1
00:00:02,520 --> 00:00:07,000
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:09,520 --> 00:00:12,520
Speaker 2: This is the BlueBag Day BAQ podcast. Good morning, It's Thursday,

3
00:00:12,560 --> 00:00:15,520
Speaker 2: the thirteenth of November. I'm Caroline Hepkitt in London.

4
00:00:15,480 --> 00:00:18,799
Speaker 1: And I'm Stephen Caroline Brussels. Coming up today, the longest

5
00:00:18,800 --> 00:00:21,960
Speaker 1: shutdown in US history comes to an end, but fully

6
00:00:21,960 --> 00:00:24,439
Speaker 1: reopening the government could still take weeks.

7
00:00:25,040 --> 00:00:28,320
Speaker 2: The EU prepares to present the US with its plan

8
00:00:28,480 --> 00:00:32,000
Speaker 2: to move this summer's trade deal forwards, focused on tariff

9
00:00:32,000 --> 00:00:33,520
Speaker 2: relief and market access.

10
00:00:33,920 --> 00:00:38,640
Speaker 1: Plus going off brand. Why Russian trademark poachers are targeting

11
00:00:38,640 --> 00:00:41,640
Speaker 1: the likes of our many Amazon and Calvin Klein.

12
00:00:42,159 --> 00:00:44,120
Speaker 2: Let's start with a round up of our top stories.

13
00:00:44,560 --> 00:00:47,080
Speaker 1: The US government shutdown has come to an end after

14
00:00:47,120 --> 00:00:50,199
Speaker 1: President Trump signed off on a temporary funding bill that

15
00:00:50,280 --> 00:00:53,200
Speaker 1: was passed earlier by the House of Representatives. It marks

16
00:00:53,240 --> 00:00:56,680
Speaker 1: the official conclusion to a forty three day impass that

17
00:00:56,760 --> 00:01:00,680
Speaker 1: halted food aid to millions of households, canceled thousands of flights,

18
00:01:00,720 --> 00:01:03,639
Speaker 1: and forced federal workers to go unpaid for more than

19
00:01:03,640 --> 00:01:05,960
Speaker 1: a month. Speaking as he signed the bill into law,

20
00:01:06,000 --> 00:01:09,280
Speaker 1: President Trump took aim at his political opponents for.

21
00:01:09,280 --> 00:01:12,320
Speaker 3: The past forty three days Democrats in Congress shut down

22
00:01:12,360 --> 00:01:15,959
Speaker 3: the government of the United States and an attempt to extort.

23
00:01:15,600 --> 00:01:16,840
Speaker 4: American tax players.

24
00:01:17,400 --> 00:01:19,959
Speaker 1: President Trump was referring there to the fact that Democrats

25
00:01:19,959 --> 00:01:22,960
Speaker 1: had largely opposed the bill to reopen the government because

26
00:01:22,959 --> 00:01:26,600
Speaker 1: it didn't include their central demand to renew healthcare subsidies.

27
00:01:26,959 --> 00:01:31,520
Speaker 2: Now, the Interim spending Package provides funding until the end

28
00:01:31,560 --> 00:01:33,920
Speaker 2: of January, and it means that the US government can

29
00:01:34,040 --> 00:01:38,600
Speaker 2: begin to resume normal operations, with US federal workers expected

30
00:01:38,680 --> 00:01:41,920
Speaker 2: back on the job starting on Thursday. However, it could

31
00:01:41,959 --> 00:01:45,039
Speaker 2: still take days or even weeks for the federal bureaucracy

32
00:01:45,080 --> 00:01:48,000
Speaker 2: to fully restart and clear the back lag after being

33
00:01:48,040 --> 00:01:51,480
Speaker 2: closed since October. Speaking earlier on Wednesday, the White House

34
00:01:51,480 --> 00:01:55,559
Speaker 2: Press Secretary Caroline Levitt also conceded that the October jobs

35
00:01:55,600 --> 00:01:59,280
Speaker 2: and consumer price index with pause are now unlikely to

36
00:01:59,360 --> 00:02:01,960
Speaker 2: ever be really least as a result of the shutdown.

37
00:02:02,160 --> 00:02:04,360
Speaker 1: The European Union is set to present a proposal to

38
00:02:04,400 --> 00:02:07,320
Speaker 1: the US later this month to enact the next phase

39
00:02:07,360 --> 00:02:10,040
Speaker 1: of a trade agreement reached this summer. The so called

40
00:02:10,080 --> 00:02:14,640
Speaker 1: Implementation Action Plan focuses on areas including tariffs and market

41
00:02:14,720 --> 00:02:18,960
Speaker 1: access for the world's largest trading relationship. Lomberg's freddie Fulston

42
00:02:19,040 --> 00:02:19,440
Speaker 1: has more.

