Speaker 1: Good morning. I'm Brian Curtis. Here are the stories we're
Speaker 1: following today. Israel and Hamas have agreed to extend the
Speaker 1: pause in fighting for another ten days, and there are
Speaker 1: even more developments at Baxter has the story from San Francisco.
Speaker 2: Ed, Yeah, two more days, Brian, two more days. Israel
Speaker 2: says eleven more hostages returned today and says it is
Speaker 2: approved fifty female prisoners for possible release to Hamas. Now
Speaker 2: that means until Thursday this week more and follows more
Speaker 2: negotiations over the release of more hostages and prisoners. Bloomberg's
Speaker 2: Kaylee Lyons points out any pause is only temporary.
Speaker 3: And as we're talking about a ceasefire, temporary one extending
Speaker 3: for whatever period of time. Again reportedly now an extra
Speaker 3: two days being tacked onto what was a four day ceasefire.
Speaker 3: Netanyahu has said repeatedly that at the end of this
Speaker 3: the war will continue, the fighting will continue. He is
Speaker 3: going to keep going intel Hamas is eliminated. So right
Speaker 3: now the ceasefire is still very much temporary, even if
Speaker 3: it is just a little bit longer.
Speaker 2: Yeah, with a pause extension, there are concerns. White House
Speaker 2: National Security spokesman John Kirby admits it does provide Hamas
Speaker 2: with an opportunity to regroup. You have to expect the.
Speaker 4: Group like Commosit terrorist group, which clearly doesn't abide by
Speaker 4: laws of war. We try to take advantage of any
Speaker 4: pause in the fighting for their own benefit. So we're
Speaker 4: watching that closely as well as our Israeli counterparts. You
Speaker 4: can bet that they're watching that closely.
Speaker 2: But that said, he says, the US would like to
Speaker 2: see continued hostage release.
Speaker 4: We would, of course hope to see the pause extended further,
Speaker 4: and that will depend upon Hamas continuing to release hostages.
Speaker 2: Yeah, And Secretary of State Anthony Blincoln says he will
Speaker 2: go back to Israel this week, his third visit since
Speaker 2: the war began, and we'll tie it to a visit
Speaker 2: to Dubai for a COP twenty eight. So how does
Speaker 2: this affect the Israeli aid calculus in the US? Well,
Speaker 2: that is, Congress has expected a resumed debate this week.
Speaker 2: Bloomberg's Jordan Fabian says, up in the air.
Speaker 5: That's a shift before in the beginning, when this is
Speaker 5: first proposed, said you know, we're going to help Israel
Speaker 5: and no streets attached. But since then this offensive has
Speaker 5: taken place in Gaza, a lot of Pala sittings have died,
Speaker 5: Whole cities have been leveled, and so the mood has
Speaker 5: turned among Democrats. They want to see some concessions here.
Speaker 5: But then the calculus get tough because Republicans don't want
Speaker 5: to see concessions.
Speaker 2: And Elon Musk has been on Israel, touring and talking
Speaker 2: with Prime Minister Benjamin Nette. Yahoo Bloomberg's ed Ledlow.
Speaker 6: Musk said that he'd like to help rebuild Gaza at
Speaker 6: the conclusion of the Israel jamaz war, and you know,
Speaker 6: he basically said that he was disturbed by some of
Speaker 6: the images that he'd seen. You're looking at pictures there
Speaker 6: of Elon Musk with Benjaminette and Yahoo.
Speaker 2: Yeah. Musk also visiting Israel in the shadow with an
Speaker 2: at a Semitic post on X and the loss of
Speaker 2: a number of high profile advertisers. President Joe Biden, meanwhile,
Speaker 2: taking credit for easing supply chain pressures and lowering inflation today, says,
Speaker 2: but more needs to be done.
Speaker 7: Let me be clear, any corporation has not brought their
Speaker 7: prices back down even as inflation has come down. Eating
Speaker 7: supply chains have been rebuilt. It's time to stop the
Speaker 7: price gouging given the American consumer a break.
