1 00:00:00,520 --> 00:00:03,400 Speaker 1: This is Bloomberg Daybreak Weekend, our global look at the 2 00:00:03,480 --> 00:00:06,160 Speaker 1: top stories for the coming week from our Daybreak anchors 3 00:00:06,280 --> 00:00:08,720 Speaker 1: all around the world. Hand just to hit on the program, 4 00:00:08,760 --> 00:00:12,120 Speaker 1: here comes the iPhone fourteen. So how much does Apple 5 00:00:12,160 --> 00:00:14,920 Speaker 1: have riding on this? I'm John Tucker in New York. 6 00:00:15,000 --> 00:00:17,079 Speaker 1: I'm Stephen carl in London, where we'll have a new 7 00:00:17,120 --> 00:00:19,360 Speaker 1: Prime Minister in the coming days as we wait for 8 00:00:19,400 --> 00:00:22,680 Speaker 1: the results of the Conservative Party's leadership race. I'm Brian 9 00:00:22,720 --> 00:00:25,919 Speaker 1: Curtis in Hong Kong. What's the real aim of Philippine 10 00:00:25,920 --> 00:00:30,240 Speaker 1: President Ferdinand Marcos Junior's state visits to Singapore and Indonesia. 11 00:00:30,440 --> 00:00:32,599 Speaker 1: I'm Amy Morris in Washington with a look at how 12 00:00:32,600 --> 00:00:35,000 Speaker 1: the White House is getting its message out before the 13 00:00:35,040 --> 00:00:39,760 Speaker 1: mid terms. That's all straight ahead on Bloomberg Daybreak Weekend 14 00:00:39,960 --> 00:00:44,560 Speaker 1: on Bloomberg eleven, Free O, New York, Bloomberg Washington, d C, 15 00:00:44,880 --> 00:00:48,960 Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, 16 00:00:49,200 --> 00:00:52,680 Speaker 1: d A B, Digital Radio London, Sirius XM one nineteen 17 00:00:52,920 --> 00:00:55,680 Speaker 1: and around the world on Bloomberg Radio dot Com and 18 00:00:55,760 --> 00:01:01,560 Speaker 1: via the Bloomberg Business App. Hi, everybody, I'm John Tucker, 19 00:01:01,600 --> 00:01:04,399 Speaker 1: and let's start today's program with Apple's big events schedule 20 00:01:04,480 --> 00:01:07,399 Speaker 1: with US coming Wednesday, and joining me to talk through 21 00:01:07,440 --> 00:01:12,200 Speaker 1: it is Bloomberg's Mark German Markie cover Apple pretty closely. 22 00:01:12,280 --> 00:01:15,520 Speaker 1: The event scheduled for Wednesday at the Steve Jobs Theater 23 00:01:16,040 --> 00:01:19,240 Speaker 1: being built by the company as a far out event. 24 00:01:19,440 --> 00:01:21,960 Speaker 1: Is this like a grateful Dead far out or like 25 00:01:22,000 --> 00:01:25,400 Speaker 1: a space far out? Yeah, that's funny. I mean the 26 00:01:25,440 --> 00:01:29,679 Speaker 1: invitation and their marketing around it. It's very much space themed. Right. 27 00:01:30,080 --> 00:01:32,800 Speaker 1: The easiest explanation for the name far out is that 28 00:01:32,840 --> 00:01:35,080 Speaker 1: they announced the event two weeks in advance, and they 29 00:01:35,160 --> 00:01:38,200 Speaker 1: usually announced it about one week in advance, right, So 30 00:01:38,319 --> 00:01:41,400 Speaker 1: technically speaking, when they announced it it was you know, 31 00:01:41,640 --> 00:01:45,760 Speaker 1: far out. Far Out also means something is cool. The 32 00:01:45,840 --> 00:01:49,600 Speaker 1: astronomy themes. It's the new software, right. The new software 33 00:01:49,640 --> 00:01:53,360 Speaker 1: itself on the new iPhone has an astronomy theme. There's 34 00:01:53,400 --> 00:01:56,960 Speaker 1: been talk of satellite integration for the new phones for 35 00:01:57,280 --> 00:02:01,800 Speaker 1: emergency communications and areas without other connection, right, So it's 36 00:02:01,800 --> 00:02:04,280 Speaker 1: probably one of those things in the end as the 37 00:02:04,400 --> 00:02:07,400 Speaker 1: meaning behind the far out name. Okay, does everybody have 38 00:02:07,520 --> 00:02:10,320 Speaker 1: to get these new phones? I mean, if I have 39 00:02:10,440 --> 00:02:13,800 Speaker 1: an iPhone thirteen. Do I really need to update it 40 00:02:13,840 --> 00:02:18,000 Speaker 1: with the fourteen model? No? I don't think the iPhone 41 00:02:18,000 --> 00:02:20,560 Speaker 1: fourteen is going to be that significant of an update 42 00:02:20,639 --> 00:02:23,680 Speaker 1: coming from the iPhone thirteen, right, even coming from the 43 00:02:23,680 --> 00:02:26,600 Speaker 1: iPhone twelve. But if you're coming from an iPhone eleven 44 00:02:26,680 --> 00:02:29,680 Speaker 1: or earlier, it could be a decent upgrade. Seeing if 45 00:02:29,680 --> 00:02:32,000 Speaker 1: you're on an iPhone eleven or earlier, you don't have 46 00:02:32,040 --> 00:02:34,399 Speaker 1: five G, you don't have that new design, you don't 47 00:02:34,560 --> 00:02:37,919 Speaker 1: have the upgraded camera system. So I think anyone with 48 00:02:37,960 --> 00:02:40,840 Speaker 1: the phone older than the twelve, the four team might 49 00:02:40,880 --> 00:02:43,880 Speaker 1: be the one for you. Okay, let's talk about the upgrades. 50 00:02:43,880 --> 00:02:45,520 Speaker 1: So I'm I don't know what I think. I've got 51 00:02:45,600 --> 00:02:48,880 Speaker 1: one G, but five G is it really making a difference? 52 00:02:49,280 --> 00:02:52,560 Speaker 1: Do you really have to upgrade? Uh? In this cycle? 53 00:02:53,720 --> 00:02:57,320 Speaker 1: You know? Right now, I haven't seen any significant software 54 00:02:57,520 --> 00:03:01,880 Speaker 1: or hardware features or integration from any of the phonemakers 55 00:03:01,919 --> 00:03:05,720 Speaker 1: at this point that make five G really worthwhile. Sure, 56 00:03:05,800 --> 00:03:07,800 Speaker 1: when you're in the web browser, things bloat a little 57 00:03:07,800 --> 00:03:11,280 Speaker 1: bit more quickly. Attachment to emails download a little bit faster. 58 00:03:11,880 --> 00:03:13,880 Speaker 1: Right If you want to download a movie before a 59 00:03:13,880 --> 00:03:16,799 Speaker 1: flight onto your phone, you'll be able to probably do 60 00:03:16,840 --> 00:03:19,959 Speaker 1: that over five G, whereas maybe with four G you 61 00:03:20,000 --> 00:03:23,200 Speaker 1: didn't have enough time right to get those downloads in 62 00:03:23,240 --> 00:03:25,600 Speaker 1: real fast while you're boarding a flight. But I will 63 00:03:25,600 --> 00:03:27,560 Speaker 1: tell you I've been using a five G phone for 64 00:03:27,639 --> 00:03:30,440 Speaker 1: now about two years or so, and I have not 65 00:03:30,680 --> 00:03:34,280 Speaker 1: seen any specific features that have been per se unlocked 66 00:03:34,280 --> 00:03:36,720 Speaker 1: by five G. There's nothing you can do today on 67 00:03:36,800 --> 00:03:39,160 Speaker 1: five G that you couldn't do on four G. Things 68 00:03:39,240 --> 00:03:41,600 Speaker 1: just happen a little bit more quickly. There's also the 69 00:03:41,640 --> 00:03:45,120 Speaker 1: battery life considerations too. If you have five G running 70 00:03:45,120 --> 00:03:47,280 Speaker 1: it a hole at all times, the battery life may 71 00:03:47,280 --> 00:03:50,120 Speaker 1: be a little shaky, but there's settings and ways to 72 00:03:50,160 --> 00:03:53,960 Speaker 1: work around that. So I don't think five G is 73 00:03:54,000 --> 00:03:58,360 Speaker 1: this smoking gun for the cellular industry that some people 74 00:03:58,360 --> 00:04:01,200 Speaker 1: thought it was. Okay, let's talk about the models that 75 00:04:01,280 --> 00:04:04,680 Speaker 1: aren't coming out from Apple. H They've got all the 76 00:04:04,720 --> 00:04:07,880 Speaker 1: bells and whistles, as you pointed out, what else to 77 00:04:08,160 --> 00:04:10,800 Speaker 1: get people excited. Yeah, I mean these new phones, they're 78 00:04:10,800 --> 00:04:14,560 Speaker 1: not going to be significant upgrades. You'll see swimmer bezels 79 00:04:14,600 --> 00:04:16,719 Speaker 1: around the edges of the display will look a little 80 00:04:16,760 --> 00:04:18,960 Speaker 1: bit bigger. You have a new design for the front 81 00:04:19,000 --> 00:04:22,920 Speaker 1: facing camera, and facial recognition sensors on the Pro models. 