43
00:02:19,760 --> 00:02:23,160
Speaker 5: The deal, agreed in August, set a fifteen percent tariff

44
00:02:23,280 --> 00:02:27,880
Speaker 5: on most but not all EU goods entering the US. Now,

45
00:02:28,000 --> 00:02:31,560
Speaker 5: the EU is seeking lower rates for several additional goods,

46
00:02:31,720 --> 00:02:35,960
Speaker 5: including wines and spirits. It also wants a quota system

47
00:02:36,200 --> 00:02:39,320
Speaker 5: that would reduce the fifty percent tariff on some steel

48
00:02:39,360 --> 00:02:43,200
Speaker 5: and aluminium exports, and assurances that it won't be hit

49
00:02:43,320 --> 00:02:47,600
Speaker 5: by higher sectoral duties in the future. The proposal comes

50
00:02:47,600 --> 00:02:50,920
Speaker 5: in response to Washington's demand for a legally binding plan

51
00:02:51,000 --> 00:02:55,440
Speaker 5: to revise EU regulations, which it says hurt US businesses

52
00:02:55,800 --> 00:02:58,400
Speaker 5: in London. Freddie Fulston Bloomberg Radio.

53
00:02:58,880 --> 00:03:02,560
Speaker 2: Top trade negotiators from Switzerland are heading to Washington to

54
00:03:02,639 --> 00:03:05,840
Speaker 2: complete negotiations on a trade deal aimed at lowering the

55
00:03:05,919 --> 00:03:10,160
Speaker 2: thirty nine percent tariff rate on Swiss goods. Bloomberg understands

56
00:03:10,160 --> 00:03:13,240
Speaker 2: the delegation is hoping to cut US duties on products

57
00:03:13,280 --> 00:03:18,560
Speaker 2: including watches and chocolate to fifteen percent. President Trump confirmed

58
00:03:18,600 --> 00:03:21,520
Speaker 2: that his administration was quote working on a deal to

59
00:03:21,600 --> 00:03:25,440
Speaker 2: get their tariffs a little bit lower. It is unclear

60
00:03:25,520 --> 00:03:27,240
Speaker 2: if a final deal will be reached.

61
00:03:28,000 --> 00:03:31,679
Speaker 1: UK Treasury officials believe that Rachel Reeves could get billions

62
00:03:31,760 --> 00:03:34,600
Speaker 1: of pounds of extra room in her upcoming budget thanks

63
00:03:34,639 --> 00:03:38,400
Speaker 1: to her plan to cut household bills and bring down inflation.

64
00:03:38,960 --> 00:03:41,680
Speaker 1: Sources tell us the Chancellor's team have asked the government's

65
00:03:41,680 --> 00:03:45,200
Speaker 1: fiscal watchdog to take into account measures on energy bills,

66
00:03:45,360 --> 00:03:49,640
Speaker 1: railfares and other regulated prices in its budget forecast. With

67
00:03:49,760 --> 00:03:51,280
Speaker 1: more here's Bloomberg's crispit.

68
00:03:51,640 --> 00:03:54,840
Speaker 6: The Treasury's argument is that lower inflation will mean lower

69
00:03:54,880 --> 00:03:59,160
Speaker 6: interest rates and therefore lower borrowing costs. We understand that

70
00:03:59,240 --> 00:04:03,120
Speaker 6: the Office for Budge Responsibility is considering the Treasury's claim,

71
00:04:03,200 --> 00:04:07,280
Speaker 6: and according to calculations by Bloomberg Economics, if they recognized

72
00:04:07,280 --> 00:04:10,800
Speaker 6: the forecast, it could give Reeves an extra six billion

73
00:04:11,000 --> 00:04:14,080
Speaker 6: pounds and the chances will need every penny of that

74
00:04:14,240 --> 00:04:16,480
Speaker 6: to help her fill her budget whole of as much

75
00:04:16,520 --> 00:04:21,000
Speaker 6: as thirty five billion caused by an anticipated growth downgrade,

76
00:04:21,320 --> 00:04:25,320
Speaker 6: higher borrowing costs, and policy u turns. The reporting comes

77
00:04:25,320 --> 00:04:28,760
Speaker 6: as the Royal Institution of Chartered Surveyors warned that the

78
00:04:28,800 --> 00:04:32,920
Speaker 6: property market is in a holding pattern amid speculation that

79
00:04:32,960 --> 00:04:37,240
Speaker 6: Reeves will target housing in her budget, alongside expectations for

80
00:04:37,320 --> 00:04:41,279
Speaker 6: broader tax hikes in London Chris Pitt Bloomberg Radio.

