1
00:00:02,640 --> 00:00:04,800
Speaker 1: This is Bloomberg Day Bake here for this Tuesday, the

2
00:00:04,840 --> 00:00:08,360
Speaker 1: twenty one February in London, coming up today, taking it

3
00:00:08,440 --> 00:00:11,920
Speaker 1: to the bank. Hsbcs ceo get a pay boost as

4
00:00:11,960 --> 00:00:15,640
Speaker 1: bonus as are cut and profits beat estimates. Kiev has

5
00:00:15,680 --> 00:00:19,000
Speaker 1: captured a part of my heart. President Biden pledges to

6
00:00:19,120 --> 00:00:22,400
Speaker 1: back Ukraine for as long as it takes. Digging in

7
00:00:22,440 --> 00:00:25,640
Speaker 1: for a future growth. B HP looks to China's results

8
00:00:25,640 --> 00:00:30,920
Speaker 1: disappoint Ukraine's missing military aid, Ray Dalio's bumper exit package,

9
00:00:30,920 --> 00:00:34,920
Speaker 1: and that West CEO to advise the government on energy efficiency.

10
00:00:35,320 --> 00:00:38,120
Speaker 1: Those other stories we're looking at in today's papers. And

11
00:00:38,240 --> 00:00:42,559
Speaker 1: I'm Leanne Geron's class Less is More the world's largest

12
00:00:42,680 --> 00:00:45,680
Speaker 1: four day work week trial proves to be a hit

13
00:00:45,800 --> 00:00:51,879
Speaker 1: with workers and bosses alike. That's all straight ahead on

14
00:00:52,000 --> 00:00:55,240
Speaker 1: Bloomberg Daybreak Europe. The business news you need to start

15
00:00:55,240 --> 00:00:59,320
Speaker 1: your day in just one fifteen minute podcast on Apple, Spotify,

16
00:00:59,640 --> 00:01:03,320
Speaker 1: the blue Book, Business Appen and everywhere you get your podcasts.

17
00:01:07,160 --> 00:01:10,000
Speaker 1: Good morning. I'm Stephen Carroll and I'm Caroline Hecker. Here

18
00:01:10,000 --> 00:01:13,800
Speaker 1: are the stories that we're following today. HSBC has reported

19
00:01:13,800 --> 00:01:16,800
Speaker 1: an adjusted pre tax profit of six point eight three

20
00:01:16,840 --> 00:01:20,360
Speaker 1: billion dollars for the fourth quarter. The results beat consensus

21
00:01:20,480 --> 00:01:24,000
Speaker 1: estimates and our nine up on the same period last year.

22
00:01:24,360 --> 00:01:26,679
Speaker 1: The Asian focused lender says it will now consider a

23
00:01:26,720 --> 00:01:29,840
Speaker 1: special payout after the ten billion dollar sale of its

24
00:01:29,840 --> 00:01:34,240
Speaker 1: Canadian unit. Speaking to Bloomberg, HSBC CEO Noel Quinn also

25
00:01:34,319 --> 00:01:37,440
Speaker 1: gave an upbeat assessment on the British economy. I'm more

26
00:01:37,480 --> 00:01:40,240
Speaker 1: positive on the UK than the general sentiment. I think

27
00:01:40,280 --> 00:01:43,280
Speaker 1: the current government has made really good progress in stabilizing

28
00:01:43,319 --> 00:01:45,600
Speaker 1: the economy. It was extremely volatile and they've done a

29
00:01:45,640 --> 00:01:49,040
Speaker 1: good job stabilizing the currency, stabilizing the markets. From my

30
00:01:49,120 --> 00:01:52,440
Speaker 1: own portfolio, what I see through our consumer business, we're

31
00:01:52,480 --> 00:01:54,520
Speaker 1: not seeing any major signs of stress at the moment

32
00:01:54,560 --> 00:01:58,080
Speaker 1: in our retail business, in our wholesale and commercial banking business.

