Speaker 5: already one million yuan, so that's about that's still a

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Speaker 5: huge chunk of change that really adds to the top

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Speaker 5: line and the bottom line. And it's all important having

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Speaker 5: these luxury vehicles that they can sell at much higher prices.

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Speaker 5: Given what is going on to the broader market in China,

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Speaker 5: world's biggest auto and EV market, there is a big

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Speaker 5: price war going on.

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Speaker 4: Yeah, And I think that it's also interesting that this

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Speaker 4: will initially be sold not just in the Chinese market.

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Speaker 4: And I'm looking at the comparison here. If you're saying

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Speaker 4: that this is a new vehicle wor to rival Ferrari

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Speaker 4: in Lamborghini, I don't think that there is a chance,

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Speaker 4: at least under the current situation, that this vehicle ends

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Speaker 4: up in Europe anytime soon.

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Speaker 5: BYD is laying the groundwork, particularly to export and particularly

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Speaker 5: to export its luxury brands, and so we will see

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Speaker 5: more details over the coming several months as they lay

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Speaker 5: the groundwork for that. So clearly putting it out in

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Speaker 5: the China market first, which it knows best it is

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Speaker 5: able to then just you know, get a feel for

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Speaker 5: what Chinese consumers like about this car, if they need

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Speaker 5: to tweak anything, and just to really set a benchmark,

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Speaker 5: particularly given there is a lot of demand for luxury

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Speaker 5: cars in China, given the backdrop still of the China economy,

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Speaker 5: there is still that demand for in the luxury segment.

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Speaker 5: And you know, whilst volumes are overall small, this is

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Speaker 5: where BID by producing domestically and selling domestically, it has

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Speaker 5: an edge, particularly over some of the European luxury brands.

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Speaker 2: When it comes to bid. We often talk about how

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Speaker 2: the US market is kind of out of reach because

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Speaker 2: of the twenty seven and a half percent tariffs, and

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Speaker 2: we often talk about Europe. In fact we've already done

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Speaker 2: so in this discussion. But I'm curious about you know,

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Speaker 2: there are a lot of rich people around the world.

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Speaker 2: I'm curious about whether or not, you know, this offers

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Speaker 2: an interesting offer to fairly wealthy people in other parts

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Speaker 2: of the world that maybe you're looking for something different.

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Speaker 5: Ultimately, perhaps, and particularly when it comes to the ev segments,

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Speaker 5: you know, to have a supercar that is as powerful

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Speaker 5: and capable that can you know, you can you can

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Speaker 5: actually use, you know, for long distances and really use

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Speaker 5: the power. You know, given the specs of this supercar

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Speaker 5: and by developing its own batteries, you know, it's quite

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Speaker 5: confident in its tech and its ability that this supercar

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Speaker 5: has a you know, has the durability to you know,

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Speaker 5: to cope just like with those gas guzzling fossil fuel

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Speaker 5: supercars which you know, you can take take along the road.

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Speaker 5: People don't want to necessarily transition because you know, the

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Speaker 5: supercars using a lot of power. You're using a lot

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Speaker 5: of powers. So therefore, you know, you need something EVY

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Speaker 5: equivalent that is absolutely capable for those the needs of

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Speaker 5: the owners who really want to thrash their cars.

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Speaker 4: So we talk a little bit about the speed that

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Speaker 4: this U nine is capable of, I mean one hundred

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Speaker 4: kilometers per hour, in two point three six seconds and

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Speaker 4: top speed three hundred nine kilometers per hour. How does

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Speaker 4: the battery function under those conditions? I mean, if you're

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Speaker 4: really pushing this vehicle to its limit, do you draw

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Speaker 4: down on the battery very quickly?

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Speaker 5: Not necessarily by these batteries that are very very you

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Speaker 5: know in the market, that are very good and they

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Speaker 5: are very mature kind of technology. So there's a lot

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Speaker 5: of power under there that you can draw on and

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Speaker 5: it doesn't draw down the battery of the power in

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Speaker 5: any significant way. You know, it's designed just like any

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Speaker 5: other car. But of course with more power you are

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Speaker 5: obviously going to you will eventually draw down the battery.

