Speaker 1: Good morning. I'm Brian Curtis. Here are the stories we're
Speaker 1: following today. The major topic of US diplomacy in the
Speaker 1: Middle East today was the possibility of some sort of
Speaker 1: pause in the region, along with the fact that it
Speaker 1: looks like the war is widening in the Middle East
Speaker 1: that Baxter is covering. Historian has more from San Francisco.
Speaker 2: Ed, Yeah, let's start with a widening. This Israel's up military.
Speaker 2: It says it's exchanging fire with Hamas and has the
Speaker 2: law in Lebanon. Israeli troops encircled Gaza. US Secretary of
Speaker 2: State Anthony Blincoln has finished that part of his trip
Speaker 2: in Turkey.
Speaker 3: He've engaged the Israelis on steps that they can take
Speaker 3: to minimize civilian casualties. We're working, as I said, very
Speaker 3: aggressively on getting more humanitarian sistance into Gaza, and we
Speaker 3: have very concrete ways of doing that, and I think
Speaker 3: you'll see in the days ahead that that assistance can
Speaker 3: expand in significant ways.
Speaker 2: And has talked about tactical pauses. That is what the
Speaker 2: US is calling them, and it says the President Biden
Speaker 2: has talked with Israeli Prime Minister Benjamin that and Yahoo
Speaker 2: today about how to do that. The United Nations has
Speaker 2: issued an emergency appeal for one point two billion dollars
Speaker 2: in funding to maintain humanitarian support for Palestinians in Gaza,
Speaker 2: but a US diplomacy has not ended with Blincoln leaving
Speaker 2: for Asia. Bloomberg's and Marie Hordern.
Speaker 4: Bill Burns, head of the CIA, is also in Israel
Speaker 4: today and is going to be traveling throughout the region.
Speaker 4: So clearly what you see from this administration is one
Speaker 4: they want to make sure humanitarian aid is getting into Gaza,
Speaker 4: and at the same time they also want to make
Speaker 4: sure that this conflict is not spread throughout the region.
Speaker 2: And Ann Marie says the White House maintains the president's
Speaker 2: military aid to Israel may double its Iron Dome arsenal,
Speaker 2: that is the fourteen billion dollar aid request. Latest supports
Speaker 2: are that deaths have passed ten thousand on the Gaza strip.
Speaker 2: Donald Trump on the stand today in his New York
Speaker 2: fraud trial, the issue whether he inflated his wealth to
Speaker 2: get better terms from lenders and insurers. Bloomberg Legal editor
Speaker 2: Tony Lynn says Trump gave about swinging from the start.
Speaker 5: We've often seen you know, you know, once people are
Speaker 5: under oath, they'll take a more measured sort of approach.
Speaker 5: His sons, for instance, when they testified, they were sort
Speaker 5: of much more moderate in tone than I guess some
Speaker 5: of the rhetoric they've said. But I think Trump has not.
Speaker 5: I didn't mince any words in terms of how he
Speaker 5: feels about this proceeding.
Speaker 2: And Tony said they really didn't seem to get a
Speaker 2: lot out of that.
Speaker 5: Of course. Yeah, the judge put it well, he said
Speaker 5: it was essentially the broken record all this. He repeated
Speaker 5: sort of a lot of his talking points about how
Speaker 5: the whole thing was unfair. Everyone was happy with him,
Speaker 5: the banks, no one was hurt by his statements of
Speaker 5: financial condition. And that's what he said a lot of
Speaker 5: where he's basically said, you know, they made these loans,
Speaker 5: didn't matter what these statements said. They all made money
Speaker 5: from it.
Speaker 2: Yeah, but Attorney General, let teacher James said, they got
Speaker 2: what they wanted.
Speaker 6: He rambled you, he hurled insults, but we expected that
Speaker 6: at the end of the day, the documentary evidence demonstrated that,
Speaker 6: in fact, he falsely inflated his assets to basically enrich
Speaker 6: himself and his family.
