1
00:00:02,440 --> 00:00:11,080
Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

2
00:00:11,160 --> 00:00:14,800
Speaker 1: Daybaqut podcast, available every morning on Apple, Spotify or wherever

3
00:00:14,880 --> 00:00:17,599
Speaker 1: you listen. It's Tuesday, the tenth of September in London.

4
00:00:17,720 --> 00:00:19,000
Speaker 1: I'm Caroline Hepki.

5
00:00:18,840 --> 00:00:22,120
Speaker 2: And I'm Stephen Carroll. Coming up today, Apple unveils its

6
00:00:22,200 --> 00:00:26,560
Speaker 2: latest iPhone, but artificial intelligence features are still on the horizon.

7
00:00:26,760 --> 00:00:30,480
Speaker 1: Bloomberg learns that new capital requirements for big US banks

8
00:00:30,520 --> 00:00:32,000
Speaker 1: could be slashed in half.

9
00:00:32,280 --> 00:00:35,240
Speaker 2: Plus going head to head for the first and possibly

10
00:00:35,479 --> 00:00:38,839
Speaker 2: only time, Donald Trump and Kamala Harris gear up for

11
00:00:38,920 --> 00:00:40,479
Speaker 2: tonight's presidential debate.

12
00:00:40,680 --> 00:00:42,880
Speaker 1: Let's start with a roundup of our top stories.

13
00:00:43,400 --> 00:00:46,360
Speaker 2: Apple has introduced the latest version of its flagship device,

14
00:00:46,440 --> 00:00:50,640
Speaker 2: the iPhone sixteen, and despite modest hardware upgrade, CEO Tim

15
00:00:50,720 --> 00:00:53,840
Speaker 2: Cook insists that the new phone was built from the

16
00:00:53,920 --> 00:00:56,040
Speaker 2: ground up with AI in mind.

17
00:00:57,480 --> 00:01:01,880
Speaker 3: Its power and capability enable us to get so much done,

18
00:01:02,040 --> 00:01:05,600
Speaker 3: like connecting with our family and friends, staying productive on

19
00:01:05,680 --> 00:01:10,199
Speaker 3: the go, and capturing life special moments. Apple Intelligence will

20
00:01:10,240 --> 00:01:14,800
Speaker 3: supercharge these experiences and so many more. It puts powerful

21
00:01:14,880 --> 00:01:18,000
Speaker 3: generative models right at the core of your iPhone.

22
00:01:18,160 --> 00:01:20,839
Speaker 2: Tim Cook, speaking there is. The firm pitches to consumers

23
00:01:20,920 --> 00:01:23,319
Speaker 2: and Wall Street that it should be taken seriously in

24
00:01:23,360 --> 00:01:26,600
Speaker 2: the world of generative AI. However, the firm's technology is

25
00:01:26,600 --> 00:01:29,480
Speaker 2: still in its early stages and its Apple Intelligence tools

26
00:01:29,480 --> 00:01:32,279
Speaker 2: that face numerous delays, with many key features not arriving

27
00:01:32,319 --> 00:01:35,919
Speaker 2: until next year. Alongside its smartphone launch, the tech Titan

28
00:01:35,959 --> 00:01:40,080
Speaker 2: also unveiled updates to its smartwatch and air pods.

29
00:01:40,600 --> 00:01:44,080
Speaker 1: Bloomberg understands that US regulators have more than halved a

30
00:01:44,160 --> 00:01:47,840
Speaker 1: proposed increase in capital requirements for the biggest banks on

31
00:01:47,880 --> 00:01:52,120
Speaker 1: Wall Street under new plans global systemically important banks that

32
00:01:52,160 --> 00:01:55,400
Speaker 1: would face a nine percent increase in capital requirements, down

33
00:01:55,440 --> 00:01:59,960
Speaker 1: from the previously floated nineteen percent. The sharp reduction will

34
00:01:59,960 --> 00:02:02,000
Speaker 1: be seen as a win for the likes of Bank

35
00:02:02,040 --> 00:02:05,080
Speaker 1: of America and JP Morgan, and comes after a fix

36
00:02:05,240 --> 00:02:08,720
Speaker 1: lobbying campaign by those in the industry. The full plan

37
00:02:08,800 --> 00:02:11,640
Speaker 1: will be outlined later today, with the FED chage your

38
00:02:11,720 --> 00:02:15,760
Speaker 1: own Power suggesting final adoption may not take place until

39
00:02:16,080 --> 00:02:17,320
Speaker 1: well into next year.

