1
00:00:02,600 --> 00:00:03,040
Speaker 1: Good morning.

2
00:00:03,080 --> 00:00:05,880
Speaker 2: It's nine day, the seventeenth of July in London. This

3
00:00:06,000 --> 00:00:09,320
Speaker 2: is the Bloomberg Daybreak you at podcast. I'm Caroline Hepka.

4
00:00:09,480 --> 00:00:13,440
Speaker 2: Coming up today. Chinese economy grows more slowly than expected

5
00:00:13,560 --> 00:00:19,280
Speaker 2: as calls for stimulus grow, Vanguard's global expansion gets bogged down,

6
00:00:19,480 --> 00:00:23,320
Speaker 2: and UK home sellers are cutting asking prices as rising

7
00:00:23,360 --> 00:00:27,080
Speaker 2: mortgage costs push off buyers. Let's start with a roundup

8
00:00:27,320 --> 00:00:30,720
Speaker 2: of our top stories. Chinese economy grew more slowly than

9
00:00:30,760 --> 00:00:33,800
Speaker 2: expected in the second quarter. GDP rows by six point

10
00:00:33,840 --> 00:00:36,479
Speaker 2: three percent from a year prior, weaker than the median

11
00:00:36,640 --> 00:00:39,720
Speaker 2: forecast of seven point one percent from economists that were

12
00:00:39,800 --> 00:00:43,440
Speaker 2: surveyed by Bloomberg, but sad of charters Greater China and

13
00:00:43,479 --> 00:00:47,000
Speaker 2: North Asia chief economists Jing Shuang says that he still

14
00:00:47,040 --> 00:00:50,840
Speaker 2: doesn't expect any major intervention from Beijing.

15
00:00:51,440 --> 00:00:54,240
Speaker 3: From the policy point of view, as long as the

16
00:00:54,280 --> 00:00:58,120
Speaker 3: gross target can be reached. The authorities made just to

17
00:00:58,200 --> 00:01:03,280
Speaker 3: rule out targeted and stimulus instead of blanket and the

18
00:01:03,360 --> 00:01:04,240
Speaker 3: strong stimulus.

19
00:01:05,480 --> 00:01:08,959
Speaker 2: Ding Schuang's comments reflect that Beijing has set a moderate

20
00:01:09,040 --> 00:01:12,600
Speaker 2: GDP growth target of around five percent for this year.

21
00:01:12,959 --> 00:01:15,800
Speaker 2: Markets expect the economy to achieve this even in the

22
00:01:15,840 --> 00:01:20,880
Speaker 2: face of growing challenges, including possible deflation, falling exports, and

23
00:01:21,000 --> 00:01:25,600
Speaker 2: a property sector in crisis. The US Treasury Sector Janet

24
00:01:25,640 --> 00:01:29,280
Speaker 2: Yellen says that it's premature to eliminate tariffs imposed on

25
00:01:29,560 --> 00:01:33,000
Speaker 2: China by the Trump administration. Yellen says that while the

26
00:01:33,240 --> 00:01:36,600
Speaker 2: US should look for ways to further de escalate tensions,

27
00:01:36,720 --> 00:01:40,640
Speaker 2: the US is still completing a four year review of

28
00:01:41,000 --> 00:01:41,959
Speaker 2: trade tariffs.

29
00:01:43,319 --> 00:01:46,600
Speaker 4: Perhaps over time this is an area where we could

30
00:01:46,640 --> 00:01:51,440
Speaker 4: make progress, but I would say it's premature to use

31
00:01:51,560 --> 00:01:55,600
Speaker 4: this as an area for de escalation, at least at

32
00:01:55,600 --> 00:01:56,240
Speaker 4: this time.