33
00:01:58,200 --> 00:02:00,240
Speaker 1: I think there are some corporates that are law in

34
00:02:00,280 --> 00:02:03,120
Speaker 1: some fields some cash flow pressure because of hirer inflation

35
00:02:03,320 --> 00:02:07,040
Speaker 1: and higher interest rates, but again that's still fairly marginal,

36
00:02:07,160 --> 00:02:10,440
Speaker 1: I would say at the moment for us now. Quinn's

37
00:02:10,480 --> 00:02:14,480
Speaker 1: total compensation rose by more than thirteen percent last year

38
00:02:14,560 --> 00:02:18,200
Speaker 1: to just under five point six million pounds, but not

39
00:02:18,280 --> 00:02:21,280
Speaker 1: everyone at HSPC got a pay bump. The bonus pool

40
00:02:21,320 --> 00:02:23,600
Speaker 1: for the bank has been cut to three point three

41
00:02:23,680 --> 00:02:27,080
Speaker 1: six billion dollars for the quarter, down from three and

42
00:02:27,120 --> 00:02:32,600
Speaker 1: a half billion one now. US President Joe Biden will

43
00:02:32,639 --> 00:02:36,360
Speaker 1: meet Eastern European leaders in Poland later today, following his

44
00:02:36,480 --> 00:02:39,880
Speaker 1: surprise visit to Kiev, almost a year to the day

45
00:02:40,000 --> 00:02:44,200
Speaker 1: since Russia's invasion began. Biden stood shoulder to shoulder with

46
00:02:44,320 --> 00:02:48,000
Speaker 1: President Vladimir Z A. Lensky and declared on wavering US

47
00:02:48,040 --> 00:02:54,320
Speaker 1: support for Ukraine. That dark Knight one year ago, the

48
00:02:54,360 --> 00:02:57,040
Speaker 1: world was literally at the time bracing from the fall

49
00:02:57,080 --> 00:03:03,160
Speaker 1: of Keith. One year later, Keith stay ends and Ukraine stands.

50
00:03:04,000 --> 00:03:09,680
Speaker 1: Democracy stands, The Americans stand with you, and the world

51
00:03:09,720 --> 00:03:13,960
Speaker 1: stands with you. Now. Biden also announced four hundred and

52
00:03:13,960 --> 00:03:17,639
Speaker 1: sixty million dollars of new military support for Ukraine, including

53
00:03:17,800 --> 00:03:21,880
Speaker 1: rockets and mortar rounds. The symbolic trip came ahead of

54
00:03:21,960 --> 00:03:25,560
Speaker 1: Russian President Vladimir Putin State of the Nation address, which

55
00:03:25,560 --> 00:03:28,800
Speaker 1: is scheduled for later this morning. The world's biggest mining

56
00:03:28,800 --> 00:03:31,800
Speaker 1: company has slashed its dividend as revenue slumped on falling

57
00:03:31,800 --> 00:03:36,320
Speaker 1: commodity prices. BHP reported an underlying profit for the half

58
00:03:36,440 --> 00:03:39,640
Speaker 1: year of six point six billion dollars, down from ten

59
00:03:39,680 --> 00:03:42,960
Speaker 1: point seven billion a year earlier. However, the minor is

60
00:03:43,160 --> 00:03:46,720
Speaker 1: betting on major growth in China to turn its four

61
00:03:46,840 --> 00:03:51,080
Speaker 1: tunes around. Speaking to Bloomberg, CEO Mike Henry says, Beijing's

62
00:03:51,160 --> 00:03:54,880
Speaker 1: pro growth policies are bearing fruit. We're seeing the green

63
00:03:54,880 --> 00:03:56,960
Speaker 1: shoots come through since the start of this calendar year.

64
00:03:57,280 --> 00:04:03,080
Speaker 1: Increased mobility figures, more banklaning, improved business sentiment, property prices

65
00:04:03,160 --> 00:04:06,920
Speaker 1: up in some cities, so that kind of reinforces the

66
00:04:08,160 --> 00:04:10,040
Speaker 1: parts of the Vaultlook for the that we have for

67
00:04:10,120 --> 00:04:13,520
Speaker 1: the year ahead, which we expect to offset slowing growth

68
00:04:13,600 --> 00:04:17,599
Speaker 1: in both the US and Europe. The BHPCO will be

69
00:04:17,640 --> 00:04:20,960
Speaker 1: reassured by iron ore prices, which have surged by seventy

70
00:04:21,000 --> 00:04:24,640
Speaker 1: five percent from a lower at the end of last October. Now,

71
00:04:24,680 --> 00:04:27,960
Speaker 1: the Prime Minister of Ischi Sunac is lobbying lawmakers to

72
00:04:28,080 --> 00:04:31,839
Speaker 1: back an agreement on changing the Prexit deal for Northern Ireland.

73
00:04:31,880 --> 00:04:35,440
Speaker 1: Bloomberg's un parts reports he's done the talking with Brussels,

74
00:04:35,520 --> 00:04:39,680
Speaker 1: He's been to Northern Ireland's next up hardline conservative back benches.

