Speaker 1: From the Bloomberg Interactive Burgers Studios. This is Bloomberg day
Speaker 1: Break for Thursday, June twenty second.
Speaker 2: Coming up today, Cruz race to find the missing sub
Speaker 2: near the Titanic before the air runs out.
Speaker 1: The US and India strengthened military and economic ties.
Speaker 2: Rates in focus, as Jay Powell appears before Congress again,
Speaker 2: and the Bank of England makes a policy decision.
Speaker 1: I mean bring you an exclusive interview with the CEO
Speaker 1: of Deutsche Bank.
Speaker 3: New York Mayor Adams announces new guidelines after lithium ion
Speaker 3: battery fires. Plus a New York City board votes for
Speaker 3: increases in rent stabilized apartments. I'm Michael Barr. More ahead, I'm.
Speaker 4: John Stas, Sharon Swarts, the Yankees at three home runs
Speaker 4: in a widower Seattle, the Mets lost in Houston. The
Speaker 4: NBA Draft takes place tonight in Brooklyn.
Speaker 5: That's all straight ahead on Bloomberg day Break, the Business
Speaker 5: news you need to starn your day in just one
Speaker 5: fifteen minute podcast each morning on Apples, Spotify, the Bloomberg
Speaker 5: Business app and everywhere you get your podcasts.
Speaker 2: Good morning, I'm Nathan Hager.
Speaker 1: And I'm Karen Moscow. Here are the stories we're following today.
Speaker 2: First, we want to keep you updated on the search
Speaker 2: for that missing submersible near the Titanic. Crews from around
Speaker 2: the world are zeroing in on underwater noises detected over
Speaker 2: the past two days. Former Coast Guard Commandant Thad Allen
Speaker 2: says filtering out the signal from the noise is a
Speaker 2: tough task.
Speaker 5: There's animal life, there are other noises that are out there.
Speaker 3: There are ships operating in.
Speaker 6: The area, so the question is how to localize it
Speaker 6: and try and understand what it is.
Speaker 2: Former Coastguard Commandant Thad Allen says the situation is growing
Speaker 2: more desperate for the five people on board the titan
Speaker 2: The vessel left Sunday with about ninety six hours of air.
Speaker 2: At this point, they may have just a couple of
Speaker 2: hours left.
Speaker 1: Well, Nathan, we turn to geopolitics now. In an important
Speaker 1: moment in the US relationship with India, President Biden is
Speaker 1: hosting India's Prime Minister Narendra Modi for his first ever
Speaker 1: stayed visit to the White House. Senior US officials say
Speaker 1: the two leaders will announce a series of defense and
Speaker 1: commercial deals aimed at improving military and economic times. They'll
Speaker 1: also hold a brief adjoint news conference, a rare ty
Speaker 1: for the Indian leader, before Modi addresses Congress this afternoon.
Speaker 2: Meantime, in Florida, Karen, the federal government's case against Donald
Speaker 2: Trump is moving forward. Prosecutors are now turning over evidence
Speaker 2: to the former president's legal team. Amy Morris has details
Speaker 2: from our Bloomberg ninety nine to one newsroom.
Speaker 7: In Washington.
Speaker 8: Evidence is being handed over to the defense as both
Speaker 8: sides get ready for the August fourteenth trial date, including
Speaker 8: grand jury testimony of witnesses set to testify at trial,
Speaker 8: a twenty twenty one recording of the former president discussing
Speaker 8: having classified information, other public statements made by Trump, an
Speaker 8: FBI interview of Trump's personal aid and co defendant, and
Speaker 8: pictures of boxes of records at mar A Lago. Both
Speaker 8: sides are prevented from publicly sharing the evidence that's been
Speaker 8: turned over, and Trump's attorneys are working on getting security
Speaker 8: clearances to review any classified material. In Washington, I'm Amy Morris,
Speaker 8: Bloomberg Daybreak.
Speaker 1: All right, Amy, thank you well. Elsewhere in Washington, the
Speaker 1: House is voted to censor Adam Schiff. Flowmakers voted along
Speaker 1: party lines to center the care California Democrat over comments
Speaker 1: made during investigations at Donald Trump's ties to Russia. Schiff
Speaker 1: was defiant ahead of the vote, calling out House Speaker
Speaker 1: Kevin McCarthy.
