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Speaker 1: Good morning.

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Speaker 2: It's Thursday, the tenth of August here in London. This

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Speaker 2: is the Blueberg Daybreak at podcast. I'm Caroline Hipka and.

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Speaker 1: I'm Stephen Carroll. Coming up today, European natural gas prices

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Speaker 1: hit a seventeen month high as LNG workers in Australia

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Speaker 1: vote to strike.

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Speaker 2: The House of Mau strikes it rich and announces a

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Speaker 2: massive hike to streaming prices.

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Speaker 1: And the chair of troubled property developer Country Garden sees

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Speaker 1: her fortune drop by close to thirty billion dollars in

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Speaker 1: just two years.

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

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Speaker 1: European natural gas prices have hit the highest level since

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Speaker 1: March of last year after LLENNG workers in Australia voted

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Speaker 1: to strike benchmark futures, so the biggest percentage gained since

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Speaker 1: the early weeks of Russia's war in Ukraine, ending the

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Speaker 1: day up twenty eight percent. That's despite Europe rarely receiving

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Speaker 1: LNG from Australia earlier. The CEO of utility giant Eon

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Speaker 1: warns that Europe's market is still vulnerable to spiking prices.

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Speaker 1: Here's what Leonhard Burnbaum told Bloomberg.

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Speaker 3: We have to be clear that the change the structured

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Speaker 3: changed due to the Russian war against Ukraine and the

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Speaker 3: dropout of Russian guess for survived Europe is going to

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Speaker 3: stay and therefore the crisis is not over and we

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Speaker 3: have to do our part to make sure that we

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Speaker 3: stabilize the situation as much as we can in Europe.

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Speaker 1: The warning from the CEO of e AND also reflects

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Speaker 1: recent moves in the oil markets. The price of WTI

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Speaker 1: closed close to its highest level in almost nine months

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Speaker 1: following the Ukrainian drone attack on a Russian flagged oil tanker.

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Speaker 2: Now in earnings news, they strike by writers and actors

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Speaker 2: in Hollywood has helped with cost cutting at Disney, the

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Speaker 2: world's largest entertainment company, says that the walkout has helped

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Speaker 2: to contribute to three billion dollars in reduction in their

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Speaker 2: content spend. It was the very first thing that the

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Speaker 2: returning CEO, Bob Igert, brought up on his earnings call.

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Speaker 4: In the eight months of their return, we've undertaken an

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Speaker 4: unprecedented transformation Disney. In this quarter's earnings reflect some of

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Speaker 4: what we have accomplished. The company was completely restructured, restoring

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Speaker 4: creativity to the center of our business. We aggressively reduce

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Speaker 4: costs across the enterprise, and we're on track to exceed

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Speaker 4: our initial goal of five point five billion dollars in savings.

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Speaker 2: Bob Eiger's quest to reduce costs comes as the company

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Speaker 2: also announced that it is raising prices for some streaming

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Speaker 2: subscriptions to Disney Plus by as much as twenty seven percent.

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Speaker 2: It is the second time that price is have increased

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Speaker 2: for Disney Plus in less than a year and underschools

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Speaker 2: the firm's drive to make it streaming business profitable by

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Speaker 2: next year.

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Speaker 1: The US is limiting investment into China's chips and AI industries.

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Speaker 1: The executive order was rolled out to little fanfare after

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Speaker 1: markets closed yesterday, as Washington tries to mend relations with Beijing.

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Speaker 1: President Joe Biden tuted his on shoring economic agenda to

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Speaker 1: a crowd in New Mexico as a super proposition.

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Speaker 4: We decided we're going to invest in America.

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Speaker 1: A key question now is whether other countries will allow

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Speaker 1: present was follow President Biden's move, including fallow g seven countries.

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Speaker 2: The chair of troubled Chinese property developer Country Garden has

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Speaker 2: seen her fortune slump by eighty four percent over the

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Speaker 2: past two years. Once AG's richest woman, Yang ku Yan,

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Speaker 2: has now lost more wealth than any other billionaire over

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Speaker 2: the last two years. The property tycoon co founded Country

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Speaker 2: Garden in the early nineteen nineties. Shares in the firm

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Speaker 2: have dropped almost sixty percent this year as tumbling home

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Speaker 2: sales and soaring refinancing cost hit China's real estate sector.

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Speaker 2: Bloomberg's Wealth Index calculates that Yang's fortune has shrunk by

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Speaker 2: twenty eight point six billion dollars from its peak, leaving

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Speaker 2: her with a net worth of five and a half

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Speaker 2: billion dollars.