75
00:04:40,000 --> 00:04:42,640
Speaker 1: Bloomberg understands the Prime Minister has been holding one to

76
00:04:42,720 --> 00:04:46,479
Speaker 1: one meetings with Conservative MPs explaining the outline of his

77
00:04:46,560 --> 00:04:50,800
Speaker 1: prospective agreement with the European Union. Foreign Secretary James Cleverly

78
00:04:50,839 --> 00:04:53,520
Speaker 1: is set to address back benches later today to breathe

79
00:04:53,520 --> 00:04:56,760
Speaker 1: them on the latest negotiations. The unveiling of the long

80
00:04:56,800 --> 00:04:59,720
Speaker 1: awaited change to rules on trade and Northern Ireland was

81
00:05:00,080 --> 00:05:03,200
Speaker 1: stall to happen today, but that timetable now looks likely

82
00:05:03,240 --> 00:05:06,560
Speaker 1: to slip. This is the government invests energy in attempting

83
00:05:06,600 --> 00:05:10,239
Speaker 1: to finally fix what's proven to be an intractable problem

84
00:05:10,279 --> 00:05:12,560
Speaker 1: in London. I'm you and parts Splinberg Day britt Europe,

85
00:05:13,400 --> 00:05:15,880
Speaker 1: and one in six workers say that no amount of

86
00:05:15,920 --> 00:05:18,839
Speaker 1: money would make them work a five day week. That's

87
00:05:18,880 --> 00:05:21,360
Speaker 1: what the world's largest ever trial of a four day

88
00:05:21,360 --> 00:05:25,039
Speaker 1: working week has found. Of the sixty one British companies involved,

89
00:05:25,040 --> 00:05:28,640
Speaker 1: fifty six decided to keep the shorter working week. Gains

90
00:05:28,720 --> 00:05:33,200
Speaker 1: in revenue, productivity and employee retention helped make the business

91
00:05:33,240 --> 00:05:36,800
Speaker 1: case for changing how we work. Those are top stories

92
00:05:36,800 --> 00:05:39,240
Speaker 1: this morning, Carlin. We've been following this four day working

93
00:05:39,240 --> 00:05:43,960
Speaker 1: week story with interest on this program for a while. Now. Look,

94
00:05:44,040 --> 00:05:46,440
Speaker 1: this is the data is pretty positive. It's not just

95
00:05:46,680 --> 00:05:50,599
Speaker 1: workers feeling happier about it. There are benefits of the

96
00:05:50,600 --> 00:05:54,080
Speaker 1: business side as well. Yeah, absolutely, And it's also meant

97
00:05:54,120 --> 00:05:57,440
Speaker 1: to be sort of more productive, more profitable for the

98
00:05:57,480 --> 00:06:00,360
Speaker 1: businesses involved. And we spoke to the organized is. They're

99
00:06:00,360 --> 00:06:03,040
Speaker 1: trying to make this a kind of global thing, and

100
00:06:03,120 --> 00:06:05,600
Speaker 1: I think it the idea sort of originated in New

101
00:06:05,680 --> 00:06:08,560
Speaker 1: Zealand and elsewhere and it was brought to the UK.

102
00:06:08,720 --> 00:06:11,320
Speaker 1: But it was a very sizeable study. It was a

103
00:06:11,360 --> 00:06:13,960
Speaker 1: lot of businesses. They weren't just small businesses either, they

104
00:06:13,960 --> 00:06:17,080
Speaker 1: were there were some quite big firms too that have

105
00:06:17,120 --> 00:06:19,640
Speaker 1: been involved. So yeah, really fascinated to see the outcome.

106
00:06:19,760 --> 00:06:22,000
Speaker 1: I wonder that this we're talking about, this of course

107
00:06:22,000 --> 00:06:24,360
Speaker 1: happening at a time when the labor markets, particularly tied

108
00:06:24,400 --> 00:06:27,800
Speaker 1: in the UK, would have be different if unemployment was higher.

109
00:06:27,839 --> 00:06:30,599
Speaker 1: I wonder how the results would play out in that situation. Well,

110
00:06:30,680 --> 00:06:33,000
Speaker 1: I think it's also really interesting because there's this crunch

111
00:06:33,160 --> 00:06:37,400
Speaker 1: particularly for older workers now, so this is kind of

112
00:06:37,400 --> 00:06:39,360
Speaker 1: relevant to the other story. We know that a lot

113
00:06:39,360 --> 00:06:40,960
Speaker 1: of people have dropped out of the labor force in

114
00:06:41,000 --> 00:06:44,640
Speaker 1: the UK. The Resolution Foundation has come up with some solutions.

