WEBVTT - Israel Pushes Back On Cease-Fire; Succeeding Jamie Dimon

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<v Speaker 1>Good morning.

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<v Speaker 2>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 2>stories we're following today.

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<v Speaker 3>First, a powerful storm has been moving up the eastern

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<v Speaker 3>Seaboard and it is sure to have an effect on

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<v Speaker 3>that part of the country's morning commute. Let's get the

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<v Speaker 3>latest from Bloomberg meteorologists Drob Carolyn, Rob.

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<v Speaker 4>Nathan and Karen. A potent storm system moving up along

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<v Speaker 4>the coast to bring rain heavier times to the Tri

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<v Speaker 4>State area and southern New England. The worst the storm

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<v Speaker 4>has already gone by the district of Baltimore. We'll see

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<v Speaker 4>rain tapering off by midday in the New York City

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<v Speaker 4>area to scattered showers, but the rain will continue late

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<v Speaker 4>in the day through the Boston area. Boston seeing one

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<v Speaker 4>to three inches of rain from this system. Big problem

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<v Speaker 4>with the high winds. High wind advisories and wind warnings

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<v Speaker 4>are an effect from coastal New England all the way

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<v Speaker 4>across Long Island, and we are going to be looking

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<v Speaker 4>at some area seeing gus over fifty five miles an

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<v Speaker 4>hour through the morning.

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<v Speaker 3>Oh wow, Okay, Bloomberg Meteorologist Rob Carolyn. We'll be checking

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<v Speaker 3>back with you throughout the morning.

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<v Speaker 2>Well, now, we want to bring you the latest developments

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<v Speaker 2>in the war in the Middle East, Nathan. International pressure

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<v Speaker 2>is intensifying for a ceasefire. Foreign secretaries from the UK,

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<v Speaker 2>France and Germany are all calling for hostilities to end

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<v Speaker 2>after three hostages were mistakenly shot by the Israeli military.

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<v Speaker 2>We get the latest from Bloomberg's Bill Fairies.

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<v Speaker 5>Politically, Prime Minister net Yahoo under increasing fire domestically because

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<v Speaker 5>of the apparent killing of those three hostages killed by

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<v Speaker 5>Idea forces. That's kind of raised the issue again about

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<v Speaker 5>the situation of the more than one hundred and twenty

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<v Speaker 5>five hostages still being held. You have Secretaria Pentagon Secretary

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<v Speaker 5>Lloyd Austen in the region, expected in Israel possibly today

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<v Speaker 5>raising those same issues. So certainly on all fronts, I

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<v Speaker 5>think the Israeli government finding itself under an increasing amount

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<v Speaker 5>of pressure to at least have come to another temporary cease.

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<v Speaker 2>Fire, and Bloomberg's Bill Fairies are ports. Israel's Foreign minister

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<v Speaker 2>says any call for a ceasefire with Hamas is a

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<v Speaker 2>quote prize for terrorism.

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<v Speaker 3>Well back here in the US, Karen the Top Republic

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<v Speaker 3>and on the Senate Judiciary Committee's weighing in on the

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<v Speaker 3>impeachment inquiries that the House just voted to authorize into

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<v Speaker 3>President Biden, Lindsey Graham says he hasn't been paying much

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<v Speaker 3>attention to them.

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<v Speaker 6>If there were a smoking gun, I think would be

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<v Speaker 6>talking about it. But you know, the narrative that Hunter

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<v Speaker 6>Biden presented his falling apart, the idea that Joe Biden

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<v Speaker 6>knew nothing about the business dealings falling apart.

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<v Speaker 3>And Senator Graham tells NBC's Meet the Press he's more

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<v Speaker 3>worried about the Middle East and securing the border than

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<v Speaker 3>impeaching the president. You can hear Meet the Press every

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<v Speaker 3>Sunday on Bloomberg Radio.

