1
00:00:02,560 --> 00:00:07,080
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:09,960 --> 00:00:12,520
Speaker 2: This is the Blueberg Day ba Q podcast, available every

3
00:00:12,520 --> 00:00:15,400
Speaker 2: morning on Apple, Spotify, or wherever you listen. It's Thursday,

4
00:00:15,440 --> 00:00:18,720
Speaker 2: the twenty third of January in London. I'm Caroline Hepka.

5
00:00:18,560 --> 00:00:21,840
Speaker 1: And I'm Stephen Carroll. Coming up today, Vladimir Zelenski says

6
00:00:21,880 --> 00:00:26,080
Speaker 1: any peacekeeping force in Ukraine must include US troops. As

7
00:00:26,120 --> 00:00:28,400
Speaker 1: Trump tells Putin to make a deal.

8
00:00:28,560 --> 00:00:32,600
Speaker 2: The EU proposes extending the transition period for London to

9
00:00:32,680 --> 00:00:35,440
Speaker 2: clear trades until twenty twenty eight.

10
00:00:35,640 --> 00:00:38,559
Speaker 1: Lasts as Trump ramps up his assault on diversity and

11
00:00:38,720 --> 00:00:43,560
Speaker 1: inclusion in government and companies. Others, including Jamie Diamond, push back.

12
00:00:43,840 --> 00:00:46,000
Speaker 2: Let's start with a roundup of our top stories.

13
00:00:46,320 --> 00:00:50,519
Speaker 1: Ukraine's president Zelenski says any effective peacekeeping force deployed in

14
00:00:50,560 --> 00:00:53,920
Speaker 1: his country will need to include US troops. In an

15
00:00:53,920 --> 00:00:56,920
Speaker 1: interview with Bloomberg's editor in chief John Mickelthway, Zelenski said

16
00:00:56,920 --> 00:01:00,480
Speaker 1: his European allies don't have enough soldiers to pose a

17
00:01:00,560 --> 00:01:02,560
Speaker 1: realistic deterrent to Putin.

18
00:01:03,240 --> 00:01:06,320
Speaker 3: It can't be without United States. I will explain you

19
00:01:06,360 --> 00:01:09,680
Speaker 3: why even if some European friends think that it can be, No,

20
00:01:09,840 --> 00:01:12,600
Speaker 3: it will not be. First of all, nobody will risk

21
00:01:12,920 --> 00:01:17,840
Speaker 3: without United States. The second that's what can divide NATO,

22
00:01:18,240 --> 00:01:21,759
Speaker 3: divide EU and USA. That is a goal and dream

23
00:01:21,840 --> 00:01:24,040
Speaker 3: of Putin to divide this unity.

24
00:01:24,440 --> 00:01:28,080
Speaker 1: Zelanski's comments comm as Trump threatens to impose financial penalties

25
00:01:28,120 --> 00:01:29,639
Speaker 1: on Russia if it doesn't end.

26
00:01:29,560 --> 00:01:30,280
Speaker 2: The war soon.

27
00:01:30,640 --> 00:01:34,040
Speaker 1: In a trade social post, Trump said Russian President Vlasimir

28
00:01:34,080 --> 00:01:37,640
Speaker 1: Putin should make a deal soon or face additional tariffs

29
00:01:37,640 --> 00:01:38,440
Speaker 1: and sanctions.

30
00:01:38,920 --> 00:01:42,199
Speaker 2: Now, a Royal Navy submarine has been deployed to warn

31
00:01:42,240 --> 00:01:45,959
Speaker 2: off a Russian spy ship in UK waters. The British

32
00:01:46,040 --> 00:01:49,560
Speaker 2: government says the spy ship, called Yantar, was gathering intelligence

33
00:01:49,840 --> 00:01:54,040
Speaker 2: and mapping the UK's underwater infrastructure. The Defense Secretary John

34
00:01:54,080 --> 00:01:57,000
Speaker 2: Healey told Parliament he has a message for Vlasimir Putin.

35
00:01:57,560 --> 00:02:00,840
Speaker 4: We see you, we know what you're doing, and we

36
00:02:00,920 --> 00:02:06,760
Speaker 4: will not shy away from robust action to protect this country.

37
00:02:07,200 --> 00:02:09,760
Speaker 2: Healy says the ship is an example of growing Russian

38
00:02:09,760 --> 00:02:13,760
Speaker 2: aggression and threats to cables and other offshore infrastructure. The

39
00:02:13,840 --> 00:02:16,960
Speaker 2: incident comes less than a month after undersea internet cables

40
00:02:16,960 --> 00:02:19,240
Speaker 2: would damage in the Gulf of Finland.