40
00:02:18,280 --> 00:02:21,239
Speaker 2: Goldman Sachs trading unit is on track to drop ten

41
00:02:21,320 --> 00:02:24,399
Speaker 2: percent from last year. That's hired in the six point

42
00:02:24,560 --> 00:02:28,359
Speaker 2: six percent production that analysts had estimated. According to CEO

43
00:02:28,440 --> 00:02:30,880
Speaker 2: David Solomon, the fall will be led by declines in

44
00:02:30,919 --> 00:02:32,639
Speaker 2: the fixed income business.

45
00:02:33,000 --> 00:02:37,079
Speaker 4: First with prospective trading. I would say that with thick

46
00:02:37,080 --> 00:02:41,160
Speaker 4: in equities, we had an extremely strong third quarter in

47
00:02:41,240 --> 00:02:46,200
Speaker 4: twenty twenty three, and given this quarter, given what I'd

48
00:02:46,240 --> 00:02:50,320
Speaker 4: say is the more challenging macro environment, particularly you know

49
00:02:50,360 --> 00:02:54,280
Speaker 4: in the month of August that business is trending down

50
00:02:54,400 --> 00:02:55,880
Speaker 4: close to ten percent.

51
00:02:55,639 --> 00:02:57,919
Speaker 5: Largely do a six Goldman Sachs have it.

52
00:02:57,960 --> 00:02:59,639
Speaker 2: Solomon went on to say the firma take a four

53
00:02:59,720 --> 00:03:03,959
Speaker 2: hundred million dollar pre tax head to its narrowing consumer business.

54
00:03:04,320 --> 00:03:07,959
Speaker 2: Golbynstock is up twenty seven percent this year, recording bigger

55
00:03:07,960 --> 00:03:09,400
Speaker 2: gains than most of its rival.

56
00:03:10,400 --> 00:03:14,760
Speaker 1: HSBC may merge its commercial and investment bank teams, sources

57
00:03:14,760 --> 00:03:18,000
Speaker 1: tell Bloomberg. Europe's largest lender is weighing the move as

58
00:03:18,040 --> 00:03:20,800
Speaker 1: a part of a push to cut down on jobs

59
00:03:20,880 --> 00:03:24,480
Speaker 1: and costs. Bloomberg Intelligence as Matt Ingram says the proposal

60
00:03:24,520 --> 00:03:25,960
Speaker 1: would have a major impact.

61
00:03:26,520 --> 00:03:28,680
Speaker 6: I guess they're looking around at low hanging fruit and

62
00:03:28,720 --> 00:03:31,240
Speaker 6: it might seem gee, there's a lot of relationship bankers

63
00:03:31,280 --> 00:03:34,080
Speaker 6: in commercial and in global banking in markets. Maybe we

64
00:03:34,120 --> 00:03:36,720
Speaker 6: can cut some of those high cost relationship bankers. I

65
00:03:36,720 --> 00:03:38,440
Speaker 6: think they're going to go full circle on this again

66
00:03:38,480 --> 00:03:40,480
Speaker 6: and they're going to realize there's a revenue impact to

67
00:03:40,560 --> 00:03:42,840
Speaker 6: doing this. This isn't just about cutting costs, and so

68
00:03:42,880 --> 00:03:44,480
Speaker 6: they have to be extremely careful.

69
00:03:44,880 --> 00:03:47,760
Speaker 1: Ingram adds that as yet there isn't an official plan.

70
00:03:47,920 --> 00:03:51,760
Speaker 1: If the HSBC restructuring were to happen, the combined division

71
00:03:51,960 --> 00:03:55,720
Speaker 1: would become the bank's largest revenue generator, contributing about forty

72
00:03:55,760 --> 00:03:57,120
Speaker 1: billion dollars a year.

73
00:03:57,600 --> 00:04:00,000
Speaker 2: China's exports jumps to a two year high on August

74
00:04:00,080 --> 00:04:02,200
Speaker 2: and a rare boost to the economy. The country sold

75
00:04:02,200 --> 00:04:04,680
Speaker 2: three hundred and nine billion dollars worth of goods, nearly

76
00:04:04,760 --> 00:04:07,880
Speaker 2: nine percent more than the year before and beating estimates

77
00:04:07,880 --> 00:04:10,120
Speaker 2: by a wide margin. Although a bright spot for the

78
00:04:10,120 --> 00:04:14,520
Speaker 2: country's second largest economy, cheap goods flooding external markets have

79
00:04:14,560 --> 00:04:18,560
Speaker 2: sparked a backlash in the US, Europe and South America.