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Speaker 1: There are fresh signs this morning of a slowdown in

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Speaker 1: the UK property market. The Royal Institution of Charge Surveyors

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Speaker 1: says it's a greed. Sales measure failed to minus forty

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Speaker 1: four percent in July, the weakest since the start of

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Speaker 1: the pandemic rix. It says tenant tenant demand increased over

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Speaker 1: the three months to July, but fewer landlords put properties

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Speaker 1: up for rent. Tarrant Parsons is senior economist with the Institution.

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Speaker 5: You will get some spillover from the sales market and

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Speaker 5: so far as if people want to move but they

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Speaker 5: don't think right now is the correct time to buy,

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Speaker 5: or maybe circumstances don't allow them to buy right now,

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Speaker 5: then they may look to rent for a period of time,

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Speaker 5: So that could be part of the story.

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Speaker 1: That's Tarrant Parsons, senior economist at the ICs. Meanwhile, sixty

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Speaker 1: three percent of surveyors expect prices for tenants to increase

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Speaker 1: over the next three months. It hasn't been that high

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Speaker 1: since nineteen ninety nine.

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Speaker 2: The number of black people appointed as company directors has

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Speaker 2: fallen dramatically at top us firms. Fifteen percent of board

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Speaker 2: members appointed this year at S and P five hundred

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Speaker 2: companies were black. That is down from twenty six percent

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Speaker 2: the year before. According to the executive recruiter Spencer Stewart,

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Speaker 2: the number of black directors rose in the wake of

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Speaker 2: the murder of George Floyd, during a period of heightened

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Speaker 2: focus on diversity at top corporations. However, the level has

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Speaker 2: now fallen back to roughly where it was five years ago.

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Speaker 1: So some of our top stories on the program this morning.

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Speaker 1: Another story that that's caught our eye is a move

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Speaker 1: by China to lift a ban on group travel to

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Speaker 1: a slew of countries, including the UK.

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Speaker 2: Yeah, how long do you think that the average Chinese

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Speaker 2: tourists when they do come to visit the UK stays.

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Speaker 1: I'd say it's quite sure. It's part of a European tour.

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Speaker 1: Maybe three or four nights.

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Speaker 2: Yeah, no, not at all. That is why they're so

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Speaker 2: valuable and why Visit Britain really wants the return of

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Speaker 2: Chinese tourists because they spend more than sixteen nights in

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Speaker 2: the UK. It's a really long holiday, right, and they

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Speaker 2: spend something like two thousand pounds per head, so it's

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Speaker 2: a very very big deal. And I note that this

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Speaker 2: ban has been lifted immediately by the Chinese Ministry of

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Speaker 2: Culture and Tourism, so it's happening from this Thursday. So

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Speaker 2: that's where you've seen a big stock market reaction for

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Speaker 2: you know, particularly travel stocks, because apparently Japan may well

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Speaker 2: see the biggest sort of gain in terms of tourism numbers,

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Speaker 2: but quite a lot of the businesses in Europe might

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Speaker 2: get a lift as well, you know, traveler leisure firms.

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Speaker 1: Yeah, absolutely, definitely something to watch for at the market

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Speaker 1: open later today as well. So that's one market story

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Speaker 1: that we're watching for you this morning. Let's turn though

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Speaker 1: to the impact on the natural gas markets though, of

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Speaker 1: the potential strikes at the L and G facilities in

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Speaker 1: Australia and what effects they might have on global energy

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Speaker 1: supplies and prices. For the latest, let's go to Melbourne

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Speaker 1: and speak to David Stringer, who leads Bloomberg's regional team

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Speaker 1: of energy reporters. David, great to have you with us

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Speaker 1: on the program. What can you tell us about this

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Speaker 1: strike action?

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Speaker 6: Good morning. I mean, as you say, what we're looking

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Speaker 6: at the moment is a threat of strikes. So what

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Speaker 6: we know is that labor union members at least three

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Speaker 6: very key liquefied natural gas export facilities in Australia as

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Speaker 6: they've voted for potential strike action. The process from here

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Speaker 6: on in for at least the next week in some

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Speaker 6: cases and slightly longer, is that their talks will continue.

