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Speaker 1: Good morning.

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Speaker 2: It's Thursday, the eighteenth of January here in London. This

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Speaker 2: is the Blueberg DAYBAK a podcast. I'm Caroline Hitki.

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Speaker 3: And I'm Stephen Carroll. Coming up today, Pakistan launches strikes

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Speaker 3: against Iran and a tit for tat escalation that risks

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Speaker 3: a wider conflict.

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Speaker 2: Apple gets a triple whammy of bad news in just

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Speaker 2: twenty four hours. We have the details.

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Speaker 3: Plus Sunak survives, The Prime Minister wins his key immigration vote,

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Speaker 3: but challenges remain.

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Speaker 2: Let's start with a roundup of our top stories.

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Speaker 3: Pakistan has carried out targeted strikes against what it describes

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Speaker 3: as terrorist hideouts in Iran. The move came after Iran

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Speaker 3: allegedly launched strikes against a separatist group based in Pakistani

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Speaker 3: province bordering the country. Bloomberg's Middle East Economics and Government

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Speaker 3: editor Paul Wallace says the spiraling escalation is very unusual.

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Speaker 4: The two have a complicated but normally quite cordial relationship.

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Speaker 4: This is pretty much unprecedented what we're seeing now with

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Speaker 4: both of them striking each other's territory. Of course, they're

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Speaker 4: not going for the other government as it were, They

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Speaker 4: are going for what they call our terrorists in each

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Speaker 4: other's territory. But I think what we're seeing is this

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Speaker 4: is just the latest arena opening up in the bigger,

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Speaker 4: wider milician conflict that began in early October when Hamas

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Speaker 4: attacked Israel.

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Speaker 3: Paul Wallas also knows in that Pakistan has downgraded its

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Speaker 3: diplomatic ties by recalling its envoy from Tehran and asking

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Speaker 3: the Iranian ambassador not to return to Islamabads.

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Speaker 2: The tit for tat military action between Pakistan and Iran

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Speaker 2: comes as tensions continue to flare across the Middle East. Overnight,

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Speaker 2: the US launched another round of strikes at fourteen WHO

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Speaker 2: the targets in Yemen, as the militant group's attacks on

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Speaker 2: shipping in the Red Sea continue. The US move came

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Speaker 2: hours after an American owned commercial vessel was attacked by

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Speaker 2: a drone in the region. That was the third shit

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Speaker 2: targeted by militants since a major round of US and

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Speaker 2: UK led strike on Yemen. Speaking to Bloomberg, the UK's

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Speaker 2: Foreign Secretary David Cameron says that Tehran bears ultimate responsibility

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Speaker 2: for the hoo They attacks.

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Speaker 5: They're doing it because they're backed by Iran and they've

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Speaker 5: had weapons provided them to Iran, and you know, between

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Speaker 5: the nineteenth of November and last weekend they'd made twenty

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Speaker 5: six attacks. We'd given warning after warning, but we hadn't

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Speaker 5: taken action. We have now taken action. We've demonstrated we're

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Speaker 5: prepared to back our words and warnings with actions and

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Speaker 5: I believe that will make a difference.

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Speaker 2: Cameron spoke after meeting Iran's foreign minister at the World

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Speaker 2: Economic Forum in Davos and warned him that the Houthi

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Speaker 2: attacks are illegal and unacceptable.

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Speaker 3: Apple will sell its smartwatches without a blood oxygen feature

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Speaker 3: in the United States after at last one leg of

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Speaker 3: illegal dispute involving the health technology for a Massimo. US

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Speaker 3: course rejected Apple's request for a longer pause on an

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Speaker 3: import ban on the devices. Bloomberg's had Ludlow says a

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Speaker 3: long appeals process will likely follow the decision.

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Speaker 6: What the US Court of Appeals for the Federal Circus

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Speaker 6: is saying is they are rejecting Apple's requests for a

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Speaker 6: longer pause on what was the Intetional Trade Commission ban

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Speaker 6: that was put in place. The mechanics of that are

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Speaker 6: that they will have to stop selling the Series nine

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Speaker 6: in Ultra two, but a much longer appeals process will

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Speaker 6: play out, and Apple has said that that appeals process

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Speaker 6: can last for about a year.

