WEBVTT - UPDATE: Trump Ally Shot Dead, Mandelson-Epstein Email Cache, NATO-Russia Risks 0:00:02.520 --> 0:00:07.000 Bloomberg Audio Studios, podcasts, radio news. 0:00:10.039 --> 0:00:12.479 This is the Bloomberg Day Bake You podcast. Good morning, 0:00:12.520 --> 0:00:15.520 It's Thursday, the eleventh of September. I'm Caroline hepkea in 0:00:15.560 --> 0:00:16.439 London and. 0:00:16.320 --> 0:00:19.920 I'm Stephen Caroline Brussels. Coming up today. Police in Utah 0:00:20.000 --> 0:00:23.080 are searching for the killer of Charlie Kirk, a conservative 0:00:23.120 --> 0:00:26.360 activist and close ally of US President Donald Trump. 0:00:26.960 --> 0:00:29.920 I Think the World of View, Bloomberg obtains revealing and 0:00:30.040 --> 0:00:34.680 embarrassing emails between Britain's ambassador to the US, Peter Mandelson 0:00:34.800 --> 0:00:36.320 and Jeffrey Epstein. 0:00:36.400 --> 0:00:40.080 Plus seeking supporters. Poland calls on NATO allies to bolster 0:00:40.159 --> 0:00:43.920 its air defenses after Russian drones were shot down over 0:00:43.960 --> 0:00:44.760 its territory. 0:00:45.280 --> 0:00:47.800 Let's start with a roundup of our top stories. A 0:00:47.920 --> 0:00:50.320 search is underway in the United States for the killer 0:00:50.360 --> 0:00:53.720 of conservative activist Charlie Kirk, who was shot dead at 0:00:53.760 --> 0:00:57.280 a university in Utah. Kirk, a close ally of the 0:00:57.400 --> 0:01:00.560 US President, was speaking at an outdoor event when police 0:01:00.560 --> 0:01:03.280 say a single shot was fired from a nearby building. 0:01:03.680 --> 0:01:06.559 Donald Trump reacted to the killing on social media. 0:01:07.280 --> 0:01:11.120 For years, those on the radical left have compared wonderful 0:01:11.120 --> 0:01:15.840 Americans like Charlie to Nazis and the world's worst mass 0:01:15.959 --> 0:01:20.840 murderers and criminals. This kind of rhetoric is directly responsible 0:01:20.880 --> 0:01:24.400 for the terrorism that we're seeing in our country today, 0:01:24.959 --> 0:01:27.560 and it must stop right now. 0:01:28.400 --> 0:01:31.520 US President Donald Trump. There Kirk was one of America's 0:01:31.600 --> 0:01:36.560 most prominent conservative figures, leading the organization Turning Point to USA. 0:01:36.840 --> 0:01:40.600 His popularity had flourished using a brash approach to politics 0:01:40.840 --> 0:01:44.120 and as an online champion of Trump and his MAGA movement. 0:01:44.600 --> 0:01:46.800 The shooting is the latest, though in a spate of 0:01:46.920 --> 0:01:51.120 US political violence. Donald Trump faced two assassination attempts on 0:01:51.200 --> 0:01:55.240 the campaign trail, and in June, a gunman killed Minnesota 0:01:55.400 --> 0:01:59.160 Legislator Melissa Hortman and her husband at their home. 0:02:00.240 --> 0:02:03.720 News has obtained more than one hundred previously unreported emails 0:02:03.720 --> 0:02:07.040 between Jeffrey Epstein and Peter Mandelsson between two thousand and 0:02:07.120 --> 0:02:10.680 five and twenty ten. The interactions between the UK's current 0:02:10.720 --> 0:02:14.160 ambassador to the US and the late disgraced financier cast 0:02:14.240 --> 0:02:17.040 new light on their relationship, showing that it was deeper 0:02:17.040 --> 0:02:20.359 than previously known. Bloomberg's Chris pet Has more. 0:02:20.320 --> 0:02:23.560 The day before Jeffrey Epstein reported to a Florida jail 0:02:23.639 --> 0:02:26.800 in June two thousand and eight to begin serving time 0:02:26.880 --> 0:02:30.080 for soliciting sex from a minor. He received an outraged 0:02:30.160 --> 0:02:33.600 message from a friend, anguished at the injustice of it all. 0:02:33.880 --> 0:02:36.160 I think the world of view and I feel hopeless 0:02:36.200 --> 0:02:39.600 and furious about what has happened, Peter Mandelson wrote in 0:02:39.639 --> 0:02:43.440 an email obtained by Bloomberg News. I still can barely 0:02:43.520 --> 0:02:47.520 understand it. It just could not happen in Britain. At 0:02:47.560 --> 0:02:51.560 the time, Mandelsson was European Commissioner for Trade. Today he 0:02:51.680 --> 0:02:55.359 is