Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Good morning, It's finder the ninth of February in London.
Speaker 2: This is the Bloomberg DAYBAQ podcast, available every morning on Apple,
Speaker 2: Spotify or wherever you listen. I'm Caroline Hepki.
Speaker 3: And I'm Stephen Carroll. Coming up today. Putin takes a
Speaker 3: hardline on Ukraine and his interview with the US right
Speaker 3: wing commentator Tucker Carlson.
Speaker 2: Jeremy Hunt says that he's very attracted by the idea
Speaker 2: of a British ISA to boost the UK stock market.
Speaker 3: And to hail Mary Pass. Why an NFL succession crisis
Speaker 3: is forcing teams to let private equity in.
Speaker 2: Let's start with a roundup of our top stories.
Speaker 3: Russian President Vladimir Putin says his country hasn't yet achieved
Speaker 3: its objectives in Ukraine. Putin made the comments in an
Speaker 3: interview with the right wing US commentator and former Fox
Speaker 3: News presenter Tucker Carlson. It's the first time the Russian
Speaker 3: leader has given an interview to a Western media figure
Speaker 3: since he ordered the invasion of Ukraine almost two years ago.
Speaker 3: Here's what he said in the interview with the Tucker
Speaker 3: Carlson Network.
Speaker 4: If you really want to stop fighting, you need to
Speaker 4: stop supplying weapons. It will be over within a few weeks.
Speaker 4: That's it, and then we can agree on some terms.
Speaker 3: That's Latimir Putin, speaking via a translator. Tucker Carlson, who
Speaker 3: conducted the interview as a prominent Donald Trump supporter and
Speaker 3: has used his media platform to question US support for
Speaker 3: Ukraine and to defend the Kremlin. Meanwhile, Ukraine's ambassadors the
Speaker 3: United States has warned that her country's facing a critical
Speaker 3: shortage of military hardware, even as she expressed optimism that
Speaker 3: American lawmakers will overcome their deadlock and deliver aid to
Speaker 3: her country.
Speaker 2: President Joe Biden says that there is nothing wrong with
Speaker 2: his memory. The president was reacting to a US Special
Speaker 2: Council report that described him as an elderly man with
Speaker 2: a poor memory and chronicled repeated occasions where he's struggle
Speaker 2: to recall basic facts in his life. In an impromptu
Speaker 2: White House news conference, Biden, who is eighty one, answered
Speaker 2: defiantly to questions about his capacity to continue serving as president.
Speaker 5: My memory is My memory is fine.
Speaker 6: My memory. Take a look at what I've done since
Speaker 6: the recompression.
Speaker 4: None of us thought I could pass any of the
Speaker 4: things I got passed.
Speaker 1: How'd that happen?
Speaker 2: You know?
Speaker 6: I guess I just forgot what was going on.
Speaker 2: Piden's comments came after the report by a Justice Department
Speaker 2: Special Council found that the President knowingly stored and disclosed
Speaker 2: classified information kept in unsecured locations at his homes. However,
Speaker 2: investigators concluded the evidence does not establish mister Biden's guilt
Speaker 2: beyond a reasonable doubt.
Speaker 3: The US Treasury Secretary Janet Yellen says regulators are monitoring
Speaker 3: risks stemming from non bank mortgage lenders. Speaking to the
Speaker 3: Senate Banking Committee, Yellen caution that a failure of one
Speaker 3: of them is possible in the case of market strains.
Speaker 6: Non bank mortgage companies lack access to the deposits which
Speaker 6: banks have. There is concern that in stressful market conditions,
Speaker 6: we could see the failure of one of these.
Speaker 3: That's the US Treasury Secretary Channet Yellen. Non banks have
Speaker 3: become a major presence in the mortgage market, but rely
Speaker 3: on short term funding instruments to fund their operations and
Speaker 3: have seen rapid growth in recent years. They also aren't
Speaker 3: allowed to access the federal reserves emergency lending facility, not
Speaker 3: as the discount window.
Speaker 7: Now.
Speaker 2: New rules in the United States will force hedge funds
Speaker 2: to share more details about their investment strategies. Funds with
Speaker 2: net assets of at least five hundred million dollars will
Speaker 2: be subject to changes, including reporting separately on each component
Speaker 2: of a fund and revealing how they're investing in crypto.
Speaker 2: It's an expansion of the current quarterly filing system for
Speaker 2: big managers. Regulator to say it's a better way to
Speaker 2: keep tabs on risk in the financial system.
Speaker 3: Here in the UK, the Chancellor is very attracted to
Speaker 3: the idea of the British iSER, form of tax free
Speaker 3: savings account as part of efforts to boost UK stocks.
Speaker 3: Bloombrooks twa Adebayo has the details.