41
00:02:19,840 --> 00:02:23,600
Speaker 1: Turning now to the latest commentary from Donald Trump downplaying

42
00:02:23,639 --> 00:02:27,600
Speaker 1: the national security risk posed by TikTok, the social media

43
00:02:27,639 --> 00:02:31,079
Speaker 1: app owned by China's Byte Dance. Speaking to Fox News

44
00:02:31,160 --> 00:02:34,679
Speaker 1: Channel's Hannity, Trump was asked if he was concerned by

45
00:02:34,720 --> 00:02:37,079
Speaker 1: claims that the app could be used as a spying

46
00:02:37,160 --> 00:02:38,280
Speaker 1: tool by Beijing.

47
00:02:38,639 --> 00:02:40,760
Speaker 5: You can say that about everything made in China. Look,

48
00:02:40,800 --> 00:02:43,320
Speaker 5: we have our telephones made in China. For the most moment.

49
00:02:43,680 --> 00:02:46,720
Speaker 5: We have so many things made in China. So why

50
00:02:46,720 --> 00:02:49,440
Speaker 5: don't they mention that, you know, I mean, it's interesting

51
00:02:49,440 --> 00:02:51,240
Speaker 5: thing with TikTok. Those you're dealing with a lot of

52
00:02:51,280 --> 00:02:54,000
Speaker 5: young people, so they love it. Isn't that important for

53
00:02:54,080 --> 00:02:56,200
Speaker 5: China to be spying on young people.

54
00:02:56,360 --> 00:02:59,320
Speaker 1: Donald Trump's remarks on the Fox News Channel's Hannity program

55
00:02:59,400 --> 00:03:02,360
Speaker 1: comes day after he offered the social video app a

56
00:03:02,480 --> 00:03:05,880
Speaker 1: temporary reprieve from legislation that would have forced it to

57
00:03:05,880 --> 00:03:08,800
Speaker 1: shut down in the US. Trump has credited the app

58
00:03:08,880 --> 00:03:12,720
Speaker 1: for improving his political standing among young voters, citing that

59
00:03:12,800 --> 00:03:15,160
Speaker 1: as part of the reason he decided to give byteedown

60
00:03:15,440 --> 00:03:17,040
Speaker 1: more time to secure a sale.

61
00:03:17,120 --> 00:03:20,080
Speaker 2: Bloomberg Economics says that there are good reasons to think

62
00:03:20,320 --> 00:03:24,280
Speaker 2: recessions will be more frequent in coming years. The analysis

63
00:03:24,360 --> 00:03:27,160
Speaker 2: comes as nearly half of Britain say that they expect

64
00:03:27,240 --> 00:03:30,680
Speaker 2: the economy to worsen in the next three months. Forty

65
00:03:30,720 --> 00:03:33,559
Speaker 2: eight percent of those polled by the British Retail Consortium

66
00:03:33,600 --> 00:03:37,440
Speaker 2: took the pessimistic view. Bloomberg's James Wilcock has more.

67
00:03:37,400 --> 00:03:41,080
Speaker 6: The UK is in a mood. The BRC's negative numbers

68
00:03:41,160 --> 00:03:45,040
Speaker 6: join a growing pile. SMP's consumer sentiment gauge is at

69
00:03:45,080 --> 00:03:48,200
Speaker 6: a one year low, and Deloitte see business confidence at

70
00:03:48,200 --> 00:03:51,160
Speaker 6: a two year low. Bloomberg put the gloominess to the

71
00:03:51,240 --> 00:03:55,000
Speaker 6: Chancellor in Davos, who responded saying there was good news

72
00:03:55,080 --> 00:03:56,440
Speaker 6: on global investments.

73
00:03:56,800 --> 00:04:01,960
Speaker 4: We can trade surveys and data, but you know I'm

74
00:04:01,960 --> 00:04:04,160
Speaker 4: here to sell Britain, to talk about the strengths and

75
00:04:04,240 --> 00:04:06,920
Speaker 4: what we are doing. We're reforming the planning system, We're

76
00:04:06,920 --> 00:04:09,800
Speaker 4: reforming our regulatory system, reforming pensions.

77
00:04:09,840 --> 00:04:12,800
Speaker 6: We've got more details on that reform. Rachel Reeves wanted

78
00:04:12,840 --> 00:04:15,880
Speaker 6: to highlight the government are announcing plans to limit legal

79
00:04:15,960 --> 00:04:19,440
Speaker 6: challenges to infrastructure projects. It's another attempt to cut back

80
00:04:19,520 --> 00:04:22,640
Speaker 6: red tape in Britain, but will it bring back confidence

81
00:04:22,800 --> 00:04:26,480
Speaker 6: in their growth plans? In London? James Wilcock Bloomberg Radio.

