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Speaker 1: Good morning. It's find at the fourteenth of July in London.

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Speaker 1: This is the BlueBag dayba QT podcast that I'm Caroline

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Speaker 1: Hepkin and.

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Speaker 2: I'm Stephen Carroll. Today an olive branch from President she

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Speaker 2: China moves to court private business as the Central Bank

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Speaker 2: signals there's no big stimulus coming soon.

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Speaker 1: Next payday, the Prime Minister signs off on public sector

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Speaker 1: wage increases in a bid to end union walkouts.

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Speaker 3: And acting out.

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Speaker 2: Hollywood stars and writers both go on strike for the

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Speaker 2: first time in six decades. Let's start with a round

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Speaker 2: up of our top stories. China's president shooting Ping is

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Speaker 2: signaling greater support for the private sectors. The country's post

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Speaker 2: pandemic recovery struggles after years of regulatory crackdowns. Officials have

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Speaker 2: taken a series of high profile steps to telegraph backing

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Speaker 2: for private and foreign firms. Premier League telling executives from

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Speaker 2: tech firms Ali Baba and Byteedowns that they are the

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Speaker 2: trailblazers of the future. It comes as the Chinese Central

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Speaker 2: Bank as signals that no major stimulus is on the way.

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Speaker 2: Bloomberg's Greater China editor John Lewi says officials are debating

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Speaker 2: if monetary policy can really help.

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Speaker 4: The issue has been has the Central Bank and has

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Speaker 4: the government in general done enough to support the economy

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Speaker 4: the recovery. There is this concern that a lot of

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Speaker 4: companies are going to borrow and use that money to

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Speaker 4: pay off their existing debt which they have on their

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Speaker 4: books at a rate at higher rates, and so that's

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Speaker 4: not going to do very much for the real economy

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Speaker 4: at the present.

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Speaker 2: That's our Greater China editor John Lou speaking to us earlier,

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Speaker 2: the PBC's deputy governor says the bank will continue its

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Speaker 2: targeted and forceful monetary policy in the second half, and

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Speaker 2: we'll push for the overall economy to keep improving.

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Speaker 3: More on that story coming up now.

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Speaker 1: The Federal Reserve Governor Christopher Wallace says that two more

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Speaker 1: rate hikes may be needed this year. He told an

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Speaker 1: event in York that past increases have already had their

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Speaker 1: effect on the economy.

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Speaker 5: I see two more twenty five basis point height in

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Speaker 5: the targar range over the four remaining meetings this year

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Speaker 5: as necessary to keep inflation moving down towards our target,

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Speaker 5: and I see no reason why the first of those

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Speaker 5: two heights should not occur at our Meets meetings later

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Speaker 5: this month, with.

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Speaker 1: Some FED officials calling for a pause on hikes till

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Speaker 1: the end of the year. Hawks like Waller have one

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Speaker 1: less voice on the committee because the Saint Louis FED

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Speaker 1: President James Willard, resigned yesterday to become the inaugural dean

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Speaker 1: of Perdue's Business School, effective immediately.

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Speaker 2: Michelle Bullock will become the new Governor of the Reserve

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Speaker 2: Bank of Australia when Philip Lowe's term expires in September.

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Speaker 2: The Australian government decided not to reappoint low after criticism

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Speaker 2: of the central Bank's performance and an independent review recommended

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Speaker 2: major changes at the institution. Bullock is currently Deputy Governor

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Speaker 2: and will become the first woman to lead the RBA.

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Speaker 6: I think a big part of my role is going

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Speaker 6: to be what you just mentioned, leading the bank through

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Speaker 6: which is a very important part of the next year or.

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Speaker 2: So, so thank you hers having your term will begin

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Speaker 2: in September, and most economists expect few policy implications from

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Speaker 2: the appointment now.