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<v Speaker 2>Meanwhile, Nathan, the White House is take a name at

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<v Speaker 2>former President Trump over his use of inflammatory language to

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<v Speaker 2>describe immigrants, and Bloomberg's Ed Baxter has more.

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<v Speaker 7>The White House says they are on America. The statement says,

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<v Speaker 7>echoing the grotesque rhetoric of fascists and violent white supremacist,

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<v Speaker 7>Trump was trying to rally his base around the issue

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<v Speaker 7>of immigration.

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<v Speaker 8>They're poisoning the blood of our country, that's what.

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<v Speaker 7>They've done, saying they're coming in from all over the world.

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<v Speaker 9>From Africa, from Asia, all over the world. They're pouring

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<v Speaker 9>into country.

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<v Speaker 7>The White House says clear oppression and a threat to democracy,

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<v Speaker 7>and Trump rival Chris Christie on CBS has heard on Bloomberg.

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<v Speaker 8>I don't know how you could take someone like that

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<v Speaker 8>and say that they're fit to be president of the

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<v Speaker 8>United States.

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<v Speaker 7>Trump continues to hold a massive lead in the polls

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<v Speaker 7>of the GOP ed Baxter Bloomberg Radio, All Right, ed,

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<v Speaker 7>thank you.

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<v Speaker 3>Turning to markets and the Federal Reserve, Chicago FED President

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<v Speaker 3>Austin Goulesby says it's too early to declare victory over inflation.

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<v Speaker 3>He says there's still work to do to get price

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<v Speaker 3>pressures down to two percent.

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<v Speaker 7>Twenty twenty three.

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<v Speaker 10>Looks like it's going to end up being a very

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<v Speaker 10>substantial reduction in inflation without a big increase in the

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<v Speaker 10>unemployment rate. That's the golden path that I talked about.

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<v Speaker 10>But we're still above the target. We got to get

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<v Speaker 10>inflation down to target before. Until we're convinced that we're

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<v Speaker 10>on path to that, it's an overstatement to be counting

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<v Speaker 10>the chickens.

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<v Speaker 3>Chicago Fed chief Austin goles We made the remarks on

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<v Speaker 3>CBS's Face the Nation last week policymakers signal they expect

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<v Speaker 3>to cut rates three times next year.

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<v Speaker 2>Well, Nathan that dubvish stands by the FED has some

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<v Speaker 2>a key strategists bullish on the markets. Goldman's Sachs David

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<v Speaker 2>Conston says the S and P five hundred ozer rise

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<v Speaker 2>to a record fifty one hundred next year. He says

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<v Speaker 2>falling inflation and FED easing will keep real yields low

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<v Speaker 2>and support valuations. And Morgan Stanley's Mike Wilson, who's been

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<v Speaker 2>bearish on stalks all year, says the fed's dubbish pivot

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<v Speaker 2>is a positive signal for stocks.

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<v Speaker 10>Well.

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<v Speaker 3>While other top banks have succession plans in place, Karen,

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<v Speaker 3>there's still question about the future leadership at JP Morgan Chase.

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<v Speaker 3>Halfway through Jamie Diamonds special incentive to stay five more

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<v Speaker 3>years as CEO. Insiders are predicting more senior leadership changes

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<v Speaker 3>tell potential successors gather experience. A management shuffle in mid

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<v Speaker 3>twenty twenty one put two deputies into the spotlightman as

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<v Speaker 3>the board prepared to grant Diamond a bonus if he

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<v Speaker 3>remains CEO another half decade. But with neither of those

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<v Speaker 3>two the clear front runner Inside Sourises tell us the

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<v Speaker 3>two consumer banking coheads will likely need to tackle new

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<v Speaker 3>assignments before one of them is ready to run the

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<v Speaker 3>whole company well.

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<v Speaker 2>In deal news this morning, Nathan Amsterdam based chemicals company

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<v Speaker 2>OCI has agreed to sell its US crop nutree and

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<v Speaker 2>business to Coke Industries. The price tag is three point

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<v Speaker 2>six billion dollars. It's a second disposal in a matter

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<v Speaker 2>of days by OCI, which is under pressure from an

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<v Speaker 2>activist investor.

