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Speaker 1: This has been a big DAYBA cure for this Thursday,

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Speaker 1: the sixteenth of February in London. Coming up today, sharing

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Speaker 1: the wealth Standard charge, It announces a one billion dollar

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Speaker 1: buyback as profits miss estimates, putting it in the past.

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Speaker 1: Credit Suites pays out two million dollars to a Georgian

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Speaker 1: tycoon who suit the bank. Air Boss Turbulence, Aerospace Giant

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Speaker 1: delays a production goal for its best selling A three

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Speaker 1: twenty jets. Revolute prepares for a crypto crackdown, Apple's competition

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Speaker 1: problem and a multibillion dollar bid for Tottenham Hotspur. Those

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Speaker 1: are the stories we're looking at in today's papers. And

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Speaker 1: I'm Leanne Gern's class. Another shock for the semiconductor industry

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Speaker 1: as more details emerge of theft from AIRSML in China.

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Speaker 1: That's all straight ahead on Bloomberg Daybreak Europe. The business

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Speaker 1: news you need to start your day in just one

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Speaker 1: fifteen minute podcast on Apple, Spotify, the Bloomberg Business app

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Speaker 1: and everywhere you get your podcasts. Good morning, I'm Stephen

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Speaker 1: Carroll and I'm Caroline Heitke. Here all the stories that

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Speaker 1: we're following today, our top stories this morning. Standard Chartered

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Speaker 1: has announced a one billion dollar share by back After

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Speaker 1: missing profit estimates, adjusted pre tax profits in the fourth

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Speaker 1: quarter rose by twenty one percent to five million dollars.

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Speaker 1: It's still some way after what analysts had been expecting.

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Speaker 1: Much of the miss can be put down to a

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Speaker 1: credit impairment charge due to exposure to Chinese real estate

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Speaker 1: and sovereign downgrades. The Asia focused lender also says rising

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Speaker 1: interest rates should help to boost growth going forward. CEO

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Speaker 1: Bill Winters is also trying to fend off being potential

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Speaker 1: takeover target from the Middle East largest bank and now

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Speaker 1: comments Bank has reported net income for the fourth quarter

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Speaker 1: that beat average analysts estimates. Fourth quarter net interest came

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Speaker 1: in at one point nine six billion euros. Yestimate had

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Speaker 1: been for one point seven billion. In terms of their

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Speaker 1: net result, they see it well above two for the

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Speaker 1: coming year three those results from commerts Bank. Credit Se

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Speaker 1: has paid two hundred and ten million dollars to the

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Speaker 1: Georgian tycoon bid Zena evanish Villy in a settlement. The

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Speaker 1: billionaire suits the Zurich based bank over money that he

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Speaker 1: argued had been unsafely invested. The news comes as the

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Speaker 1: lender is dumping distressed debt as it seas to restructure

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Speaker 1: away from risky assets. Bloom Brigs James Walcock reports it

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Speaker 1: used to be one of the biggest players in distressed debt.

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Speaker 1: Now Credit sweets plans to liquidate it's two hundred and

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Speaker 1: fifty million dollar portfolio. The bank is trying to rally

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Speaker 1: both clients and staff after it posted a fifth straight

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Speaker 1: quarterly loss early this month. It's offering more than double

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Speaker 1: the average spread on its Euro bonds to fund its

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Speaker 1: four billion dollar structuring plan and staff let's planned spinoff.

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Speaker 1: Investment bank First Boston Or reportedly told at a town

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Speaker 1: hall they would become shareholders in the new venture in London.

