WEBVTT - Europe Faces Gas Crunch, OpenAI’s Doughnut Device, Golfers Vs Sand Dunes

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>This is the Bloomberg Day Bake your podcast. Good morning,

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<v Speaker 2>It's Friday, the seventh of August. I'm Caroline, Hepkitt in

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<v Speaker 2>London and I'm Stephen.

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<v Speaker 3>Carol and Brussels. Coming up today. European gas prices surge

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<v Speaker 3>as uncertainty over the Straight of hor moves, fuels fheres

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<v Speaker 3>over depleted storage.

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<v Speaker 2>Open Ai cooks up a donut shape to AI gadget

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<v Speaker 2>as it prepares to enter the device market.

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<v Speaker 3>Plus driving into trouble. Why plans for a remote Scottish

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<v Speaker 3>golf course face growing opposition from environmentalists.

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<v Speaker 4>Let's start with the roundoff of our top stories.

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<v Speaker 3>European natural gas prices are jumping as renewed tensions around

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<v Speaker 3>the Strait of Horn moves add to concerns over winter supplies.

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<v Speaker 3>Benchmark Future surged by as much as ten percent across

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<v Speaker 3>two sessions, with prices now around double their January levels.

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<v Speaker 3>Brent crude also rose above eighty three dollars a barrel,

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<v Speaker 3>to gaining almost four percent in the previous session. The

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<v Speaker 3>moves followed reports around struck hostile targets at the entrance

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<v Speaker 3>to the Strait and are seeking to bar Us and

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<v Speaker 3>Israeli ships from the waterway. Richard Has, President Emeritus of

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<v Speaker 3>the Council on FIM Relations, says Iran is in a

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<v Speaker 3>strong position that the goal.

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<v Speaker 5>Is to get the Street of Horn moves open, which

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<v Speaker 5>it should be. The idea that Iran would have a

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<v Speaker 5>larger rule now that I think is inevitable. Wars of

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<v Speaker 5>consequences will have to let them sell some oil as

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<v Speaker 5>long as most of the other sanctions stay in place.

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<v Speaker 5>I think that's probably as good as we can expect

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<v Speaker 5>at this point.

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<v Speaker 3>Richard Has, speaking on Bloomberg's Balance of Power. The war

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<v Speaker 3>has already cut off around a fifth of global LNG,

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<v Speaker 3>making it harder for Europe to replenish inventories that recently

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<v Speaker 3>hit their lowest seasonal level since two thousand and nine.

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<v Speaker 2>Extreme heats has killed more than twenty five thousand people

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<v Speaker 2>across Europe this year, according to data compiled by Bloomberg.

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<v Speaker 2>Germany recorded the highest toll, with an estimated eleven nine

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<v Speaker 2>hundred excess death link to heat since April. Here In

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<v Speaker 2>the UK, Health Secretary Evett Cooper says thousands of excess

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<v Speaker 2>deaths occurred over May and June.

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<v Speaker 1>The NHS now has to work to prepare for summer

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<v Speaker 1>pressures in the way that we have long had to

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<v Speaker 1>do for winter pressures. That means trusts having to have

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<v Speaker 1>plans in place to deal with higher levels of demand

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<v Speaker 1>people coming through the door.

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<v Speaker 4>Maybe because of the heat wave.

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<v Speaker 2>That Cooper was speaking as heat waves across Europe have

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<v Speaker 2>shattered records and dented economic output. The heat is also

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<v Speaker 2>set to build again next week, with temperatures forecasts to

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<v Speaker 2>reach thirty four degrees in London and thirty eight degrees

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<v Speaker 2>in Paris.

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<v Speaker 3>The United States is said to have blindsided the European

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<v Speaker 3>Central Bank by selling euros as part of last week's

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<v Speaker 3>intervention to prop up the EN. The Finacal Times reports

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<v Speaker 3>that the ECB officials and Frankfurt were only informed after

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<v Speaker 3>the trade, with some senior figures viewing the move as

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<v Speaker 3>an unprecedented breach of longstanding conventions. The EN has since

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<v Speaker 3>the nearly half of its intervention driven gains. Bloomberg David

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<v Speaker 3>Finitshy says traders have no consensus on where the currency

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<v Speaker 3>goes from here.

