1
00:00:02,480 --> 00:00:04,760
Speaker 1: This is Bloomberg Daybreak you up for this Wednesday, the

2
00:00:04,880 --> 00:00:06,360
Speaker 1: nineteenth of April in London.

3
00:00:06,400 --> 00:00:08,760
Speaker 2: Coming up today, a double digit headache for the Bank

4
00:00:08,800 --> 00:00:11,559
Speaker 2: of England. The UK's inflation rates stays red hot at

5
00:00:11,600 --> 00:00:12,960
Speaker 2: ten point one percent.

6
00:00:12,960 --> 00:00:16,720
Speaker 1: Seven hundred and eighty seven million dollars. Fox settles with

7
00:00:16,880 --> 00:00:20,360
Speaker 1: Dominion over bogus claims that it rigged the twenty twenty

8
00:00:20,400 --> 00:00:21,520
Speaker 1: presidential electure.

9
00:00:21,680 --> 00:00:24,680
Speaker 2: All that glitters isn't Goldman the banks, traders miss out

10
00:00:24,680 --> 00:00:26,599
Speaker 2: on Wall Streets, fixed income boom.

11
00:00:26,560 --> 00:00:31,560
Speaker 3: Top investor details, planters split, HSBC, coinbase plots, a UK

12
00:00:31,760 --> 00:00:35,040
Speaker 3: move and central London house prices take a big hit.

13
00:00:35,520 --> 00:00:37,879
Speaker 3: Those of the stories we're looking at in today's papers.

14
00:00:37,880 --> 00:00:39,199
Speaker 3: And I'm Leanne Gerns.

15
00:00:39,520 --> 00:00:42,600
Speaker 4: Plus we're live at the Bloomberg New Economy Gatesway Europe

16
00:00:42,640 --> 00:00:45,280
Speaker 4: in Ireland, where the ECB's Philip Blane has told us

17
00:00:45,360 --> 00:00:48,520
Speaker 4: he expects another hike in May. I'm Stephen Carroll.

18
00:00:50,840 --> 00:00:54,680
Speaker 5: That's all straight ahead on Bloomberg Daybreak Europe. The business

19
00:00:54,720 --> 00:00:56,880
Speaker 5: news you need to start your day in just one

20
00:00:56,960 --> 00:01:01,480
Speaker 5: fifteen minute podcast on Apple, Spotify, the Blueberg Business app

21
00:01:01,600 --> 00:01:07,080
Speaker 5: and everywhere you get your podcasts.

22
00:01:07,440 --> 00:01:10,080
Speaker 1: Go on for London and Caroline Hepka and Diana Edwards.

23
00:01:10,120 --> 00:01:12,640
Speaker 2: You're listening to Daybreak Europe. That's get to our top stories.

24
00:01:12,680 --> 00:01:15,640
Speaker 2: We start with UK inflation. It has once again defied

25
00:01:15,680 --> 00:01:19,320
Speaker 2: analyst estimates, staying in double digit territory for another month.

26
00:01:19,440 --> 00:01:21,880
Speaker 2: March CPI came in at ten point one percent year

27
00:01:21,920 --> 00:01:24,759
Speaker 2: on year. That's above the estimate of nine point eight percent.

28
00:01:25,040 --> 00:01:27,760
Speaker 2: Jane Foley, head of FX strategy at Rabobank, says the

29
00:01:27,840 --> 00:01:29,800
Speaker 2: data will add to pressure on the Bank of England

30
00:01:29,959 --> 00:01:32,679
Speaker 2: to continue its quickest cycle of interest rate increases in

31
00:01:32,760 --> 00:01:33,440
Speaker 2: four decades.

32
00:01:33,959 --> 00:01:36,000
Speaker 6: It's not just about May and whether or not we're

33
00:01:36,040 --> 00:01:38,000
Speaker 6: going to get an interest rate hike then I think

34
00:01:38,000 --> 00:01:41,440
Speaker 6: that's almost done and dusted already. Is whether or not

35
00:01:41,560 --> 00:01:43,560
Speaker 6: we're going to have to see something else from the

36
00:01:43,560 --> 00:01:46,120
Speaker 6: Bank of England after that, and it is our view

37
00:01:46,120 --> 00:01:48,920
Speaker 6: that we could see two twenty five basis points news

38
00:01:48,920 --> 00:01:51,040
Speaker 6: before the cycle is up in the UK.

