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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: This is the Bloomberg DAYBAQ podcast. Good morning, It's Monday,

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Speaker 2: the twenty fourth of November. I'm Caroline Hepga in London.

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Speaker 2: Coming up today, we have the latest on America's Ukraine

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Speaker 2: peace plan and the secret Russia talks that blindsided Europe.

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Speaker 2: Top bosses tell Bloomberg they will slash investment in the

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Speaker 2: UK if this week's budget increases their costs and the

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Speaker 2: Diamond effect, how JP Morgan's office mandate has helped to

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Speaker 2: put the sparkle back into Canary Wharf. Let's start with

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Speaker 2: a roundup of our top stories. US Secretary of State

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Speaker 2: Marco Rubio has suggested that the present Trump's Thursday deadline

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Speaker 2: to secure Ukraine support for a US baked peace plan

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Speaker 2: isn't set in stone. Talks in Geneva between America and

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Speaker 2: Ukraine are understood to have made progress towards a deal,

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Speaker 2: but the two sides drafted an updated and refined peace framework.

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Speaker 2: Here is what Marco Rubio told reporters after the talks,

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Speaker 2: as my personal.

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Speaker 3: View, that we've had probably the most productive and meaningful

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Speaker 3: meeting so far in this entire process. That since we've

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Speaker 3: been involved in front the beginning. We have a very

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Speaker 3: good work product that was already built on a foundation

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Speaker 3: as input from all the relative parties involved here, and

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Speaker 3: we were able to go through some of those items

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Speaker 3: now point by point, and I think we've made good progress.

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Speaker 2: Marco Rubio was speaking after Bloomberg learned that the controversial

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Speaker 2: twenty eight point peace plan presented by the Trump administration

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Speaker 2: to Ukraine as a take it or leave it proposal

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Speaker 2: was largely the result of several weeks of behind the

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Speaker 2: scenes negotiations between US Special end Voice Steve Whitkov and

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Speaker 2: Russia's Kiril Dmitriyev. Those talks reportedly excluded not only Ukraine

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Speaker 2: and its allies, but also some key US officials, one

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Speaker 2: source telling us that Washington later asked Keev to confirm

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Speaker 2: that it had provided input into the proposals after it

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Speaker 2: became clear Moscow had played a significant role in shaping

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Speaker 2: the plan. Now Here in the UK, CEOs are warning

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Speaker 2: that they will cut investment into Britain if Chancellor Rachel

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Speaker 2: Reeves hits them in her annual budget. This Wednesday, Bloomberg

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Speaker 2: heard a range of worries from the bosses. It interviewed

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Speaker 2: about the budget, Gatwick Airport CEOs tou At Wingate told

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Speaker 2: us that tax rises could put the government's growth project

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Speaker 2: at risk. Bloomberg's James Walcock has more.

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Speaker 4: Concern cost and lack of clarity. Those are words from

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Speaker 4: the bosses of Gatwick Airport, Phoenix and Butler's. The leaders

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Speaker 4: of three very different businesses are among the many who

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Speaker 4: spoke to Bloomberg about their fears around the upcoming budget

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Speaker 4: and unhappiness with the uncertainty it has caused. The government

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Speaker 4: is hoping to win companies background by announcing a pledge

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Speaker 4: to cut manufacture energy bills at the CBI's annual conference today,

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Speaker 4: But given at the same event last year, chances to

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Speaker 4: Rachel we've promised corporate Britain she wouldn't increase their taxes again,

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Speaker 4: the reception may be a bit more muted this time around.

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Speaker 4: In London, James Wilcock, Bloomberg Radio.

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Speaker 2: In Deal's news, BHP has ended its attempt to acquire

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Speaker 2: fellow mining company Anglo American for a second time. In

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Speaker 2: a regulatory statement today, the company confirmed that it had

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Speaker 2: concluded preliminary discussions and is no longer considering a merger

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Speaker 2: of the two companies. Our mining and metal supporter to

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Speaker 2: Paul alan Hunt says, the deal would have been complicated.

