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Speaker 1: Good morning.

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Speaker 2: It's Wednesday, the twenty fifth of October in London. This

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Speaker 2: is the Bloomberg day Break Here podcast.

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Speaker 1: I'm Stephen Carroll.

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Speaker 2: Coming up today, Israel demands the head of the United

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Speaker 2: Nations resigns over comments he made about the Hamas attack.

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Speaker 2: Cloud Computing delivers differing forecasts for the tech giants Microsoft

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Speaker 2: and Alphabet, and the UK is scrapping its cap on

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Speaker 2: bankers bonuses. Let's start with a roundup of our top stories.

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Speaker 2: Israel's ambassador to the United Nations has called on the

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Speaker 2: head of the UN to resign. The demand came after

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Speaker 2: Secretary General Antonio Guterres's speech at a Security Council meeting

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Speaker 2: to discuss the Israel Hamas war. Here are the key

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Speaker 2: moments from that address.

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Speaker 3: I have condemned an equivocally the odifying and unprecedented seven

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Speaker 3: October acts of terror by Hamas in Israel. Nothing can

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Speaker 3: justify the deliberate killing, injuring, and kidnapping of civilians, or

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Speaker 3: the launching of rockets against civilian targets. It is important

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Speaker 3: and to also recognize the attacks by Amas did not

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Speaker 3: happen in a vacuum. The Palaestinian people have been subjected

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Speaker 3: to fifty six years of suffocating occupation. But the grievances

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Speaker 3: of the Palastinian people cannot justify the appalling attacks by Amas,

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Speaker 3: and those appalling attacks cannot justify the collective punishment of

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Speaker 3: the Palestinian people.

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Speaker 2: Antonio g Territ's remarks led the Israeli Foreign Minister Ali

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Speaker 2: Cohen to cancel a meeting with the UN Secretary General.

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Speaker 2: The country's ambassador, Gilad Erdan, accused Kuterists of downplaying the

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Speaker 2: Hamas attacks.

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Speaker 4: The UN is failing a new mister, Secretary General, have

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Speaker 4: lost all morality and impartiality. When you say those terrible words,

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Speaker 4: that these heinous attacks did not happen in a vacuum,

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Speaker 4: you are tolerating terrorism.

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Speaker 2: Gilad Erdan's response highlights the growing diplomatic tensions following the

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Speaker 2: Hamas attacks on Israel, which killed about one thy four

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Speaker 2: hundred people. Gaza's Hamas run health ministry says retalitory air

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Speaker 2: strikes have killed more than five thousand there. Meanwhile, US

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Speaker 2: intelligence officials are said to have determined that Israel wasn't

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Speaker 2: behind a large explosion at a hospital in Gaza last week.

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Speaker 2: The Washington Post reports analysts have quote high confidence that

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Speaker 2: the fatal rocket was fired from within Gaza and then malfunctioned.

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Speaker 2: The blast killed as many as three hundred people and

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Speaker 2: derailed US President Joe Biden's planned visit to Jordan to

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Speaker 2: meet with Middle Eastern leaders. Deutsche Bank has reported a

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Speaker 2: small beat on its net revenue in the third quarter,

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Speaker 2: coming in its seven point one three billion euros that's

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Speaker 2: some twenty million higher than expected fixed income trading with

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Speaker 2: slightly lower than forecast at one point nine billion euros.

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Speaker 2: Deutch Just says it expects fullier revenues at its investment

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Speaker 2: bank to be slightly lower than last year, but with

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Speaker 2: higher litigation charges. Santander meanwhile has reported net income for

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Speaker 2: the third quarter, beating the average analyst expectations. The Spanish

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Speaker 2: banking giant posted net income for the quarter of two

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Speaker 2: point nine billion euros that's one hundred and ten million

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Speaker 2: euros up on the Bloomberg consensus estimates. The lender says

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Speaker 2: it remains on track to meet twenty twenty three targets.

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Speaker 2: Depositive results come just one day after another of Europe's

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Speaker 2: big lenders, Barkley's, lowered its forecast for lending profitability, leading

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Speaker 2: to volatile moves in the UK Bank's share price. Microsoft

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Speaker 2: has posted its strongest sales increase in six quarters. The

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Speaker 2: story in FM Bloomberg's Charlie Pallace.

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Speaker 5: Microsoft was bolstered by recovering cloud computing growth amid demand

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Speaker 5: for new AI products that are prompting corporate customers to

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Speaker 5: shift back into spending mode. Revenue in the fiscal first quarter,

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Speaker 5: which ended September thirtieth, rose thirteen percent to fifty six

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Speaker 5: point five billion dollars, topping analysts average projections. CEO Sacha

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Speaker 5: Adella is revamping the company's entire product suite, including Office, Windows, search,

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Speaker 5: and security software, to add features based on open AI technology.