82 00:04:23,080 --> 00:04:25,160 Speaker 1: If you do get the Pro model, there's going to 83 00:04:25,200 --> 00:04:27,359 Speaker 1: be a forty eight megapixel camera on the back for 84 00:04:27,400 --> 00:04:30,320 Speaker 1: the first time. That's for the main wide angle lens. 85 00:04:30,760 --> 00:04:33,960 Speaker 1: That's a big upgrade from twelve megapixels. In addition to 86 00:04:34,000 --> 00:04:36,479 Speaker 1: the new iPhones, you're also going to see three new 87 00:04:36,520 --> 00:04:39,760 Speaker 1: Apple Watch models for the first time. So you're going 88 00:04:39,800 --> 00:04:42,320 Speaker 1: to see an Apple Watch Series eight that looks similar 89 00:04:42,360 --> 00:04:44,760 Speaker 1: to the Series seven from last year that it adds 90 00:04:44,760 --> 00:04:48,000 Speaker 1: a new health feature that's a sensor to determine your 91 00:04:48,000 --> 00:04:51,000 Speaker 1: body temperature right here, telling you if you have a 92 00:04:51,040 --> 00:04:53,160 Speaker 1: fever or not. There's also going to be some new 93 00:04:53,160 --> 00:04:56,160 Speaker 1: women's health and fertility features. There's also going to be 94 00:04:56,160 --> 00:04:58,680 Speaker 1: a new low end Apple Watch. Two years ago, they 95 00:04:58,680 --> 00:05:01,880 Speaker 1: introduced the Apple Watch SC for two d and seventy 96 00:05:01,920 --> 00:05:04,000 Speaker 1: nine dollars. It's a pretty good price for that device. 97 00:05:04,200 --> 00:05:06,760 Speaker 1: That's going to be updated with the faster processor. Now. 98 00:05:06,920 --> 00:05:09,359 Speaker 1: The big thing coming Wednesday is going to be the 99 00:05:09,360 --> 00:05:12,240 Speaker 1: Apple Watch Pro. That's going to be the first super 100 00:05:12,320 --> 00:05:14,600 Speaker 1: high end Apple Watch that's going to be aimed at 101 00:05:14,640 --> 00:05:17,960 Speaker 1: extreme sports athletes and people who want the biggest Apple 102 00:05:17,960 --> 00:05:20,520 Speaker 1: Watch on the market. That's going to have a bigger screen, 103 00:05:20,960 --> 00:05:24,800 Speaker 1: new software features for health tracking and fitness fitness tracking. 104 00:05:25,240 --> 00:05:27,720 Speaker 1: They're also going to see a better battery life as 105 00:05:27,720 --> 00:05:31,120 Speaker 1: well as a higher end rugged titanium case around that 106 00:05:31,200 --> 00:05:33,680 Speaker 1: watch too. I'm almost afraid to answer what that's going 107 00:05:33,760 --> 00:05:36,360 Speaker 1: to cost, you know, I believe it will be somewhere 108 00:05:36,400 --> 00:05:39,880 Speaker 1: between nine and a thousand dollars. Okay, so so not 109 00:05:39,960 --> 00:05:42,520 Speaker 1: too bad as long as we're talking about prices. What's 110 00:05:42,560 --> 00:05:45,599 Speaker 1: the what's the revenue mix? They're still getting most of 111 00:05:46,040 --> 00:05:50,040 Speaker 1: the revenue from iPhones, right, Yeah, Apple, if you look 112 00:05:50,080 --> 00:05:53,160 Speaker 1: at the iPhone itself, just the phone, they're getting between 113 00:05:53,240 --> 00:05:56,720 Speaker 1: fifty and six a year of the revenue from the iPhone, right, 114 00:05:56,760 --> 00:05:59,159 Speaker 1: But I think that ignores the bigger picture. The bigger 115 00:05:59,200 --> 00:06:02,200 Speaker 1: picture is that the Apple Watch only functions if you 116 00:06:02,200 --> 00:06:05,320 Speaker 1: have an iPhone. The Airpod's only function well, if you 117 00:06:05,360 --> 00:06:09,279 Speaker 1: have an iPhone, the HomePod, the Apple TV, right, the 118 00:06:09,360 --> 00:06:12,640 Speaker 1: iPad integrates well with the iPhone, the Mac integrates well 119 00:06:12,720 --> 00:06:15,200 Speaker 1: with the iPhone. So at a core, right, just looking 120 00:06:15,240 --> 00:06:17,719 Speaker 1: at the numbers on paper, they're getting about half the 121 00:06:17,800 --> 00:06:20,359 Speaker 1: revenue from the iPhone. But if you factor in that, 122 00:06:20,480 --> 00:06:24,240 Speaker 1: everything else really relies on owning an iPhone. You could 123 00:06:24,279 --> 00:06:27,720 Speaker 1: say that basically the rest of all their revenue services 124 00:06:27,800 --> 00:06:31,440 Speaker 1: TV plus I, Cloud included, app store right comes from 125 00:06:31,440 --> 00:06:34,200 Speaker 1: the iPhone. So if you want, you can really change 126 00:06:34,240 --> 00:06:36,480 Speaker 1: their name from Apple inkto iPhone in because all of 127 00:06:36,480 --> 00:06:39,120 Speaker 1: their money is coming one way or another from the iPhone. 128 00:06:39,240 --> 00:06:43,039 Speaker 1: All right, Mark, always a pleasure, Bloomberg's Mark German covering 129 00:06:43,080 --> 00:06:46,080 Speaker 1: Apple for us. Just a hand on Bloomberg Daybreak Weekend, 130 00:06:46,160 --> 00:06:49,120 Speaker 1: The UK and the process of getting a new Prime Minister. 131 00:06:49,360 --> 00:06:59,640 Speaker 1: I'm John Tucker at this he gets Bloomberg. This is 132 00:06:59,680 --> 00:07:02,240 Speaker 1: bloom Work Daybreak Weekend, our global looking ahead of the 133 00:07:02,320 --> 00:07:05,120 Speaker 1: top stories for investors of the coming week. I'm John 134 00:07:05,120 --> 00:07:09,960 Speaker 1: Tuckery in New York, expanding ties between the Philippines and Singapore. 135 00:07:10,000 --> 00:07:13,320 Speaker 1: Just ahead, But first, the UK gets a new Prime 136 00:07:13,360 --> 00:07:16,880 Speaker 1: Minister in the coming days, as the successor to Boris Johnson, 137 00:07:16,920 --> 00:07:20,480 Speaker 1: being picked by members of the country's Conservative Party and 138 00:07:20,520 --> 00:07:23,600 Speaker 1: for more aletend to London and bringing Bloomberg Daybreak Europe 139 00:07:23,680 --> 00:07:26,640 Speaker 1: anchor Stephen Cheryl John Nathan. It's been a summer of 140 00:07:26,720 --> 00:07:29,960 Speaker 1: campaigning and debates for less Trust and Ritchie Sunac as 141 00:07:29,960 --> 00:07:31,560 Speaker 1: they fight it out to win the votes of the 142 00:07:31,600 --> 00:07:34,040 Speaker 1: around a hundred and fifty thousand members of the Conservative 143 00:07:34,040 --> 00:07:36,800 Speaker 1: Party here in the UK. The winner of this internal 144 00:07:36,840 --> 00:07:39,880 Speaker 1: party vote then becomes leader and we'll take over as 145 00:07:40,040 --> 00:07:42,760 Speaker 1: prime minister. To discuss this, I'm joined by our UK 146 00:07:42,840 --> 00:07:45,360 Speaker 1: government and treasure reported Joe Mays. Joe, thanks for being 147 00:07:45,360 --> 00:07:48,800 Speaker 1: with us. Let's talk about the characters involved here. Lizz Trust, 148 00:07:48,920 --> 00:07:52,280 Speaker 1: Foreign Secretary, Richie Snach, former Chancellor to people very well 149 00:07:52,280 --> 00:07:55,040 Speaker 1: known here in the UK, but we've been scrutinizing the 150 00:07:55,120 --> 00:07:57,320 Speaker 1: much more closely in recent weeks. What did we learn 151 00:07:57,360 --> 00:08:00,400 Speaker 1: about these two characters over the course of the campaign. Well, 152 00:08:00,400 --> 00:08:02,760 Speaker 1: I think we saw a quite a clear division between 153 00:08:02,800 --> 00:08:06,320 Speaker 1: them on their economics. So Liz Trust is someone who 154 00:08:06,320 --> 00:08:10,120 Speaker 1: believes in a pretty Thatcher right approach to economics, very 155 00:08:10,200 --> 00:08:12,920 Speaker 1: much inspired by her kind of idol, Margaret Thatcher. She's 156 00:08:12,960 --> 00:08:16,800 Speaker 1: someone who has