81
00:04:41,960 --> 00:04:45,320
Speaker 2: Meanwhile, the Prime minisip Kis Darmer has called for unity

82
00:04:45,480 --> 00:04:49,960
Speaker 2: after revelations of an alleged leadership challenged against him seemed

83
00:04:50,000 --> 00:04:52,760
Speaker 2: to have backfired. The Labour Party leader said that he

84
00:04:52,839 --> 00:04:57,400
Speaker 2: had not authorized media briefings against the Health Secretary West Treeting,

85
00:04:57,880 --> 00:05:01,160
Speaker 2: who allies anonymously accused of trying to get rid of Starmer.

86
00:05:01,440 --> 00:05:04,960
Speaker 2: Answering questions in Parliament yesterday, Starma downplayed rumors of a

87
00:05:05,040 --> 00:05:05,920
Speaker 2: government rift.

88
00:05:06,600 --> 00:05:09,320
Speaker 5: My focus each and every day is on rebuilding of

89
00:05:09,440 --> 00:05:10,640
Speaker 5: reduring our country.

90
00:05:11,680 --> 00:05:13,120
Speaker 1: Let me be absolutely clear.

91
00:05:13,200 --> 00:05:17,320
Speaker 6: Any attack on any member of my cabinet is completely.

92
00:05:16,720 --> 00:05:21,360
Speaker 2: Unacceptable perman It's a kiss Starmer speaking there, streating one

93
00:05:21,360 --> 00:05:24,039
Speaker 2: of the best known members of the cabinet, denied plotting

94
00:05:24,040 --> 00:05:27,280
Speaker 2: to get rid of his boss and professed loyalty to Starmer. Now,

95
00:05:27,279 --> 00:05:30,719
Speaker 2: according to Labor rules, rivals for the premiership must have

96
00:05:30,720 --> 00:05:33,520
Speaker 2: a seat in Parliament and nominations from twenty percent of

97
00:05:33,560 --> 00:05:37,320
Speaker 2: the parliamentary party. Candidates must also be nominated by a

98
00:05:37,360 --> 00:05:42,200
Speaker 2: minimum of five percent of constituency parties or three labor affiliates,

99
00:05:42,240 --> 00:05:45,360
Speaker 2: two of which must be trade unions and.

100
00:05:45,240 --> 00:05:48,240
Speaker 1: In the United States, Democrats are continuing to pressure President

101
00:05:48,320 --> 00:05:52,240
Speaker 1: Trump over his ties to the disgraced financier Jeffrey Epstein.

102
00:05:52,480 --> 00:05:55,800
Speaker 1: That's after new emails released by a Congressional committee showed

103
00:05:55,800 --> 00:05:58,719
Speaker 1: Epstein appearing to allege Trump spent hours with one of

104
00:05:58,760 --> 00:06:02,279
Speaker 1: his victims. Democrats and some Republicans are calling for all

105
00:06:02,279 --> 00:06:04,800
Speaker 1: Epstein files to be released, but the White HOS Press

106
00:06:04,800 --> 00:06:09,360
Speaker 1: Secretary Caroline Levitt says the administration is already helping the investigations.

107
00:06:10,240 --> 00:06:14,280
Speaker 7: This administration has done more with respect to transparency when

108
00:06:14,320 --> 00:06:18,279
Speaker 7: it comes to Jeffrey Epstein than any administration ever. In fact,

109
00:06:18,480 --> 00:06:22,000
Speaker 7: this administration, the Department of Justice, has turned over tens

110
00:06:22,040 --> 00:06:26,040
Speaker 7: of thousands of documents to the American people. We are

111
00:06:26,120 --> 00:06:30,000
Speaker 7: cooperating and joining support for the House Oversight Committee.