115
00:06:45,120 --> 00:06:49,839
Speaker 1: Um two thirds of older professionals have left the labor market.

116
00:06:49,920 --> 00:06:52,880
Speaker 1: They own their own home. So they're saying to the government,

117
00:06:52,920 --> 00:06:56,400
Speaker 1: if you want to persuade these very um sort of

118
00:06:57,160 --> 00:06:59,839
Speaker 1: experience workers to come back into the workforce, you're going

119
00:06:59,880 --> 00:07:01,720
Speaker 1: to have to do quite a lot. They're so focus

120
00:07:01,760 --> 00:07:05,160
Speaker 1: on mother's also people with disability to try to kind

121
00:07:05,160 --> 00:07:07,960
Speaker 1: of break the deadlock in terms of not enough workers.

122
00:07:08,400 --> 00:07:11,840
Speaker 1: Interesting stuff, Okay, up next to Ukraine's missing military aide,

123
00:07:11,920 --> 00:07:15,840
Speaker 1: Ray Dalio's bumper exit package and that West CEO to

124
00:07:15,920 --> 00:07:21,440
Speaker 1: advise the government on energy efficiency. Now the paper review

125
00:07:21,640 --> 00:07:24,400
Speaker 1: on blue Birdday Break Europe the news you need to

126
00:07:24,400 --> 00:07:28,040
Speaker 1: know from today's papers and go and joins us now

127
00:07:28,040 --> 00:07:30,640
Speaker 1: with the details. We were just talking about more money

128
00:07:30,800 --> 00:07:33,120
Speaker 1: from the US for Ukraine, while the headline in the

129
00:07:33,120 --> 00:07:36,400
Speaker 1: Financial Time says that Ukraine waiting for thirty three billion

130
00:07:36,440 --> 00:07:40,880
Speaker 1: euros of pledges from the West. Good morning, Leanne, Yes, indeed, Caroline,

131
00:07:40,920 --> 00:07:42,960
Speaker 1: good morning to you, and you and Stephen were just

132
00:07:43,000 --> 00:07:46,520
Speaker 1: talking about Joe Biden yesterday his surprise a visit to

133
00:07:46,560 --> 00:07:50,600
Speaker 1: the capital of Ukraine and pledging fresh money to the

134
00:07:50,600 --> 00:07:54,480
Speaker 1: country plus weapons. Now the FT is reporting that less

135
00:07:54,480 --> 00:07:58,200
Speaker 1: than half of the financial aid pledged by the West

136
00:07:58,520 --> 00:08:03,840
Speaker 1: has actually reached eve. Ukraine's finance ministry received thirty one

137
00:08:04,080 --> 00:08:08,400
Speaker 1: billion euros. That was by December twenty twenty two. Now,

138
00:08:08,440 --> 00:08:11,600
Speaker 1: that was of the sixty four billion euros that has

139
00:08:11,680 --> 00:08:15,440
Speaker 1: been promised by Western countries. And this is all according

140
00:08:15,480 --> 00:08:18,920
Speaker 1: to research from the Keel Institute for the World Economy.

141
00:08:19,360 --> 00:08:23,000
Speaker 1: The EU and the European Investment Bank have together pledged

142
00:08:23,040 --> 00:08:29,040
Speaker 1: about thirty billion euros in total since the invasion did begin. However,

143
00:08:29,160 --> 00:08:32,960
Speaker 1: seventeen point five billion has yet to reach the country.

144
00:08:32,960 --> 00:08:36,320
Speaker 1: And this is all according to the article in the

145
00:08:36,440 --> 00:08:41,600
Speaker 1: Financial Times. Now, Christoph Tribesh, an academic at the institute,

146
00:08:41,640 --> 00:08:44,400
Speaker 1: says one of the main reasons for the delay is

147
00:08:44,440 --> 00:08:46,800
Speaker 1: that it took the EU up to six months to

148
00:08:46,880 --> 00:08:50,520
Speaker 1: secure legal and political sign offs for some of the

149
00:08:50,640 --> 00:08:55,040
Speaker 1: financial support. Now in terms of aid, EU member states

150
00:08:55,120 --> 00:08:59,560
Speaker 1: are lagging behind the US at this time. Okay, let's