had many photo opportunities almost mimicking the 157 00:08:16,840 --> 00:08:19,360 Speaker 1: forward Prime minister, and that is something that plays well 158 00:08:19,400 --> 00:08:21,280 Speaker 1: with that Conservative Party base. But in terms of that 159 00:08:21,360 --> 00:08:24,480 Speaker 1: of the economics, she is positioning herself as very aggressive 160 00:08:24,520 --> 00:08:27,440 Speaker 1: on things like tax cuts, for example, shrinking the size 161 00:08:27,840 --> 00:08:31,240 Speaker 1: of the states, wanting to kind of roll back where 162 00:08:31,240 --> 00:08:33,480 Speaker 1: we've come to during the pandemic. And you compare that 163 00:08:33,520 --> 00:08:36,240 Speaker 1: to someone like Rishie Sunak, who has positioned himself as 164 00:08:36,280 --> 00:08:38,880 Speaker 1: more cautious or economics saying that it would be dangerous 165 00:08:38,880 --> 00:08:42,240 Speaker 1: effectively to cut taxes right now and having a campaign 166 00:08:42,480 --> 00:08:45,400 Speaker 1: focused strongly on the dangers of inflation. Say now, that 167 00:08:45,520 --> 00:08:47,520 Speaker 1: is the big danger of the UK economy faces and 168 00:08:47,559 --> 00:08:50,600 Speaker 1: we must do everything we can to to prevent inflation 169 00:08:50,600 --> 00:08:52,520 Speaker 1: in spiraling out of control. And the list Trust response 170 00:08:52,559 --> 00:08:55,840 Speaker 1: has been, well, I don't think my policies will still inflation. Indeed, 171 00:08:55,880 --> 00:08:57,839 Speaker 1: they'll spur growth and that's what we should be going 172 00:08:57,880 --> 00:08:59,960 Speaker 1: for right now. So that's been the big economic device 173 00:09:00,080 --> 00:09:02,520 Speaker 1: in this in this debate, in this contest, Ritchie Snack 174 00:09:02,640 --> 00:09:05,400 Speaker 1: saying let's not stoke inflation, Liz Trust saying let's go 175 00:09:05,440 --> 00:09:08,240 Speaker 1: for growth and let's be more aggressive. So that's the 176 00:09:08,240 --> 00:09:11,679 Speaker 1: first big thing I would say, and then beyond that, 177 00:09:11,760 --> 00:09:16,240 Speaker 1: I'd say that both candidates have a pretty similar offer 178 00:09:16,360 --> 00:09:19,559 Speaker 1: to the Conservative Party base on cultural issues, for example, 179 00:09:19,559 --> 00:09:21,720 Speaker 1: like the war on woke. They call it this idea 180 00:09:21,760 --> 00:09:24,640 Speaker 1: of trying to get rid of kind liberal left tendencies 181 00:09:24,679 --> 00:09:28,240 Speaker 1: in public life, and just as one example, on foreign 182 00:09:28,280 --> 00:09:31,800 Speaker 1: policy that both very pro defending Ukraine, so there hasn't 183 00:09:31,800 --> 00:09:34,280 Speaker 1: been too much differentiation on other issues. It's mainly been 184 00:09:34,280 --> 00:09:36,800 Speaker 1: the economics where the dividers occurred. And it's interesting because, 185 00:09:36,800 --> 00:09:38,640 Speaker 1: of course this is coming at a time when cost 186 00:09:38,679 --> 00:09:41,000 Speaker 1: of living crisis the main focus for the country. We 187 00:09:41,080 --> 00:09:43,199 Speaker 1: have that news from the energy regulator that bills are 188 00:09:43,200 --> 00:09:46,880 Speaker 1: going to be jumping in October for households on average 189 00:09:46,880 --> 00:09:49,040 Speaker 1: are going to be paying more. So it's it's come 190 00:09:49,080 --> 00:09:52,440 Speaker 1: at a time when the focus is exceptionally on the 191 00:09:52,480 --> 00:09:55,520 Speaker 1: economics of the argument. But is whilst this really a 192 00:09:55,559 --> 00:09:58,600 Speaker 1: campaign about policies or was it more about those other 193 00:09:58,640 --> 00:10:01,000 Speaker 1: issues that you were talking about. I think it became 194 00:10:01,040 --> 00:10:04,880 Speaker 1: more about those other issues for sure, because both candidates 195 00:10:05,000 --> 00:10:09,040 Speaker 1: set out a headline idea for their economics. So for 196 00:10:09,440 --> 00:10:13,160 Speaker 1: Liz Trial still was no more handouts, let's cut taxes. British, 197 00:10:13,440 --> 00:10:15,600 Speaker 1: let's not stoke conflation. But neither of them then going 198 00:10:15,720 --> 00:10:18,760 Speaker 1: much further on that, neither of them detailing in significant 199 00:10:18,800 --> 00:10:22,080 Speaker 1: detail a long list of policies. For interrogation by the lecturate, 200 00:10:22,360 --> 00:10:24,800 Speaker 1: they were happy to kind of keep it vague such 201 00:10:24,840 --> 00:10:26,240 Speaker 1: that when they get into the government they can then 202 00:10:26,600 --> 00:10:28,920 Speaker 1: not be pinned to specific positions they might have outlined, 203 00:10:28,920 --> 00:10:31,720 Speaker 1: and they did prefer to spend time talking about those 204 00:10:32,320 --> 00:10:37,000 Speaker 1: core heartwarming issues you might say served party base, such 205 00:10:37,040 --> 00:10:40,400 Speaker 1: as you know, camping down on the small boats crossing 206 00:10:40,440 --> 00:10:42,600 Speaker 1: the English Channel from France to England, for example, which 207 00:10:42,600 --> 00:10:45,600 Speaker 1: is a very an issue, really agitates excited body base 208 00:10:46,000 --> 00:10:49,280 Speaker 1: supporting Ukraine, as I mentioned, realizing the opportunities of Brexit. 209 00:10:49,360 --> 00:10:51,839 Speaker 1: So that was where much of the campaign happened, on 210 00:10:52,600 --> 00:10:55,680 Speaker 1: those issues and kind of trying to be painting yourself 211 00:10:55,760 --> 00:10:58,800 Speaker 1: as the true blue candidate on those issues rather than 212 00:10:58,840 --> 00:11:01,160 Speaker 1: getting bogged out. And the weeds are like a very 213 00:11:01,200 --> 00:11:04,840 Speaker 1: difficult economic situation. It's quite unusual really that you have 214 00:11:04,960 --> 00:11:07,319 Speaker 1: this elector at around a hundred and fifty thousand people 215 00:11:07,320 --> 00:11:08,959 Speaker 1: that are going to pick the next prime minister. It's 216 00:11:09,000 --> 00:11:11,199 Speaker 1: not a national election in the same way that we 217 00:11:11,400 --> 00:11:14,440 Speaker 1: normally have. The party rules dictate that Boris Johnson is 218 00:11:14,440 --> 00:11:15,760 Speaker 1: no longer going to be the leader and this is 219 00:11:15,760 --> 00:11:17,680 Speaker 1: how they are like the new one. But it has 220 00:11:17,760 --> 00:11:20,720 Speaker 1: been playing out in public. There has been twelve hostings, 221 00:11:20,720 --> 00:11:23,640 Speaker 1: they've been broadcast on radio and television. It has been 222 00:11:23,640 --> 00:11:26,800 Speaker 1: a subject of national debate. Is that going to be 223 00:11:26,880 --> 00:11:29,920 Speaker 1: good or bad for the Conservative Party after this, do 224 00:11:29,960 --> 00:11:32,120 Speaker 1: you think. I think it's going to be pretty bad. 225 00:11:32,280 --> 00:11:36,120 Speaker 1: I think that what's happened is in an attempt to win. Obviously, 226 00:11:36,120 --> 00:11:38,000 Speaker 1: both candidates have had to really attack each other, and 227 00:11:38,080 --> 00:11:42,080 Speaker 1: Richie seen that particularly, has gone very aggressive on his Trust, 228 00:11:42,200 --> 00:11:44,800 Speaker 1: probably because of the fact he's seen lots of polling, 229 00:11:44,800 --> 00:11:47,240 Speaker 1: indeed private polling, which has put him quite far behind 230 00:11:47,240 --> 00:11:49,880 Speaker 1: in this race. So he's effectively been acting as if 231 00:11:49,880 --> 00:11:52,320 Speaker 1: he has nothing to lose, you know, knowing he's very 232 00:11:52,400 --> 00:11:55,560 Speaker 1: unlikely to get into a List Trust cabinet and therefore 233 00:11:55,720 --> 00:11:58,640 Speaker 1: going all out attack. But by doing so, he is 234 00:11:58,720 --> 00:12:02,280 Speaker 1: giving the opposition late a party ample ammunition to use 235 00:12:02,320 --> 00:12:04,920 Speaker 1: in the future against Liz Trust because Labor can say, look, 236 00:12:05,760 --> 00:12:08,640 Speaker 1: much of your own party thinks your own policies are 237 00:12:08,679 --> 00:12:11,520 Speaker 1: going to be very bad, and that Ritchie that campaign 238 00:12:11,559 --> 00:12:14,280 Speaker 1: has not been like shy with its language. So you 239 00:12:14,320 --> 00:12:17,559 Speaker 1: have Dominic Rob one of Richie Sank's bigger supporters, calling 240 00:12:17,760 --> 00:12:21,720 Speaker 1: Lizz Truss is policy offer like an electoral suicide, notes 241 00:12:21,760 --> 00:12:23,400 Speaker 1: that you don't get much stronger than that in terms 242 00:12:23,440 --> 00:12:27,160 Speaker 1: of internal attack on the Conservative Party. So I think 243 00:12:27,160 --> 00:12:28,840 Speaker 1: that will be bad and it will come back to 244 00:12:28,880 --> 00:12:32,360 Speaker 1: bite this Conservative party. And just adding to that, the 245 00:12:32,400 --> 00:12:35,400 Speaker 1: public deception has been they're all fighting each other at 246 00:12:35,400 --> 00:12:38,040 Speaker 1: a time when the country is kind of in crisis 247 00:12:38,280 --> 00:12:40,840 Speaker 1: and a big storm is looming economically, And what if 248 00:12:40,880 --> 00:12:43,600 Speaker 1: we had a zombie government which was too busy talking 249 00:12:43,600 --> 00:12:46,160 Speaker 1: to itself rather than running the country like that? That 250 00:12:46,200 --> 00:12:49,120 Speaker 1: will be damaging. And does Liz Truss, as you pointed out, 251 00:12:49,200 --> 00:12:51,800 Speaker 1: is according to the poelling, the one who's who's been 252 00:12:51,920 --> 00:12:56,079 Speaker 1: had a fairly steady leads throughout this campaign. Does she 253 00:12:56,200 --> 00:12:59,200 Speaker 1: have the potential if she is elected leader to unite 254 00:12:59,200 --> 00:13:01,800 Speaker 1: the party behind It will be a very difficult task 255 00:13:02,000 --> 00:13:05,959 Speaker 1: because I think that her support amongst concerned MPs is 256 00:13:06,000 --> 00:13:09,200 Speaker 1: really quite thin. That is to say, she was barely 257 00:13:09,480 --> 00:13:12,520 Speaker 1: the first choice of I think only a third or 258 00:13:12,559 --> 00:13:15,120 Speaker 1: less than the third of Tory MPs when they had 259 00:13:15,120 --> 00:13:16,680 Speaker 1: their chance to have a say in the first part 260 00:13:16,679 --> 00:13:19,160 Speaker 1: of the contest. So she was not the prayer third 261 00:13:19,240 --> 00:13:21,160 Speaker 1: candidate for many people. And when I look at the 262 00:13:21,160 --> 00:13:24,800 Speaker 1: concerned MPs, so many of them and their loyalty was 263 00:13:24,880 --> 00:13:28,880 Speaker 1: bound to Boris Johnson by his victory in they felt 264 00:13:28,920 --> 00:13:31,080 Speaker 1: like they owed his their seats to Boris Johnson and 265 00:13:31,120 --> 00:13:33,280 Speaker 1: the idea that he was someone who had a national 266 00:13:33,400 --> 00:13:36,280 Speaker 1: appeal and he had the mandate of that victory. Both 267 00:13:36,320 --> 00:13:38,679 Speaker 1: those things are gone with Liz trust So I really 268 00:13:39,040 --> 00:13:42,559 Speaker 1: think that she's will be quite vulnerable quite fast if 269 00:13:42,600 --> 00:13:46,319 Speaker 1: things don't go well for her, if the national crisis escalates, 270 00:13:46,640 --> 00:13:49,800 Speaker 1: I can very quickly see her losing support, So it 271 00:13:49,840 --> 00:13:51,840 Speaker 1: will be hard for her to unite the party definitely. 272 00:13:52,040 --> 00:13:54,840 Speaker 1: One of the big things assumes he wins. One of 273 00:13:54,840 --> 00:13:57,360 Speaker 1: the big things will be her first cabinets. Does she 274 00:13:57,720 --> 00:14:00,000 Speaker 1: bring in all the big beasts of the party or 275 00:14:00,080 --> 00:14:03,760 Speaker 1: different talents that would be one step towards unification. I 276 00:14:03,800 --> 00:14:06,280 Speaker 1: think she she probably should if she wants to achieve that, 277 00:14:06,320 --> 00:14:08,480 Speaker 1: But even then, even doing that I don't think would 278 00:14:09,120 --> 00:14:12,680 Speaker 1: defend her from that vulnerability. And the economic backdrop for 279 00:14:12,720 --> 00:14:16,400 Speaker 1: whoever wins is pretty bleak for sure, and you almost 280 00:14:16,440 --> 00:14:18,720 Speaker 1: wouldn't wish to be prime minister at this point in time. 281 00:14:18,880 --> 00:14:23,080 Speaker 1: All the economic indicators are flashing red, and to become 282 00:14:23,120 --> 00:14:25,440 Speaker 1: prime minister at this point in time it's a pretty 283 00:14:25,560 --> 00:14:29,000 Speaker 1: like thankless task, I would say, really interesting times ahead 284 00:14:29,000 --> 00:14:31,520 Speaker 1: in any case, Thank you very much. Joe May's UK 285 00:14:31,640 --> 00:14:35,520 Speaker 1: government reporter for those insights. I'm Stephen Caroline London. You 286 00:14:35,560 --> 00:14:38,400 Speaker 1: can catch us every weekday morning here for Bloomberg Daybreak Europe, 287 00:14:38,440 --> 00:14:40,920 Speaker 1: beginning at six am in London and one am on 288 00:14:41,000 --> 00:14:43,840 Speaker 1: Wall Street. John Stephen, thanks a lot, and just to 289 00:14:43,920 --> 00:14:48,400 Speaker 1: hit on Bloomberg Daybreak weekend. The Philippines President Ferdinand Marcos Jr. 290 00:14:48,520 --> 00:14:53,120 Speaker 1: Eyes relations with Singapore and Indonesia. I'm John Tucker. This 291 00:14:53,400 --> 00:15:03,000 Speaker 1: is Bloomberg Prodcasting from the Bloomberg Interactive Broker Studio in 292 00:15:03,080 --> 00:15:06,120 Speaker 1: New York. Bloomberg eleven three oh to Washington, d C, 293 00:15:06,280 --> 00:15:11,040 Speaker 1: Bloomberg to Boston, Bloomberg one oh six, one to San Francisco, 294 00:15:11,080 --> 00:15:14,520 Speaker 1: Bloomberg nine sixty to the country Sirius XM Chando one 295 00:15:14,600 --> 00:15:18,040 Speaker 1: nineteen to London d A B Digital Radio and around 296 00:15:18,040 --> 00:15:21,920 Speaker 1: the globe the Bloomberg Business Act and Bloomberg Radio dot Com. 297 00:15:21,920 --> 00:15:31,640 Speaker 1: This is Bloomberg day Break Weekend. You're listening to Bloomberg 298 00:15:31,680 --> 00:15:35,200 Speaker 1: day Break weekend and just hand celebrating the Chips Act. 299 00:15:35,840 --> 00:15:38,200 Speaker 1: I'm John Tucker in New York with your global look 300 00:15:38,240 --> 00:15:40,720 Speaker 1: ahead of the top stories for investors in the coming week. 301 00:15:41,040 --> 00:15:43,840 Speaker 1: The Philippin is gonna be in the spotlight joining us 302 00:15:43,840 --> 00:15:46,840 Speaker 1: now to tell us why, Bloomberg day Break Asia host 303 00:15:46,920 --> 00:15:50,240 Speaker 1: Brian Curtis and Don Christner John, we take a look 304 00:15:50,240 --> 00:15:54,080 Speaker 1: at Philippine President Ferdinand Marcos Jr's upcoming state visits to 305 00:15:54,160 --> 00:15:56,960 Speaker 1: Singapore and Indonesia. This may be a good time to 306 00:15:57,080 --> 00:15:59,600 Speaker 1: tease out the direction of what the new president means 307 00:15:59,680 --> 00:16:04,600 Speaker 1: by developing an independent foreign policy independent of what is 308 00:16:04,640 --> 00:16:08,160 Speaker 1: the obvious question. Once again, the Philippines will find itself 309 00:16:08,240 --> 00:16:12,080 Speaker 1: trying to maneuver carefully between the United States and China 310 00:16:12,280 --> 00:16:15,400 