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Speaker 5: But you know, given its technologies developed over the years,

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Speaker 5: it's really quite a capable unit.

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Speaker 2: So I did that ant story right before you to

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Speaker 2: get you a little nervous that, oh my god, are

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Speaker 2: they going to ask me about and just to keep

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Speaker 2: be on your toes. I want to keep you on

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Speaker 2: your toes with this one too. So byd is selling

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Speaker 2: this supercar EV, let me ask you here, I don't

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Speaker 2: know the answer to do. Ferrari and Lamborghini have all

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Speaker 2: EV powered sports cars.

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Speaker 5: They know clearly they're developing their products as they go.

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Speaker 5: Are they quite there without technology that does remain to

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Speaker 5: be seen? But clearly, you know this is something that

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Speaker 5: all EV you all no legacy fossil fuel brands are

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Speaker 5: looking at in the future. How do they get the

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Speaker 5: best kind of EV technology for their cars, because again,

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Speaker 5: people just like the feel of fossil fuel cars are

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Speaker 5: very very different and the sounds that they make. But

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Speaker 5: having been behind uh, you know these some of these,

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Speaker 5: some of these electric vehicles, you know, even some of

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Speaker 5: the just the sporty sedans. My goodness, the you step

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Speaker 5: on the accelerator and you're thrown back into your seat.

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Speaker 5: The talk, the ferocity of you get immediately from the

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Speaker 5: electric vehicles is quite something.

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Speaker 4: Danny just remind us where we are in terms of EV,

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Speaker 4: the tension in the European market right now and the

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Speaker 4: idea that China could import into Europe right now, I

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Speaker 4: think that the Europeans feel as though Chinese EV makers

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Speaker 4: are trying to dump a lot of inventory on the

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Speaker 4: European market. Is that not problematic for byd Whether we're

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Speaker 4: talking an entry level vehicle or even something as sophisticated

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Speaker 4: as this U nine.

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Speaker 5: Well, clearly Pyd does make a lot of affordable cause

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Speaker 5: in China, but the context is that when it goes

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Speaker 5: over to Europe, they're not that affordable in respect of

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Speaker 5: the prices. The prices are still actually quite expensive relatively

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Speaker 5: speaking in Europe. So the idea that they're dumping it's

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Speaker 5: not necessarily a misnowment, but clearly there is a there

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Speaker 5: is a lot of worry in Europe. Actually the worry

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Speaker 5: extends over to the US and where you hear the

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Speaker 5: likes of some like Elon Musk saying that you know,

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Speaker 5: they're quite concerned that if there was no trade barriers,

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Speaker 5: then Chinese evs and Chinese cars would be all over

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Speaker 5: the world. Frankly, there's nothing to stop them apart from

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Speaker 5: barriers right now.

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Speaker 2: And the eight hundred pound gorilla in the room would

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Speaker 2: be Tesla. Is Tesla modeling anything similar to this to

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Speaker 2: this Yng wong u nine in China.

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Speaker 5: There isn't. Tesla has its very slim lineup. Clearly its

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Speaker 5: focus is on the cyber truck, which we have always

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Speaker 5: seen this hulking beast of unit. But then there's also

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Speaker 5: the affordable car that they're working on at the moment,

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Speaker 5: which is going to come through towards the end of

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Speaker 5: twenty twenty five, So there's nothing really on the Tesla front.

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Speaker 5: Is that something that they're interested in? Probably not when

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Speaker 5: you're trying to create volume at scale, So this is

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Speaker 5: probably not necessarily within Tesla's realm. But you know, when

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Speaker 5: it comes to margins, that's all very interesting.

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Speaker 4: So you mentioned I think that this new vehicle was

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Speaker 4: I think the company delivered what a little more than

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Speaker 4: thirty six hundred units as of the end of January,

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Speaker 4: Is that right?

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Speaker 5: Yeah?

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Speaker 4: Do you think that the overall market in China can

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Speaker 4: support something that is this ritually priced at scale? I

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Speaker 4: mean where you're talking about, you know, really doing enough

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Speaker 4: in sales to justify the production.

