Speaker 1: Peak and Red Cross is helping with shelter. A federal
Speaker 1: department is about to begin a path through elimination, as
Speaker 1: CBS's Erica Brown tells.
Speaker 2: US, President Trump is expected to sign an executive order
Speaker 2: Thursday aimed at dismantling the Department of Education, one of
Speaker 2: his key campaign promises. Fully eliminating the Department of Education
Speaker 2: would require congressional approval.
Speaker 1: The US comes in twenty fourth on the Worldwide Happiness
Speaker 1: Report Just Out. Co editor Jan Emmanuel Danube says social
Speaker 1: isolation is an issue, especially with the younger people.
Speaker 2: Youth in America are twice as likely to be sharing
Speaker 2: no meals whatsoever.
Speaker 3: With anyone in the past day, and was the case
Speaker 3: twenty years ago.
Speaker 1: He said, if only people under thirty were polled, the
Speaker 1: US would rank much lower. CBS News Brief, I'm Michael Toscano.
Speaker 4: Miss the top headlines on Bloomberg eleven three to zero.
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Speaker 6: Join Bloomberg in Atlanta on March twenty seventh for Innovation
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Speaker 7: On the latest edition the Bloomberg Intelligence Podcast, a conversation
Speaker 7: with Bloomberg New Senior reporter Claire Ruken on how private
Speaker 7: equity firms are getting rid of their equity.
Speaker 8: If you look at where del flow's coming from, you've
Speaker 8: got a lot of refinancing, a visit of existing debt,
Speaker 8: and then you've also got these dividends now happening. It's
Speaker 8: like the next stage on because the debt markets are
Speaker 8: so hot, so there's been a record level of inflows
Speaker 8: into credit funds and cluster is loan obligations, which are
Speaker 8: the biggest buyers of loans, and they're desperate to put
Speaker 8: their money to work. And because there's been a lack
Speaker 8: of em and a and a lack of new places
Speaker 8: to put this money, sponsors have been able to get creative.
Speaker 8: That's private equity firms, and they are doing dividend recaps,
Speaker 8: so they're adding deb onto companies and taking it out
Speaker 8: in the form of dividends. And this is something that
Speaker 8: investors traditionally don't like because obviously you're piling leverage onto
Speaker 8: a company and it's something that's usually a logo. But
Speaker 8: because the debt markets are so hot at the moment,
Speaker 8: they're like, Yeah, this is great. It's a new place
Speaker 8: to you know, put new capital, and so they're giving
Speaker 8: the go ahead to them basically.
Speaker 7: So usually when we talk to private equity guys, they're like,
Speaker 7: look like, you're locketting your money five, seven, ten years,
Speaker 7: it's going to be fine. We can manage any sort
Speaker 7: of big swings in volatility. Does that still ring true
Speaker 7: or are we seeing some issues here? When liquidity tightens up,
Speaker 7: it gets harder and harder to find ways around it.
Speaker 8: They are having some difficult ties. They're having difficulties showing
Speaker 8: those exits. So whether it's via the IPO market or
Speaker 8: the M and A market, they just haven't come back
Speaker 8: yet to the level that they would have wanted.
Speaker 4: Here the full conversation on the latest edition of the
Speaker 4: Bloomberg Intelligence Podcast. Subscribe on app or Spotify and anywhere
Speaker 4: else you get your podcasts, Plus listen anytime on the
Speaker 4: Bloomberg Business app. In Bloomberg dot.
Speaker 9: Com, markets headlines and breaking news twenty four hours a
Speaker 9: day on Blueberg Radio, Blueberg Television and the Blueberg Business app.
Speaker 9: This is a Blueberg Business Flash.
Speaker 10: London. Good morning, I'm Stephen Carroll. Let's bring it up
Speaker 10: to speed on what's moving on market. So as we
Speaker 10: come down to the start of the European cash trade,
Speaker 10: we're looking at eurostocks fifty futures down two tenths of
Speaker 10: one percent, similar top priced in for the catcar on
Speaker 10: and the docks at the open the foote one hundred
Speaker 10: den just a tenth of one percent in futures this morning.
Speaker 10: On currency markets, we are seeing a further weakening in
Speaker 10: the pound and the euro against the dollar, so both
Speaker 10: are down three tenths of one percent, the pound at
Speaker 10: one twenty nine sixty six. We have that new labor
Speaker 10: market data out at the top of the are showing
Speaker 10: wage growth excluding bonuses at five point nine percent a
Speaker 10: year on year, so remaining strong and that in focus
Speaker 10: ahead of today's Bank of England decision as well. We're
Speaker 10: not expecting the bank to move interest rates, although we'll
Speaker 10: be watching to see any commentary around how they're pricing
Speaker 10: or dealing with the uncertainty on the trade front. We
Speaker 10: did have commentary out of Jerome pal from the Federal
Speaker 10: Reserve yesterday talking really about downplaying the risk of the impacts,
Speaker 10: applying the word transitory controversial as it might be in
Speaker 10: center banking circles to what he's expecting the inflation impact
Speaker 10: of those trade tariffs to be. We did see the
Speaker 10: S and P five hundred rally by one point one
Speaker 10: percent yesterday, and futures on the S and P five
Speaker 10: hundred are pointing higher this morning, up by another four
Speaker 10: tenths of one percent. Less positive picture of equities in
Speaker 10: Asia though, the HANGSGNG down two point three percent. Tech
Speaker 10: shares there among the sell off down by three point
Speaker 10: five percent, and Mark is taking note of an interview
Speaker 10: in the Ft with Jensen Wang from Nvidia looking at
Speaker 10: the potential for more investment in the US for its facilities.