33
00:01:57,160 --> 00:01:59,920
Speaker 2: And coming up later on Bloomberg Radio, our colleague Amri

34
00:02:00,200 --> 00:02:03,160
Speaker 2: or Den will be speaking exclusively to the US Trade

35
00:02:03,320 --> 00:02:06,120
Speaker 2: Secretary Janet Yellen, so you can catch that interview live

36
00:02:06,520 --> 00:02:10,760
Speaker 2: right here on Bloomberg Radio at ten past one. The

37
00:02:11,040 --> 00:02:13,959
Speaker 2: UK has signed a treaty to join the Asia Focus

38
00:02:14,080 --> 00:02:19,320
Speaker 2: CPTPP Trade Pact. Business and Trade Sextory Kemi Baidenog has

39
00:02:19,360 --> 00:02:23,079
Speaker 2: defended the deal, despite the government's own estimates suggesting that

40
00:02:23,160 --> 00:02:27,360
Speaker 2: it will add just zero point not eight percent to

41
00:02:27,400 --> 00:02:30,760
Speaker 2: the size of the UK economy. Baidenock was also forced

42
00:02:30,760 --> 00:02:34,200
Speaker 2: to concede that a UK US trade deal is not

43
00:02:34,360 --> 00:02:35,040
Speaker 2: on the cards.

44
00:02:36,000 --> 00:02:38,560
Speaker 5: The US is not carry out any free trade agreements

45
00:02:38,560 --> 00:02:40,960
Speaker 5: with any country, so I would say very low. It

46
00:02:40,960 --> 00:02:44,400
Speaker 5: all depends on the administration that's there. Different presidents have

47
00:02:44,440 --> 00:02:47,680
Speaker 5: different priorities. Lots of countries have been looking to have

48
00:02:47,720 --> 00:02:50,520
Speaker 5: a free trade agreement with the US, including US, but

49
00:02:50,600 --> 00:02:52,560
Speaker 5: for now they said that that's not something that they

50
00:02:52,600 --> 00:02:54,480
Speaker 5: want to do and we need to respect that.

51
00:02:55,560 --> 00:02:58,480
Speaker 2: Those comments from the UK Business and Trade Secretary come

52
00:02:58,760 --> 00:03:01,919
Speaker 2: as a new forecastg just that Breton's economic growth will

53
00:03:01,960 --> 00:03:05,600
Speaker 2: fall further behind the euro area next year. A monthly

54
00:03:05,680 --> 00:03:09,800
Speaker 2: survey of economist by Bloomberg forecast a UK GDP rate

55
00:03:10,120 --> 00:03:13,000
Speaker 2: of six tens of one percent in twenty twenty four.

56
00:03:13,320 --> 00:03:16,280
Speaker 2: That's well below the one percent gain that is estimated

57
00:03:16,400 --> 00:03:21,000
Speaker 2: for the Eurozone. It's a household name in America, but

58
00:03:21,160 --> 00:03:26,040
Speaker 2: asset manager Vanguard is largely unknown in Europe. Bluebo's Crispitt

59
00:03:26,160 --> 00:03:29,760
Speaker 2: has more on how the pioneer of passive investing has

60
00:03:29,800 --> 00:03:30,919
Speaker 2: failed to translate.

61
00:03:31,800 --> 00:03:34,680
Speaker 1: It's a giant managing more than seven and a half

62
00:03:34,880 --> 00:03:38,960
Speaker 1: trillion dollars of assets for thirty million people, but only

63
00:03:39,080 --> 00:03:43,080
Speaker 1: four percent of those assets are in Europe. A number

64
00:03:43,160 --> 00:03:46,360
Speaker 1: of former employees told Bloomberg the company has struggled to

65
00:03:46,400 --> 00:03:50,320
Speaker 1: adapt to a different business culture and that matters. Vanguard's

66
00:03:50,320 --> 00:03:55,760
Speaker 1: business model relies on vast assets, allowing paper thin fees. However,

67
00:03:55,800 --> 00:03:59,320
Speaker 1: the firm says momentum is building. The three hundred billion

68
00:03:59,400 --> 00:04:02,240
Speaker 1: Vanguard has are massed in Europe is plenty, they say

69
00:04:02,280 --> 00:04:07,480
Speaker 1: to scale the business in London. Chris Pitt, Bloomberg Daybreak Europe.

