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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: This is the Bloomberg Day Bak podcast, available every morning

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Speaker 2: on Apple, Spotify or wherever you listen. It's Wednesday, the

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Speaker 2: thirteenth of March in London. I'm Caroline Hepka.

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Speaker 3: And I'm Stephen Carroll. Coming up today. Donald Trump wins

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Speaker 3: the Republican nomination and sets up a US presidential rematch

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Speaker 3: with Joe Biden.

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Speaker 2: The EU gets ready to deliver the world's most comprehensive

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Speaker 2: framework for regulating artificial intelligence.

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Speaker 3: And an inside look at fake o Zempek. We hear

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Speaker 3: about the UK task force tackling potentially deadly obesity drug counterfeits.

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

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Speaker 2: Trump has won the US Republican presidential nomination. The victory

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Speaker 2: caps a political comeback after his efforts to overturn the

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Speaker 2: twenty twenty election, which culminated in the January sixth Capitol Riot.

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Speaker 2: While Trump's secured enough delegates to become the Republican candidate,

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Speaker 2: Joe Biden has also passed the threshold for the Democrats.

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Speaker 2: Bloombergs Bruce Einhorn says the presidential race will be heavily

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Speaker 2: punctuated by the former president's many legal troubles.

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Speaker 4: This is one of the earliest moments in the calendar

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Speaker 4: for a non incumbent to secure the nomination. Current President

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Speaker 4: Biden also locked up the nomination on the Democratic side.

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Speaker 4: The next big thing to look to is the first trial,

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Speaker 4: the first criminal trial for the former president that is

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Speaker 4: scheduled to begin at the toward the end of this month.

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Speaker 4: That's related to alleged hush money payments to an adult

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Speaker 4: film star.

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Speaker 2: Bloombergs Bruce Einhorn speaking there. If re elected, Trump has

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Speaker 2: vowed to root out so called deep state civil servants,

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Speaker 2: cracked down on illegal immigration, in act protectionist trade policies,

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Speaker 2: and curtailed the US's role in the world.

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Speaker 3: Russian is president Vladimir Putin says the country will demand

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Speaker 3: security guarantees to consider talks to end the war in Ukraine.

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Speaker 3: Speaking to Russian state media, the leader said that the

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Speaker 3: quote realities on the ground should be the basis of

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Speaker 3: any negotiations. The comments come as the Polish President andres

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Speaker 3: Judah tell Bloomberg that Putin would attack other states if

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Speaker 3: the Kremlin wins its war in Ukraine. His words are

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Speaker 3: spoken by a translator.

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Speaker 5: We are the nation who was enslaved by Russia several times.

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Speaker 5: If Russia wins the war in Nukraine, if wins the

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Speaker 5: war in Aukraine, he will attack one more time. He

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Speaker 5: will attack other states. Because this is Russian imperialism reborn,

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Speaker 5: and it is greedy. It will be willing to attach further.

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Speaker 5: That is why it has to be stopped. It has

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Speaker 5: to be blocked, and it has to be punished. And

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Speaker 5: this is the most important task that is chasing the

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Speaker 5: community of the West today.

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Speaker 3: Dude's warning lands at a critical moment in Ukraine's war

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Speaker 3: to repel Russia, with allies scrambling to provide more military

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Speaker 3: assistance to Kiev. Currently, a sixty billion dollar USA package

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Speaker 3: remains in limbo as Republicans look to force Democrat concessions

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Speaker 3: in a domestic dispute over immigration and border policy.

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Speaker 2: US corp inflation came in higher than forecasts for a

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Speaker 2: second month in February, reinforcing the federal reserves caution towards

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Speaker 2: rate cuts. The Citadel founder Ken Griffin says that policymakers

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Speaker 2: should move slowly in lowering interest rates to avoid the

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Speaker 2: possibility of having to reverse course later Blobook's Charlie Pennett

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Speaker 2: has the details.

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Speaker 6: In an interview with the Futures Industry Association conference in

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Speaker 6: Boca Ratone, Florida. Griffin said, quote pausing and then changing

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Speaker 6: direction back toward higher rates quickly, that would, in my opinion,

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Speaker 6: be the most devastating course of action to pursue. Last week,

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Speaker 6: FED chair J Powell suggested the Central Bank is getting

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Speaker 6: close to the confidence it needs to start lowering interest

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Speaker 6: rates in New York. Charlie Pett, Bloomberg Radio.

