1 00:00:02,520 --> 00:00:07,000 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:09,400 --> 00:00:11,680 Speaker 2: This is the Bloomberg Daybak, you're at podcast. Good morning. 3 00:00:11,720 --> 00:00:14,400 Speaker 3: It's Tuesday, the seventeenth of February. I'm Caroline Hpkitt in 4 00:00:14,400 --> 00:00:15,280 Speaker 3: London and. 5 00:00:15,200 --> 00:00:18,880 Speaker 1: I'm Stephen Carolin Brussels. Coming up today, American and Uranian 6 00:00:18,920 --> 00:00:22,759 Speaker 1: negotiators meet as Donald Trump warns of consequences if Tehran 7 00:00:22,920 --> 00:00:23,920 Speaker 1: doesn't make a deal. 8 00:00:24,440 --> 00:00:27,680 Speaker 3: Geneva also plays host to another round of talks between 9 00:00:27,800 --> 00:00:31,319 Speaker 3: Ukraine and Russia, with little hope of progress towards the 10 00:00:31,440 --> 00:00:34,000 Speaker 3: US deadline for a peace deal by June. 11 00:00:34,520 --> 00:00:37,839 Speaker 1: Plus the era of AI powered weapons, Bloomberg learns that 12 00:00:37,920 --> 00:00:42,199 Speaker 1: SpaceX and Xai are competing for a Pentagon contract for 13 00:00:42,320 --> 00:00:44,000 Speaker 1: autonomous drone technology. 14 00:00:44,320 --> 00:00:46,360 Speaker 2: Let's start with the roundup of our top stories. 15 00:00:46,680 --> 00:00:49,839 Speaker 1: Two high profile sets of negotiations are taking place in 16 00:00:49,880 --> 00:00:53,120 Speaker 1: Geneva today. The US and Iran are holding a second 17 00:00:53,200 --> 00:00:56,480 Speaker 1: round of nuclear talks. US Secretary of State Marco Rubio 18 00:00:56,520 --> 00:00:59,760 Speaker 1: says he's hopeful Tehran and Washington and broker in agreement 19 00:01:00,080 --> 00:01:02,720 Speaker 1: on Air Force one. President Trump says he'll be following 20 00:01:02,760 --> 00:01:05,080 Speaker 1: the talks with Iran, so. 21 00:01:04,920 --> 00:01:08,559 Speaker 4: I'll be involved in those talks indirectly. 22 00:01:09,280 --> 00:01:11,480 Speaker 2: And they'll be very important and we'll see what can happen. 23 00:01:11,920 --> 00:01:15,160 Speaker 4: Spec Typically runs are very dough negotiating. I think they 24 00:01:15,240 --> 00:01:18,399 Speaker 4: want to make a deal. I don't think they want 25 00:01:18,480 --> 00:01:20,800 Speaker 4: the consequences of not making a deal. They want to 26 00:01:20,800 --> 00:01:21,240 Speaker 4: make a deal. 27 00:01:22,040 --> 00:01:24,679 Speaker 1: President Trump has threatened to strike the Islamic Republic unless 28 00:01:24,760 --> 00:01:27,560 Speaker 1: it agrees to a deal curbing its nuclear program, and 29 00:01:27,640 --> 00:01:30,720 Speaker 1: has moved forces to the region. Tehran has begun conducting 30 00:01:30,760 --> 00:01:33,360 Speaker 1: military drills around the Strait of Horrmuz. According to the 31 00:01:33,520 --> 00:01:37,880 Speaker 1: Tasnim news agency, Iran's foreign minister Abbas Are actually held 32 00:01:37,959 --> 00:01:40,760 Speaker 1: talks with the head of the UN's Atomic watchdog on Monday, 33 00:01:41,319 --> 00:01:45,640 Speaker 1: but facing pressure, he said in a social media post 34 00:01:45,840 --> 00:01:48,760 Speaker 1: there would be no submission before threats. 