80
00:04:18,600 --> 00:04:21,159
Speaker 1: Here in the UK, Chancellor of Rachel Reeves has appealed

81
00:04:21,200 --> 00:04:24,120
Speaker 1: to Labour MPs to back the government in a tense

82
00:04:24,240 --> 00:04:27,320
Speaker 1: vote on cuts to a subsidy for pensioners to heat

83
00:04:27,360 --> 00:04:30,480
Speaker 1: their homes during the winter. Sources tell Bloomberg. The government

84
00:04:30,560 --> 00:04:34,479
Speaker 1: expects dozens of Labor lawmakers to express opposition to the policy.

85
00:04:34,680 --> 00:04:36,640
Speaker 1: Bloomberg's James Walcock has more.

86
00:04:36,960 --> 00:04:40,039
Speaker 7: There is unease within the Labor Party at the idea

87
00:04:40,120 --> 00:04:44,000
Speaker 7: of penalizing the elderly. MP Rachel Mascot says she can't

88
00:04:44,000 --> 00:04:47,720
Speaker 7: support the cuts and those colleagues who won't either. The

89
00:04:47,800 --> 00:04:50,640
Speaker 7: Chancellor of Rachel Reeves rallied back benches in a private

90
00:04:50,680 --> 00:04:53,840
Speaker 7: meeting last night. We're told she warned them that there

91
00:04:53,880 --> 00:04:57,159
Speaker 7: are more difficult decisions to come and that this is

92
00:04:57,160 --> 00:05:01,320
Speaker 7: a reflection of their economic inheritance. The Resolution Foundation had

93
00:05:01,360 --> 00:05:04,039
Speaker 7: been looking into what those decisions might be. The think

94
00:05:04,080 --> 00:05:07,159
Speaker 7: tank says Reeves could raise twenty billion pounds by hiking

95
00:05:07,200 --> 00:05:11,560
Speaker 7: inheritance in capital gains taxes without breaking any election pledges

96
00:05:11,880 --> 00:05:14,120
Speaker 7: in London. James Wilcock Blue mcgradier.

97
00:05:14,440 --> 00:05:17,159
Speaker 2: The actor James Earl Jones, famous for his work on

98
00:05:17,240 --> 00:05:22,080
Speaker 2: the Star Wars franchise, has died aged ninety three.

99
00:05:22,400 --> 00:05:24,600
Speaker 5: It will told you what happened.

100
00:05:24,279 --> 00:05:24,920
Speaker 4: To your father.

101
00:05:25,839 --> 00:05:26,920
Speaker 7: He told me enough.

102
00:05:33,240 --> 00:05:35,160
Speaker 1: Why and your father.

103
00:05:37,400 --> 00:05:40,240
Speaker 2: James Earl Jones there in his role as Darth Vader,

104
00:05:40,320 --> 00:05:42,719
Speaker 2: the award winning performer, passed away at his home in

105
00:05:42,800 --> 00:05:46,880
Speaker 2: New York. According to his representatives Independent Artist Group. He

106
00:05:46,920 --> 00:05:49,600
Speaker 2: also won critical acclaim for his work in Fences and

107
00:05:49,720 --> 00:05:52,880
Speaker 2: The Great White Hope during an near sixty year career.

108
00:05:53,120 --> 00:05:54,880
Speaker 2: In a moment, we'll bring you more on that Apple

109
00:05:54,960 --> 00:05:58,239
Speaker 2: product launch and look ahead tonight's US presidential debate between

110
00:05:58,240 --> 00:06:01,240
Speaker 2: Donald Trump and Kamala Harris. The story that we've been

111
00:06:01,279 --> 00:06:04,560
Speaker 2: reading this morning, but a new investor in French vineyards,

112
00:06:04,560 --> 00:06:07,599
Speaker 2: and not just any investor, and not just any vineyards.

113
00:06:07,640 --> 00:06:09,760
Speaker 2: It should we should point out this is the billionaire

114
00:06:09,839 --> 00:06:13,360
Speaker 2: chairman and co founder of Ali Baba, Joe Tay, who's

115
00:06:13,400 --> 00:06:16,480
Speaker 2: part of a consortium that's bought some land in Burgundy's

116
00:06:16,560 --> 00:06:19,919
Speaker 2: wine country. No Bloomberg's Tarborital has discovered. The parcels of

117
00:06:20,040 --> 00:06:22,880
Speaker 2: land that he's invested in don't produce their own wine.

