1
00:00:02,680 --> 00:00:04,960
Speaker 1: This is Bloomberg Day Bake here for this Wednesday, the

2
00:00:05,040 --> 00:00:08,280
Speaker 1: eighteenth of January in London. Coming up this hour. Behind

3
00:00:08,320 --> 00:00:10,399
Speaker 1: the curve of the yen slumps as the Bank of

4
00:00:10,480 --> 00:00:14,600
Speaker 1: Japan doubles down on yield curve control, Germany will avoid

5
00:00:14,600 --> 00:00:18,119
Speaker 1: a recession this year. Olaf Schultz is bullish message on

6
00:00:18,280 --> 00:00:21,880
Speaker 1: Europe's largest economy to the Victor gold spoils Goldman and

7
00:00:21,920 --> 00:00:24,800
Speaker 1: Morgan Stanley's results to tell a tale of two banks

8
00:00:25,200 --> 00:00:29,920
Speaker 1: leveling up. Is so British folk collapses and gen Z

9
00:00:30,240 --> 00:00:33,920
Speaker 1: ditch emails for Instagram. Those are the stories we're looking

10
00:00:33,960 --> 00:00:37,879
Speaker 1: at in today's papers. And I'm Leanne Geron's plus working

11
00:00:37,920 --> 00:00:41,319
Speaker 1: it Out City summons remote staff who aren't pulling their

12
00:00:41,400 --> 00:00:46,360
Speaker 1: way back to the office for lessons in productivity. That's

13
00:00:46,360 --> 00:00:49,600
Speaker 1: all straight ahead. On Bloomberg Daybreak Europe on d A

14
00:00:49,720 --> 00:00:53,040
Speaker 1: B Digital Radio, London, Bloomberg eleven three oh New York,

15
00:00:53,120 --> 00:00:57,600
Speaker 1: Bloomberg Washington, d C, Bloomberg one oh six one, Boston,

16
00:00:57,720 --> 00:01:01,960
Speaker 1: Bloomberg nine sixties, San Francisco, Syrus XM Channel one nineteen

17
00:01:02,160 --> 00:01:05,360
Speaker 1: and around the world on Bloomberg Radio, dot com and

18
00:01:05,480 --> 00:01:11,880
Speaker 1: via the Bloomberg Business Set. Good Morning, I'm Stephen Carroll

19
00:01:11,959 --> 00:01:14,480
Speaker 1: and I'm Caroline Hicker. Here are the stories that we're

20
00:01:14,520 --> 00:01:17,360
Speaker 1: following today. The Bank of Japan is sticking with its

21
00:01:17,440 --> 00:01:22,000
Speaker 1: yield curve control after intense speculation that they would change policy.

22
00:01:22,319 --> 00:01:24,880
Speaker 1: The b o J is keeping its negative interest rate

23
00:01:24,920 --> 00:01:28,560
Speaker 1: at point minus point one percent and the ten year

24
00:01:28,600 --> 00:01:34,160
Speaker 1: bond deals around zero percent. Missoi Research Institute executive Kazoo

25
00:01:34,200 --> 00:01:37,160
Speaker 1: and MoMA had told Bloomberg that he believes the central

26
00:01:37,160 --> 00:01:40,399
Speaker 1: bank made the wrong call. Those comments reflected in the

27
00:01:40,480 --> 00:01:42,880
Speaker 1: market reaction to the news, with a sharp slide in

28
00:01:42,920 --> 00:01:47,240
Speaker 1: the yen and a surge in Japanese bonds. Meanwhile, German

29
00:01:47,480 --> 00:01:50,840
Speaker 1: Chancellor Schaltz says that the country will avoid a recession

30
00:01:50,920 --> 00:01:54,640
Speaker 1: this year. Speaking exclusively to Bloomberg's editor in chief, John

31
00:01:54,680 --> 00:01:59,160
Speaker 1: Michael Thwaite, Schultz said that increasing energy security means Europe's