35 00:01:49,920 --> 00:01:52,880 Speaker 3: Expectations are low for any breakthrough on discussions to end 36 00:01:52,920 --> 00:01:57,120 Speaker 3: the war in Ukraine. In Geneva, Western officials and analysts 37 00:01:57,160 --> 00:01:59,680 Speaker 3: say that President Vladimir Putin believes time is on his 38 00:01:59,760 --> 00:02:03,200 Speaker 3: side guide and support for Ukraine will peter out. The 39 00:02:03,360 --> 00:02:07,240 Speaker 3: spokesperson for President Putin, Dmitry Peskov, says that Russia is 40 00:02:07,360 --> 00:02:08,840 Speaker 3: taking the talk seriously. 41 00:02:11,639 --> 00:02:14,160 Speaker 5: This time, we intend to discuss a broader range of 42 00:02:14,280 --> 00:02:17,440 Speaker 5: issues related to the territories and other matters connected to 43 00:02:17,520 --> 00:02:21,120 Speaker 5: our demands. The presence of the chief negotiator, that is Medinski, 44 00:02:21,360 --> 00:02:24,560 Speaker 5: is now essential. Indeed, the delegation will now be expanded 45 00:02:24,600 --> 00:02:28,399 Speaker 5: this time. In addition to Medinski, Deputy Foreign Minister Galuzen 46 00:02:28,480 --> 00:02:29,880 Speaker 5: and other officials will be there. 47 00:02:33,520 --> 00:02:39,079 Speaker 3: Media Dmitry Peskov there speaking via a translator. Russia has 48 00:02:39,120 --> 00:02:43,079 Speaker 3: for months repeatedly struck Ukrainian cities, leaving hundreds of thousands 49 00:02:43,120 --> 00:02:45,639 Speaker 3: of people without power, in a bid to bring the 50 00:02:45,680 --> 00:02:49,480 Speaker 3: country to its knees, but Bloomberg analysis suggests that the 51 00:02:49,560 --> 00:02:53,840 Speaker 3: war's human and economic cost to Russia is stark. Both 52 00:02:53,960 --> 00:02:56,959 Speaker 3: sides say that any potential progress today would need to 53 00:02:57,000 --> 00:03:00,760 Speaker 3: be agreed by their leaders before it was accepted. 54 00:03:02,080 --> 00:03:05,520 Speaker 1: In earnings needs this morning, Phb's bumper copper profits are 55 00:03:05,520 --> 00:03:08,800 Speaker 1: accelerating a shift away from iron ore. The minor posted 56 00:03:08,919 --> 00:03:12,280 Speaker 1: earnings close to the upper end of analyst expectations after 57 00:03:12,360 --> 00:03:15,640 Speaker 1: a year's long effort to shore up copper production. According 58 00:03:15,680 --> 00:03:19,000 Speaker 1: to the firm's CFO Vandita Pant BHP is set to 59 00:03:19,080 --> 00:03:22,960 Speaker 1: boost its offering of the red metal even further for. 60 00:03:23,040 --> 00:03:26,799 Speaker 6: The first time, fifty percent more than just about fifty 61 00:03:26,840 --> 00:03:32,839 Speaker 6: percent of our earnings EBITDA came from copper and performance 62 00:03:33,080 --> 00:03:36,880 Speaker 6: across our essets has been very good, to take example 63 00:03:36,920 --> 00:03:40,680 Speaker 6: of Escondida, which is our largest mine that we run 64 00:03:40,800 --> 00:03:44,760 Speaker 6: in Chile. We are revising the guidance up for this 65 00:03:45,000 --> 00:03:46,440 Speaker 6: year and next year. 66 00:03:48,200 --> 00:03:51,480 Speaker 1: BHP's Vandeta Pant, speaking there after the latest earnings announcement. 67 00:03:51,560 --> 00:03:53,960 Speaker 1: Following the news, BHP shares jumped by as much as 68 00:03:54,040 --> 00:03:56,720 Speaker 1: seven point six percent in Sydney to hit a record, 69 00:03:57,040 --> 00:03:58,840 Speaker 1: their biggest gain in over ten months. 