the UK's ambassador in Washington. The new revelations come 0:02:55.400 --> 0:02:58.560 as Mandelsson already finds himself at the center of a 0:02:58.639 --> 0:03:02.760 furora over his links to the serial sex abuser. After 0:03:02.800 --> 0:03:05.399 the publication this week of a two thousand and three 0:03:05.480 --> 0:03:08.519 birthday book in which he penned a ten page tribute 0:03:08.600 --> 0:03:13.519 calling Epstein his best pal, Bloomberg sent Mandelson a detailed 0:03:13.639 --> 0:03:18.240 letter outlining the emails on Monday this week. Mandelson acknowledged 0:03:18.240 --> 0:03:22.640 receipt of Bloombo's questions, but has not responded to them. However, 0:03:22.880 --> 0:03:25.240 in an interview with the UK newspaper The Sun on 0:03:25.280 --> 0:03:29.800 Wednesday morning, he expressed remorse at his relationship with Epstein. 0:03:30.360 --> 0:03:33.720 I regret very much. Indeed, I felt it like a 0:03:35.320 --> 0:03:40.160 like an albatross around my neck. Since his death in 0:03:40.200 --> 0:03:43.200 two thousand and eighteen or nineteen when it was I 0:03:44.080 --> 0:03:48.560 feel a tremendous sense of regret, not only that I 0:03:48.680 --> 0:03:52.200 met him in the first place, but I continued the association. 0:03:53.040 --> 0:03:56.480 Despite those comments on the Harry Cole Saves the West podcast, 0:03:57.120 --> 0:04:00.800 the UK's Prime Minister Keir Starmer now faces growing calls 0:04:00.800 --> 0:04:05.680 to sack Mandelson as ambassador to the US. Conservative opposition 0:04:05.760 --> 0:04:10.120 leader Kemmy Baiden Not called the situation a disgrace in London. 0:04:10.320 --> 0:04:12.200 Chris Pitt Bloomberg Radio. 0:04:12.720 --> 0:04:16.880 In other news, Bloomberg understands Poland has asked NATO allies 0:04:16.920 --> 0:04:20.320 for more air defense systems after shooting down Russian drones 0:04:20.760 --> 0:04:24.880 that crossed its border yesterday. WARSAW has invoked Article four 0:04:24.920 --> 0:04:28.680 of the alliance's treaty, triggering consultations that could lead to 0:04:28.760 --> 0:04:34.039 coordinated action. Polish Foreign Minister Vardislaw Sikowski says they need 0:04:34.080 --> 0:04:37.720 patriot missiles and new technology to protect their skies. 0:04:38.800 --> 0:04:40.000 We need to. 0:04:40.000 --> 0:04:44.840 Create what ursula forman lane called today in the European 0:04:44.880 --> 0:04:48.719 Parliament at her annual State of the Union address a 0:04:48.880 --> 0:04:53.120 drone war. This is a threat not only to Poland, 0:04:53.560 --> 0:04:56.960 This new technology of the mass use of drones is 0:04:56.960 --> 0:04:59.640 a threat to all of the EU and nature and 0:04:59.720 --> 0:05:00.240 mini to. 0:05:00.200 --> 0:05:00.960 Face it together. 0:05:01.600 --> 0:05:04.440 The Polish Foreign Minnesota was speaking as the country's Prime Minister, 0:05:04.480 --> 0:05:07.600 Donald Tusk said on social media that Poland has received 0:05:07.640 --> 0:05:12.120 proposals of concrete support from allies. Polish and Dutch jets 0:05:12.120 --> 0:05:14.920 were scrambled in the early hours to shoot down Russian 0:05:15.000 --> 0:05:19.280 drones yesterday, nineteen A space violations were registered. 0:05:19.839 --> 0:05:22.480 Mexico was planning to impose tariffs of up to fifty 0:05:22.520 --> 0:05:25.640 percent on cars and other products made by China and 0:05:25.720 --> 0:05:29.680 several Asian exporters. The levees would apply to thousands of categories, 0:05:29.680 --> 0:05:32.880 from auto parts to steal to furniture, and would affect 0:05:33.120 --> 0:05:36.400 most effect countries with which Mexico has no trade deal. 0:05:36.760 --> 0:05:41.080 The Mexican Economy Minister Marcelo Erbrard described the proposed duties 0:05:41.120 --> 0:05:44.839 as part of efforts to protect jobs and industry. It's 0:05:44.839 --> 0:05:48.760 a move that would more closely align Mexico with US protectionism. 