70
00:04:08,200 --> 00:04:12,240
Speaker 2: And Bloomberg's asset management reporter Luki Giftdoppolo will be joining

71
00:04:12,240 --> 00:04:15,960
Speaker 2: me for more on the Vanguard's story at seven forty am,

72
00:04:16,000 --> 00:04:19,440
Speaker 2: so a little later on the program. Meanwhile, Europe is

73
00:04:19,560 --> 00:04:23,000
Speaker 2: bracing for another severe heat wave this week due to

74
00:04:23,080 --> 00:04:26,280
Speaker 2: a weather system from the Sahara. Bob Ward is from

75
00:04:26,320 --> 00:04:30,719
Speaker 2: the Grantham Research Institute on Climate Change and explains what's

76
00:04:30,760 --> 00:04:31,240
Speaker 2: causing it.

77
00:04:31,600 --> 00:04:35,440
Speaker 6: The Mediterranean is experiencing. Southern Europe in particular, is a

78
00:04:35,480 --> 00:04:37,640
Speaker 6: so called heat term, and this is where a high

79
00:04:37,640 --> 00:04:42,680
Speaker 6: pressure system arcs itself over an area and traps in

80
00:04:42,839 --> 00:04:45,120
Speaker 6: hot temperatures over an extended period.

81
00:04:46,000 --> 00:04:49,640
Speaker 2: Temperatures are expected to rise across Italy, with a potential

82
00:04:49,680 --> 00:04:52,800
Speaker 2: peak of forty six degrees on the island of Sardinia.

83
00:04:52,839 --> 00:04:56,760
Speaker 2: According to forecast. Spain has also issued an extreme risk

84
00:04:56,800 --> 00:05:00,279
Speaker 2: alert for the Andalucia region in the south had the

85
00:05:00,320 --> 00:05:04,240
Speaker 2: warmest summer on record last year, contributing to over sixty

86
00:05:04,320 --> 00:05:10,160
Speaker 2: thousand deaths across thirty five countries. And lastly, sellers on

87
00:05:10,279 --> 00:05:13,760
Speaker 2: the UK property market have cut their asking prices for

88
00:05:13,800 --> 00:05:17,320
Speaker 2: the first time this year. Property search portal right Move

89
00:05:17,360 --> 00:05:20,279
Speaker 2: says that the average asking price dropped by two tens

90
00:05:20,240 --> 00:05:23,520
Speaker 2: to one percent in July, but their director of Property

91
00:05:23,560 --> 00:05:26,920
Speaker 2: Science and Innovation, Tim Banister, says that a lack of

92
00:05:26,960 --> 00:05:30,880
Speaker 2: properties for sale is helping to stabilize the market.

93
00:05:31,040 --> 00:05:33,960
Speaker 7: What we're seeing is demand remaining high compared to a

94
00:05:34,000 --> 00:05:36,960
Speaker 7: normal year, compared to three three percent above and normal

95
00:05:37,080 --> 00:05:39,279
Speaker 7: years heading back towards sort of normal year. Time of rate,

96
00:05:39,760 --> 00:05:42,440
Speaker 7: don'ting not seeing a gluck apply, is about twelve percent

97
00:05:42,560 --> 00:05:45,280
Speaker 7: below where it was in twenty nineteen. So when you

98
00:05:45,320 --> 00:05:48,359
Speaker 7: look at demand per property again, that's above where it

99
00:05:48,400 --> 00:05:50,920
Speaker 7: was in twenty nineteen by about twenty plus percent.

100
00:05:52,360 --> 00:05:55,440
Speaker 2: So Tim Banister, their Right Moves director of Property Science

101
00:05:55,480 --> 00:05:58,039
Speaker 2: and Innovation, speaking to us here on Bloomberg Radio a

102
00:05:58,040 --> 00:06:01,040
Speaker 2: little earlier this morning. Those are a few of our

103
00:06:01,040 --> 00:06:05,080
Speaker 2: top stories in terms of what you've been interested in.