151
00:08:59,559 --> 00:09:02,959
Speaker 1: turn to New York Times. Next, Leanne says, hedge fund

152
00:09:03,040 --> 00:09:07,480
Speaker 1: billionaire extracts billions more to retire. Yes, indeed, and this

153
00:09:07,559 --> 00:09:10,480
Speaker 1: is a really good insight into the last few days

154
00:09:10,520 --> 00:09:13,720
Speaker 1: of Ray Dahlio. And it's in the New York Times today,

155
00:09:13,760 --> 00:09:16,360
Speaker 1: and the founder of the world's biggest hedge fund. Ray

156
00:09:16,440 --> 00:09:20,400
Speaker 1: Dalio retired last year after months of negotiations that did

157
00:09:20,440 --> 00:09:24,439
Speaker 1: guarantee him a gigantic exit package. I know, we did

158
00:09:24,480 --> 00:09:27,760
Speaker 1: discuss it a lot here on Bloomberg. Dahlio walked away

159
00:09:27,840 --> 00:09:31,320
Speaker 1: from Bridgewater associates and what appeared to be a really

160
00:09:31,400 --> 00:09:36,120
Speaker 1: happy and amical, amicable transition of power. But according to

161
00:09:36,320 --> 00:09:39,240
Speaker 1: half a dozen current and former Bridgewater employees who have

162
00:09:39,320 --> 00:09:43,040
Speaker 1: been speaking to The New York Times, they did say

163
00:09:43,080 --> 00:09:48,000
Speaker 1: negotiations behind the scenes were indeed frantic, and successes at

164
00:09:48,000 --> 00:09:51,280
Speaker 1: the firm discussed how much money they would actually have

165
00:09:51,440 --> 00:09:55,240
Speaker 1: to pay to make Dahlio leave the company. His exit

166
00:09:55,360 --> 00:09:59,040
Speaker 1: was partly spurred on by those controversial remarks he did

167
00:09:59,120 --> 00:10:03,439
Speaker 1: make on tv A about China's human rights records. Dahlio

168
00:10:03,600 --> 00:10:07,440
Speaker 1: is estimated to be worth about nineteen billion dollars, and

169
00:10:07,480 --> 00:10:09,840
Speaker 1: according to this article, only agreed to give up his

170
00:10:09,960 --> 00:10:13,640
Speaker 1: control over all key decisions at Bridgewater when the firm

171
00:10:13,720 --> 00:10:16,920
Speaker 1: agreed to give him billions of dollars in regular payouts

172
00:10:17,200 --> 00:10:20,559
Speaker 1: over the coming years. And this is through a special

173
00:10:20,600 --> 00:10:24,160
Speaker 1: class of stock. So there we are, Ray Dalio on

174
00:10:24,240 --> 00:10:27,720
Speaker 1: his exit from Bridgewater. I mean, it certainly did look

175
00:10:27,840 --> 00:10:31,920
Speaker 1: like an amicable part. But then in some ways that's

176
00:10:31,960 --> 00:10:35,120
Speaker 1: just sort of remarkable and surprising for such a well

177
00:10:35,160 --> 00:10:37,640
Speaker 1: known founder to go, Yeah, those comments that he made

178
00:10:38,120 --> 00:10:41,560
Speaker 1: around China being a strict parent. He was responding to

179
00:10:41,640 --> 00:10:45,560
Speaker 1: a question in a TV interview in the US, and

180
00:10:45,640 --> 00:10:48,520
Speaker 1: it raised this whole question of what his thoughts were

181
00:10:48,559 --> 00:10:51,880
Speaker 1: on human rights. He had to backtrack. It was all really,

182
00:10:52,160 --> 00:10:56,440
Speaker 1: uh quite controversially difficult. Anyway, moving away from Ray Dahlio

183
00:10:56,760 --> 00:10:59,520
Speaker 1: much of interest. But here in the UK, we were

184
00:10:59,520 --> 00:11:02,720
Speaker 1: just speaking to the Natworst CFO and the CEO on TV.