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Speaker 3: Bloombergs tech reporter at Ludlow there the ruling is a

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Speaker 3: further blow for Apple after Netflix upted not to launch

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Speaker 3: an app for its new Vision pro headset this week,

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Speaker 3: and a major snub for the company. Separately, the US

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Speaker 3: Justice Department is preparing to file an antitrust lawsuit against

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Speaker 3: Apple for software limitations on its products that allegedly impede rivals.

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Speaker 2: Google CEO Sinder Pitcher has told employees to expect more

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Speaker 2: job cuts this year, according to an internal memo reported

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Speaker 2: by The Verge. Bloomberg reported workers at the search giant

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Speaker 2: have been on edge since January of last year, when

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Speaker 2: Alphabet said that it would cut about twelve thousand jobs,

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Speaker 2: more than six percent of its global workforce. Pitch I

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Speaker 2: said in the recent memo that the cuts are not

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Speaker 2: at the scale of last year's reductions and will not

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Speaker 2: touch every team here.

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Speaker 3: In the UK, the Prime Minister Rachi Sunac has passed

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Speaker 3: his flagship Rwanda bill in Parliament, but at a significant

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Speaker 3: political cost, Although only eleven Conservative MPs ultimately voted against

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Speaker 3: the government the debates, so many of the party's leading

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Speaker 3: lights openly condemn Sunac's flagship plan. Even after the vote,

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Speaker 3: Former Cabinet minister Jacob riis marg says it won't work.

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Speaker 7: I think the real problem for this bill is that

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Speaker 7: we've got eight or nine months until election and that

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Speaker 7: this bill will probably take longer than that with all

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Speaker 7: the legal ramifications that you could get before people are

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Speaker 7: on planes going. So my concern the reason I backed

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Speaker 7: amendments was really just speed it up.

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Speaker 3: That's Jacob Reismark speaking.

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Speaker 5: Though.

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Speaker 3: The fractures mood in the party won't be helped by

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Speaker 3: a Yugo of poll for The Times newspaper showing support

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Speaker 3: for the Conservatives have fallen to twenty percent, a level

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Speaker 3: last seen during the disastrous premiership of Liz Tross.

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Speaker 2: After voting on that key Rwanda bill, Chancellor Jeremy Hunt

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Speaker 2: has traveled to Davos with plans to meet tech executives

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Speaker 2: as part of a push for more UK investment. Plinberg

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Speaker 2: has learned that open Ai, sam Aldman, Amazon CEO Andy

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Speaker 2: Jasse and Alphabets FO Ruth Porat are all part of

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Speaker 2: Hunt's charm offensive. Britain used to be a key attendee

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Speaker 2: at the gathering of the Elite, but Hunt is the

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Speaker 2: first UK Finance minister to attend since the pandemic.

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Speaker 3: And twenty twenty four is in a boost to momentum

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Speaker 3: in the UK's housing market. Growing demand and easing casts

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Speaker 3: are behind the change. Bloomberg'schris pet has the details.

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Speaker 1: Estate agents across the country are the most optimistic they've

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Speaker 1: been since before the pandemic. According to a survey by

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Speaker 1: the Oil Institute of Art Surveyors, yearly sale expectations hit

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Speaker 1: their highest level since February twenty twenty at the end

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Speaker 1: of last year. Increased positivity in the sector comes as

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Speaker 1: cheaper mortgages attempting buyers back off the sidelines. The Ricks

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Speaker 1: figures are another sign of improving fortunes after report from

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Speaker 1: property portal right Move showed asking prices jumped by the

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Speaker 1: most in eight months in January. In London, Chris Pitt

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Speaker 1: Bloomberg Radio.