Speaker 9: McCarthy would spend the nation's time on petty political payback,
Speaker 9: thinking he can censure or find Trump's opposition into submission,
Speaker 9: but I will not yield, not one inch.
Speaker 1: Adam Schiff becomes the twenty fifth House lawmaker to be censured.
Speaker 1: He was the lead prosecutor and former President Trump's first
Speaker 1: impeachment trial.
Speaker 2: Karen Let's turn from politics now to financial markets. Jay
Speaker 2: Powell is back in focus as the FED chair prepares
Speaker 2: for day two of congressional testimony. Yesterday, Powell told the
Speaker 2: House Financial Services Committee more interest rate hikes are on
Speaker 2: the way.
Speaker 10: Almost every single of the sixteen of the eighteen participants
Speaker 10: on the FMC wrote down that they do believe it'll
Speaker 10: be appropriate to raise rates, and a big majority believes
Speaker 10: razor rates twice this year, And you know, I think
Speaker 10: that's a pretty good guess of what will happen if
Speaker 10: the economy performs about is expected.
Speaker 2: Comments come after the FED pause drate hikes last week
Speaker 2: for the first time in fifteen months.
Speaker 1: Well, Nathan. Not all FED officials are on board for
Speaker 1: more rate increases. Atlanta Fed Bank President Raphael Bostick says
Speaker 1: he supports holding at the current level for the rest
Speaker 1: of this year. We get more from Bloomberg's Charlie Pellett.
Speaker 11: Bostick says it is prudent to give time for inflation
Speaker 11: to ease. In response to past moves. In an online commentary,
Speaker 11: Bostick said, quote, letting restrictive Polsey work for a while
Speaker 11: is prudent because the Polilsey has been truly restrictive for
Speaker 11: less than a year, and it takes time from monetary
Speaker 11: policy changes to meaningfully influence economic activity. In a later
Speaker 11: Yahoo Finance interview, Bostick said, quote, my baseline is that
Speaker 11: we should stay at this level for the rest of
Speaker 11: the year. In New York, Charlie Pellett Bloomberg Daybreak.
Speaker 2: Thank you, Charlie. Central banks are also in focus overseas
Speaker 2: this morning. The Bank of England is expected to raise
Speaker 2: rates again today, and we get the details from Bloomberg's
Speaker 2: Ew and Potts in London.
Speaker 12: Central banks for men to get boring this summer, but
Speaker 12: Britain's red hot inflation may force the Bank of England
Speaker 12: to press hard on the breaks. Today, economists and investors
Speaker 12: expect the Monetary Policy Committee to push ahead with another
Speaker 12: quarter point increase in the base rate to four point
Speaker 12: seventy five percent, what would be the thirteenth rise in
Speaker 12: the hiking cycle. But core inflation at a thirty one
Speaker 12: year high, it means money markets now placed a forty
Speaker 12: percent chance on a bigger half point increase. It's an
Speaker 12: anxious backdrop to a mortgage market which has already seen
Speaker 12: soaring rates this month in London. Immune pot's been Bakeday
Speaker 12: break all.
Speaker 2: Right you and thanks.
Speaker 1: So we have some other central bank decisions in Europe
Speaker 1: to tell you about this morning. Switzerland hiked rates by
Speaker 1: twenty five basis points and that amounts to the smallest
Speaker 1: increase since the SMB started tightening policy last year. And
Speaker 1: Norway when even further, hiking rates by fifty basis points,
Speaker 1: that's the largest increase since the central bank's current tightening cycle.
Speaker 2: Staying in Europe, Karen Deutsche Bank's CEO is out with
Speaker 2: an optimistic outlook. Christian Saving says he expects trading results
Speaker 2: to improve in the second half as clients navigate a
Speaker 2: complexity challenging economy. Speaking exclusively to Bloomberg, the Deutsche Bank
Speaker 2: CEO said, there are also challenges facing the business.
Speaker 6: With regard to the investment bank, we always said that
Speaker 6: we had a record year. We had an extraordinary strong
Speaker 6: year in the fit business in twenty twenty two.
Speaker 7: I still think that.
Speaker 6: Actually in Q one and Q two we have done well,
Speaker 6: but the overall market is a bit weaker than in
Speaker 6: the record year of twenty twenty two.