70 00:04:00,000 --> 00:04:04,000 Speaker 3: Bloomag has learned that Elon Musk's SpaceX is competing in 71 00:04:04,120 --> 00:04:08,720 Speaker 3: a US military contest to produce autonomous drones. The company 72 00:04:08,840 --> 00:04:12,280 Speaker 3: and its subsidiary Xai hoping to break into the weapons 73 00:04:12,360 --> 00:04:16,600 Speaker 3: sector by winning a secretive one hundred million dollar contest 74 00:04:16,720 --> 00:04:21,240 Speaker 3: to build voice activated drones. The news comes as Anthropics 75 00:04:21,360 --> 00:04:24,760 Speaker 3: talks about extending a contract with the Pentagon are being 76 00:04:24,880 --> 00:04:27,960 Speaker 3: held up. Bloomberg under sounds the company wants guard rails 77 00:04:28,000 --> 00:04:31,840 Speaker 3: that prevent Claude from being used to develop weapons or 78 00:04:32,000 --> 00:04:36,480 Speaker 3: spy on Americans. US Secretary of State Marco Rubio has 79 00:04:36,600 --> 00:04:40,240 Speaker 3: praised Hungarian Prime Minister Victor all banduring a visit to 80 00:04:40,279 --> 00:04:43,320 Speaker 3: Budapest the US is doubling down on its support for 81 00:04:43,400 --> 00:04:47,160 Speaker 3: the populist leader as the country prepares for elections next month. 82 00:04:47,480 --> 00:04:50,560 Speaker 3: Speaking in Budapest, Rubio said that President Trump would provide 83 00:04:50,600 --> 00:04:54,240 Speaker 3: assistance to Hungary if it ever ran into financial trouble. 84 00:04:54,440 --> 00:04:56,839 Speaker 3: He said the two countries are entering a golden era 85 00:04:56,960 --> 00:04:58,360 Speaker 3: of relations. 86 00:04:59,200 --> 00:05:02,719 Speaker 7: I can say to you a confidence that President Trump 87 00:05:02,960 --> 00:05:05,400 Speaker 7: is deeply committed to your success, because your success is 88 00:05:05,400 --> 00:05:09,000 Speaker 7: our success, because this relationship we have here in Central 89 00:05:09,040 --> 00:05:11,680 Speaker 7: Europe through you, is so central and vital for our 90 00:05:11,760 --> 00:05:13,800 Speaker 7: national interests in the years to come. 91 00:05:14,760 --> 00:05:18,040 Speaker 3: Marco Rubia, speaking there after, President Trump gave his personal 92 00:05:18,240 --> 00:05:22,040 Speaker 3: endorsement of Auban this month, despite the Prime Minister's party 93 00:05:22,160 --> 00:05:24,360 Speaker 3: trailing in opinion polls in Hungary. 94 00:05:25,520 --> 00:05:28,560 Speaker 1: The executive chairman of Hyatt Hotels, Tom Pritzker, said he's 95 00:05:28,640 --> 00:05:31,359 Speaker 1: retiring from his position at the company and won't stand 96 00:05:31,440 --> 00:05:34,880 Speaker 1: for re election to its board. Pritzker cited an association 97 00:05:35,000 --> 00:05:38,920 Speaker 1: with the disgraced financier Jeffrey Epstein and his partner Gallaine Maxwell. 98 00:05:39,320 --> 00:05:42,640 Speaker 1: In a statement, he said he quote exercised terrible judgment 99 00:05:42,720 --> 00:05:45,760 Speaker 1: in maintaining contact with them and feels deep sorrow for 100 00:05:45,839 --> 00:05:48,960 Speaker 1: the pain they inflicted on their victims. I named its 101 00:05:49,040 --> 00:05:53,840 Speaker 1: president and CEO, Mark Hopplerdmasian to succeed Pritzker as chairman, 102 00:05:54,040 --> 00:05:55,120 Speaker 1: effective immediately. 103 00:05:56,000 --> 00:05:58,279 Speaker 3: And those are our top stories for you this morning. 