185
00:11:02,840 --> 00:11:07,360
Speaker 1: The CFO was on radio. The Times headlines that the

186
00:11:07,440 --> 00:11:13,120
Speaker 1: NAT West boss, Dame Alison Rose, is targeting energy efficiency. Yes, indeed,

187
00:11:13,200 --> 00:11:15,439
Speaker 1: so in November last year. I don't know if you

188
00:11:15,520 --> 00:11:17,800
Speaker 1: remember this, but Jeremy Hans set a gold to cut

189
00:11:17,840 --> 00:11:22,240
Speaker 1: Britain's dependence on imported energy and has planned to execute

190
00:11:22,280 --> 00:11:25,920
Speaker 1: this finally appears to be underway. The target is to

191
00:11:25,960 --> 00:11:31,200
Speaker 1: cut energy consumption by this decade compared with the levels

192
00:11:31,240 --> 00:11:35,280
Speaker 1: we saw back in one Now the CEO of NAT

193
00:11:35,360 --> 00:11:39,400
Speaker 1: West will be leading efforts to reduce Britain's energy consumption

194
00:11:39,760 --> 00:11:44,439
Speaker 1: and this follows her government appointment. So Allison Rose alongside

195
00:11:44,679 --> 00:11:48,200
Speaker 1: Lord Callanan will share a task force that aims to

196
00:11:48,280 --> 00:11:54,679
Speaker 1: accelerate household insulation, boiler upgrades and business energy efficiency measures.

197
00:11:54,960 --> 00:11:58,400
Speaker 1: And a series of government energy efficiency schemes have actually

198
00:11:58,559 --> 00:12:01,840
Speaker 1: ended in failure in the past decade and this is

199
00:12:01,880 --> 00:12:04,160
Speaker 1: just due to really low take up when it comes

200
00:12:04,200 --> 00:12:07,000
Speaker 1: to the public. And the appointment of the nat West

201
00:12:07,080 --> 00:12:10,440
Speaker 1: boss does suggest that the strategy may include more of

202
00:12:10,480 --> 00:12:15,199
Speaker 1: a focus on these financial initiatives such as green mortgages

203
00:12:15,600 --> 00:12:19,560
Speaker 1: offered by the lender. So maybe a new take on

204
00:12:19,679 --> 00:12:23,079
Speaker 1: this energy efficiency scheme and there might be more uptake

205
00:12:23,160 --> 00:12:26,120
Speaker 1: from the public, But I guess it's all wait and see. Character.

206
00:12:26,120 --> 00:12:28,120
Speaker 1: I don't think you can blame the uptake of the

207
00:12:28,280 --> 00:12:33,199
Speaker 1: energy efficiency upgrades, which were total disaster. The government attempted

208
00:12:33,240 --> 00:12:38,199
Speaker 1: it twice, you know, couldn't get the right sort of fitters,

209
00:12:38,240 --> 00:12:41,640
Speaker 1: basically the right kind of builders to do the work anyway.

210
00:12:42,000 --> 00:12:45,800
Speaker 1: Martin Callen also regular has spoken to us and also

211
00:12:46,400 --> 00:12:49,400
Speaker 1: interesting there work a lot of this ties in with

212
00:12:49,440 --> 00:12:51,240
Speaker 1: the fact that we're trying to get down our energy

213
00:12:51,320 --> 00:12:56,079
Speaker 1: prices due to um the war in Ukraine at the moment,

214
00:12:56,160 --> 00:12:58,200
Speaker 1: so there seems to be a government scheme to move

215
00:12:58,280 --> 00:13:01,040
Speaker 1: things forward and make a house small, insulated and just

216
00:13:01,280 --> 00:13:04,360
Speaker 1: better going forward. Maybe it is sensible then to bring

217
00:13:04,360 --> 00:13:07,480
Speaker 1: in one of the big mortgage lenders. Yeah, okay, lean

218
00:13:07,600 --> 00:13:09,160
Speaker 1: go and thank you very much. That look through the

219
00:13:09,200 --> 00:13:12,240
Speaker 1: stories in the newspapers. Let's turn our focus though to

220
00:13:12,480 --> 00:13:16,520
Speaker 1: that surprise trip to Ukraine yesterday. President Joe Biden is

221
00:13:16,559 --> 00:13:20,480
Speaker 1: in Poland today where he's due to meet Eastern European leaders.

222
00:13:20,520 --> 00:13:23,720
Speaker 1: This as China's top diplomat is going to Moscow in

223
00:13:23,720 --> 00:13:27,120
Speaker 1: the coming days to try to broker an end to

224
00:13:27,240 --> 00:13:31,240
Speaker 1: the war in Ukraine. Bloomberg's Warsaw Bureau chief Pyoto Skolimowski,

225
00:13:31,360 --> 00:13:34,720
Speaker 1: joins us now for more on this story. Good morning, Pyotta.