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Speaker 5: Yeah, I mean, the the even for what seems like

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Speaker 5: a low amount of unit sales, the backlog that this

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Speaker 5: young one has has, this Young Wong Bang has reported

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Speaker 5: in the previous months is somewhere closer to thirty thousand

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Speaker 5: and for some of the existing lineup. So you know,

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Speaker 5: with that in mind, when you translate that into real

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Speaker 5: dollars and at least a million yuan in pricing, that's

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Speaker 5: that's pretty good on the bottom line. So there is

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Speaker 5: a demand even if it's small, but you know the

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Speaker 5: fact that they're able to generate a much more cash

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Speaker 5: over you know, one of the more affordable EV units.

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Speaker 5: It still makes good sense.

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Speaker 2: And we have seen from from Ralph Lauren and Louis

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Speaker 2: Vuitton that luxury is holding up pretty well in China.

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Speaker 2: This might be a good move by Bie. I do

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Speaker 2: will save that for the next discussion once we see

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Speaker 2: a little bit more in terms of performance. Danny Lee

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Speaker 2: has been with us Bloomberg Asia Transport reporter well.

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Speaker 4: In South Korea, the widespread walkout by trainee doctors is

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Speaker 4: heading toward its second week. They are protesting the government's

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Speaker 4: plan to boost the number of physicians, but the government

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Speaker 4: doesn't appear to be backing off in any way. Let's

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Speaker 4: take a closer look now with Bloomberg's John Hirskowitz, Bloomberg

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Speaker 4: East Asia Government Editor. He joins us from our studios

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Speaker 4: in Tokyo. John, thanks for making time for us. Can

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Speaker 4: you begin by giving me a scope of the doctor

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Speaker 4: shortage in South Korea?

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Speaker 1: Sure, and the overall situation is South Korea has one

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Speaker 1: of the lowest percentage of doctors to population in the

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Speaker 1: developed world, so the government sees this as a problem

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Speaker 1: especially with the country rapidly aging, it sees the need

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Speaker 1: to get more doctors in more places, and they're planning

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Speaker 1: to increase the number of seats at medical schools by

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Speaker 1: two thousand from next year. They're currently at about three

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Speaker 1: thousand a year. So this is what they see as

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Speaker 1: the way that will help get the problem fixed, to

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Speaker 1: put more doctors into the field. And it's going to

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Speaker 1: take some time to do because this would be first

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Speaker 1: year medical school students. It's about a six year process

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Speaker 1: in school and then going on to internships and the

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Speaker 1: trainee doctors who the people who are walking off the job.

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Speaker 2: Now, you wouldn't think that two thousand jobs or slots

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Speaker 2: would be such a big deal for a country that

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Speaker 2: has a pretty sizable population. And I think it also

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Speaker 2: brings comments from critics that this really doctor is wanting

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Speaker 2: to protect our levels of income, I suggest, and you

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Speaker 2: probably agree that it's more complicated than.

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Speaker 1: That exactly, And the doctors see this plan as not

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Speaker 1: addressing the fundamental problems they see workficulties in the workplace,

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Speaker 1: difficulties with malpractice insurance, and also it pay for some

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Speaker 1: of the more difficult specialties like obstrics, emergency medical care.

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Speaker 1: But in terms of OECD data, South Korean doctors rank

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Speaker 1: among the highest in the world of pay compared to

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Speaker 1: the average wage in the country, So the public really

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Speaker 1: is standing behind the government on this one. A major

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Speaker 1: survey showed about three quarters of the public support the

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Speaker 1: plan to increase the number of seats at medical schools.

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Speaker 1: It's helped the support rate for the president rebound in

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Speaker 1: recent weeks. So the public is frustrated with waiting times

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Speaker 1: they want to see doctors, and with this walkout, you're

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Speaker 1: seeing surgeries being canceled, people are being turned away from

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Speaker 1: emergency rooms, Waiting times are getting longer. So the public,

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Speaker 1: which has already sided with the government, is facing more

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Speaker 1: frustration in terms of being able to access the healthcare system.

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Speaker 4: Well, there's a parliamentary election I think that going is

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Speaker 4: going on in April, so maybe that's part of what's happening.

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Speaker 4: But I'm curious if you look at the average physician

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Speaker 4: in South Korea, how long do they work, how many

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Speaker 4: years do they clock in for their career before they

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Speaker 4: consider retirement.