104 00:05:58,480 --> 00:06:02,039 Speaker 3: Looking at the market as that futures this morning are 105 00:06:02,080 --> 00:06:04,320 Speaker 3: currently down by eight tenths of one percent. The US 106 00:06:04,480 --> 00:06:07,800 Speaker 3: is back from the President's Day holiday yesterday. Asian stocks 107 00:06:07,920 --> 00:06:10,200 Speaker 3: very thin trading there because of the Lunar New Year holiday, 108 00:06:10,240 --> 00:06:12,880 Speaker 3: but the MCI Edge Pacific indexes down a tenth of 109 00:06:13,000 --> 00:06:17,760 Speaker 3: one percent. The ai AT concerns have hit India's technology 110 00:06:17,839 --> 00:06:22,960 Speaker 3: services industry. They also cause DASSO Systems and Asieman's shares 111 00:06:23,080 --> 00:06:27,880 Speaker 3: to edge lower yesterday, and European trading treasuries edging high 112 00:06:28,040 --> 00:06:31,400 Speaker 3: yield sliding two and a half basis points. Oil prices 113 00:06:31,480 --> 00:06:36,040 Speaker 3: Brent crude steady with those US Iran talks and the 114 00:06:36,120 --> 00:06:39,280 Speaker 3: kind of concerns around geopolitics, Brent crude actually down six 115 00:06:39,360 --> 00:06:42,160 Speaker 3: cents of one sixty eight dollars twenty four the battle. 116 00:06:42,200 --> 00:06:44,040 Speaker 2: We do have a lot of data out today. 117 00:06:44,400 --> 00:06:49,800 Speaker 3: You've got German a CPI, the ZDW economic survey as 118 00:06:49,880 --> 00:06:51,799 Speaker 3: well as UK jobs data today. 119 00:06:51,880 --> 00:06:54,720 Speaker 1: So those are the markets well in a moment, we'll 120 00:06:54,720 --> 00:06:57,360 Speaker 1: bring you more on the flurry of diplomatic activity happening 121 00:06:57,440 --> 00:07:00,560 Speaker 1: in Geneva today, looking at both Iran but also the 122 00:07:00,680 --> 00:07:04,040 Speaker 1: war Russia's war in Ukraine as well. But before we 123 00:07:04,160 --> 00:07:05,840 Speaker 1: get to that, I want to mention another story that 124 00:07:05,880 --> 00:07:09,000 Speaker 1: we've been reading this morning, a reflection on how much 125 00:07:09,040 --> 00:07:11,520 Speaker 1: the world has changed since the era of Lean In 126 00:07:11,800 --> 00:07:15,480 Speaker 1: and Girl Boss. Alice Rob's been writing about the new 127 00:07:15,520 --> 00:07:17,600 Speaker 1: wave of books by women about their relationship with work 128 00:07:17,680 --> 00:07:20,400 Speaker 1: and how they're focusing on the pleasures of giving up 129 00:07:20,720 --> 00:07:23,560 Speaker 1: the likes of a year of nothing. Life after Ambition 130 00:07:23,760 --> 00:07:27,280 Speaker 1: an Exit Interview look at the excesses of hustle culture 131 00:07:27,320 --> 00:07:30,640 Speaker 1: that were epitomized by Charles Sandberg's Manual, which sold millions 132 00:07:30,640 --> 00:07:34,160 Speaker 1: of copies in the twenty tens. The newer volumes are 133 00:07:34,200 --> 00:07:37,400 Speaker 1: focused on a more harsher reality, dealing with workplace sexism, 134 00:07:37,520 --> 00:07:42,000 Speaker 1: balancing pregnancy and motherhood with demanding jobs, and Alice writes 135 00:07:42,080 --> 00:07:44,240 Speaker 1: that this is something there is something to celebrate in 136 00:07:44,280 --> 00:07:47,040 Speaker 1: a reevaluation of ambition, but warns against a kind of 137 00:07:47,080 --> 00:07:50,640 Speaker 1: what she describes as regressive defeatism, that the noxious message 138 00:07:50,640 --> 00:07:54,440 Speaker 1: that hardworking women are suckers or dupes. This of course 139 00:07:54,480 --> 00:07:57,720 Speaker 1: particularly concerning given the data that's showing women are pulling 140 00:07:57,760 --> 00:08:00,760 Speaker 1: back from professional ambitions, the gender wage app as widening 141 00:08:00,800 --> 00:08:03,240 Speaker 1: in the US, and that more American women are leaving 142 00:08:03,240 --> 00:08:03,800 Speaker 1: the workforce. 