WEBVTT - RBA May End Rate-Hike Pause, Goldman Boosts Pay Incentives

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<v Speaker 1>Good morning. I'm Brian Curtis. Here are the stories we're

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<v Speaker 1>following today. The major topic of US diplomacy in the

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<v Speaker 1>Middle East today was the possibility of some sort of

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<v Speaker 1>pause in the region, along with the fact that it

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<v Speaker 1>looks like the war is widening in the Middle East

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<v Speaker 1>that Baxter is covering. Historian has more from San Francisco.

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<v Speaker 2>Ed, Yeah, let's start with a widening. This Israel's up military.

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<v Speaker 2>It says it's exchanging fire with Hamas and has the

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<v Speaker 2>law in Lebanon. Israeli troops encircled Gaza. US Secretary of

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<v Speaker 2>State Anthony Blincoln has finished that part of his trip

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<v Speaker 2>in Turkey.

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<v Speaker 3>He've engaged the Israelis on steps that they can take

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<v Speaker 3>to minimize civilian casualties. We're working, as I said, very

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<v Speaker 3>aggressively on getting more humanitarian sistance into Gaza, and we

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<v Speaker 3>have very concrete ways of doing that, and I think

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<v Speaker 3>you'll see in the days ahead that that assistance can

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<v Speaker 3>expand in significant ways.

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<v Speaker 2>And has talked about tactical pauses. That is what the

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<v Speaker 2>US is calling them, and it says the President Biden

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<v Speaker 2>has talked with Israeli Prime Minister Benjamin that and Yahoo

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<v Speaker 2>today about how to do that. The United Nations has

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<v Speaker 2>issued an emergency appeal for one point two billion dollars

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<v Speaker 2>in funding to maintain humanitarian support for Palestinians in Gaza,

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<v Speaker 2>but a US diplomacy has not ended with Blincoln leaving

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<v Speaker 2>for Asia. Bloomberg's and Marie Hordern.

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<v Speaker 4>Bill Burns, head of the CIA, is also in Israel

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<v Speaker 4>today and is going to be traveling throughout the region.

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<v Speaker 4>So clearly what you see from this administration is one

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<v Speaker 4>they want to make sure humanitarian aid is getting into Gaza,

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<v Speaker 4>and at the same time they also want to make

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<v Speaker 4>sure that this conflict is not spread throughout the region.

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<v Speaker 2>And Ann Marie says the White House maintains the president's

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<v Speaker 2>military aid to Israel may double its Iron Dome arsenal,

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<v Speaker 2>that is the fourteen billion dollar aid request. Latest supports

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<v Speaker 2>are that deaths have passed ten thousand on the Gaza strip.

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<v Speaker 2>Donald Trump on the stand today in his New York

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<v Speaker 2>fraud trial, the issue whether he inflated his wealth to

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<v Speaker 2>get better terms from lenders and insurers. Bloomberg Legal editor

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<v Speaker 2>Tony Lynn says Trump gave about swinging from the start.

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<v Speaker 5>We've often seen you know, you know, once people are

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<v Speaker 5>under oath, they'll take a more measured sort of approach.

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<v Speaker 5>His sons, for instance, when they testified, they were sort

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<v Speaker 5>of much more moderate in tone than I guess some

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<v Speaker 5>of the rhetoric they've said. But I think Trump has not.

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<v Speaker 5>I didn't mince any words in terms of how he

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<v Speaker 5>feels about this proceeding.

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<v Speaker 2>And Tony said they really didn't seem to get a

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<v Speaker 2>lot out of that.

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<v Speaker 5>Of course. Yeah, the judge put it well, he said

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<v Speaker 5>it was essentially the broken record all this. He repeated

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<v Speaker 5>sort of a lot of his talking points about how

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<v Speaker 5>the whole thing was unfair. Everyone was happy with him,

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<v Speaker 5>the banks, no one was hurt by his statements of

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<v Speaker 5>financial condition. And that's what he said a lot of

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<v Speaker 5>where he's basically said, you know, they made these loans,

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<v Speaker 5>didn't matter what these statements said. They all made money

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<v Speaker 5>from it.

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<v Speaker 2>Yeah, but Attorney General, let teacher James said, they got

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<v Speaker 2>what they wanted.

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<v Speaker 6>He rambled you, he hurled insults, but we expected that

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<v Speaker 6>at the end of the day, the documentary evidence demonstrated that,

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<v Speaker 6>in fact, he falsely inflated his assets to basically enrich

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<v Speaker 6>himself and his family.