32
00:01:59,240 --> 00:02:04,960
Speaker 1: largest economy won't contract in twenty three. I'm absolutely convinced

33
00:02:05,000 --> 00:02:07,240
Speaker 1: that this will not happen, that we are going into

34
00:02:07,240 --> 00:02:10,320
Speaker 1: a recession. We showed that we are able to react

35
00:02:10,400 --> 00:02:13,520
Speaker 1: to a very difficult situation. No one really expected that

36
00:02:13,560 --> 00:02:16,680
Speaker 1: we would easily survive a situation when there would be

37
00:02:16,720 --> 00:02:19,919
Speaker 1: a complete stop of the supply of Russian guests to

38
00:02:20,120 --> 00:02:25,080
Speaker 1: Germany and Europe, but we succeeded the German leaders. Comments

39
00:02:25,120 --> 00:02:27,720
Speaker 1: come as Bloomberg learned that the ECB is looking at

40
00:02:27,760 --> 00:02:31,160
Speaker 1: slowing the pace of rate rises from March. According to

41
00:02:31,200 --> 00:02:34,399
Speaker 1: officials with knowledge of their discussions, a fifty point high

42
00:02:34,440 --> 00:02:37,880
Speaker 1: in February remains likely, with a possible quarter point increase

43
00:02:38,000 --> 00:02:41,240
Speaker 1: at the following meeting. The Federal Reserve Bank of Richmond

44
00:02:41,240 --> 00:02:45,639
Speaker 1: President Thomas Barkin says recent US inflation reports have been encouraging,

45
00:02:45,760 --> 00:02:48,160
Speaker 1: but the rate of increase in prices is still too

46
00:02:48,240 --> 00:02:52,360
Speaker 1: high to ease off monetary restraint. More from Bloomberg's Charlie Palace,

47
00:02:53,680 --> 00:02:57,840
Speaker 1: Barkin told Fox Business, you just can't declare victory too soon.

48
00:02:57,960 --> 00:03:01,480
Speaker 1: He says he wants to see inflation convincingly back to

49
00:03:01,520 --> 00:03:05,640
Speaker 1: our target before easing up on rates. Median projections show

50
00:03:05,680 --> 00:03:09,520
Speaker 1: policy makers see rates rising to above five percent this year,

51
00:03:09,760 --> 00:03:12,680
Speaker 1: and officials are largely expected to raise rates by a

52
00:03:12,760 --> 00:03:16,280
Speaker 1: quarter point when they next meet on January thirty one

53
00:03:16,400 --> 00:03:20,960
Speaker 1: to February one. Policy Makers rapidly raised interest rates last

54
00:03:21,000 --> 00:03:24,079
Speaker 1: year from near zero levels in March to a range

55
00:03:24,080 --> 00:03:27,200
Speaker 1: of four point two five to four point five percent

56
00:03:27,360 --> 00:03:30,880
Speaker 1: in December in an effort to tame the strongest inflation

57
00:03:31,240 --> 00:03:35,480
Speaker 1: in a generation. In New York, Charlie Pellette Bloomberg Daybreak

58
00:03:35,520 --> 00:03:39,520
Speaker 1: Europe Now to top corporate news. Shares in Goldman Sachs

59
00:03:39,720 --> 00:03:44,000
Speaker 1: slumped yesterday after the Wall Street jiant reported disappointing earnings

60
00:03:44,000 --> 00:03:47,800
Speaker 1: in the fourth quarter. The investment banking giants or compensation

61
00:03:47,960 --> 00:03:51,400
Speaker 1: costs rise by sixteen percent to three point eight billion

62
00:03:51,440 --> 00:03:55,040
Speaker 1: dollars for the final three months of twenty two, while

63
00:03:55,080 --> 00:04:00,119
Speaker 1: investment banking fees tumbled. CEO David Solomon says the results