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Speaker 2: And finally, Britain's biggest banks are bracing for a new

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Speaker 2: miss selling saga, this time with car Loans. The Financial

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Speaker 2: Conduct Authority has reached out to around a dozen banks

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Speaker 2: people are familiar have said, and RBC estimates that potential

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Speaker 2: compensation costs may reach ten billion pounds. Now, in a moment,

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Speaker 2: we're going to hear more about the latest attacks in

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Speaker 2: the Red Sea as we see tiertat escalations between Pakistan

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Speaker 2: and Iran, a pretty worrying development. Will bring you the

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Speaker 2: latest on those.

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Speaker 3: First, I wanted to just point to a fascinating read

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Speaker 3: from our colleague from Boomberg Opinion. Javier Blast is writing

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Speaker 3: about a growing business around power trading in Europe and

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Speaker 3: how a select group of firms based in Denmark are

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Speaker 3: monitoring weather forecasts very closely and making big bets on

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Speaker 3: how much electricity prices will spike. So Javier Blast writes

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Speaker 3: that this industry was only worth around one hundred million

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Speaker 3: dollars per year for the big firms involved. Today, those

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Speaker 3: companies producing about five billion dollars in combined profits in

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Speaker 3: twenty twenty two. Now, this is part of the shift

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Speaker 3: to renewable energy. As a result, a lot of the

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Speaker 3: energy supply much more dependent in the increased use of

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Speaker 3: solar and wind on exactly what the weather forecasts will mean.

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Speaker 3: And that means that trading for short term electricity prices

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Speaker 3: becomes all the more sensitive, relevant and something that these

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Speaker 3: companies are making big profits on.

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Speaker 2: Yeah. Absolutely, this of course, as we've seen such extreme weather,

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Speaker 2: you know, in the last year. I mean we had

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Speaker 2: the wettest December ever in the UK, you know, one

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Speaker 2: of the hottest years in the human hit history last year.

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Speaker 2: So yeah, really interesting this piece about actually how you

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Speaker 2: deal with that in terms of renewable energy supplies across Europe.

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Speaker 3: Well, let's get more details now on the events in

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Speaker 3: the Middle East. This morning, Pakistan says it's attacked targets

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Speaker 3: in Iran which are described as terrorist hideouts. Iranian state

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Speaker 3: TV sas seven people were killed in an explosion near

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Speaker 3: the border. This as tensions continue in the Red Sea

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Speaker 3: and the US launch and other round of strikes on

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Speaker 3: houthy targets. Our EMEA news director Rosalind Mathison joins US

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Speaker 3: now for more. Good morning to you, raz. What do

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Speaker 3: we know about what's happened on the Iran Pakistan border.

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Speaker 8: Well, we know, as you say, that this started when

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Speaker 8: Iran launched some strikes against a separatus group that's based

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Speaker 8: in a border area with Iran. And that's not uncommon

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Speaker 8: to be striking that group. That's been happening for many

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Speaker 8: many years. This is a group that targets often start

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Speaker 8: inside Iran itself, and we know that Pakistan then retaliated

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Speaker 8: by saying it carried out those targeted strikes against militant

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Speaker 8: hideouts in Iran itself. But it comes against that broader

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Speaker 8: backdrop of tensions in the Middle East, tensions over Iran

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Speaker 8: in general, and a pretty tricky time for Pakistan economic

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Speaker 8: termol and going into a very difficult election. And so

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Speaker 8: that's why these strikes are getting more attention and the

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Speaker 8: scene is a bit unusual in this moment. The question

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Speaker 8: really is doesn't escalate anything, and if so, in what way?

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Speaker 8: But as you say right now, what we know is

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Speaker 8: that Iran carried out the initial strikes, Pakistan felt the

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Speaker 8: need to retaliate, and there's been a few other diplomatic

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Speaker 8: bubbles as a result of that. The question really is

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Speaker 8: where does it go from here?

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Speaker 5: Yeah.

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Speaker 2: Indeed, meanwhile, another fourteen Hoothy targets have been hit by

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Speaker 2: US air strikes in Yemen. Why has the US done

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Speaker 2: this and what is it said about the strikes? We

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Speaker 2: heard just earlier on the program a snippet from David

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Speaker 2: Cameron talking about them.