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Speaker 5: Well, it was never going to be easy. It certainly

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Speaker 5: wasn't going to be easy last year and it wasn't

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Speaker 5: going to be easy this time. We don't have a

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Speaker 5: lot of detail, I will say that at this point,

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Speaker 5: but we do know that it was script or shares

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Speaker 5: and cash. The premium that AHP would have had to

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Speaker 5: have offered to get a real serious recognition from Anglo

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Speaker 5: and have a proper discussion would have been significantly higher.

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Speaker 2: Bloomberg reporter Paul alan Hunt speaking there, Bloomberg understands that

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Speaker 2: Anglo American rejected BHP's latest approach after deciding that it

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Speaker 2: was not superior to its plan tie up with smaller

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Speaker 2: Canadian firm Tech Resources. Tech and Anglo shareholders are set

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Speaker 2: to vote on their merger in early December, and the

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Speaker 2: deal still needs regulatory approval. The UK government is putting

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Speaker 2: fifteen million pounds towards making critical minerals in a bid

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Speaker 2: to loosen its reliance on China. Britain plans to fund

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Speaker 2: business to produce almost a third of Britain's needs from

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Speaker 2: domestic mining. And recycling. By twenty thirty five, China has

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Speaker 2: become the world's dominant supplier of rare metals, which are

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Speaker 2: crucial resources for advanced technology. Earlier this year, the country

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Speaker 2: has started to restrict its exports as political leverage insident.

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Speaker 2: Donald Trump's second term crypto assets have transformed his family wealth. However,

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Speaker 2: they are now getting a crash course in the wild

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Speaker 2: volatility associated with digital currencies. Bloomberg's tiama at a bio has.

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Speaker 6: More shares of the president's bitcoin hoarding social media company

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Speaker 6: are near an all time low, and the value of

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Speaker 6: a Trump branded mean coin has fallen by about a

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Speaker 6: quarter since August, according to the Bloomberg Billionaires Index. The

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Speaker 6: recent losses are all part of a broader crypto crash

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Speaker 6: that's wipe nearly one billion from the first family's fortune

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Speaker 6: since early September. The Trumps own a growing portfolio of

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Speaker 6: crypto ventures, including intricate deals that go beyond straight bets

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Speaker 6: on the value of digital currencies, but its retail investors

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Speaker 6: who backed Trump linked projects that stand to lose the

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Speaker 6: most from the drawdown. For example, any speculator who bought

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Speaker 6: Trump's mean cooin in its peak on inauguration weekend would

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Speaker 6: have lost almost the higher value of their investment by

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Speaker 6: this month. Despite the challenges, Eric Trump, the president's second

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Speaker 6: born son, has repeatedly urged investors to double down. In London,

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Speaker 6: Tea were at a Bayo Bloomberg Radio.

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Speaker 2: And those are our top stories for you this morning. Well,

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Speaker 2: looking at the markets that bitcoin has seen some very

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Speaker 2: harsh twists as we're thinking about their in Teama's discussion

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Speaker 2: around President Trump. So Bitcoin, currently trading at just above

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Speaker 2: eighty seven thousand dollars, is down one percent this morning.

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Speaker 2: That's still better than Friday's lows, which hit about eighty thousand,

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Speaker 2: five hundred dollars, so we recovered a bit over the weekend,

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Speaker 2: but still a very tough few weeks for bitcoin seeing

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Speaker 2: a significant slum. European stop futures, though more broadly they

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Speaker 2: are higher eight tens of one percent, S and P

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Speaker 2: four hundred EVENI futures also are by half of one percent.