Speaker 2: And again that was Deutsche Bank CEO Christian Savings, speaking
Speaker 2: exclusively with Bloomberg. State tuned for more of that conversation
Speaker 2: coming up shortly, and for that look at other stories
Speaker 2: making news in New York and around the world. We
Speaker 2: are joined by Bloomberg's Michael barg Morning, Michael.
Speaker 3: Good morning Nathan. A deadly tornado hit a small town
Speaker 3: in northwest Texas last night, leaving significant damage in its wake.
Speaker 3: The mayor of Matadoras says at least three people had
Speaker 3: been killed in the storm, which also damaged and destroyed
Speaker 3: homes and businesses. The dangerous heat wave across the South
Speaker 3: is turned deadly. The US Postal Service confirmed a letter
Speaker 3: carrier in Dallas, Texas, died while delivering mail in the heat.
Speaker 3: Multiple cities are shattering all time heat records. South of Houston,
Speaker 3: crews are racing to repair roads that buckled under the heat.
Speaker 3: Texas Department of Transportation spokesman Danny Perez says workers' safety
Speaker 3: is being monitored closely, making.
Speaker 13: Sure they're staying hydrated, making sure that they're aware of
Speaker 13: the situation, making sure that they're not staying out longer
Speaker 13: than they need to.
Speaker 3: Near Corpus Christy, it felt like one hundred and twenty
Speaker 3: seven degrees tenets. In New York City's roughly one million
Speaker 3: rents stabilized apartments will face increases of three percent for
Speaker 3: one year leases. After a tense meeting filled with protesters,
Speaker 3: The city's rent Guidelines Board also voted yesterday for two
Speaker 3: year leases. Rents will increase two point seventy five percent
Speaker 3: in the first year and an additional three point two
Speaker 3: percent in the second year. The rents are expected to
Speaker 3: increase October first, another lithium ion battery fire in New York.
Speaker 3: At least two people were hurt in the blaze last
Speaker 3: night in Bensonhurst, Brooklyn. The fire that was quickly extinguished
Speaker 3: comes just hours after Mayor Eric Adams says that New
Speaker 3: York is taking action after four people were killed from
Speaker 3: a fire and an e bike repair shop in Manhattan.
Speaker 3: Earlier this week, Adams announced a new action plan to
Speaker 3: speed up investigations about potentially hazardous conditions involving lithium ion
Speaker 3: batteries and bike shops.
Speaker 13: We need real action not only on the state level,
Speaker 13: but on the federal level. They have been over one
Speaker 13: hundred and eight lithian ion related battery fires in this
Speaker 13: city this year alone.
Speaker 3: Mayor Adams also announced an outreach and education campaign aimed
Speaker 3: at shop owners about the dangers regarding the batteries. The
Speaker 3: New York State Legislature has passed a bill to protect
Speaker 3: abortion providers against being sued from states where the practice
Speaker 3: is banned. The bill would legally protect doctors, ensuring medical
Speaker 3: providers in the state will be able to provide telehealth
Speaker 3: services to patients who do not live in New York.
Speaker 3: Global News twenty four hours a day, powered by more
Speaker 3: than twenty seven hundred journalists and analysts in over one
Speaker 3: hundred and twenty countries. I'm Michael Barr. This is Bloomberg, Nathan.
Speaker 2: Thank you, Michael. Time now for the Bloomberg Sports Update.
Speaker 2: Good morning, John Stanshall, Good morning, Nathan.
Speaker 4: And Yankees, of course had some big name, high priced guys,
Speaker 4: they were not the ones that led them to victory
Speaker 4: at the stadium. Johnny Brido got the start up from
Speaker 4: the Miners. He pitched it to the sixth and he
Speaker 4: did not allow a run, gave up just two hits.
Speaker 4: Yanks had only five hits for three of them left
Speaker 4: the yards.
Speaker 11: The payoff. He's not running in the pitches.
Speaker 14: Swung on it ahead of the aditya right that falls high,
Speaker 14: that is far there, it is gone. It's a two
Speaker 14: run home run by the Yankee of ours, and that's Jake.
Speaker 4: BAUERFA and six home run for Bowers, Billy and mckinne.
Speaker 4: An other than left handed hitting out field just stuck
Speaker 4: from Scranton. Hit his second as many nights and later
Speaker 4: the tenth of the season for the rookie Anthony Volpa.
Speaker 4: Yankees beat the Mariners four to two and they go
Speaker 4: for the sweep.