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<v Speaker 6>The fact that dollian is back about one pin fifty eight,

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<v Speaker 6>it just says a lot to the fundamentals. You can

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<v Speaker 6>say it shouldn't be there, the market is going, but

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<v Speaker 6>it is. It is there because we think it should

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<v Speaker 6>be there. So I think whatever tools they use and

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<v Speaker 6>rhetoric obviously is not enough for a question whether interventions

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<v Speaker 6>even enough. The reality is that the market is so

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<v Speaker 6>big and deep you are fighting this wave of basically

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<v Speaker 6>sentiments saying we do think it's can be higher, but

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<v Speaker 6>we're very wary that you're going to try and push

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<v Speaker 6>it lower.

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<v Speaker 3>Enterity points to US jobs data later today is the

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<v Speaker 3>next big test for the currency pair. There we need

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<v Speaker 3>slide raises the prospect of further intervention, with both US

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<v Speaker 3>and Japanese officials warning this week they are prepared to

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<v Speaker 3>act again if needed.

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<v Speaker 2>The UK government has declined to rule out increasing bank

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<v Speaker 2>taxes in its upcoming budget. Bumper profits among lenders are

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<v Speaker 2>sparking speculation that the new administration we'll target the financial industry.

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<v Speaker 2>Here is Bloomberg's James Wilcock with more.

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<v Speaker 7>Andy Burnham hasn't shied away from talking tax since becoming

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<v Speaker 7>Prime Minister a few weeks ago. He's announced cuts to

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<v Speaker 7>v eight or energy bills, reductions in business rates, and

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<v Speaker 7>he's ruled out change is to stamp duty in the

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<v Speaker 7>coming October budget. So when Bloomberg asked his treasury if

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<v Speaker 7>they would rule out a bank tax, their refusal to

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<v Speaker 7>comment marks a contrast. It's one that says he has

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<v Speaker 7>noticed his Barkley ceocs Ben Katha Krishnan.

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<v Speaker 8>We are indeed broad shoulders, not just in the size

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<v Speaker 8>of our businesses, but in the capabilities which we offer.

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<v Speaker 8>The question is how do you use it the right way.

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<v Speaker 8>Every pound of capital that they keep in the banking

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<v Speaker 8>system will be multiplied by eight or ten in terms

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<v Speaker 8>of the lending which we can do. So the right

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<v Speaker 8>thing to do is to continue to increase the capital

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<v Speaker 8>in the banking system, not seek to remove it, and

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<v Speaker 8>then to get us to lend, which is what we

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<v Speaker 8>want to do anyway.

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<v Speaker 7>The UK banking boss was speaking to Blue last week,

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<v Speaker 7>where he announced more than two billion pounds in quarterly profits. Together,

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<v Speaker 7>the biggest UK banks have netted thirty billions so far

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<v Speaker 7>this year. Already their CEOs are starting to talk about

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<v Speaker 7>not making them a target. In London.

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<v Speaker 4>James Wilcock Bloomberg.

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<v Speaker 3>Radio Meta has been ordered to pay five hundred and

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<v Speaker 3>sixty seven million dollars to the US state of New

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<v Speaker 3>Mexico and make changes to protect underage users. After losing

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<v Speaker 3>a landmark court case, The judge likened the social media

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<v Speaker 3>giant to a polluting factory and ordered measures including time

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<v Speaker 3>limits and a halt to night time push notifications for miners.

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<v Speaker 3>Meta plans to appeal, with its total exposure in the

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<v Speaker 3>New Mexico case now at more than nine hundred million dollars.

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<v Speaker 3>The ruling could also clear the way for other states

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<v Speaker 3>and school districts to argue that social media addiction is

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<v Speaker 3>a public nuisance contributing to a broader mental health crisis.

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<v Speaker 2>Open AI's first consumer device will have a unique look,

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<v Speaker 2>and the new product is expected to be released into

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<v Speaker 2>a twenty seven bluebog Cima and a bio has More.

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<v Speaker 9>Open AI's newest offering will look like a doughnut and

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<v Speaker 9>likely costs more than three hundred dollars. Bloomberg understands the

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<v Speaker 9>device will be a smart speaker without a display, featuring

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<v Speaker 9>microphones and lights to demonstrate when it's listening. It's thought

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<v Speaker 9>the unusual design will help the product stand out from

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<v Speaker 9>other smart speakers, a category currently dominated by Amazon and Google.

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<v Speaker 9>Users are expected to rely on the new hardware throughout

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<v Speaker 9>the day, and it will function similarly to the company's

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<v Speaker 9>Chat GPT voice mode on smartphone apps.

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<v Speaker 4>The speaker is seen as.