112
00:06:29,640 --> 00:06:33,400
Speaker 1: Karlin Evatt, speaking there following the document's publication. Arizona Democrat

113
00:06:33,520 --> 00:06:38,239
Speaker 1: Adelita Gricalva provided the decisive signature on a petition forcing

114
00:06:38,240 --> 00:06:41,159
Speaker 1: a vote on legislation to compel the Justice Department to

115
00:06:41,240 --> 00:06:44,960
Speaker 1: release any Epstein files. I Speaker Mike Johnson told reporters

116
00:06:45,160 --> 00:06:47,520
Speaker 1: he will bring the bill to a vote next week.

117
00:06:48,080 --> 00:06:50,919
Speaker 2: Now, those are top stories for you this morning. Looking

118
00:06:51,000 --> 00:06:55,480
Speaker 2: at the markets, So global stocks Carli little Bit lower

119
00:06:55,560 --> 00:06:59,000
Speaker 2: shares have seen three days of gains. Gold and silver

120
00:06:59,200 --> 00:07:01,560
Speaker 2: poise for a fresh push high now that we have

121
00:07:01,640 --> 00:07:04,479
Speaker 2: the end of the US government shut down. Gold is

122
00:07:04,560 --> 00:07:07,080
Speaker 2: up by four tenths of one percent. Stop futures are

123
00:07:07,080 --> 00:07:09,920
Speaker 2: also mostly high this morning, up four tenths for the

124
00:07:09,960 --> 00:07:12,600
Speaker 2: US stocks fifty futures, two tents half of the S

125
00:07:12,640 --> 00:07:15,800
Speaker 2: and P five hundred brent crude futures, though lower a

126
00:07:15,840 --> 00:07:20,400
Speaker 2: tenth of one percent opate revealing the long awaited surplus

127
00:07:20,440 --> 00:07:24,160
Speaker 2: which has emerged in oil markets. Cisco's surging after market

128
00:07:24,440 --> 00:07:28,120
Speaker 2: for their share price after they boosted twenty twenty six forecosts.

129
00:07:28,400 --> 00:07:30,600
Speaker 2: Those are the markets in a moment.

130
00:07:30,800 --> 00:07:33,040
Speaker 1: More on the end of the US government shutdown, plus

131
00:07:33,040 --> 00:07:35,240
Speaker 1: as some of the world's biggest brands are losing their

132
00:07:35,280 --> 00:07:39,080
Speaker 1: trademarks in Russia. But another story that has us dreaming

133
00:07:39,120 --> 00:07:42,720
Speaker 1: this morning of rest and relaxation. Carol and our pursuits correspondence.

134
00:07:42,760 --> 00:07:45,600
Speaker 1: Sera Rappaport has been pursuing wellness and good luck to

135
00:07:45,640 --> 00:07:49,080
Speaker 1: her in one of Europe's oldest spa towns. She's been

136
00:07:49,120 --> 00:07:51,040
Speaker 1: to Baden Baden, on the edge of the Black Forest

137
00:07:51,080 --> 00:07:55,600
Speaker 1: in Germany and the newly reopened Brenner's Park Hotel and Spa.

138
00:07:55,720 --> 00:07:58,160
Speaker 1: It's one of those ballet park destinations, dates back to

139
00:07:58,160 --> 00:08:01,320
Speaker 1: eighteen seventy two. It's new owners, whose other hotels include

140
00:08:01,360 --> 00:08:04,800
Speaker 1: Librestol in Paris, have given it a loving renovation. Now

141
00:08:04,800 --> 00:08:08,200
Speaker 1: this is big money to be made in wellness destinations,

142
00:08:08,520 --> 00:08:11,800
Speaker 1: as we know, and Sarah's review covers both the old

143
00:08:11,880 --> 00:08:14,280
Speaker 1: and new treatments that are being offered in this She

144
00:08:14,280 --> 00:08:16,600
Speaker 1: said she tried a vitimin IV and didn't really feel

145
00:08:16,600 --> 00:08:19,280
Speaker 1: any different afterwards, which I found quite refreshing.

146
00:08:19,760 --> 00:08:23,560
Speaker 2: It was, Yes, her description was very refreshing. The photographs

147
00:08:23,600 --> 00:08:26,280
Speaker 2: are stunning in her peace and wow, what a lovely

148
00:08:26,560 --> 00:08:28,480
Speaker 2: thing to be able to do. I mean the hotel

149
00:08:29,160 --> 00:08:31,160
Speaker 2: is part of the same group as the hotel do

150
00:08:31,280 --> 00:08:34,160
Speaker 2: cap Eden Rock. I mean, anybody who haven't seen that

151
00:08:34,280 --> 00:08:38,520
Speaker 2: hotel understands, you know, the kind of level of luxury.