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Speaker 1: James Walcock, Bloomberg day Break. Europe air Boss has posted

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Speaker 1: results that beat the average alyst estimates as the aviation

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Speaker 1: jart looks to ramp up production. Quarterly revenue rose by

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Speaker 1: twenty one percent to just over twenty billion euros. The

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Speaker 1: planemaker says that supply issues mean that it is now

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Speaker 1: delaying its target of producing seventy five A three twenties

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Speaker 1: a month until twenty six the results Commas data from

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Speaker 1: China showed a strong pickup in passenger numbers, with flights

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Speaker 1: now averaging capacity well let's stay in France for the

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Speaker 1: later results. In the carmaker Reno as well, they're now

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Speaker 1: seeing there twenty twenty three operating margin of at least

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Speaker 1: six percent. That's above the estimates which had been for

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Speaker 1: five point six six percent, to the company also announcing

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Speaker 1: it's to reinstate it's dividend with a pay a payout

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Speaker 1: of twenty five cents per share. This as Rena is

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Speaker 1: reporting a net last for the full year of three

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Speaker 1: hundred and thirty eight million euros, that is less than

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Speaker 1: had been estimated. The estimated last was expected to be

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Speaker 1: just over four hundred and forty million euros. ECP president

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Speaker 1: Christine Lagarde is holding firm on the center to A

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Speaker 1: bank's plan to keep hiking interest rates in view of

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Speaker 1: the underlying inflation pressures. We intend to raise interest rates

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Speaker 1: by another fifty basis points at our next meeting in March,

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Speaker 1: and we will then evaluate the subsequent path of our

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Speaker 1: monetary policy, the guards, speaking there to European lawmakers yesterday.

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Speaker 1: Several ECB policymakers have now said, despite inflation slowing, next

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Speaker 1: month's planned rape Wise is unlikely to be the last

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Speaker 1: semiconductor giant a SML s as a former China based

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Speaker 1: employee stole confidential chip data from the firm. So as

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Speaker 1: they say, the breach happened in a repository that includes

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Speaker 1: details of the systems critical to producing some of the

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Speaker 1: world's most advanced chips. Bloomberg's Rebecca Jeng Wilkins says the

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Speaker 1: theft is not a one off. It's the second time

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Speaker 1: that we've seen an incident like this in less than

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Speaker 1: a year, And of course, I think for the bigger picture,

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Speaker 1: the question it is how this affects geopolitics, and whether

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Speaker 1: coming at this time where there's already so much focus

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Speaker 1: and concern around the balloon and the U S and

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Speaker 1: China still trying to formulate their longer term response, whether

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Speaker 1: that's through something of a wrench in say, for example,

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Speaker 1: this potential meeting between Anthony Blincoln and you know, his

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Speaker 1: Chinese counterpart Wangi when they go to this munich security

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Speaker 1: conference later this week. That's a RACKETE and Welkins reporting

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Speaker 1: there from Hong Kong. The theft comes after the Netherlands,

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Speaker 1: where a SML is based, agreed to join the United

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Speaker 1: States and restricting exports of some advanced chip making machinery

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Speaker 1: to China. Now to some U S news, the chief

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Speaker 1: executive officers of Alphabet, Amazon, Apple, Meta, and Microsoft all

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Speaker 1: received subpoenas from US lawmakers related to conservative allegations about censorship.

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Speaker 1: Mourna from Blue Briggs Charlie Pellet. According to a statement

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Speaker 1: the House Judiciary Committee says at seeking documents and communications

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Speaker 1: relating to the federal government's reported collusion with big tech

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Speaker 1: to suppress free speech. The subpoenas from Judiciary Chair Jim

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Speaker 1: Jordan's direct Alphabet Sundra Pasha, Amazon's Andy Jasey, Alphabets, Tim Cook,

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Speaker 1: Metal Platforms, Mark Zuckerberg, and Microsoft sat An Adela to

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Speaker 1: respond with relevant documents by March three in New York.