39
00:01:52,000 --> 00:01:54,440
Speaker 2: Jane Foley also told us that she viewed the figure

40
00:01:54,440 --> 00:01:57,400
Speaker 2: as a disappointment rather than a surprise. This after the

41
00:01:57,440 --> 00:02:01,160
Speaker 2: Prime Minister Rihi Souona made cutting inflation in half by

42
00:02:01,200 --> 00:02:03,640
Speaker 2: the end of the year a key priority.

43
00:02:04,480 --> 00:02:07,600
Speaker 1: Now Fox News has agreed to pay over three quarters

44
00:02:07,600 --> 00:02:10,799
Speaker 1: of a billion dollars to settle a defamation lawsuit over

45
00:02:10,800 --> 00:02:15,120
Speaker 1: the twenty twenty presidential elections. Dominion accused the USTv network

46
00:02:15,160 --> 00:02:18,120
Speaker 1: of airing bogus claims that it rigged the election against

47
00:02:18,200 --> 00:02:21,079
Speaker 1: Donald Trump. Here is Dominion CEO John Pulis.

48
00:02:22,360 --> 00:02:26,200
Speaker 7: Fox has admitted to telling lies about Dominion that caused

49
00:02:26,320 --> 00:02:30,640
Speaker 7: enormous damage to my company, our employees, and the customers

50
00:02:30,639 --> 00:02:31,200
Speaker 7: that we serve.

51
00:02:32,240 --> 00:02:33,760
Speaker 2: Nothing can ever make up for that.

52
00:02:35,000 --> 00:02:37,919
Speaker 1: The settlement is about half of what the Dominion CEO

53
00:02:38,080 --> 00:02:41,680
Speaker 1: was seeking, but it avoids a potentially embarrassing six week

54
00:02:41,760 --> 00:02:46,360
Speaker 1: trial for Fox. Fox argued that its broadcasts were protected

55
00:02:46,440 --> 00:02:48,960
Speaker 1: as free speech under the US First Amendment.

56
00:02:49,440 --> 00:02:52,520
Speaker 2: Netflix miss Wall Street estimates after adding only one point

57
00:02:52,520 --> 00:02:55,480
Speaker 2: seventy five million new customers in the first quarter, more

58
00:02:55,520 --> 00:02:56,840
Speaker 2: from Bloomberg's Charlie Pellett.

59
00:02:58,520 --> 00:03:02,519
Speaker 8: Investors were expecting two point four to one million new customers.

60
00:03:02,919 --> 00:03:06,560
Speaker 8: Netflix also predicted it will generate lower sales and profit

61
00:03:06,680 --> 00:03:09,680
Speaker 8: in the current quarter than what analysts had forecast. It

62
00:03:09,760 --> 00:03:12,840
Speaker 8: sees new customers in the current period is roughly similar

63
00:03:12,919 --> 00:03:16,480
Speaker 8: to the first quarter, and Netflix will begin cracking down

64
00:03:16,560 --> 00:03:20,320
Speaker 8: this quarter on US viewers who share someone else's account,

65
00:03:20,639 --> 00:03:24,760
Speaker 8: Predicting plans to charge such customers will boost growth in

66
00:03:24,840 --> 00:03:27,840
Speaker 8: the second half of this year. In New York, Charlie

67
00:03:27,880 --> 00:03:30,720
Speaker 8: Pellett Bloomberg Daybreak, Europe.

68
00:03:30,919 --> 00:03:34,600
Speaker 1: Goldman Sachs traders have failed to capitalize on a fixing Compananza.

69
00:03:34,639 --> 00:03:36,960
Speaker 1: The Wall Street JANT was the only major bank to

70
00:03:37,000 --> 00:03:39,880
Speaker 1: post the decline in the division. The first quarter fixed

71
00:03:39,920 --> 00:03:44,480
Speaker 1: income trading revenue dropped seventeen percent. Total revenue also fell

72
00:03:44,520 --> 00:03:47,800
Speaker 1: short of analyst estimates, but CEO David Solomon says that

73
00:03:47,840 --> 00:03:50,400
Speaker 1: the bank is well positioned for the future.