226
00:13:35,000 --> 00:13:39,719
Speaker 1: Joe Biden's visit to Ukraine was a landmark event, announcing

227
00:13:39,720 --> 00:13:43,080
Speaker 1: four hundred and sixty million dollars in new aid. What

228
00:13:43,440 --> 00:13:47,720
Speaker 1: is he hoping to achieve then with the next leg

229
00:13:47,760 --> 00:13:52,600
Speaker 1: of his trip? Good morning. Indeed, So, Joe Biden is

230
00:13:53,040 --> 00:13:57,400
Speaker 1: has safely landed in Warsaw last night, shortly before mid midnight,

231
00:13:58,000 --> 00:14:01,040
Speaker 1: and it's it's really as you said, it has been

232
00:14:01,080 --> 00:14:07,840
Speaker 1: an extraordinary trip, un unannounced and obviously, um he he

233
00:14:07,920 --> 00:14:13,319
Speaker 1: took a huge, huge risk going to the zone of conflict,

234
00:14:13,920 --> 00:14:17,680
Speaker 1: basically taking a ten hour trip by train from from

235
00:14:17,720 --> 00:14:21,600
Speaker 1: the publish city of jechuv uh Too to Kiev all

236
00:14:21,600 --> 00:14:24,640
Speaker 1: the way to Kiev. UM and obviously that the whole

237
00:14:24,640 --> 00:14:28,080
Speaker 1: point of the trip was to to give a sort

238
00:14:28,120 --> 00:14:32,320
Speaker 1: of a morale boost to Ukrainians who have been going

239
00:14:32,360 --> 00:14:37,200
Speaker 1: through this period of war and uh and and really

240
00:14:37,640 --> 00:14:42,760
Speaker 1: um taking a stand and UM. Obviously, what what Joe Biden,

241
00:14:42,840 --> 00:14:47,160
Speaker 1: standing next to zelenski In in Kiev said was he

242
00:14:47,320 --> 00:14:50,320
Speaker 1: vowed to that the US and the Nator will standing

243
00:14:50,560 --> 00:14:53,320
Speaker 1: with Ukraine for as long as it takes. He he

244
00:14:53,400 --> 00:14:57,000
Speaker 1: also made this very important point that you know, last

245
00:14:57,120 --> 00:15:00,000
Speaker 1: year the expectations was and that was also the expectation

246
00:15:00,240 --> 00:15:03,880
Speaker 1: of Vladimir put In that Kiev will fall within days.

247
00:15:04,400 --> 00:15:08,160
Speaker 1: And now a year later, Biden said, we are you know,

248
00:15:08,200 --> 00:15:12,440
Speaker 1: the Ukraine stands, Kiev stands, and as he said, democracy stands.

249
00:15:12,440 --> 00:15:14,840
Speaker 1: So you can see the narrative that level of developing

250
00:15:14,920 --> 00:15:19,240
Speaker 1: here that it's it's about democracy very versus autocracy. And

251
00:15:19,280 --> 00:15:22,160
Speaker 1: that's probably something we're going to hear today during his

252
00:15:22,280 --> 00:15:26,440
Speaker 1: another um landmark speech that or expected to be a

253
00:15:26,520 --> 00:15:30,560
Speaker 1: landmark speech in warsaw Um. Later in the day. Um.

254
00:15:30,560 --> 00:15:34,520
Speaker 1: Obviously there was there was an age fresh eight eight

255
00:15:34,560 --> 00:15:39,120
Speaker 1: package delivered to UM to Ukraine four hundred sixty million

256
00:15:39,360 --> 00:15:45,800
Speaker 1: of additional eight. I guess if we're looking for you know,

257
00:15:46,280 --> 00:15:49,360
Speaker 1: I would I would imagine that, you know, ze Lensky

258
00:15:49,560 --> 00:15:52,520
Speaker 1: or Ukrainians probably expected to hear a bit more. They're

259
00:15:52,560 --> 00:15:56,280
Speaker 1: pushing even for more aid UM. Right now the talk

260
00:15:56,440 --> 00:16:00,480
Speaker 1: is about sending fighter jets, but obviously he hasn't heard that,

261
00:16:00,600 --> 00:16:04,320
Speaker 1: so this is probably further down the pipe, Pioto. We're

262
00:16:04,320 --> 00:16:07,320
Speaker 1: expecting to hear from Vladimir Putin later on today as well.

263
00:16:07,360 --> 00:16:09,480
Speaker 1: What should we be watching out for when the Russian

264
00:16:09,480 --> 00:16:13,800
Speaker 1: president Russian president speaks. Yeah, that's a that's a good question.