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Speaker 3: European Union lawmakers are holding a final vote later on

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Speaker 3: a new framework to regulate artificial intelligence. The AI Act

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Speaker 3: creates rules for the technology based on risk, with uses

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Speaker 3: in infrastructure, products, safety, and HR among those subjects the

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Speaker 3: highest scrutiny. It'll apply to businesses operating the EU, as

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Speaker 3: well as builders of AI products that are used within

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Speaker 3: the region. Investors remain bullish on the technology despite the

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Speaker 3: regulatory challenges. Morgan Stanley's CIO Mike Wilson says the biggest

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Speaker 3: gains are still to come.

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Speaker 6: We do believe in AI.

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Speaker 7: We've been probably more front footed on this theme as

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Speaker 7: a firm over the last year year and a half.

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Speaker 7: The real opportunity though, is going to be when this

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Speaker 7: technology diffuses across the economy, and that would be the adopters,

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Speaker 7: and that's very very early days.

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Speaker 3: Mike Wilson, CIO and chief US equity Strats at Morgan Stanley,

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Speaker 3: speaking there. The measures in the EU's AI Act will

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Speaker 3: be phased in from later this year until twenty twenty six.

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Speaker 2: Yeah, pin central bankers broadly agree on cutting rates in spring.

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Speaker 2: That's according to the Governing Council member and the Bank

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Speaker 2: of France chief Rosa Vilroy de Gallo, who told a

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Speaker 2: French newspaper the ECB is winning the battle with inflation.

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Speaker 2: Vila's comments come as the French Central Bank cut its

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Speaker 2: twenty twenty four underlying price forecast to two point four percent. Meanwhile,

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Speaker 2: Pierre Vunch, the hawkish Belgian central banker, reiterated that policymakers

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Speaker 2: will eventually have to lure lower boring costs without being

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Speaker 2: completely sure that inflation is returning to the two percent target.

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Speaker 2: The next ECB policy decision is scheduled for the eleventh

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Speaker 2: of April.

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Speaker 3: There's been a rush of activity in both the US

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Speaker 3: House and Senate around the move to make bytdance divest

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Speaker 3: TEK Talk. Bloomberg's At Baxter has the story.

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Speaker 8: A voter scheduled for the House today and is expected

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Speaker 8: to get the two thirds majority vote needed. Former House

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Speaker 8: Baker Nancy Pelosi on Bloomberg says, they are not attempting

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Speaker 8: to ban TikTok.

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Speaker 9: We want TikTok to exist. We're not there to bear it.

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Speaker 9: I've said, we want to make it tic tac toe.

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Speaker 9: We want to make it something that is not a

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Speaker 9: fearful social media platform, but one that is very positive.

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Speaker 9: And in order to do that, we have to see

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Speaker 9: the divesting of it from the Chinese government.

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Speaker 8: Now, TikTok Ceo show Chow has been on Capitol Hill

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Speaker 8: to talk with Senators. Vote there is expected to be

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Speaker 8: much tighter. At Baxter Bloomberg Radio.

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Speaker 3: At a moment, we will get more on the latest

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Speaker 3: developments in US politics and look into the surge of

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Speaker 3: fake weight loss drugs in our special feature this morning.

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Speaker 3: But another story that caught awrye today. Chris Bryant, blueber

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Speaker 3: comedian columnist has been writing about the Porsche nine to eleven.

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Speaker 3: Now it's a cash cow for the company has managed

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Speaker 3: to deliver huge increases in revenue and join the pricing

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Speaker 3: power for people are willing to pay for it. Deliveries

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Speaker 3: up to last year twenty four percent to more than

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Speaker 3: fifty thousand units. But it's a model, it's been around

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Speaker 3: for a long time.

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Speaker 2: Yeah, absolutely sixty. It's just over. The issue though for

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Speaker 2: Porsche is that it's you know, it's relying on the

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Speaker 2: nine and eleven to make plenty of money, but the

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Speaker 2: rest of the lineup is not doing so well. Chris

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Speaker 2: Bynes says that Porsche really can't continue to milk the

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Speaker 2: cash cow like this has got to focus on the

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Speaker 2: others as well, The Cayenne, the McCann, the Panamera not

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Speaker 2: doing nearly so well. So have a read of that

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Speaker 2: story on the BlueBag Terminal.

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Speaker 3: Well, let's turn back to the latest from the US.