74
00:03:51,480 --> 00:03:53,520
Speaker 9: As we figure today, it appears that the worst of

75
00:03:53,560 --> 00:03:56,680
Speaker 9: the volatility is behind us. While it's impossible predict the

76
00:03:56,720 --> 00:03:59,160
Speaker 9: exact form of market stress will take and we won't

77
00:03:59,160 --> 00:04:03,040
Speaker 9: always execute perfectly, our risk management culture, strong liquidity, and

78
00:04:03,120 --> 00:04:06,120
Speaker 9: robust capital position have allowed us to navigate a complex

79
00:04:06,200 --> 00:04:09,920
Speaker 9: environment while also continuing to actively support our clients.

80
00:04:10,480 --> 00:04:13,240
Speaker 1: Solomon says the events of the first quarter demonstrate the

81
00:04:13,240 --> 00:04:18,520
Speaker 1: resilience of Goldman Sachs and US large financial institutions. Elsewhere

82
00:04:18,560 --> 00:04:21,960
Speaker 1: on Wall Street, Bank of America reported earnings. Traders there

83
00:04:22,000 --> 00:04:25,160
Speaker 1: saw a thirty percent jump in fixed income revenue for

84
00:04:25,240 --> 00:04:25,680
Speaker 1: the quarter.

85
00:04:26,160 --> 00:04:28,960
Speaker 2: The ECB's chief economist says he expects the Central Bank

86
00:04:29,000 --> 00:04:32,400
Speaker 2: to raise rates at next month's meeting. Speaking exclusively to Bloomberg,

87
00:04:32,440 --> 00:04:34,520
Speaker 2: Philip Lane said the size of the move will be

88
00:04:34,560 --> 00:04:36,560
Speaker 2: dependent on data due in the coming week.

89
00:04:36,760 --> 00:04:40,039
Speaker 7: Q one suggests we are seeing a reversal of the

90
00:04:40,160 --> 00:04:44,080
Speaker 7: negative supply shocks that so dominated the Europan economy last year,

91
00:04:44,240 --> 00:04:48,279
Speaker 7: so easing of bottlenecks, much lower gas prices. So what

92
00:04:48,400 --> 00:04:50,640
Speaker 7: I would say from all of that is, as of

93
00:04:50,720 --> 00:04:53,840
Speaker 7: now two weeks away, I think the baseline is that

94
00:04:54,080 --> 00:04:57,520
Speaker 7: we should indeed increase interest rates in May.

95
00:04:57,760 --> 00:04:59,960
Speaker 2: Philip Lane made the comments in an interview with our

96
00:05:00,000 --> 00:05:03,560
Speaker 2: ahead of economic Stephanie Flanders at Bloomberg's inaugural New Economy

97
00:05:03,600 --> 00:05:07,560
Speaker 2: Gateway Europe event in Ireland. Government SAX economists have now

98
00:05:07,720 --> 00:05:10,839
Speaker 2: lifted their forecast for where ECB rates will settle and

99
00:05:10,920 --> 00:05:13,720
Speaker 2: now see a terminal rate of three point seventy five percent.

100
00:05:14,400 --> 00:05:18,320
Speaker 1: While speaking of policymakers, Federal Reserve Bank of Atlanta President

101
00:05:18,400 --> 00:05:21,599
Speaker 1: Raphael Bostic says that he favors one more twenty five

102
00:05:21,640 --> 00:05:25,080
Speaker 1: basis point a rate increase before holding at five percent.

103
00:05:25,120 --> 00:05:27,720
Speaker 1: In the US. Speaking to CNBC, he said that there's

104
00:05:27,920 --> 00:05:30,679
Speaker 1: more work to be done, but added that tighter credit

105
00:05:30,720 --> 00:05:32,360
Speaker 1: conditions may take care of.

106
00:05:32,320 --> 00:05:32,800
Speaker 6: Some of that.