0:05:49.000 --> 0:05:52.320 As President Claudia Scheinbeun prepares for talks over at North 0:05:52.360 --> 0:05:53.919 America's free trade deal. 0:05:54.360 --> 0:05:57.520 The CEO of City Group, Jane Fraser, says she's surprised 0:05:57.560 --> 0:06:00.800 by the resilience of the US economy mid a constantly 0:06:00.839 --> 0:06:05.120 evolving macroeconomic landscape. Speaking to Bloomberg, she said businesses now 0:06:05.160 --> 0:06:09.000 have more clarity on tax policy, on tariffs and deregulation. 0:06:10.440 --> 0:06:15.040 One is always surprised by the upside and the resiliency 0:06:15.279 --> 0:06:16.040 of the US. 0:06:16.400 --> 0:06:18.240 So let's look at what's gone on. 0:06:18.440 --> 0:06:20.960 Is you've got to look at the collective impact of 0:06:21.000 --> 0:06:25.000 the tax policy, what's been happening with tariffs and indeed 0:06:25.000 --> 0:06:28.600 the increasing deregulation that we're seeing, and they work together 0:06:28.680 --> 0:06:31.919 as a package. I think the most important piece for 0:06:31.960 --> 0:06:33.360 a corporate clarity. 0:06:33.520 --> 0:06:36.600 We hate uncertainty, weight clarity. 0:06:37.120 --> 0:06:40.640 And our client base now is really starting to act 0:06:40.800 --> 0:06:41.920 with more confidence. 0:06:42.400 --> 0:06:46.599 Jane Fraser's position, though, contasts with that of UBS's CEO 0:06:46.680 --> 0:06:49.880 sgy Or Motty. He's told Bloomberg the impact of global 0:06:49.880 --> 0:06:52.520 tariffs on the US economy remains unclear. 0:06:53.160 --> 0:06:56.200 The true show on taris will be seen on consumers 0:06:56.600 --> 0:06:57.200 in the US. 0:06:57.240 --> 0:07:01.040 We will need to see exactly if there is any inflationary. 0:07:02.160 --> 0:07:04.159 Aspect of tarift and is. 0:07:04.160 --> 0:07:06.360 That still unclear at this point I think is unclear. 0:07:06.560 --> 0:07:08.960 So the comments from two of the world's most prominent 0:07:09.040 --> 0:07:12.760 bank CEOs comes ahead of today's USCPI data, which is 0:07:12.800 --> 0:07:16.080 expected to show a zero point three percent month or 0:07:16.080 --> 0:07:19.679 month price rise. Investors have fully priced in a quarter 0:07:19.720 --> 0:07:23.240 point rate cards at the Federal Reserves meeting next week. 0:07:23.360 --> 0:07:26.120 The European Central Bank, meanwhile, has expected to leave interest 0:07:26.200 --> 0:07:30.280 rates unchanged that its decision today, as economists believe policymakers 0:07:30.320 --> 0:07:34.800 are finished with cuts for now. Bloomberg's Micalcobala reports all. 0:07:34.640 --> 0:07:37.840 Fifty nine economists in Bloomberg survey predict the ECB will 0:07:37.880 --> 0:07:41.560 hold its deposit rate at two percent today. They're also 0:07:41.600 --> 0:07:45.200 expecting that fresh quarterly projections from the central Bank should 0:07:45.240 --> 0:07:48.480 calm fears that inflation could sink below the banks two 0:07:48.480 --> 0:07:52.400 percent target for too long. Most ECB officials are said 0:07:52.440 --> 0:07:56.160 to be happy with the current monetary policy stands. Prices 0:07:56.200 --> 0:07:58.720 are deemed to meet the target, and the Euro Area 0:07:58.760 --> 0:08:03.440 economy appears Brazil even as Donald Trump's taris takehold and 0:08:03.480 --> 0:08:06.680 France wrestles with political turmoil in Brussels. 0:08:06.840 --> 0:08:09.160 Michael Kobola Bloomberg Radio. 0:08:09.240 --> 0:08:11.640 Those are top storys for you this morning. Looking at 0:08:11.640 --> 0:08:13.920 the market, so eupins dogs are up about a quarter 0:08:13.960 --> 0:08:15.840 of one percent, fifty one hundred up by half of 0:08:15.880 --> 0:08:20.000 one percent, and still futures for the US market open 0:08:20.200 --> 0:08:23.280 s and P five hundred futures are barely about a 0:08:23.320 --> 0:08:25.280 tenth of one percent. So it does seem that markets 0:08:25.320 --> 0:08:28.280 are holding their breath awaiting the USCPI data. 0:08:28.600 --> 0:08:30.720 Also the ECB decision. 0:08:30.760 --> 0:08:33.240 I mean, maybe not this month, the most important month 0:08:33.280 --> 0:08:37.640 perhaps December, when we're also expecting we are expecting a 0:08:37.720 --> 0:08:40.640 rate cart markets, that is from the ECB. In terms 0:08:40.640 --> 0:08:42.880 of the euro, we trade at one sixteen ninety one, 0:08:42.960 --> 0:08:45.520 so slightly weaker for the euro against the stronger dollar. 