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Speaker 3: The presidential election in November will be a Trump and

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Speaker 3: Biden rematch, after both the current and former presidents across

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Speaker 3: the threshold for the number of delegates they need to

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Speaker 3: win their parties nominations. We've been discussing this with our

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Speaker 3: White House reporter Stephanie Lyon started by asking her what

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Speaker 3: this long run for a campaign means.

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Speaker 10: What's really notable is just how early it is now

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Speaker 10: that we're just partway through March. This is much earlier

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Speaker 10: than the other candidates, Cinch's nomination, when they were in

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Speaker 10: a crowded field and before they were the incumbent in

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Speaker 10: the race. What it means, you know, now that we're

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Speaker 10: eight months before the general election, is this might be

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Speaker 10: the longest general election matchup in recent history, and so

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Speaker 10: we should expect many, many attack ads, many rallies, and

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Speaker 10: possibly even voter fatigue with just the sheer amount of

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Speaker 10: back and forth and polarized messaging that we're going to

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Speaker 10: see in the next eight months.

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Speaker 2: Okay, so a lot of effort, a lot of ads,

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Speaker 2: perhaps a lot of money being spent. How different do

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Speaker 2: you think this campaign will be though from twenty twenty?

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Speaker 10: Very different? You know, For one, part of the twenty

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Speaker 10: twenty campaign was interrupted with the pandemic. Now we're going

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Speaker 10: to go back to these in person events, and I

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Speaker 10: think what's particularly notable is just the polarization that we're

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Speaker 10: seeing in the US and sort of the gridlock that

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Speaker 10: we've seen in Congress in these last couple of months.

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Speaker 10: Now we're just down to a two seat margin in

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Speaker 10: the House of Representatives, and so as we look at

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Speaker 10: these party leaders to unite the party, whether or not

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Speaker 10: they have sway in Congress, can be a really good

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Speaker 10: indicator of where the parties at, where voters are at,

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Speaker 10: and kind of more symbolic of the unity that we're

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Speaker 10: seeing within the Democratic and Republican Party.

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Speaker 3: Having both candidates selected now, of course, also allows the

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Speaker 3: battle lines to be drawn very clearly on the issues

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Speaker 3: what are likely to be the biggest polarizing issues for

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Speaker 3: the candidates from here, well for Biden.

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Speaker 10: You know, as the economy has improved since the end

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Speaker 10: of the pandemic, the attacks that Trump has tried to

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Speaker 10: make on his handling of the economy haven't hit as hard,

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Speaker 10: and so I think what they what the Trump campaign

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Speaker 10: has really focused on is making a differentiating point on

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Speaker 10: Biden's handling of immigration and foreign affairs, and particularly with

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Speaker 10: the Ukraine and Russian war continuing, with issues continuing in

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Speaker 10: Israel and Gaza, those are things that you can expect

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Speaker 10: the Trump team to attack Biden on. And on the

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Speaker 10: flip side, you know, the Biden campaign has made a

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Speaker 10: really big deal on focusing on democracy. It's just been

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Speaker 10: three years since the insurrection on the Capitol, and they

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Speaker 10: are very quick to bring that up again and to

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Speaker 10: continue highlighting some of the chaos that follows Trump as

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Speaker 10: he undergoes many legal battles and ninety one belon accounts.

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Speaker 2: Which part of the elect to which sorts of voters

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Speaker 2: do you think the two parties that candidates are going

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Speaker 2: to be fighting over.

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Speaker 10: Well, right now, it seems like they're both going for

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Speaker 10: swing Staate voters for sure. That's part of the only

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Speaker 10: way they can win this election. One interesting change this

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Speaker 10: time around is that Trump has been making a very

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Speaker 10: big deal on recruiting and enfranchising voters of color, reaching

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Speaker 10: out to the black community, to Hispanic voters, and to

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Speaker 10: Asian American voters, and polling has shown that he's been

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Speaker 10: doing significantly better in these voter groups this time around.

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Speaker 10: So I think we should expect both campaigns to really

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Speaker 10: be targeting voters who are part of the growing population

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Speaker 10: in the US.

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Speaker 3: Stephan, you mentioned as well that this is an exceptionally

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Speaker 3: long campaign. What does that mean for functioning of government

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Speaker 3: in Washington?

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Speaker 10: Yeah, and so, as I sort of alluded to earlier,

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Speaker 10: I think what we're going to see are these leaders

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Speaker 10: really injecting themselves in some of the day to day

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Speaker 10: decisions and debates that we're having in Washington. Trump has

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Speaker 10: been quick to insert himself on several matters, like the

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Speaker 10: speakership battle over the last couple of months, and also

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Speaker 10: weighing in on certain bills, such as the border bill

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Speaker 10: that we'd tried to pass just a couple of months ago.