107
00:05:33,200 --> 00:05:36,520
Speaker 1: Speaking elsewhere, the Saint Louis FED President James Bullard is

108
00:05:36,560 --> 00:05:39,080
Speaker 1: calling for two more rate hikes. He told Reuters he

109
00:05:39,120 --> 00:05:43,320
Speaker 1: believes fears of a recession overblown. Bullard and Bostick don't

110
00:05:43,320 --> 00:05:45,360
Speaker 1: have a vote on monetary policy this year, but all

111
00:05:45,360 --> 00:05:48,159
Speaker 1: FED policymakers take part in rate discussions.

112
00:05:48,240 --> 00:05:50,919
Speaker 2: Okay, those are our top stories now. Stephen Carroll is

113
00:05:50,960 --> 00:05:52,760
Speaker 2: not in the studio with me this morning. You would

114
00:05:52,760 --> 00:05:54,359
Speaker 2: have heard his voice at the top of the program,

115
00:05:54,440 --> 00:05:56,560
Speaker 2: though he is with us in spirit. He is in

116
00:05:56,600 --> 00:06:01,360
Speaker 2: Ireland for the Bloomberg New Economy Gateway Europe event. And Stephen,

117
00:06:01,400 --> 00:06:03,160
Speaker 2: good morning to you. Where exactly are you? Not far

118
00:06:03,160 --> 00:06:04,760
Speaker 2: from Dublin, I understand, no.

119
00:06:04,800 --> 00:06:07,080
Speaker 4: About twenty kilometers away from the center of Dublin. I've

120
00:06:07,080 --> 00:06:11,679
Speaker 4: exchanged our London radio studio for a forty six acres

121
00:06:11,760 --> 00:06:16,599
Speaker 4: of parkland in an estate house that powers course. Yeah, yeah, exactly.

122
00:06:16,640 --> 00:06:18,520
Speaker 4: It's a little bit more space, a little bit more scenic,

123
00:06:18,560 --> 00:06:19,840
Speaker 4: I have to say too. We're in next to the

124
00:06:19,880 --> 00:06:23,120
Speaker 4: Sugarloaf Mountain in Wicklow here, which is the Garden of Ireland.

125
00:06:23,160 --> 00:06:26,440
Speaker 4: So we've had a very beautiful morning here so far,

126
00:06:26,560 --> 00:06:29,479
Speaker 4: looking at the sun coming up over the mountain and

127
00:06:29,520 --> 00:06:32,360
Speaker 4: these incredible gardens in this estate house, which settlement dates

128
00:06:32,360 --> 00:06:34,599
Speaker 4: back to the thirteenth century, so it is quite the

129
00:06:34,720 --> 00:06:37,520
Speaker 4: venue for this event where we're talking about bringing together

130
00:06:37,600 --> 00:06:41,080
Speaker 4: both public and private sector leaders to talk about the

131
00:06:41,120 --> 00:06:44,800
Speaker 4: issues facing the European economy. Reglobalization is the umbrell under

132
00:06:44,839 --> 00:06:47,800
Speaker 4: which we're having those conversations, looking at all sorts of

133
00:06:47,839 --> 00:06:52,599
Speaker 4: the different aspects of challenges facing countries in this continent,

134
00:06:52,800 --> 00:06:56,159
Speaker 4: whether it be dealing with technology, dealing with supply chain issues,

135
00:06:56,200 --> 00:06:59,560
Speaker 4: talking about trade barriers, talking about geopolitical tensions, lots of

136
00:06:59,600 --> 00:07:03,440
Speaker 4: broadway discussions. We're starting though with banks. We got Andrea

137
00:07:03,520 --> 00:07:05,599
Speaker 4: Orchell from UNI Credit speaking here in the first event

138
00:07:05,960 --> 00:07:08,279
Speaker 4: in just about an hour's time. But this is the

139
00:07:08,320 --> 00:07:11,280
Speaker 4: first Bloomberg New Economy Gateway event in Europe, so it's

140
00:07:11,280 --> 00:07:14,360
Speaker 4: a regional focus but a pretty broad scope of discussions

141
00:07:14,360 --> 00:07:14,720
Speaker 4: as well.