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Speaker 5: In New York Charlie pet Bloomberg Radio.

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Speaker 2: Meanwhile, Alphabet shares fail in after hours trading after its

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Speaker 2: key cloud units reported a smaller than expected profits. Bloomberg's

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Speaker 2: Ed Ludlow explains.

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Speaker 6: Although Alphabet beat top and bottom line on all of

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Speaker 6: its other divisions, there was strength in search, advertising stabilization

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Speaker 6: and resilience in YouTube ads as well. There's still this

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Speaker 6: concern that cloud is really central central to Google's future growth,

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Speaker 6: and in that area of cloud, it's still is a

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Speaker 6: distant third behind Amazon Aws and Microsoft Azure.

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Speaker 5: No.

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Speaker 2: Lotless spoke to Alphabet president Ruth Poort, who told in

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Speaker 2: the cloud units sales had been affected by some customers

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Speaker 2: cost cutting. The third giant in the cloud space, Amazon

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Speaker 2: is set to report tomorrow. He to US Politics. Trump

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Speaker 2: aali Mike Johnson is the latest Republican to attempt to

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Speaker 2: be the next Speaker of the House. The Louisiana represents

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Speaker 2: is the fourth nominee in three weeks as Republican in

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Speaker 2: fighting leaves the legislative chamber. Rudderless he promised, this time

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Speaker 2: will be different.

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Speaker 6: You're going to see this group looking working like a

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Speaker 6: will oil machine.

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Speaker 2: Johnson's nomination comes after a former President Trump torpedo the

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Speaker 2: previous candidate's chances yesterday. Mike Johnson was involved directly in

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Speaker 2: the campaign to invalidate the presidential election results, making moderate

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Speaker 2: support difficult when he faces a House vote later today.

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Speaker 2: And the UK government is scrapping the cap on bankers'

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Speaker 2: bonuses and forcing plans unveiled by Liz Truss's government last year.

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Speaker 2: The cap limiting bonuses to a maximum of twice a

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Speaker 2: banker's base pay will be lifted at the end of

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Speaker 2: this month. The potential Regulation Authority says banks will be

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Speaker 2: able to pay staff as they like for.

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Speaker 1: The current financial year.

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Speaker 2: Financial firms now face the challenge of how to cut

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Speaker 2: elevated fixed pay to rebalance compensation packages towards discretionary bonuses. Well,

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Speaker 2: let's turn to the latest news out of the Middle East. Next,

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Speaker 2: Israel's ambassadors to the United States calling for the resignation

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Speaker 2: of the UN's Secretary General Antonio Guterish after heated exchanges

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Speaker 2: at the Security Council. This as the UN's aid agency

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Speaker 2: in Gaza says it will run out of.

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Speaker 1: Fuel by the end of today.

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Speaker 2: Are head of Middle East and North Africa coverage, Stuart

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Speaker 2: Livingston Wallace joins us now for more. So, you were

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Speaker 2: good morning to you what happened at the UN Security

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Speaker 2: Council that led to this call for the Secretary General's resignation.

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Speaker 7: Yeah, good morning, Steven. Yeah, it was high drama, and

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Speaker 7: I mean, I won't repeat the comments that were made

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Speaker 7: by the side because you very cleverly had them earlier on.

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Speaker 7: But I think it really highlights the challenges that were

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Speaker 7: saying at the UN. I mean, if you think about

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Speaker 7: the Secretary General's position, he's there to represent or he's

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Speaker 7: head of one hundred and ninety three members of that body,

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Speaker 7: and obviously that includes Israel and its allies, as well

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Speaker 7: as adversaries such as Iran, not to mention in a

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Speaker 7: countries such as Egypt and Jordan that recognized Israel but

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Speaker 7: have criticized its policies. So he's trying to try to

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Speaker 7: sort of a difficult line and it's I don't ever

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Speaker 7: hear in the position I have to say, but I

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Speaker 7: think more widely than that, again, it shows I think

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Speaker 7: the tensions that we're seeing really at the international level.

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Speaker 7: So we've had a sort of succession of global leaders

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Speaker 7: that have come to Israel to sort of discuss the situation,

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Speaker 7: to try and stop it escalating beyond the immediate conflict,

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Speaker 7: and that really has involved just about everyone ready on

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Speaker 7: the international stage. And again, I think all of those

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Speaker 7: leaders are trying to find what is the right language,

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Speaker 7: what is the right line to take in terms of

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Speaker 7: trying to contain the situation. You know, Ultimately, I think

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Speaker 7: that is the goal of all of them, is to

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Speaker 7: stop it flaring up right across the region because there

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Speaker 7: is a real risk of that happening.