118
00:06:22,880 --> 00:06:25,359
Speaker 2: They're part of what's known of the Chanslise of Burgundy

119
00:06:25,400 --> 00:06:29,240
Speaker 2: though in the area, so they have the highest classification

120
00:06:29,480 --> 00:06:32,320
Speaker 2: of appalascion. Bottles from the region can retail for hundreds

121
00:06:32,680 --> 00:06:35,120
Speaker 2: of euros. It's a bit of a billionaire's corner this

122
00:06:35,320 --> 00:06:38,520
Speaker 2: part of Burgundy as well. So his neighbors will include France, Wipino,

123
00:06:38,600 --> 00:06:40,680
Speaker 2: of Kering also has a vineyard in the area, as

124
00:06:40,720 --> 00:06:43,479
Speaker 2: well as does LVMH two. So it is a bit

125
00:06:43,520 --> 00:06:44,919
Speaker 2: of as a bit of a billionaire's corner.

126
00:06:45,040 --> 00:06:48,080
Speaker 1: Okay, is this about? This is about the wine taste thing?

127
00:06:48,200 --> 00:06:50,640
Speaker 1: Is it about a beautiful place to spend timebody?

128
00:06:51,480 --> 00:06:53,200
Speaker 2: I haven't, but I have many friends who live.

129
00:06:53,160 --> 00:06:56,839
Speaker 1: In the area, and wine connoisseur revealed perhaps all at

130
00:06:56,880 --> 00:06:57,559
Speaker 1: six in the morning.

131
00:06:58,760 --> 00:07:00,640
Speaker 2: Thanks Caroline, I'll what's that bottle?

132
00:07:00,640 --> 00:07:01,039
Speaker 5: Shall I?

133
00:07:01,160 --> 00:07:01,320
Speaker 4: Yeah?

134
00:07:01,320 --> 00:07:04,880
Speaker 1: Absolutely right. Let's think about other things though, shallby that

135
00:07:05,080 --> 00:07:07,480
Speaker 1: that story about Vinil's on the blue big tembile? Of course?

136
00:07:07,520 --> 00:07:11,160
Speaker 1: This morning? In terms of the products launches, though, let's

137
00:07:11,160 --> 00:07:13,600
Speaker 1: get more on the new products unveiled by Apple, notably

138
00:07:13,800 --> 00:07:16,680
Speaker 1: the iPhone sixteen. CEO Tim Cook says that the new

139
00:07:16,720 --> 00:07:20,640
Speaker 1: model was built for AI, but the features aren't ready

140
00:07:20,640 --> 00:07:23,160
Speaker 1: to be rolled out yet. Our chief technology correspondent Mark

141
00:07:23,200 --> 00:07:24,480
Speaker 1: German joins us now for more.

142
00:07:24,720 --> 00:07:27,560
Speaker 8: Mark, good morning, Thank you for having me. That's right,

143
00:07:27,920 --> 00:07:31,920
Speaker 8: the new iPhones were introduced earlier. This is now, unbelievably

144
00:07:31,960 --> 00:07:35,400
Speaker 8: the iPhone sixteen. It only feels like a few years ago,

145
00:07:35,440 --> 00:07:37,040
Speaker 8: almost when the original iPhone launch.

146
00:07:37,080 --> 00:07:38,400
Speaker 5: But we've come a long way.

147
00:07:38,960 --> 00:07:41,840
Speaker 2: How much does this feel like just another iteration of

148
00:07:41,880 --> 00:07:44,000
Speaker 2: the iPhone though, or how much is there something to

149
00:07:44,040 --> 00:07:47,600
Speaker 2: be really excited about for consumers or indeed for investors

150
00:07:47,600 --> 00:07:49,160
Speaker 2: from this new piece of technology.

151
00:07:49,400 --> 00:07:51,360
Speaker 8: Yeah, I mean, I think the great news is that

152
00:07:51,440 --> 00:07:55,600
Speaker 8: consumers are still all these generations in extremely excited about

153
00:07:55,640 --> 00:07:59,040
Speaker 8: this technology. I think Apple has shored up its ecosystem

154
00:07:59,080 --> 00:08:02,000
Speaker 8: and its garden into a way where they have these

155
00:08:02,040 --> 00:08:04,960
Speaker 8: events every September where they introduce a new iPhone, new

156
00:08:05,040 --> 00:08:07,160
Speaker 8: version of the AirPods, new version of the Apple Watch,

157
00:08:07,240 --> 00:08:11,000
Speaker 8: because their ideal consumer owns all three product lines, and

158
00:08:11,040 --> 00:08:13,520
Speaker 8: there are many people who are excited about owning all

159
00:08:13,560 --> 00:08:17,360
Speaker 8: three product lines and upgrading. Me personally, I'm looking forward

160
00:08:17,360 --> 00:08:20,560
Speaker 8: to upgrading from a fifteen Promax to a sixteen Promax.

