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Speaker 1: News when you want it with Bloomberg News. Now, I'm Caroline.

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Speaker 2: Hepka and I'm Stephen Carroll.

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Speaker 1: Yet more companies are being caught up in the so

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Speaker 1: called AI scare. Trade Logistics stocks plunged on Wall Street

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Speaker 1: after a former karaoke company unveiled a new AI powered

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Speaker 1: platform for the freight industry. The announcement from Algorithm triggered

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Speaker 1: a sell off that why six one six percent of

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Speaker 1: the Russell three thousand trucking index. Paul Dobson is our

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Speaker 1: executive editor for Asian Markets. He says it's the latest

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Speaker 1: example of the mounting anxiety over how AI is disrupting

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Speaker 1: different sectors.

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Speaker 3: The market is in such a fragile sort of state

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Speaker 3: of mind at the moment, given the other sell offs

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Speaker 3: we've seen in various industries where it's looked like AI

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Speaker 3: could do those high labor intensive, high cost jobs at

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Speaker 3: a fraction of the cost. Each different sector in turn

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Speaker 3: is facing a little bit of a come upance where

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Speaker 3: people are realizing, well, this is another thing that maybe

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Speaker 3: AI can do, and so maybe the company that are

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Speaker 3: doing it don't deserve the valuations they've currently got.

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Speaker 1: So that was Paul Dobson speaking there as Asian stocks

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Speaker 1: followed US indexes lower, and traditional safe haven assets like

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Speaker 1: gold and silver also declined sharply. On Thursday, the news

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Speaker 1: comes as Anthropic announced that it has completed a thirty

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Speaker 1: billion dollar funding round at a three hundred and eighty

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Speaker 1: billion dollar valuation. Its technology has been at the heart

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Speaker 1: of this recent AI related sell of that has shaken

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Speaker 1: global markets.

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Speaker 2: Returning now to some later reports that the US President

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Speaker 2: Donald Trump is looking to scale back tariffs on steel

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Speaker 2: and aluminium goods, The Financial Times says the White House

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Speaker 2: is looking to introduce more targeted measures as a way

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Speaker 2: to combat the cost of living. Blimberg's James Wilcock has more.

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Speaker 4: Republicans are growing anxious. Earlier this week, the House of

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Speaker 4: Representatives passed to build directly targeting the president's tariffs on

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Speaker 4: Canadian imports. It's this growing nervousness about the cost of

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Speaker 4: living and upcoming midterms that are the background to the

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Speaker 4: ft story. The paper site's three unnamed sources saying White

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Speaker 4: House trade officials were worried tariffs were hurting consumers by

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Speaker 4: hitting the prices of food and drinks cans countries including

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Speaker 4: the UK, Mexico and Canada as well as EU members

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Speaker 4: could stand to benefit from any easing in London. James

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Speaker 4: Wilcock Bloomberg Radio.

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Speaker 1: Well to some breaking earnings news this morning. The British

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Speaker 1: bang nat West has reported profits that beat estimates in

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Speaker 1: the fourth quarter, so pre tax operating profit came in

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Speaker 1: at one point nine four billion pounds above the estimate

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Speaker 1: for one point seven to two billion this morning, and

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Speaker 1: that they have seen a lone loss rate below zero

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Speaker 1: point twenty five percent in the estimate had been for

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Speaker 1: zero point two three percent. Commenting on those results, chief

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Speaker 1: executive Paulthwaite saying that it is clear our strategy is working.

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Speaker 1: It also comes after NAW in recent days announced a

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Speaker 1: combination with Evelin Partners, which would significantly increase NatWest's assets

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Speaker 1: under management.

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Speaker 2: Goldman Sachs, top lawyer, is leaving the firm following the

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Speaker 2: release of documents highlighting her links to sex offender Jeffrey Epstein.

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Speaker 2: CEO David Salomon announced that Kathy Rumner will step down

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Speaker 2: at the end of June, adding that he respects her

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Speaker 2: decision to resign and that she would be missed. Bloomberg's

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Speaker 2: finance reporter Harry Wilson says the revelations from the Epstein

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Speaker 2: files are likely to keep coming.

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Speaker 5: What we're seeing is a whole host of people around

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Speaker 5: the world, often very wealthy, very influential people, being caught

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Speaker 5: up in this, I guess ever growing scandal, which is

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Speaker 5: that they in some way have either had linked connections,

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Speaker 5: were close friends associates of Jeffrey Epstein, and those relationships

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Speaker 5: now are getting exposed in a very public and a

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Speaker 5: very damaging way for them.

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Speaker 2: Our reporter Harry Wilson, referring to others mentioned to the documents,

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Speaker 2: including former US Treasury Secretary Larry Summers and attorney Brad Karp.