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Speaker 1: Charlie Pellette Bloomberg Daybreak Europe. Okay, there's a few of

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Speaker 1: our top stories for you this morning. Right. I've got

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Speaker 1: my mind on one thing, and that is breakfast and

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Speaker 1: so relieved. The price of the full English, of course,

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Speaker 1: which is one of our key data metrics when we

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Speaker 1: think about inflation. The price of a full English has

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Speaker 1: gone up to a record height. Milk is up fifty

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Speaker 1: butter and eggs almost. Yeah. I'm really interested in the

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Speaker 1: month on month changes for eggs as well, because of

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Speaker 1: course there did all that talk about egg shortages and

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Speaker 1: prices going up as a result, and actually it does

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Speaker 1: seem like the price of a dozen eggs has stabilized

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Speaker 1: month on month. In January they were only up by

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Speaker 1: half of one percent, but no sign of a big

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Speaker 1: drop after the rising prices. We've seen year on year

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Speaker 1: price of a dozen eggs by thirty similar move for

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Speaker 1: butter as well. Actually, reading downinister, I'm actually hungry already.

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Speaker 1: This of course, as we get after the U s

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Speaker 1: CPI data and also the uk CPI data, we get

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Speaker 1: us pp I figures today, so we're still really focused

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Speaker 1: on the inflation story and what is happening with central banks,

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Speaker 1: which will be a theme throughout the show, as well

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Speaker 1: as kind of unpacking the earnings. Plus a little bit

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Speaker 1: of politics. So the US Vice President Kamala Harris is

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Speaker 1: going to be meeting with the British Prime Minister on

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Speaker 1: the of February, so a couple of days away, which

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Speaker 1: is really soon. We've got that yesterday. Plus I noticed

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Speaker 1: that the bookmakers William Hill, after the shock resignation of

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Speaker 1: the Scottish First Minister Angus Robertson, is apparently the top

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Speaker 1: tip according to the bookmakers for who's going to take

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Speaker 1: over from her One to watch as the SNP gets

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Speaker 1: ready to hold that leadership contest in Scotland, Okay. Coming

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Speaker 1: up next, Revelute prepares for a Treasury crackdown on crypt trades,

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Speaker 1: apples competition problem and a three point eight billion dollar

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Speaker 1: bed for Tottenham Hotspur. Now the paper review on Blue

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Speaker 1: Bird Daybreak Europe. The news you need to know from

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Speaker 1: today's papers. Blue mostly Angins is with us this morning.

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Speaker 1: The Telegraph headline reads, Revolute poise for clash with Treasury

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Speaker 1: over high risk crypto trades. Looks like the clampdown is

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Speaker 1: coming to the Ukalia. Yes, indeed, Caroline, good morning to you.

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Speaker 1: And according to the newspaper, ministers are preparing to take

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Speaker 1: action on an unregulated trading strategy which is offered by

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Speaker 1: the banking app a Revolute and this strategy is referred

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Speaker 1: to as a stacking. This is when investors deposit their

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Speaker 1: holdings of crypto and that's in the hope of earning

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Speaker 1: double digit returns, and the Telegraph says Treasury documents do

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Speaker 1: suggest this practice could face new controls from the City

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Speaker 1: Watchdog and I found this a really interesting start to stick.

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Speaker 1: Revolute is Britain's biggest private company after it was valued

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Speaker 1: at thirty three billion dollars back in twenty one. Last week,

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Speaker 1: Revolute started offering cryptocurrency steak gig stacking to customers joining

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Speaker 1: exchanges such as coin Base and also e Torro. But

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Speaker 1: we have seen recently, and we have reported on this

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Speaker 1: at US regulators recently shut down a stacking service called Kraken,

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Speaker 1: and that's also alluding to what might happen here. Any

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Speaker 1: restrictions would come as part of these new laws to

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Speaker 1: more closely controlled cryptocurrency investments and transactions, many of which

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Speaker 1: currently does sit outside the Financial Conduct Authorities powers. Even

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Speaker 1: though we did hear Richie Sonac saying that he would

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Speaker 1: like to expand on cryptocurrencies, it seems regulation is taking

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Speaker 1: over at the moment. Yeah. Of course, we heard earlier

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Speaker 1: in the week from the head of this sec, Gary Ginster,

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Speaker 1: speaking to Bloomberg about that operation to shut down the

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Speaker 1: staking service from back in as well. Interesting to see

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Speaker 1: that the moves being made on that in the UK

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Speaker 1: now to try and more closely regulate this sector. We

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Speaker 1: should say there has been a rally in the price

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Speaker 1: of bitcoin, and that's actually over fears that the regulatory

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Speaker 1: burden perhaps might not be as strict as had been expected.