0:08:45.880 --> 0:08:48.880 Gold is down three tens. Oil prices are steady, and 0:08:48.960 --> 0:08:52.360 in the bond markets, ten year US treasury yields trading 0:08:52.360 --> 0:08:52.880 a four. 0:08:52.720 --> 0:08:53.839 Spot zero five. 0:08:53.960 --> 0:08:56.960 Germany yields had two sixty six, up about a basis point. 0:08:56.960 --> 0:08:59.680 Stephen the Karlender the key market story of course, that 0:08:59.760 --> 0:09:02.320 dry things yesterday, and I'm watching shares take higher and 0:09:02.360 --> 0:09:05.040 pre market trading on Wall Street against today is oracle. 0:09:05.120 --> 0:09:08.480 So the software companies results are not beat forecast. Push 0:09:08.520 --> 0:09:11.400 shares thirty six percent hire yesterday. They're up about another 0:09:11.400 --> 0:09:14.080 one point seven percent in pre market today. So yesterday 0:09:14.120 --> 0:09:16.440 we saw eighty nine billion dollars being added to the 0:09:16.480 --> 0:09:19.720 fortune of co founder and chairman Larry Allison, the biggest 0:09:19.800 --> 0:09:23.720 ever one day increase records on Bloomberg's Billionaires Index. Push 0:09:23.800 --> 0:09:26.319 Larry Elson, pastyln Mosque on the index as well, made 0:09:26.320 --> 0:09:28.840 in the world's richest person for a short time anyway, 0:09:28.960 --> 0:09:31.760 just a casual three hundred and eighty three billion dollars 0:09:31.840 --> 0:09:33.400 now that Larry Allison is worth. 0:09:33.840 --> 0:09:36.920 Yeah, absolutely what you can read more about that on 0:09:37.000 --> 0:09:40.599 the terminal and also really about what it means for valuations. 0:09:41.280 --> 0:09:45.880 Bloomberg's Shirley Ren writing about this what is fair value 0:09:45.920 --> 0:09:48.960 for a tech company? Now? She says that the question's 0:09:49.000 --> 0:09:52.480 no longer got really good answers because os ficial intelligence 0:09:52.520 --> 0:09:54.520 has upended so much. I mean, that's the story you're 0:09:54.559 --> 0:09:58.640 always on the watch for, how artificial intelligence is rapidly 0:09:58.720 --> 0:10:00.480 changing business and markets. 0:10:00.760 --> 0:10:02.280 Okay, Well, in a moment, we're going to bring you 0:10:02.280 --> 0:10:06.320 more on our exclusive reporting regarding the emails between Peter Mandelson. 0:10:05.920 --> 0:10:07.000 And Jeffrey Epstein. 0:10:07.280 --> 0:10:10.960 Plus we'll be discussing the issues of European Security. Poland 0:10:11.160 --> 0:10:14.080 now convening a meeting of the UN Security Council to 0:10:14.280 --> 0:10:18.800 address the Russian encursion of drones into its territory yesterday. 0:10:19.120 --> 0:10:20.720 But I want to turn back to our top story 0:10:20.760 --> 0:10:23.440 this morning, first and the shooting of American political activist 0:10:23.559 --> 0:10:26.839 Charlie Kirk in Utah. Our reporter Tiwa Adebayo has been 0:10:27.040 --> 0:10:29.800 following this story for US this morning. Tiwa, what do 0:10:29.880 --> 0:10:31.520 we know now about what happened? 0:10:31.840 --> 0:10:35.440 Kirk was at Utah Valley University as part of his 0:10:35.559 --> 0:10:39.720 political advocacy group Turning Point in Usay's American comeback tours, 0:10:39.760 --> 0:10:42.640 it's been dubbed, and he was taking part in an 0:10:42.640 --> 0:10:46.000 event entitled Proved Me Wrong, where the audience attempts to 0:10:46.000 --> 0:10:48.760 sort of stump the pundit. It's something he's widely known 0:10:48.800 --> 0:10:52.640 for online. And at that event where the shooting took place, 0:10:52.640 --> 0:10:55.280 there was more than three thousand people present, according to 0:10:55.360 --> 0:10:56.520 the university police chief. 0:10:56.559 --> 0:10:58.400 They also had put on security. 0:10:58.400 --> 0:11:03.040 There were six local police officers alongside Kirk's own security detail. 