161
00:08:21,120 --> 00:08:23,520
Speaker 8: I think that the new black color for the Apple

162
00:08:23,600 --> 00:08:27,480
Speaker 8: Watch Ultra two is very cool. I like the look

163
00:08:27,560 --> 00:08:30,560
Speaker 8: of it, the satin black finish. For me personally, the

164
00:08:30,600 --> 00:08:33,640
Speaker 8: new AirPods four. I have an AirPods Pro second gen,

165
00:08:34,120 --> 00:08:36,800
Speaker 8: so for me, the iPods four would be a downgrade.

166
00:08:36,800 --> 00:08:39,360
Speaker 8: But for people who are on older AirPods models, the

167
00:08:39,400 --> 00:08:42,120
Speaker 8: Airpod's four so far looks like a nice upgrade. But

168
00:08:42,480 --> 00:08:45,840
Speaker 8: across the board. Everything is very iterative. But that's okay.

169
00:08:46,000 --> 00:08:47,800
Speaker 5: Apple's not going after the people who.

170
00:08:47,800 --> 00:08:50,880
Speaker 8: Upgrade every year necessarily maybe they once were, or for

171
00:08:50,920 --> 00:08:53,400
Speaker 8: sure they once were. Now They're going after the pent

172
00:08:53,480 --> 00:08:55,920
Speaker 8: up demand, the people who haven't upgraded in a few years,

173
00:08:55,960 --> 00:08:58,559
Speaker 8: the people who are on Android or another ecosystem.

174
00:08:58,760 --> 00:09:00,280
Speaker 5: They want to pull them into the Apple.

175
00:09:00,040 --> 00:09:03,440
Speaker 8: Ecosystem, so they make that Apple offering better every year

176
00:09:03,480 --> 00:09:04,600
Speaker 8: to try to gain more share.

177
00:09:04,800 --> 00:09:08,000
Speaker 1: Okay, so that's interesting the run town of what you

178
00:09:08,160 --> 00:09:10,520
Speaker 1: like in terms of the tech. But what does it

179
00:09:10,600 --> 00:09:13,560
Speaker 1: mean for AR. I mean the delays and the lag

180
00:09:13,640 --> 00:09:17,200
Speaker 1: behind competitors in terms of generaitive AI. How does that

181
00:09:17,320 --> 00:09:21,480
Speaker 1: work if you compare that consumer in the upgrade cycle.

182
00:09:21,760 --> 00:09:24,439
Speaker 8: Yeah, this may be a controversial take, but I think

183
00:09:24,559 --> 00:09:28,240
Speaker 8: that the vast majority of consumers don't really care about AI.

184
00:09:28,520 --> 00:09:31,280
Speaker 8: They won't know what Apple Intelligence is. It doesn't mean

185
00:09:31,559 --> 00:09:34,600
Speaker 8: actually pretty much anything to them. It's going to be

186
00:09:34,640 --> 00:09:37,800
Speaker 8: a US English and an America thing from the get go.

187
00:09:38,640 --> 00:09:41,840
Speaker 8: It's not going to come for UK English until the

188
00:09:41,960 --> 00:09:44,920
Speaker 8: tail end of this year. It's not going to expand

189
00:09:45,080 --> 00:09:48,720
Speaker 8: to other regions outside of the United States until next year.

190
00:09:49,520 --> 00:09:51,880
Speaker 8: There's no timeline on when it's going to be supported

191
00:09:51,920 --> 00:09:54,800
Speaker 8: in China or the European Union. So I think it's

192
00:09:54,800 --> 00:09:56,920
Speaker 8: something that's very nascent, and I don't think it's something

193
00:09:56,960 --> 00:09:59,440
Speaker 8: that's going to sell many new iPhones this year. I

194
00:09:59,440 --> 00:10:02,960
Speaker 8: think potent next year or the year after. But consumers,

195
00:10:02,960 --> 00:10:05,320
Speaker 8: they care about new features. They care about new colors,

196
00:10:05,320 --> 00:10:08,200
Speaker 8: They care about the new camera control button right, They

197
00:10:08,240 --> 00:10:11,400
Speaker 8: care about the new black or gold or white color

198
00:10:11,400 --> 00:10:14,560
Speaker 8: options on the iPhone sixteen Pro. They care about the

199
00:10:14,600 --> 00:10:17,360
Speaker 8: really cool new colors on the iPhone sixteen in the

200
00:10:17,400 --> 00:10:20,640
Speaker 8: sixteen plus. So there's a few things to like there

201
00:10:20,679 --> 00:10:23,360
Speaker 8: if you're looking to upgrade from a much older iPhone model.

202
00:10:23,360 --> 00:10:25,880
Speaker 8: But I don't think the AI story for Apple has

203
00:10:25,920 --> 00:10:28,120
Speaker 8: been told yet. I think it's still very early there.