Speaker 1: as it moves forward with foreign policy. Joining us now 311 00:16:15,480 --> 00:16:19,480 Speaker 1: is Bloomberg's Andrea Colonso to discuss this. Andrea, thanks very 312 00:16:19,520 --> 00:16:23,359 Speaker 1: much for joining us. So he'll visit Indonesia from September 313 00:16:23,400 --> 00:16:27,480 Speaker 1: four to the sixth and then Singapore from September six 314 00:16:28,040 --> 00:16:30,560 Speaker 1: to the seventh, And obviously there are a lot of 315 00:16:30,720 --> 00:16:34,000 Speaker 1: very interesting discussions there. But let's go back to what 316 00:16:34,120 --> 00:16:37,960 Speaker 1: I outlined a few moments ago about this delicate balance 317 00:16:38,040 --> 00:16:42,600 Speaker 1: between handling the US in China. What can we expect there? Okay, So, 318 00:16:42,640 --> 00:16:46,200 Speaker 1: as you mentioned in your intro, Marcus has been pouting 319 00:16:46,360 --> 00:16:50,520 Speaker 1: his independent foreign policy. So he has said that national 320 00:16:50,560 --> 00:16:53,560 Speaker 1: interests will will always be the guide to his foreign 321 00:16:53,560 --> 00:16:56,760 Speaker 1: policy direction. If we can recall, um, this is the 322 00:16:56,840 --> 00:17:02,160 Speaker 1: same thing that his UH predecessor has said in his 323 00:17:02,280 --> 00:17:05,320 Speaker 1: six years as president, so we can say that this 324 00:17:05,400 --> 00:17:08,159 Speaker 1: is a kind of a continuation of what the previous 325 00:17:08,200 --> 00:17:12,919 Speaker 1: administration has said. So he has also said that the 326 00:17:12,920 --> 00:17:15,720 Speaker 1: Philippines will be a friend to all and an enemy 327 00:17:15,720 --> 00:17:19,720 Speaker 1: to none, so he has Marcus has repeated this as 328 00:17:19,720 --> 00:17:22,800 Speaker 1: a candidate and now as president. So he has emphasized 329 00:17:23,200 --> 00:17:28,320 Speaker 1: cooperation and consensus, and regarding the South China see he 330 00:17:28,359 --> 00:17:31,400 Speaker 1: has also said that he will not abandon even one 331 00:17:31,480 --> 00:17:36,479 Speaker 1: square inch of territory there, So um that will entail 332 00:17:36,680 --> 00:17:41,239 Speaker 1: really um having a balancing app between China and the 333 00:17:41,400 --> 00:17:45,600 Speaker 1: us UH. If you can recall, the Philippines is a 334 00:17:45,640 --> 00:17:49,719 Speaker 1: former U s colony, so we have maintained strong military 335 00:17:49,800 --> 00:17:52,879 Speaker 1: ties with the US. We are the us UH, the 336 00:17:53,000 --> 00:17:57,680 Speaker 1: US is our loan defense treaty ally here in the Philippines. 337 00:17:57,960 --> 00:18:02,919 Speaker 1: And then we have China. The former president moved the 338 00:18:02,920 --> 00:18:06,960 Speaker 1: Philippines closer to China in the past six years, and 339 00:18:07,119 --> 00:18:11,439 Speaker 1: Marcos coming in during the past a few months, have 340 00:18:11,600 --> 00:18:15,399 Speaker 1: also indicated that he will foster those sides with China. 341 00:18:15,840 --> 00:18:21,680 Speaker 1: So typically Philippine presidents visit neighboring Ascan countries first before uh, 342 00:18:21,720 --> 00:18:24,800 Speaker 1: they kind of moved themselves on to the international stage. 343 00:18:25,440 --> 00:18:27,960 Speaker 1: Can you give us kind of a basic view of 344 00:18:28,040 --> 00:18:32,439 Speaker 1: the current view of Mr Marcos when it comes to 345 00:18:32,480 --> 00:18:37,480 Speaker 1: as so, Yeah, so that's correct. Visited the assay and 346 00:18:37,680 --> 00:18:43,000 Speaker 1: first Southeast Asian Nations first during his his term and 347 00:18:43,240 --> 00:18:47,240 Speaker 1: um that's well, frankly, that's because of practical lesions, because 348 00:18:47,359 --> 00:18:50,120 Speaker 1: those are the neighboring countries and they're closer to visit. 349 00:18:50,680 --> 00:18:54,400 Speaker 1: And then regarding Marcos, he has said he has described 350 00:18:54,440 --> 00:19:00,120 Speaker 1: the assay And as a very important regional organization to UMU. 351 00:19:00,400 --> 00:19:05,200 Speaker 1: Ambassadors from Southeast Asian Nations have paid him up courtesy 352 00:19:05,359 --> 00:19:10,640 Speaker 1: visit um a month after he won the presidency in May. So. 353 00:19:11,119 --> 00:19:14,800 Speaker 1: He Marcus said this in the context of pandemic recovery. 354 00:19:15,160 --> 00:19:19,119 Speaker 1: He said that the assay And and Southeast Asian Nations 355 00:19:19,119 --> 00:19:24,080 Speaker 1: will be important partners in pandemic recovery and his goal 356 00:19:24,200 --> 00:19:28,679 Speaker 1: is really to recover or regain the Philippines status as 357 00:19:28,720 --> 00:19:33,200 Speaker 1: one of the fastest growing economy in the region pre pandemic. 358 00:19:33,640 --> 00:19:37,919 Speaker 1: And then another seeing another aspect by which Marcus wants 359 00:19:37,960 --> 00:19:42,320 Speaker 1: to engage a fellow on our neighboring Southeast Asian Nations 360 00:19:42,520 --> 00:19:47,200 Speaker 1: is in resolving territorial tensions with China. So the Philippines 361 00:19:47,359 --> 00:19:55,159 Speaker 1: has ongoing UM territorial disputes with China regarding portions of 362 00:19:55,200 --> 00:19:58,639 Speaker 1: the South China Sea, and Marcus wants to tap the 363 00:19:58,680 --> 00:20:02,720 Speaker 1: assay AT in resolving this conflict, and in particular he 364 00:20:02,800 --> 00:20:08,280 Speaker 1: wants the code of conduct being developed between UM China 365 00:20:08,400 --> 00:20:12,200 Speaker 1: and the Association of Southeast Asian Nations to be finished. 366 00:20:13,200 --> 00:20:17,560 Speaker 1: He views this and an important step towards UH resolving 367 00:20:17,640 --> 00:20:20,240 Speaker 1: this this conflict with China. Andrea, thanks very much for 368 00:20:20,320 --> 00:20:24,400 Speaker 1: joining us. Bloomberg's Andrea Colonso in Manila. I'm Brian Curtis 369 00:20:24,400 --> 00:20:27,280 Speaker 1: along with Doug Krisner. You can catch us every weekday 370 00:20:27,320 --> 00:20:30,359 Speaker 1: here for Bloomberg Daybreak Asia, beginning at six am in 371 00:20:30,400 --> 00:20:33,800 Speaker 1: Hong Kong and six pm on Wall Street. John, Brian 372 00:20:33,800 --> 00:20:36,920 Speaker 1: and Doug, thanks very much. Just ahead on Bloomberg Daybreak Weekend, 373 00:20:37,359 --> 00:20:40,679 Speaker 1: President Biden will be taking a victory lap over the 374 00:20:40,800 --> 00:20:55,439 Speaker 1: ships at I'm John Tucker. This is Bloomberg. This is 375 00:20:55,480 --> 00:20:58,760 Speaker 1: Bloomberg Daybreak Weekend, our global looka handed the top stories 376 00:20:58,800 --> 00:21:02,040 Speaker 1: for investors that coming week. I'm John Tuckery in New York. 377 00:21:02,440 --> 00:21:04,560 Speaker 1: President Biden is going to be taking a victory lap 378 00:21:04,560 --> 00:21:08,000 Speaker 1: of sorts over the Chips Act and celebrating the groundbreaking 379 00:21:08,040 --> 00:21:11,840 Speaker 1: of a new Intel facility in Ohio. And for more, 380 00:21:11,960 --> 00:21:15,320 Speaker 1: let's send to our Bloomberg News from me in Washington 381 00:21:15,720 --> 00:21:18,320 Speaker 1: and to Amy Morris. Amy, all right, thank you, John, 382 00:21:18,400 --> 00:21:21,160 Speaker 1: joining me now to talk about this Ohio trip, Victory Lapp, 383 00:21:21,200 --> 00:21:23,200 Speaker 1: and some other things going on at the White House. 