Speaker 2: Biden also says he's set up a council review supply
Speaker 2: chain actions, calling it an early warning system. Global News
Speaker 2: twenty four hours a day and whenever you want it
Speaker 2: with Bloomberg News now in San Francisco. I'm Ed Baxter,
Speaker 2: and this is Bloomberg.
Speaker 1: Brian, and thanks very much, with Brian Curtis and Vonnie
Speaker 1: Quinn of course, said backstraw News. Now, it's time for
Speaker 1: the top business and economic stories. Saudi Arabia is asking
Speaker 1: others in OPEK Plus to reduce their oil production quotas
Speaker 1: we get the story from Bloomberg's and CADS.
Speaker 8: Saudi Arabia has been making a largely unilateral supply cut
Speaker 8: back of one million barrels a day since July and
Speaker 8: is now seeking further support from other OPEC plus members,
Speaker 8: but some countries are resisting. The twenty three nation alliance
Speaker 8: faces pressure to intervene in crude markets following a seventeen
Speaker 8: percent drop in prices over the past two months. Amid
Speaker 8: plentiful stockpiles and a darkening economic backdrop. The oil market
Speaker 8: could weaken the more in twenty twenty four, with forecasts
Speaker 8: of a new supply surplus in Washington and Kate's Bloomberg Radio.
Speaker 9: Online shoppers are clicking their way to big savings for
Speaker 9: Cyber Monday, and then this comes as buy now, pay
Speaker 9: later features or letting shoppers stretch thereabouts. It's with credit.
Speaker 9: Bloomberg's Spencer Sober says expectations are high.
Speaker 1: Earlier they were predicting about twelve billion in sales, and
Speaker 1: that's from Adobe, which monitors insights from by hundreds of
Speaker 1: millions of transactions.
Speaker 10: Nave up that to twelve point four billion.
Speaker 3: Now based on the strength of the consumer on Black
Speaker 3: Friday into the weekend, they're seeing the consumer being more resilient.
Speaker 9: That's Bloomberg's Spencer Sober there. The holiday weekend already saw
Speaker 9: record online spending. Black Friday sales top analyst projections at
Speaker 9: nine point eight billion dollars. That's up seven and a
Speaker 9: half percent from a year ago. The National Retail Federation
Speaker 9: estimates one hundred and eighty two million people will have
Speaker 9: shopped in store and online from Thanksgiving Day through the
Speaker 9: end of Cyber Monday.
Speaker 1: Meantime, Amazon's proper hoosed acquisition of I Robot has hit
Speaker 1: a potential snag in Europe. More from Bloomberg Samuel Stalton.
Speaker 11: The European Commission has issued what is known as a
Speaker 11: statement of objections, and this effectively means that the Commission
Speaker 11: outlines a series of anti competitive concerns with the merger.
Speaker 11: It doesn't necessarily prejudge the outcome of the investigation, but
Speaker 11: it calls upon the firms to address some of those
Speaker 11: anti competitive concerns or risk the deal being derailed.
Speaker 1: That's Bloomberg Samuel Stalton, and the shares were hammered. I'll
Speaker 1: get to the numbers for you in a moment. Last week,
Speaker 1: Reuter's had reported that Amazon and iRobot appeared on the
Speaker 1: cusp of winning unconditional approval from the European Commission. At
Speaker 1: that time, the stock jumped, but today I Robot shares
Speaker 1: down seventeen percent, the biggest intra day drop in nearly
Speaker 1: three years.
Speaker 9: Reddit is leading a class of twenty twenty four candidates
Speaker 9: testing the waters for an initial public offering in the
Speaker 9: United States. We're told the social media company as again
Speaker 9: hold talks with potential investors for an IPO, and that
Speaker 9: IPO could come as soon as the first quarter last year,
Speaker 9: we reported that Reddit was working with Morgan Stanley and
Speaker 9: Goldman Sachs on the listing. Separately, we hear Rubric, a
Speaker 9: Microsoft backed cloud and data security startup, is also considering
Speaker 9: holding its IPO as soon as in the first quarter,
Speaker 9: and we're told Kim Karnashian's Skims underwear label is discussing
Speaker 9: strategy options, including an IPO that could come as soon
Speaker 9: as next year.