204
00:10:28,200 --> 00:10:31,160
Speaker 8: For other companies, the AI story has been written and

205
00:10:31,360 --> 00:10:32,760
Speaker 8: even turn into a movie by.

206
00:10:32,600 --> 00:10:36,000
Speaker 2: Now okay, So there's definitely something to keep an eye

207
00:10:36,000 --> 00:10:38,400
Speaker 2: on there in firms of future developments. But this is,

208
00:10:38,440 --> 00:10:41,000
Speaker 2: you know, in terms of revenues for Apple, they need

209
00:10:41,040 --> 00:10:42,920
Speaker 2: to get the iPhone right. They need to attract to

210
00:10:42,920 --> 00:10:45,800
Speaker 2: the consumers in the way that they that you've been describing.

211
00:10:46,440 --> 00:10:48,600
Speaker 2: Is this, in your view enough for them to be

212
00:10:48,679 --> 00:10:51,199
Speaker 2: able to score a win on these new products.

213
00:10:51,440 --> 00:10:54,679
Speaker 8: So even if there's a time where Apple is slow

214
00:10:54,920 --> 00:10:58,800
Speaker 8: in one particular year to add new users, right, even

215
00:10:58,840 --> 00:11:00,559
Speaker 8: if they don't come out with the phone and compelling

216
00:11:00,640 --> 00:11:03,000
Speaker 8: enough to bring in a ton of new people, they're

217
00:11:03,000 --> 00:11:06,319
Speaker 8: not going to lose people, right, Very few people leave

218
00:11:06,360 --> 00:11:07,520
Speaker 8: the Apple ecosystem.

219
00:11:07,559 --> 00:11:09,360
Speaker 5: Once you're in there, you're kind of stuck. You fall

220
00:11:09,360 --> 00:11:10,000
Speaker 5: in love with it.

221
00:11:10,200 --> 00:11:12,680
Speaker 8: You like how integrated is You like I Message, you

222
00:11:12,760 --> 00:11:14,440
Speaker 8: like your apps, you like all the money you've spent

223
00:11:14,480 --> 00:11:18,920
Speaker 8: on subscriptions. So the point being doesn't really matter. You know,

224
00:11:19,040 --> 00:11:21,680
Speaker 8: I was watching here in the US we have the

225
00:11:21,760 --> 00:11:23,560
Speaker 8: you know, the Jimmy Kimmel Show, right, he's one of

226
00:11:23,559 --> 00:11:25,880
Speaker 8: our talk show hosts. I don't know the equivalent unfortunately

227
00:11:26,440 --> 00:11:29,800
Speaker 8: in the UK, but we have this skit where they

228
00:11:30,160 --> 00:11:33,440
Speaker 8: bring an iPhone around to people on Hollywood Boulevard, it's

229
00:11:33,480 --> 00:11:37,520
Speaker 8: one of the famous streets here in California, and they'll

230
00:11:37,559 --> 00:11:40,080
Speaker 8: hand them an iPhone that is the current phone or

231
00:11:40,120 --> 00:11:42,680
Speaker 8: a little bit older phone, a couple generations old. They'll

232
00:11:42,679 --> 00:11:44,319
Speaker 8: hand it to random people walking on the streets and

233
00:11:44,320 --> 00:11:45,640
Speaker 8: they'll tell them this is the brand new iPhone, what

234
00:11:45,640 --> 00:11:46,080
Speaker 8: do you think?

235
00:11:46,320 --> 00:11:47,600
Speaker 5: And it literally could be the.

236
00:11:47,559 --> 00:11:49,520
Speaker 8: iPhone that they already have in their pocket, and they

237
00:11:49,520 --> 00:11:51,120
Speaker 8: still think it's the most amazing thing ever.

238
00:11:51,160 --> 00:11:52,520
Speaker 5: And they still think it's the new iPhone.

239
00:11:52,600 --> 00:11:52,760
Speaker 4: Right.

240
00:11:53,040 --> 00:11:55,400
Speaker 8: The Apple brand and the marketing engine behind them is

241
00:11:55,440 --> 00:11:57,880
Speaker 8: so strong that even in a year where they're not

242
00:11:57,920 --> 00:12:00,440
Speaker 8: really doing a lot right, where there may be promising

243
00:12:00,440 --> 00:12:02,600
Speaker 8: things that aren't actually here, you like in the case

244
00:12:02,640 --> 00:12:05,000
Speaker 8: of Apple Intelligence, they're still going to do quite well.