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Speaker 1: Richie Sunac has signed off on pay rises for millions

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Speaker 1: of public sector workers as he battles to end months

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Speaker 1: of industrial action across the UK. The Prime Minister also

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Speaker 1: told unions the offers are quote final and the Treasury

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Speaker 1: says that no new boring or spending will fund the

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Speaker 1: pay increases.

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Speaker 7: Now, clearly this will cost all of you as tax

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Speaker 7: payers more than we had budgeted for. That's why the

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Speaker 7: decision has been difficult and why it has taken time

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Speaker 7: to decide the right course of action. I can confirm

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Speaker 7: today that we are accepting the headline recommendations of the

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Speaker 7: pay review bodies in full, but we will not fund

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Speaker 7: them by borrowing more or increasing your taxes.

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Speaker 1: Richie Sunac speaking, Junior doctors in England who started a

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Speaker 1: five days strike yesterday have been offered a six percent

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Speaker 1: pay rise, teachers and half percent and police seven percent,

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Speaker 1: in line with the recommendations from the official public pay

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Speaker 1: review Boddies. So if our teaching unions have said that

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Speaker 1: they would recommend members accept that pay offer, We'll.

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Speaker 2: Got the latest quarterly earnings reports later from America's biggest banks,

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Speaker 2: including JP Morgan, Chase, City Group and Wells Fargo.

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Speaker 3: Here's a preview from Boomberg's Charlie Palace.

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Speaker 6: Expenses will be under scrutiny as the industry copes with

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Speaker 6: a slowdown in deals and pays more to hold on

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Speaker 6: to deposits as interest rates rise. Those challenges are likely

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Speaker 6: to weigh on net interest income, a major source of revenue.

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Speaker 6: Looming over all those issues or questions about how much

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Speaker 6: more capital banks will have to set aside to please

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Speaker 6: regulators following the collapse of four regional lenders earlier this year,

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Speaker 6: and that'll have implications for dividends and buybacks in New York,

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Speaker 6: Charlie Palette Bloomberg Daybreak Europe.

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Speaker 1: Three months after Britain's biggest business lobby was hit by

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Speaker 1: allegations of sexual Misco Dodge, their new chief is calling

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Speaker 1: for a long term plan for the UK. The CBI

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Speaker 1: Director General Rain Newton Smith told Bloomberg's UK Politics podcast,

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Speaker 1: the government needs to think about how it attracts long

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Speaker 1: term investment.

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Speaker 8: It really is about our potential are That is how

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Speaker 8: you create more space in the economy, more spare capacity,

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Speaker 8: and so what you need to see the chance of

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Speaker 8: doing is making it easier for businesses to invest in

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Speaker 8: our long term capital, to think about how we invest

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Speaker 8: in people and innovation. Having a plan for growth for

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Speaker 8: productivity over the long term is what will help to

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Speaker 8: make sure that we are reaching our full potential.

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Speaker 3: Aser country.

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Speaker 1: Rain Newton Smith has one plus with the government. They

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Speaker 1: are now listening to her again. The CBI director met

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Speaker 1: the UK Minister City Minister Andrew Griffith this week, the

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Speaker 1: first known meeting between the lobby and a minister since

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Speaker 1: the scandal in April, and you can find that full

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Speaker 1: interview on Bloomberg's UK Politics podcast.

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Speaker 2: The US Federal Trade Commission lost its legal battle to

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Speaker 2: temporarily block Microsoft from closing its sixty nine billion dollar

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Speaker 2: takeover of Activision and illegal ruling on Thursday. The US

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Speaker 2: regulator is taking the issue to an emergency Court of

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Speaker 2: Appeal as it continues to fight the merger. Chair of

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Speaker 2: the FTC, Lena Khan, defended the agency's decision to pursue

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Speaker 2: the ruling to US lawmakers, as Republicans labeled her a bully.