Speaker 1: And The Wall Street Journal reported just an hour or
Speaker 1: so ago that the fast fashion Chinese company shu In
Speaker 1: has confidentially filed for a US IPO. Well, China's Central
Speaker 1: Bank says it will press the country's banks to lower
Speaker 1: real lending rates. Bloomberg Yvon Mann has the story in
Speaker 1: Hong Kong.
Speaker 12: The Central Bank's position is clear. Deflation has effectively pushed
Speaker 12: up borrowing costs in price adjusted terms, and that has
Speaker 12: stow concerns that real debt burdens will rise, undermining growth.
Speaker 12: As a result, wants banks to do more to smooth
Speaker 12: out volatility in their lending activity. That said, in its
Speaker 12: third quarter Monetary policy report, the PBOC played down concerns
Speaker 12: about deflation. It said, don't read too much into single
Speaker 12: month credit data. A recent Bloomberg survey showed economists expect
Speaker 12: China to wait until early next year to lower policy
Speaker 12: rates after two cuts this year. In Hong Kong, I'm
Speaker 12: von Mann Bloomberg.
Speaker 9: Radio iphonemaker Honhai is expanding its footprint in India with
Speaker 9: another one point six billion dollar investment. Bloomberg Joan Wong
Speaker 9: has more from Hong Kong.
Speaker 10: Han Hi says a huge budgeted expense will be used
Speaker 10: for construction projects and what it calls operational needs, but
Speaker 10: the company did not identify any locations. Honghai is among
Speaker 10: many firms looking to diversify its business outside of China
Speaker 10: due to geopolitical concerns. In September, the company set on
Speaker 10: LinkedIn it planned to double the size of this business
Speaker 10: in India. Fox Con already operates nine production camp as
Speaker 10: it's there, and sales in the country run to about
Speaker 10: ten billion dollars annually.
Speaker 8: In Hong Kong.
Speaker 10: To end long Bloomberg Radio.
Speaker 1: Joining us now on the program is Larry Lieberg, Bloomberg
Speaker 1: Editor on International Economics and Security team at Bloomberg, to
Speaker 1: discuss the latest with Israel and Tomas.
Speaker 10: Larry.
Speaker 1: Great to have you with us. The pause is a
Speaker 1: good thing. Let's hope it continues. Can we make the
Speaker 1: jump in saying we don't know what both sides are thinking,
Speaker 1: but can we sort of guess that both sides are
Speaker 1: a bit tired of fighting, but there's just no easy
Speaker 1: way out.
Speaker 13: That's exactly true, and they're tired enough at least for
Speaker 13: the moment that they're extending their agreement to swap hostages
Speaker 13: for prisoners. And today, as planned, there was another exchange.
Speaker 13: Eleven freed hostages arrived in Israel, and in the rather
Speaker 13: elaborate one to three ratio of these deals, thirty three
Speaker 13: pound Allestinians were released from imprisonment by Israel. But the
Speaker 13: lasting impact of this because of the question you suggest,
Speaker 13: and everybody's founded in their interest to extend this for
Speaker 13: two more days, so rather than ending tomorrow, it'll go
Speaker 13: through Thursday. Is there hope after that? Biden and others
Speaker 13: certainly say so, And they also emphasize the improvement not
Speaker 13: enough UN experts would tell you, but an improvement in
Speaker 13: the delivery of humanitarian supplies to Gaza.
Speaker 9: How are the calculations made, though, Larry, Because if Israel
Speaker 9: is declaring that it will not stop until every last
Speaker 9: Hamas membrance of order is gone, then presumably these prisoners
Speaker 9: don't have very long right according to Israel's logic.
Speaker 13: Well, yes, but Israel's political logic is also that all
Speaker 13: are almost all of these hostages are Israelis, and there's
Speaker 13: a very very strong political movement in Israel that they
Speaker 13: must be brought back, and so that provides an incentive.