245
00:12:05,080 --> 00:12:08,240
Speaker 1: Yeah. It's really interesting is the gap between the insiders

246
00:12:08,320 --> 00:12:11,720
Speaker 1: that the tech, the people at the front of technology,

247
00:12:11,720 --> 00:12:13,959
Speaker 1: and then the average consumer. Mark, thank you so much

248
00:12:13,960 --> 00:12:16,840
Speaker 1: for illustrating that. Our chief technology correspondent, Mark German.

249
00:12:17,240 --> 00:12:19,400
Speaker 2: Kamala Harris and Donald Trump will face off on their

250
00:12:19,400 --> 00:12:22,640
Speaker 2: first had to have TV debate tonight, the ABC News

251
00:12:22,720 --> 00:12:25,120
Speaker 2: presidential debate being held in Philadelphia. At a time in

252
00:12:25,200 --> 00:12:27,360
Speaker 2: the margin between the two candidates and the polls is

253
00:12:27,480 --> 00:12:30,760
Speaker 2: razor thin. Our AMAS director Rosalind Mathson is here with

254
00:12:30,840 --> 00:12:33,640
Speaker 2: us for more Morning to you, raz Donald Trump's repeatedly

255
00:12:33,679 --> 00:12:37,400
Speaker 2: attacked Kamala Harris for not doing interviews or facing enough scrutiny.

256
00:12:37,440 --> 00:12:39,720
Speaker 2: What does she need to achieve in this debate?

257
00:12:40,280 --> 00:12:43,079
Speaker 9: Well, it's interesting because there's always a debate really about

258
00:12:43,080 --> 00:12:47,360
Speaker 9: how important debates are. We've seen candidates ostensibly win the

259
00:12:47,360 --> 00:12:50,080
Speaker 9: debate but not win the election. Although recently, of course,

260
00:12:50,120 --> 00:12:53,040
Speaker 9: we saw the Joe Biden debate with Donald Trump, which

261
00:12:53,120 --> 00:12:56,240
Speaker 9: was very consequential for him then deciding to step down.

262
00:12:56,240 --> 00:12:58,600
Speaker 9: So there's quite a bit at stake for her, and

263
00:12:58,600 --> 00:13:01,079
Speaker 9: that's because, as you say, the poll are really really

264
00:13:01,120 --> 00:13:04,400
Speaker 9: close within the margin of error, and the voters that

265
00:13:04,440 --> 00:13:07,000
Speaker 9: matter there are in about six states, the swing states,

266
00:13:07,360 --> 00:13:09,839
Speaker 9: and the voters in those swing states really care about

267
00:13:09,840 --> 00:13:13,479
Speaker 9: the economy, and so for Kamala Harris, it's an opportunity

268
00:13:14,080 --> 00:13:17,520
Speaker 9: to really set out her stall on her policies around

269
00:13:17,520 --> 00:13:20,160
Speaker 9: the economy, because she is obviously someone who doesn't have

270
00:13:20,200 --> 00:13:23,760
Speaker 9: a track record on economic policy, and she's starting to

271
00:13:24,000 --> 00:13:26,760
Speaker 9: put the bones around that now. But it's the chance

272
00:13:26,800 --> 00:13:29,720
Speaker 9: for her to speak directly to those voters and to say,

273
00:13:30,000 --> 00:13:31,960
Speaker 9: if I were president, these are things I'm going to

274
00:13:31,960 --> 00:13:33,440
Speaker 9: do to support economic growth.

275
00:13:33,840 --> 00:13:36,960
Speaker 1: Yeah, although the Trump team would say, actually, surely she

276
00:13:37,000 --> 00:13:39,959
Speaker 1: does have a track record because of being of the

277
00:13:40,040 --> 00:13:43,000
Speaker 1: vice president. What do you think when for Trump would

278
00:13:43,040 --> 00:13:43,480
Speaker 1: look like.

279
00:13:43,840 --> 00:13:46,040
Speaker 9: Well, it's interesting because he's been trying all sorts of

280
00:13:46,120 --> 00:13:48,600
Speaker 9: attack lines. He does like an attack line, a personal

281
00:13:48,640 --> 00:13:51,360
Speaker 9: one against people, and he's been sort of deploying a

282
00:13:51,400 --> 00:13:55,040
Speaker 9: few against her. It's a bit unclear if those are landing,

283
00:13:55,200 --> 00:13:58,440
Speaker 9: so he might be trying out new attack lines on her.