82
00:04:26,560 --> 00:04:28,960
Speaker 1: European Commission wants to keep London as part of its

83
00:04:29,000 --> 00:04:32,440
Speaker 1: clearing house system for three more years. The Block is

84
00:04:32,480 --> 00:04:36,720
Speaker 1: proposing extending its post Brexit arrangement until twenty twenty eight,

85
00:04:36,880 --> 00:04:40,960
Speaker 1: which gives city clearing houses access to European data. Clearing

86
00:04:41,040 --> 00:04:43,320
Speaker 1: is the only part of the financial services that has

87
00:04:43,360 --> 00:04:47,359
Speaker 1: been granted equivalents since Brexit. Brussels has spent the past

88
00:04:47,440 --> 00:04:50,160
Speaker 1: five years trying to cut London out of its financial

89
00:04:50,200 --> 00:04:52,719
Speaker 1: system and has made clear it was still committed to

90
00:04:52,760 --> 00:04:54,359
Speaker 1: building a rival industry.

91
00:04:54,560 --> 00:04:58,640
Speaker 2: A huge new fire north of la has prompted evacuations

92
00:04:58,680 --> 00:05:01,640
Speaker 2: after weeks of blazers in the area. What's been labeled

93
00:05:01,640 --> 00:05:05,000
Speaker 2: the hues Far expanded quickly to more than nine thousand

94
00:05:05,040 --> 00:05:10,240
Speaker 2: acres and remains uncontained. So far, fifty thousand have been

95
00:05:10,480 --> 00:05:13,680
Speaker 2: placed under warning or forced to leave their homes. One

96
00:05:13,760 --> 00:05:16,719
Speaker 2: local resident has fire crews in his garden.

97
00:05:17,160 --> 00:05:20,200
Speaker 7: It's a little nerve wracking, but there's nothing I can

98
00:05:20,240 --> 00:05:21,920
Speaker 7: do about it, so I have to say somewhare calm

99
00:05:21,960 --> 00:05:26,279
Speaker 7: about it and just roll with it. We've done it before,

100
00:05:26,400 --> 00:05:27,359
Speaker 7: It's happened before.

101
00:05:27,520 --> 00:05:31,760
Speaker 2: A local resident speaking their critical far weather conditions are

102
00:05:31,800 --> 00:05:34,919
Speaker 2: expected to last throughout the day, making it challenging to

103
00:05:35,040 --> 00:05:38,440
Speaker 2: control the threat. The wildfire has stoked fresh fears in

104
00:05:38,480 --> 00:05:42,480
Speaker 2: a region already devastated by two weeks of deadly infernos

105
00:05:42,680 --> 00:05:45,160
Speaker 2: that have killed at least twenty eight people and destroyed

106
00:05:45,200 --> 00:05:47,400
Speaker 2: nearly fifteen thousand structures.

107
00:05:47,760 --> 00:05:51,200
Speaker 1: Elon Musk has openly questioned where their companies in Trump's

108
00:05:51,240 --> 00:05:56,799
Speaker 1: newly announced AI venture could fulfill their pledges. SoftBank, Open Ai,

109
00:05:56,960 --> 00:06:00,599
Speaker 1: and Oracle said they would deploy one hundred billion dollars dammediately,

110
00:06:00,720 --> 00:06:03,760
Speaker 1: with plans to increase that to at least five hundred billion.

111
00:06:04,279 --> 00:06:07,640
Speaker 1: In an exchange on Musk's X platform, Musk wrote of

112
00:06:07,760 --> 00:06:11,480
Speaker 1: SoftBank quote, they don't actually have the money. Open AI's

113
00:06:11,640 --> 00:06:15,599
Speaker 1: Sam Altman issued a response, stating that the Stargate project

114
00:06:15,680 --> 00:06:18,359
Speaker 1: is great for the United States and that he hopes

115
00:06:18,520 --> 00:06:22,080
Speaker 1: Musk will put America first in his new role. Rachel

116
00:06:22,120 --> 00:06:24,479
Speaker 1: Metz covers artificial intelligence for Bloomberg.

117
00:06:25,000 --> 00:06:27,920
Speaker 8: Elon Musk clearly has a long history with Sam Altman

118
00:06:28,000 --> 00:06:31,440
Speaker 8: and with open Ai, and Elon is also involved in

119
00:06:31,520 --> 00:06:35,080
Speaker 8: his own company. He's involved with now the federal government,

120
00:06:35,440 --> 00:06:38,120
Speaker 8: so he's got a lot going on. I think he

121
00:06:38,200 --> 00:06:41,680
Speaker 8: neede a really fair observation, though, like, hey, where's this

122
00:06:41,760 --> 00:06:42,800
Speaker 8: money coming from?

123
00:06:43,120 --> 00:06:46,880
Speaker 1: Rachel Metz says the exchange exposes an early internal rift

124
00:06:46,920 --> 00:06:49,160
Speaker 1: within the White House as Musk takes on a new

125
00:06:49,200 --> 00:06:52,400
Speaker 1: government efficiency role in the Trump administration.

126
00:06:53,000 --> 00:06:55,159
Speaker 2: And those are our top stories for you this morning.

127
00:06:55,240 --> 00:06:58,840
Speaker 2: Looking at the market's Chinese equities looking for some direction.