143 00:08:04,440 --> 00:08:04,640 Speaker 8: Yeah. 144 00:08:05,480 --> 00:08:08,400 Speaker 3: Look, this really speaks to me, this story, because Sandberg's 145 00:08:08,440 --> 00:08:10,360 Speaker 3: book came out when I was in the US, and 146 00:08:10,480 --> 00:08:13,640 Speaker 3: I just remember the frenzy around that book. She was 147 00:08:13,720 --> 00:08:17,080 Speaker 3: a leading woman saying to women, the sky is the 148 00:08:17,160 --> 00:08:20,360 Speaker 3: limit for your ambitions. And frankly, it was then and 149 00:08:20,400 --> 00:08:24,000 Speaker 3: perhaps still is now a threatening idea to many, and 150 00:08:24,200 --> 00:08:27,080 Speaker 3: so the criticism at the time was that Sandberg was 151 00:08:27,120 --> 00:08:30,560 Speaker 3: sort of blind to the systemic issues that her own 152 00:08:30,680 --> 00:08:34,559 Speaker 3: readers were facing. Now, Stephen, it feels like the pendulum 153 00:08:34,720 --> 00:08:38,520 Speaker 3: is surely swinging very far in the opposite direction. Women 154 00:08:38,640 --> 00:08:42,760 Speaker 3: sadly but increasingly doubt that they can get promoted at work, 155 00:08:42,840 --> 00:08:46,760 Speaker 3: and somehow sort of child rearing is the solution. I mean, frankly, 156 00:08:46,840 --> 00:08:50,080 Speaker 3: people should have more choices around, not fewer. 157 00:08:50,640 --> 00:08:52,679 Speaker 1: Yeah, I mean. The really as part of that stuck 158 00:08:52,720 --> 00:08:55,320 Speaker 1: with me is from this piece that Alice writes, irop 159 00:08:55,480 --> 00:08:59,319 Speaker 1: the exception of twenty thirteen to twenty twenty. Hopefully the 160 00:08:59,360 --> 00:09:01,720 Speaker 1: future isn't as bleak as that, but it's a very 161 00:09:01,720 --> 00:09:04,720 Speaker 1: interesting reflection on how I suppose that books are being 162 00:09:04,720 --> 00:09:07,599 Speaker 1: written about this, which gives an indication of where the 163 00:09:07,679 --> 00:09:10,839 Speaker 1: conversation is around it, but certainly a stark difference to 164 00:09:10,880 --> 00:09:12,600 Speaker 1: where things were even ten years ago. 165 00:09:14,320 --> 00:09:18,160 Speaker 3: Right, Let's think about the geopolitics then. Today we've got 166 00:09:18,320 --> 00:09:22,240 Speaker 3: two rounds of key talks taking place in Geneva, firstly 167 00:09:22,320 --> 00:09:25,920 Speaker 3: between Iran and the US, and secondly the latest round 168 00:09:25,960 --> 00:09:29,160 Speaker 3: of peace talks between Russia and Ukraine, also broken by 169 00:09:29,200 --> 00:09:31,760 Speaker 3: the United States. The US President says that he thinks 170 00:09:31,840 --> 00:09:34,559 Speaker 3: that Iran wants to make a deal. Let's bring in 171 00:09:34,600 --> 00:09:38,840 Speaker 3: our midleas Boking News editor Patrick Sykes for more on this, Patrick, 172 00:09:38,880 --> 00:09:41,319 Speaker 3: how much pressure is Iran under then to come to 173 00:09:41,400 --> 00:09:45,160 Speaker 3: an agreement with the US, given the American military build 174 00:09:45,240 --> 00:09:47,480 Speaker 3: up in the region, the threat of our air strikes, 175 00:09:47,559 --> 00:09:49,480 Speaker 3: but then Iran also moving on its part. 176 00:09:50,840 --> 00:09:54,559 Speaker 8: Yeah, absolutely, that military builder, the first aircraft carrier that 177 00:09:54,640 --> 00:09:57,600 Speaker 8: we know is already in the region, and the second 178 00:09:57,679 --> 00:10:00,559 Speaker 8: one that we'd understand is on the way as of 179 00:10:00,600 --> 00:10:03,240 Speaker 8: a couple of days ago. That is the main stick 180 00:10:03,480 --> 00:10:07,880 Speaker 8: as of now in the US's hand, and the Ranians 181 00:10:07,960 --> 00:10:12,000 Speaker 8: will remember only a few months back in June, in 182 00:10:12,080 --> 00:10:14,520 Speaker 8: the middle of the last time the two sides map 183 00:10:14,640 --> 00:10:20,160 Speaker 8: for negotiations before this current round, that those talks were 184 00:10:20,280 --> 00:10:23,720 Speaker 8: interrupted by Israel striking and then the US ultimately joining. 185 00:10:23,840 --> 00:10:26,040 Speaker 9: So they don't think it's a bluff. 186 00:10:27,080 --> 00:10:29,200 Speaker 8: But at the same time, they have seen in recent 187 00:10:29,280 --> 00:10:34,480 Speaker 8: weeks Trump break his promised to intervene in Iran if 188 00:10:34,679 --> 00:10:38,559 Speaker 8: Iran killed protesters, So they may also be calculating that 189 00:10:39,120 --> 00:10:41,839 Speaker 8: Trump isn't that willing to use that force, or is 190 00:10:41,880 --> 00:10:45,319 Speaker 8: perhaps looking to use it in a more measured way. 191 00:10:46,080 --> 00:10:48,080 Speaker 8: I think that'll also be part of the calculus. 192 00:10:48,160 --> 00:10:48,960 Speaker 9: And terran. 193 00:10:50,440 --> 00:10:54,480 Speaker 1: What about the question around the nuclear issues and where 194 00:10:55,120 --> 00:10:59,160 Speaker 1: compromises could be found between the US and Uranian positions. 195 00:11:00,400 --> 00:11:04,679 Speaker 8: Yeah, there are some quantitative sides to the program that 196 00:11:05,320 --> 00:11:08,679 Speaker 8: hopefully we could see some movement on. One is the 197 00:11:08,760 --> 00:11:12,400 Speaker 8: kind of level to which Iran and riches, you know, 198 00:11:12,600 --> 00:11:16,160 Speaker 8: plus sixty percent enrichment we've seen, which most say that 199 00:11:16,280 --> 00:11:20,160 Speaker 8: it's just unnecessary for a peaceful nuclear program. You've got 200 00:11:20,200 --> 00:11:22,839 Speaker 8: things like the number of centrifuges, although we know that 201 00:11:22,960 --> 00:11:25,920 Speaker 8: a lot of that equipment was damaged in that June war, 202 00:11:26,559 --> 00:11:30,160 Speaker 8: and then the other big unknown is the location, the 203 00:11:30,240 --> 00:11:35,160 Speaker 8: exact whereabouts and the status of this stockpile Iran has 204 00:11:35,640 --> 00:11:40,160 Speaker 8: of highly enriched uranium. Perhaps we could see that that 205 00:11:40,440 --> 00:11:45,599 Speaker 8: taken abroad temporarily permanently. It remains to be seen. Some 206 00:11:45,840 --> 00:11:49,240 Speaker 8: compromise on that might be a way forward. But Iran 207 00:11:49,440 --> 00:11:52,839 Speaker 8: is insisting for now that they're only talking about the 208 00:11:52,920 --> 00:11:57,599 Speaker 8: nuclear issue, and I think a big test of the 209 00:11:57,679 --> 00:11:59,960 Speaker 8: staying power of these talks will be does it remain 210 00:12:00,240 --> 00:12:02,480 Speaker 8: so or does it broaden out? 211 00:12:03,320 --> 00:12:08,560 Speaker 3: Yeah? Indeed, Meanwhile, Israel also wants limits put on Iran's 212 00:12:08,640 --> 00:12:12,080 Speaker 3: ballistic missiles. We know the recent meetings, and there are 213 00:12:12,120 --> 00:12:15,959 Speaker 3: frequent meetings between Israel's leadership and the US. Do you 214 00:12:16,040 --> 00:12:18,800 Speaker 3: think that that is likely that Israel's view will be 215 00:12:19,160 --> 00:12:20,520 Speaker 3: taken into account by the US. 216 00:12:21,600 --> 00:12:23,440 Speaker 9: Yeah. From Israel's perspective, it makes sense. 