Speaker 3: Tonight.
Speaker 4: The Mets lost in Houston ten to eight. This game
Speaker 4: is nine to six. Still in the fourth inning, Tyler
Speaker 4: McGill gave up five runs. Anthony Leoni followed got only
Speaker 4: four house gave up four more runs in defeat, twenty
Speaker 4: third home run for Pete a.
Speaker 3: Lonzo with the Mets have.
Speaker 4: Now lost thirteen to their last seventeen. Cincinnati has won
Speaker 4: all of its last eleven, the Reds longest winning streaking
Speaker 4: sixty six years, and the Giants won again.
Speaker 7: They've won their last ten.
Speaker 4: Big NBA trade just ahead of Tonight's draft. It takes
Speaker 4: place at the Barkley Center. Three team deal saw the
Speaker 4: Celtics acquire the ex Nick Kristaps Porzingis coming in from Washington.
Speaker 4: It cost them Marcus Smart, a Celtic for nine years
Speaker 4: two seasons ago, the NBA's top defensive player.
Speaker 3: He goes to Memphis.
Speaker 4: The draft will begin with San Antonio taking Victor Wembiniama,
Speaker 4: the French being on. The Nets have back to back
Speaker 4: picks in the first round, twenty first and twenty second.
Speaker 4: The Knicks have stockpiled picks in later years. Tonight, barn
Speaker 4: Atre the Knicks will not have a pick. John Stashedward
Speaker 4: Bloomberg sports.
Speaker 5: From coast to coast, from New York to San Francisco,
Speaker 5: Boston to Washington, DC, nationwide on Syrias exam. The Bloomberg
Speaker 5: business app in Bloomberg dot com. This is Bloomberg Daybreak.
Speaker 3: Good morning.
Speaker 2: I'm Nathan Hager. There's momentum in the business, so says
Speaker 2: Deutsche Bank CEO Christian Saving, and while he warns of
Speaker 2: a decline in trading revenue this quarter, he expects results
Speaker 2: to improve in the second half. Pointing to clients currently
Speaker 2: navigating a complex and challenging economy. Christian Savings sat down
Speaker 2: for an exclusive interview with Bloomberg's Guy Johnson. Let's listen
Speaker 2: into that conversation.
Speaker 15: Now, the macro uncertainty that has driven markets so much recently,
Speaker 15: do you get the feeling that that is beginning to received,
Speaker 15: Do you get the impression that you are increasingly on
Speaker 15: more solid ground.
Speaker 7: Well, first of all, I.
Speaker 6: Think we all have to admit that if you look
Speaker 6: what has happened over the last twelve to fifteen months
Speaker 6: in the macro. On the geopolitical side, I think economies
Speaker 6: have really shown how resilient they are. Because a year ago,
Speaker 6: a lot of people would have said there is a
Speaker 6: quite material session in Europe, in Germany, potentially also in
Speaker 6: the US, and if we now look back, I think
Speaker 6: we see that the answer we have given is actually
Speaker 6: showing that we fared quite well over the last twelve
Speaker 6: to fifteen months. Now, I think the situation remains complex.
Speaker 6: I do believe that with a very persistent inflation, interests
Speaker 6: will further go up.
Speaker 7: On both sides of the ocean.
Speaker 6: And I also do believe Guy that the interest will
Speaker 6: then stay a little bit longer elevated than potentially a
Speaker 6: lot of people think. And that means that I still
Speaker 6: believe that there is a and of a mild recession
Speaker 6: in the US at the end of twenty three early
Speaker 6: twenty four, as well as in Europe. You see that
Speaker 6: Germany is in a technical recession, has been in a
Speaker 6: technical recession. So I don't believe that we will see
Speaker 6: a material recession, but I do think that uncertainty still prevails,
Speaker 6: and hence we need to watch out. And the second
Speaker 6: half of twenty twenty three is for sure a half
Speaker 6: which is still complex and is still challenging.
Speaker 15: So does that mean that the Q two guidance that
Speaker 15: your CFO gave a few days back was just a
Speaker 15: was just a blip. He was talking about fixed income
Speaker 15: being down fifteen to twenty percent. You talk about the
Speaker 15: fact that the second half is going to see significant uncertainly,
Speaker 15: that's a good environment for fixed income. So therefore, was
Speaker 15: the Q two guidance just a blip? And do you
Speaker 15: still believe that the fullier numbers are going to be
Speaker 15: better than the numbers that James gave.