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Speaker 2: Yeah, And on that note, US diplomatic efforts are also continuing.

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Speaker 2: Joe Biden talking to the Saudi Crown Prince Muhammed bin

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Speaker 2: Salman to what did those leaders discuss?

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Speaker 1: What emerged?

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Speaker 7: Yeah, I mean I would say there was nothingarticularly knew

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Speaker 7: that came out of those talks. Again, the focus really

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Speaker 7: seemed to be twofold Number one, contain the situation, you know,

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Speaker 7: how do we stop this spreading right across the Arab

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Speaker 7: world and then obviously into Iran as well. And then

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Speaker 7: obviously the issue of aid getting into kaza was you know,

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Speaker 7: certainly something the Saudis were pushing for. But again sort

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Speaker 7: of if we take a step back from that and

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Speaker 7: think about, you know, what are the implications for Saudi Arabia.

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Speaker 7: This was a country that had not signed the Abraham Calls,

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Speaker 7: that is sort of the recognizing and establishing diplomatic ties

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Speaker 7: with Israel, but fell up until a few weeks ago

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Speaker 7: that it was getting awfully close to that. So it

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Speaker 7: does put Sadi Arabia in a difficult position, and that

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Speaker 7: it you know, the Grownd Princes had come out on

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Speaker 7: US television several weeks ago to say, look, it feels

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Speaker 7: like we're making headway on this we're making progress and

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Speaker 7: now finds himself in a position that is very, very

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Speaker 7: difficult to navigate because of the situation on the ground.

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Speaker 7: And again, emotions are running incredibly high on all sides

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Speaker 7: with this particular conflict.

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Speaker 2: We've also been looking at the situation in Gaza. The

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Speaker 2: small trickle really of trucks that have been allowed into

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Speaker 2: the territory eight according to the Red Crescent in the

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Speaker 2: latest convoy. What progress is being made on that front.

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Speaker 2: There's some more warnings we've had about the humanitarian situation

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Speaker 2: in the territory.

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Speaker 7: No exactly, I mean, the short answer is not very much.

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Speaker 7: And again the context that you gave the trickle is

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Speaker 7: absolutely spot on. Gaza has in excess of two million

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Speaker 7: people there. Small convoys of aid are certainly very welcome,

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Speaker 7: certainly very needed, but they don't really make a dent

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Speaker 7: in the situation. And again, remember the electricity, or at

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Speaker 7: least the power plant. The single power plant has been

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Speaker 7: off for some time now, so they're relying on generators.

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Speaker 7: There is fuel, but again that will eventually run short.

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Speaker 7: Gaza as a whole is a territory that basically has

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Speaker 7: to import almost everything. You know, there's not much in

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Speaker 7: the way of agriculture or industry. So it is very

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Speaker 7: very reliant on those imports. And a few trucks coming

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Speaker 7: across the board from Egypt help, but they're not really

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Speaker 7: a solution.

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Speaker 2: Yeah, and certainly that warning from the uns I did,

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Speaker 2: and seeing Gaza saying that they could run a few

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Speaker 2: listeners today which could stop their aid efforts, something that

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Speaker 2: could complicate that further as well. To bring us back

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Speaker 2: to the diplomacy, then you talked about the Western leaders

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Speaker 2: who've been traveling to Israel. French President Emanuel Macron was

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Speaker 2: there yesterday as well. He also went to the West

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Speaker 2: Bank to meet Mahamad Abas was a manual Macron's commentary

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Speaker 2: of nose or different from those who came before.

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Speaker 7: Him, It was marginally different. So I mean, again not

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Speaker 7: to exaggerate that it was wildly different. It certainly wasn't.

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Speaker 7: And it's clear that the sort of the main focus

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Speaker 7: on the main mission really was what we're seen from

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Speaker 7: the previous leaders, which was to try and sort of

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Speaker 7: delay things a little bit and to contain the situation.