128
00:06:58,960 --> 00:07:02,120
Speaker 2: C Side three hundred is by four tenths of one percent.

129
00:07:03,000 --> 00:07:06,479
Speaker 2: You've also seen, of course, yesterday the markets on Wall

130
00:07:06,480 --> 00:07:08,920
Speaker 2: Street do particularly well, close to a record high for

131
00:07:08,960 --> 00:07:10,680
Speaker 2: the S and p F I've handed up six tenths

132
00:07:10,720 --> 00:07:12,720
Speaker 2: of one percent then as that was up by one

133
00:07:12,720 --> 00:07:15,640
Speaker 2: point three percent. But even here in Europe we did well,

134
00:07:15,920 --> 00:07:18,240
Speaker 2: up a nine tenths of one percent at the close,

135
00:07:18,480 --> 00:07:22,760
Speaker 2: with an interday high. The US dollar this morning is

136
00:07:23,080 --> 00:07:26,160
Speaker 2: flat right now in terms of treasuries a little change

137
00:07:26,720 --> 00:07:29,440
Speaker 2: as far as ten y US yields go. We're currently

138
00:07:29,520 --> 00:07:33,680
Speaker 2: trading this morning at four point six percent. That as

139
00:07:33,760 --> 00:07:37,320
Speaker 2: oil prices are down a fraction three tenths lower this morning.

140
00:07:37,360 --> 00:07:38,280
Speaker 2: So those are the markets.

141
00:07:38,800 --> 00:07:40,640
Speaker 1: Any moment, we'll bring you more on what's next in

142
00:07:40,720 --> 00:07:43,600
Speaker 1: Russia's war in Ukraine, plus Donald Trump's lators to efforts

143
00:07:43,640 --> 00:07:47,920
Speaker 1: to make companies whod diversity and inclusion programs put in

144
00:07:47,960 --> 00:07:49,920
Speaker 1: the story that caught our eye this morning, Bloomberg has

145
00:07:49,960 --> 00:07:55,200
Speaker 1: published fresh reporting and analysis of the prominent YouTubers who

146
00:07:55,400 --> 00:07:58,040
Speaker 1: are seen has been having a key role in bringing

147
00:07:58,080 --> 00:07:59,000
Speaker 1: Donald Trump to power.

148
00:07:59,080 --> 00:08:01,280
Speaker 2: Yeah, we've had the US election, we've had the inauguration,

149
00:08:01,360 --> 00:08:05,000
Speaker 2: now the scrutiny. So somebody somewhere in this building has

150
00:08:05,040 --> 00:08:09,720
Speaker 2: watched two thousand videos from nine YouTubers who over the

151
00:08:09,760 --> 00:08:13,720
Speaker 2: past year basically cemented themselves as the new mainstream source

152
00:08:13,720 --> 00:08:17,800
Speaker 2: of information for millions of and it is particularly young men.

153
00:08:17,880 --> 00:08:20,960
Speaker 2: So they were looking at Joe Rogan, Agent Rose, Theovonne

154
00:08:21,200 --> 00:08:26,040
Speaker 2: and others. They don't style themselves political pundits or journalists,

155
00:08:26,040 --> 00:08:29,760
Speaker 2: but they've used their perch to rally listeners to support

156
00:08:30,160 --> 00:08:32,640
Speaker 2: Donald Trump to the political right. So a lot of

157
00:08:32,679 --> 00:08:37,800
Speaker 2: analysis about exactly what their messages are, how they come across,

158
00:08:37,920 --> 00:08:41,880
Speaker 2: I mean, the most popular YouTube videos when they were

159
00:08:41,920 --> 00:08:46,040
Speaker 2: talking about them about well almost forty percent talk about

160
00:08:46,040 --> 00:08:51,000
Speaker 2: elections and voting. Very few female guests, but quite a

161
00:08:51,040 --> 00:08:54,640
Speaker 2: lot of rotating guests that go from podcasts to podcasts,

162
00:08:54,640 --> 00:08:59,800
Speaker 2: including that all nine of these YouTubers interviewed Donald Trump himself.

163
00:09:00,120 --> 00:09:03,760
Speaker 1: Fascinating piece of media analysis and sort of outlines a

164
00:09:03,800 --> 00:09:07,720
Speaker 1: critical piece of now what is an influential sector of

165
00:09:07,800 --> 00:09:11,520
Speaker 1: the media. Interesting to see this idea that perhaps Trump

166
00:09:11,559 --> 00:09:14,520
Speaker 1: is going to treat these podcasters as a kind of

167
00:09:14,520 --> 00:09:19,679
Speaker 1: alternative press core during this presidency as well. Worth noting

168
00:09:19,720 --> 00:09:23,319
Speaker 1: as well that these are conversations that often include questions

169
00:09:23,360 --> 00:09:28,000
Speaker 1: and commentary about casting doubt on democratic processes of course,

170
00:09:28,000 --> 00:09:30,800
Speaker 1: particularly around the result of the twenty twenty US presidential

171
00:09:30,880 --> 00:09:34,400
Speaker 1: vote as well, and how these discussions are had without

172
00:09:34,400 --> 00:09:36,920
Speaker 1: any sort of you know, fact checking or you know,

173
00:09:37,120 --> 00:09:40,600
Speaker 1: use of the traditional tools of journalism. But they are

174
00:09:40,679 --> 00:09:44,160
Speaker 1: nonetheless a key source of information for a large co order.