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<v Speaker 9>A way to ease into the market for open Ai,

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<v Speaker 9>who eventually plans to offer a family of devices in

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<v Speaker 9>London to you, added Bio Bloomberg Radio.

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<v Speaker 3>FIFA is looking to keep lucrative World Cup water breaks

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<v Speaker 3>as part of its next media deal. Bloomberg understands football's

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<v Speaker 3>governing body is exploring selling US media rides for the

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<v Speaker 3>next two tournaments, maintaining the controversial hydration breaks, which had

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<v Speaker 3>boosted AD revenue. Sources tell us that negotiations are still

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<v Speaker 3>in the very early stages, but the tournament organizers also

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<v Speaker 3>interested in bundling rights for English and Spanish broadcast together.

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<v Speaker 3>The news comes as FIFA faces turmoil over President Gianni

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<v Speaker 3>and Fantinos now canceled plans to raise money from commercial investors.

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<v Speaker 3>FIFA has declined to comment on the reports.

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<v Speaker 2>Those are our top stories then for you today, let's

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<v Speaker 2>look at the markets, so a little bit edgy. All

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<v Speaker 2>markets are heading hard brink crude features up by one

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<v Speaker 2>and a half percent, lack of clarity on a whole

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<v Speaker 2>Moo's reopening deal, fueling that the cost is also heading

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<v Speaker 2>for a seventh weekly drop. The cosp is now down

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<v Speaker 2>by half of one percent, bonds falling with inflation concerns.

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<v Speaker 2>We've got the US job support to come today, eighty

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<v Speaker 2>thousand jobs expected to have been created in July. US

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<v Speaker 2>and European stock futures are a bit mixed. European USOX

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<v Speaker 2>fifty futures are down by almost two tenths of one percent.

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<v Speaker 2>One earnings report out of Note Alian's second quarter operating

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<v Speaker 2>profit comes in as a B four point eighty seven

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<v Speaker 2>billion euros.

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<v Speaker 4>So those are the markets.

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<v Speaker 3>In a moment, we'll bring you the latest on what's

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<v Speaker 3>driving oil and gas prices higher, plus how golfers are

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<v Speaker 3>being pitted against sand dunes in a planning fight in Scotland.

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<v Speaker 3>But first, another story that's caught our eye this morning,

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<v Speaker 3>and what this summer's wildfires in Europe mean for wine

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<v Speaker 3>producers and drinkers. Bloomberg Companions Howard twy one has been

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<v Speaker 3>writing about this and looking at past experiences. So the

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<v Speaker 3>last comparable fire in Bordeaux was in nineteen forty nine.

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<v Speaker 3>That's not a good guide. More recent wildfires in Australia

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<v Speaker 3>and in twenty nineteen in California and twenty twenty were

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<v Speaker 3>described by Howard's Wine Affiicionado friends as like drinking barbecue.

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<v Speaker 3>So the effect, Howard says, means that the wine tastes

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<v Speaker 3>more like charcoal than tobacco and has a lingering, ashy aftertaste.

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<v Speaker 3>There are ways that wine producers have worked to try

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<v Speaker 3>and filter the wine, but that can affect the collar.

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<v Speaker 3>For example, now we still don't know what exactly this

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<v Speaker 3>wine season is going to look like. In Bordeaux. The

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<v Speaker 3>length of the wildfires has been shorter than some of

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<v Speaker 3>those other examples that I just gave, and they have

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<v Speaker 3>no technology to be able to test the grapes to

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<v Speaker 3>see how they've been affected. For what it's worth, the

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<v Speaker 3>Bordeaux Wine Produce Association has said that the grapes so

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<v Speaker 3>far have seen no impact from the fires. But this

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<v Speaker 3>could be huge for what is such an important wine

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<v Speaker 3>producing region.

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<v Speaker 4>Yeah.

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<v Speaker 2>Absolutely, I mean the taste of wine is affected by far,

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<v Speaker 2>absolutely horrible. But on the other hand, as you say

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<v Speaker 2>how much the wildfires will have affected you know, wine producers,

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<v Speaker 2>we're not yet sure. Look, maybe even and I mean

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<v Speaker 2>for any wine doing This is probably heresy, but I'll say, look,

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<v Speaker 2>maybe it doesn't matter because France is moving towards what

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<v Speaker 2>California and Cape down Where do you do, which is

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<v Speaker 2>tourism without necessarily the wine tasting. Having said that, obviously

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<v Speaker 2>Bordeaux exports, you know, huge amount of its wine abroad,

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<v Speaker 2>and so do many regions in France. So yeah, it's

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<v Speaker 2>really difficult.