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Speaker 9: So I can say again this was a you know,

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Speaker 9: staff recommendation. I can see at a general matter, staff

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Speaker 9: always looks closely at an opinion and looks at whether

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Speaker 9: there are certain errors in law that they believe are

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Speaker 9: worth appealing on. Those are, in general, the types of

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Speaker 9: determinations that go into whether the FTC.

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Speaker 2: Ends up appealing Lena can from the FTC isn't the

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Speaker 2: only regulator fighting the deal, with the UK's Competition and

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Speaker 2: Markets Authority having vetoed it, sources tolling Bloomberg. The two

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Speaker 2: companies are mulling giving up some control of their UK

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Speaker 2: cloud gaming business as a way to mollify Britain's regulators.

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Speaker 1: Okay, so there's a few of our top stories and

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Speaker 1: for you this morning. Just in the UK, though, that

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Speaker 1: we're seeing strike action, it could mean that we have

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Speaker 1: fewer decent movies and TV shows to watch. Actors walking

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Speaker 1: out stopping projects in the US, and writers are striking

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Speaker 1: too in America.

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Speaker 3: Yeah.

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Speaker 2: So this is the Screen Actors Guild now, the latest

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Speaker 2: body in the entertainment industry. They represent one hundred and

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Speaker 2: sixty thousand performers. Announcing a walkout on Thursday, actually affecting

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Speaker 2: some film premiers taking place here in London because the

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Speaker 2: stars of Oppenheimer having to essentially leave before the screening

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Speaker 2: had even started of their films. They spoke to some

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Speaker 2: journalists beforehand, but at the moment the strike was announced,

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Speaker 2: they left. And that is the end of the promotion

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Speaker 2: that we'll see for the really the two big summer blockbusters,

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Speaker 2: both Barbie and Oppenheimer. Now, I mean I act see

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Speaker 2: these actors have been everywhere. I have been seeing Matt

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Speaker 2: Damon and Emily Blont all over the media here in

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Speaker 2: the UK this week as they have been out there

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Speaker 2: promoting their film.

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Speaker 1: Yeah, I think it's really about trying to get the

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Speaker 1: numbers back into cinemas and screen. Mean, yeah, the issue

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Speaker 1: is still we're not back to kind of pre pandemic viewing.

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Speaker 1: So I think this summer has been seen as a

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Speaker 1: kind of big moment to do these global tours and

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Speaker 1: try to yeah, drum up interest I suppose in the

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Speaker 1: cinema industry.

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Speaker 3: Yeah, so that a.

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Speaker 2: Really, yeah, really difficult time for the industry being fased

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Speaker 2: on many fronts there as well. We've also had some

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Speaker 2: news around the twe show three Women's World Cup as

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Speaker 2: well by kicking off an Australia New Zealand.

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Speaker 1: One mystery, it's viewing. It's all basically about viewing this whole,

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Speaker 1: this whole.

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Speaker 3: Simon the battle for eyeballs.

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Speaker 1: Yeah, absolutely, Because the twenty twenty three Women's World Cup

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Speaker 1: is kicking off in Australia and New Zealand on the

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Speaker 1: twentieth of July. There's been a huge increase in popularity,

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Speaker 1: but not the money to back it, and actually sponsors

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Speaker 1: and the TV rights deals have come really last minute,

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Speaker 1: if at all. Ticket sales for the tournament one point

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Speaker 1: two five million. You know, they've done a good job

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Speaker 1: in terms of trying to get closer to some kind

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Speaker 1: of paid parity between the women football players and male

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Speaker 1: football players, but not there yet.

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Speaker 2: Not there yet, but a definitely interesting story to watch.

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Speaker 2: Let's turn those to the latest that we've heard from

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Speaker 2: the Chinese Central Bank this morning after it held a

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Speaker 2: briefing on statistics for the first.

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Speaker 3: Half of the year.

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Speaker 2: Our China Economy and Government editor Jill Desis joins us

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Speaker 2: now with more.

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Speaker 3: Good morning to you, Jill.