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Speaker 1: At one point, we've got bitcoin trading just below twenty

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Speaker 1: five dollars now, so a rally that we've seen over

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Speaker 1: the past three days. Another story you've been looking at, Lee,

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Speaker 1: and this is in the Wall Street Journal, the US

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Speaker 1: escalating an Apple probe looking to involve antitrust chief. Yes, indeed,

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Speaker 1: so the Justice Department is ramping up work on drafting

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Speaker 1: a potential antitrust complaint against Apple. And this is all

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Speaker 1: according to the Wall Street Journal. Now it's important to note, Stephen,

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Speaker 1: this investigation is actually nothing new. It began back in

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Speaker 1: twenty nine looking into whether Apple has monopoly powered that

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Speaker 1: it does abuse. One focus is the tech company's policies

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Speaker 1: when it comes to governing mobile third party software on

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Speaker 1: its devices, and this has been criticized. It's there has

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Speaker 1: been anti competitive. The Justice Department is also looking at

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Speaker 1: whether Apple's mobile operating system it's i s O operates

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Speaker 1: in an anti competitive way by favoring its own products

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Speaker 1: over those of outside developers. However, we have heard from

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Speaker 1: an Apple spokeswoman. She declined to comment, but in the

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Speaker 1: past they have said it doesn't operate its business in

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Speaker 1: a way that does hurt smaller developers. But this is

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Speaker 1: a case that is growing and more people have been

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Speaker 1: put on this case to have a look into these

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Speaker 1: allegations against Apple. Okay, interesting that in the Law Street

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Speaker 1: Journal just briefly then on the ft story about a

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Speaker 1: three point seven five billion dollar bid for Tottenham Hosper.

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Speaker 1: I feel like British football is really for sale at

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Speaker 1: the moment. We've heard about so many clubs for sale.

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Speaker 1: We do know Manchester United is also at the center

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Speaker 1: of talks for a takeover. We obviously know that that

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Speaker 1: happened when it came to Chelsea. I stood outside Chelsea,

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Speaker 1: the massive stadium there and reported on it. Now it

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Speaker 1: looks like Tottenham Hotspur is also up for sale and

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Speaker 1: the Iranian American billionaire that's Jammer Jaffee is preparing this

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Speaker 1: blockbuster takeover bid for the Premier League club Spurs. According

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Speaker 1: to two people with direct knowledge of the plans, the

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Speaker 1: billionaire is the chair of ms AP Sports Capital. Now,

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Speaker 1: this is a business which invests in sports teams and

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Speaker 1: also businesses and looks to diversify. The ft says Jaffee

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Speaker 1: is working with a consortium of investors to structure the bid,

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Speaker 1: and it's just weeks away from formally approaching Spurs owner

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Speaker 1: Joe Luiz and also the football club's chair who's Daniel Levy.

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Speaker 1: Many Spurs fans at that moment are arguing that they

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Speaker 1: really need a change at the top, and this could

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Speaker 1: be the change that they possibly need. As I said,

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Speaker 1: Manchester United also at the center of talks. Remember this

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Speaker 1: deal is going to be struck with private equity and

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Speaker 1: also funding. But Matthew Brooker, our Bloomberg opinion columnist, has

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Speaker 1: said a Qatari bid for man United would be a mismatch.

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Speaker 1: Now that's a really good read on the Bloomberg terminal.

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Speaker 1: They're Stephen, Thanks very much the on going to that

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Speaker 1: look through the papers this morning. Let's move on to

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Speaker 1: some of the banking results we've had out today, Standard

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Speaker 1: Charges announcing that one billion dollars share by back it's

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Speaker 1: profits missing estimates in the fourth quarter, while in Germany

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Speaker 1: Commerce Bank is saying it's three net results well above

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Speaker 1: the two numbers we've got. Bloomberg's Tim Matcalf with us

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Speaker 1: it leads our finance team in the UK and Middle

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Speaker 1: East Tom, let's start with Standard Charter, then big credit

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Speaker 1: impairment charge in the fourth quarter of What what did

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Speaker 1: we learn from these results? Yeah, it was really interesting.