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Speaker 10: And so I think we should expect more of that,

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Speaker 10: and just given the state of the margin within the

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Speaker 10: House of Representatives and also the slim margin in the Senate,

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Speaker 10: we can expect a lot of battles and a lot

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Speaker 10: of good luck.

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Speaker 3: So that was our White House reporter Stephanie.

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Speaker 2: Laie now turning our attention to a feature this morning,

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Speaker 2: with the arrival of a blockbuster weight loss Drauga, slew

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Speaker 2: of them come the counterfeits. The UK's Medicine's Safety Regulator

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Speaker 2: has sees more fake zempic pens than any other European country,

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Speaker 2: and unlike others, the MHRA is taking very hands on approach.

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Speaker 2: And this is something that Blueberg's health reporter Ashley Furlong

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Speaker 2: is reporting on this morning, and she joins us, now, actually,

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Speaker 2: I'm perhaps no surprise in the past twelve months we've

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Speaker 2: seen this enormous demand and advertising for a zepic and

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Speaker 2: wega V combined with a real shortage of those drugs.

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Speaker 2: How's this affected then the rise of fakes.

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Speaker 1: So when you have this massive demand and that demand

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Speaker 1: can't be met by legitimate supply, then we've seen criminals

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Speaker 1: moving and that's what's happened with a zempic. So we've

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Speaker 1: seen the really the rise of these counterfeit drugs over

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Speaker 1: the past twelve months has been something that has really

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Speaker 1: you know, affected all countries that are that are actually

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Speaker 1: accessing these new weight loss drugs WeGo V and a

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Speaker 1: zempic which was the old the older drug for diabetes.

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Speaker 3: So why has the UK then but at the forefront

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Speaker 3: of cracking down on these the fake versions of these

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Speaker 3: kind of drugs.

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Speaker 1: So the UK actually has a really interesting agency that

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Speaker 1: is sort of a criminal enforcement agency within the Maids

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Speaker 1: Sense Regulator, which is something that's quite unique globally, and

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Speaker 1: so that agency and that task force really has been

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Speaker 1: able to really move very quickly and take a really

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Speaker 1: hands on approach to trying to stamp out these these

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Speaker 1: fake drugs.

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Speaker 2: So who's behind the fake drugs and what do we

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Speaker 2: know of the dangers because obviously, you know, this is

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Speaker 2: having an impact on people.

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Speaker 1: So at the moment it seems like a lot of

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Speaker 1: the drugs are quite sort of crude replicas. But to

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Speaker 1: be honest, when I saw the fakes, I was it

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Speaker 1: was hard to tell, you know, it was quite hard

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Speaker 1: to tell actually because.

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Speaker 2: You were in the warehouse or as I've been seizing

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Speaker 2: these exactly.

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Speaker 1: But to you know, a customs official or to regulator themselves,

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Speaker 1: they can tell the difference generally. But we are also

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Speaker 1: seeing in the UK there was a larger tranche of

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Speaker 1: five hundred pens that were seized at warehousers, which obviously

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Speaker 1: means that there was a bit more sophistication with that.

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Speaker 1: So there is that concern and obviously as we as

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Speaker 1: this sort of demand continues, we might see more sophistication

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Speaker 1: as it goes forward.

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Speaker 3: What are the companies who produced the real versions of

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Speaker 3: these drugs doing.

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Speaker 1: About Yes, so Nova and ORDERSK is taking a really

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Speaker 1: also a really hands on approach. They actually really interestingly

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Speaker 1: have are also even using a private investigator to do

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Speaker 1: on the ground research and work to try actually track

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Speaker 1: down some of these these these suppliers and then report

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Speaker 1: them to the authorities.

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Speaker 2: So then in terms of more broadly, what's the plan

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Speaker 2: going forwards? We expect this issue to get worse. People

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Speaker 2: are now obviously quite aware and these drugs are out

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Speaker 2: there in the market, the real ones, but then also

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Speaker 2: the counterfeit one. So what's the plan going forward?

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Speaker 1: I think in the UK at least the regulator feels

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Speaker 1: like they've got the situation under control. They've really come

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Speaker 1: down hard and fast. But globe you know, these drugs

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Speaker 1: are only really starting and this we've seen this massive

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Speaker 1: demand and with more more products coming to market, we

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Speaker 1: potentially in other countries could see this play out.

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