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<v Speaker 3>And IBM has agreed to buy data integration platforms, stream

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<v Speaker 3>sets and web methods from Software ag for two point

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<v Speaker 3>three billion dollars. IBM says the deal will strengthen its

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<v Speaker 3>position as demand increases for cloud services tailored to AI applications.

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<v Speaker 2>And it's time now for a look at some of

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<v Speaker 2>the other stories making news around the world. For that,

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<v Speaker 2>we're joined by Bloomberg's Amy Morris.

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<v Speaker 11>Amy Good morning, Good morning, Karen, a Texas congressman, says

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<v Speaker 11>the Senate at the White House, we'll have to sweeten

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<v Speaker 11>the current border security deal to get an aid package

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<v Speaker 11>for Ukrain in Israel through the House.

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<v Speaker 10>The root of the issue as laby Lean Cartel's as

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<v Speaker 10>terrorist organizations and the other piece is holding these smugglers

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<v Speaker 10>accountable that caused damage and kill Americans.

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<v Speaker 12>Speaking on CBS's Face the Nation, GOP Congressman Tony Gonzalez

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<v Speaker 12>acknowledged that what the Senate and the White House want

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<v Speaker 12>is much different from what the House wants. One Senate

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<v Speaker 12>Democrat says Israeli Prime Minister Benjamin Netanyahu is undermining a

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<v Speaker 12>vision of peace.

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<v Speaker 4>Prime Minister Natnar, who has been an exceptionally difficult partner.

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<v Speaker 12>Delaware Senator Chris Coon said on CBS's Face the Nation

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<v Speaker 12>that President Biden and most of Congress want a two

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<v Speaker 12>state solution with Israel and an independent Palestinian nation. The

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<v Speaker 12>House of Representatives is expected to move forward with its

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<v Speaker 12>impeachment inquiry against President Biden after last week's party line

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<v Speaker 12>vote approving the inquiry. New York Congressman Dan Goldman is

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<v Speaker 12>a former federal prosecutor and served as lead Democratic counsel

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<v Speaker 12>to the first Trump impeachment trial. He says the Biden

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<v Speaker 12>administration has handed over more than one hundred thousand pages

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<v Speaker 12>of documents to House inquiries from.

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<v Speaker 13>The Biden administration has been far above and beyond what

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<v Speaker 13>they need to do under the separation of powers doctrines,

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<v Speaker 13>and certainly far more than what Donald Trump did in

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<v Speaker 13>twenty nineteen when he turned over zero documents.

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<v Speaker 12>The investigation concerns the president's son, Hunter Biden and his

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<v Speaker 12>foreign business deals. Air travel experts have some tips now

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<v Speaker 12>on how we can all navigate the busy holiday season.

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<v Speaker 12>They're wanting to last minute deals for tickets on Christmas

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<v Speaker 12>Day and New Year's Eve, and they say you may

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<v Speaker 12>avoid delays if you travel early in the day, points

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<v Speaker 12>guy Brian Kelly.

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<v Speaker 14>The best advice I have is go early as possible.

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<v Speaker 14>Expedia just did a survey based on tons of flights

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<v Speaker 14>and if you leave after three pm, the odds of

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<v Speaker 14>your flight being delayed canceled are fifty percent greater. So

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<v Speaker 14>even if you're not an early bird, take the early

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<v Speaker 14>flights at.

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<v Speaker 12>LA says the cheapest prices you'll find are for Christmas

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<v Speaker 12>Day and New Year's Eve flights. Global news twenty four

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<v Speaker 12>hours a day and whenever you want it with Bloomberg News.

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<v Speaker 13>Now.

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<v Speaker 12>I'm Amy Morris, and this is Bloomberg Karen.

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<v Speaker 2>Always travel early, all right, Amy, thank you, But we

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<v Speaker 2>do bring you news throughout the day here on Bloomberg Radio.