64
00:04:00,160 --> 00:04:05,120
Speaker 1: are an outlier that we said our quarter was disappointing

65
00:04:05,400 --> 00:04:08,760
Speaker 1: and our business mix proved particularly challenging. These results are

66
00:04:08,800 --> 00:04:13,080
Speaker 1: not what we aspired to deliver the shareholders well. Solomon's

67
00:04:13,120 --> 00:04:16,360
Speaker 1: decisions were punished by Wall Street investors. The story at

68
00:04:16,440 --> 00:04:20,200
Speaker 1: rival Morgan Stanley was very different. Although net income felled

69
00:04:20,200 --> 00:04:23,440
Speaker 1: by almost for the quarter, the bank got a big

70
00:04:23,480 --> 00:04:27,480
Speaker 1: boost from CEO James Gorman's decision to focus on its

71
00:04:27,520 --> 00:04:31,599
Speaker 1: wealth and asset management businesses. The UK remains the world's

72
00:04:31,600 --> 00:04:35,800
Speaker 1: biggest exporter of financial services in the first year after

73
00:04:35,920 --> 00:04:38,560
Speaker 1: completing its exit from the European Union, but the United

74
00:04:38,600 --> 00:04:41,719
Speaker 1: States is catching up, Brigs, You and parts has the story.

75
00:04:42,240 --> 00:04:45,880
Speaker 1: The UK recorded an eighty seven billion dollar trade surplus

76
00:04:45,880 --> 00:04:50,240
Speaker 1: in financial services in one up about eight percent. This

77
00:04:50,360 --> 00:04:54,080
Speaker 1: according to analysis by lobby group The City UK. That

78
00:04:54,120 --> 00:04:58,320
Speaker 1: meant the UK remained the world's biggest exporter of financial services,

79
00:04:58,360 --> 00:05:01,479
Speaker 1: but the US is very close behind, with the surplus

80
00:05:01,520 --> 00:05:04,280
Speaker 1: of more than eighty five billion dollars, a big gain

81
00:05:04,400 --> 00:05:07,640
Speaker 1: on the previous year. In terms of destination of exports.

82
00:05:07,680 --> 00:05:10,239
Speaker 1: The report says the US continues to be the biggest

83
00:05:10,240 --> 00:05:13,840
Speaker 1: buyer of financial services from the UK, taking more than

84
00:05:13,920 --> 00:05:17,040
Speaker 1: a third of the total, ahead of the European Union.

85
00:05:17,440 --> 00:05:21,480
Speaker 1: In London, I'm in ports Bloomberg Daybreak Europe. That was

86
00:05:21,920 --> 00:05:24,520
Speaker 1: a roundup of your top stories. They're very interesting from

87
00:05:24,520 --> 00:05:27,520
Speaker 1: you in pots a chair from the City of London

88
00:05:27,640 --> 00:05:30,760
Speaker 1: and no doubt Canary Wolf that financial services are still

89
00:05:30,760 --> 00:05:34,000
Speaker 1: doing well. But look in the UK today the focus

90
00:05:34,040 --> 00:05:38,320
Speaker 1: will be on the inflation report out of Britain moderating

91
00:05:38,440 --> 00:05:42,320
Speaker 1: perhaps but still very much under pressure. We did have

92
00:05:42,400 --> 00:05:46,120
Speaker 1: near record UK wage growth yesterday too, so a big

93
00:05:46,120 --> 00:05:49,240
Speaker 1: focus also for the Bank of England, given that the

94
00:05:49,279 --> 00:05:52,919
Speaker 1: bets now are increasing on you know, on whether the

95
00:05:52,920 --> 00:05:54,840
Speaker 1: Bank of England will raise rates at the next meeting.