0:11:03.320 --> 0:11:06.880 But just twenty minutes after that event started, authorities say 0:11:06.880 --> 0:11:09.360 a single shot was fired at Kirk from a building 0:11:09.400 --> 0:11:12.959 about two hundred yards away. He had actually just begun 0:11:13.080 --> 0:11:15.800 answering a question on the number of mass shooters in 0:11:15.840 --> 0:11:19.600 America over the last decade, and after the shooting, he 0:11:19.800 --> 0:11:23.400 was driven to a local hospital where he later died 0:11:23.480 --> 0:11:27.199 according to police. So far we know that CCTV from 0:11:27.240 --> 0:11:30.280 the event does show a person dressed in dark clothing, 0:11:30.320 --> 0:11:33.840 which is believed to be the suspect, and the FBI 0:11:33.920 --> 0:11:37.520 director Cashpitel said on social media that a person of 0:11:37.559 --> 0:11:41.000 interest was taken into custody and then later released, so 0:11:41.080 --> 0:11:44.080 that investigation is still underway in Utah. 0:11:44.960 --> 0:11:47.880 Tell us about Charlie Kirk and why he was so 0:11:48.040 --> 0:11:52.320 influential and why he might have been targeted well. 0:11:52.400 --> 0:11:54.720 Charlie Kirk was perhaps best known for. 0:11:54.679 --> 0:11:59.200 His work as executive director of Turning Pount USA. He 0:11:59.320 --> 0:12:02.560 founded that group in twenty twelve and it was funded 0:12:02.600 --> 0:12:06.439 by powerful conservatives. But really the hallmark of his work 0:12:06.559 --> 0:12:10.119 was youth engagement and that took him to university campuses 0:12:10.320 --> 0:12:13.679 around the world. We mentioned earlier that trademark proved me 0:12:13.720 --> 0:12:17.960 wrong event Those debates often went viral on social media 0:12:18.000 --> 0:12:21.160 and really were a big part of his notoriety and fame. 0:12:21.760 --> 0:12:23.960 Just in May this year, he took part in a 0:12:24.080 --> 0:12:29.959 particularly important debates in the University of Cambridge's Union Society, 0:12:30.040 --> 0:12:34.920 which amassed millions of views on YouTube. He was known 0:12:34.960 --> 0:12:39.960 at times for controversial politics and statements, including criticism of 0:12:40.040 --> 0:12:44.360 Martin Luther King and other heavily questioned claims, but his 0:12:44.480 --> 0:12:48.840 work in politics started well before Turning Points Foundation. He 0:12:49.000 --> 0:12:52.280 began the advocacy and the involvement in politics really in 0:12:52.400 --> 0:12:56.280 high school. Notably, he wrote a now famous essay for 0:12:56.320 --> 0:13:00.560 Breitbart News about liberal bias and economic textbooks, and that 0:13:00.640 --> 0:13:03.920 in him a lot of media attention. He was a 0:13:03.960 --> 0:13:06.920 regular on channels like Fox Business as well as taking 0:13:06.920 --> 0:13:10.360 part in speaking engagements around the country. But that theme 0:13:10.559 --> 0:13:14.840 of what he really regarded as exposing and correcting liberal 0:13:14.880 --> 0:13:19.640 biases continued throughout his career. Definitely with Turning Point USA 0:13:19.800 --> 0:13:24.280 that welcomed conservative students who themselves were eager to prove 0:13:24.360 --> 0:13:29.360 these liberal biases on college campuses, the organization grew to 0:13:29.559 --> 0:13:32.760 an enormous size. It had more than eight hundred college 0:13:32.840 --> 0:13:36.280 chapters according to its website, and actually in twenty twenty four, 0:13:36.360 --> 0:13:39.880 their tax filings say they grossed nearly eighty five million 0:13:39.920 --> 0:13:43.760 dollars in revenue, but certainly in the last few years. 0:13:43.880 --> 0:13:47.280 He was instrumental in the MAGA movement and really a 0:13:47.360 --> 0:13:52.280 very valuable ally to President Trump. We saw the extent 0:13:52.400 --> 0:13:56.319 of that valued relationship in a really lengthy video posted 0:13:56.360 --> 0:14:00.400 by the President eulogizing him on social media. But in 0:14:00.480 --> 0:14:03.480 terms of the reasons for perhaps the targeting, we don't 0:14:03.840 --> 0:14:07.320 really know anything about the motivations behind this specific crime, 0:14:07.840 --> 0:14:11.240 but we've had from the Utah Governor Spencer Cox, who 0:14:11.280 --> 0:14:15.520 has described it as a political assassination, and others are 0:14:15.559 --> 0:14:18.680 coming to the same conclusion on social media today. 