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Speaker 1: Good morning. It's Thursday, the ninth of November here in London.

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Speaker 1: This is the Bloomberg daymc AT podcast. I'm Caroline Hepki and.

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Speaker 2: I'm Stephen Carroll. Coming up today a call for change.

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Speaker 2: Hillary Clinton tells Bloomberg Israeli's and Palestinians need new leadership.

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Speaker 1: Citadel founder Ken Griffin says the peace dividend is over

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Speaker 1: as global events push the world towards deglobalization.

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Speaker 2: Plus Georgia Maloney defies her doubters to stay in the

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Speaker 2: top job. We have a special report on what's next

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Speaker 2: for Italy's Prime minister.

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Speaker 1: Let's start with a round up of our top stories.

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Speaker 2: Israel says some fifty thousand more Palestinians have fled to

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Speaker 2: southern Gaza as the army pushed deeper into Hamas strongholds

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Speaker 2: in the north of the territory. That comes as former

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Speaker 2: US Secretary of State Hillary Clinton says both Israel and

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Speaker 2: the Palestinians need new leadership. In an interview with Bloomberg's

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Speaker 2: editor in chief John mckethwaite to the New Economy Forum

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Speaker 2: in Singapore, Clinton was asked if she thought Benjaminetta and

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Speaker 2: Nahu could be part of negotiating a solution.

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Speaker 3: I don't think there is any evidence of that. I

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Speaker 3: think the Israeli people will have to decide about his leadership.

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Speaker 3: I think there will be investigations about what led up

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Speaker 3: to and what happened on October the seventh. But I

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Speaker 3: think there needs to be new leadership of the Israelis

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Speaker 3: and the Palestinians in order to have any chance at

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Speaker 3: some kind of peace deal, especially a two state solution.

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Speaker 2: Hillary Clinton says while Israel is unlikely to agree to

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Speaker 2: a cease fire that would benefit Hamas, it probably would

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Speaker 2: accept pauses to allow AIDS to reach civilians in Gaza.

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Speaker 2: Israel's government has vowed to destroy Hamas following the October

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Speaker 2: seventh attack that killed one thy four hundred people. The

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Speaker 2: military response is involved a bombing campaign that the Hamas

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Speaker 2: run healther Innistry says has killed over ten thousand Palestinians.

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Speaker 1: Citadel founder Ken Griffin says that the world is facing

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Speaker 1: unrest and structural changes that are pushing it to wars deglobalization. Also,

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Speaker 1: speaking at Bloomberg's New Economy Forum, the billionaire hedge fund

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Speaker 1: manager said that events in Gaza and Ukraine are helping

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Speaker 1: to reshape the global economy.

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Speaker 4: Regretfully, the peace dividence is clearly at the end of

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Speaker 4: the road. No matter what one may dream to be,

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Speaker 4: reality reality is is there's two wars in the world

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Speaker 4: right here, right now, one of which is in Europe.

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Speaker 4: So there's no doubt that the NATO countries are going

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Speaker 4: to have to increase defense budgets over the years ahead.

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Speaker 4: That's going to come at a point in time where

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Speaker 4: governments around the world are already struggling with the sizes

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Speaker 4: of their deficits.

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Speaker 1: Griffin also warned that US fiscal spending needs to be

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Speaker 1: put in order, as the country is quote spending on

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Speaker 1: the government level like a drunken sailor. He added that

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Speaker 1: the Federal Reserve can continue printing money to avoid a default,

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Speaker 1: but that the economic consequences of doing so will be devastated.

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Speaker 2: China is led back into deflation in October, with both

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Speaker 2: consumer and producer prices contracting. Bloomberg's Brian Cursis has more

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Speaker 2: from Hong Kong.

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Speaker 5: The CPI fell zero point two percent last month after

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Speaker 5: hovering near zero the previous two months. That compares with

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Speaker 5: the forecast for a zero point one percent drop. Producer

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Speaker 5: prices meantime dropped two point six percent, a thirteenth consecutive

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Speaker 5: month of contraction. The PBOC had said back in August

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Speaker 5: that prices would rebound after a rough patch in the summer,

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Speaker 5: but this latest data shows the assessment was far too optimistic.

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Speaker 5: The housing slumpend weak consumer confidence remained in Hong Kong.

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Speaker 5: Brian Curtis, Bloomberg Radio.