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<v Speaker 2>But now, as Amy said, you can get the latest

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<v Speaker 2>news on demand, and that means whenever you want it.

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<v Speaker 2>You just subscribe to Bloomberg News Now and you can

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<v Speaker 2>get the latest headlines at the click of a button.

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<v Speaker 2>You can get informed on your schedule. You can listen

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<v Speaker 2>and subscribe to Bloomberg News Now on the Bloomberg Business app,

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<v Speaker 2>Bloomberg dot com plus apples, Spotify, and anywhere else you

0:08:28.920 --> 0:08:37.040
<v Speaker 2>get your podcasts. And it's time now for the Bloomberg

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<v Speaker 2>Sports Update. Here's John stash Hour.

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<v Speaker 9>John Karen has been a surprisingly rough season in Buffalo.

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<v Speaker 9>The Bill's two games out in the AFSE East, but

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<v Speaker 9>fighting to make it in as a wildcard, and they

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<v Speaker 9>serve notice that if they do make it in the playoffs,

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<v Speaker 9>they could be a tough out. The Bills blew out

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<v Speaker 9>the Cowboys thirty one to ten, James Cook one hundred

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<v Speaker 9>and seventy nine yards rushing. It ends the Cowboys five

0:08:58.440 --> 0:09:00.839
<v Speaker 9>game winning streak. They had that big win last week

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<v Speaker 9>were in Philadelphia, but this loss could cost them the division,

0:09:03.679 --> 0:09:05.719
<v Speaker 9>could see them drop from the two seed of the

0:09:05.840 --> 0:09:07.600
<v Speaker 9>NFC all the way down to the five. The forty

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<v Speaker 9>nine ers, right now on course to be the top seed,

0:09:10.320 --> 0:09:14.079
<v Speaker 9>got their eleventh win forty five to twenty nine at Arizona,

0:09:14.120 --> 0:09:16.480
<v Speaker 9>brock Purty through four touchdown passes. As a kid to

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<v Speaker 9>be the NFL MVP, he says his teammate Kristian McCaffrey

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<v Speaker 9>deserves the award. More last night the eleventh win for

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<v Speaker 9>Baltimore twenty three to seven at Jacksonville that drops the

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<v Speaker 9>Jacks to eight and six and now in a three

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<v Speaker 9>way time for first AFC South with Indianapolis, who won

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<v Speaker 9>on Saturday, and Houston came from thirteen down to win

0:09:35.120 --> 0:09:38.560
<v Speaker 9>in overtime at Tennessee. The Texans won without their starting

0:09:38.600 --> 0:09:39.400
<v Speaker 9>quarterback c J.

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<v Speaker 7>Straft.

0:09:39.960 --> 0:09:42.719
<v Speaker 9>Patriots fell to three and eleven lost at home to

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<v Speaker 9>Kansas City twenty seven to seventeen, fifth straight loss for

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<v Speaker 9>the Commanders, beaten by the Rams in LA twenty eight

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<v Speaker 9>to twenty. Celtics now fourteen to zero at home. Jalen

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<v Speaker 9>Brown thirty one points in the one fourteen ninety seven

0:09:54.120 --> 0:09:57.640
<v Speaker 9>win over Orlando. The Warriors won at Portland one eighteen

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<v Speaker 9>to one fourteen, despite Steph Curry square only seven points

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<v Speaker 9>and not hitting a single three pointer. He was zero

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<v Speaker 9>for eight. It's the first time in five years Curry

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<v Speaker 9>has played a game and not made a three. John

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<v Speaker 9>Stashedward Bloomberg Sports.

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<v Speaker 8>From coast to coast, from New York to San Francisco,

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<v Speaker 8>Boston to Washington, d C. Nationwide on SYRIASXAM, the Bloomberg

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<v Speaker 8>Business app in Bloomberg dot Com. This is Bloomberg Daybreak.