104
00:06:05,120 --> 00:06:07,640
Speaker 2: Though the m live pul survey got a lot of

105
00:06:07,680 --> 00:06:11,200
Speaker 2: respondents this week, six hundred and thirty global contributors. Because

106
00:06:11,200 --> 00:06:14,919
Speaker 2: it's all been about Tesla skeptics pushing back after this

107
00:06:15,040 --> 00:06:18,560
Speaker 2: year's huge five hundred billion dollar rally in the EV

108
00:06:18,680 --> 00:06:22,400
Speaker 2: makers stock price, A lot of the participants, a lot

109
00:06:22,440 --> 00:06:25,680
Speaker 2: of you who contributed, are concerned about the risk of

110
00:06:25,880 --> 00:06:30,600
Speaker 2: more competition. That apparently the biggest issue for Elon Musk's Tesla.

111
00:06:30,920 --> 00:06:34,159
Speaker 2: Fifty four percent of people said it was rival sort

112
00:06:34,160 --> 00:06:36,880
Speaker 2: of catching up with the EV technology that are the

113
00:06:36,920 --> 00:06:39,240
Speaker 2: biggest risks with Tesla over the next couple of years,

114
00:06:39,520 --> 00:06:42,279
Speaker 2: but a big chunk a quarter twenty five point six

115
00:06:42,320 --> 00:06:47,040
Speaker 2: percent also say that it's the mercurial decisions and the

116
00:06:47,040 --> 00:06:50,880
Speaker 2: behavior of Elon Musk himself that are the biggest concern

117
00:06:51,200 --> 00:06:54,799
Speaker 2: for Tesla shareholders. I mean, it's had quite an amazing

118
00:06:54,880 --> 00:06:58,440
Speaker 2: rally one hundred and twenty eight percent for the rally

119
00:06:59,279 --> 00:07:02,160
Speaker 2: this year in Tesla's share so no surprise then that

120
00:07:02,240 --> 00:07:05,479
Speaker 2: a lot of participants are thinking about what may be

121
00:07:05,640 --> 00:07:09,600
Speaker 2: coming next for Tesla and what may be the biggest

122
00:07:09,640 --> 00:07:13,680
Speaker 2: challenges for the business ahead. Let's return though to our

123
00:07:13,680 --> 00:07:16,160
Speaker 2: top story this morning around China's economy. So it did

124
00:07:16,200 --> 00:07:19,800
Speaker 2: grow more slowly than I was expected. In the second quarter,

125
00:07:20,160 --> 00:07:22,840
Speaker 2: Chinese GDP came in at six point three percent. The

126
00:07:22,880 --> 00:07:26,200
Speaker 2: expectation from survey of economists by Bloomberg was seven point

127
00:07:26,240 --> 00:07:29,800
Speaker 2: one percent. Joining us now is Bloomberg's China economist David David,

128
00:07:29,800 --> 00:07:32,880
Speaker 2: Good morning, Thanks so much for being with me. It's

129
00:07:32,920 --> 00:07:35,320
Speaker 2: been a pretty tricky recovery. I mean, six point three

130
00:07:35,360 --> 00:07:38,160
Speaker 2: percent is the envy, would be the envy of Europe

131
00:07:38,280 --> 00:07:41,600
Speaker 2: alone the UK, but it is for China a very

132
00:07:41,640 --> 00:07:45,160
Speaker 2: tricky recovery. Why has it been so difficult?

133
00:07:47,080 --> 00:07:50,040
Speaker 8: Yeah, I think if you read only the number, that

134
00:07:50,200 --> 00:07:52,720
Speaker 8: means the six point of three is a very good number,

135
00:07:52,760 --> 00:07:55,080
Speaker 8: but that we have to consider that it was based.