96
00:05:54,960 --> 00:05:57,280
Speaker 1: And another interesting point that I noted from this is

97
00:05:57,320 --> 00:05:59,479
Speaker 1: a business server that tracks activity in the pubs and

98
00:05:59,560 --> 00:06:01,800
Speaker 1: restaurant sectors. So we've been talking so much about how

99
00:06:01,880 --> 00:06:04,440
Speaker 1: rail strikes had affected bookings, in particular in the city

100
00:06:04,480 --> 00:06:07,680
Speaker 1: of London, many restaurantur saying that would be as bad

101
00:06:07,720 --> 00:06:10,240
Speaker 1: as they wipeout from Amacron the previous year. But actually

102
00:06:10,760 --> 00:06:13,520
Speaker 1: they had their best December sales in three years despite

103
00:06:13,520 --> 00:06:16,320
Speaker 1: the train strikes. That's Britain's pubs, bars and restaurants. According

104
00:06:16,360 --> 00:06:18,920
Speaker 1: to the Covert c G, a business tracker, sales in

105
00:06:19,000 --> 00:06:21,839
Speaker 1: December fifteen percent higher and a like for like basis

106
00:06:21,880 --> 00:06:25,040
Speaker 1: than a year earlier when Amicron, of course was the

107
00:06:25,080 --> 00:06:29,679
Speaker 1: dominant factor. But of course with inflation that essentially wipes

108
00:06:29,720 --> 00:06:31,120
Speaker 1: out quite a lot of the increased the value of

109
00:06:31,120 --> 00:06:34,160
Speaker 1: those sales as well. Yeah, absolutely coming on legs though

110
00:06:34,440 --> 00:06:39,680
Speaker 1: why leveling up is so ten plus British Vault, the

111
00:06:39,839 --> 00:06:46,039
Speaker 1: collapse and gen Z apparently ditching email for Insta Now

112
00:06:46,240 --> 00:06:49,679
Speaker 1: the paper review on blue Bird Daybreak Europe. The news

113
00:06:49,720 --> 00:06:54,080
Speaker 1: you need to know from today's papers Bloomberg. Dan Garan's

114
00:06:54,120 --> 00:06:55,880
Speaker 1: is with us to go through the detail of those

115
00:06:55,880 --> 00:06:59,160
Speaker 1: newspaper stories. Good morning to you, Leanne. Let's start with

116
00:06:59,240 --> 00:07:02,200
Speaker 1: the Times, where the headline is leveling up is so

117
00:07:03,720 --> 00:07:07,200
Speaker 1: soon act Tories are now gauging up? Well, this is

118
00:07:07,240 --> 00:07:10,360
Speaker 1: what the paper says, Stevens. So the newspaper has this

119
00:07:10,680 --> 00:07:13,840
Speaker 1: article and says it was once seen as a remedy

120
00:07:14,000 --> 00:07:17,600
Speaker 1: to almost all of British ills, and that was leveling

121
00:07:17,720 --> 00:07:20,800
Speaker 1: up and it would solve this whole host of problems

122
00:07:20,840 --> 00:07:25,880
Speaker 1: as well as fulfilling its initial aim of fixing regional disparities.

123
00:07:26,160 --> 00:07:30,200
Speaker 1: But the Times newspaper says Boris Johnson's big flagship policy.

124
00:07:30,480 --> 00:07:33,400
Speaker 1: We all remember it so well, don't we. It really

125
00:07:33,440 --> 00:07:38,800
Speaker 1: helped him win that election. But apparently, according to the newspaper,

126
00:07:39,040 --> 00:07:42,280
Speaker 1: it has been the victim of a mercy killing. And

127
00:07:42,360 --> 00:07:47,160
Speaker 1: everyone asking why Conservative MPs and key marginal seats say

128
00:07:47,280 --> 00:07:49,640
Speaker 1: they have been told to shun the use of the

129
00:07:49,680 --> 00:07:53,280
Speaker 1: phrase and it's because no one actually knows what it means.

130
00:07:53,440 --> 00:07:56,280
Speaker 1: And we've seen time and time again so many people

131
00:07:56,680 --> 00:08:01,160
Speaker 1: asking Boris Johnson and Rishi Sunac what exactly is leveling up?