152
00:08:39,000 --> 00:08:42,880
Speaker 2: I didn't see any price tags in Sarah's story, but

153
00:08:43,200 --> 00:08:45,000
Speaker 2: I love the fact that she also talks about the

154
00:08:45,040 --> 00:08:49,800
Speaker 2: secret ingredient being spending time in nature and spending time

155
00:08:49,840 --> 00:08:53,120
Speaker 2: in water swimming and yeah, but it did make me

156
00:08:53,160 --> 00:08:54,520
Speaker 2: think of the holidays.

157
00:08:54,120 --> 00:08:56,679
Speaker 1: And it's not all sort of carrots, and you know

158
00:08:56,800 --> 00:08:58,520
Speaker 1: everything has to be good for you as well. The

159
00:08:58,559 --> 00:09:02,360
Speaker 1: restaurant does serve things like Blackflower's chicken with creamy potatoes.

160
00:09:02,559 --> 00:09:04,880
Speaker 1: Local reasoning was mentioned as well. It just sounds like

161
00:09:05,400 --> 00:09:06,920
Speaker 1: my sort of trip. I'll have to be asking Sarah

162
00:09:06,960 --> 00:09:09,319
Speaker 1: about that, but you'll find a link to that story

163
00:09:09,320 --> 00:09:10,760
Speaker 1: in our podcast show notes.

164
00:09:11,120 --> 00:09:15,360
Speaker 2: Okay, back to more serious matters. The US person has

165
00:09:15,360 --> 00:09:18,600
Speaker 2: signed the bill ending the government shutdown after a record

166
00:09:18,640 --> 00:09:21,559
Speaker 2: forty three days. Let's get into what it means now.

167
00:09:21,559 --> 00:09:23,920
Speaker 2: It's been a big TV anchor pretty to good morning.

168
00:09:24,000 --> 00:09:26,920
Speaker 2: Well you look fresh as ever, pretty no holidays required.

169
00:09:27,320 --> 00:09:31,280
Speaker 2: In practical terms, the shutdown is officially over. How long

170
00:09:31,280 --> 00:09:33,280
Speaker 2: will it take them for the US government and its

171
00:09:33,360 --> 00:09:35,640
Speaker 2: operations to get back up and running well.

172
00:09:35,679 --> 00:09:38,640
Speaker 8: According to the President of the United States, immediately he's

173
00:09:38,640 --> 00:09:40,800
Speaker 8: put out an order that says, as of November thirteenth,

174
00:09:40,840 --> 00:09:43,120
Speaker 8: which is of course today, that you are going to

175
00:09:43,200 --> 00:09:45,640
Speaker 8: need this to all the agencies that do get or

176
00:09:45,679 --> 00:09:48,920
Speaker 8: rely on federal funding, and some of the moves of

177
00:09:49,000 --> 00:09:51,600
Speaker 8: Congress need to start working today. That includes bringing all

178
00:09:51,640 --> 00:09:54,640
Speaker 8: the workers back into the office. The reality of it

179
00:09:54,679 --> 00:09:56,000
Speaker 8: is a little bit different, so I'm going to go

180
00:09:56,040 --> 00:09:57,680
Speaker 8: piece by piece here when it comes to the data,

181
00:09:57,720 --> 00:09:59,200
Speaker 8: which is I think what a lot of our audience

182
00:09:59,280 --> 00:10:02,199
Speaker 8: is looking for, the job's data, CPI numbers, et cetera.

183
00:10:02,679 --> 00:10:04,040
Speaker 4: Those might take some time.

184
00:10:04,080 --> 00:10:06,280
Speaker 8: There's some speculation that we may actually get some sort

185
00:10:06,280 --> 00:10:07,960
Speaker 8: of numbers coming out on Friday.

186
00:10:07,679 --> 00:10:09,079
Speaker 4: If the BLS is ready to go.

187
00:10:09,320 --> 00:10:11,720
Speaker 8: You heard Caroline levi Att, the White House Press Secretary,

188
00:10:11,800 --> 00:10:14,800
Speaker 8: yesterday say that it's actually unlikely those numbers will never

189
00:10:14,840 --> 00:10:17,960
Speaker 8: be released. She said that previously about the October inflation report.

190
00:10:18,200 --> 00:10:20,280
Speaker 8: This is the first time she's making those comments about

191
00:10:20,280 --> 00:10:23,240
Speaker 8: the October jobs number. And again, this is a record

192
00:10:23,360 --> 00:10:25,920
Speaker 8: long shutdown that we've just come out of, so this

193
00:10:26,000 --> 00:10:30,040
Speaker 8: is kind of unventured territory in terms of what data

194
00:10:30,040 --> 00:10:30,880
Speaker 8: set we actually get.