384 00:21:23,200 --> 00:21:26,840 Speaker 1: Bloomberg White House reporter Josh wind Grove He joins me now, Josh, 385 00:21:27,040 --> 00:21:28,840 Speaker 1: it's great to have you. Thanks for joining us. Thank 386 00:21:28,840 --> 00:21:30,840 Speaker 1: you for having me. It's been a busy a couple 387 00:21:30,880 --> 00:21:34,160 Speaker 1: of weeks. How much of a summer break. Not much 388 00:21:34,160 --> 00:21:36,000 Speaker 1: of a summer break for some of us. And that's 389 00:21:36,040 --> 00:21:38,119 Speaker 1: sort of what the President wants to be talking about 390 00:21:38,480 --> 00:21:41,320 Speaker 1: how he spent his summer. The President was going to 391 00:21:41,359 --> 00:21:44,160 Speaker 1: be on Ohio for the groundbreaking of an Intel factory 392 00:21:44,160 --> 00:21:48,080 Speaker 1: in Ohio. This is huge, um the single largest private 393 00:21:48,119 --> 00:21:50,720 Speaker 1: sector investment in Ohio history. So phill us in what 394 00:21:50,800 --> 00:21:53,000 Speaker 1: this is about. Yeah, I mean, Biden has been talking 395 00:21:53,040 --> 00:21:56,720 Speaker 1: about this for quite some time. This is just a 396 00:21:56,800 --> 00:21:59,240 Speaker 1: major bill that kind of fits the central casting kind 397 00:21:59,240 --> 00:22:01,960 Speaker 1: of image he one you to have, which is manufacturing, 398 00:22:02,000 --> 00:22:05,680 Speaker 1: in particular high tech manufacturing is coming back to the US. 399 00:22:05,760 --> 00:22:07,600 Speaker 1: This is one of those files, you know that we 400 00:22:07,600 --> 00:22:09,640 Speaker 1: don't talk about that much about how him and Trump 401 00:22:09,680 --> 00:22:11,439 Speaker 1: agreed on a few things, but him and Trump are 402 00:22:11,520 --> 00:22:13,160 Speaker 1: kind of cut from the same cloth here in terms 403 00:22:13,200 --> 00:22:15,280 Speaker 1: of on shoring this kind of stuff. So he's been 404 00:22:15,320 --> 00:22:17,840 Speaker 1: talking about this for some time, and you know, I 405 00:22:17,880 --> 00:22:22,000 Speaker 1: think he, broadly speaking, wants to just go there and celebrate. Now, 406 00:22:22,080 --> 00:22:25,439 Speaker 1: this bill, this project, excuse me, was linked to the 407 00:22:25,560 --> 00:22:28,399 Speaker 1: wrangling over this bill that had many names but was 408 00:22:28,400 --> 00:22:32,199 Speaker 1: a semi conductor subsidy bill. It was the Useka for 409 00:22:32,240 --> 00:22:35,240 Speaker 1: a while. It's been you know years, this is now 410 00:22:35,240 --> 00:22:37,720 Speaker 1: the Chips bill. Yeah, so finally passed a bit of 411 00:22:37,760 --> 00:22:40,480 Speaker 1: a skinny version when it was up in the air. 412 00:22:40,880 --> 00:22:43,439 Speaker 1: So too, was this project proceeding a little bit up 413 00:22:43,480 --> 00:22:44,920 Speaker 1: in the air, at least in the eyes of some. 414 00:22:45,400 --> 00:22:47,200 Speaker 1: And so it's kind of a double victory for him 415 00:22:47,200 --> 00:22:50,040 Speaker 1: to say, hey, we got this through. Remember that bill passed. 416 00:22:50,359 --> 00:22:52,679 Speaker 1: You know, if I recall an hour or two before 417 00:22:52,760 --> 00:22:54,760 Speaker 1: Joe Mansion came out and said, you know what, actually 418 00:22:54,760 --> 00:22:57,879 Speaker 1: I am supporting an inflation Reduction Act. So this was 419 00:22:57,960 --> 00:23:00,200 Speaker 1: kind of a domino effect that they saw on the 420 00:23:00,240 --> 00:23:03,040 Speaker 1: summer They locked in this bill in particular the Republican 421 00:23:03,119 --> 00:23:06,080 Speaker 1: votes on this Chips Bill, and then they tried to 422 00:23:06,880 --> 00:23:09,440 Speaker 1: succeeded in ramming through the Inflation Reduction Act with only 423 00:23:09,440 --> 00:23:13,000 Speaker 1: Democrat votes in a way that ticked off Republicans, and 424 00:23:13,040 --> 00:23:15,840 Speaker 1: then after that did their student loan announcement. So this 425 00:23:15,880 --> 00:23:17,880 Speaker 1: is one of the big bills along with that Inflation 426 00:23:17,880 --> 00:23:20,920 Speaker 1: Reduction Act, along with a burn pit bill the past 427 00:23:21,000 --> 00:23:24,280 Speaker 1: in the summertime on veterans healthcare, you know, but for 428 00:23:24,320 --> 00:23:27,800 Speaker 1: a closely divided Senate and House, a lot of stuff 429 00:23:27,840 --> 00:23:31,240 Speaker 1: moved in the last month or two now. And getting 430 00:23:31,240 --> 00:23:33,280 Speaker 1: one more question about the Chips bill and about this 431 00:23:33,320 --> 00:23:37,760 Speaker 1: particular plant being open going becoming open. The national security 432 00:23:37,760 --> 00:23:39,639 Speaker 1: component is there, and that's part of what helps it 433 00:23:39,680 --> 00:23:43,080 Speaker 1: be bipart bipartisan. I lose my voice. Yeah, yeah, yeah, 434 00:23:43,080 --> 00:23:44,280 Speaker 1: this is I mean, yeah, I think you see. You 435 00:23:44,359 --> 00:23:48,320 Speaker 1: do see a broad consensus right now among Democrats and 436 00:23:48,359 --> 00:23:51,240 Speaker 1: Republicans about the need to get a bit more hawker shun. 437 00:23:51,320 --> 00:23:53,560 Speaker 1: China is an economic rival, if not more than that. 438 00:23:53,600 --> 00:23:55,880 Speaker 1: A lot of people go beyond that. But so that's 439 00:23:55,920 --> 00:23:58,080 Speaker 1: where this comes from. And so you know, even though 440 00:23:58,119 --> 00:24:00,439 Speaker 1: it is you know, a straight up subsidy, you know, 441 00:24:00,520 --> 00:24:03,600 Speaker 1: maybe not something that sort of a classical Republican might 442 00:24:03,880 --> 00:24:06,760 Speaker 1: like to do. Uh, that there is support on both 443 00:24:06,760 --> 00:24:09,000 Speaker 1: sides that they out for us. You'll see him celebrating 444 00:24:09,160 --> 00:24:12,080 Speaker 1: that the Senate race there is interesting and it's kind 445 00:24:12,080 --> 00:24:16,200 Speaker 1: of speaks to what has been a low tied moment 446 00:24:16,240 --> 00:24:18,800 Speaker 1: for Joe Biden's approval. It's rebounded in the last little while, 447 00:24:18,840 --> 00:24:20,640 Speaker 1: but it got pretty low there for a while when 448 00:24:20,680 --> 00:24:24,720 Speaker 1: gas prices were soaring and other things weren't looking so great. Uh, 449 00:24:24,760 --> 00:24:26,760 Speaker 1: They've they've got a candidate, Tim Ryan, who was so 450 00:24:26,800 --> 00:24:29,679 Speaker 1: far declined to appear with Biden, and we think that 451 00:24:29,680 --> 00:24:33,160 Speaker 1: that will be the case on this trip as well perhaps, um. 452 00:24:33,320 --> 00:24:36,480 Speaker 1: And so it's it's it's put sort of a fresh 453 00:24:36,560 --> 00:24:38,600 Speaker 1: light on this question of like how useful will Joe 454 00:24:38,600 --> 00:24:41,840 Speaker 1: Biden be the Democrats on the campaign trail and signs 455 00:24:41,840 --> 00:24:45,119 Speaker 1: are in particular in Senate races that he he is 456 00:24:45,200 --> 00:24:47,879 Speaker 1: underpolling his candidates but not dragging them down, if that 457 00:24:47,920 --> 00:24:50,119 Speaker 1: makes sense. There's almost like a detachment where they can 458 00:24:50,160 --> 00:24:52,320 Speaker 1: kind of run with a little bit of arms length 459 00:24:52,320 --> 00:24:56,360 Speaker 1: from Joe Biden. Uh and maybe do well, but again Ohio. 460 00:24:56,480 --> 00:24:59,160 Speaker 1: If I mean, if Democrats flipped that Ohio senatecy, that 461 00:24:59,240 --> 00:25:02,119 Speaker 1: will be a sign they're having an incredible time. Incredible 462 00:25:02,200 --> 00:25:05,640 Speaker 1: because it's Republicans are still expected to hold that one. 463 00:25:05,760 --> 00:25:07,960 Speaker 1: And we are talking with Bloomberg White House reporter Josh 464 00:25:08,000 --> 00:25:10,160 Speaker 1: glyn Grove about the coming week at the White House 465 00:25:10,160 --> 00:25:11,679 Speaker 1: and some of the things that we are