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<v Speaker 2>And she says very apparent to the judge who makes

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<v Speaker 2>a final decision to that point, Farmer Prosecutor for the

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<v Speaker 2>Southern District of New York, Jessica Roth, says, a lot.

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<v Speaker 7>Of states, and so really what remains to be decided

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<v Speaker 7>is the amount of disgorgement of profits and also what

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<v Speaker 7>the remedy should be in terms of perhaps permanently enjoining

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<v Speaker 7>Trump and his family members from doing business in the

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<v Speaker 7>state of New York.

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<v Speaker 2>And Trump to think.

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<v Speaker 3>That we're being sued and spending all this time and money,

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<v Speaker 3>and you have people being killed all over the world.

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<v Speaker 2>That this country could stop. Ivanka Trump on the stand

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<v Speaker 2>on Wednesday, Global News twenty four hours a day, whenever

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<v Speaker 2>you want it with Bloomberg News Now in San Francisco.

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<v Speaker 2>I'm at Baxter and this is Bloomberg.

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<v Speaker 1>Well, we take a look now as some of the

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<v Speaker 1>top business stories of the hour. US Treasury Secretary Janet

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<v Speaker 1>Yellen and Chinese Vice Premier Holy Fung will hold two

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<v Speaker 1>days of talks in San Francisco this week. The story

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<v Speaker 1>from Bloomberg's Joan Wong.

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<v Speaker 8>The Treasury Department says Yellen and her Beijing's top economic

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<v Speaker 8>official will meet on November ninth and tenth, The meeting

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<v Speaker 8>will take place on the sidelines of the Asia Pacific

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<v Speaker 8>Economic Cooperation Group, the Yellen Her talks are expected to

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<v Speaker 8>build on a series of recent visits and announcements between

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<v Speaker 8>the two sides. They're trying to improve diplomatic and economic ties.

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<v Speaker 8>Some of the issues likely to be addressed include US

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<v Speaker 8>export controls in Chinese military engagement in the South China Sea.

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<v Speaker 8>The us AS is not seeking to decouple from China,

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<v Speaker 8>but rather it's looking to de risk and diversify. Chinese

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<v Speaker 8>officials have criticized that message. In Hong Kong, Join Wang

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<v Speaker 8>Bloomberg Radio, We're go.

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<v Speaker 9>To China next and Australia's Prime Minister Anthony Albanesi has

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<v Speaker 9>met with Chinese President Sijiping in Beijing. Albanese is the

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<v Speaker 9>first Australian leader to visit China in more than seven years.

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<v Speaker 9>The meeting may go a long way to improving diplomatic

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<v Speaker 9>relations between the two countries. She told Albanzi that quote,

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<v Speaker 9>with joint efforts on both sides, we've been resuming our

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<v Speaker 9>exchanges and various views and worked out some problems. Albanezi,

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<v Speaker 9>meanwhile praising the mature relationship between the two nations.

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<v Speaker 10>Australia, along with other countries in the region, has an

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<v Speaker 10>interest in continued stable growth in the Chinese economy and

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<v Speaker 10>its ongoing engagement.

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<v Speaker 5>With the world.

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<v Speaker 10>And I believe that we can all benefit from the

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<v Speaker 10>greater understanding that comes from high level dialogue and people

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<v Speaker 10>to people links, and that a strong relationship between our

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<v Speaker 10>two countries will be beneficial into the future.

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<v Speaker 9>That is Australian Prime Minister Anthony Alberanzi. Overall relations between

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<v Speaker 9>Australia and China have improved over the past year. High

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<v Speaker 9>level of ministerial meetings have restarted, and Chinese restrictions on

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<v Speaker 9>imports of Australian coal, timber and bali have all been lifted.

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<v Speaker 1>Brian Well, China's second biggest developer, has been given a

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<v Speaker 1>lifeline by its biggest shareholder and a local regulator. Bloomberg

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<v Speaker 1>yvon Mann has the story from Hong.

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<v Speaker 11>Kong, China. Wonka says it will repay its debts on

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<v Speaker 11>time after getting key signals of support. Shenjed regulator Assets

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<v Speaker 11>Supervision and Management Commission said it has confidence in Wanka.