195
00:10:31,000 --> 00:10:31,600
Speaker 4: That's the data.

196
00:10:31,640 --> 00:10:33,520
Speaker 8: On the other hand, the other key sticking piece is

197
00:10:33,559 --> 00:10:36,520
Speaker 8: how many federal workers are actually coming back to Washington

198
00:10:36,600 --> 00:10:39,200
Speaker 8: because as a part of the shutdown plans, part of

199
00:10:39,240 --> 00:10:43,000
Speaker 8: the agreements that were included were you stay employed for

200
00:10:43,040 --> 00:10:45,559
Speaker 8: the furloughed workers, but you can use extra comp time,

201
00:10:45,600 --> 00:10:48,560
Speaker 8: you can use teleworking. The actual return to office piece

202
00:10:48,840 --> 00:10:50,840
Speaker 8: could be a little bit more extended. That's something that

203
00:10:50,880 --> 00:10:54,280
Speaker 8: the federal agencies are in conflict with when it comes

204
00:10:54,280 --> 00:10:56,920
Speaker 8: to the administration itself. The third wave of that, though,

205
00:10:57,000 --> 00:10:58,720
Speaker 8: is what's going on with air traffic. We are a

206
00:10:58,760 --> 00:11:02,280
Speaker 8: couple of two weeks away from Thanksgiving in the United States,

207
00:11:02,320 --> 00:11:06,679
Speaker 8: so traffic air traffic controllers are even more needed than before.

208
00:11:06,840 --> 00:11:10,040
Speaker 8: And this shutdown, this you know again, record long shutdown,

209
00:11:10,240 --> 00:11:12,800
Speaker 8: has prompted a wave of early retirements from a lot

210
00:11:12,800 --> 00:11:15,480
Speaker 8: of air traffic controllers amid a time where they're already

211
00:11:15,520 --> 00:11:18,040
Speaker 8: staff shortages and payment issues. So one of the key

212
00:11:18,280 --> 00:11:22,000
Speaker 8: questions now for the Transportation Secretary is simply, how quickly

213
00:11:22,000 --> 00:11:24,920
Speaker 8: can we get all those canceled flights back on the agenda?

214
00:11:25,040 --> 00:11:27,440
Speaker 1: What about the This was the next steps in this

215
00:11:27,559 --> 00:11:29,920
Speaker 1: as well the Billickstown's government funding until the end of

216
00:11:30,000 --> 00:11:33,640
Speaker 1: January for most agencies. How should we expect the political

217
00:11:33,679 --> 00:11:35,199
Speaker 1: debates to continue from here?

218
00:11:35,760 --> 00:11:38,360
Speaker 8: It is all about I mean the a word, which

219
00:11:38,400 --> 00:11:41,160
Speaker 8: is affordability, but it's also about healthcare extensions. This is

220
00:11:41,160 --> 00:11:43,480
Speaker 8: one of the key sticking points in terms of actually

221
00:11:43,480 --> 00:11:46,040
Speaker 8: getting this bill across, where Republicans had said we're not

222
00:11:46,080 --> 00:11:49,600
Speaker 8: even going to engage on the Affordable Care Act otherwise

223
00:11:49,600 --> 00:11:53,240
Speaker 8: known as Obamacare health care extensions unless you reopen the government.

224
00:11:53,600 --> 00:11:56,280
Speaker 8: And so now the government is reopen, you can expect Democrats,

225
00:11:56,280 --> 00:12:00,520
Speaker 8: and you heard a key voice in the Democratic Party, Jeffries,

226
00:12:00,520 --> 00:12:02,400
Speaker 8: talk about the fact that they're actually going to push

227
00:12:02,400 --> 00:12:05,640
Speaker 8: for an ACA extension of three years. What this means

228
00:12:05,679 --> 00:12:07,560
Speaker 8: for a global audience, though, is this is actually a

229
00:12:07,640 --> 00:12:11,959
Speaker 8: massive inflationary input. If you don't have these healthcare extensions,

230
00:12:12,000 --> 00:12:13,839
Speaker 8: it just means that more Americans have to pay out

231
00:12:13,840 --> 00:12:16,800
Speaker 8: of pocket for some of these healthcare benefits that they're

232
00:12:16,840 --> 00:12:19,400
Speaker 8: currently getting right now. And that is going to be

233
00:12:19,400 --> 00:12:21,880
Speaker 8: something that shows up in things like CPI, not immediately,

234
00:12:22,120 --> 00:12:25,520
Speaker 8: but saying six eight months time when this all happens.