142
00:07:15,040 --> 00:07:15,240
Speaker 3: Yeah.

143
00:07:15,240 --> 00:07:18,840
Speaker 1: Absolutely, I mean you brought us an interview with the

144
00:07:19,000 --> 00:07:22,800
Speaker 1: Foreign Direct Investment Group in Ireland just earlier this morning.

145
00:07:22,880 --> 00:07:25,280
Speaker 1: We heard a bit of the interview with Philip Lane,

146
00:07:25,280 --> 00:07:28,760
Speaker 1: who is speaking to Bloomberg Stephanie Flanders ahead of this event.

147
00:07:28,840 --> 00:07:32,720
Speaker 1: So there are plenty of people, you know whose views

148
00:07:33,000 --> 00:07:33,920
Speaker 1: are pretty important.

149
00:07:34,280 --> 00:07:36,840
Speaker 4: Yeah, that's right. Look at the conversation from Philip Lane

150
00:07:36,880 --> 00:07:39,360
Speaker 4: was a great way to set up the exchanges we're

151
00:07:39,360 --> 00:07:42,720
Speaker 4: having here today and tomorrow, because he's talking about the

152
00:07:42,720 --> 00:07:46,440
Speaker 4: broader economic environment and saying that they are really sticking

153
00:07:46,520 --> 00:07:49,920
Speaker 4: to looking at what the data shows between now on

154
00:07:49,960 --> 00:07:52,680
Speaker 4: the next DCB meeting. In terms of rate hikes. He

155
00:07:52,720 --> 00:07:55,160
Speaker 4: wouldn't be drawn by Stephanie Flanders as to whether he

156
00:07:55,200 --> 00:07:58,200
Speaker 4: would his baseline would be a fifty basis points hike.

157
00:07:58,240 --> 00:07:59,600
Speaker 4: He said, there will be a rate hike, but the

158
00:07:59,640 --> 00:08:01,440
Speaker 4: size of it will have to be determined by what

159
00:08:01,520 --> 00:08:05,720
Speaker 4: we learn about things like inflation, but also credit conditions

160
00:08:05,760 --> 00:08:08,320
Speaker 4: in the Euro Area, because they have their own lending

161
00:08:08,400 --> 00:08:11,360
Speaker 4: survey that's due out before the next meeting of the ECBs.

162
00:08:11,400 --> 00:08:12,840
Speaker 4: That's something they'll be looking to see. Of course, the

163
00:08:12,840 --> 00:08:15,240
Speaker 4: effect of the collapse of SVB, the termalol that we've

164
00:08:15,240 --> 00:08:17,800
Speaker 4: seen abound, credit sweel and what all of that means

165
00:08:17,880 --> 00:08:22,400
Speaker 4: for the I suppose business environment here in Europe something

166
00:08:22,400 --> 00:08:24,480
Speaker 4: that's top of mind for many of those attending.

167
00:08:24,120 --> 00:08:26,080
Speaker 2: Okay, Stephen, thank you very much being by Stephen Carroll,

168
00:08:26,120 --> 00:08:28,480
Speaker 2: joining us there live from the Bloomberg New Economy Gate

169
00:08:28,520 --> 00:08:30,480
Speaker 2: where you're at. More from Stephen as we go through

170
00:08:30,520 --> 00:08:33,360
Speaker 2: programming this morning onto what is top of mind here

171
00:08:33,400 --> 00:08:36,040
Speaker 2: in London, and that is certainly inflation data. The UK's

172
00:08:36,040 --> 00:08:38,880
Speaker 2: inflation data for March has just been released. Joining us

173
00:08:38,880 --> 00:08:42,079
Speaker 2: now is our Bloomberg UK correspondent Lizzie Burton, who can

174
00:08:42,080 --> 00:08:45,000
Speaker 2: give us the details. So ten more than ten percent.

175
00:08:45,160 --> 00:08:47,480
Speaker 2: We'd expected it to come down to a single digit

176
00:08:47,559 --> 00:08:50,679
Speaker 2: figure and it did not, once again disappointing those at

177
00:08:50,679 --> 00:08:51,960
Speaker 2: the Bank of England and the government.