136
00:07:54,880 --> 00:07:58,680
Speaker 9: On the very low based earlier because of the lockdown

137
00:07:58,680 --> 00:08:03,640
Speaker 9: he from high, so that people were actually expecting something

138
00:08:03,720 --> 00:08:07,480
Speaker 9: about seven and we expected seven point eight percent. Yeah,

139
00:08:07,480 --> 00:08:10,080
Speaker 9: on your growth for the Toko GDP, so that you

140
00:08:10,080 --> 00:08:13,320
Speaker 9: can see it is disappointed and in our view, the

141
00:08:13,360 --> 00:08:17,119
Speaker 9: main reason was the weakness in the consumption side. Uh.

142
00:08:17,320 --> 00:08:19,560
Speaker 8: If you look at the today's data, you would see

143
00:08:19,600 --> 00:08:25,160
Speaker 8: that the retail sales was quite below the expectation, although

144
00:08:25,200 --> 00:08:29,000
Speaker 8: the production side was still kind of resilient. So this

145
00:08:29,120 --> 00:08:33,200
Speaker 8: told us that the you know, because the consumption side

146
00:08:33,320 --> 00:08:37,120
Speaker 8: has been the factor leading the post covered the recovery

147
00:08:37,160 --> 00:08:40,520
Speaker 8: in the past several months, and now the weakness with

148
00:08:40,559 --> 00:08:44,280
Speaker 8: the weakening consumption now reached the concern that whether the

149
00:08:44,480 --> 00:08:48,280
Speaker 8: ongoing recovery can be sustainable in the future.

150
00:08:49,240 --> 00:08:49,560
Speaker 10: Yeah.

151
00:08:49,600 --> 00:08:54,480
Speaker 2: Absolutely, Speaking of retail sales that growth slow to three

152
00:08:54,559 --> 00:08:57,839
Speaker 2: point one percent year one year in June, David, do

153
00:08:57,880 --> 00:09:00,560
Speaker 2: you think that we will see more stimilar This is

154
00:09:00,600 --> 00:09:04,319
Speaker 2: the huge question for markets, perhaps fiscal spending to boost

155
00:09:04,320 --> 00:09:07,000
Speaker 2: demand in China.

156
00:09:07,800 --> 00:09:11,400
Speaker 8: Yeah, Actually, we are even before the data came out.

157
00:09:11,559 --> 00:09:16,920
Speaker 8: We have UH tricked our forecast for the for the

158
00:09:16,960 --> 00:09:20,960
Speaker 8: policy side, and we now think the POC can colorate

159
00:09:21,200 --> 00:09:23,720
Speaker 8: twice h in the second half of this year.

160
00:09:24,440 --> 00:09:24,680
Speaker 9: UH.

161
00:09:24,720 --> 00:09:28,920
Speaker 8: And also we see the possibility for the government to

162
00:09:29,080 --> 00:09:33,560
Speaker 8: increase or to make better use of the unused UH

163
00:09:33,760 --> 00:09:37,360
Speaker 8: local government that quota, so it was it should be

164
00:09:37,440 --> 00:09:41,760
Speaker 8: similar as last year if they use it. So that

165
00:09:41,960 --> 00:09:45,960
Speaker 8: you can see that we expected the more active stimulus

166
00:09:46,000 --> 00:09:49,000
Speaker 8: from both the monetary and the fiscal side. But one

167
00:09:49,080 --> 00:09:52,440
Speaker 8: thing I have to address here is that even we

168
00:09:52,559 --> 00:09:57,040
Speaker 8: have a stronger investment from the government, it doesn't necessarily

169
00:09:57,080 --> 00:10:03,680
Speaker 8: mean uh, recover stronger consumption because the consumption in the

170
00:10:03,679 --> 00:10:07,360
Speaker 8: household has been you know, the losing steam was quicker

171
00:10:07,360 --> 00:10:11,679
Speaker 8: and earlier than what we expected, so it must tell something.

172
00:10:12,559 --> 00:10:15,800
Speaker 2: Okay, that's interesting. So then how real do you think

173
00:10:15,800 --> 00:10:20,080
Speaker 2: the prospect of deflation is for China?