Speaker 6: Well, let's start with the Oval bank and there we
Speaker 6: see a good momentum. That is the strategy of Deutsche
Speaker 6: Bank that we says we need a more balanced bank.
Speaker 6: That was exactly what we wanted to achieve in twenty
Speaker 6: nineteen when we called out the transformation of Deutsche Bank.
Speaker 7: And we see the results.
Speaker 6: We have a very strong corporate bank, a very nice
Speaker 6: developing private bank, and therefore we can confirm our twenty
Speaker 6: eight to twenty nine billion of revenues for this year.
Speaker 6: We see the momentum. We see a Q two to
Speaker 6: be honest, Q two twenty twenty three from a revenue
Speaker 6: point of view, which is higher than Q two twenty
Speaker 6: twenty two. So overall, I would say this bank is
Speaker 6: faring well. The strategy is paying off. With regard to
Speaker 6: the investment bank, we always said that we had a
Speaker 6: record year, we had an extraordinary strong year in the
Speaker 6: fig business in twenty twenty two.
Speaker 7: I still think that actually in.
Speaker 6: Q one and Q two we have done well, but
Speaker 6: the overall market is a bit weaker than in the
Speaker 6: record year of twenty twenty two. But I do believe
Speaker 6: with some uncertainties, for instance the debt ceiling issue going
Speaker 6: away in the US, then with the still complex situation
Speaker 6: which is in front of US, I do believe that
Speaker 6: in Q three and Q four there is momentum in
Speaker 6: the business on the fix site. But for us, as
Speaker 6: a strategy of Deutsche Bank, it's important that we further
Speaker 6: balance out the investment bank. Over All, we have a
Speaker 6: very strong fake business, we have a very strong DCM business.
Speaker 6: What we really wanted to achieve is that also the
Speaker 6: O and A business is further strengthstened, and hence.
Speaker 7: We've put a lot of investments into that.
Speaker 15: So just to wrap this part of the conversation up,
Speaker 15: it is going to be it's going to be an
Speaker 15: operating environment for the fake business that is likely to
Speaker 15: be less good than next year than last year. Q
Speaker 15: two may or may not be a blip. You still
Speaker 15: see uncertainty in the second half of the year, which
Speaker 15: could provide opportunity. So on balance, the numbers are likely
Speaker 15: to be slightly better than the fifteen to twenty percent
Speaker 15: of the James guided too.
Speaker 6: That's what I would say for the coming months and weeks. Again,
Speaker 6: Q two was also a particular quarter given the situation
Speaker 6: also which we had in the US. We can already
Speaker 6: see also now in June on the most recent days,
Speaker 6: that there is a that there is.
Speaker 7: Momentum in the business.
Speaker 6: So I'm over all actually quite comfortable also with the
Speaker 6: Fig business. And again Q two was a particular quarter.
Speaker 6: I would say that the Fig business in Q three
Speaker 6: and Q four I think there was a slight recovery.
Speaker 7: You are very good at keeping secrets.
Speaker 15: Let's talk about the new Mist acquisition for those of
Speaker 15: us to follow the bank, it caught us all by surprise.
Speaker 15: I understand you've been working on it for quite some time,
Speaker 15: but it definitely caught us by surprise.
Speaker 7: Was the offer just too good to refuse? Was the
Speaker 7: price just too good to refuse? Where did it come from?
Speaker 7: Where did where did your decision to go in this.
Speaker 15: Direction the advisory business come from?
Speaker 6: Well, I just said it in my previous answer. You know,
Speaker 6: I'm a big believer and the whole management team of
Speaker 6: Deutsche Bank is a big believer that we need balanced
Speaker 6: business not only for the Oval bank. That was the
Speaker 6: reason why we did the transformation four years ago, stable
Speaker 6: well balanced set up with four businesses. In each of
Speaker 6: those business I again want to be balanced, and we
Speaker 6: have a very strong thick and DCM business. Where we
Speaker 6: wanted to further invest is in the o NA business.
Speaker 6: And you know, we looked at Numis for a long long.
Speaker 7: Time and yes we kept the secret quite well.