178
00:08:52,040 --> 00:08:55,880
Speaker 10: What drove this well, it was driven down from last

179
00:08:55,880 --> 00:08:58,680
Speaker 10: month by motor fuels, but it was kept high by

180
00:08:58,840 --> 00:09:01,320
Speaker 10: food and non alcohol drinks. So that's going to be

181
00:09:01,360 --> 00:09:04,040
Speaker 10: really painful for your average bit because of course they

182
00:09:04,120 --> 00:09:07,199
Speaker 10: spend more on essentials as a share of their income.

183
00:09:07,480 --> 00:09:09,360
Speaker 10: In fact, if you look at the annual rate of

184
00:09:09,360 --> 00:09:14,600
Speaker 10: inflation for those goods specifically, it was nineteen point one percent, eyewatering.

185
00:09:14,720 --> 00:09:18,319
Speaker 10: It is the highest since nineteen seventy seven, and interestingly,

186
00:09:19,080 --> 00:09:21,640
Speaker 10: one of the big drivers is bred according to the

187
00:09:21,679 --> 00:09:25,200
Speaker 10: Office for National Statistics, and i've just been digging into

188
00:09:25,320 --> 00:09:28,400
Speaker 10: the most recent speech and first speech actually from Swatti Dingro,

189
00:09:28,480 --> 00:09:30,320
Speaker 10: one of the big doves on the Bank of England's

190
00:09:30,360 --> 00:09:33,319
Speaker 10: Monetary Policy Committee, and she actually used the example of

191
00:09:33,360 --> 00:09:36,319
Speaker 10: a loaf of bread to break down the component parts

192
00:09:36,360 --> 00:09:39,800
Speaker 10: of inflation. She used it to illustrate that actually we're

193
00:09:39,920 --> 00:09:44,240
Speaker 10: underestimating the contribution of imported inflation, as you might expect.

194
00:09:44,360 --> 00:09:48,560
Speaker 10: She's a trade expert, so that was incredibly prescient from her.

195
00:09:49,280 --> 00:09:52,000
Speaker 10: But worryingly for the Bank of England as well, Services

196
00:09:52,040 --> 00:09:55,120
Speaker 10: inflation two unchanged at six point six percent, So this

197
00:09:55,240 --> 00:09:56,439
Speaker 10: is really sticky.

198
00:09:56,640 --> 00:09:58,240
Speaker 1: Yeah it is. What does it mean for the Bank

199
00:09:58,280 --> 00:10:00,640
Speaker 1: of England then, is that rate ry baked in.

200
00:10:00,640 --> 00:10:03,840
Speaker 10: Now pretty much looks like it markets think. So you

201
00:10:03,880 --> 00:10:08,240
Speaker 10: saw after the jobs data yesterday, Goldman Sachs and Bloomberg Economics,

202
00:10:08,240 --> 00:10:11,920
Speaker 10: amongst other economists, changing their calls from a hold to

203
00:10:11,960 --> 00:10:15,959
Speaker 10: a quarter point hike. The jobs data showed that you've

204
00:10:15,960 --> 00:10:19,679
Speaker 10: got strong pay growth, signs of renewed momentum, especially in

205
00:10:19,720 --> 00:10:23,400
Speaker 10: the private sector. So our economist Dan Hansen says, it's

206
00:10:23,480 --> 00:10:27,000
Speaker 10: just impossible to ignore and today's inflation print just bakes

207
00:10:27,000 --> 00:10:27,240
Speaker 10: it in.

208
00:10:27,559 --> 00:10:30,320
Speaker 2: Okay, Lizzie, thanks very much. Bloomberg Sir UK correspondent Lizzie

209
00:10:30,320 --> 00:10:32,520
Speaker 2: Burden with the latest on the UK story up next

210
00:10:32,640 --> 00:10:36,280
Speaker 2: Stop Investor details a plan to splice HSBC. Coinbase plots

211
00:10:36,320 --> 00:10:39,400
Speaker 2: a UK move as the US squeezes crypto and central

212
00:10:39,400 --> 00:10:41,080
Speaker 2: London house prices take a big hit.