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<v Speaker 3>I think.

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<v Speaker 2>Also, Howard writes so beautifully. He really gets across the

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<v Speaker 2>love of wine, even if he isn't drinking himself, and

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<v Speaker 2>so the kind of desperation, the sadness of, you know,

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<v Speaker 2>a year that might be ruined by these terrible events.

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<v Speaker 3>I mean, Howard's some man going to a wine tasted

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<v Speaker 3>evening with friends, even though it doesn't actually drink the

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<v Speaker 3>wine to begin with. It's a really great piece. As always,

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<v Speaker 3>you recommend that you read it. You'll find it a

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<v Speaker 3>linked in our podcast show Notes or at Bloomberg dot

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<v Speaker 3>Com Forward Slash Opinion. Well, let's turn back to our

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<v Speaker 3>top story this morning, and that jump in European natural

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<v Speaker 3>gas prices, oil prices rising as well after a report

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<v Speaker 3>that Iran attacked targets in the Strait of Horror moves.

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<v Speaker 3>This after several days where we had seen energy prices

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<v Speaker 3>falling on hopes of a deal to restart shipping through

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<v Speaker 3>the waterway. Our oil and shipping reporter Whale and soon

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<v Speaker 3>joins us now for more, well in what first of all,

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<v Speaker 3>do we know about these attacks in the Strait.

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<v Speaker 10>So far, we have not had any form of external

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<v Speaker 10>confirmation on what Iran has seen. They have a very

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<v Speaker 10>central out the war suggested that they have attack ships

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<v Speaker 10>only for those who be disproven. But for now things

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<v Speaker 10>are silent on this sprint. But definitely the news of

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<v Speaker 10>this strikes, even as the war is waiting for a

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<v Speaker 10>peace deal, is really shaking a lot of people's nerves

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<v Speaker 10>and that's why we are seeing prices rising.

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<v Speaker 4>Yeah, also the local media a pause.

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<v Speaker 2>I'm talking a bit about the deal between Iran and

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<v Speaker 2>Oman to reopen the strait that essentially it would try

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<v Speaker 2>to bar us and it's really shit from using that waterway.

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<v Speaker 4>Is that a realistic plan?

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<v Speaker 10>It remains to be seen how how Iran really wants

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<v Speaker 10>to execute on this thread right, because just to be sure,

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<v Speaker 10>throughout this whole war, they have repeatedly said that they

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<v Speaker 10>don't want American it's relationships inside the waterway. So this

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<v Speaker 10>just follows on from that threat, and of course now

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<v Speaker 10>it's framed around this issue of having tools. But this

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<v Speaker 10>issue of nationalities being added to this profile of the

0:12:04.720 --> 0:12:09.360
<v Speaker 10>vessel is really complicated because you have the flex which

0:12:09.360 --> 0:12:12.920
<v Speaker 10>ships are registered too, and then you have several other

0:12:12.960 --> 0:12:16.480
<v Speaker 10>ways of looking at ownership or associations, which is true,

0:12:17.000 --> 0:12:21.559
<v Speaker 10>maybe the stakes on investments that companies have in shipping companies,

0:12:21.880 --> 0:12:25.000
<v Speaker 10>or even the crew, or even whether the company is

0:12:25.040 --> 0:12:28.439
<v Speaker 10>listed in the US. So if you go by that logic,

0:12:28.960 --> 0:12:31.760
<v Speaker 10>there's a lot of different ways that possibly Iran can

0:12:31.880 --> 0:12:32.800
<v Speaker 10>carry out on this threat.

0:12:33.800 --> 0:12:37.240
<v Speaker 3>Now we're watching the price reaction to these latest headlines,

0:12:37.240 --> 0:12:40.120
<v Speaker 3>particularly in European natural gas prices at a time when

0:12:40.280 --> 0:12:42.680
<v Speaker 3>reserves for this time of year are they're lowest since

0:12:42.720 --> 0:12:46.120
<v Speaker 3>two thousand and nine. Are the price rises likely to

0:12:46.160 --> 0:12:47.520
<v Speaker 3>cause significant disruption?