175
00:09:44,320 --> 00:09:48,560
Speaker 2: Yes, absolutely, it's a mix of politics, sports, masculinity, pranks,

176
00:09:48,640 --> 00:09:53,360
Speaker 2: fun games. So it's a very powerful format now, but anyway,

177
00:09:53,400 --> 00:09:55,719
Speaker 2: have a read of it. It's a long bit of analysis,

178
00:09:55,760 --> 00:10:00,560
Speaker 2: but it's absolutely fascinating. Now from that, let's our attention

179
00:10:00,679 --> 00:10:03,280
Speaker 2: then to our top story this morning, major powers are

180
00:10:03,360 --> 00:10:07,160
Speaker 2: poised to start discussing the future of Ukraine, with Trump

181
00:10:07,280 --> 00:10:10,120
Speaker 2: planning to speak to Putin in the coming days. Ukraine's

182
00:10:10,120 --> 00:10:14,439
Speaker 2: president Zelenski has told Bloomberg that President shi Jingping can

183
00:10:14,520 --> 00:10:17,440
Speaker 2: push Putin for peace. Lensky has also said that the

184
00:10:17,600 --> 00:10:20,160
Speaker 2: US has to be part of any peacekeeping force to

185
00:10:20,280 --> 00:10:23,920
Speaker 2: deter Russia. Let's discuss this with Bloomberg's Tony Haupin, who

186
00:10:24,000 --> 00:10:27,200
Speaker 2: leads our coverage of economics and government in Russia. Tony,

187
00:10:27,200 --> 00:10:31,600
Speaker 2: good morning. So, Presidents Alenskive Ukraine. Speaking to Bloomberg's John

188
00:10:31,640 --> 00:10:36,320
Speaker 2: Miklthwaite at length, he has been very adept trying to

189
00:10:36,480 --> 00:10:39,640
Speaker 2: position for the benefit of his country, Ukraine.

190
00:10:39,720 --> 00:10:41,880
Speaker 1: What is his aim now, good morning Kara.

191
00:10:42,240 --> 00:10:45,080
Speaker 9: Yes, well, he's very keen to ensure that Ukraine isn't

192
00:10:45,160 --> 00:10:47,880
Speaker 9: left out of any of these negotiations that, as you mentioned,

193
00:10:47,880 --> 00:10:51,040
Speaker 9: are are going on now and beginning among the major powers.

194
00:10:51,080 --> 00:10:53,520
Speaker 9: He wants to make sure that Ukraine doesn't have any

195
00:10:53,520 --> 00:10:56,120
Speaker 9: settlement imposed upon it. He wants to make sure that

196
00:10:56,240 --> 00:10:59,480
Speaker 9: Kiyov's interests are represented and defended, and very clearly he

197
00:10:59,480 --> 00:11:02,199
Speaker 9: wants to make sure that with the new US administration

198
00:11:02,320 --> 00:11:05,040
Speaker 9: Trump now in power, that he can continue to get

199
00:11:05,200 --> 00:11:09,240
Speaker 9: support diplomatically and militarily from the US while this process

200
00:11:09,240 --> 00:11:12,440
Speaker 9: and negotiation unfolds, and while some sort of settlement is

201
00:11:12,440 --> 00:11:12,959
Speaker 9: hammered out.

202
00:11:13,120 --> 00:11:16,240
Speaker 1: Donald Trump has been fairly forthright about what he expects

203
00:11:16,280 --> 00:11:18,960
Speaker 1: from Vlastimir Putin, you know, make a deal being the

204
00:11:19,040 --> 00:11:21,880
Speaker 1: latest message that we've heard from the new US president,

205
00:11:22,040 --> 00:11:25,720
Speaker 1: or face overwhelming economic consequences. Will that sort of message

206
00:11:25,760 --> 00:11:26,520
Speaker 1: work with Putin?

207
00:11:26,679 --> 00:11:30,120
Speaker 9: Yes, is interesting. I don't think Putin will be surprised

208
00:11:30,120 --> 00:11:33,720
Speaker 9: that Trump's approach is to make a deal, and Russia

209
00:11:33,800 --> 00:11:36,640
Speaker 9: might believe that. You know, they're among the world's most

210
00:11:36,640 --> 00:11:40,520
Speaker 9: sanctioned countries already. Some more sanctions wouldn't necessarily push Putin

211
00:11:40,559 --> 00:11:42,960
Speaker 9: in any particular direction, but I think they might have

212
00:11:42,960 --> 00:11:46,880
Speaker 9: been caught off guard by the tone of Trump's engagement,

213
00:11:47,320 --> 00:11:50,240
Speaker 9: coming even before he and Putin have had a telephone

214
00:11:50,240 --> 00:11:53,800
Speaker 9: call since Trump won election. In fact, back in November.