284
00:13:58,840 --> 00:14:02,000
Speaker 9: It was interesting give the way the debate is set up,

285
00:14:02,000 --> 00:14:03,640
Speaker 9: there won't be a lot of kind of one on

286
00:14:03,640 --> 00:14:06,400
Speaker 9: one conversation. They can't rebut each other in the minute,

287
00:14:06,679 --> 00:14:08,480
Speaker 9: And so does he use this to try and come

288
00:14:08,520 --> 00:14:12,520
Speaker 9: across as somewhat restrained, even a bit presidential, shall we say,

289
00:14:13,400 --> 00:14:15,600
Speaker 9: But for him in a way, it's also you know,

290
00:14:15,720 --> 00:14:19,400
Speaker 9: showing that his nimble on his feet, that his mentally

291
00:14:19,440 --> 00:14:22,800
Speaker 9: is still very fit. Because oddly enough, the questions around

292
00:14:22,840 --> 00:14:26,280
Speaker 9: age now about him, he is the elder candidate in

293
00:14:26,360 --> 00:14:28,760
Speaker 9: all of this, and you know, he wasn't that much

294
00:14:28,800 --> 00:14:31,480
Speaker 9: younger than Joe Biden with all the questions around Joe

295
00:14:31,520 --> 00:14:35,280
Speaker 9: Biden's age, and so interestingly it'll be about him having

296
00:14:35,320 --> 00:14:38,160
Speaker 9: to prove in a way that he can handle himself

297
00:14:38,200 --> 00:14:38,960
Speaker 9: in that situation.

298
00:14:39,440 --> 00:14:41,200
Speaker 2: From a policy point of view, eurs is this the

299
00:14:41,240 --> 00:14:43,560
Speaker 2: forum we're going to learn more about the key points

300
00:14:43,560 --> 00:14:46,120
Speaker 2: of difference on economics or a foreign policy.

301
00:14:46,840 --> 00:14:49,040
Speaker 9: Well, certainly we've seen them tall some of their economic

302
00:14:49,080 --> 00:14:51,440
Speaker 9: policies in recent weeks. I mean, Donald Trump just says

303
00:14:51,480 --> 00:14:55,560
Speaker 9: he'll cut taxes on everything for everybody. They've both been

304
00:14:55,600 --> 00:14:58,200
Speaker 9: competing over some of the territory on the economy, saying

305
00:14:58,200 --> 00:15:01,080
Speaker 9: that they would, you know, get rid of taxes on tips.

306
00:15:01,480 --> 00:15:04,320
Speaker 9: For example. Kamala Harris is pointing herself a bit more

307
00:15:04,360 --> 00:15:07,280
Speaker 9: towards those who are perhaps struggling with the cost of

308
00:15:07,320 --> 00:15:11,360
Speaker 9: living issues in the US, so benefits for first home buyers,

309
00:15:11,400 --> 00:15:14,560
Speaker 9: benefits for those who are struggling to pay for groceries,

310
00:15:14,640 --> 00:15:17,640
Speaker 9: tax breaks for startups for small businesses, for example, so

311
00:15:17,680 --> 00:15:21,440
Speaker 9: a bit more specific or from her. It'll be interesting

312
00:15:21,520 --> 00:15:24,320
Speaker 9: to see how they try and differentiate themselves on that.

313
00:15:24,440 --> 00:15:26,840
Speaker 9: And then obviously on foreign policy, the key question will

314
00:15:26,880 --> 00:15:29,440
Speaker 9: be which one of them will be harder on China.

315
00:15:29,720 --> 00:15:32,120
Speaker 9: Obviously Donald Trump is very much out in front on

316
00:15:32,200 --> 00:15:32,520
Speaker 9: that one.

317
00:15:34,800 --> 00:15:37,520
Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the

318
00:15:37,600 --> 00:15:40,640
Speaker 2: stories making news from London to Wall Street and beyond.

319
00:15:40,920 --> 00:15:44,080
Speaker 1: Look for us on your podcast feed every morning on Apple,

320
00:15:44,240 --> 00:15:46,920
Speaker 1: Spotify and anywhere else you get your podcasts.

321
00:15:47,000 --> 00:15:50,000
Speaker 2: You can also listen live each morning on London DAB Radio.

322
00:15:50,040 --> 00:15:52,720
Speaker 2: The Bloomberg business app and Bloomberg dot Com.

323
00:15:52,800 --> 00:15:55,560
Speaker 1: Our flagship New York station, is also available on your

324
00:15:55,600 --> 00:16:00,720
Speaker 1: Amazon Alexa devices. Just say Alexa Play Bloomberg Eleventh. I'm

325
00:16:00,760 --> 00:16:01,840
Speaker 1: Caroline Hepka and.

326
00:16:01,800 --> 00:16:04,440
Speaker 2: I'm Stephen Carol. Join us again tomorrow morning for all

327
00:16:04,480 --> 00:16:06,880
Speaker 2: the news you need to start your day right here

328
00:16:06,920 --> 00:16:10,480
Speaker 2: on Bloomberg Daybreak Europe