0:12:47.840 --> 0:12:49.960
<v Speaker 10>I think it's getting more and more urgent for the

0:12:50.000 --> 0:12:55.080
<v Speaker 10>Europeans because it's normally restocked during summer when natural gas

0:12:55.080 --> 0:12:58.200
<v Speaker 10>prices are low, but because of the Iran war, those

0:12:58.240 --> 0:13:01.120
<v Speaker 10>have stayed high and traders have actually held off on buying,

0:13:01.200 --> 0:13:04.400
<v Speaker 10>on restocking. And then now we don't see this situation

0:13:04.640 --> 0:13:07.719
<v Speaker 10>ending anytime soon. So it just becomes more and more

0:13:07.840 --> 0:13:11.600
<v Speaker 10>urgent for Europe to restock those guests inventories, and at

0:13:11.640 --> 0:13:14.280
<v Speaker 10>the same time they're also fighting with Asian bias for

0:13:14.360 --> 0:13:17.520
<v Speaker 10>a very very limited pool of lerg guess so all

0:13:17.559 --> 0:13:19.600
<v Speaker 10>in all, it's it's not looking good and I think

0:13:19.880 --> 0:13:21.880
<v Speaker 10>sooner or later Europe will have to buy the PULA

0:13:21.960 --> 0:13:24.319
<v Speaker 10>and start stocking up those inventories again.

0:13:24.600 --> 0:13:26.960
<v Speaker 2>Yeah, okay, interesting whale and thank you so much for

0:13:27.040 --> 0:13:30.360
<v Speaker 2>being with us. Are all again shipping reporter whyland Son,

0:13:30.440 --> 0:13:32.280
<v Speaker 2>thank you stay with us.

0:13:32.480 --> 0:13:35.120
<v Speaker 4>More from Bloomberg Day Bakeuobe coming up after this.

0:13:36.679 --> 0:13:40.640
<v Speaker 3>Now to Scotland, were years long saga pitting environmentalist against

0:13:40.640 --> 0:13:44.000
<v Speaker 3>plans for a remote golf course targeting rich Americans is

0:13:44.040 --> 0:13:46.240
<v Speaker 3>coming to a head. A decision on the project and

0:13:46.360 --> 0:13:49.960
<v Speaker 3>cool Links north of Inverness is expected in the coming weeks.

0:13:50.080 --> 0:13:52.760
<v Speaker 3>Our reporter Laura Avatasi and joins us now for more

0:13:52.800 --> 0:13:55.200
<v Speaker 3>on this story. Laura, first of all, tell us a

0:13:55.200 --> 0:13:57.160
<v Speaker 3>bit more about this project. What's the proposal?

0:13:57.480 --> 0:14:01.479
<v Speaker 11>At the heart of this year's long stude is essentially

0:14:01.880 --> 0:14:05.640
<v Speaker 11>a debate whether a golf course should go ahead and

0:14:05.720 --> 0:14:07.720
<v Speaker 11>be built in the Scottish Islands.

0:14:08.040 --> 0:14:09.760
<v Speaker 3>So just to give you some context.

0:14:09.920 --> 0:14:12.680
<v Speaker 11>This is a land that has a strip of sand

0:14:12.760 --> 0:14:17.719
<v Speaker 11>dunes and is site of special scientific significance, and for

0:14:17.800 --> 0:14:22.280
<v Speaker 11>ten years various groups have been trying to put forward

0:14:22.520 --> 0:14:24.840
<v Speaker 11>and get over the line this proposal to get a

0:14:24.840 --> 0:14:28.239
<v Speaker 11>golf course there. But there is a very strong campaign

0:14:28.320 --> 0:14:32.040
<v Speaker 11>environmentalist campaign against it, as you would understand, because the

0:14:32.120 --> 0:14:36.320
<v Speaker 11>site is of scientific significance. So this is the conflict

0:14:36.480 --> 0:14:39.600
<v Speaker 11>that the Scottish ministers have to find a way to

0:14:39.800 --> 0:14:40.600
<v Speaker 11>make a decision on.

0:14:41.160 --> 0:14:43.400
<v Speaker 2>So tell us a bit more about who is objecting

0:14:43.640 --> 0:14:45.160
<v Speaker 2>to it and why.

