1
00:00:00,880 --> 00:00:04,280
Speaker 1: News when you want it with Bloomberg News Now I

2
00:00:04,400 --> 00:00:08,719
Speaker 1: made Kalleggi. Preparations are underway for President Trump and Russian

3
00:00:08,760 --> 00:00:12,520
Speaker 1: President Vladimir Putin to possibly hold a summit on ending

4
00:00:12,600 --> 00:00:15,320
Speaker 1: the war in Ukraine. So as to say, senior US

5
00:00:15,360 --> 00:00:18,320
Speaker 1: and Russian officials will meet in Saudi Arabia next week

6
00:00:18,560 --> 00:00:21,919
Speaker 1: to prepare for our potential leader's summit. And Bloomberg's Ben

7
00:00:21,960 --> 00:00:25,239
Speaker 1: Bartenstein and Munich one of the reporters breaking this story.

8
00:00:25,480 --> 00:00:28,720
Speaker 2: What we're anticipating is a meeting in the coming days

9
00:00:28,760 --> 00:00:32,760
Speaker 2: in Saudi Arabia between senior officials from the US and Russia. Now,

10
00:00:32,760 --> 00:00:36,280
Speaker 2: this is in line with President Trump's ambition that he

11
00:00:36,320 --> 00:00:39,879
Speaker 2: had stated on the campaign trail to secure a peaceful

12
00:00:39,880 --> 00:00:43,599
Speaker 2: resolution to the war in Ukraine as quickly as possible.

13
00:00:43,880 --> 00:00:45,280
Speaker 2: There are a lot of questions as far as what

14
00:00:45,360 --> 00:00:48,879
Speaker 2: are the contours the discussions, but the fact that Saudi

15
00:00:48,880 --> 00:00:52,200
Speaker 2: Arabia will play host to at least the initial talks

16
00:00:52,240 --> 00:00:55,360
Speaker 2: between senior officials from the US and Russia indicates the

17
00:00:55,400 --> 00:00:59,200
Speaker 2: trust that both the Americans and the Russians have in

18
00:00:59,280 --> 00:01:01,320
Speaker 2: Saudi As a con move.

19
00:01:01,200 --> 00:01:04,319
Speaker 1: It and Bartenstein also reports details of the meeting and

20
00:01:04,360 --> 00:01:06,600
Speaker 1: the list of attendees are still being worked out, but

21
00:01:06,680 --> 00:01:09,119
Speaker 1: people briefed on the plan said the group is likely

22
00:01:09,200 --> 00:01:13,400
Speaker 1: to comprise national security advisors. The aim is to lock

23
00:01:13,440 --> 00:01:15,640
Speaker 1: in a summit day for before the holy month of

24
00:01:15,760 --> 00:01:20,399
Speaker 1: Ramadan begins in March. Deep Seek's breakthrough and artificial intelligence

25
00:01:20,440 --> 00:01:22,960
Speaker 1: is helping drive a rotation of stock funds back into

26
00:01:23,040 --> 00:01:26,560
Speaker 1: China from India. Hedge funds have been piling into Chinese

27
00:01:26,640 --> 00:01:29,880
Speaker 1: equities at the fastest pace in months as bullishness on

28
00:01:29,920 --> 00:01:33,160
Speaker 1: the deep Seek driven technology rally adds to hopes for

29
00:01:33,240 --> 00:01:37,560
Speaker 1: more economic stimulus. In contrast, India is suffering a record

30
00:01:37,600 --> 00:01:41,680
Speaker 1: exodus of cash on concerns over waning macro growth, slowing

31
00:01:41,680 --> 00:01:46,200
Speaker 1: corporate earnings at expensive stock valuations. China's onshore and offshore

32
00:01:46,240 --> 00:01:48,960
Speaker 1: equity markets have added more than one point three trillion

33
00:01:49,000 --> 00:01:51,800
Speaker 1: dollars in total value in just the past month amid

34
00:01:51,880 --> 00:01:55,600
Speaker 1: such reallocations, while India's market has shrunk by more than

35
00:01:55,640 --> 00:02:00,240
Speaker 1: seven hundred twenty billion dollars. German Chancellor Olaf Schulse is

36
00:02:00,240 --> 00:02:03,400
Speaker 1: the European Union is strong enough to counter any US

37
00:02:03,440 --> 00:02:07,040
Speaker 1: tariff threats, but that he hopes for a negotiated agreement

38
00:02:07,080 --> 00:02:08,519
Speaker 1: that can avoid a trade war.

39
00:02:08,760 --> 00:02:10,720
Speaker 3: So when it comes to the European Union, I think

40
00:02:10,720 --> 00:02:14,000
Speaker 3: everyone knows that we are a big economic area with

41
00:02:14,040 --> 00:02:17,680
Speaker 3: a lot of strength. Policy about tariff's is something that

42
00:02:17,840 --> 00:02:20,760
Speaker 3: is our common policy. So we are strong enough to

43
00:02:20,840 --> 00:02:25,000
Speaker 3: react to everything that is harming Eupean economy. But we

44
00:02:25,080 --> 00:02:28,600
Speaker 3: should and we should react always, but in a way

45
00:02:29,040 --> 00:02:32,960
Speaker 3: that is always offering the chance for an agreement.