215
00:11:54,080 --> 00:11:57,040
Speaker 9: I think Putin was quite emollient on Monday, a few

216
00:11:57,080 --> 00:12:01,080
Speaker 9: hours before Trump's inauguration, saying that Russia was ready to

217
00:12:01,120 --> 00:12:04,960
Speaker 9: engage with the US on talks, that he admired Trump's

218
00:12:05,000 --> 00:12:08,480
Speaker 9: courage as a leader. And suddenly the response appears to be,

219
00:12:08,559 --> 00:12:11,680
Speaker 9: you know, Trump is make a deal or else, and

220
00:12:11,760 --> 00:12:13,079
Speaker 9: as he put it, you can do it the hard

221
00:12:13,120 --> 00:12:15,320
Speaker 9: way or the easy ways. I think this is a

222
00:12:15,400 --> 00:12:17,880
Speaker 9: kind of language that won't necessarily have been expected in

223
00:12:17,920 --> 00:12:19,640
Speaker 9: the criminal, and they'll have to try and engage. How

224
00:12:19,640 --> 00:12:20,880
Speaker 9: they're going to respond.

225
00:12:20,720 --> 00:12:25,200
Speaker 2: Yes, this kind of idea of overwhelming pressure, overwhelming aggressional force.

226
00:12:25,960 --> 00:12:29,440
Speaker 2: What about China? In all of this, they've given poutin

227
00:12:29,520 --> 00:12:31,120
Speaker 2: cover and a lot of support.

228
00:12:31,760 --> 00:12:35,600
Speaker 9: Yes, again, Seizing Ping is emerging as a key figure

229
00:12:35,640 --> 00:12:39,920
Speaker 9: in all of these moving parts. President Zelenski yesterday referenced

230
00:12:40,000 --> 00:12:42,120
Speaker 9: him as you said, saying that he can push pootin

231
00:12:42,200 --> 00:12:46,600
Speaker 9: for peace. Trump and Seizing Ping spoke last Friday, and

232
00:12:46,640 --> 00:12:53,000
Speaker 9: Trump's adopted perhaps a surprisingly warm approach to China so far, suggesting,

233
00:12:53,040 --> 00:12:56,800
Speaker 9: for example, ten percent tarists rather than the sixty percent,

234
00:12:56,840 --> 00:12:59,280
Speaker 9: and less even than the amount he's threatening to Canada.

235
00:13:00,120 --> 00:13:04,800
Speaker 9: Putin and See also held a direct video call the

236
00:13:04,920 --> 00:13:08,440
Speaker 9: day after Trump's inauguration at which they both sort of

237
00:13:08,440 --> 00:13:13,320
Speaker 9: re emphasized their strategic partnership. So he's well positioned to

238
00:13:13,360 --> 00:13:16,560
Speaker 9: be part of the negotiations that are going to unfold here.

239
00:13:16,840 --> 00:13:20,320
Speaker 9: And I don't think anyone expects a deal to be

240
00:13:20,440 --> 00:13:23,319
Speaker 9: reached that doesn't somehow include some Chinese influance.

241
00:13:23,600 --> 00:13:26,240
Speaker 1: Okay, Tony Halpam, thank you very much for joining us.

242
00:13:26,280 --> 00:13:29,439
Speaker 2: Within hours of taking the oath of office. Persident Trump

243
00:13:29,520 --> 00:13:34,120
Speaker 2: began to dismantle diversity, equity and inclusion programs. His executive

244
00:13:34,200 --> 00:13:38,480
Speaker 2: orders now span US government, federal agencies, but also corporate America.

245
00:13:38,559 --> 00:13:40,439
Speaker 2: So we wanted to take a moment to discuss this

246
00:13:40,760 --> 00:13:43,319
Speaker 2: with Binnimberg's reported to you at Ada Bio. First you

247
00:13:43,360 --> 00:13:46,160
Speaker 2: come morning to you at what has Donald Trump ordered

248
00:13:46,200 --> 00:13:49,880
Speaker 2: for US government, for federal agencies and for companies.

249
00:13:50,640 --> 00:13:54,440
Speaker 10: So essentially, this is an executive order that targets federal

250
00:13:54,520 --> 00:13:58,559
Speaker 10: contractors and publicly traded companies. He's urging them to end

251
00:13:58,559 --> 00:14:03,679
Speaker 10: what he says are illegal DI discrimination and preferences. And

252
00:14:03,720 --> 00:14:08,080
Speaker 10: he's also labeled DI policies as dangerous, demeaning, and immoral.