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Speaker 2: The Bank said the Goldman Sachs says that Rumler disclosed

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Speaker 2: to its leadership at the time that she had previously

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Speaker 2: dealt with Epstein, who had offered to use his network

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Speaker 2: to help her build her private practice. In a statement,

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Speaker 2: Romna said her responsibility was to put Goldman Sachs interests first.

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Speaker 1: Hungary's opposition leader Peter Maya says that he was secretly

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Speaker 1: taped having sex and has accused the government of trying

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Speaker 1: to blackmail him ahead of key elections. Maya's Teaser Party

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Speaker 1: has a wide lead in polls over the incumbent, Victor Auban,

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Speaker 1: who has been in power for sixteen years now. After

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Speaker 1: rumors of the sex tape appeared in Hungarian media, the

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Speaker 1: opposition leader said that he was the victim of blackmail.

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Speaker 6: I was as you so so shall you reap? You

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Speaker 6: will not be able to intimidate or blackmail me. Russian

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Speaker 6: secret service help and a flood of fake videos will

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Speaker 6: not be enough. Destroying my family will not be enough either.

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Speaker 6: The vast majority of Hungarian people see through the All

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Speaker 6: Bank government's lies and in humanity.

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Speaker 1: Peter Maya there speaking via a translator in an online

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Speaker 1: video address which the politicians subtitled into English. A spokesman

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Speaker 1: for All bands FIDE's parties said in a Facebook post

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Speaker 1: that Maya's comments implied the politician had been misleading the public.

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Speaker 1: The alleged sex tape is the latest scandal in the

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Speaker 1: country's dirtiest election campaign to date. Ahead of a vote

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Speaker 1: in April.

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Speaker 2: The UK Defense Secretary John Healey says allies have pledged

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Speaker 2: as much as thirty five billion dollars in new military

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Speaker 2: aid for Ukraine. He says Kiev's allies have never been

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Speaker 2: more determined to end the war.

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Speaker 7: We will step up military assistance to Ukraine. We will

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Speaker 7: step up pressure on Russia, and we want to make

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Speaker 7: twenty twenty six the year this war ends, the year

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Speaker 7: we secure peace.

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Speaker 2: Heally and other Eusian defense ministers are rushing to shore

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Speaker 2: up the war battered country as Moscow's full scale invasion

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Speaker 2: approaches its four year mark. Washington has effectively ended its

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Speaker 2: financial aid to Ukraine since President Trump returned to office,

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Speaker 2: with peace talks stalled. Months of Russian air strikes have

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Speaker 2: left millions of Ukrainians to endure winter without steady power supplies.

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Speaker 1: Jane Fraser now sits among the highest paid banking executives

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Speaker 1: in the United States. That's after City Group boosted her

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Speaker 1: salary by twenty two percent. Bluebags t at Abayo has more.

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Speaker 8: Forty two million dollars. That's how much City Group CEO

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Speaker 8: Jane Fraser is set to take home in her twenty

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Speaker 8: twenty five package. The upgraded total follows a sixty six

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Speaker 8: percent surge in stock, more than any other Wall Street bank,

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Speaker 8: and puts her total compensation just one million dollars behind

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Speaker 8: JP Morgan Magnate Jamie Diamond. Included in the bump is

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Speaker 8: a one point five million dollar base, six point one

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Speaker 8: million dollars of cash incentive and the rest in stock awards.

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Speaker 8: Phraseer's increase is yet another sign of confidence from the

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Speaker 8: board in her leadership as she attempts to turn the

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Speaker 8: bank around after years of lagging its piers. The move

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Speaker 8: comes after salary up chicks across Wall Street, as firms

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Speaker 8: including Goldman, Sachs, Morgan Stanley and JP Morgan op to

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Speaker 8: Boo CEO rewards in London to you added buy Bloomberg Radio.

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Speaker 2: And those are your top stories on the markets. The

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Speaker 2: Mscirish Pacific Index down one point four percent this morning,

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Speaker 2: eurostocks fifty features are up by a tenth. The Bloomberg

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Speaker 2: Dollar Spot Index is two tenths stronger. So the Euro

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Speaker 2: was trading at one eighteen fifty this morning. And looking

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Speaker 2: at commodities, gold and silver are both recovering slightly from yesterday.

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Speaker 2: Sell off golds up by seven tenths of one percent

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Speaker 2: to four nine hundred and fifty eight dollars.

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Speaker 1: Announce that's news when you want it with Bloomberg News Now.

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Speaker 1: I'm Caroline Hepke

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Speaker 2: I'm Stephen Carroll, and this is Bloomberg