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Speaker 2: So again after a difficult week for US and European

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Speaker 2: egties last week, perhaps pointing to something more positive, this morning,

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Speaker 2: we did see some gains in a Japan may be

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Speaker 2: shot up for a holiday, but the mscias Pacific Index

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Speaker 2: up seven tenths of one percent, and trainers are increasing

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Speaker 2: bets on a FED interest rate cut for December. The

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Speaker 2: Bloomberg Dollar Spot index currently is flat and oil prices

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Speaker 2: this morning beginning to gain three tenths of one percent

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Speaker 2: half of breakthrough futures. So those are the markets now

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Speaker 2: at a moment. We are going to give you more

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Speaker 2: details on the latest when it comes to the evolving

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Speaker 2: Ukraine peace plan. Plus, after some lean years, Canary Wolf

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Speaker 2: is making a comeback here in London. But there's always

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Speaker 2: another story that gets my attention in the mornings. Are

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Speaker 2: you breathing deeply and well? Bloomberg Tiffany App has been

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Speaker 2: writing about how breath work has become the new meditation.

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Speaker 2: The idea of doing a class or something that we

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Speaker 2: do subconsciously may be a bit absurd, but with her

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Speaker 2: description of all the various techniques of controlling breathing to

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Speaker 2: calm your nervous system, perhaps it sounds a bit more appealing.

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Speaker 2: She has tried, I tell you so many different techniques,

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Speaker 2: including alternate nostril breathing, ujaya breathing which sort of mimics

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Speaker 2: the sound of ocean waves, and even hyperventilation which is

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Speaker 2: called holotropic breathing, which she said wasn't very pleasant, but

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Speaker 2: it's all part of the wellness industry that is booming.

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Speaker 2: I mean, the figures are staggering. Apparently it's going to

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Speaker 2: be worth nearly nine trillion dollars by twenty twenty eight.

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Speaker 2: The beauty of breath work, she says, is that within

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Speaker 2: a few breaths, you can alter your physiological state. So

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Speaker 2: perhaps this is the moment to take some deep breath now,

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Speaker 2: And as Tiffany says, you're not just thinking about relaxation,

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Speaker 2: you are commanding your body to shift into it. Maybe

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Speaker 2: you all need a bit of that. I'm going to

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Speaker 2: put a link to the story about breath work and

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Speaker 2: how important that is in our show notes for you.

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Speaker 2: Now to the negotiations over Ukraine, which continued on Sunday

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Speaker 2: in Geneva. The deadline for a deal seems more fluid

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Speaker 2: after comments from the US sector of Saint Marco Rubio,

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Speaker 2: but the basis for talks was a controversial twenty eight

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Speaker 2: point proposal that was agreed by the US and Russia

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Speaker 2: in secret talks. Joining US now as Bloomberg's Russia Economy

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Speaker 2: and Government editor Greg Sullivan, Greg good morning. What is

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Speaker 2: exactly in this deal and who is out in the

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Speaker 2: negotiating table after the latest round of talks in Switzerland.

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Speaker 7: Well, as you said, a lot of this is fluid.

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Speaker 7: In Geneva, for instance, we had Ukraine, which was represented

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Speaker 7: by andre Yermak, He's Zelenski President, Vladimir Zelenski's powerful chief

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Speaker 7: of staff, and at the US was also there represented

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Speaker 7: by Secretary of Saint Marco Rubio, along with Army Secretary

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Speaker 7: Dan Driscoll and Special Envoy Steve Witkoff. Now, apparently out

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Speaker 7: of this Geneva talks came an updated and refined framework

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Speaker 7: document that supposedly reconciles positions in that original twenty eight

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Speaker 7: point proposal that you mentioned. Now, that proposal to end

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Speaker 7: the war was suddenly came up by Trump and he

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Speaker 7: has since been pressuring Ukraine to accept it. What we

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Speaker 7: know is that Russia can ttributed heavily to that plan,

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Speaker 7: and under Ukraine would have to withdraw troops from the

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Speaker 7: eastern parts of the Dundas that are currently controls and

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Speaker 7: that Russia has failed to occupy. We know that that

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Speaker 7: area would ostensibly become a neutral, demilitarized buffer zone recognized

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Speaker 7: as Russian. But there's other things too in that proposal,

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Speaker 7: such as there would be curbs on the size of

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Speaker 7: Ukraine's military and a prohibition of Ukraine ever joining NATO.