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Speaker 8: Well, that's right, the US says that they targeted Hoothy missiles,

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Speaker 8: saying they were ready to launch against ships in the

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Speaker 8: Red Sea. We don't have a lot more detail than that.

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Speaker 8: Of course, it follows that initial strike between the US

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Speaker 8: and the UK that was quite a serious missile strike

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Speaker 8: against Hoothy targets inside Yemen, But we don't have a

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Speaker 8: lot of detail. It's hard to know how much this

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Speaker 8: may have degraded the Heathy capability on the ground. And

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Speaker 8: we know that some Hoothy strikes on ships are continuing.

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Speaker 8: There was another one yesterday on a US owned belt carrier,

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Speaker 8: and you still have those warnings for merchant ships to

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Speaker 8: avoid the area. The Hoothys have also had years and

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Speaker 8: years of aerial bombardment, mostly from Saudi Arabia, so their

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Speaker 8: equipment tends to be very mobile. They're very quick to

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Speaker 8: be able to move it around, and they know how

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Speaker 8: to hide it, and so it does seem as of course,

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Speaker 8: obviously some of their assets have been hit in these

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Speaker 8: various strikes. The question is how seriously has it damaged

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Speaker 8: the Heathy capability and will it disrupt at some point

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Speaker 8: their ability to keep hitting ships in the Red Sea.

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Speaker 3: Now the Hohothies are backed by Iran, and Iran is

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Speaker 3: the common thread and these two stories. What have we

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Speaker 3: heard from Iran about these latest incidents.

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Speaker 8: Well, mostly Iran's been talking about themselves warning gets coming

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Speaker 8: for Tehran directly. We're hearing that message from various officials,

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Speaker 8: including the Foreign Minister who said it yesterday, and particularly

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Speaker 8: to Israel and the US. You know that two separate issues.

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Speaker 8: One is the proxies for Iran and then there's Iran proper,

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Speaker 8: which would be a much bigger deal. Iran did say

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Speaker 8: that the US role in the Red Sea would set

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Speaker 8: back the push towards a proper truce between the Huthis

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Speaker 8: and Saudi Arabia or though that truth seems to have

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Speaker 8: been off the table for some time. Anyway, It's interesting

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Speaker 8: that at the same times you're getting sort of warnings

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Speaker 8: from Iran, particularly against Israel, you're getting a bit of

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Speaker 8: engagement because there were meetings with EU officials in Geneva yesterday.

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Speaker 8: The Foreign Minister has been at Davos where he even

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Speaker 8: said that Iran would still want to move forward with

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Speaker 8: ways to try and at least restore some of the

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Speaker 8: commitments in the twenty fifteen nuclear deal with the US.

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Speaker 8: That's the one that Donald Trump ripped up when he

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Speaker 8: was president. And so you're getting these kind of messages

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Speaker 8: on the one hand of strong rehetoric don't come from

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Speaker 8: Iran specifically, but also it's clear that some conversations are happening.

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Speaker 8: We know there's dialogue between the US and Iran at

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Speaker 8: the back end on this, so some effort at leads

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Speaker 8: to avoid this escalating.

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Speaker 2: Okay, Roslyne, thank you so much for being with us.

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Speaker 2: That is Bloomberg's EMEA News director Roslyn Matheson.

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Speaker 6: We'll back here.

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Speaker 3: In the UK, the Prime Minister has survived to vote

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Speaker 3: on his signature immigration policy to deport failed asylum seekers

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Speaker 3: to Rwanda. In the end, only eleven Tory MP's voted

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Speaker 3: against Synak's plan, despite fears of a wider rebellion. Are

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Speaker 3: UK Politics podcast reporter James Wilcock joins us now for more. James,

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Speaker 3: good morning. Was this as damaging to the prime minister

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Speaker 3: as someone suggested, Well.