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Speaker 6: Negotiations are going on between labor union officials who are

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Speaker 6: seeking better pain conditions and company officials to try and

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Speaker 6: avert any actual disruption to the flow of LNG export

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Speaker 6: out of Australia. And don't forget Australia last year was

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Speaker 6: the biggest LNG exporter and along with Qatar and US,

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Speaker 6: you know remains a very crucial supplier of this fuel

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Speaker 6: to global market, So the threat of strikes is there.

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Speaker 6: Even if that threat is you know, is slim, and

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Speaker 6: expectations are that some accommodation will be found between the

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Speaker 6: unions and the companies. Despite that, it's still been enough

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Speaker 6: just that threat of tighter supply to drive up European

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Speaker 6: gas futures. We saw them jump twenty eight percent on Wednesday,

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Speaker 6: you know, even without yet any real immediate impact on supply,

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Speaker 6: and even though Europe isn't necessarily a huge buyer of

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Speaker 6: the gas from Australia.

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Speaker 2: Yeah, I mean that is that is surprising. Why Why

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Speaker 2: is it that that this has had such a huge

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Speaker 2: impact then in terms of global LNG markets, As you say,

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Speaker 2: Europe not a direct importer, but we've seen price to

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Speaker 2: shoot up nearly thirty percent in a day.

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Speaker 6: I think what it really underscores, and you know, this

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Speaker 6: is definitely an opinion we've seen articulated, you know, over

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Speaker 6: the past couple of hours, is you know, it really

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Speaker 6: highlights there's this ongoing nervousness in the energy setector, you know,

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Speaker 6: particularly in Europe, you know, and Europe as you as

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Speaker 6: you know, still contending with and grappling with the loss

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Speaker 6: of supplies from Russia as important as the shunned exports

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Speaker 6: of Russian fuels. There continues to be a nervousness that that,

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Speaker 6: you know, fuel supplies could could suddenly turn insufficient and

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Speaker 6: then we'd be back in you know, not necessarily a

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Speaker 6: crisis like we saw at the back end of last year,

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Speaker 6: but we could again and face some real disruptions and

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Speaker 6: some some significant price impacts to fuel supplies. So I

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Speaker 6: think what this scenario is telling us is that everyone

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Speaker 6: remains incredibly wary after last year's energy crisis.

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Speaker 1: Yeah, I mean where does stand to be worst affected

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Speaker 1: if there is a disruption to supplies. If that, if

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Speaker 1: those supplies don't habitually come to Europe, what other regions

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Speaker 1: are you watching.

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Speaker 6: Well, the issue is there'll be competition in the market.

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Speaker 6: There is a finite amount of LNG exports, and typically

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Speaker 6: Asia and Europe would compete for that small pool of exports.

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Speaker 6: So any any you know, any disruptions, whether that's labor disputes,

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Speaker 6: whether it's outages, if that pool of exports is constrained,

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Speaker 6: then we see that competition increase quickly drives up prices.

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Speaker 6: At this part of the world. It's really major importers

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Speaker 6: like Japan that are currently looking a little nervous. We've

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Speaker 6: seen Japan also take some recent moves with an eye

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Speaker 6: on sort of long term supply. Another giant importer in Asia,

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Speaker 6: of course, is you won't be surprised as China. So

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Speaker 6: those are the big importers. We'd likely to see China

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Speaker 6: and Japan sort of driver prices because they'd be potentially

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Speaker 6: willing to pay more than European consumers. So that's the

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Speaker 6: kind of tension that would play out if we see

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Speaker 6: these strikes go ahead.

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Speaker 2: Absolutely, Thank you so much David for giving us the latest.

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Speaker 2: Then from Melbourne and Bloomberg's at David Stringer, who leads

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Speaker 2: our regional team of energy reporters.

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Speaker 1: Up next, Tory calls to quit Human Rights treaty and

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Speaker 1: small businesses ill prepared for net zero.

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Speaker 6: Now the paper review on blue Bird day Break Europe,

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Speaker 6: the news you need to know from today's papers.

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Speaker 2: And Ken joins this now for more, Let's start with

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Speaker 2: the Telegraph headline SUNAC faces calls from cabinet to ditch ECHR.

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Speaker 2: Good Monolian, Caroline, good morning to you.

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Speaker 7: Yes, so as you're saying this story and The Telegraph

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Speaker 7: today in Rishi Sunac, the Prime Minister could actually face

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Speaker 7: calls from his cabinet to put leaving the European Convention

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Speaker 7: on Human Rights at the heart of the Tory election campaign. Now,

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Speaker 7: this is if migrant deportation flights to Rwanda are blocked.