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Speaker 2: So there's been this string of weaker economic data coming

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Speaker 2: from China in recent weeks. What was the message from

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Speaker 2: the Central Bank today?

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Speaker 10: Stay calm. They pretty much just said, look, the economy

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Speaker 10: is on the path to recovery. It's important to have

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Speaker 10: confidence and patients in that recovery. They reiterated that they're

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Speaker 10: going to use whatever policy tools they think are effective here.

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Speaker 10: But ultimately, yes, it was definitely a message of just

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Speaker 10: reassurance that things are going to be okay, market expectations

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Speaker 10: should be stable, that kind of thing. So definitely a

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Speaker 10: message of please just trust us.

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Speaker 1: Yeah okay. So then what policy tools could the PBOC

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Speaker 1: use to stimulate the economy and to what extent are

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Speaker 1: we talking about stimulisin sure?

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Speaker 10: So we're really not talking about much and I think

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Speaker 10: that at this point a lot of economists have been

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Speaker 10: repeating for weeks now, Look, the room for massive amounts

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Speaker 10: of stimulus is really not there this year. What the

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Speaker 10: PBOC outline today is that they'll, to the extent that

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Speaker 10: they have to make use of existing tools that we've

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Speaker 10: already seen them roll out earlier this year, whether that

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Speaker 10: be lowering the amount of cash that banks have to

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Speaker 10: keep in reserve, that's the reserve requirement ratio. They kind

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Speaker 10: of suggested maybe they could tweak that again. There's also

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Speaker 10: the policy interest rate, the medium term lending facility rate

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Speaker 10: rate on one year loans. That's something that they could

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Speaker 10: look at. We saw them cut that I think about

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Speaker 10: ten basis points last month. I mean, these are existing

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Speaker 10: policy tools the Central Bank has that they kind of

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Speaker 10: reiterated that they could potentially use this year, though, I think,

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Speaker 10: as you heard my colleague John lou say earlier, there's

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Speaker 10: been some questions about how useful a lot of those

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Speaker 10: policies actually are this year, given that a lot of

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Speaker 10: companies right now just want to pay down their existing debts,

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Speaker 10: and so I'm not sure how much more cutting interest

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Speaker 10: rates are going to do. But ultimately the Central Bank

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Speaker 10: is saying we still have those tools to use if

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Speaker 10: we need to, and they are effective when we use them.

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Speaker 2: Jill, what about on the government side, signals we're getting

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Speaker 2: now more support for private firms.

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Speaker 3: How significant is this, right?

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Speaker 5: Yeah?

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Speaker 10: I think that of so, you know, you've seen that

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Speaker 10: over the past few weeks, right, I mean, Chijinping himself

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Speaker 10: has come out and signaled, you know, we want to

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Speaker 10: help private firms, foreign firms and invest more in the economy.

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Speaker 10: I mean a lot of that, though, is kind of

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Speaker 10: these vocal overtures, right. I don't know that we've seen

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Speaker 10: a whole lot of specific policies for doing so. That

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Speaker 10: strikes me as more of a confidence play than anything else.

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Speaker 10: When you've got you know, the premiere coming out and

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Speaker 10: saying you know, or at least like you know, talking

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Speaker 10: to tech firms for example, about wanting to help them

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Speaker 10: do better in the economy. Maybe that's more of a

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Speaker 10: signal of ending a lot of the regulatory scrutiny than

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Speaker 10: it is of specific policies that are being rolled out.

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Speaker 10: But it's certainly something I think to keep in mind

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Speaker 10: and to look out for in the future. How much

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Speaker 10: that tone is changing in China.

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Speaker 1: Yeah, very interesting, Jill, Thank you so much for being

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Speaker 1: with us. That is our China Economy and Government editor

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Speaker 1: Jill disis joining us for all the latest details coming

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Speaker 1: up next MP's China Warning and not just an AGM,

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Speaker 1: it's an M and SAGM.