132
00:08:01,400 --> 00:08:04,200
Speaker 1: And one Tory has told the newspaper those at risk

133
00:08:04,280 --> 00:08:07,320
Speaker 1: of losing their seats have been advised by party staff

134
00:08:07,400 --> 00:08:10,680
Speaker 1: to use different phrases, not leveling up, but things like

135
00:08:10,800 --> 00:08:14,880
Speaker 1: stepping up, gauging up. So there we are an enhancing

136
00:08:14,920 --> 00:08:18,440
Speaker 1: communities a change of language, I might cheekly respond, is

137
00:08:18,440 --> 00:08:20,360
Speaker 1: it that people don't know what it means or that

138
00:08:20,400 --> 00:08:25,360
Speaker 1: it has failed? Bloomberg's Joe May's in May last year,

139
00:08:25,440 --> 00:08:30,760
Speaker 1: remember he published this big analysis actually of leveling up

140
00:08:31,640 --> 00:08:34,560
Speaker 1: and it showed that most of the UK had fallen

141
00:08:34,640 --> 00:08:37,960
Speaker 1: further behind London and the Southeast since Bois Johnson had

142
00:08:38,000 --> 00:08:40,280
Speaker 1: become Prime Minister. That was the big headline. It was

143
00:08:40,320 --> 00:08:43,080
Speaker 1: picked up everywhere and I think that bit of reporting

144
00:08:43,120 --> 00:08:46,160
Speaker 1: by Joe May's actually really changed the conversation. So I

145
00:08:46,200 --> 00:08:48,960
Speaker 1: think it's fascinating now that, yeah, that the phrase leveling

146
00:08:49,040 --> 00:08:52,240
Speaker 1: up maybe being ditched at Lesaccording to the Time and Caroline,

147
00:08:52,280 --> 00:08:55,400
Speaker 1: the results at the time show Johnson's promise to level

148
00:08:55,480 --> 00:08:58,200
Speaker 1: up was in trouble. And we know Joe May's did

149
00:08:58,600 --> 00:09:01,880
Speaker 1: that big reporter and that was in May last year.

150
00:09:02,200 --> 00:09:05,200
Speaker 1: So this clearly is something that's been rumbling on for

151
00:09:05,240 --> 00:09:08,520
Speaker 1: a while and now we hear from the Times it

152
00:09:08,679 --> 00:09:12,040
Speaker 1: is definitely now Is it a rebrand or is it

153
00:09:12,080 --> 00:09:15,400
Speaker 1: a major policy ship are the question took the words

154
00:09:15,400 --> 00:09:17,800
Speaker 1: out of my map? Where we go? Stole your best lines,

155
00:09:17,880 --> 00:09:19,760
Speaker 1: Lee and let's turn to the pidantal times. Next it

156
00:09:19,800 --> 00:09:23,400
Speaker 1: has the headline British Vault collapses into administration as rescue

157
00:09:23,440 --> 00:09:26,360
Speaker 1: talks failed. So this is a story that we've picked

158
00:09:26,440 --> 00:09:29,679
Speaker 1: up on in the Ft and actually British Vault has

159
00:09:29,760 --> 00:09:33,480
Speaker 1: collapsed into administration and this comes after these last ditch

160
00:09:33,559 --> 00:09:38,040
Speaker 1: efforts to secure emergency funding from investors. It did fail.

161
00:09:38,520 --> 00:09:41,480
Speaker 1: Now this is really dashing hopes at the startup would

162
00:09:41,480 --> 00:09:46,720
Speaker 1: help turn the UK into a battery manufacturing powerhouse. The

163
00:09:46,800 --> 00:09:51,679
Speaker 1: company had been built as a potential British battery making champion.