Speaker 7: Various investors and city grandees have called on Jeremy Hunt
Speaker 7: to encourage Brits to invest in their own stock market.
Speaker 7: According to the Chancellor, a British iSER might now be
Speaker 7: the answer. During a fireside chat with Bloomberg's Francine Laquire
Speaker 7: at an industry dinner, Hunt said the scheme could prove
Speaker 7: effective in ensuring UK companies received more of the country's capital.
Speaker 7: Just last year, an open letter published in the Timed newspaper,
Speaker 7: signed by key investors, pushed for the inclusion of a
Speaker 7: British iSER in last year's Autumn statement. Despite his latest comments,
Speaker 7: Jeremy Hunt reiterated that the contents of his upcoming March
Speaker 7: budget haven't been decided in London. Tewa Adebayo Bloomberg.
Speaker 2: Radio Conservative Party donor Nick Candy is backing a change
Speaker 2: of government to labor. The UK property tycoon told Bloomberg
Speaker 2: that it's probably time for a change in the country's leadership.
Speaker 2: He also had praise for the opposition leader Kirs Starmer.
Speaker 5: Something I'm naturally a Tory. I voted for Tony Blair
Speaker 5: when he came into power. I think it's probably time
Speaker 5: for a change. I think all this is inviting in
Speaker 5: the Tories, and even now with the talks of Chemi
Speaker 5: badd and not replacing Rishi by mid May, British people
Speaker 5: should know what's going on and based on that, maybe
Speaker 5: it's time for some change. But we still don't know
Speaker 5: the labor policies. But do I think Kis Starmer is
Speaker 5: a decent man with good values and good modes one
Speaker 5: hundred percent.
Speaker 2: Candy's comments come four years after he donated one hundred
Speaker 2: thousand pounds to the Conservatives during the Boris Johnson administration.
Speaker 2: Despite supporting a change in government, the entrepreneur expressed doubts
Speaker 2: over a potential labor wealth tax and proposed VAT on
Speaker 2: private school fees.
Speaker 3: Labor I, meanwhile, as slash to Key pledge to spend
Speaker 3: twenty eight billion pounds a year on the Green Transition.
Speaker 3: Kiir Starmer confirmed a new annual spending target of four
Speaker 3: point seventy four billion on the party's so called Green
Speaker 3: Prosperity Plan. The opposition leader blamed government spending mistakes for
Speaker 3: the cuts.
Speaker 8: We won't reach the twenty eight billion pounds in visage
Speaker 8: that figure is effectively stood down. The reason for that
Speaker 8: is because since we announced the twenty eight billion, the
Speaker 8: tours have done terrible damage to our economy, not just
Speaker 8: the Liz Trust's budget, but also now the government briefing
Speaker 8: that it's going to max out on the government credit
Speaker 8: card reckless. But I have to anticipate the circumstances as
Speaker 8: they are now, not as I'd wish them to be.
Speaker 3: That's the Labor leader Kiers Starmer and irresponding to the news,
Speaker 3: Prime Minister Ishisinak said the uncertainty surrounding Labour's plan poses
Speaker 3: a real risk to the country's future. In a moment,
Speaker 3: we'll bring you more in Vladimir Putin's interview and why
Speaker 3: private equity is moving into American football. But first we're
Speaker 3: discussing recently on the program this phenomenon of doom spending.
Speaker 3: Younger people in particular are choosing to spend their savings
Speaker 3: because they feel like big financial milestones like buying home
Speaker 3: or having children are just too impossible and they're too
Speaker 3: stress but the state of the world's Instead, they're buying
Speaker 3: themselves nice things. So Sarah Sarah Green Carmak from Bloomberg
Speaker 3: Opinion has been writing about this with a warning. Don't
Speaker 3: do it, essentially is her message, and now She particularly
Speaker 3: points to how more young women are doom spending than
Speaker 3: younger men and says they can't afford to because women,
Speaker 3: more than men, are more likely to say that debt
Speaker 3: has led them to delay major life milestones like marriage,
Speaker 3: home ownership, and children. Women are also more likely to
Speaker 3: say their debts are unmanageable. Her advice is real self
Speaker 3: care is setting and sticking to a budget, and while
Speaker 3: you might not be able to achieve the ideal goals
Speaker 3: of how much you'd like to be saving. Whatever you
Speaker 3: can save in the short term is going to help
Speaker 3: in the long term. And whereas you can splurge, we
Speaker 3: all want to, but perhaps to scale back the scale
Speaker 3: of your splurging.