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Speaker 9: Stephen, you could look at the vote last night the

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Speaker 9: government won by a forty four MP majority. Compare it

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Speaker 9: back to December's vote where the government won by forty

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Speaker 9: four MP majority, and go why are we making all

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Speaker 9: this fuss about a vote. The government has the same

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Speaker 9: amount supports on it did in December. But the damage

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Speaker 9: here is twofold. It is that the purpose of this

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Speaker 9: bill is to try and reassure immigration conscious, immigration sensitive

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Speaker 9: voters who are often in the red wall, who often

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Speaker 9: voted for Brexits, that this government is delivering for them.

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Speaker 9: And we've just had two days of some of the

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Speaker 9: most senior MPs, some of the conservative parties leading lights

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Speaker 9: in the area who have backed immigration and sort of

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Speaker 9: immigration sort of sensitive issues, who are fully read wall,

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Speaker 9: sort of like Lee Anderson, come out and say this

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Speaker 9: bill is rubbish, doesn't do the job, and the flagship

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Speaker 9: bill design to please these voters doesn't cut the mustard.

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Speaker 9: If I were reform, if I were labor, you could

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Speaker 9: put good money that in every campaign slogan going to

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Speaker 9: the election it will be this. And the second damage

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Speaker 9: here is party managements. We've had a month for us

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Speaker 9: seen act to try and resolve these issues, get his

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Speaker 9: party on side. Just as Monday they said his strategies

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Speaker 9: said it's unite all these the election, and they haven't united.

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Speaker 9: So for this the damage is quite serious despite the

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Speaker 9: vote last night.

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Speaker 2: So what does it all mean then as we, as

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Speaker 2: you say, go into a general election.

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Speaker 9: Year for Tory MP's, I think we have to understand

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Speaker 9: why they were doing this, and there are broadly kind

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Speaker 9: of three reasons. Some say immigration used to come down,

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Speaker 9: this would be a deterrent, Some say that there would

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Speaker 9: be a poll boost even from just one flight leaving

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Speaker 9: for a land with migrants on it, and some say

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Speaker 9: to not back it puts the focus on years of

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Speaker 9: failed immigration policy and seeming to get this further, it

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Speaker 9: is worth saying that there is an opposing view, and

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Speaker 9: someone in Davos had a pretty unique perspective on it.

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Speaker 9: Take a listen to former Prime Minister David Cameron.

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Speaker 5: I remember sitting probably in a chair like this in

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Speaker 5: twenty thirteen fourteen when I was Prime minister. We were

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Speaker 5: way behind in the polls. Everyone had written us off.

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Speaker 5: They were saying, you know, start thinking about packing your bags.

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Speaker 5: And we won that twenty fifteen election. And we won

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Speaker 5: it because we had a strong team with a clear plan.

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Speaker 5: And that's what we've got now. We've got a very

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Speaker 5: capable prime minister with a very strong team and a

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Speaker 5: clear plan on how you deal with everything from illegal

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Speaker 5: migration to growing the economy to sorting out some of

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Speaker 5: these problems. In terms of international security, we've been discussing

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Speaker 5: about I didn't just come back into this government to

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Speaker 5: come to great foreign gatherings like this and talk about

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Speaker 5: how foreign affairs fight.

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Speaker 1: Al though that is.

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Speaker 5: I came back as a full member of the team

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Speaker 5: because I really believe in this team.

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Speaker 9: But the onon Difen between then and now is Cameron

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Speaker 9: had a very united party around a coming Brexit vote

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Speaker 9: that he had promised them, Whereas what the vote yesterday

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Speaker 9: suggest to quite a lot of people who watch this

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Speaker 9: stuff is says that up to the point of no confidence,

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Speaker 9: up to the point where the party would fall apart,

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Speaker 9: MPs are looking to their own local constituencies that own

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Speaker 9: local votes and trying to shore up support ahead of

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Speaker 9: the election, and that points to more disarray as we

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Speaker 9: go further this year for the Conservative Party.

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Speaker 3: This is Bloomberg Daybreak Europe. You're a morning brief on

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Speaker 3: the stories making news from London to Wall Streets and beyond.

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Speaker 2: I'm Caroline Hepka and.

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Speaker 3: I'm Stephen Carol. Join us again tomorrow morning for all

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