164
00:09:52,000 --> 00:09:56,160
Speaker 1: It even secured investment from Big Foot see one hundred

165
00:09:56,160 --> 00:09:59,839
Speaker 1: companies such as glen Core and ash Stead as well

166
00:10:00,120 --> 00:10:03,880
Speaker 1: is huge amounts of government funding and the group formed

167
00:10:03,880 --> 00:10:06,959
Speaker 1: a big part of the former Prime Minister Boris Johnson's

168
00:10:07,000 --> 00:10:11,080
Speaker 1: plans for a green industrial revolution. You know, I just

169
00:10:11,160 --> 00:10:13,840
Speaker 1: have to say one thing. The vast majority of British

170
00:10:13,920 --> 00:10:17,480
Speaker 1: Faults two and thirty two staff were made redundant with

171
00:10:17,679 --> 00:10:22,600
Speaker 1: immediate effect yesterday. And this is actually a story that

172
00:10:22,720 --> 00:10:27,360
Speaker 1: is quite disappointing. I would say for disappointing but long running.

173
00:10:27,559 --> 00:10:30,480
Speaker 1: I mean, you know that the concerns and the kind

174
00:10:30,520 --> 00:10:32,880
Speaker 1: of the fact that they were in trouble for a

175
00:10:32,920 --> 00:10:34,560
Speaker 1: long time, it was sort of well known. So yeah,

176
00:10:34,559 --> 00:10:38,080
Speaker 1: now the collapse into administration sort of actually happened. Alright,

177
00:10:38,120 --> 00:10:41,400
Speaker 1: Let's look at the Telegraph which has the headline boss

178
00:10:41,480 --> 00:10:44,800
Speaker 1: is forced to contact staff on Instagram as gen Z

179
00:10:45,160 --> 00:10:50,280
Speaker 1: ditch email con Yes, so Tieri Delaporte. He's a check

180
00:10:50,559 --> 00:10:53,840
Speaker 1: chief executive of wee pro. Now he's been speaking on

181
00:10:53,880 --> 00:10:57,760
Speaker 1: the sidelines of Davos. Of course, the World Economic Forum

182
00:10:58,080 --> 00:11:01,000
Speaker 1: is happening there at the moment, and I think this

183
00:11:01,120 --> 00:11:04,520
Speaker 1: is really interesting. He says bosses have resorted to sending

184
00:11:04,520 --> 00:11:09,160
Speaker 1: their staff messages on Instagram. That's because an increasing number

185
00:11:09,200 --> 00:11:13,400
Speaker 1: of young employees just ignore their work emails altogether. Apparently

186
00:11:13,760 --> 00:11:16,280
Speaker 1: they only get a thousand a day. Maybe that's a

187
00:11:16,320 --> 00:11:18,360
Speaker 1: good excuse. And he was saying ten percent of the

188
00:11:18,440 --> 00:11:22,440
Speaker 1: staff don't even check one email per month, and I

189
00:11:22,480 --> 00:11:25,120
Speaker 1: thought wow. And he's saying this is actually a wake

190
00:11:25,200 --> 00:11:28,719
Speaker 1: up call for employees struggling to recruit. As he addresses

191
00:11:28,760 --> 00:11:32,679
Speaker 1: the phenomenon of quiet quitting, which we have discussed a

192
00:11:32,720 --> 00:11:35,680
Speaker 1: lot before on the show where fed up workers do

193
00:11:35,760 --> 00:11:39,360
Speaker 1: the bare minimum required of them, and he said, increased

194
00:11:39,440 --> 00:11:42,959
Speaker 1: remote work and a greater desire for a work life

195
00:11:42,960 --> 00:11:46,760
Speaker 1: balance is really going to have to force executives to

196
00:11:46,880 --> 00:11:50,160
Speaker 1: become creative. And it looks like some of the gen

197
00:11:50,240 --> 00:11:52,600
Speaker 1: zs are just fed up with the corporate world. Well,

198
00:11:52,600 --> 00:11:54,839
Speaker 1: look at the whole question about effective communication as well.