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<v Speaker 3>Good morning. I'm Nathan Hager. On this Monday morning, Israel

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<v Speaker 3>is resisting international calls for a ceasefire after its military

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<v Speaker 3>mistakenly shot and killed three hostages who were being held

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<v Speaker 3>by Hamas in northern Gaza. This as ships in the

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<v Speaker 3>all important Red Sea region come under greater attack from

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<v Speaker 3>hootie rebels in Yemen. Monitoring all this for US is

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<v Speaker 3>Bloomberg's Oliver Crook, who has been following the war in

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<v Speaker 3>Gaza since the October seventh Hamas attack on southern Israel.

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<v Speaker 3>And Oliver is here with me now, thanks for being

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<v Speaker 3>with us. So we had this joint letter over the

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<v Speaker 3>weekend from the UK and German foreign secretaries calling for

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<v Speaker 3>a sustainable ceasefire. Francis Foreign Minister following that up with

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<v Speaker 3>calls of her own for a truce. What is the

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<v Speaker 3>Israeli reaction to this growing international call for some kind

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<v Speaker 3>of ceasefire with Hamas.

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<v Speaker 15>Yeah, there's so many dimensions to this. So of course

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<v Speaker 15>from the Israeli perspective, there is a huge amount of

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<v Speaker 15>resistance to talking about sort of ceasefires, general ceasefires, and

0:11:23.760 --> 0:11:26.240
<v Speaker 15>again they've always wanted to say pauses, and the West

0:11:26.320 --> 0:11:28.880
<v Speaker 15>and the sort of supporters of Israel have always sort

0:11:28.880 --> 0:11:31.200
<v Speaker 15>of backed that. But what's interesting if you actually read

0:11:31.200 --> 0:11:34.040
<v Speaker 15>this letter by the UK and the German Foreign Secretary,

0:11:34.080 --> 0:11:36.880
<v Speaker 15>it's very muddled, right, it's but again it speaks to

0:11:36.920 --> 0:11:38.920
<v Speaker 15>the difficulty of a lot of the countries that support

0:11:38.960 --> 0:11:41.520
<v Speaker 15>Israel squaring the circle of what they see as a

0:11:41.600 --> 0:11:44.280
<v Speaker 15>legitimate aim, which is removing Hamas, while at the same

0:11:44.280 --> 0:11:47.560
<v Speaker 15>time not wanting to kill as many civil being killed.

0:11:47.800 --> 0:11:49.439
<v Speaker 15>So on the one hand, they say we want a

0:11:49.480 --> 0:11:52.120
<v Speaker 15>sustainable ceasefire in this letter, but let us be clear,

0:11:52.200 --> 0:11:53.920
<v Speaker 15>we do not believe in calling for it right now

0:11:53.960 --> 0:11:57.160
<v Speaker 15>as a general and immediate ceasefire. First Hamas needs to

0:11:57.200 --> 0:11:59.439
<v Speaker 15>lay down its arms. So these are all conditions that

0:11:59.480 --> 0:12:02.600
<v Speaker 15>they're they're seeing, but again there's no indication that Hamas

0:12:02.600 --> 0:12:04.280
<v Speaker 15>has any intention of doing so they go on and

0:12:04.360 --> 0:12:07.240
<v Speaker 15>talk also about the two state solution and something needs

0:12:07.240 --> 0:12:09.600
<v Speaker 15>to change for a durable solution. But again, you want

0:12:09.720 --> 0:12:13.080
<v Speaker 15>that without sending the signal that terrorism is the way

0:12:13.120 --> 0:12:15.760
<v Speaker 15>to successfully achieve political ends. So you see them really

0:12:15.760 --> 0:12:16.600
<v Speaker 15>squirming around this.

0:12:16.840 --> 0:12:19.439
<v Speaker 3>What about the signal that the US is sending. Of course,

0:12:19.480 --> 0:12:22.960
<v Speaker 3>we have a National Security Advisor, Jake Sullivan in the region.