174
00:10:20,559 --> 00:10:25,280
Speaker 8: Well, we see the risk actually at the corner because

175
00:10:25,559 --> 00:10:29,160
Speaker 8: last month we saw the CPI year on year zero

176
00:10:29,720 --> 00:10:34,440
Speaker 8: and the deflation in the PPI side already exists for

177
00:10:34,520 --> 00:10:38,880
Speaker 8: several months, so that we are only just a step

178
00:10:39,000 --> 00:10:44,480
Speaker 8: from the full deflation and we cannot exclude the risk.

179
00:10:45,080 --> 00:10:48,520
Speaker 8: And if it is the case, we would see that

180
00:10:49,120 --> 00:10:53,600
Speaker 8: the companies or the business will suffer from that because

181
00:10:53,640 --> 00:10:56,600
Speaker 8: the inflation is quite related to their profitability.

182
00:10:57,360 --> 00:11:00,520
Speaker 2: Yeah, absolutely, David Q, thank you so much being with

183
00:11:00,559 --> 00:11:03,680
Speaker 2: me this morning Bloomberg's China Economists. They're taking us through

184
00:11:03,720 --> 00:11:07,280
Speaker 2: the latest China GDP data. Thank you so much. Coming

185
00:11:07,400 --> 00:11:11,080
Speaker 2: up next, too many university students are sold a false

186
00:11:11,160 --> 00:11:16,439
Speaker 2: dream and Alkohoov snatches the Wimbledon crown from record chasing Djokovic.

187
00:11:18,800 --> 00:11:22,080
Speaker 7: Now the paper review on BLUEMBERG daybreak Europe.

188
00:11:22,280 --> 00:11:24,600
Speaker 1: The news you need to know from today's papers.

189
00:11:25,040 --> 00:11:27,360
Speaker 2: Blue Beggs Leangoens joins me this morning for a look

190
00:11:27,400 --> 00:11:30,079
Speaker 2: through the newspapers, starting with the Telegraph the headline too

191
00:11:30,080 --> 00:11:32,760
Speaker 2: many UNI students are sold a false dream.

192
00:11:32,800 --> 00:11:36,000
Speaker 10: Who says that Rishie scene Access as Caroline. He's been

193
00:11:36,040 --> 00:11:38,839
Speaker 10: writing in the Telegraph and he's pretty blunt and he's

194
00:11:38,880 --> 00:11:41,240
Speaker 10: going to put it simply. He says that our young

195
00:11:41,280 --> 00:11:45,400
Speaker 10: people are being ripped off Roushi soon Access students are

196
00:11:45,440 --> 00:11:48,840
Speaker 10: being saddled with tens and thousands of pounds of debt

197
00:11:48,880 --> 00:11:52,840
Speaker 10: from bad degrees and they just leave them poorer basically

198
00:11:52,880 --> 00:11:56,960
Speaker 10: when they're into the workplace. And he is arguing that

199
00:11:57,200 --> 00:12:02,240
Speaker 10: apprenticeships or other vocational routes are as important as going

200
00:12:02,240 --> 00:12:05,760
Speaker 10: to university. And according to the Institute for Fiscal Studies,

201
00:12:06,120 --> 00:12:09,679
Speaker 10: one in five graduates in this very country, so about

202
00:12:09,720 --> 00:12:14,200
Speaker 10: seventy thousand every year would be better off financially if

203
00:12:14,200 --> 00:12:17,800
Speaker 10: they'd actually gone over to UNI. So Rishie Sunak is

204
00:12:17,880 --> 00:12:21,280
Speaker 10: announcing plans for a crackdown on what he calls these

205
00:12:21,400 --> 00:12:25,520
Speaker 10: ripoff degrees, as well as saying some unique courses will

206
00:12:25,559 --> 00:12:29,959
Speaker 10: see student numbers capped. He's going to be speaking later

207
00:12:30,040 --> 00:12:33,160
Speaker 10: today he's going to attend a school and he's also

208
00:12:33,440 --> 00:12:37,520
Speaker 10: really saying, you know, this full stream is not a

209
00:12:37,559 --> 00:12:41,679
Speaker 10: good thing to sell, because education is absolutely vital.