199
00:11:54,880 --> 00:11:57,400
Speaker 1: I think we can all agree we have been deluged

200
00:11:57,480 --> 00:12:02,440
Speaker 1: by emails in our lives. I mean every day, you know, yeah, exactly.

201
00:12:02,600 --> 00:12:04,600
Speaker 1: It's not that you've got mails, You've got hundreds of

202
00:12:04,640 --> 00:12:08,000
Speaker 1: males and how many of them are you know, absolutely

203
00:12:08,000 --> 00:12:09,600
Speaker 1: need to be read? How many of them are things

204
00:12:09,600 --> 00:12:11,960
Speaker 1: that people send an email more widely than it should

205
00:12:11,960 --> 00:12:14,440
Speaker 1: be necessarily sent in There's an environmental impact of that

206
00:12:14,440 --> 00:12:17,320
Speaker 1: as well, of course, too interesting that and Jolly Stood,

207
00:12:17,360 --> 00:12:20,240
Speaker 1: also speaking in Davos, he's the CEO of Vimeo, said

208
00:12:20,280 --> 00:12:23,040
Speaker 1: that emails were like instruction manuals and being seen as

209
00:12:23,080 --> 00:12:27,199
Speaker 1: being outdated in today's world, like we all migrated to

210
00:12:27,360 --> 00:12:31,240
Speaker 1: email from faxes essentially, I mean, maybe there's a next

211
00:12:31,280 --> 00:12:38,840
Speaker 1: form of it where everything becomes you know, they're absolutely right,

212
00:12:39,200 --> 00:12:41,679
Speaker 1: and I mean every time I click on my emails.

213
00:12:41,720 --> 00:12:43,960
Speaker 1: Sometimes you get a bit of anxiety if you've been

214
00:12:43,960 --> 00:12:46,319
Speaker 1: in the gym for two hours and then you're like whoa,

215
00:12:46,400 --> 00:12:48,480
Speaker 1: but then mind you stalking me on social media? I

216
00:12:48,520 --> 00:12:52,360
Speaker 1: think that will definitely see if it's more greatly, thank

217
00:12:52,360 --> 00:12:54,600
Speaker 1: you so much for that look through the newspapers. Well,

218
00:12:54,640 --> 00:12:56,840
Speaker 1: I want to move on though, to one of our

219
00:12:56,920 --> 00:13:01,040
Speaker 1: key interviews, of course, the leader viewers logist Economy says

220
00:13:01,080 --> 00:13:04,040
Speaker 1: that he sure that the country will avoid recession. This

221
00:13:04,160 --> 00:13:07,120
Speaker 1: is Germany's chance left shots. He sat down for an

222
00:13:07,120 --> 00:13:10,680
Speaker 1: exclusive interview with our editor in chief, John michelsay in Berlin,

223
00:13:10,920 --> 00:13:14,880
Speaker 1: have a listen. I'm absolutely convinced that this will not happen,

224
00:13:14,960 --> 00:13:19,080
Speaker 1: that we are going into a recession. And we showed

225
00:13:19,280 --> 00:13:21,960
Speaker 1: that we were, that we are able to react to

226
00:13:22,040 --> 00:13:26,000
Speaker 1: a very difficult situation. I think no one really expected

227
00:13:26,040 --> 00:13:29,240
Speaker 1: that we would easily survive a situation when there would

228
00:13:29,240 --> 00:13:32,480
Speaker 1: be a complete stop of the supply of Russian guests

229
00:13:32,520 --> 00:13:37,920
Speaker 1: to Germany and Europe. And but we succeeded with all

230
00:13:37,960 --> 00:13:42,000
Speaker 1: the decisions we took to to to fill our storage

231
00:13:42,000 --> 00:13:48,480
Speaker 1: capacities with gas, that we put twenty coal plants back

232
00:13:48,480 --> 00:13:54,640
Speaker 1: to work in producing electricity, in using the Norwegian and