217 00:12:23,559 --> 00:12:26,880 Speaker 8: Right, that is the main threat, and they've been targeted 218 00:12:26,960 --> 00:12:31,480 Speaker 8: by those missiles most recently in that June war. And 219 00:12:31,559 --> 00:12:33,439 Speaker 8: there's also a big question mark about you know, how 220 00:12:33,600 --> 00:12:36,600 Speaker 8: ready they would be for another round of that kind 221 00:12:36,640 --> 00:12:40,960 Speaker 8: of conflict, because it depends on the number of interceptors 222 00:12:41,040 --> 00:12:42,920 Speaker 8: that they have and so on, about which we don't 223 00:12:42,960 --> 00:12:46,960 Speaker 8: have clear data for Iran that is a real red line. 224 00:12:47,080 --> 00:12:50,319 Speaker 8: This is a mentality that goes back to the war 225 00:12:50,400 --> 00:12:55,120 Speaker 8: with Iraq in the eighties where many countries were arming. 226 00:12:54,960 --> 00:12:57,080 Speaker 9: A RAQ against Iran, and ever. 227 00:12:57,040 --> 00:13:02,439 Speaker 8: Since then they've really invested heavily in this domestic missile program. Therefore, 228 00:13:02,640 --> 00:13:05,200 Speaker 8: if we were to see any movement on that, which 229 00:13:05,240 --> 00:13:06,760 Speaker 8: we haven't yet, but if we were to see any 230 00:13:06,760 --> 00:13:09,040 Speaker 8: movement from Iran on that, that would be a sign 231 00:13:09,080 --> 00:13:12,120 Speaker 8: of a big concession I think, and the US will 232 00:13:12,160 --> 00:13:12,800 Speaker 8: be seizing on that. 233 00:13:13,280 --> 00:13:15,360 Speaker 1: All right, Patrick, thanks very much for joining us. Patrick 234 00:13:15,400 --> 00:13:19,240 Speaker 1: Sikes there, our Middle East breaking news editor. Stay with us. 235 00:13:19,400 --> 00:13:22,160 Speaker 1: More from Bloomberg Daybreak Europe coming up after this. 236 00:13:24,080 --> 00:13:27,679 Speaker 3: Well, also in Geneva today, the US broken peace negotiations 237 00:13:27,720 --> 00:13:31,520 Speaker 3: between Russia and Ukraine. Bloomberg's Tony Haupin, who leads our 238 00:13:31,559 --> 00:13:34,480 Speaker 3: team covering Russia, joins us now for more. Tony, the 239 00:13:34,760 --> 00:13:38,400 Speaker 3: Russia Ukraine talks are happening as we're approaching four years 240 00:13:38,440 --> 00:13:41,079 Speaker 3: since the start of Moscow's full scale invasion. 241 00:13:41,320 --> 00:13:43,200 Speaker 2: Are there any hopes for progress? 242 00:13:45,120 --> 00:13:48,400 Speaker 4: Good morning, Well, this is the third round of trilateral talks. 