0:12:22.960 --> 0:12:25.200
<v Speaker 3>In fact, he was in the region when we learned

0:12:25.240 --> 0:12:29.880
<v Speaker 3>of this hostage killing in northern Gaza. Defense Secretary Lloyd

0:12:29.920 --> 0:12:32.439
<v Speaker 3>Austin is in the region as well. What kind of

0:12:32.480 --> 0:12:34.280
<v Speaker 3>pressure is the US bringing to bear right now?

0:12:34.320 --> 0:12:36.120
<v Speaker 15>Completely, let's take a step back. Let's go back to

0:12:36.280 --> 0:12:39.160
<v Speaker 15>last week when Biden was saying that basically the Israelis

0:12:39.200 --> 0:12:41.160
<v Speaker 15>are starting to lose some of the support because of

0:12:41.200 --> 0:12:43.640
<v Speaker 15>the indiscriminate bombing that takes place. Now, that is a

0:12:43.679 --> 0:12:46.960
<v Speaker 15>direct quotation, and that is a fairly strong pronouncement from Biden,

0:12:47.000 --> 0:12:49.480
<v Speaker 15>who's been very supportive of Israel, and who's obviously the

0:12:49.480 --> 0:12:53.360
<v Speaker 15>most important economically, militarily, and almost in every sense supporter

0:12:53.760 --> 0:12:55.920
<v Speaker 15>of Israel. But what you had last week is you

0:12:55.960 --> 0:12:57.920
<v Speaker 15>had Sullivan coming in and this is you know, and

0:12:57.960 --> 0:12:59.640
<v Speaker 15>this is the timeline for the war, and what that

0:12:59.679 --> 0:13:01.640
<v Speaker 15>looks like. The US has been very eager to try

0:13:01.679 --> 0:13:03.960
<v Speaker 15>to get more information from Israel and what that looks like.

0:13:04.280 --> 0:13:06.040
<v Speaker 15>All we've really heard from Israel is that there's three

0:13:06.040 --> 0:13:08.720
<v Speaker 15>major steps. There's the intense military campaign, which is what

0:13:08.760 --> 0:13:11.319
<v Speaker 15>we're in right now. The second step is more surgical

0:13:11.400 --> 0:13:13.680
<v Speaker 15>on the ground, dealing with leadership, and then the third

0:13:13.800 --> 0:13:16.320
<v Speaker 15>is the kind of new security regime. What the US

0:13:16.400 --> 0:13:18.319
<v Speaker 15>is trying to do is trying to get into phase

0:13:18.360 --> 0:13:20.280
<v Speaker 15>two as soon as possible. And you heard that from

0:13:20.320 --> 0:13:22.720
<v Speaker 15>Sullivan on Friday, and you'll probably hear that from Lloyd

0:13:22.760 --> 0:13:25.040
<v Speaker 15>Austin today when he meets with the Israeli and trying

0:13:25.040 --> 0:13:26.959
<v Speaker 15>to really get a picture of what their vision of

0:13:27.000 --> 0:13:28.080
<v Speaker 15>this war is.

0:13:28.080 --> 0:13:31.959
<v Speaker 3>Is Israeli Prime Minister netanyahuo facing domestic pressure as well

0:13:32.000 --> 0:13:34.320
<v Speaker 3>to get to that second phase, given what we saw

0:13:34.360 --> 0:13:35.720
<v Speaker 3>with the hostages over the weekend.

0:13:36.120 --> 0:13:38.400
<v Speaker 15>I think that this is the difficulty, where on the

0:13:38.440 --> 0:13:40.440
<v Speaker 15>one hand, there is this sort of full support in

0:13:40.520 --> 0:13:43.400
<v Speaker 15>Israel of getting rid of Hamas and you know, again

0:13:43.559 --> 0:13:46.559
<v Speaker 15>going to whatever is necessary there to do so. However,

0:13:46.640 --> 0:13:49.679
<v Speaker 15>there is also this increasing pressure, particularly from those who

0:13:49.720 --> 0:13:52.280
<v Speaker 15>have a great, great, great deal of concern for the hostages.