Speaker 6: And we think it's an optimal addition to our business
Speaker 6: mix and to our offerings in Europe and in particular
Speaker 6: in the UK. The UK is from a fee market pool,
Speaker 6: it's the most lucrative European market. We are adding one
Speaker 6: hundred and seven top corporate lines and it fits beautifully
Speaker 6: to our global house bank concept. Everybody is only thinking
Speaker 6: about the investment banking offering, and yes that's obviously something
Speaker 6: we are very much interested in and it fits to
Speaker 6: our existing positioning in the UK. But we have a
Speaker 6: really well functioning corporate bank. So we have one hundred
Speaker 6: and seventy additional clients with Numis now and we can
Speaker 6: offer our corporate banking products and at the same time
Speaker 6: we have a private bank where I think we.
Speaker 7: Can also do the one or the other things.
Speaker 6: So the over global housebank concept is fitting very well
Speaker 6: to Numis and therefore we looked at it very carefully.
Speaker 6: I'm very glad about the job Fabrizio and the.
Speaker 7: Team have done.
Speaker 6: And now we concluded this and now we need to
Speaker 6: make the final steps.
Speaker 7: Right. Are you keeping more secrets from me?
Speaker 15: Are there you talk about the other divisions and the
Speaker 15: fact that you want to have balance. Are there other
Speaker 15: deals in the offering? Even another great opportunity came along.
Speaker 15: Are you still interested or or is the dry powder gone?
Speaker 1: No?
Speaker 6: I would say, look, I think we are very careful
Speaker 6: and cautious planning team. But of course we always said
Speaker 6: that after restructuring and positioning this bank, we are up
Speaker 6: for growth and we always says we want to grow
Speaker 6: in more capital lighted products, which is for instance the
Speaker 6: o NA business in m and a business in the
Speaker 6: advisory business. But you have also seen that we have
Speaker 6: done senior hires again in corporate finance, but also in
Speaker 6: the Welsh management business. So we think that we can
Speaker 6: further balance out the business at some point in time
Speaker 6: over two three years. You know, we want to also
Speaker 6: and we need to plan for a situation that ANII
Speaker 6: is at some point in time again coming down, we
Speaker 6: need then additional income streams, and this bank is planning
Speaker 6: for that and is investing for that right now.
Speaker 7: And hence a I wouldn't.
Speaker 6: Tell you about secrets because you just said we are
Speaker 6: good at it at keeping it, but that there is
Speaker 6: a clear growth strategy in parts like wealth management, origination
Speaker 6: and advisory. Yes, we are focusing on that. And with
Speaker 6: the recent HighRes we've seen that.
Speaker 15: You talk about highers on the well side, though, do
Speaker 15: you see the growth there being organic? Do you see
Speaker 15: it being via acquisition of talent rather than acquisition of businesses?
Speaker 7: Well, it's it's it's both.
Speaker 6: But I do believe that we have now such a
Speaker 6: nice positioning and and such a nice structure that we
Speaker 6: really do believe that if you have a chance to
Speaker 6: acquire and and get good and great talent in all
Speaker 6: kinds of regions, this is a really good way in
Speaker 6: step by step growing your business. Claudio Desunctis has done
Speaker 6: that very successfully in Asia in other parts of southern Europe.
Speaker 7: So that is the first way of growing.
Speaker 15: If Commons Bank ever came back, would you be interested
Speaker 15: in that acquisition. They have got a huge deposit base
Speaker 15: which in this environment is hugely attractive.
Speaker 7: Well, we also have a huge deposit base. Together it
Speaker 7: will be even bigger. Yeah.
Speaker 6: But I think we have shown also during the recent
Speaker 6: volatilities in the market how firm and how stable our
Speaker 6: deposit base is, so that is not a reason to
Speaker 6: actually think about further enlarging it or acquiring somebody else.
Speaker 6: I think the full focus of Deutsche Bank is in
Speaker 6: now after successfully delivering the transformation over the last three
Speaker 6: or four years, is now growing into an area where
Speaker 6: we have a returnal equity of larger than ten percent
Speaker 6: in twenty twenty five. We are on a good way
Speaker 6: of achieving that. The first quarter of twenty twenty three
Speaker 6: has clearly shown the strength of Deutsche Bank and we
Speaker 6: can control it by ourselves. We can achieve that by ourselves,
Speaker 6: and that is our focus.
Speaker 2: This is Bloomberg Daybreak Today, your morning brief on the
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