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Speaker 7: The remainder of the front line would be effectively frozen

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Speaker 7: under that proposal, and parts that Moscow does control would

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Speaker 7: effectively get recognition. They would, for instance, ay earlier illegally

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Speaker 7: annexed crime and LUNs, those would get recognition. So these

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Speaker 7: are very favorable terms to Russia. So Ukraine has been

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Speaker 7: pushing to get this Geneva talks, to get their own

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Speaker 7: points in front of the White House, and Rubio again

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Speaker 7: coming out of Geneva, described it as very productive. And

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Speaker 7: it does appear that there is some loosening of that

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Speaker 7: deadline which buys Ukraine a little bit of time.

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Speaker 2: Okay, so a little bit more time maybe for further talks.

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Speaker 2: As you say, I mean, European allies have been pushing

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Speaker 2: back and did seem to be taken by surprise by

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Speaker 2: the blueprint that emerged. What is Europe doing then to

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Speaker 2: try to support Ukraine? I mean, the war has been

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Speaker 2: going on a long time and they did seem to

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Speaker 2: be blindsided by this peace proposal.

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Speaker 7: Well, Funny enough, it wasn't just Europe that was blindsided.

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Speaker 7: We know that Whitcraff actually negotiated this plan with Creole

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Speaker 7: Dimetria of an envoy for President Putin, and actually Rubia

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Speaker 7: wasn't even fully looked until late and Trump found about

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Speaker 7: it later, though he blessed it once he was briefed.

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Speaker 7: As for Europe, throughout the entire Trump term, they've been

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Speaker 7: trying to get a seat at the table. They backed Ukraine,

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Speaker 7: they see Ukraine's security is tied up with their own,

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Speaker 7: and they've been trying to get a seat at the table.

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Speaker 2: Now.

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Speaker 7: They obviously were not involved in this twenty eight point plan.

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Speaker 7: It's actually unclear if the Americans even want to see

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Speaker 7: Europeans together with the Ukrainians. But they've been trying to

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Speaker 7: work with you Crane to draft a counter proposal to

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Speaker 7: push back on some of the terms that are less

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Speaker 7: favorable to Ukraine. They've been trying to buy Ukraine more time,

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Speaker 7: and they've also been bringing up the idea of a

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Speaker 7: security agreement for Ukraine. That's something that is very vague

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Speaker 7: in the original twenty eight point proposal and something that

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Speaker 7: Ukraine is hammered on. They need a security guarantee to

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Speaker 7: make sure that Russia just doesn't reignite conflict later on

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Speaker 7: down the road. So that's a bit of what Europe

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Speaker 7: has been trying to do.

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Speaker 2: So then also what does it mean for Russia, Is

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Speaker 2: this in some way US appeasement of Putin?

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Speaker 7: Well, if the twenty eight point proposal certainly does deliver

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Speaker 7: much what Russia wants and actually largely what it hasn't

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Speaker 7: been able to get through force, that makes the Geneva

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Speaker 7: meeting very important for Ukraine because they see this document

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Speaker 7: that Russia had a lot of input into that does

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Speaker 7: deliver a lot of what Russia wants, and they have

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Speaker 7: to push back on this and get their own points

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Speaker 7: in consideration for the White House. So it does look

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Speaker 7: like that Geneva meeting was somewhat successful for Ukraine, potentially

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Speaker 7: loosening that dead line. Ukraine has been pretty consistent that

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Speaker 7: it won't sacrifice it's on sovereignty, but you know, nonetheless

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Speaker 7: seating territory that it still controls and provisions like the

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Speaker 7: reduction on the size of its military that doesn't bode

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Speaker 7: well for Ukraine's future security.