Speaker 2: And she says very apparent to the judge who makes
Speaker 2: a final decision to that point, Farmer Prosecutor for the
Speaker 2: Southern District of New York, Jessica Roth, says, a lot.
Speaker 7: Of states, and so really what remains to be decided
Speaker 7: is the amount of disgorgement of profits and also what
Speaker 7: the remedy should be in terms of perhaps permanently enjoining
Speaker 7: Trump and his family members from doing business in the
Speaker 7: state of New York.
Speaker 2: And Trump to think.
Speaker 3: That we're being sued and spending all this time and money,
Speaker 3: and you have people being killed all over the world.
Speaker 2: That this country could stop. Ivanka Trump on the stand
Speaker 2: on Wednesday, Global News twenty four hours a day, whenever
Speaker 2: you want it with Bloomberg News Now in San Francisco.
Speaker 2: I'm at Baxter and this is Bloomberg.
Speaker 1: Well, we take a look now as some of the
Speaker 1: top business stories of the hour. US Treasury Secretary Janet
Speaker 1: Yellen and Chinese Vice Premier Holy Fung will hold two
Speaker 1: days of talks in San Francisco this week. The story
Speaker 1: from Bloomberg's Joan Wong.
Speaker 8: The Treasury Department says Yellen and her Beijing's top economic
Speaker 8: official will meet on November ninth and tenth, The meeting
Speaker 8: will take place on the sidelines of the Asia Pacific
Speaker 8: Economic Cooperation Group, the Yellen Her talks are expected to
Speaker 8: build on a series of recent visits and announcements between
Speaker 8: the two sides. They're trying to improve diplomatic and economic ties.
Speaker 8: Some of the issues likely to be addressed include US
Speaker 8: export controls in Chinese military engagement in the South China Sea.
Speaker 8: The us AS is not seeking to decouple from China,
Speaker 8: but rather it's looking to de risk and diversify. Chinese
Speaker 8: officials have criticized that message. In Hong Kong, Join Wang
Speaker 8: Bloomberg Radio, We're go.
Speaker 9: To China next and Australia's Prime Minister Anthony Albanesi has
Speaker 9: met with Chinese President Sijiping in Beijing. Albanese is the
Speaker 9: first Australian leader to visit China in more than seven years.
Speaker 9: The meeting may go a long way to improving diplomatic
Speaker 9: relations between the two countries. She told Albanzi that quote,
Speaker 9: with joint efforts on both sides, we've been resuming our
Speaker 9: exchanges and various views and worked out some problems. Albanezi,
Speaker 9: meanwhile praising the mature relationship between the two nations.
Speaker 10: Australia, along with other countries in the region, has an
Speaker 10: interest in continued stable growth in the Chinese economy and
Speaker 10: its ongoing engagement.
Speaker 5: With the world.
Speaker 10: And I believe that we can all benefit from the
Speaker 10: greater understanding that comes from high level dialogue and people
Speaker 10: to people links, and that a strong relationship between our
Speaker 10: two countries will be beneficial into the future.
Speaker 9: That is Australian Prime Minister Anthony Alberanzi. Overall relations between
Speaker 9: Australia and China have improved over the past year. High
Speaker 9: level of ministerial meetings have restarted, and Chinese restrictions on
Speaker 9: imports of Australian coal, timber and bali have all been lifted.
Speaker 1: Brian Well, China's second biggest developer, has been given a
Speaker 1: lifeline by its biggest shareholder and a local regulator. Bloomberg
Speaker 1: yvon Mann has the story from Hong.
Speaker 11: Kong, China. Wonka says it will repay its debts on
Speaker 11: time after getting key signals of support. Shenjed regulator Assets
Speaker 11: Supervision and Management Commission said it has confidence in Wanka.