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Speaker 1: Actually missed a lot of their estimates because of that

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Speaker 1: impairment charge, which does suggest some alan to staring. But

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Speaker 1: investors are kind of taking them pretty positively. And if

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Speaker 1: I had to isolate one reason why that would be

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Speaker 1: it's because they came out with a one billion dollar

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Speaker 1: shared by back and I think the consensus was around

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Speaker 1: fifty million dollars, so that's sending a pretty positive message.

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Speaker 1: And also in the results statement, they're saying, look, we're

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Speaker 1: kind of upgrading our guidance for sort of the coming years.

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Speaker 1: So I think the bank is definitely pushing a big

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Speaker 1: positive message. But there is that one sort of cloud

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Speaker 1: on the horizon, which is those credit impairments. Okay, Is

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Speaker 1: that because of this potential takeover, interest is started charted

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Speaker 1: how successful spill winters being in terms of making the

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Speaker 1: argument for the bank to stay independent. Yeah, And I

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Speaker 1: think that's why everyone's watching these results so closely. Obviously

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Speaker 1: has been this speculation about BAB, a big Middle East

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Speaker 1: Lendon looking to do a takeover target Standard charter have

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Speaker 1: come out previously, Winters came out and basically said, look,

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Speaker 1: we believe we're better independent, and so you know, this

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Speaker 1: is probably the first set of results since all that

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Speaker 1: just sort of I guess back up his case, um,

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Speaker 1: and you know, I'd say it's probably got to had

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Speaker 1: a mixed response in terms of look, there's not to

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Speaker 1: finishly on one side of another a clear answer to that.

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Speaker 1: But I think on standard charted side, they'll probably be

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Speaker 1: quite happy with how these results have been sort of

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Speaker 1: received so far. And also, you know, feel they're making

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Speaker 1: that case that look, we can stand alone and we

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Speaker 1: don't necessarily need to be sort of snapped up by

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Speaker 1: by tell the other big European name of poising today

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Speaker 1: is Commerce Bank seeing a brighter picture in twenty three?

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Speaker 1: What stood out for you and Karma's Bank's earnings. Yeah, well,

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Speaker 1: I think there was some the guidance that they're going

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Speaker 1: to see three well above two. It's justest to me

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Speaker 1: Commers Bank is probably in that sort of pool of

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Speaker 1: lenders who are kind of well positioned in terms of, look,

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Speaker 1: they should benefit from higher interest rates. Uh, you know,

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Speaker 1: perhaps the any recession on an economic downturn won't be

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Speaker 1: quite severe, and so they're then set to basically post

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Speaker 1: their highest net profit for more than a decade. I think, mmm, okay,

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Speaker 1: also a thought then all credits sweet such a troubled bank,

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Speaker 1: but now we have details about how much it's paid

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Speaker 1: to a bid zena if Inishvilly. Of course, this is

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Speaker 1: a really long running legal thorn. But does this mean

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Speaker 1: maybe Good at Sweets is getting over it? Well, I

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Speaker 1: think they're probably happy that there is some kind of

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Speaker 1: sort of closure to this. It's, you know, one of

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Speaker 1: those legal cases that's been in and out in news

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Speaker 1: for month the month. I mean, obviously not great. You

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Speaker 1: never want to sort of pay over two million to

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Speaker 1: to sort of a one time client. But no, I

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Speaker 1: think they'll probably be happy that they can kind of

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Speaker 1: put this behind them. And it does send me suggest

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Speaker 1: that you know, at least it's progress. Latform look for

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Speaker 1: us on your podcast speed every morning, on Apples, Spotify,

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Speaker 1: Just say Alexa play Bloomberg thirty. I'm Caroline Heitka