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<v Speaker 11>The regulator said it will support the developer if it

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<v Speaker 11>faces extreme conditions. The comments are made during an online

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<v Speaker 11>meeting on Monday attended by financial institutions. Also, Wanka's largest shareholder,

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<v Speaker 11>Shenjen Metro Group, said it had no plans to cut

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<v Speaker 11>its steake. Wonka dollar bonds surge as much as twelve cents,

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<v Speaker 11>putting some on pace for record gains. The expressions of

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<v Speaker 11>support are rare for distressed developers in China. In Singapore,

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<v Speaker 11>I'm yvon Mann Bloomberg Radio.

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<v Speaker 9>Decision Day for the Reserve Bank of Australia. It's going

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<v Speaker 9>to issue its monetary policy decision at two thirty pm

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<v Speaker 9>Sydney time. That's in just over four hours. Most economists

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<v Speaker 9>forecasting the IBA to lift the cash right by twenty

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<v Speaker 9>five basis points at that meeting after the third quarter

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<v Speaker 9>of CPI print came in hotter than expected. And this

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<v Speaker 9>comes even though the RBA's lifted rates by four hundred

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<v Speaker 9>basis points since April twenty twenty two, and that is

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<v Speaker 9>the fastest pace of tightening in the inflation targeting era. Inflation,

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<v Speaker 9>though proving stickier than expected. Bloomberg Economics has got an

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<v Speaker 9>out of consensus call for the RBA to stay on

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<v Speaker 9>hold four point one percent, which forecasts will be enough

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<v Speaker 9>to return inflation to the two to three percent target

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<v Speaker 9>ban by twenty twenty five. But whatever the RBA does today,

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<v Speaker 9>that hawkish bias going to remain in place.

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<v Speaker 1>Brian Yep Gordman Sachs is boosting pay incentives for its

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<v Speaker 1>asset management teams. Let's get that story from Bloombergs and Keats.

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<v Speaker 12>The changes instituted over the past several months will lift

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<v Speaker 12>the share of profits available for teams directly responsible for

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<v Speaker 12>the performance of Goldman's alternative investment funds. The share of

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<v Speaker 12>performance awards usually gets divvied up between employees and the

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<v Speaker 12>bank's own accounts. Under the new structure, investing teams will

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<v Speaker 12>receive forty to fifty percent of the pool. Goldman oversees

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<v Speaker 12>two hundred and sixty seven billion dollars in fee earning

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<v Speaker 12>alternative assets in Washington and Kate's Bloomberg Radio.

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<v Speaker 1>All right, at the time is twelve minutes passed. Oh

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<v Speaker 1>I wanted to mention that China Wanka did trade up

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<v Speaker 1>seven and a quarter percent yesterday after that news emerged

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<v Speaker 1>here in the Hong Kong market. For the details later

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<v Speaker 1>in the program. Well, let's say good morning our time too.

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<v Speaker 1>Daniel Flatley, Bloomberg national security reporter to talk a little

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<v Speaker 1>bit more about some of these developments in the Gaza war.

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<v Speaker 1>So President Biden discussing this notion of a tactical pause

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<v Speaker 1>with the Israeli Prime Minister of Benjamin Netanyahu. I suppose

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<v Speaker 1>it for nothing else. I mean, it's always good to

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<v Speaker 1>have a little pause, but if for nothing else, just

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<v Speaker 1>to get more trucks in. I think I read that

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<v Speaker 1>only about two dozen relief trucks made it into Gaza

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<v Speaker 1>in the last twenty four hours.

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<v Speaker 13>Yeah, Brian, you know, these discussions are sort of ongoing,

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<v Speaker 13>and obviously we had US Secretary of State Anthony Blincoln

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<v Speaker 13>in the region earlier today. I think you know what

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<v Speaker 13>Biden's pleas are running up against is Israel's desire to

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<v Speaker 13>not give Hamas a chance to breathe, a chance to regroup,

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<v Speaker 13>a chance to seize some initiative and maybe take the

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<v Speaker 13>fight back toward Israel. They're really trying to from what

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<v Speaker 13>we've seen, Israel I mean, is trying to sort of

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<v Speaker 13>cordon off that northern part of Gaza, especially around Gaza City,

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<v Speaker 13>and try to go basically house to house, street to

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<v Speaker 13>street to try to root out some of the Hamas militants,

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<v Speaker 13>and I think that the thinking is, at least on

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<v Speaker 13>the Israeli side, that if you pause that operation for

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<v Speaker 13>any you know, significant period of time, that you only

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<v Speaker 13>give your enemy a chance to regroup and strike back. Obviously,

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<v Speaker 13>the US feels somewhat differently about that, and I think

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<v Speaker 13>that there's a humanitarian argument that they're trying to make

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<v Speaker 13>to the Israelis about that. But you know, a very

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<v Speaker 13>complicated situation.