Speaker 11: The regulator said it will support the developer if it
Speaker 11: faces extreme conditions. The comments are made during an online
Speaker 11: meeting on Monday attended by financial institutions. Also, Wanka's largest shareholder,
Speaker 11: Shenjen Metro Group, said it had no plans to cut
Speaker 11: its steake. Wonka dollar bonds surge as much as twelve cents,
Speaker 11: putting some on pace for record gains. The expressions of
Speaker 11: support are rare for distressed developers in China. In Singapore,
Speaker 11: I'm yvon Mann Bloomberg Radio.
Speaker 9: Decision Day for the Reserve Bank of Australia. It's going
Speaker 9: to issue its monetary policy decision at two thirty pm
Speaker 9: Sydney time. That's in just over four hours. Most economists
Speaker 9: forecasting the IBA to lift the cash right by twenty
Speaker 9: five basis points at that meeting after the third quarter
Speaker 9: of CPI print came in hotter than expected. And this
Speaker 9: comes even though the RBA's lifted rates by four hundred
Speaker 9: basis points since April twenty twenty two, and that is
Speaker 9: the fastest pace of tightening in the inflation targeting era. Inflation,
Speaker 9: though proving stickier than expected. Bloomberg Economics has got an
Speaker 9: out of consensus call for the RBA to stay on
Speaker 9: hold four point one percent, which forecasts will be enough
Speaker 9: to return inflation to the two to three percent target
Speaker 9: ban by twenty twenty five. But whatever the RBA does today,
Speaker 9: that hawkish bias going to remain in place.
Speaker 1: Brian Yep Gordman Sachs is boosting pay incentives for its
Speaker 1: asset management teams. Let's get that story from Bloombergs and Keats.
Speaker 12: The changes instituted over the past several months will lift
Speaker 12: the share of profits available for teams directly responsible for
Speaker 12: the performance of Goldman's alternative investment funds. The share of
Speaker 12: performance awards usually gets divvied up between employees and the
Speaker 12: bank's own accounts. Under the new structure, investing teams will
Speaker 12: receive forty to fifty percent of the pool. Goldman oversees
Speaker 12: two hundred and sixty seven billion dollars in fee earning
Speaker 12: alternative assets in Washington and Kate's Bloomberg Radio.
Speaker 1: All right, at the time is twelve minutes passed. Oh
Speaker 1: I wanted to mention that China Wanka did trade up
Speaker 1: seven and a quarter percent yesterday after that news emerged
Speaker 1: here in the Hong Kong market. For the details later
Speaker 1: in the program. Well, let's say good morning our time too.
Speaker 1: Daniel Flatley, Bloomberg national security reporter to talk a little
Speaker 1: bit more about some of these developments in the Gaza war.
Speaker 1: So President Biden discussing this notion of a tactical pause
Speaker 1: with the Israeli Prime Minister of Benjamin Netanyahu. I suppose
Speaker 1: it for nothing else. I mean, it's always good to
Speaker 1: have a little pause, but if for nothing else, just
Speaker 1: to get more trucks in. I think I read that
Speaker 1: only about two dozen relief trucks made it into Gaza
Speaker 1: in the last twenty four hours.
Speaker 13: Yeah, Brian, you know, these discussions are sort of ongoing,
Speaker 13: and obviously we had US Secretary of State Anthony Blincoln
Speaker 13: in the region earlier today. I think you know what
Speaker 13: Biden's pleas are running up against is Israel's desire to
Speaker 13: not give Hamas a chance to breathe, a chance to regroup,
Speaker 13: a chance to seize some initiative and maybe take the
Speaker 13: fight back toward Israel. They're really trying to from what
Speaker 13: we've seen, Israel I mean, is trying to sort of
Speaker 13: cordon off that northern part of Gaza, especially around Gaza City,
Speaker 13: and try to go basically house to house, street to
Speaker 13: street to try to root out some of the Hamas militants,
Speaker 13: and I think that the thinking is, at least on
Speaker 13: the Israeli side, that if you pause that operation for
Speaker 13: any you know, significant period of time, that you only
Speaker 13: give your enemy a chance to regroup and strike back. Obviously,
Speaker 13: the US feels somewhat differently about that, and I think
Speaker 13: that there's a humanitarian argument that they're trying to make
Speaker 13: to the Israelis about that. But you know, a very
Speaker 13: complicated situation.