235
00:12:25,520 --> 00:12:26,840
Speaker 4: That being said, that's on the agenda.

236
00:12:27,000 --> 00:12:28,960
Speaker 8: But again the clock is ticking because we have Thanksgiving,

237
00:12:29,000 --> 00:12:30,400
Speaker 8: we have Christmas, we have the New Year, and then

238
00:12:30,400 --> 00:12:31,400
Speaker 8: it's January thirtieth.

239
00:12:31,640 --> 00:12:31,880
Speaker 5: Yeah.

240
00:12:31,920 --> 00:12:34,120
Speaker 2: Absolutely, Critty, thank you so much for being with us

241
00:12:34,120 --> 00:12:36,880
Speaker 2: this morning, taking us too. So the denumal, the ending

242
00:12:36,960 --> 00:12:39,400
Speaker 2: of the US government shut down, Bloombag t the anchor

243
00:12:39,480 --> 00:12:43,400
Speaker 2: Qutty good to stay with us. More from bloom Bag

244
00:12:43,480 --> 00:12:45,120
Speaker 2: Day BA Cube coming up after this.

245
00:12:46,240 --> 00:12:49,000
Speaker 1: Some of the world's best known brands from OURMANI to

246
00:12:49,120 --> 00:12:53,520
Speaker 1: Amazon or falling prey to trademark poachers in Russia. Russian

247
00:12:53,559 --> 00:12:55,880
Speaker 1: loyal lies any trademark that's only used for three years

248
00:12:55,880 --> 00:12:58,080
Speaker 1: to be canceled, so it's a risk it's becoming more

249
00:12:58,080 --> 00:13:02,760
Speaker 1: acute as the country's economic isolation deepens our market. Natasha

250
00:13:02,800 --> 00:13:04,760
Speaker 1: DApp has been writing about this, and she joins us

251
00:13:05,080 --> 00:13:07,800
Speaker 1: for more this morning. Natasha, first of all, what exactly

252
00:13:07,880 --> 00:13:09,360
Speaker 1: is trademark poaching.

253
00:13:09,840 --> 00:13:14,040
Speaker 3: Trademark poaching is essentially when a company or an individual

254
00:13:14,160 --> 00:13:17,720
Speaker 3: opportunistically takes over the rights to a trademark in a

255
00:13:17,760 --> 00:13:21,160
Speaker 3: given country, either to use the branding on its own goods,

256
00:13:21,320 --> 00:13:23,400
Speaker 3: or perhaps in the hope that they might be able

257
00:13:23,400 --> 00:13:25,720
Speaker 3: to sell the rights on or back to the company.

258
00:13:26,280 --> 00:13:28,320
Speaker 3: It's perfectly we're in the combines of the law and

259
00:13:28,520 --> 00:13:31,160
Speaker 3: often happens when a country is going through a period

260
00:13:31,200 --> 00:13:35,640
Speaker 3: of economic isolation or in sanctions a bit like Russia

261
00:13:35,720 --> 00:13:38,720
Speaker 3: is not, and in Russia's case is well know one.

262
00:13:38,840 --> 00:13:42,480
Speaker 3: Hundreds of well known international companies fled in twenty twenty two,

263
00:13:42,600 --> 00:13:43,720
Speaker 3: shortly after the.

264
00:13:43,559 --> 00:13:45,280
Speaker 4: Full scale invasion of Ukraine.

265
00:13:45,640 --> 00:13:48,120
Speaker 3: Most of those companies held onto their trademarks, which are

266
00:13:48,160 --> 00:13:50,600
Speaker 3: valid for ten years in the hope day that someday

267
00:13:50,600 --> 00:13:52,720
Speaker 3: they might want to go back, But now that they've

268
00:13:52,720 --> 00:13:55,959
Speaker 3: been inactive for three years, there's a risk that third

269
00:13:55,960 --> 00:13:58,840
Speaker 3: parties can come and make claims for those trademarks.

270
00:13:59,040 --> 00:14:02,160
Speaker 2: So then, what's the scale of this activity of Russia?

271
00:14:02,280 --> 00:14:04,600
Speaker 2: Have you thought about it? What sort of companies are

272
00:14:04,600 --> 00:14:05,240
Speaker 2: being affected?