seeing that 466 00:25:11,720 --> 00:25:14,800 Speaker 1: have come out of the summertime. Josh, you just described 467 00:25:14,840 --> 00:25:16,320 Speaker 1: two sides of the same coin, and I want to 468 00:25:16,359 --> 00:25:18,680 Speaker 1: throw you a little curveball, okay, because you were talking 469 00:25:18,680 --> 00:25:21,480 Speaker 1: about how a lot of things have been getting done 470 00:25:21,960 --> 00:25:25,800 Speaker 1: with this bipartisans sort of uncomfortable as but and yet 471 00:25:25,840 --> 00:25:30,000 Speaker 1: bipartisan nature under this administration. And at the same time, 472 00:25:30,400 --> 00:25:33,040 Speaker 1: candidates who are up for re election or for the 473 00:25:33,080 --> 00:25:35,920 Speaker 1: mid terms or what have you are distancing themselves from 474 00:25:35,920 --> 00:25:37,960 Speaker 1: the president. So you've got, on the one hand, he 475 00:25:37,960 --> 00:25:40,040 Speaker 1: seems to be getting stuff done and on the other hand, 476 00:25:40,600 --> 00:25:42,920 Speaker 1: don't come campaign for me. What's happening here? I mean, 477 00:25:42,960 --> 00:25:46,480 Speaker 1: it's just that his numbers are low. Um, you know, 478 00:25:46,520 --> 00:25:50,240 Speaker 1: there are questions being open openly whispered among Democrats but 479 00:25:50,320 --> 00:25:52,560 Speaker 1: whether he should run again, and so a lot of 480 00:25:52,600 --> 00:25:56,280 Speaker 1: those vulnerable swing Democrats just don't think that Joe Biden 481 00:25:56,480 --> 00:25:58,320 Speaker 1: is an asset. You know, there's probably a middle ground 482 00:25:58,359 --> 00:25:59,920 Speaker 1: here with some of them think he's neither an ass 483 00:26:00,000 --> 00:26:03,199 Speaker 1: at nor a liability. Um and others have been have 484 00:26:03,280 --> 00:26:05,240 Speaker 1: been happy to campaign with him. But when he did 485 00:26:05,280 --> 00:26:08,520 Speaker 1: a sort of campaign style event last week, which was 486 00:26:08,560 --> 00:26:10,040 Speaker 1: sort of kicking off what will be a lot of 487 00:26:10,080 --> 00:26:12,800 Speaker 1: travel we think for Joe Biden. It was in Maryland, 488 00:26:12,840 --> 00:26:14,920 Speaker 1: which has a Republican governor, but he's a sort of 489 00:26:14,960 --> 00:26:18,919 Speaker 1: moderate Republican. Larry Hogan can't run again. The Democrats uh, 490 00:26:18,960 --> 00:26:21,000 Speaker 1: and Larry Hogan himself have sort of signaled the Democrats 491 00:26:21,040 --> 00:26:23,360 Speaker 1: looked like they'll pick up that governorship. So he kind 492 00:26:23,359 --> 00:26:26,320 Speaker 1: of went into sort of deep blue friendly turf. We 493 00:26:26,359 --> 00:26:30,240 Speaker 1: saw him his hometown or near his hometown uh as well, 494 00:26:30,920 --> 00:26:33,960 Speaker 1: um so uh with it with a rally near Scranton, 495 00:26:34,080 --> 00:26:36,919 Speaker 1: and so, you know, I think he's he's kind of 496 00:26:36,960 --> 00:26:38,679 Speaker 1: do what he can. He's going to places that he 497 00:26:38,720 --> 00:26:41,480 Speaker 1: can go do, but we'll see him definitely go places 498 00:26:41,520 --> 00:26:44,440 Speaker 1: without certain candidates showing up for him. Yeah, but Ohio 499 00:26:44,840 --> 00:26:48,000 Speaker 1: is deep red. Ohio is not friendly territory. It is. 500 00:26:48,119 --> 00:26:51,119 Speaker 1: It is not friendly territory. You know, while used to be. 501 00:26:51,160 --> 00:26:52,560 Speaker 1: I mean, we all remember when he was like the 502 00:26:52,640 --> 00:26:54,280 Speaker 1: swing state or you know, one of one of the 503 00:26:54,280 --> 00:26:57,680 Speaker 1: crucial swing states, just Democrats. Graphically, it's just not that 504 00:26:57,720 --> 00:27:00,439 Speaker 1: way anymore. It's just profiled more and more Republican. Can 505 00:27:00,880 --> 00:27:05,760 Speaker 1: the Republican candidate there? Jade Vance had Trump's endorsement. Um, 506 00:27:05,760 --> 00:27:07,560 Speaker 1: he's in a an race with Tim Ryan, who's a 507 00:27:07,600 --> 00:27:10,080 Speaker 1: congressman who's running for the Democrats for the Senate seat. 508 00:27:10,440 --> 00:27:12,480 Speaker 1: The other Senate seat is held by a Democrat. So 509 00:27:12,520 --> 00:27:14,399 Speaker 1: I think that, you know, maybe there are some hopes, 510 00:27:14,440 --> 00:27:17,360 Speaker 1: but broadly speaking, you know, Ryan is campaigning as if 511 00:27:17,359 --> 00:27:21,040 Speaker 1: he's trailing Vans and so that, and he's sort of 512 00:27:21,080 --> 00:27:22,800 Speaker 1: trying to campaign with a little bit of arms length 513 00:27:22,840 --> 00:27:24,440 Speaker 1: from Biden. So I think that's why we will see 514 00:27:24,840 --> 00:27:27,520 Speaker 1: a continued preference from Tim Ryan not to show up 515 00:27:27,520 --> 00:27:29,879 Speaker 1: with Joe Biden. So this push is sort of a 516 00:27:29,920 --> 00:27:32,000 Speaker 1: made in America push. You know, we're gonna start making 517 00:27:32,000 --> 00:27:33,919 Speaker 1: our chips here, We're gonna start bringing more stuff on 518 00:27:33,960 --> 00:27:37,960 Speaker 1: shore and not overseas. Yeah, it does. It sounds really familiar. Um, 519 00:27:38,000 --> 00:27:40,320 Speaker 1: what else though, are we expecting to see from the 520 00:27:40,320 --> 00:27:44,560 Speaker 1: White House as as the Biden administration and his proxies 521 00:27:44,600 --> 00:27:47,879 Speaker 1: and secretaries of of the of the of of his 522 00:27:47,960 --> 00:27:52,440 Speaker 1: cabinet make the rounds nationwide to let them know what 523 00:27:52,440 --> 00:27:54,680 Speaker 1: what we've been doing all summer. Yeah, I mean you'll 524 00:27:54,720 --> 00:27:58,360 Speaker 1: be I think, um, it's gonna be all of there. 525 00:27:58,480 --> 00:28:00,639 Speaker 1: It'll be widespread, that is the way to say it. So, 526 00:28:00,760 --> 00:28:03,320 Speaker 1: Number one, they obviously want to talk about that Dobbs decision. 527 00:28:03,359 --> 00:28:06,520 Speaker 1: We're seeing just tremendous motivation for voters right now who 528 00:28:06,520 --> 00:28:09,760 Speaker 1: are angry that the Supreme Court overturned protection for abortion rights, 529 00:28:09,760 --> 00:28:12,440 Speaker 1: and of course some states are moving now to restrict 530 00:28:12,840 --> 00:28:17,399 Speaker 1: abortion either entirely or in virtually all cases. Democratcy that 531 00:28:17,480 --> 00:28:19,679 Speaker 1: is a huge core issue. They think that if they 532 00:28:19,720 --> 00:28:21,520 Speaker 1: get a couple more votes in the Senate, they could 533 00:28:21,560 --> 00:28:23,360 Speaker 1: vote to codify it. So we're gonna hear them talk 534 00:28:23,400 --> 00:28:26,359 Speaker 1: about that. We're gonna hear them talk about infrastructure. You know, 535 00:28:26,440 --> 00:28:28,760 Speaker 1: the week after this coming week, they'll be in Boston 536 00:28:28,840 --> 00:28:32,480 Speaker 1: talking for an infrastructure event. Of course, that infrastructure built 537 00:28:32,560 --> 00:28:35,679 Speaker 1: passed as well, and that's something Joe Biden wants to 538 00:28:35,720 --> 00:28:38,120 Speaker 1: keep talking about. And as that sort of rolls out. 539 00:28:38,160 --> 00:28:40,320 Speaker 1: That money starts rolling and they put signs up and 540 00:28:40,320 --> 00:28:42,640 Speaker 1: they start paving stuff and building stuff. You're going to 541 00:28:42,720 --> 00:28:44,400 Speaker 1: see more of that as well. Let me jump in 542 00:28:44,440 --> 00:28:47,080 Speaker 1: on that, because this infrastructure issue has been going on 543 00:28:47,120 --> 00:28:49,360 Speaker 1: for so long, and it passed a long time ago, 544 00:28:49,440 --> 00:28:52,560 Speaker 1: did Yeah, remember they they held up on that because 545 00:28:52,560 --> 00:28:54,720 Speaker 1: they thought they were going to deal with mansion. The 546 00:28:54,760 --> 00:28:57,800 Speaker 1: wheels come off it, the collapses kind of revized, collapses 547 00:28:57,840 --> 00:28:59,640 Speaker 1: again in December, and then no one talks for it. 548 00:29:00,000 --> 00:29:01,360 Speaker 1: Then it was, you know, eight months or so later, 549 00:29:01,400 --> 00:29:02,920 Speaker 1: the Joe Mas seven months or so later, the Joe 550 00:29:02,960 --> 00:29:05,080 Speaker 1: Mansion came out. So but yes, that this is gonna 551 00:29:05,080 --> 00:29:08,240 Speaker 1: build passed last year, but they've started rolling through and 552 00:29:08,280 --> 00:29:10,160 Speaker 1: it takes time to get these projects going, and you 553 00:29:10,200 --> 00:29:12,680 Speaker 1: know they've they've decided that they're gonna have signs. That's 554 00:29:12,680 --> 00:29:16,000 Speaker 1: a bipartis an infrastructure sign a law on it. Uh, 555 00:29:16,040 --> 00:29:18,320 Speaker 1: And so if you you're gonna start seeing kind of 556 00:29:18,600 --> 00:29:20,880 Speaker 1: elements of this now, I should note that that is 557 00:29:20,920 --> 00:29:25,440 Speaker 1: a bipartisan infrastructure law. It's not Joe Biden's Democrats only law. 558 00:29:25,520 --> 00:29:27,600 Speaker 1: So there are going to be Republicans out there rightfully 559 00:29:27,640 --> 00:29:29,920 Speaker 1: who voted for it, you know, talking about it as well. 560 00:29:30,240 --> 00:29:33,080 Speaker 1: This bridge brought to you by our bipartisan right right right. 561 00:29:33,200 --> 00:29:35,720 Speaker 1: But you know, I think of in the interest of fairness, 562 00:29:35,800 --> 00:29:39,520 Speaker 1: it was more Democrats than Republicans. In particular in the House, 563 00:29:39,960 --> 00:29:42,440 Speaker 1: it was only about a dozen or so, give or 564 00:29:42,480 --> 00:29:45,520 Speaker 1: take Republicans have voted for that thing. So you'll you'll 565 00:29:45,560 --> 00:29:49,160 Speaker 1: hear Democrats talking more about that one as as well. 566 00:29:49,200 --> 00:29:51,000 Speaker 1: And then you know, I think, just broadly, Joe Biden 567 00:29:51,080 --> 00:29:53,880 Speaker 1: is going to give uh speeches about what he's calling 568 00:29:53,920 --> 00:29:56,200 Speaker 1: the battle for the soul of America. That also might 569 00:29:56,280 --> 00:29:59,160 Speaker 1: sound familiar. That was the slogan in when he spoke 570 00:29:59,160 --> 00:30:01,560 Speaker 1: about Donald trum up when he's running against Donald Trump. 571 00:30:01,640 --> 00:30:04,560 Speaker 1: Now Trump find himselves in the news again. Joe Biden, 572 00:30:04,600 --> 00:30:06,960 Speaker 1: I'm sure doesn't hate the fact that Donald Trump's in 573 00:30:07,000 --> 00:30:11,000 Speaker 1: the spotlight again. More having Trump on voters minds probably 574 00:30:11,000 --> 00:30:13,720 Speaker 1: helps Joe Biden a little bit. Meanwhile, on the flip side, 575 00:30:13,760 --> 00:30:16,720 Speaker 1: Republicans really want the focus not to be on Trump. 576 00:30:16,760 --> 00:30:18,400 Speaker 1: They don't want they want the focus not to be 577 00:30:18,480 --> 00:30:21,800 Speaker 1: on Dobbs necessarily depending on the race. They want it 578 00:30:21,800 --> 00:30:23,960 Speaker 1: to be, of course, on inflation, which remains a record 579 00:30:24,040 --> 00:30:27,000 Speaker 1: highs in the US. Also, across much of the developed world, 580 00:30:27,480 --> 00:30:30,040 Speaker 1: gas prices have been training down but are still comparatively 581 00:30:30,120 --> 00:30:32,640 Speaker 1: pretty high. They want these mad term elections to be 582 00:30:32,720 --> 00:30:34,640 Speaker 1: a referendum on the economy. They wanted to be a 583 00:30:34,680 --> 00:30:37,960 Speaker 1: referendum on inflation, and Republicans wanted to be a referendum 584 00:30:37,960 --> 00:30:40,880 Speaker 1: on whether Joe Biden and Democrats rained too much money 585 00:30:40,880 --> 00:30:43,200 Speaker 1: down on the economy and helped sort of stoke this 586 00:30:43,360 --> 00:30:46,000 Speaker 1: fire that otherwise might have been smaller. Okay, Josh, what 587 00:30:46,040 --> 00:30:48,360 Speaker 1: are you watching for in the coming week? You know, 588 00:30:48,400 --> 00:30:50,560 Speaker 1: I think we're gonna see Vice President Harris come out 589 00:30:50,600 --> 00:30:52,200 Speaker 1: as well and talk a little bit more about Dobbs. 590 00:30:52,200 --> 00:30:55,440 Speaker 1: We're gonna watch to that on Monday. For those tracking 591 00:30:55,480 --> 00:30:59,280 Speaker 1: the question of who candidates will will be, I'm paid 592 00:30:59,280 --> 00:31:00,880 Speaker 1: to track that question, and I can't imagine people do 593 00:31:00,960 --> 00:31:03,960 Speaker 1: that for necessarily fun. But on Monday, he's going on 594 00:31:04,040 --> 00:31:06,840 Speaker 1: a couple of Labor Day events in Wisconsin and Pennsylvania. 595 00:31:06,840 --> 00:31:08,720 Speaker 1: I think this is interesting. I think we we have 596 00:31:08,760 --> 00:31:11,680 Speaker 1: reported that Joe Biden is planning to run again. He 597 00:31:11,760 --> 00:31:14,480 Speaker 1: is seventy nine years old. He's already will he be 598 00:31:14,520 --> 00:31:18,000 Speaker 1: the oldest president to seek re election if he did so, 599 00:31:18,040 --> 00:31:21,040 Speaker 1: but all signs are he's planning. There are no signs 600 00:31:21,040 --> 00:31:23,880 Speaker 1: that it is a smoke screen. And so on Labor Day, 601 00:31:23,960 --> 00:31:26,760 Speaker 1: this guy that credits union members with giving him the 602 00:31:26,800 --> 00:31:29,760 Speaker 1: nomination in the first place and ultimately the presidency is 603 00:31:29,800 --> 00:31:32,400 Speaker 1: making a note of doing a couple Labor Day union 604 00:31:32,440 --> 00:31:36,320 Speaker 1: events in Wisconsin and Pennsylvania to the most crucial swing states. 605 00:31:36,360 --> 00:31:38,320 Speaker 1: I think that is worth noting. So if you're looking 606 00:31:38,360 --> 00:31:41,040 Speaker 1: for breadcrumbs about whether Joe Biden will indeed pull the 607 00:31:41,040 --> 00:31:43,080 Speaker 1: trigger and try to run again, there are a couple. 608 00:31:43,120 --> 00:31:44,920 Speaker 1: So we'll see him in Labor Day on those swing states. 609 00:31:45,080 --> 00:31:47,720 Speaker 1: Josh wyn Grove covers the White House for Bloomberg News, 610 00:31:47,720 --> 00:31:49,760 Speaker 1: and that's what's going on in the nation's capital. For 611 00:31:49,800 --> 00:31:52,040 Speaker 1: more of our political news coverage, you can tune into 612 00:31:52,080 --> 00:31:54,920 Speaker 1: Balance of Power with David Weston weekdays at noon Wall 613 00:31:54,960 --> 00:31:57,800 Speaker 1: Street Time, and Sound On with Joe Matthew weekdays at 614 00:31:57,840 --> 00:32:00,680 Speaker 1: five pm Wall Street Time. Right here on Bomberg Radio, 615 00:32:01,080 --> 00:32:04,320 Speaker 1: I'm Amy Morris, and this is Bloomberg John Amy Morris 616 00:32:04,360 --> 00:32:08,960 Speaker 1: reporting from our Bloomberg newsroom in Washington. Amy thanks a lot, 617 00:32:09,560 --> 00:32:12,080 Speaker 1: and that does it for this edition of Bloomberg daybreak weekend, 618 00:32:12,200 --> 00:32:15,200 Speaker 1: join us again Monday morning at five am Wall Street Time, 619 00:32:15,240 --> 00:32:18,480 Speaker 1: where they laid us to on markets overseas and the lows. 620 00:32:18,520 --> 00:32:21,040 Speaker 1: You meet to start your day. I'm John Tucker and 621 00:32:21,240 --> 00:32:22,240 Speaker 1: this is bloomber