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Speaker 7: We have actually lost count because we were trying to

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Speaker 7: add this up yesterday of just how many leaders have

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Speaker 7: been in over how many days, But it's been one

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Speaker 7: a day for as long as you know, really as

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Speaker 7: long as this has been going on, and so far,

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Speaker 7: I think you could argue that they have been quite

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Speaker 7: success in delaying what felt a couple of weeks ago

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Speaker 7: like an absolutely inevitable ground and I certainly think that

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Speaker 7: is still you know, a fairly likely outcome. Certainly you

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Speaker 7: can say it is one of the possibilities. So it's

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Speaker 7: not like that that has gone away, but he does

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Speaker 7: feel like it is sort of delaying that and that

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Speaker 7: that sort of allows more time to sort of think about, well,

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Speaker 7: what is the situation and fundamentally what comes after. So

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Speaker 7: what Macahon said was a little bit different maybe, and

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Speaker 7: I'm not saying that the other leaders have not mentioned

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Speaker 7: this in private, but he was a bit more explicit

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Speaker 7: about sort of calling, you know, ultimately for a revival

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Speaker 7: of the peace talks in the Middle East and that

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Speaker 7: you know, Palestinian statehood should be considered, that needs to

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Speaker 7: be back on the table, and ultimately that would be

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Speaker 7: for the benefit of everyone's security. So he did to

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Speaker 7: take a marginally different line, but I wouldn't want to

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Speaker 7: exaggeration and say that it was wildly different to the rest.

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Speaker 7: We have the Austrian Chancellor due in Israel today. Again

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Speaker 7: that's sort of the next leader coming up, and we'll

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Speaker 7: see who comes after that. But again, so far, we

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Speaker 7: did get some reporting from within Israel over the last

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Speaker 7: few days that there is a little bit of a

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Speaker 7: rethink about the scope of the ground war, but that

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Speaker 7: is in no way to suggest that the ground war

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Speaker 7: is completely off the table. I mean, I think again

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Speaker 7: with three hundred thousand reservists called up, and obviously again

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Speaker 7: after the trustites that we saw on October seventh, you know,

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Speaker 7: I think a great a greater well, the original goal

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Speaker 7: of basically destroying Hamas, that doesn't feel like it's changed.

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Speaker 2: Okay, Stewart Livinson Wallace are head of Middleast in North Africa.

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Speaker 2: Thank you very much for bringing us up to date

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Speaker 2: on that story. Let's go to Germany next, where, even

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Speaker 2: with one of the most powerful green politicians in charge,

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Speaker 2: the country is failing on almost all of its climate targets.

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Speaker 2: Bloomberg's Petrosorga has been looking at the track record of

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Speaker 2: Vice Chancellor Robert Habeck, and she joins us now for more.

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Speaker 2: Good morning to you, Petra, what did Habek's Green Party

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Speaker 2: set out to achieve as part of the coalition in

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Speaker 2: Germany Good morning.

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Speaker 8: They definitely had a very ambitious goal, which was reaching

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Speaker 8: the Paris climate goal, at least of bringing Germany on

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Speaker 8: track of that. They were successful in the coalition treaties

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Speaker 8: to actually write that there, and they have also wanted

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Speaker 8: to reduce some of the heavy bureaucracy for a renewables expansion.

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Speaker 7: We had to.

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Speaker 8: Double the speed of wind and triple for solar to

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Speaker 8: reach twenty thirty climate targets. And there's also the goal

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Speaker 8: that they had of accelerating coal phase out. Germany is

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Speaker 8: very heavily dependent on fossil fuels and instead of the

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Speaker 8: current date twenty thirty eight, they wanted to move forward

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Speaker 8: that date to twenty thirty ideally, as they wrote in

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Speaker 8: the coalition contract.

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Speaker 1: So what's gone wrong then in their ambitions?

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Speaker 8: So for the last target for coal phase out, we

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Speaker 8: don't see any any more movement. We had at least

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Speaker 8: one of the two big German coal miners has agreed

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Speaker 8: to move that day forward, which is Rwe in the East,

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Speaker 8: you don't see any progress, and we also see a

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Speaker 8: much more heavy dependence on call with the energy crisis

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Speaker 8: and gas missing out and nuclear being phased out. This

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Speaker 8: winter we will see more LINI capacity back on the market,

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Speaker 8: and that's of course one thing that is not on track,

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Speaker 8: but many other things are not working out in other sectors,

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Speaker 8: especially when you look at the housing sector. That was

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Speaker 8: one of the most contentious this year. At the beginning

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Speaker 8: of the year, Germany's Climate Minister Robert Habock, who's also

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Speaker 8: the Vice Chancellor, proposed to ban new fossil fuel boilers

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Speaker 8: from next year, which caused a national outcry because for

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Speaker 8: the first time climate policies were actually going to hit

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Speaker 8: people's homes, people's heating, so he had to considerably roll

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Speaker 8: back that law and it's now reaching less only three

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Speaker 8: thirds of the emissions targeted at the beginning, and we

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Speaker 8: also had rollbacks inteen energy goals from municipal heating networks.

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Speaker 8: The coalition also shelf plans for tough efficiency standards in

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Speaker 8: the houses, so that's been one of the main problems.

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Speaker 7: Also.

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Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the

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