Speaker 2: Yeah, literally, I guess this sounds very sensible. It's far
Speaker 2: two cents, and I totally agree with Sarah. I had
Speaker 2: not understood this idea of doom spending, but I would
Speaker 2: probably compare it to skiing, right, which is spending the
Speaker 2: kids inheritance. So that's kind of the flip actual skiing. No, no,
Speaker 2: not actual skiing, but you know the other which that
Speaker 2: was a thing for a while, wasn't it, the sort
Speaker 2: of I don't know, over fifties, over sixties doing that.
Speaker 2: Now it's younger people. I mean, you get it when
Speaker 2: you look at house prices in the UK that that
Speaker 2: might be the case. But also, I mean Sarah's point
Speaker 2: to women in the UK, this generation, the changeover in
Speaker 2: terms of pensions, there's a real worry that there's going
Speaker 2: to be a very big, you know, pension deficit for
Speaker 2: people in the UK. So yeah, one can see why
Speaker 2: you should take the good advice.
Speaker 3: Yeah, definitely worth a read. This morning, let's turn to
Speaker 3: bring you more on our top story now that now though,
Speaker 3: and that interview that Vladimir Pudin gave to the former
Speaker 3: Fox News was aanto at Tucker Carlson, our AMA and
Speaker 3: news director Razin Matheson is with us for more in
Speaker 3: studio RAS. Good morning. This is the first time the
Speaker 3: Russian president has spoken to a figure in the Western
Speaker 3: media since the twenty twenty two invasion of Ukraine. Tucker
Speaker 3: Carlson is a Donald Trump supporter. He's questioned American support
Speaker 3: for Kiev. Why did Vladimir Putin choose to speak to
Speaker 3: him and why now?
Speaker 9: Well, obviously it was interesting to see that it was
Speaker 9: Tucker Carlson who spoke too, because that allowed him to
Speaker 9: talk about history essentially for fifty minutes unfettered, before he
Speaker 9: came into questioning as to why now. Of course, Vladimir
Speaker 9: Putin's coming up for re election fairly soon, and while
Speaker 9: that's not really in doubt, the Russian media has been
Speaker 9: a frequent player of Tucker Carlson's clips domestically because it
Speaker 9: does tend to paint Vladimir Putin in a favorable or
Speaker 9: question at least the US support for Ukraine and its
Speaker 9: war against Russia. So you can imagine that some of
Speaker 9: this could be for a domestic audience, using this to
Speaker 9: burnish Vladimir Putin's credentials. He's standing on the international stage
Speaker 9: to the Russian voter, so that's possibly right now. Also,
Speaker 9: he seems to be feeling fairly upbeat, shall we say,
Speaker 9: I mean cast it back to two years ago, in
Speaker 9: the aftermath of his invasion of Ukraine.
Speaker 4: It was going terribly.
Speaker 9: I mean, they failed to take Kiev, they were pushed
Speaker 9: back very quickly. There were lots of big questions about this,
Speaker 9: how long his war could sustain. It's coming up to
Speaker 9: the third year. They haven't taken Kiev, but they've carved
Speaker 9: out a huge amount of territory really from Ukraine in
Speaker 9: the south and the east. We know that there are
Speaker 9: problems within the administration in Ukraine. Telinski, the president essentially
Speaker 9: had to fire his army chief yesterday. Perhaps he's seizing
Speaker 9: the moment. He's also, you know, looking at fishes between
Speaker 9: Ukraine and Europe and Ukraine in the US over the
Speaker 9: supply of weapons. So perhaps there's a moment to talk
Speaker 9: about that.
Speaker 2: Yeah, absolutely so yeah, but as you say, perhaps pointing
Speaker 2: to this use as in domestic propaganda. But Putin, when
Speaker 2: he was questioned what did he actually say about the
Speaker 2: war in Ukraine and the possibility of it.
Speaker 9: Ending, well, he repeated what he's says quo from which
Speaker 9: is that his goals have not been achieved in Ukraine.
Speaker 9: That's a fairly standard line. But he did seem to
Speaker 9: try and stick a wedge, a further wedge between the
Speaker 9: US and Ukraine. Of course, we know that there are
Speaker 9: big debates in Congress about the supply of further military aid,
Speaker 9: particularly to Ukraine. Ukraine is warning they're running out of ammunition.
Speaker 9: They need this stuff urgently. He was saying, essentially that
Speaker 9: if the US stops supplying weapons to Ukraine, he may
Speaker 9: think about negotiating or having talks and really putting the
Speaker 9: owners there on the US and Ukraine. Of course, there's
Speaker 9: no sign that Vladimir Putin is serious about intending to negotiate,
Speaker 9: and the US has been a staunch supporter overall of Ukraine.
Speaker 9: But it seems to be perhaps about trying to exploit
Speaker 9: some of those little fishes that we're seeing with Ukraine.
Speaker 9: Is he really serious about negotiating probably not anytime soon.