Speaker 10: That's something to be a boost for that industry, but
Speaker 10: perhaps less good news for Asia. Elsewhere on markets, keeping
Speaker 10: an eye on Goal prices a touchweaker this morning after
Speaker 10: hitting another record high three forty five dollars a Troy Ount's.
Speaker 10: And just a word on Turkey as well, after the
Speaker 10: big droft that we saw in Turkey's benchmark stock in
Speaker 10: dress yesterday. The bis T one hundred is up by
Speaker 10: one point seven percent today. It was general had eight
Speaker 10: percent in trading yesterday. The Turkeys leyer of flat on
Speaker 10: the day after it dropped to a record low against
Speaker 10: the dollar following the arrest of a top opposition politician.
Speaker 10: That is your Bloomberg radio business flash.
Speaker 11: Stephen, Thank you so much. I'm Caroline Heppy. Good time
Speaker 11: there to look. Some other stories making news in the
Speaker 11: ukn around the world. President Vladimi Zelinski has back to
Speaker 11: a US proposal for Ukraine and Russia to stop strikes
Speaker 11: on energy infrastructure. The Ukrainian leader told US person Donald
Speaker 11: Trump it would be one of the first steps to
Speaker 11: fully ending the wall. As well, has sent troops back
Speaker 11: into girls in what it's described as limited ground operations.
Speaker 11: It's the country's first incursion since the six weeks ceaspar
Speaker 11: lapsed earlier this month. Officials are vowing further pressure unless
Speaker 11: her mass releases. It's fifty nine remaining hostages, and the
Speaker 11: UK has dropped three places to twenty three in the
Speaker 11: world happiness rankings. Finland topped the list for the eighth
Speaker 11: year in a row, with Afghanistan bottom and the US
Speaker 11: also falling to its lowest ever position those. A sum
Speaker 11: of our global news headlines.
Speaker 10: Now Starting, carried out by aj Bell and twenty twenty
Speaker 10: two found a significant investment gap between men and women
Speaker 10: in the UK of as much as one point sixty
Speaker 10: five trillion pounds? How much could addressing that help to
Speaker 10: boost the UK investment landscape? In a bid to close
Speaker 10: the gap, former Goldman Sachs executive Isiho Fori founded Propelled,
Speaker 10: the UK's first female focused investment platform. For a work,
Speaker 10: Iho has been shortlisted for birth Kliko's Bold Future Award
Speaker 10: and she's with us in studio now for more. Issha,
Speaker 10: good morning to you. What is the background to the
Speaker 10: issue here? Why are women in the UK investing less
Speaker 10: than men?
Speaker 3: There are a few reasons. One of them, i'd say, well,
Speaker 3: the main one is that women lack confidence, or i'd
Speaker 3: say it's perceived confidence. Often when you ask them lots
Speaker 3: of questions and things like this, they do actually know
Speaker 3: more about investing than they think. However, they don't act
Speaker 3: on it because they think that they need to know
Speaker 3: more or they need an expert to sort of guide them.
Speaker 3: So they inevitably tend to be savers rather than investors.
Speaker 11: Okay, isn't this also part of the gender pay gap
Speaker 11: and the fact that women often work slightly fewer hours
Speaker 11: fewer years on average over the course of their working lives.
Speaker 3: So that is part of it, but not all of
Speaker 3: the story. It's a number of things, So the pay
Speaker 3: gap obviously is one of them. Women are the ones
Speaker 3: who have children and tend to be the careers, so
Speaker 3: take time out. Women also tend to be the carers
Speaker 3: for relatives, parents, and then women also are affected quite
Speaker 3: a lot during menopause and take time out again. So
Speaker 3: when you add all of these things together on top
Speaker 3: of the fact that women live longer and that they're
Speaker 3: saving rather than investing, it all sort of contributes to
Speaker 3: the problem.
Speaker 10: So there's huge untapped potential here as well to boost
Speaker 10: both investment and individual wealth.
Speaker 9: How do you tackle it?
Speaker 3: So for us, it was really about trying to understand
Speaker 3: the psychology of women when it comes to money in investing,
Speaker 3: but also what are those hurdles that have been holding
Speaker 3: women back and how can we put those into a
Speaker 3: platform that's accessible to the masses and enable women to
Speaker 3: really feel comfortable and confident when they start investing. That's
Speaker 3: the only way to sort of shift the behavior from
Speaker 3: saving more towards investing.