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Speaker 1: Now the Federal Reserve is scrutinizing whether Morgan Stanley's wealth

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Speaker 1: management business is doing enough to prevent potential money laundering

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Speaker 1: by wealthy clients. Plombag's Tina Adebaye reports now.

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Speaker 6: FED officials are pressing wealth managers at Morgan Stanley to

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Speaker 6: improve anti money laundering oversight and processes. The watchdog privately

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Speaker 6: reprimanded Morgan Stanley for failing to make all of the

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Speaker 6: changes it wanted. The wealth business generates almost half the

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Speaker 6: company's revenue. Representatives for the FED and Morgan Stanley declined

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Speaker 6: to comment. Senior executives across Wall Street have described an

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Speaker 6: era of heightened regulatory scrutiny and the risk it elevates costs.

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Speaker 6: In London twa Adebayo Bloomberg Radio.

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Speaker 2: Self driving cars could be regularly seen on Britain's roads

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Speaker 2: in the next couple of years. That's according to the

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Speaker 2: Transport Secretary Mark Harper, who says the government's planned legislation

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Speaker 2: will aim to clear up who's liable if there's a crash.

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Speaker 7: We'll have rigorous safety cases. We'll use lessons from other

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Speaker 7: safety critical industries to make sure that framework's in place,

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Speaker 7: and we'll work with car manufacturers, with the developers of

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Speaker 7: this technology and insurance industry to make sure we can

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Speaker 7: deliver self driving cars in the next few years.

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Speaker 2: Mark Harper says that the legal framework for driverless cars

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Speaker 2: is part of a plan to create a forty two

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Speaker 2: billion pound industry with thirty eight thousand jobs in the

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Speaker 2: UK by the middle of the next decade. The legislation

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Speaker 2: will take a number of months to become law. The

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Speaker 2: UK government is behind the curve and establishing regulations compared

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Speaker 2: to other jurisdictions. Thinking about those comments from Hillary Clinton

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Speaker 2: at the Bloomberg New Economy Form in relation to the

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Speaker 2: Middle East and the need for new leadership on both

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Speaker 2: the Israeli and the Palestinian side, it's worth reflecting too

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Speaker 2: on how this debate is playing out in the UK.

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Speaker 2: This as there's been much controversy over a planned pro

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Speaker 2: Palestinian march due to take place on Saturday, which is

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Speaker 2: Armistice Day, which had caused some objections about those two

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Speaker 2: events happening at the same time. Although the marches organizers

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Speaker 2: say that the march won't be taking place anywhere near

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Speaker 2: the Senotaph where the Armistice Day commemorations are taking place,

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Speaker 2: has become quite a big political route.

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Speaker 5: Yeah.

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Speaker 1: I think it's gone on for many days, but it

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Speaker 1: does look now like the Prime Minister has confirmed that

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Speaker 1: the march will actually take place. There'd been a lot

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Speaker 1: of criticism and questioning of the Metropolitan Police Commissioner Mark Rowley,

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Speaker 1: who is obviously the most senior police officer in the UK,

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Speaker 1: sort of in charge of protests. But it is also

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Speaker 1: the Home Secretary's language that has been at the center

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Speaker 1: of this row. This Isuella Bravman, who has called the

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Speaker 1: pro Palacidian marches hate marches. The opposition labor leader Kiss

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Speaker 1: Starmer accusing Bravmen of picking a fight with the police

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Speaker 1: instead of working with them. It really is very, very contentious,

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Speaker 1: but it does seem now like the Prime Minister is

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Speaker 1: saying it can go ahead, even though it continues to

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Speaker 1: call the marches quote disrespectful. He has talked about, you know,

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Speaker 1: concerns about sewing division. But yes, as you say, the

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Speaker 1: organizers have sort of have their own views saying that

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Speaker 1: they're going to you know that they see the right

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Speaker 1: to protest, but they'll avoid where our mister state events

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Speaker 1: will be taking place.

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Speaker 2: Yeah, if you're looking for more to read on the

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Speaker 2: I suppose questions areund Soeler Bravman and how she fits

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Speaker 2: into as she's seeax cabinet. The readays with Kenny Donalds

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Speaker 2: on the news edgery yesterday from Bloomberg a great read on,

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Speaker 2: and some of the other issues that in fact could

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Speaker 2: be causing problems with inside the Conservative Party as well.