243 00:13:48,440 --> 00:13:52,240 Speaker 4: There were two in Abi Dhabi, which focused largely on 244 00:13:52,600 --> 00:13:56,319 Speaker 4: technical military details of any potential ceasefire, but we're told 245 00:13:56,360 --> 00:13:59,120 Speaker 4: that today's talks, which will grow over two days, are 246 00:13:59,160 --> 00:14:03,199 Speaker 4: focused more on broader issues, including the question of territory, 247 00:14:03,240 --> 00:14:07,480 Speaker 4: which remains the hardest one to resolve. Russia is pushing 248 00:14:07,559 --> 00:14:11,960 Speaker 4: hard for Ukraine to surrender territory that Moscow has never occupied, 249 00:14:12,240 --> 00:14:14,760 Speaker 4: and Ukraine is resisting that, saying it needs to have 250 00:14:14,920 --> 00:14:17,920 Speaker 4: that territory as a safegarden of defense for the country 251 00:14:18,320 --> 00:14:22,000 Speaker 4: and that it's its own territory to begin with, and 252 00:14:22,120 --> 00:14:25,000 Speaker 4: Russia has no demands on it. US is trying to 253 00:14:25,120 --> 00:14:28,080 Speaker 4: mediate some kind of resolution there, but so far haven't 254 00:14:28,120 --> 00:14:29,720 Speaker 4: come up with the form of words that will satisfy 255 00:14:29,800 --> 00:14:30,280 Speaker 4: either side. 256 00:14:31,440 --> 00:14:33,640 Speaker 1: Does the US have much leverage to put pressure on 257 00:14:33,720 --> 00:14:35,800 Speaker 1: either side to meet that June deadline? 258 00:14:37,480 --> 00:14:40,000 Speaker 4: Yes, I mean this is a deadline effectively set by 259 00:14:40,040 --> 00:14:44,280 Speaker 4: the US, something neither Ukraine nor Russia has signed up 260 00:14:44,320 --> 00:14:46,840 Speaker 4: to it, though of course Ukraine in particular has said 261 00:14:46,840 --> 00:14:49,680 Speaker 4: it wants the water end as soon as possible. That 262 00:14:49,800 --> 00:14:53,200 Speaker 4: the leverage the US has is clearly They're not supplying 263 00:14:53,360 --> 00:14:56,720 Speaker 4: weapons directly to Ukraine anymore, but they're supplying weapons that 264 00:14:56,800 --> 00:15:01,600 Speaker 4: Europeans buy for Ukraine. They could also increase the sanctions 265 00:15:01,640 --> 00:15:04,840 Speaker 4: pressure on Russia to force some kind of concession there 266 00:15:04,840 --> 00:15:08,000 Speaker 4: from Vladimir Putin, but President Trump doesn't seem much inclined 267 00:15:08,040 --> 00:15:10,360 Speaker 4: to raise the pressure on Russia's most recent comments were 268 00:15:10,400 --> 00:15:12,560 Speaker 4: saying that effectively, it's Ukraine that has to come to 269 00:15:12,640 --> 00:15:14,880 Speaker 4: the table and make a deal, even though it's basically 270 00:15:14,920 --> 00:15:15,800 Speaker 4: the victim in this war. 271 00:15:17,440 --> 00:15:20,160 Speaker 1: This is Bloomberg Daybreak Europe, your morning brief on the 272 00:15:20,240 --> 00:15:23,240 Speaker 1: stories making news from London to Wall Street and beyond. 273 00:15:23,640 --> 00:15:27,560 Speaker 3: Look for us on your podcast feed every morning, on Apple, Spotify, 274 00:15:27,720 --> 00:15:29,560 Speaker 3: and anywhere else you get your podcasts. 275 00:15:29,800 --> 00:15:32,840 Speaker 1: You can also listen live each morning on London Dab Radio, 276 00:15:32,880 --> 00:15:35,200 Speaker 1: the Bloomberg Business app, and Bloomberg dot Com. 277 00:15:35,600 --> 00:15:38,360 Speaker 3: Our flagship New York station is also available on your 278 00:15:38,400 --> 00:15:43,080 Speaker 3: Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty. 279 00:15:43,360 --> 00:15:44,760 Speaker 3: I'm Caroline Hepka. 280 00:15:44,520 --> 00:15:46,920 Speaker 1: And I'm Stephen Carroll. Join us again tomorrow morning for 281 00:15:47,080 --> 00:15:49,440 Speaker 1: all the news you need to start your day right 282 00:15:49,520 --> 00:15:51,120 Speaker 1: here on Bloomberg Daybreak Europe.