0:14:46.080 --> 0:14:49.000
<v Speaker 11>So up in Scotland there's a group called not Cool

0:14:49.440 --> 0:14:53.840
<v Speaker 11>who are objecting the golf course proposal. Their main argument

0:14:54.200 --> 0:14:58.680
<v Speaker 11>is obviously the environmental argument. The habitat over there is

0:14:58.880 --> 0:15:03.720
<v Speaker 11>very diverse. There are species like the Baltic rush, which

0:15:03.960 --> 0:15:06.920
<v Speaker 11>is quite rare in all of the UK, actually just

0:15:06.960 --> 0:15:10.760
<v Speaker 11>found in one other place in northern England. And the

0:15:10.880 --> 0:15:14.040
<v Speaker 11>other argument is that they don't believe it's going to

0:15:14.080 --> 0:15:18.360
<v Speaker 11>bring the economic benefits that the proposal promises. In terms

0:15:18.400 --> 0:15:22.200
<v Speaker 11>of the local population, it's quite mixed. The land sits

0:15:22.240 --> 0:15:26.040
<v Speaker 11>next to another town called door Knock, where there already

0:15:26.200 --> 0:15:29.920
<v Speaker 11>is a championship level golf course, and people in door

0:15:29.960 --> 0:15:33.920
<v Speaker 11>Knock are quite mixed about this project because they've seen

0:15:33.960 --> 0:15:37.920
<v Speaker 11>the impact of tourism and you know, all the rest

0:15:37.960 --> 0:15:41.520
<v Speaker 11>of it. But in Ambo, which is the most immediate

0:15:41.600 --> 0:15:45.240
<v Speaker 11>village next to the side, people would quite like a

0:15:45.280 --> 0:15:48.840
<v Speaker 11>project like this because frankly, there isn't much there in

0:15:48.920 --> 0:15:51.800
<v Speaker 11>terms of economic life, so it would breathe some life

0:15:51.920 --> 0:15:57.000
<v Speaker 11>into the area and also hopefully solve the depopulation issue

0:15:57.040 --> 0:15:58.360
<v Speaker 11>that's quite alive up there.

0:15:59.040 --> 0:16:01.280
<v Speaker 3>This beautiful picture is accompanying this piece as well of

0:16:01.400 --> 0:16:06.640
<v Speaker 3>the dramatic windswept landscape and the kind of atmospheric moodiness

0:16:06.680 --> 0:16:09.240
<v Speaker 3>of the mountains and the myths there as well. But

0:16:09.640 --> 0:16:12.240
<v Speaker 3>this is something that is coming now to the Scottish

0:16:12.280 --> 0:16:14.440
<v Speaker 3>government to make a decision on in the coming weeks.

0:16:14.440 --> 0:16:15.760
<v Speaker 3>What are the politics around us.

0:16:16.040 --> 0:16:19.360
<v Speaker 11>That's what makes the story very interesting because this is

0:16:19.560 --> 0:16:23.200
<v Speaker 11>not a new topic for the Scottish government. Just about

0:16:23.240 --> 0:16:27.800
<v Speaker 11>two decades ago there was a similar proposal down in

0:16:27.880 --> 0:16:31.920
<v Speaker 11>Aberdeen and it was project by a company called Trump

0:16:31.960 --> 0:16:36.800
<v Speaker 11>International Donald Trump Company, and it was also a side

0:16:36.840 --> 0:16:41.920
<v Speaker 11>of special scientific significance and the Scottish government's own advisors

0:16:42.000 --> 0:16:46.280
<v Speaker 11>were against this project based on environmental grounds However, the

0:16:46.360 --> 0:16:50.200
<v Speaker 11>ministers approved it for the economic benefit and what happened

0:16:50.280 --> 0:16:53.400
<v Speaker 11>later on is that the project did not bring the

0:16:53.520 --> 0:16:58.360
<v Speaker 11>economic benefits it promised the jobs and the infrastructure, but

0:16:58.680 --> 0:17:02.760
<v Speaker 11>it also stripped the lands of scientific significance. So the

0:17:02.800 --> 0:17:06.480
<v Speaker 11>Scottish government has to understand what they prioritize this time round.

0:17:06.880 --> 0:17:10.240
<v Speaker 11>And what's changed in the Scottish Parliament after the recent

0:17:10.240 --> 0:17:13.840
<v Speaker 11>parliamentary elections is that the Scottish Green Party has a

0:17:13.920 --> 0:17:18.639
<v Speaker 11>much more significant presence and they might have more of

0:17:18.680 --> 0:17:20.880
<v Speaker 11>a say over the final decision.

0:17:23.880 --> 0:17:26.240
<v Speaker 3>Thanks for listening to Bloomberg Daybreak Europe.

0:17:26.400 --> 0:17:28.960
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0:17:29.000 --> 0:17:31.240
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0:17:45.359 --> 0:17:47.919
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