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Speaker 2: So that's something else that we are watching this morning. Well,

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Speaker 2: let's go back to that conversation with the former US

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Speaker 2: Secretary of State Hillary Clinton. She's been speaking at Bloomberg's

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Speaker 2: New Economy Forum in Singapore, saying both Israel and the

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Speaker 2: Palestinians need new leadership in order to have a chance

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Speaker 2: of achieving a peace deal. In conversation with Bloomberg's editor

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Speaker 2: in chief John mccothwaye, she also discussed trade tensions on

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Speaker 2: the upcoming meeting between Presidents Joe Biden and She Jenping.

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Speaker 3: There hasn't been as much interaction until relatively recently between

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Speaker 3: the Chinese and the United States governments. There has been

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Speaker 3: a real chill coming from China about businesses American businesses,

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Speaker 3: other businesses inside China, and then there are of course

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Speaker 3: political pressures against China within our own political system. So

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Speaker 3: this meeting is a terrific opportunity to try to reset

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Speaker 3: the table, so to speak, to try to create some opening,

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Speaker 3: but it has to be followed up on with a

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Speaker 3: lot more interactions. I was very pleased that Secretaries Yellen

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Speaker 3: and Raymondo and others have been going to China in

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Speaker 3: recent weeks. Nothing substitutes for the effort being made to

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Speaker 3: have those kinds of, you know, meetings about strategic and

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Speaker 3: economic concerns. I think a lot of what happens in

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Speaker 3: the future really depends upon what Chi Jinping's goals are.

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Speaker 1: You know.

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Speaker 3: Part of the reason it was, you know, somewhat more

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Speaker 3: positive when I was there and we had a very

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Speaker 3: regular set of meetings is because Hu Jintao was a

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Speaker 3: Chinese leader who decided he would not stay for life

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Speaker 3: he would fulfill his term. He would follow the guidance

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Speaker 3: of the Chinese Communist Party. There would be a transition

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Speaker 3: a new group of leaders, you know, some holdovers, but

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Speaker 3: you know, other new faces would be in power, and

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Speaker 3: so there could be a constant renewing of both the

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Speaker 3: Chinese government and through that, the American relationship. Once Chi

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Speaker 3: Jinping decided to stay in office for life, that creates

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Speaker 3: a lot of, you know, challenges within their own system,

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Speaker 3: and I think we're seeing some of that with the

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Speaker 3: removal of top officials, some of the economic problems in

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Speaker 3: the Chinese economy. But it also creates a kind of

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Speaker 3: chilling effect in terms of relations. I mean, how do

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Speaker 3: you deal with somebody who's not going to be held accountable,

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Speaker 3: you know, I mean their system of accountability was certainly

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Speaker 3: different from ours, but it existed and now it doesn't.

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Speaker 3: And so part of what I hope will come out

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Speaker 3: of this meeting is an attitude by President Shei that

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Speaker 3: you know, he wants to get back to some kind

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Speaker 3: of regular order, that he sees it in China's interest

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Speaker 3: to really dig in with President Biden, develop a platform

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Speaker 3: for discussions for problem solving, look for ways to cooperate

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Speaker 3: on whether it's you know, climate change or other matters

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Speaker 3: that may be of mutual interest to us. Really sending

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Speaker 3: that signal, I think he will find a receptive partner

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Speaker 3: with President Biden if that's available.

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Speaker 8: That's at a very interesting perspective. I'm going to push you,

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Speaker 8: rush you slightly towards the Middle East, which I've seen

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Speaker 8: you've been talking about this week, Israel and Hamas. This

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Speaker 8: seemed to be kind of two big theories going on

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Speaker 8: about this war. One is that this is the end

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Speaker 8: of the peace process. The other, which you've championed, the

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Speaker 8: other is that this is if nothing else, this will

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Speaker 8: prompt finally some move towards the two state solution. Which

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Speaker 8: which side of that do you fit on?

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Speaker 6: Well?

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Speaker 3: I actually try to fit on both, and I'll tell you, John,

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Speaker 3: I think it's important to have some aspiration, some goal

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Speaker 3: that we can look toward. Many of us, my husband particularly,

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Speaker 3: worked very hard on trying to get a two state solution,

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Speaker 3: and frankly, in retrospect, is heartbreaking that Yasser Arafat walked

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Speaker 3: away from the deal that Bill had broker between Israel

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Speaker 3: and the Palestinian authority back in two thousand. There could

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Speaker 3: have been a Palestinian state up to ninety seven percent

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Speaker 3: of the land from the nineteen forty eight division. That

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Speaker 3: would have been in existence for twenty three years now.