0:14:19.440 --> 0:14:21.800 Okay, t, thank you very much. That's our reporter too, 0:14:21.880 --> 0:14:23.760 had a bio there and we heard a little bit 0:14:23.800 --> 0:14:26.720 of President Trump's reaction to that killing earlier, and there's 0:14:26.720 --> 0:14:28.680 also been condemnation of the killing from the likes of 0:14:28.760 --> 0:14:31.640 Joe Biden and Barack Obama as well have offered their 0:14:31.680 --> 0:14:36.680 condolences to Charlie Kirk's family. Stay with us. More from 0:14:36.720 --> 0:14:39.360 Bloomberg Daybreak Europe coming up after this. 0:14:40.600 --> 0:14:42.520 Now to politics, who are in the UK. 0:14:42.680 --> 0:14:46.120 The emails between Peter Mandelson, the British ambassador to the 0:14:46.240 --> 0:14:49.520 United States, and the disgraced financier Jeffrey Epstein that have 0:14:49.600 --> 0:14:53.360 been seen by Bloomberg News interactions between twenty five and 0:14:53.400 --> 0:14:57.400 twenty twen, which reveal new details about their relationship. Our 0:14:57.400 --> 0:15:00.560 fun As reporter Harry Wilson joins us Now for more. 0:15:01.000 --> 0:15:04.960 It's interesting because Lord Manderson Peter Manderson a referenced the 0:15:05.000 --> 0:15:09.280 fact in recent TV interviews and commentaries that maybe more 0:15:09.360 --> 0:15:13.200 might emerge. What do we know about what has been 0:15:13.240 --> 0:15:16.040 said in these emails and what it reveals about their relationship? 0:15:16.160 --> 0:15:20.120 Well, the emails are really an extraordinary insights into the 0:15:20.160 --> 0:15:23.760 relationship between Peter Manderson and Jeffrey Epstein. I think what 0:15:23.800 --> 0:15:26.640 you see is just the depth of their friendship. The 0:15:26.680 --> 0:15:30.920 fact that Manderson was so supportive seemingly to Epstein throughout 0:15:30.960 --> 0:15:35.000 what is now obviously an incredibly controversial period in time. 0:15:35.440 --> 0:15:38.760 And I think it shows that Manderson it wasn't just supportive, 0:15:38.800 --> 0:15:40.600 he was an active, I guess, sort of helper in 0:15:40.640 --> 0:15:41.880 some ways of Epstein. 0:15:42.440 --> 0:15:45.640 These emails days from fifteen years ago. What do their 0:15:45.760 --> 0:15:49.320 publication now mean for Peter Mandelson and his current role. 0:15:49.800 --> 0:15:52.280 It remains to be seen. He's obviously under an enormous 0:15:52.280 --> 0:15:55.280 amount of pressure. The Prime Minister kissed Arma is under 0:15:55.400 --> 0:15:58.880 enormous pressure to react to this. There's countless cause now 0:15:58.960 --> 0:16:01.720 for Manderlsson to be removed from his post. I can't 0:16:01.760 --> 0:16:04.400 believe obviously that these emails will do anything to improve 0:16:04.440 --> 0:16:06.480 his situation. And I think there must be a clock 0:16:06.520 --> 0:16:09.440 ticking now on when the government reacts to it. 0:16:09.720 --> 0:16:14.000 And it's the question around judgment, isn't it. And Mandelson 0:16:14.080 --> 0:16:17.200 is obviously a well known political figure in the UK, 0:16:17.400 --> 0:16:19.880 instrumental in Tony Blair's government, but now we have a 0:16:19.960 --> 0:16:23.720 labor government in power and he is US ambassador all 0:16:23.760 --> 0:16:28.200 the more important. I mean he's a hugely well known figure. 0:16:28.320 --> 0:16:31.400 What has he said about this? In response? 0:16:32.000 --> 0:16:34.400 He's kept up a line which he's had actually really 0:16:34.400 --> 0:16:36.720 for many years, which is that he very much regrets 0:16:36.720 --> 0:16:39.520 his association with Epstein. He says, you know, this is 0:16:39.920 --> 0:16:42.840 association with him went on far too long. And frankly, 0:16:43.000 --> 0:16:46.040 this use of this word association is really quite ridiculous. 