0:13:52.600 --> 0:13:54.199
<v Speaker 15>I mean, they came out with this, it was absolutely

0:13:54.200 --> 0:13:56.440
<v Speaker 15>shocking on Friday to the Israelis that they could have

0:13:56.520 --> 0:13:59.280
<v Speaker 15>killed three of their own hostages, that you know their

0:13:59.400 --> 0:14:02.000
<v Speaker 15>mission is to save them, who came out apparently holding

0:14:02.040 --> 0:14:04.360
<v Speaker 15>white flags and shirt lists to show that there were

0:14:04.360 --> 0:14:06.920
<v Speaker 15>no bombs. Speaking in Hebrew, of course, this is the

0:14:06.920 --> 0:14:08.559
<v Speaker 15>sort of throes of war and a lot of things

0:14:08.640 --> 0:14:11.480
<v Speaker 15>can happen, but that immediately triggered protests in the streets

0:14:11.480 --> 0:14:14.040
<v Speaker 15>of Tel Aviv outside of the Defense ministry, and you're

0:14:14.040 --> 0:14:16.040
<v Speaker 15>going to see that pressure continuing to mount because there

0:14:16.040 --> 0:14:18.120
<v Speaker 15>has been a division from the very beginning from the

0:14:18.160 --> 0:14:20.720
<v Speaker 15>Israelis about how they're conducting this war. Is this the

0:14:20.720 --> 0:14:22.360
<v Speaker 15>best way to do it if you want to get

0:14:22.400 --> 0:14:24.200
<v Speaker 15>the hostages back. There's still one hundred and thirty or

0:14:24.240 --> 0:14:24.840
<v Speaker 15>so left.

0:14:25.000 --> 0:14:28.240
<v Speaker 3>And as this war continues, we're seeing shipping in the

0:14:28.280 --> 0:14:32.840
<v Speaker 3>Red Sea coming under increasing attack from Houti rebels in Yemen.

0:14:33.200 --> 0:14:36.200
<v Speaker 3>There's a complicated response to that as well.

0:14:36.640 --> 0:14:38.320
<v Speaker 15>Yeah, so we had this over the weekend where we

0:14:38.400 --> 0:14:41.240
<v Speaker 15>heard with Moller Mirsk and Hapag Lloyd, both of the

0:14:41.360 --> 0:14:44.480
<v Speaker 15>huge shipping container companies of the world, saying that they're

0:14:44.520 --> 0:14:47.880
<v Speaker 15>basically telling their ship their ships to not go through

0:14:47.960 --> 0:14:50.280
<v Speaker 15>that passage at the Red Sea that passes by Yemen,

0:14:50.360 --> 0:14:53.120
<v Speaker 15>and we'll remember the ever given fiasco right from a

0:14:53.120 --> 0:14:55.400
<v Speaker 15>couple of years ago where the Suez Canal got blocked.

0:14:55.480 --> 0:14:57.560
<v Speaker 15>That's about twelve percent of global trade that goes through

0:14:57.560 --> 0:14:59.360
<v Speaker 15>the Suez Canal, and this is one of the points

0:14:59.480 --> 0:15:01.520
<v Speaker 15>that you need to pass before you get there. So

0:15:01.560 --> 0:15:03.720
<v Speaker 15>again there are sort of the more macro concerns going

0:15:03.760 --> 0:15:06.160
<v Speaker 15>around about this, and of course you have the IDEF

0:15:06.240 --> 0:15:09.200
<v Speaker 15>repeatedly warning still to this day hasn't quieted down in

0:15:09.240 --> 0:15:11.680
<v Speaker 15>the north around Hezbola. So again, all of these are

0:15:11.720 --> 0:15:13.560
<v Speaker 15>still very much alive, and again you're starting to see

0:15:13.560 --> 0:15:15.080
<v Speaker 15>some of the macroeconomic consequences.

0:15:16.640 --> 0:15:19.560
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