273
00:14:05,600 --> 00:14:07,720
Speaker 3: We did an in depth analysis of all of the

274
00:14:08,160 --> 00:14:12,120
Speaker 3: legal documents that have been filed to Russia's international property

275
00:14:12,120 --> 00:14:15,000
Speaker 3: courts since twenty twenty four, and we found at least

276
00:14:15,160 --> 00:14:18,760
Speaker 3: three hundred claims against big foreign companies, including well known

277
00:14:18,760 --> 00:14:20,880
Speaker 3: brands such as Calvin Klein and Sheraton.

278
00:14:21,520 --> 00:14:23,320
Speaker 4: There were a lot of consumer names in there.

279
00:14:23,440 --> 00:14:27,760
Speaker 3: As you might imagine, most of those claims are ongoing.

280
00:14:28,120 --> 00:14:30,120
Speaker 3: Some have been thrown out, but some have been approved,

281
00:14:30,480 --> 00:14:34,960
Speaker 3: including just last week, Victoria's Secret, the big luxury chain,

282
00:14:35,800 --> 00:14:38,720
Speaker 3: lost a few of its trademarks, Ericson has lost a few.

283
00:14:39,040 --> 00:14:42,080
Speaker 1: Shratan Do companies have any recourse against this if they

284
00:14:42,120 --> 00:14:43,840
Speaker 1: do end up losing their trademarks.

285
00:14:44,000 --> 00:14:46,600
Speaker 3: There's one option, which is when there's just this risk

286
00:14:46,640 --> 00:14:50,840
Speaker 3: of losing it, one option is to extend your current

287
00:14:50,880 --> 00:14:53,360
Speaker 3: trademark ahead of time, and that buys you a little

288
00:14:53,400 --> 00:14:55,720
Speaker 3: bit more time. If you end up losing your trademark,

289
00:14:55,760 --> 00:14:59,520
Speaker 3: it's a very difficult situation. So history is littered with

290
00:14:59,640 --> 00:15:04,760
Speaker 3: exams of very expensive cases, things like Apple Flight for

291
00:15:04,800 --> 00:15:06,760
Speaker 3: its iPad trademark in Hong Kong.

292
00:15:06,840 --> 00:15:10,080
Speaker 4: I think they had to pay, you know, in the millions.

293
00:15:10,120 --> 00:15:11,520
Speaker 4: It's also happened in Russia before.

294
00:15:11,520 --> 00:15:15,360
Speaker 3: In the nineteen nineties, a trademark squad was sitting on

295
00:15:15,400 --> 00:15:16,800
Speaker 3: Starbucks's trademark for.

296
00:15:16,760 --> 00:15:17,480
Speaker 4: Quite a long time.

297
00:15:17,720 --> 00:15:21,400
Speaker 3: They only got that back in nearly two thousands. So

298
00:15:21,440 --> 00:15:23,360
Speaker 3: it's a very risky situation, even though a lot of

299
00:15:23,400 --> 00:15:28,200
Speaker 3: these companies maybe don't immediately want to go back to Russia.

300
00:15:28,360 --> 00:15:31,080
Speaker 1: This is Bloomberg Daybreak Europe, your morning brief on the

301
00:15:31,160 --> 00:15:34,200
Speaker 1: stories making news from London to Wall Street and beyond.

302
00:15:34,520 --> 00:15:38,520
Speaker 2: Look for us on your podcast feed every morning, on Apple, Spotify,

303
00:15:38,600 --> 00:15:40,640
Speaker 2: and anywhere else you get your podcasts.

304
00:15:40,680 --> 00:15:43,760
Speaker 1: You can also listen live each morning on London Dab Radio,

305
00:15:43,800 --> 00:15:46,400
Speaker 1: the Bloomberg Business app, and Bloomberg dot Com.

306
00:15:46,520 --> 00:15:49,280
Speaker 2: Our flagship New York station is also available on your

307
00:15:49,320 --> 00:15:54,040
Speaker 2: Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.

308
00:15:54,280 --> 00:15:55,680
Speaker 2: I'm Caroline Hepka.

309
00:15:55,440 --> 00:15:57,880
Speaker 1: And I'm Stephen Carroll join us again tomorrow morning for

310
00:15:58,000 --> 00:16:00,400
Speaker 1: all the news you need to start your day right

311
00:16:00,440 --> 00:16:04,840
Speaker 1: here on Bloomberg Daybreak. Europe