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Speaker 7: So this is currently what's happening at the moment. The

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Speaker 7: paper says at least eight Cabinet ministers, along with other

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Speaker 7: senior Tories, are prepared to back the move if the

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Speaker 7: ECCHR membership prevents Britain from protecting its borders against illegal migration.

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Speaker 7: Caroline stop the votes is one of Rishi Sunac's five

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Speaker 7: pledges and taking this really seriously, and it comes ahead

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Speaker 7: of a Supreme Court decision over whether the Rwanda policy

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Speaker 7: is actually legal. The Court of Appeal has ruled that

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Speaker 7: the flight should remain blocked. We do know that that

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Speaker 7: happened last month. The Prime Minister has so far resisted

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Speaker 7: calls to leave the ECHR. Suella Bravman, we know she's

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Speaker 7: the Home Secretary. She's the only Cabinet minister right now

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Speaker 7: at the moment that is publicly backed leaving the Convention.

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Speaker 7: But the rehtoric around this is really really ramping up.

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Speaker 7: Lee Anderson, the Deputy Conservative Party Chairman, claimed that the

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Speaker 7: government had failed to tackle illegal immigration, use some really

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Speaker 7: spicy language when it came to that interview he did,

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Speaker 7: and Robert Jenrick, the Immigration Minister, has rebuked what he said.

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Speaker 7: So there even appears to be real divisions within the

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Speaker 7: Conservative Party itself over the way this has been handled.

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Speaker 3: Yeah.

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Speaker 1: I mean, look, the fact that this is at the

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Speaker 1: moment working its way through the UK cords and it's

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Speaker 1: very little to do with the europeing coventioned on human

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Speaker 1: rights I think perhaps points to where there's an attempt

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Speaker 1: to direct this rhetoric towards something that's perhaps just still

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Speaker 1: working through the UK legal system as well as an

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Speaker 1: important point to remember on that, Lee and Let's go

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Speaker 1: to the Financial Times. Next the headline there is small

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Speaker 1: UK companies ill prepared for net zero business leaders Warren.

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Speaker 7: Yeah, again so net zero And this has once again

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Speaker 7: become politically contentious in recent months, with some right wing

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Speaker 7: Tory MPs pushing Ritty Sunak to ease off the target

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Speaker 7: of net zero in order to avoid potential extra costs

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Speaker 7: on consumers and also businesses. And this is due to

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Speaker 7: the cost of living crisis. We've seen food and energy

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Speaker 7: price increases here. But the latest warning comes after this

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Speaker 7: massive survey showing that only one intent ten small companies

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Speaker 7: here in the UK actually understood what the twenty fifty

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Speaker 7: net zero target meant for them in practice, so in reality,

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Speaker 7: what they had to put in place to achieve this.

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Speaker 7: The British Chambers of Commerce and Lloyd's Bank asked more

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Speaker 7: than one thousand companies and found that only eight percent

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Speaker 7: said they actually understood the long term implications and what

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Speaker 7: it meant for them. Sixty percent of those asked actually

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Speaker 7: said they had no intention of reaching net zero by

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Speaker 7: twenty fifty and didn't believe it was even possible for

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Speaker 7: their organization. And the Lobby Group is saying that basically

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Speaker 7: the government need to make things clear. It's clouded at

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Speaker 7: the moment what small businesses need to do and how

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Speaker 7: much it's going to cost them in order to reach

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Speaker 7: this net zero twenty fifty pledge that was put in

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Speaker 7: place by Teresa May. The Lobby Group is also calling

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Speaker 7: on bigger companies and institutions to take responsibility for driving

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Speaker 7: behavioral change through the whole supply chains. But once again

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Speaker 7: what the lobby group is saying is it's unclear what

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Speaker 7: the government is asking small businesses to do right now

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Speaker 7: in the.

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Speaker 2: UK, Absolutely of the British Chambers of Commerce important Business Voice.

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Speaker 2: Just lastly the Guardian and another data breach Northern Ireland

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Speaker 2: Police data breach is second in weeks.

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Speaker 7: Force reveals Yeah, an extremely concerning moment happening in Northern

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Speaker 7: Ireland and ahead of the Police Service of Northern Ireland

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Speaker 7: has cut short his holiday as he does prepare to

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Speaker 7: face questions from the body who oversee the force this morning.

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Speaker 7: So the major data breachers have created anxiety in the

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Speaker 7: ranks and some officers have had to relocate because their

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Speaker 7: details have been issued online.

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