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Speaker 3: So I think you have to create the environment in

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Speaker 3: which there is a chance to revitalize the peace process

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Speaker 3: and a potential for a two state solution. Hamas is

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Speaker 3: not interested in a two state solution. They are dedicated

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Speaker 3: to the destruction of Israel. That is in their charter.

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Speaker 3: If you've been watching of different outlets over the last month,

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Speaker 3: that is what the leaders of Hamas say. You know,

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Speaker 3: they want to destroy Israel. So Hamas is not a

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Speaker 3: partner for any kind of peace or two state solution.

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Speaker 3: But the Palestinian authority might one time again be. New

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Speaker 3: leadership in Gaza might again be So we have to

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Speaker 3: get to a point where that's possible very quickly.

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Speaker 8: Do you think that Benuine Nasagnil, who is a partner

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Speaker 8: for a two.

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Speaker 3: State solution, I don't think there is any evidence of that.

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Speaker 3: I think the Israeli people will have to decide about

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Speaker 3: his leadership. I think there will be investigations about what

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Speaker 3: led up to and what happened on October the seventh,

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Speaker 3: But I think there needs to be new leadership of

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Speaker 3: the Israelis and the Palestinians in order to have any

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Speaker 3: chance at some kind of peace deal, especially a two

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Speaker 3: state solution.

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Speaker 2: That was the former US ecuchif state Hiary Clinton speaking

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Speaker 2: S Bimberg, John mcathwaite isn't the New Economy Forum in Singapore.

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Speaker 1: Now, let's go to Italy for our next story, where

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Speaker 1: the Prime Minister Georgia Maloney has defied expectations with her

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Speaker 1: first year in office. She's boxed in rivals, consolidated power

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Speaker 1: and reshaped the center right almost entirely in her nationalist image.

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Speaker 1: But the path ahead looks more difficult, with missteps becoming

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Speaker 1: more likely. Our own bureau chief Kiara Albanese joins us

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Speaker 1: now to talk about this about leadership in Italy. Good morning, Kiara.

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Speaker 1: How has Georgia Muloney's Good morning? How's Georgia Maloney's first

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Speaker 1: year in office gone? What do you think has emerged

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Speaker 1: as her biggest strength?

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Speaker 9: Look, if you just need one word, it has gone

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Speaker 9: really well. Now, the most of dead realization is coming

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Speaker 9: from what the expectations were when she came to power.

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Speaker 9: Everyone was expecting a new far right passist leader and

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Speaker 9: this is not materialized. She has actually achieved a sort

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Speaker 9: of stability within her group, within her coalition alliance, and

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Speaker 9: she's boxed in Rales. As you were saying. That means

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Speaker 9: that two Rockers, men that have always had ambitions to lead,

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Speaker 9: they actually have obeyed to her holders.

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Speaker 2: So why do things get harder now? When we look

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Speaker 2: at the path ahead for Georgia Maloney?

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Speaker 9: Oh, look, where to start? There are so many challenges

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Speaker 9: on her face. The first is definitely the economy and investors' expectations.

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Speaker 9: Some of them mis steps that she's done, for example,

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Speaker 9: announcing a windfall tax on profits in the middle of

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Speaker 9: the summer have been a wake up call for markets

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Speaker 9: and for investors. And with the Italian economy not glowing

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Speaker 9: and the dead being billions and billions actually trillians, I

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Speaker 9: have to say it is a big question for her

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Speaker 9: how to create that sort of growth trend that will

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Speaker 9: make Italy's debt sustainable.

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Speaker 1: Also, how is Maloney working with other EU leaders? What

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Speaker 1: are I think of her?

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Speaker 9: Look again here we go back to the first, to

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Speaker 9: the first point. It is going better than expected. You

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Speaker 9: leaders in particular mcronan and Scharlson, also new officials we're

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Speaker 9: waiting for a sort of like extremist shouter of far

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Speaker 9: right ideas. While Melonia is shown to be very compromising

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Speaker 9: and also very practical in negotiating and finding ways out

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Speaker 9: of challenging debates, but at the same time they are

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Speaker 9: always concious that she is governing with very different onlines

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Speaker 9: from her and again of the Italian economic situation.

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

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Speaker 2: stories making news from London to Wall Street and beyond.

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