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Speaker 1: I think it would be comfortable to other parts of

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Speaker 1: the world. You know, it is a highly developed medical system.

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Speaker 1: They have health South Grea's National healthcare It's a really

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Speaker 1: When I lived in South Korea, i took part in

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Speaker 1: the healthcare system. It's a really thorough, comprehensive system, and

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Speaker 1: the doctors are comparable to what you would see in

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Speaker 1: other parts of the world, but they are not as

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Speaker 1: many in number as you would find in place like

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Speaker 1: the US.

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Speaker 2: Yeah, I mean it's astonishing. Here in Hong Kong, you

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Speaker 2: have both a private and public hospital systems, and the

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Speaker 2: the doctors in the public hospital system are terribly overworked.

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Speaker 2: I mean, pulling eighteen hour shifts, that type of thing.

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Speaker 2: The doctors in the private healthcare system are pretty comfortable,

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Speaker 2: and it's very difficult for the government to get past

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Speaker 2: the lobby to bring more doctors in. They fight tooth

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Speaker 2: and nail to keep the situation as is. I'm curious

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Speaker 2: whether there's any parallel on that in South Korea. Are

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Speaker 2: doctors terribly overworked, particularly in some of the more public hospitals.

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Speaker 1: Yes, and you'll find incredibly long hours, especially for the

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Speaker 1: trainee doctors. I don't know how that compares to other

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Speaker 1: parts of the world that are working hours to compared

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Speaker 1: to Japan or Hong Kong, but there is a lot

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Speaker 1: of strain on doctors, especially early on in their careers.

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Speaker 1: It's a very difficult situation for them to be in

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Speaker 1: and the government is thinking that if you bring more

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Speaker 1: doctors on board, it will help alleviate some of the strains.

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Speaker 4: So I mentioned the fact that in April the parliament

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Speaker 4: tray elections will be happening. Can you put this conversation

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Speaker 4: in that context? What what do the elections mean for this.

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Speaker 1: One of the key focuses is going to be this election.

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Speaker 1: Yun's Conservative People Power Party is trying to retain regain

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Speaker 1: the majority in parliament. The Progressive Democratic Party and its

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Speaker 1: allies control the majority now and they're much more They

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Speaker 1: traditionally have been much more focused on labor groups, much

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Speaker 1: more of a pro labor camp. So with this, the

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Speaker 1: this in terms of public polling seems to show more

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Speaker 1: support for Un and the government's position, which could help

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Speaker 1: his party take more seats when the election comes. South

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Speaker 1: Korean president's service single five year term. Yun would if

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Speaker 1: he his party got the majority in parliament for the

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Speaker 1: remain the remaining three years in his term, there would

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Speaker 1: be an end to gridlock. He could pass is party,

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Speaker 1: his party could pass policies more business friendly, taking a

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Speaker 1: tougher line on labor unions. So there's a lot at

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Speaker 1: stake on this. The election will determine how UN's remaining

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Speaker 1: three years in office will be and if it'll be

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Speaker 1: gridlock or Phil heckid majority.

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Speaker 4: And the plan to add another two thousand slots for

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Speaker 4: medical schools. Most definitely, John, thank you for making time

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Speaker 4: to chat with us. John Hurskowitz is Bloomberg East Asia

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Speaker 4: Government Editor helping us understand this walkout. Widespread walkout by

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Speaker 4: doctor trainees in South Korea heading toward its second week.

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Speaker 4: This has been the Bloomberg Daybreak Asia podcast, bringing you

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00:24:41,119 --> 00:24:44,240
Speaker 4: the stories making news and moving markets in the Asia Pacific.

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Speaker 4: Visit the Bloomberg Podcast channel on YouTube to get more

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00:24:47,880 --> 00:24:51,480
Speaker 4: episodes of this and other shows from Bloomberg. Subscribe to

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00:24:51,520 --> 00:24:55,320
Speaker 4: the podcast on Apple, Spotify, or anywhere else you'll listen

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Speaker 4: and always on Bloomberg Radio, the Bloomberg Terminal, and the

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Speaker 4: Bloomberg Business app

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Speaker 5: Fo