46
00:02:33,240 --> 00:02:36,240
Speaker 1: Schultz's comments in a Bloomberg Television interview under score the

47
00:02:36,240 --> 00:02:39,320
Speaker 1: stakes for Germany and Europe, as President Trump says I'll

48
00:02:39,320 --> 00:02:42,760
Speaker 1: impost tariffs on autos, steel and aluminum in the weeks ahead,

49
00:02:43,120 --> 00:02:45,799
Speaker 1: just as Schultz faces a German election this month that

50
00:02:45,919 --> 00:02:50,640
Speaker 1: Paul suggests his Social Democrats will lose. Elon Musk's DOGE

51
00:02:50,680 --> 00:02:53,639
Speaker 1: team is sending termination notices to staffers at the US

52
00:02:53,720 --> 00:02:57,320
Speaker 1: Digital Service, a group of federal IT workers that Musk's

53
00:02:57,320 --> 00:03:00,799
Speaker 1: group is taking over. According to two people who were affected,

54
00:03:01,080 --> 00:03:05,920
Speaker 1: for weeks, USDs employees who've worked as information technology experts

55
00:03:06,160 --> 00:03:09,200
Speaker 1: for the US government since the Obama era have been

56
00:03:09,240 --> 00:03:12,440
Speaker 1: sitting in limbo, even though the Digital Service and Musk's

57
00:03:12,480 --> 00:03:16,120
Speaker 1: so called Department of Government Efficiency are technically the same entity,

58
00:03:16,200 --> 00:03:20,800
Speaker 1: now renamed the United States Doge Service USDs has been

59
00:03:20,880 --> 00:03:23,440
Speaker 1: used more than a vehicle for Musk to hire his

60
00:03:23,560 --> 00:03:26,840
Speaker 1: own team. Mass layoffs could be coming to the IRS

61
00:03:26,840 --> 00:03:29,560
Speaker 1: in the middle of tax season, with thousands of probationary

62
00:03:29,600 --> 00:03:32,919
Speaker 1: workers to be let go. This, according to the Associated Press,

63
00:03:33,240 --> 00:03:36,880
Speaker 1: as part of the Trump administration's cutbacks in government spending.

64
00:03:37,160 --> 00:03:39,600
Speaker 1: We get more on this from Bloomberg's Denise Pellegrini.

65
00:03:39,760 --> 00:03:41,840
Speaker 4: These cuts could come as soon as this coming week,

66
00:03:42,000 --> 00:03:45,840
Speaker 4: as the Trump administration intensifies sweeping efforts to shrink the

67
00:03:45,880 --> 00:03:48,840
Speaker 4: size of the federal workforce by ordering agencies to lay

68
00:03:48,880 --> 00:03:52,120
Speaker 4: off nearly all probationary employees who had not yet gained

69
00:03:52,160 --> 00:03:56,920
Speaker 4: civil service protection. Also, the report says IRS employees involved

70
00:03:56,960 --> 00:03:59,480
Speaker 4: in the twenty twenty five tax season were told via

71
00:03:59,520 --> 00:04:01,920
Speaker 4: a letter they would not be allowed to accept that

72
00:04:02,040 --> 00:04:05,560
Speaker 4: biot offer from the Trump administration to leave their federal

73
00:04:05,640 --> 00:04:10,400
Speaker 4: jobs until after the taxpayer filing deadline. The IRS expects

74
00:04:10,400 --> 00:04:12,720
Speaker 4: more than one hundred and forty million tax returns to

75
00:04:12,760 --> 00:04:15,480
Speaker 4: be filed by the April fifteen deadline. Did he spell

76
00:04:15,480 --> 00:04:16,839
Speaker 4: a gritty Bloomberg Radio.

77
00:04:16,720 --> 00:04:19,960
Speaker 1: Tesla and SpaceX both relied on their labor while Elon

78
00:04:20,080 --> 00:04:23,640
Speaker 1: Musk advocated for a border crackdown the undocumented workers who

79
00:04:23,640 --> 00:04:27,240
Speaker 1: helped build Musk's Texas gigafactory. You can read all about

80
00:04:27,240 --> 00:04:30,799
Speaker 1: it in Bloomberg's weekend edition, exploring the places where finance,

81
00:04:30,880 --> 00:04:33,560
Speaker 1: life and culture meat. Find it now on bloomberg dot

82
00:04:33,600 --> 00:04:36,599
Speaker 1: com and the Bloomberg Business app. That's news when you

83
00:04:36,640 --> 00:04:39,920
Speaker 1: want it with Bloomberg News Now. I made Koleggi and

84
00:04:40,080 --> 00:04:41,400
Speaker 1: this is Bloomberg