Speaker 11: Are you concern that perhaps initiative like the initiatives like
Speaker 11: yours might suffer some pushback as we see a rollback
Speaker 11: of diversity actually an inclusion in the United States and
Speaker 11: that focus on women. Do you think that that perhaps
Speaker 11: will affect what happens here in the UK?
Speaker 3: I think absolutely. One of the ways that we reach
Speaker 3: women is working with corporates, and we've already started to
Speaker 3: see a shift. But it's really interesting the individuals within
Speaker 3: those companies, particularly in the UK, are sort of like,
Speaker 3: we still love what you're doing, we still want to help. However,
Speaker 3: you know, money and funding and sort of departments are
Speaker 3: being shut down. That said, they still recognize the need
Speaker 3: and so they are still trying to see how we
Speaker 3: can continue to work together. But I've never been afraid
Speaker 3: of sort of having that pushback. Even when I first
Speaker 3: had the idea, a lot of people told me I
Speaker 3: was insane and if women weren't investing, they didn't want to.
Speaker 10: Well, investing in female lab businesses is a broaderish as well,
Speaker 10: one being highlighted this morning by Hannah Bernhard, the co
Speaker 10: chair of the invest In Women Task Force in the
Speaker 10: UK as well, writing in the Financial Times, what is
Speaker 10: the issue and is it getting worse? I mean, I
Speaker 10: wonder what your own experience was even getting investment for
Speaker 10: your own company.
Speaker 3: I use the word horrendous, and I don't use it lightly.
Speaker 3: I perhaps was a bit naive and thought that it
Speaker 3: wouldn't be so challenging for me. I know the statistics
Speaker 3: around women, but also it's even worse for black women.
Speaker 3: But I sort of said to myself, I have a
Speaker 3: master's degree in physics from Imperial, I worked at Morgan
Speaker 3: Stanley Goldman Sachs. I've got an MBA from London Business School.
Speaker 3: Surely those things count for something. But it was still
Speaker 3: incredibly difficult and inevitably. What I found is that a
Speaker 3: lot of the investors are men. They're the ones that
Speaker 3: tend to have money that they're looking to invest in
Speaker 3: these types of businesses. And I guess it's partly they
Speaker 3: didn't understand the story or the need as to why
Speaker 3: women need additional resources or an investment platform for women.
Speaker 3: But I also think it's just inherent biases as well.
Speaker 3: But the way that I got around it is, you know,
Speaker 3: over seventy percent of my investors are women because they
Speaker 3: just naturally understood what we were doing and were also
Speaker 3: prepared to invest in a business run by a woman.
Speaker 11: Okay, how is propelled doing as a plan? I you know,
Speaker 11: I'm very interested in this subject because on the one hand,
Speaker 11: you've got you know, like Hannah Bernard and Debbie Wosco
Speaker 11: who are leading the government, backed back by Rachel Rees's
Speaker 11: sort of personally the invest In Women's Task Force focus
Speaker 11: on women. Okay, invest in in female led businesses is
Speaker 11: going down, but nonetheless they're you know, they're they're making
Speaker 11: that case. And on the other hand, a lot of
Speaker 11: kind of female led clubs in London, for example, trying
Speaker 11: to build networking bridges. Those have shut down recently. So
Speaker 11: it's it's really a very difficult space. How are you
Speaker 11: going to manage this and navigate this when it comes
Speaker 11: to propel itself and building that business.
Speaker 3: So I think a lot of resilience, I say, is
Speaker 3: the first thing. But when you speak to women, what
Speaker 3: I found is they actually do want to invest. We're
Speaker 3: also going through something called the Great Wealth Transfer, so
Speaker 3: women are amassing wealth and accelerating rate. I think it's
Speaker 3: actually this year that the statistics say that sixty percent
Speaker 3: of UK health is going to be controlled by women.
Speaker 3: So women are getting more and more wealth and when
Speaker 3: you do actually speak to them, they want to invest.
Speaker 3: So for me, it's more about finding them. How do
Speaker 3: we reach them, And we do that, as I said,
Speaker 3: through companies, through organizations, but actually we've grown massively just
Speaker 3: by word of mouth, referrals and social media.
Speaker 10: Are you worried though, with as you described it, how
Speaker 10: companies are reorientating their approach to efforts like this, that
Speaker 10: that funnel for you gets cut off.
Speaker 3: I think in a sense of potentially companies paying for
Speaker 3: some of the services we provide. Yes, but we can
Speaker 3: still go into these companies and engage with their women's
Speaker 3: networks and things like this, and that has been incredibly
Speaker 3: fruitful for us.
Speaker 10: So, as I said, some more informal connections necessarily then
Speaker 10: perhaps the former ones funneled through
Speaker 3: Companies exactly exactly, So maybe the company can't formally engage
Speaker 3: in the same way anymore, but the individuals in these
Speaker 3: companies absolutely do, so those doors are still open.