210
00:12:41,880 --> 00:12:44,280
Speaker 2: I know, but I just question whether using the words

211
00:12:44,400 --> 00:12:49,760
Speaker 2: ripped off is great given the kind of state of universities.

212
00:12:49,760 --> 00:12:52,480
Speaker 2: We've had a lot of lecturers on strike and worried

213
00:12:52,520 --> 00:12:57,200
Speaker 2: about you know, poor pay for certainly you know amongst

214
00:12:57,200 --> 00:13:01,760
Speaker 2: the lower ranks of university teachers. And also you know

215
00:13:01,800 --> 00:13:05,040
Speaker 2: the idea that the UK has got a massive skills problem.

216
00:13:05,360 --> 00:13:08,520
Speaker 2: So how do we sort of solve that anyway, very interesting, Caroline.

217
00:13:08,559 --> 00:13:11,319
Speaker 10: We also have some of the world leading universities here.

218
00:13:11,440 --> 00:13:14,880
Speaker 10: We must remember that we've got Cambridge, Oxford, lots of

219
00:13:14,960 --> 00:13:18,880
Speaker 10: other universities, and it's been a real hub for international

220
00:13:18,920 --> 00:13:22,040
Speaker 10: students to come here because there's such an alluw to

221
00:13:22,080 --> 00:13:26,679
Speaker 10: come to our big universities to study. Education is still pivotal.

222
00:13:26,920 --> 00:13:31,199
Speaker 2: Yeah, no, indeed, and that is a very interesting point.

223
00:13:31,280 --> 00:13:34,240
Speaker 2: And meanwhile the Times talks about drug firms and their

224
00:13:34,320 --> 00:13:36,800
Speaker 2: plea to rejoin Horizon.

225
00:13:37,160 --> 00:13:40,360
Speaker 10: Caroline. Yes, this has been really bubbling under the surface

226
00:13:40,400 --> 00:13:42,680
Speaker 10: for the last three months. We've heard a lot about

227
00:13:42,760 --> 00:13:47,720
Speaker 10: Horizon ow British biggest pharmaceutical companies want the government to

228
00:13:47,760 --> 00:13:52,080
Speaker 10: rejoin the ninety five point five billion euro Horizon Europe

229
00:13:52,280 --> 00:13:56,880
Speaker 10: research project. It's basically a collaboration now. The Time says

230
00:13:56,920 --> 00:14:01,640
Speaker 10: there's real growing frustration in the scientific community over the

231
00:14:01,679 --> 00:14:05,360
Speaker 10: delays to the UK signing this up. Astra Zeneca, the

232
00:14:05,360 --> 00:14:08,800
Speaker 10: foots one hundred companies, says it's so important for the

233
00:14:08,880 --> 00:14:11,719
Speaker 10: UK to take this step because it will make it

234
00:14:11,840 --> 00:14:16,840
Speaker 10: an attractive place for life sciences. Life sciences GSK Britain,

235
00:14:16,880 --> 00:14:21,640
Speaker 10: Siga's second biggest farmer, completely agreeing with this. They want

236
00:14:21,680 --> 00:14:25,120
Speaker 10: to join Horizon to push things forward. Do you remember

237
00:14:25,160 --> 00:14:29,640
Speaker 10: Britain Caroline before Brexit was a leading player in Horizon,

238
00:14:29,720 --> 00:14:33,119
Speaker 10: but they've been shut out of this. But people want.