Speaker 3: And another story ris that we wanted to touch on
Speaker 3: with you as well, is in regards to the US
Speaker 3: election present Biden criticizing a justice to Bors which questioned
Speaker 3: his memory and his mental acuity. How serious an issue
Speaker 3: is this for the election campaign?
Speaker 9: Well, this could arguably be one of the worst weeks
Speaker 9: yet for Joe Biden, and where months away from the election,
Speaker 9: he's had a repeated series of gas where he's mixed
Speaker 9: up former leaders of Germany, France, and now in the
Speaker 9: very press conference where he was defending his ability to
Speaker 9: be president and his mental capacity, he mixed up the
Speaker 9: leaders of Egypt and Mexico on his way out the door,
Speaker 9: which kind of overshadowed what was quite a forceful press
Speaker 9: conference from him defending again his record his mental acuity.
Speaker 9: And so that's really just going to be red meat
Speaker 9: in a way for the Republicans, particularly Donald Trump, the
Speaker 9: likely candidate. Although Joe Biden and Donald Trump are not
Speaker 9: that different in age, it's just that, you know, being
Speaker 9: president and having these moments, it really just plays into
Speaker 9: that narrative where Donald Trump calls him sleepy Joe and
Speaker 9: questioning his ability.
Speaker 2: Yeah, what else, Thank thank you, so much for being
Speaker 2: with us this morning. I AMA News director Roslyn matheson
Speaker 2: there with well all the details around Vladimir Putin's interview,
Speaker 2: and President Joe Biden.
Speaker 3: Turned to talk about something that we don't often feature
Speaker 3: on this show, American football. Ahead of Sunday Superbil, Bloomberg's
Speaker 3: been looking at the changing ownership of NFL teams and
Speaker 3: how private equity could be about to enter the game.
Speaker 3: Bloomberg's Charlie Wells joins us with more details of today's
Speaker 3: Big Take report. Charlie, what's causing, first of all, what's
Speaker 3: been called a succession crisis in the National Football League.
Speaker 1: Yeah, look, so I am not necessarily the most natural
Speaker 1: American football fan, but this is a really, really fascinating,
Speaker 1: fascinating development and what really is in American institution. And look,
Speaker 1: you know, football might not be everyone's game of tea,
Speaker 1: but this is the only sport in the United States
Speaker 1: that can bring together one hundred million viewers to watch,
Speaker 1: you know, a single event. And what's really fascinating is
Speaker 1: both age and appreciation are changing America's National Football League
Speaker 1: and creating something of a crisis. So if you look
Speaker 1: at you know how much these football teams are worth
Speaker 1: They are worth billions. They have appreciated in value on
Speaker 1: average about sixty nine percent between just twenty twenty and
Speaker 1: twenty twenty three. The average team value is now about
Speaker 1: five billion dollars. But you've got to remember that the
Speaker 1: National Football League is very different from other sports leagues
Speaker 1: in that it is very much a family run sort
Speaker 1: of business. And the owners of a number of these
Speaker 1: leagues is growing. So you know, the average age of
Speaker 1: the league's thirty two principal owners is seventy two, and
Speaker 1: seven of the principal owners are eighty or older. And
Speaker 1: then when you think about that, you've got the appreciation
Speaker 1: of these teams. You've also got the family ownership structure
Speaker 1: that means that as they age, they want to pass
Speaker 1: on these teams, but they're facing huge tax liabilities and
Speaker 1: that's creating this crisis.
Speaker 2: Yeah, that's interesting. Yeah, I mean the merchandise in the tickets,
Speaker 2: it's it is a big money game. Why do you
Speaker 2: think private equity is so interested then in investing in
Speaker 2: football teams?
Speaker 1: Yeah, it's really interesting. And so this kind of takes
Speaker 1: from the kind of standard private equity playbook. If you
Speaker 1: if you kind of think about it, right. They look
Speaker 1: at many times for these sort of mom and pop
Speaker 1: businesses that are kind of, you know, incredibly profitable, that
Speaker 1: generate lots of revenue, but that maybe have some leadership issues,
Speaker 1: but that maybe need some extra capital, And that seems
Speaker 1: to be what's going on here, right. But what's you know,
Speaker 1: really striking is that this kind of level of family ownership,
Speaker 1: certain rules have prevented certain investors, including private equity, from
Speaker 1: coming on board, but that certainly could change, and it's
Speaker 1: really hard for a lot of these investors to look
Speaker 1: away from the profits here.
Speaker 4: Right.
Speaker 1: So the National Football League was responsible for ninety three
Speaker 1: of the one hundred most broadcast last year and run
Speaker 1: in about twenty billion dollars in revenue. So you've got
Speaker 1: kind of conflicting tensions there.
Speaker 3: This is Bloomberg Daybreak Europe, your morning brief on the
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