233
00:13:55,520 --> 00:13:58,920
Speaker 1: guests and the Dutch guests, and in using the capacities

234
00:13:58,960 --> 00:14:03,800
Speaker 1: of Western European plan reports and building new Balendy ports

235
00:14:03,800 --> 00:14:06,840
Speaker 1: at the northern shore of Germany. And the first one

236
00:14:07,559 --> 00:14:10,480
Speaker 1: was opened in the end of last year after two

237
00:14:10,600 --> 00:14:14,520
Speaker 1: hundred days of work, the next one last week, and

238
00:14:14,880 --> 00:14:18,200
Speaker 1: the third to come will be opened the next week.

239
00:14:18,320 --> 00:14:20,800
Speaker 1: But do you think, Chancellor, that that is enough for

240
00:14:20,880 --> 00:14:25,320
Speaker 1: next year? Europe has avoided a gas crisis, this an

241
00:14:25,400 --> 00:14:28,840
Speaker 1: energy crisis this year, partly because of the provisions you

242
00:14:28,920 --> 00:14:31,960
Speaker 1: talked about, partly because of the rather nice warm weather,

243
00:14:32,040 --> 00:14:34,440
Speaker 1: although Berlin seems to be an exception at the moment.

244
00:14:35,600 --> 00:14:37,840
Speaker 1: For all those reasons, we've got away with it this year.

245
00:14:38,040 --> 00:14:41,640
Speaker 1: Next year, do you think that you can get through

246
00:14:41,640 --> 00:14:45,160
Speaker 1: without blackouts? You're giving up nuclear power, You're giving up

247
00:14:45,200 --> 00:14:46,840
Speaker 1: a lot of that gas that you had this year.

248
00:14:47,800 --> 00:14:50,600
Speaker 1: I'm sure that we will be able to go through

249
00:14:50,640 --> 00:14:54,880
Speaker 1: the situation again. And this is because we are constantly

250
00:14:55,040 --> 00:15:02,360
Speaker 1: increasing our capacities for important gas on the northern German ports.

251
00:15:02,920 --> 00:15:06,160
Speaker 1: And this will not stop with the things we did already.

252
00:15:06,200 --> 00:15:10,120
Speaker 1: It will continue and we will build a capacity that

253
00:15:10,240 --> 00:15:12,760
Speaker 1: gives us a chance to have as much guess as

254
00:15:12,800 --> 00:15:18,680
Speaker 1: we had before this war, and are able to import

255
00:15:18,720 --> 00:15:23,480
Speaker 1: it without importing gas from Russia. This is Bloomberg Daybreak Europe,

256
00:15:23,480 --> 00:15:26,280
Speaker 1: your morning brief on the stories making news from London

257
00:15:26,320 --> 00:15:28,920
Speaker 1: to Wall Street and beyond. Look for us on your

258
00:15:28,920 --> 00:15:32,920
Speaker 1: podcast speed every morning on Apple, Spotify, and anywhere else

259
00:15:32,960 --> 00:15:35,400
Speaker 1: you get your podcasts. You can also listen live each

260
00:15:35,400 --> 00:15:38,320
Speaker 1: morning on London D A B Radio, the Bloomberg Business app,

261
00:15:38,400 --> 00:15:41,520
Speaker 1: and Bloomberg dot Com. Our flagship New York station, is

262
00:15:41,520 --> 00:15:45,520
Speaker 1: also available on your Amazon Alexa devices. Just Say Alexa

263
00:15:45,640 --> 00:15:49,680
Speaker 1: played Bloomberg thirty. I'm Caroline Hitka and I'm Stephen Carroll.

264
00:15:49,760 --> 00:15:52,080
Speaker 1: Join us again tomorrow morning for all the news you

265
00:15:52,120 --> 00:15:55,040
Speaker 1: need to start your day right here on Bloomberg Daybreak

266
00:15:55,080 --> 00:15:59,400
Speaker 1: Europe