213
00:10:43,240 --> 00:10:47,160
Speaker 5: Now the paper review on Bluebird Daybreak Europe. The news

214
00:10:47,200 --> 00:10:49,080
Speaker 5: you need to know from today's papers.

215
00:10:49,600 --> 00:10:53,480
Speaker 1: Okay, let's start update you then with the newspaper roundup.

216
00:10:53,600 --> 00:10:56,880
Speaker 1: On that note, Blue both Leanne Goerens joins me now LeAnn,

217
00:10:57,520 --> 00:10:59,880
Speaker 1: so let's start with the headline then in the time.

218
00:11:00,120 --> 00:11:03,040
Speaker 1: So this is around a story that we've tracked for

219
00:11:03,160 --> 00:11:07,360
Speaker 1: quite a long time. Top Investor details planned to split HSBC.

220
00:11:07,920 --> 00:11:11,000
Speaker 3: Yes, indeed, Caroline, there's been a development, so that's why

221
00:11:11,040 --> 00:11:16,440
Speaker 3: we're talking about it. Yes, yet again HSBC's larger shareholders

222
00:11:16,520 --> 00:11:20,880
Speaker 3: accusing bosses of being closed minded about a breakup of

223
00:11:21,000 --> 00:11:24,720
Speaker 3: the bank. So ping An publicly called for the creation

224
00:11:25,040 --> 00:11:29,480
Speaker 3: of a separately listed Asia business headquartered over in Hong

225
00:11:29,600 --> 00:11:34,280
Speaker 3: Kong in a statement yesterday. That's according to reporting from Bloomberg.

226
00:11:34,720 --> 00:11:39,000
Speaker 3: In a strongly worded statement it was over two thousand words.

227
00:11:39,400 --> 00:11:43,400
Speaker 3: They criticized the British lender. The Chinese insurer says it

228
00:11:43,480 --> 00:11:48,640
Speaker 3: was deeply concerned about HSBC's performance. According to the Times,

229
00:11:48,640 --> 00:11:51,880
Speaker 3: a Chinese insurer also claims that the foot See one

230
00:11:51,960 --> 00:11:55,440
Speaker 3: hundred bank had exaggerated many of the costs and risks

231
00:11:55,800 --> 00:12:00,679
Speaker 3: surrounding its breakup proposals that it had given the bank

232
00:12:00,920 --> 00:12:05,400
Speaker 3: last April. Had emerged that Pingan wanted HSB to HSBC

233
00:12:05,640 --> 00:12:09,360
Speaker 3: to split off its huge Asian division and that was

234
00:12:09,520 --> 00:12:13,640
Speaker 3: really to boost the value for shareholders. But the board,

235
00:12:13,720 --> 00:12:17,040
Speaker 3: led by Mark Tuck and the chairman who's the chairman

236
00:12:17,080 --> 00:12:20,319
Speaker 3: and nol Quinn at CEO hit that publicly arguing that

237
00:12:20,480 --> 00:12:25,040
Speaker 3: the breakup would be complicated also destructive. And I think

238
00:12:25,200 --> 00:12:28,680
Speaker 3: from Bloomberg reporting and from the reporting in the Times today,

239
00:12:28,720 --> 00:12:32,160
Speaker 3: I think it's clear to draw one conclusion that there

240
00:12:32,240 --> 00:12:37,040
Speaker 3: is this fractious relationship between Europe's largest bank and one

241
00:12:37,120 --> 00:12:40,120
Speaker 3: of its most important investors over in Asia.

242
00:12:40,240 --> 00:12:42,480
Speaker 2: Okay, let's go to crypto. The Telegraph has a story

243
00:12:42,480 --> 00:12:45,400
Speaker 2: on this front, Lendley and saying that crypto champion coinbase

244
00:12:45,480 --> 00:12:48,920
Speaker 2: is plotting a UK move as Biden quote punishes tech.

245
00:12:49,120 --> 00:12:52,360
Speaker 3: Yes, indeed, so the Coinbase CEO has floated leaving the

246
00:12:52,480 --> 00:12:57,080
Speaker 3: US of regulatory clarity on crypto just a doesn't improve.