0:16:46.080 --> 0:16:47.640 I mean, it was a friendship that they had, It 0:16:47.760 --> 0:16:50.440 wasn't an association. That's just some mediam mouth words that 0:16:50.600 --> 0:16:52.920 he chooses to use. What we're seeing here is I 0:16:52.920 --> 0:16:55.480 think a slow I'm picking of a story that he 0:16:55.520 --> 0:16:58.680 has told about a friendship which he regrets, but which 0:16:58.720 --> 0:17:00.560 we see now was incredibly deep. 0:17:00.440 --> 0:17:02.560 And I suppose what does it mean for government? That's 0:17:02.560 --> 0:17:06.080 the other issue. How important is it when Mandelsohn is 0:17:06.080 --> 0:17:10.400 meant to be representing the UK in the US. This 0:17:10.520 --> 0:17:13.560 is a very difficult position for the Prime Minister, surely 0:17:13.840 --> 0:17:15.880 Kistarma to be. So what do you think is going 0:17:15.920 --> 0:17:18.960 to be the balance and the discussions that are being 0:17:19.040 --> 0:17:22.040 had maybe behind closed doors in government on this point. 0:17:21.880 --> 0:17:24.760 I think this is probably epically bad timing for the government. 0:17:24.880 --> 0:17:27.600 Next week we have Trump flying into the UK for 0:17:27.680 --> 0:17:31.040 his state visit and to have the ambassador to Washington 0:17:31.160 --> 0:17:34.879 embroiled in a Epstein scandal, which is obviously for the 0:17:34.920 --> 0:17:41.880 Trump administration a major sort of exposed nerve. So it's 0:17:41.920 --> 0:17:45.000 really hard to think of a worse situation for them 0:17:45.119 --> 0:17:47.920 at the time, and this must be hugely unwelcome. 0:17:47.800 --> 0:17:51.600 Harry, This series of emails has a lot of prosess 0:17:51.600 --> 0:17:53.439 a lot of questions as well, with a lot of 0:17:53.440 --> 0:17:55.680 factors unknown in them as well. Where do you see 0:17:55.720 --> 0:17:58.200 this story going from here? Are there further questions that 0:17:58.240 --> 0:17:59.840 are going to have to be answered about the content 0:17:59.880 --> 0:18:01.720 of There. 0:18:00.880 --> 0:18:03.160 Are going to be firm questions. I think it's people 0:18:03.200 --> 0:18:05.760 will want to know exactly what level of support was 0:18:05.800 --> 0:18:11.360 Mandelson providing to Epstein during his investigation and later incarceration 0:18:11.560 --> 0:18:13.960 for procuring sex from a minor. I mean, these were 0:18:14.400 --> 0:18:18.159 exceedingly serious charges and to say, now, well he was 0:18:18.240 --> 0:18:19.720 lied to and this sort of thing. But he's you know, 0:18:19.760 --> 0:18:22.320 he's a grown man, he's an educated man. I mean 0:18:22.480 --> 0:18:23.400 he should have known better. 0:18:23.640 --> 0:18:25.200 Harry, thank you so much for being with us. 0:18:25.520 --> 0:18:28.359 The details of this story are in a long read 0:18:28.560 --> 0:18:31.720 and I would say to our listeners to have a 0:18:31.720 --> 0:18:33.959 look at it. UKM Bassat told Epstein, I think the 0:18:34.000 --> 0:18:37.240 World of View emails reveal. So this is a number 0:18:37.240 --> 0:18:39.720 of Blimberg reporters, including Harry Wilson, that you just heard 0:18:39.760 --> 0:18:42.760 there on these important revelations really around the emails and 0:18:42.800 --> 0:18:48.040 the content of the correspondence between Mandelson and Jeffrey Epstein 0:18:48.160 --> 0:18:50.720 are dating back to the two thousand. So thanks to 0:18:50.880 --> 0:18:53.399 our finance reporter Harry Wilson, what to. 0:18:53.400 --> 0:18:55.720 Worth and he is now. Poland's Foreign ministry says that 0:18:56.160 --> 0:18:58.639 UN Security Council will hold a meeting to discuss the 0:18:58.760 --> 0:19:02.280 encouragement by Russian Joe into its airspace yesterday. The country's 0:19:02.280 --> 0:19:05.560 already saw consultations with NATO allies, which could lead to 0:19:05.600 --> 0:19:09.280 a joint response. Bloomberg Opinion columnist Mark Champion joins us. 0:19:09.320 --> 0:19:11.919 Now for more, Mark, you've been writing about this drone 0:19:12.000 --> 0:19:15.080 encouraging for Bloomberg Opinion. What are the I suppose, key 0:19:15.080 --> 0:19:17.359 things that we should be focusing on when thinking about 0:19:17.359 --> 0:19:18.480 the significance of. 0:19:18.400 --> 0:19:21.200 This, Yes, well, I think. 0:19:22.720 --> 0:19:26.399 Less perhaps what is done at the UN Security Council, 0:19:26.480 --> 0:19:30.200 which will be you know, given that Russia sits there 0:19:30.280 --> 0:19:34.240 has a veto, it will be you know, interesting theater. 