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<v Speaker 9>Yeah, of the work of going block to block, house

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<v Speaker 9>to house, there is the issue of the tunnels as well.

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<v Speaker 9>Ours the Israeli military handling that well.

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<v Speaker 13>Obviously we know that you know, over the last several

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<v Speaker 13>weeks they've bombarded that area with air strikes, artillery, other

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<v Speaker 13>forms of heavy weaponry to sort of soften that area up,

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<v Speaker 13>so to speak. But as you say, you know, tunnels

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<v Speaker 13>are underground and built that way for that purpose to

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<v Speaker 13>shelter from from that kind of bombardment. So in terms

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<v Speaker 13>of the tunnels, it's very hard to figure out where

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<v Speaker 13>they are, where the locations are. You know, Secretary of

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<v Speaker 13>State Blincoln made some comments sort of talking about you know,

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<v Speaker 13>they may have looked at the tunnels issue. The US

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<v Speaker 13>may have looked at the tunnel issue to a certain extent,

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<v Speaker 13>But I think basically what they're trying to do is

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<v Speaker 13>as much as possible contain the conflict to that northern

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<v Speaker 13>part of Gaza in order to really root out the

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<v Speaker 13>Hamas leadership that may be sheltering in that area.

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<v Speaker 1>But as At Basha reported a few moments ago, and

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<v Speaker 1>as we know, the Israeli military said that it exchanged

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<v Speaker 1>fire with Hesbelah in Lebanon along with AMAS, so it

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<v Speaker 1>would seem that things are still in the expanding mode.

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<v Speaker 13>Yeah, I think that that is going to continue to

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<v Speaker 13>be the case for a long time to come. You know,

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<v Speaker 13>not only is there the risk of an expanding conflict

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<v Speaker 13>to the north, but also you know, we've had some

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<v Speaker 13>strikes against US troops in Iraq and Syria and other places.

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<v Speaker 13>So I mean, clearly there is a desire to as

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<v Speaker 13>Israel is Israel's enemies. I guess we could say, as

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<v Speaker 13>Israel is getting more deeply involved in Gaza. You know,

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<v Speaker 13>Hesbela and others are seeking to take advantage of that

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<v Speaker 13>by potentially opening up another front that hasn't happened yet

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<v Speaker 13>to a great degree. But there's certainly some probing aspects

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<v Speaker 13>to what they're doing there.

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<v Speaker 9>We've had this denial from the US as well that

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<v Speaker 9>an Iranian report that it's seeking a cease file. But

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<v Speaker 9>what sort of back channels exist between the US and Iran?

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<v Speaker 9>Can we expect that there are conversations happening, Well.

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<v Speaker 13>There's always some form of communication happening, especially now considering

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<v Speaker 13>the Biden administration prior to this recent conflict, was trying

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<v Speaker 13>to resurrect some form of nuclear deal with Iran. So

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<v Speaker 13>I'm sure that there are diplomats that are talking back

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<v Speaker 13>and forth on the back channel to Iran. But I

0:12:32.120 --> 0:12:34.720
<v Speaker 13>think that a lot of this is playing out obviously

0:12:35.040 --> 0:12:38.360
<v Speaker 13>in public. We had the Iranian Foreign minister a couple

0:12:38.400 --> 0:12:41.320
<v Speaker 13>of weeks ago talking about the potential for the conflict

0:12:41.360 --> 0:12:45.880
<v Speaker 13>to expand. The US is very aggressive in terms of

0:12:45.920 --> 0:12:49.280
<v Speaker 13>sanctions and things that it's trying to do on Iran.

0:12:49.400 --> 0:12:52.800
<v Speaker 13>So I think that there's a bit of a chess

0:12:52.840 --> 0:12:56.280
<v Speaker 13>game going on here, where you may have some diplomacy

0:12:56.320 --> 0:12:58.840
<v Speaker 13>that's going on behind the scenes, but really a lot

0:12:58.880 --> 0:13:01.720
<v Speaker 13>of tough rhetoric in order to sort of keep a

0:13:01.760 --> 0:13:04.640
<v Speaker 13>lid on this conflict. Whether that will be successful in

0:13:04.679 --> 0:13:06.680
<v Speaker 13>the long run, you know, we don't know at this point.

0:13:07.720 --> 0:13:10.560
<v Speaker 1>This is Bloomberg Daybreak Asia, your morning brief on the

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