253
00:14:08,320 --> 00:14:12,960
Speaker 10: So crucially, this is an expansion of his previous DII crackdown.

254
00:14:13,040 --> 00:14:18,000
Speaker 10: This order directs agencies to encourage corporations and other groups

255
00:14:18,240 --> 00:14:22,200
Speaker 10: to end these DEI preferences. And looking at the president's

256
00:14:22,280 --> 00:14:26,480
Speaker 10: previous directive that banned DEI policies from the actual government,

257
00:14:26,520 --> 00:14:29,080
Speaker 10: so this goes a step further. But looking at the

258
00:14:29,160 --> 00:14:32,760
Speaker 10: sorts of companies that could potentially be affected, they're big players.

259
00:14:33,400 --> 00:14:38,000
Speaker 10: Could force major US contractors like Lockheed Martin and Boeing

260
00:14:38,040 --> 00:14:41,840
Speaker 10: actually to certify that any diversity focused initiatives that they

261
00:14:41,920 --> 00:14:44,240
Speaker 10: have are in compliance with the federal law. So a

262
00:14:44,280 --> 00:14:46,160
Speaker 10: step forward for Donald Trump on this matter.

263
00:14:46,680 --> 00:14:50,120
Speaker 1: What's been the reaction from companies in America to this, Well.

264
00:14:49,920 --> 00:14:53,760
Speaker 10: There does seem to be a growing divide between companies

265
00:14:53,760 --> 00:14:57,400
Speaker 10: that have embraced what some commentators are calling this sort

266
00:14:57,440 --> 00:15:00,640
Speaker 10: of vibe shift away from DEI that we've se in

267
00:15:00,680 --> 00:15:03,680
Speaker 10: the United States, and companies that are pushing back on that.

268
00:15:04,080 --> 00:15:07,360
Speaker 10: But even before the twenty twenty four election was settled,

269
00:15:08,000 --> 00:15:11,280
Speaker 10: there was already a growing trend of sort of multinational

270
00:15:11,320 --> 00:15:16,880
Speaker 10: corporations either scrapping or stepping back from their DEI related initiatives.

271
00:15:17,560 --> 00:15:20,400
Speaker 10: And there's a whole range of companies included in this.

272
00:15:20,600 --> 00:15:24,600
Speaker 10: So you've got the motorbike retailer Harley Davidson and other

273
00:15:24,680 --> 00:15:28,600
Speaker 10: bigger firms. In the lead up to Trump's inauguration on Monday,

274
00:15:29,040 --> 00:15:32,960
Speaker 10: we heard from companies including Walmart, as you mentioned in Meta,

275
00:15:33,040 --> 00:15:36,920
Speaker 10: that also unveiled plans to roll back their own DEI programs.

276
00:15:36,960 --> 00:15:40,480
Speaker 10: But there are others, including Wall Street giants like Goldman

277
00:15:40,560 --> 00:15:43,520
Speaker 10: Sachs and JP Morgan, that are pushing back on this,

278
00:15:43,680 --> 00:15:47,080
Speaker 10: and they're looking to frame DEI programs in terms of

279
00:15:47,120 --> 00:15:50,920
Speaker 10: their commercial benefits, and that's definitely a line that was

280
00:15:50,920 --> 00:15:55,160
Speaker 10: adopted by JP Morgan CEO Jamie Diamond. He's been discussing

281
00:15:55,240 --> 00:15:57,960
Speaker 10: this issue. He spoke to c NBC yesterday at the

282
00:15:57,960 --> 00:16:00,600
Speaker 10: World Economic Forum and your meeting in Davi and here's

283
00:16:00,600 --> 00:16:01,760
Speaker 10: what he had to say on the matter.

284
00:16:02,320 --> 00:16:05,680
Speaker 11: Our outreach and it's commercial. This is right, ninety percent

285
00:16:05,760 --> 00:16:08,200
Speaker 11: for profit. We are going to continue to reach out

286
00:16:08,200 --> 00:16:11,040
Speaker 11: to the black community, this batting community, the LGBT community,

287
00:16:11,400 --> 00:16:14,880
Speaker 11: the veterans community. We have special problems of disabled Second

288
00:16:14,960 --> 00:16:18,800
Speaker 11: Chance Initiative and wherever I go, Red States, Blue States,

289
00:16:18,960 --> 00:16:21,480
Speaker 11: Green States, they like what we do right, So we're

290
00:16:21,520 --> 00:16:24,160
Speaker 11: not trying to pander to any which side, any which thing.

291
00:16:24,440 --> 00:16:27,760
Speaker 10: That was Jamie Diamond speaking to CNBC esday. It's interesting.