0:19:35.200 --> 0:19:39.600 There will be plenty of fireworks and you know, diplomatically, 0:19:39.680 --> 0:19:41.119 you know, there'll be a lot of focus on it. 0:19:41.480 --> 0:19:46.960 But ultimately, this was a military operation and despite all 0:19:47.720 --> 0:19:52.600 you know Russian not denials but obfiscations, it's clearly a 0:19:52.680 --> 0:19:56.360 deliberate attempt from Russia at a time when they are 0:19:56.359 --> 0:19:59.520 conducting military exercises in Bulorus right over the border with 0:19:59.600 --> 0:20:06.560 Poland to test NATO air defenses. And that is really 0:20:06.640 --> 0:20:10.240 where the focus should be. And you know, what we 0:20:10.359 --> 0:20:14.640 know so far is that NATA really struggled. These were 0:20:14.760 --> 0:20:18.560 very very cheap drones. They're decoy drones as far as 0:20:18.560 --> 0:20:21.959 we know, you know, none of them were armed, and 0:20:22.000 --> 0:20:26.160 they're made of polystyrene and plywood. They cost about ten 0:20:26.240 --> 0:20:31.600 thousand dollars a piece to make from Chinese kits. And 0:20:32.280 --> 0:20:34.600 you know what they're getting shot down with by the 0:20:34.680 --> 0:20:38.639 F sixteens and F thirty fives that were scrambled. You know, 0:20:38.680 --> 0:20:41.360 the air to air missiles that those things use, they 0:20:41.400 --> 0:20:44.080 cost anywhere from about four hundred thousand to two million 0:20:44.119 --> 0:20:47.679 dollars a piece. And if they you know, apparently the 0:20:47.720 --> 0:20:51.880 Poles are also mobilized patriots, those missiles cost about four 0:20:51.880 --> 0:20:55.560 million dollars a piece. So they shot down maybe four 0:20:55.600 --> 0:20:58.000 of the twenty or so. We don't know all the 0:20:58.040 --> 0:21:02.600 details yet, and you know, whether they just couldn't shoot 0:21:02.600 --> 0:21:04.960 the rest down or they realized that they were decoys 0:21:05.000 --> 0:21:07.879 and that they were wasting huge sums of money bringing 0:21:07.920 --> 0:21:10.639 them down, we don't know. But Putin will have learned 0:21:10.720 --> 0:21:14.360 a good deal. And the important thing to watch, I think, 0:21:14.560 --> 0:21:18.320 is that you know, what does NATO learn, And it's 0:21:18.359 --> 0:21:21.200 going to need to learn a lot from the Ukrainians 0:21:21.200 --> 0:21:23.679 about how they are dealing with this threat, which is 0:21:24.119 --> 0:21:27.239 very difficult for them too. The question is how do 0:21:27.280 --> 0:21:32.320 you when a country can throw hundreds or up to a. 0:21:32.320 --> 0:21:34.000 Thousand drones at you in a wave. 0:21:35.600 --> 0:21:36.520 How do you deal with that? 0:21:36.880 --> 0:21:39.560 Okay, alarm bells on the basis of what you say, 0:21:39.760 --> 0:21:43.679 must be ringing loudly across Europe. And I just contrast 0:21:43.720 --> 0:21:46.560 that with what the first Sea lot here in Britain 0:21:46.640 --> 0:21:51.399 said this week about the DSi event. So this major 0:21:51.480 --> 0:21:56.600 gathering of the defense industry, basically the arms industry in London, 0:21:57.040 --> 0:21:59.560 and he's talking about my mission is to move the 0:21:59.640 --> 0:22:04.400 Rule Navy to war fighting readiness over the next four years. 0:22:04.960 --> 0:22:09.040 I mean, surely those sorts of statements that we're hearing about, 0:22:09.080 --> 0:22:12.400 you know, the length of time, that's the worry. How 0:22:12.520 --> 0:22:16.040 is Poland responding then to this? If they weren't able, 0:22:16.119 --> 0:22:19.679 as you say, to shoot everything down, what's the Polish response? 0:22:19.760 --> 0:22:21.520 Well, you know, in fairness to the polls, they are 0:22:21.560 --> 0:22:25.760 the one native country that has responded, you know, with 0:22:26.080 --> 0:22:30.880 urgency to the war in Ukraine. So they have massively 0:22:30.960 --> 0:22:35.440 increased their defense spending and now are you know, probably 0:22:35.800 --> 0:22:41.920 the second largest European military force after Turkey and Nata, 0:22:43.080 --> 0:22:47.560