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Speaker 7: Now the paper review on Blue Bird Daybreak Europe, the

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Speaker 7: news you need to know from today's papers, and Brisley.

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Speaker 2: And Garens joins us in the studio with details of

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Speaker 2: those stories. Let's start, though, briefly, lea with The Guardian.

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Speaker 2: The headline there on Rishi Sunak driving doctors out of

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Speaker 2: the NHS with a payoffer.

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Speaker 3: That's what union leaders are saying.

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Speaker 11: Yes, and we did hear from Rishi Sunak a little

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Speaker 11: bit earlier in the show that he has accepted these

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Speaker 11: recommendations for a payoffer for the NHS. But according to

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Speaker 11: the Guardian, the British Medical Association says the government is

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Speaker 11: driving doctors away from the health service by accepting these

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Speaker 11: recommendations of the pay review bodies. The BMA is also

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Speaker 11: accusing the Tories of missing an opportunity to put a

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Speaker 11: credible payoffer on the table to end strikes. The Guardian

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Speaker 11: says the health union leaders are furious after a warning

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Speaker 11: from Rishie Sunag that his offer of six percent pay

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Speaker 11: rises this year was final. Now that offer is running

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Speaker 11: below inflation, which is currently at eight point seven percent,

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Speaker 11: and the Royal College of Nursing, whose members were offered

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Speaker 11: five percent that was under separate NHS negotiations, said ministers

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Speaker 11: were taking an arrogant approach to the pay review when

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Speaker 11: one hundred thousand nurses had a voted to continue to strike.

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Speaker 11: And we do know that Whitehall departments have been told

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Speaker 11: to fund these rises from existing budgets. So what does

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Speaker 11: that mean for them going forward?

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Speaker 1: Yeah, absolutely being closely watched the issue around pay and

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Speaker 1: strike action. Meanwhile, The Financial Times has an opinion piece

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Speaker 1: from the Marks and Spent chairman Archie Norman which says

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Speaker 1: that the bond between British business and society has eroded.

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Speaker 11: Yes, indeed, Caroline, so Archie. Norman says people feel detached

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Speaker 11: from the businesses that employee profit, invest and pay taxing,

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Speaker 11: So he says the potent the percentage of equities now

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Speaker 11: owned by people has fallen significantly for three decades to

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Speaker 11: just twelve percent now. That compares to over fifty percent

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Speaker 11: back in the nineteen sixties. Norman argues that in the

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Speaker 11: Thatcher major error, large numbers of employees got share options

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Speaker 11: in companies they worked for, but he's saying today the

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Speaker 11: public has lost that stake and he's basically got a

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Speaker 11: few suggestions in this piece which are extremely interesting. He says,

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Speaker 11: maybe an option is to slim down the corporate governance,

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Speaker 11: he argues is eroding connections between publicly owned businesses and people.

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Speaker 11: He's saying annual reports are now hundreds and hundreds of

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Speaker 11: pages long, making them unsuitable for private shareholders. He said,

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Speaker 11: maybe posting them online as they do in the US

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Speaker 11: has a good idea. It would save money to reinvest

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Speaker 11: in real shareholder communication, and in response to this, m

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Speaker 11: Ands has launched this broad based campaign for Shareholder Democracy

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Speaker 11: and Engagement, which he says has got so much interest

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Speaker 11: in Caroline, I know Archie Norman also discussed a delicate

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Speaker 11: question of annual general meetings.

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Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the

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Speaker 2: stories making news from London to Wall Street and beyond.

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Speaker 2: You can also listen live each morning on London Dab Radio,

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Speaker 1: I'm Caroline Hepker and.

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Speaker 3: I'm Stephen Carol.

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Speaker 2: Join us again tomorrow morning for all the news you

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Speaker 2: need to start your day right here on Bloomberg Daybreak

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Speaker 2: Europe