Speaker 13: But yes, Israel said it can't just end this and
Speaker 13: leave Hamas in place to attack again. And Hamas says
Speaker 13: it's not giving up. So this clearly isn't a permanent
Speaker 13: solution to anything. But the extension of it suggests everybody's
Speaker 13: interest for the moment in extending it, and that also
Speaker 13: that everybody's got a spin on this. Prime Minister and
Speaker 13: Yahoo of Israel his offer. His office issued a statement
Speaker 13: that Israel will welcome back our eleven abducted citizens will cutter. It,
Speaker 13: which has served a crucial intermediary role, didn't describe the
Speaker 13: as israelis taking us of their dual citizenship. It described
Speaker 13: these as three French citizens, two Germans and six Argentinians
Speaker 13: who are released today. So everybody has an angle. Everybody has,
Speaker 13: so art In said up to continue playing this very
Speaker 13: important game but there's clearly an end insight at.
Speaker 1: Some point, Larry, there's a massive imbalance in those killed.
Speaker 1: Hamas has some fifteen thousand gosins and Israeli say that
Speaker 1: twelve hundred Israelis were killed in the initial attacks by Amas.
Speaker 1: I'm wondering, I just want to get your thoughts on this.
Speaker 1: I talked about this with Michael Heath, one of our
Speaker 1: colleagues yesterday. Does that suggest in any way more or
Speaker 1: less likelihood that Israel would agree to a longer pause?
Speaker 1: And if you could also add to that, what does
Speaker 1: it say about the international position here and the pressure
Speaker 1: coming from other countries.
Speaker 13: Well, I think there is a lot of pressure. Israel
Speaker 13: would tell you that, first of all, at the beginning
Speaker 13: of this Hamas, in a surprise attack, killed the most
Speaker 13: Israelis who were which are murdered since the Holocaust. That's
Speaker 13: an existential question for them. Response though has not met
Speaker 13: with the approval of the world community, because they have
Speaker 13: killed many times that of civilians in Gaza, and they
Speaker 13: say with with I think clearly some truth that it
Speaker 13: is in part because Hamas burrows under it has this
Speaker 13: extraordinary series of tunnels under the civilian population. But still
Speaker 13: The idea that they're using such large bombs us applied
Speaker 13: in many cases, and that it's causing so many civilian
Speaker 13: casualties have not gained favor in the world community.
Speaker 9: Laurie, how much does Hamas know about all of the hostages?
Speaker 9: So there seems to be suggestion that some are lost
Speaker 9: or you know.
Speaker 13: Yeah, well, they may know that some have died. They
Speaker 13: also there also have been some indications that are other
Speaker 13: terrorist offshoots that may have grabbed some of them, and
Speaker 13: they may not have complete leeway to deal for them.
Speaker 13: And so we may not get to the end of
Speaker 13: this even if everyone wanted to keep extending it, with
Speaker 13: all of the hostages freed and with all of them live.
Speaker 13: And that's one of the mysteries and one of the
Speaker 13: sad parts of this whole.
Speaker 1: Yeah, you mentioned you mentioned US munitions, and we talked
Speaker 1: about the imbalance in the number of dead. Are you
Speaker 1: hearing anything about from Congress or the administration about conditionality
Speaker 1: being placed on Israel in terms of future conduct of
Speaker 1: this war.
Speaker 13: Well, there certainly have been some questions raised by some Democrats,
Speaker 13: Liberal Democrats especially, and even I think the President made
Speaker 13: some passing remark it may not have been quite what
Speaker 13: some people read into it, suggesting that the US is
Speaker 13: concerned about providing weapons and how they're used in will
Speaker 13: or should play some constraints on it. The problem again
Speaker 13: is on the other side is I would say we
Speaker 13: can't get to those underground tunnels, that we can't get
Speaker 13: to those leaders with lightweight weapons, and that's the great
Speaker 13: dilemma at this point.
Speaker 1: This is Bloomberg Daybreak Asia, your morning brief on the
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