247
00:12:57,600 --> 00:13:01,960
Speaker 3: Now the multi billion dollar crypto exchange coinbases considering this move,

248
00:13:02,440 --> 00:13:07,000
Speaker 3: and he's basically saying that America is dragging its feet

249
00:13:07,160 --> 00:13:11,280
Speaker 3: on crypto regulations. He said, there's failure to bring in

250
00:13:11,320 --> 00:13:16,040
Speaker 3: a regulatory framework for cryptocurrencies and it's hitting the industry,

251
00:13:16,080 --> 00:13:20,040
Speaker 3: which could push things like coinbase to relocate to places

252
00:13:20,080 --> 00:13:23,760
Speaker 3: like here in the UK. And Brian Armstrong actually made

253
00:13:24,080 --> 00:13:27,559
Speaker 3: that warning while in conversation with the former Chancellor George

254
00:13:27,720 --> 00:13:32,200
Speaker 3: Osbourne at the Innovative of Finance Global Summit over in

255
00:13:32,280 --> 00:13:36,600
Speaker 3: the US, once again accusing America of not being quick

256
00:13:36,679 --> 00:13:40,120
Speaker 3: enough when it comes to crypto regulation. He actually said

257
00:13:40,360 --> 00:13:43,120
Speaker 3: that the UK has an advantage over the US because

258
00:13:43,120 --> 00:13:47,640
Speaker 3: the f CEA oversees both commodities and securities, where in

259
00:13:47,679 --> 00:13:53,160
Speaker 3: the States there's a turf battle between the two separate regulators.

260
00:13:53,200 --> 00:13:57,160
Speaker 3: So there we are Coinbase wanting quicker movement on crypto regulation.

261
00:13:57,640 --> 00:14:01,680
Speaker 1: Okay. And the latest when it comes to house prices,

262
00:14:01,679 --> 00:14:05,120
Speaker 1: the Financial Times has a story Central London house prices

263
00:14:05,160 --> 00:14:08,360
Speaker 1: suffer the biggest annual fall since twenty nineteen.

264
00:14:08,280 --> 00:14:12,960
Speaker 3: And Caroline, this is concerning because property values in places

265
00:14:13,000 --> 00:14:17,560
Speaker 3: like Mayfair, Chelsea Kensington actually tend not to suffer from

266
00:14:17,640 --> 00:14:20,880
Speaker 3: rising interest rates in these higher mortgage costs we're seeing

267
00:14:21,240 --> 00:14:24,440
Speaker 3: that's because the market kind of mainly relies on cash

268
00:14:24,560 --> 00:14:29,040
Speaker 3: rich foreign buyers. But speaking to the Ft, the Lonres

269
00:14:29,240 --> 00:14:33,520
Speaker 3: managing directors said, buyers have just become so cautious over

270
00:14:33,680 --> 00:14:36,600
Speaker 3: the concerns of the prices and really that they're going

271
00:14:36,640 --> 00:14:41,760
Speaker 3: to fall even further over the bleak economic outlook. So

272
00:14:41,840 --> 00:14:45,240
Speaker 3: that's what's really concerning things at the moment. And the

273
00:14:45,400 --> 00:14:48,920
Speaker 3: central London property prices have dropped five percent in twelve

274
00:14:48,920 --> 00:14:52,360
Speaker 3: months to March, the largest four in three and a

275
00:14:52,360 --> 00:14:56,120
Speaker 3: half years. But something else that Bloomberg has written a

276
00:14:56,160 --> 00:14:58,800
Speaker 3: story up on today is sales and construction of London

277
00:14:58,840 --> 00:15:02,840
Speaker 3: properties fill thirty in the first quarter from a year

278
00:15:02,920 --> 00:15:05,720
Speaker 3: earlier to the lowes since twenty twelve, and that's from

279
00:15:05,800 --> 00:15:10,520
Speaker 3: data compiled by Mollia London showed. So lots of data

280
00:15:10,640 --> 00:15:14,160
Speaker 3: happening in the housing market, but like we're seeing, you know,

281
00:15:14,240 --> 00:15:18,680
Speaker 3: the wealthy areas really suffering the biggest annual four