Speaker 9: Yeah, of the work of going block to block, house
Speaker 9: to house, there is the issue of the tunnels as well.
Speaker 9: Ours the Israeli military handling that well.
Speaker 13: Obviously we know that you know, over the last several
Speaker 13: weeks they've bombarded that area with air strikes, artillery, other
Speaker 13: forms of heavy weaponry to sort of soften that area up,
Speaker 13: so to speak. But as you say, you know, tunnels
Speaker 13: are underground and built that way for that purpose to
Speaker 13: shelter from from that kind of bombardment. So in terms
Speaker 13: of the tunnels, it's very hard to figure out where
Speaker 13: they are, where the locations are. You know, Secretary of
Speaker 13: State Blincoln made some comments sort of talking about you know,
Speaker 13: they may have looked at the tunnels issue. The US
Speaker 13: may have looked at the tunnel issue to a certain extent,
Speaker 13: But I think basically what they're trying to do is
Speaker 13: as much as possible contain the conflict to that northern
Speaker 13: part of Gaza in order to really root out the
Speaker 13: Hamas leadership that may be sheltering in that area.
Speaker 1: But as At Basha reported a few moments ago, and
Speaker 1: as we know, the Israeli military said that it exchanged
Speaker 1: fire with Hesbelah in Lebanon along with AMAS, so it
Speaker 1: would seem that things are still in the expanding mode.
Speaker 13: Yeah, I think that that is going to continue to
Speaker 13: be the case for a long time to come. You know,
Speaker 13: not only is there the risk of an expanding conflict
Speaker 13: to the north, but also you know, we've had some
Speaker 13: strikes against US troops in Iraq and Syria and other places.
Speaker 13: So I mean, clearly there is a desire to as
Speaker 13: Israel is Israel's enemies. I guess we could say, as
Speaker 13: Israel is getting more deeply involved in Gaza. You know,
Speaker 13: Hesbela and others are seeking to take advantage of that
Speaker 13: by potentially opening up another front that hasn't happened yet
Speaker 13: to a great degree. But there's certainly some probing aspects
Speaker 13: to what they're doing there.
Speaker 9: We've had this denial from the US as well that
Speaker 9: an Iranian report that it's seeking a cease file. But
Speaker 9: what sort of back channels exist between the US and Iran?
Speaker 9: Can we expect that there are conversations happening, Well.
Speaker 13: There's always some form of communication happening, especially now considering
Speaker 13: the Biden administration prior to this recent conflict, was trying
Speaker 13: to resurrect some form of nuclear deal with Iran. So
Speaker 13: I'm sure that there are diplomats that are talking back
Speaker 13: and forth on the back channel to Iran. But I
Speaker 13: think that a lot of this is playing out obviously
Speaker 13: in public. We had the Iranian Foreign minister a couple
Speaker 13: of weeks ago talking about the potential for the conflict
Speaker 13: to expand. The US is very aggressive in terms of
Speaker 13: sanctions and things that it's trying to do on Iran.
Speaker 13: So I think that there's a bit of a chess
Speaker 13: game going on here, where you may have some diplomacy
Speaker 13: that's going on behind the scenes, but really a lot
Speaker 13: of tough rhetoric in order to sort of keep a
Speaker 13: lid on this conflict. Whether that will be successful in
Speaker 13: the long run, you know, we don't know at this point.
Speaker 1: This is Bloomberg Daybreak Asia, your morning brief on the
Speaker 1: stories making news from Hong Kong to Singapore and Wall Street.
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Speaker 14: I'm Brian Curtis and I'm Doug Krisner. Join us again
Speaker 14: tomorrow for all the news you need to start your
Speaker 14: day right here on Bloomberg day Break Asia