292
00:16:27,800 --> 00:16:30,280
Speaker 10: He also said bring them on when he was told

293
00:16:30,280 --> 00:16:33,920
Speaker 10: that some customers and shareholder activists might want to push

294
00:16:34,000 --> 00:16:36,560
Speaker 10: back at JP Morgan for their stance on DEI. So

295
00:16:36,680 --> 00:16:39,800
Speaker 10: it's a defiant stance and actually one that was also

296
00:16:39,920 --> 00:16:42,520
Speaker 10: echoed by the CEO of Goldman Sachs, David Solomon, who

297
00:16:42,520 --> 00:16:45,320
Speaker 10: also spoke to CNBC. He said that their approach to

298
00:16:45,400 --> 00:16:48,840
Speaker 10: DII is actually in tune with client needs. So we're

299
00:16:48,920 --> 00:16:52,960
Speaker 10: seeing some CEOs from Wall Street really framed DEI within

300
00:16:53,000 --> 00:16:57,200
Speaker 10: the context of delivering on shareholder needs and client needs

301
00:16:57,240 --> 00:16:58,240
Speaker 10: as well.

302
00:16:58,400 --> 00:17:01,080
Speaker 2: The backlash of deif you point out it's been building

303
00:17:01,120 --> 00:17:03,200
Speaker 2: for some time in the US, this is less than

304
00:17:03,200 --> 00:17:07,399
Speaker 2: five years after George Floyd's murder ushered in a number

305
00:17:07,480 --> 00:17:11,040
Speaker 2: of these cultural changes. Is this now potentially another big

306
00:17:11,040 --> 00:17:13,879
Speaker 2: cultural shift? I mean, perhaps also one that will be

307
00:17:13,920 --> 00:17:15,000
Speaker 2: felt in Europe.

308
00:17:15,280 --> 00:17:17,760
Speaker 10: It does feel like a bit of a sea change, Caroline.

309
00:17:17,760 --> 00:17:20,320
Speaker 10: As you mentioned, the murder of George Floyd ushered in

310
00:17:20,359 --> 00:17:23,439
Speaker 10: more of a commitment to equity and inclusion, and we

311
00:17:23,600 --> 00:17:26,879
Speaker 10: have seen some of those measures rolled back in recent years.

312
00:17:27,000 --> 00:17:30,119
Speaker 10: You can point to landmark rulings like the Supreme Court's

313
00:17:30,119 --> 00:17:34,040
Speaker 10: decision to end affirmative action in college admissions in twenty

314
00:17:34,119 --> 00:17:37,639
Speaker 10: twenty three and earlier than that. Actually, this conversation was

315
00:17:37,640 --> 00:17:42,640
Speaker 10: focused more around ESG and how large asset managers handled that.

316
00:17:43,320 --> 00:17:46,880
Speaker 10: Black Rock, namely, the world's largest asset manager, faced criticism

317
00:17:46,920 --> 00:17:50,399
Speaker 10: over its commitments to ESG, and they recently pulled out

318
00:17:50,440 --> 00:17:52,760
Speaker 10: of something called ENZAM, which is the net zero asset

319
00:17:52,800 --> 00:17:57,480
Speaker 10: manager's initiative that's actually now had to suspend its activities

320
00:17:57,520 --> 00:18:00,760
Speaker 10: all together after several other big names pulled out. So

321
00:18:00,840 --> 00:18:04,320
Speaker 10: it was a conversation that started more around climate concerns

322
00:18:04,320 --> 00:18:07,600
Speaker 10: around ESG, and it's now sort of metamorphosized into this

323
00:18:07,640 --> 00:18:10,920
Speaker 10: conversation about DEI as well. It's likely that this will

324
00:18:10,960 --> 00:18:14,320
Speaker 10: continue as the President gets deeper into his second term

325
00:18:14,320 --> 00:18:14,960
Speaker 10: in office.

326
00:18:16,000 --> 00:18:18,760
Speaker 1: This is Bloomberg Daybreak Europe, your morning brief on the

327
00:18:18,800 --> 00:18:21,880
Speaker 1: stories making news from London to Wall Street and beyond.

328
00:18:22,160 --> 00:18:26,120
Speaker 2: Look for us on your podcast feed every morning, on Apple, Spotify,

329
00:18:26,200 --> 00:18:28,160
Speaker 2: and anywhere else you get your podcasts.

330
00:18:28,200 --> 00:18:31,200
Speaker 1: You can also listen live each morning on London Dab Radio,

331
00:18:31,280 --> 00:18:33,960
Speaker 1: the Bloomberg Business app, and Bloomberg dot Com.

332
00:18:34,000 --> 00:18:36,760
Speaker 2: Our flagship New York station is also available on your

333
00:18:36,800 --> 00:18:41,520
Speaker 2: Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.

334
00:18:41,760 --> 00:18:44,440
Speaker 1: I'm Caroline Hipka and I'm Stephen Carroll. Join us again

335
00:18:44,440 --> 00:18:47,040
Speaker 1: tomorrow morning for all the news you need to start

336
00:18:47,080 --> 00:18:53,680
Speaker 1: your day right here on Bloomberg Daybreak Europe