265
00:16:13,840 --> 00:16:17,120
Speaker 1: I mean, it's obviously it's anyone's guess. I think it's

266
00:16:17,120 --> 00:16:20,400
Speaker 1: being described already as a sort of a split screen

267
00:16:20,480 --> 00:16:23,760
Speaker 1: moment in a way. Obviously, Uh, letting me. Putting is

268
00:16:23,800 --> 00:16:27,400
Speaker 1: going to to talk first. He's uh, he's starting at

269
00:16:27,400 --> 00:16:31,440
Speaker 1: about three or or so hours. UM, I guess you

270
00:16:31,480 --> 00:16:33,880
Speaker 1: know what we're probably going to hear is this is

271
00:16:33,920 --> 00:16:36,160
Speaker 1: a state of the nation. It's it's been the speech

272
00:16:36,200 --> 00:16:40,440
Speaker 1: has been delayed, but you know, all all signs are

273
00:16:40,480 --> 00:16:43,920
Speaker 1: that he will just double down. Um. Obviously we've here,

274
00:16:44,040 --> 00:16:46,880
Speaker 1: we've heard those tropes since the war started. The Russia

275
00:16:47,000 --> 00:16:52,560
Speaker 1: is there to the nazify Ukraine, to to prevent NATO's

276
00:16:52,600 --> 00:16:56,120
Speaker 1: incursion into into its land. And obviously the whole argument

277
00:16:56,480 --> 00:17:00,200
Speaker 1: uh that that Putting has been making that actually this

278
00:17:00,280 --> 00:17:03,480
Speaker 1: is a battle for the Russian lands um or what

279
00:17:03,720 --> 00:17:07,600
Speaker 1: is essentially Russian lands, which obviously Ukraine is is disputing

280
00:17:07,680 --> 00:17:12,119
Speaker 1: which and and I would say that's probably something that

281
00:17:12,160 --> 00:17:15,200
Speaker 1: we could hear. We We're probably not going to hear anything,

282
00:17:15,680 --> 00:17:18,280
Speaker 1: uh from from Putting that would suggest that he is

283
00:17:18,960 --> 00:17:23,199
Speaker 1: stepping back a bit. Uh. One. One thing that we

284
00:17:23,560 --> 00:17:26,880
Speaker 1: everyone is looking for is to what extent he is

285
00:17:26,880 --> 00:17:29,479
Speaker 1: willing to to double down. How much more force are

286
00:17:29,520 --> 00:17:31,879
Speaker 1: we going to send. Obviously there is an expectation and

287
00:17:31,920 --> 00:17:37,000
Speaker 1: anticipation of of a fresh invasion um come spring. Now

288
00:17:37,960 --> 00:17:42,600
Speaker 1: there's a question of mobilizing more Russians UM into the army.

289
00:17:43,119 --> 00:17:46,920
Speaker 1: Whether he will he will go there is obviously a big,

290
00:17:47,000 --> 00:17:49,480
Speaker 1: big question, but that it's an important speech as well.

291
00:17:50,280 --> 00:17:53,000
Speaker 1: This is Bloomberg Daybreak Europe, your morning brief on the

292
00:17:53,080 --> 00:17:56,080
Speaker 1: story is making news from London to wall streets and beyond.

293
00:17:56,440 --> 00:17:59,159
Speaker 1: Look for us on your podcast feed every morning on

294
00:17:59,240 --> 00:18:02,440
Speaker 1: Apple Spot to Fight, and anywhere else you get your podcasts.

295
00:18:02,480 --> 00:18:04,760
Speaker 1: You can also listen live each morning on London D

296
00:18:04,840 --> 00:18:08,240
Speaker 1: A B Radio, the Bloomberg Business app, and Bloomberg dot Com.

297
00:18:08,240 --> 00:18:11,040
Speaker 1: Our flagship New York station is also available on your

298
00:18:11,080 --> 00:18:16,680
Speaker 1: Amazon Alexa devices. Just say Alexa Play Bloomberg. I'm Caroline

299
00:18:16,720 --> 00:18:19,480
Speaker 1: Hitka and I'm Stephen Carroll. Join us again tomorrow morning

300
00:18:19,520 --> 00:18:21,760
Speaker 1: for all the news you need to start your day

301
00:18:21,960 --> 00:18:31,800
Speaker 1: right here on Bloomberg Daybreak Europe