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Speaker 2: Okay, Greg, thank you so much for being with me

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Speaker 2: this morning. That is Boomberg's Russia Economy and Government editor

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Speaker 2: Greg Sullivan. Thank you, stay with us. More from Bloomberg

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Speaker 2: DAYBAQUB coming up after this. Now I want to turn

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Speaker 2: to something here in the UK. Canary Wolf seems to

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Speaker 2: be making a comeback five years after being battered by

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Speaker 2: COVID nineteen and the rise of homeworking. The East London

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Speaker 2: financial hub is seeing more bankers trek to the office

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Speaker 2: and even weekend visitors joining us. Now at Bloomberg's EMEA

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Speaker 2: Equities reporter Isabella Ward, good morning. Canary Wolf looked in

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Speaker 2: real danger, didn't it. Why are things brighter now?

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Speaker 4: Yes?

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Speaker 2: Good morning.

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Speaker 8: So I've been looking at Transport for London data on

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Speaker 8: the number of commuters by rail and by tube, and

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Speaker 8: it turns out that in Canary Wharf the number of

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Speaker 8: visitors has finally exceeded pre pandemic levels. Of course, not

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Speaker 8: just in Canary Wolf, across all of London. They fell

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Speaker 8: off completely during lockdown and then they never really recovered

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Speaker 8: as this new era of working from home was ushered

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Speaker 8: in and in fact in the city in the West End,

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Speaker 8: they certainly haven't recovered yet. So Canary Wharf is certainly

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Speaker 8: a bright spot. We think a big reason for that

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Speaker 8: is because it's London's financial district, and really it's the

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Speaker 8: banks that have been leading the return to office movement.

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Speaker 8: You know, notably JP Morgan mandated earlier this year that

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Speaker 8: it's staff have to be back in five days a week.

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Speaker 8: They've got a massive footprint on that estate and so

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Speaker 8: that's certainly been part of the boost we've seen.

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Speaker 2: The surprise is also that as you say Canary Wharf,

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Speaker 2: it's all the tall gleaming towers. It's the financial district,

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Speaker 2: but they are getting a slice of the leisure tourists

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Speaker 2: and the leisure visitor.

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Speaker 4: Yeah.

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Speaker 8: I mean this was part of the estate's strategy to

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Speaker 8: bring back visitor, to bring people who you know, not

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Speaker 8: just bankers, to make it more attractive for all types

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Speaker 8: of person. So as well as you know, a large

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Speaker 8: roster of bars and cafes, they've also been focusing on

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Speaker 8: other leisure activities. So I went down and people were

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Speaker 8: pointing me to like the Hungry Games on stage has

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Speaker 8: just opened, and you know, there's go karting and kids

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Speaker 8: play areas, and there was the open water swimming in

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Speaker 8: the summer, and actually the number of weekend visitors has

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Speaker 8: is fifty percent higher than it was pre pandemic, so

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Speaker 8: it certainly seems to be working.

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Speaker 2: Yeah, well, you can get there more quickly because of

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Speaker 2: the Elizabeth line, now, can't you? Just lastly and briefly

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Speaker 2: on the financials for the Canary Wharf Route, which is

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Speaker 2: the landlord that's mostly in charge of the estate. They're

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Speaker 2: in by Brookfield and Kiltar, So.

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Speaker 8: This will be quite a relief for them. They've been

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Speaker 8: hit by low demand, higher borrowing costs, They losing some

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Speaker 8: of their largest tenants like HSBC. They did get fresh

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Speaker 8: equity from Brookfield and Katar to fund this turnaround, so

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Speaker 8: the signs that it's working will certainly be a relief.

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Speaker 1: This is Bloomberg Daybreak Europe, your morning brief on the

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