239
00:14:33,000 --> 00:14:36,120
Speaker 2: For yukin up and that's the problem, and it's all

240
00:14:36,160 --> 00:14:38,760
Speaker 2: about the wrangling about how much the UK puts in

241
00:14:39,640 --> 00:14:41,800
Speaker 2: and how much it gets out in terms of the

242
00:14:41,840 --> 00:14:45,600
Speaker 2: projects that are then funded out of Europe. Nosenica has

243
00:14:45,600 --> 00:14:48,000
Speaker 2: already put its money where its mouth is, though for example,

244
00:14:48,080 --> 00:14:51,600
Speaker 2: it has put is going to put a big lab

245
00:14:51,680 --> 00:14:53,880
Speaker 2: in Ireland rather than in the North of England. So

246
00:14:54,000 --> 00:14:56,800
Speaker 2: you know there's worry about whether those voices are being

247
00:14:57,120 --> 00:15:00,960
Speaker 2: taken seriously. But listen something lighter on the weekend. Were

248
00:15:00,960 --> 00:15:03,960
Speaker 2: you watching the action at Wimbledon the ft has al

249
00:15:04,040 --> 00:15:07,160
Speaker 2: Kaa snatching the Wimbledon crown from Djokovic.

250
00:15:07,320 --> 00:15:10,760
Speaker 10: Yeah, was a real thriller, one for the books, Caroline.

251
00:15:10,800 --> 00:15:14,600
Speaker 10: It took almost five hours to complete. But Carlos Alcaraz

252
00:15:14,680 --> 00:15:18,160
Speaker 10: is a new Wimbledon champion. That's after he did beat

253
00:15:18,240 --> 00:15:22,080
Speaker 10: Novak Djokovic in that thrilling five set final. Lots of

254
00:15:22,120 --> 00:15:24,920
Speaker 10: people were like, no idea, how it's going to end.

255
00:15:24,960 --> 00:15:27,480
Speaker 10: When it's going to end. The world number one is

256
00:15:27,640 --> 00:15:30,440
Speaker 10: the youngest men's went at the All England Tennis Club

257
00:15:30,480 --> 00:15:34,840
Speaker 10: since Boris Becker at nineteen eighty six, thirty six years ago.

258
00:15:35,120 --> 00:15:37,880
Speaker 10: Alcaraz did allude to the fact he's so much younger

259
00:15:37,880 --> 00:15:41,800
Speaker 10: than Novak Djokovic. He was still not even born when

260
00:15:41,840 --> 00:15:42,720
Speaker 10: Djokovic was.

261
00:15:43,560 --> 00:15:46,520
Speaker 2: He mentioned it in his speech at the end and

262
00:15:46,560 --> 00:15:49,800
Speaker 2: that sort of got some laughs in the crowd.

263
00:15:49,960 --> 00:15:52,560
Speaker 10: Caroline. I was just watching the speech at the end

264
00:15:52,560 --> 00:15:57,160
Speaker 10: there and what sportsmanship, both men so great towards each other.

265
00:15:57,360 --> 00:15:59,960
Speaker 10: New blood coming into the top ranks of tennis.

266
00:16:01,320 --> 00:16:03,880
Speaker 2: This is Bloomberg Daybreak, Euroup, your morning brief on the

267
00:16:03,960 --> 00:16:07,080
Speaker 2: stories making news from London to Wall Street and beyond.

268
00:16:07,560 --> 00:16:11,480
Speaker 2: Look for us on your podcast feed every morning, on Apple, Spotify,

269
00:16:11,600 --> 00:16:14,960
Speaker 2: and anywhere else you get your podcasts. You can also

270
00:16:15,000 --> 00:16:18,560
Speaker 2: listen live each morning on London Dab Radio, the Bloomberg

271
00:16:18,680 --> 00:16:22,440
Speaker 2: Business app, and Bloomberg dot Com. Our flagship New York station,

272
00:16:22,600 --> 00:16:26,200
Speaker 2: is also available on your Amazon Alexa device. Just say

273
00:16:26,360 --> 00:16:30,520
Speaker 2: Alexa Play Bloomberg eleven thirty. I'm Karen Hepger. Join us

274
00:16:30,560 --> 00:16:32,800
Speaker 2: again tomorrow morning for all the news you need to

275
00:16:32,800 --> 00:16:38,920
Speaker 2: start your day right here on Bloomberg Daybreak Europe