WEBVTT - More Gaza Hostages Released, Bond Turnaround, & Start-Up Britain

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<v Speaker 1>Good morning. It's Tuesday, the twenty fourth of October in London.

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<v Speaker 1>This is the Bloomberg Daybreak Here at podcast. I'm Stephen Carroll.

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<v Speaker 1>Coming up today. Hamas frees two more hostages from Gaza

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<v Speaker 1>as the US sends more forces to the Middle East.

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<v Speaker 1>Bond bears beware the billionaire investors Bill Ackman and Bill

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<v Speaker 1>Gross abandon their short position on US treasuries. Plus Bloomberg's

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<v Speaker 1>list of twenty five UK startups to watch, ranging from

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<v Speaker 1>the content platform only Fans to a wearable brain scanner company.

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<v Speaker 1>Let's start with a roundup of our top stories. AMAS

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<v Speaker 1>has freed two more hostages from the Gaza strip. The

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<v Speaker 1>two elderly women were released to the International Committee of

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<v Speaker 1>the Red Cross, while more than two hundred others are

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<v Speaker 1>still being held by militants. The move is giving some

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<v Speaker 1>Israeli officials cause to rethink the scope of a planned

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<v Speaker 1>ground invasion of Gaza. Bloomberg's Michael Heath says the releases

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<v Speaker 1>are helping diplomatic calls for astray.

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<v Speaker 2>This movement of people coming out encourages leaders to encourage

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<v Speaker 2>Israel to engage and to hold off in terms of

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<v Speaker 2>the ground invasion until they can get more people out.

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<v Speaker 2>Katar and Egypt negotiated this release. So at this stage

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<v Speaker 2>we're still waiting on the ground operation, and obviously there's

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<v Speaker 2>still talks going on with the hostages. President Joe Biden

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<v Speaker 2>has said once the hostages are released, we can start

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<v Speaker 2>talking about a ceasefire.

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<v Speaker 1>Our reporter Michael Heath pointing out that US President Joe

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<v Speaker 1>Biden appeared to suggest a cease far could be discussed

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<v Speaker 1>if all hostages were released now. One of the two

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<v Speaker 1>women FREEDO and Gaza was a British citizen. Prime Minister

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<v Speaker 1>Rishi Sunak told MPs that Hamas must be held accountable.

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<v Speaker 3>Hamas is not only a threat to Israel, but to

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<v Speaker 3>many others across the region. All the leaders I met

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<v Speaker 3>agree that this is a watershed moment. It's time to

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<v Speaker 3>set the region on a better path.

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<v Speaker 1>The Prime Minister also announced more aid would be sent

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<v Speaker 1>to Gaza. Only a fraction of normal supplies are being

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<v Speaker 1>allowed into the territory. That US Chief Diplomat Joseph Burrell

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<v Speaker 1>says aid is his top priority.

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<v Speaker 4>We have to start thinking of how to revive a

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<v Speaker 4>political crushest, but the priority of that moment, which will

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<v Speaker 4>make you many Penu in the support going Intobeja.

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<v Speaker 1>Joseph Barell, THEEU High Representative for Foreign Affairs, joining the

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<v Speaker 1>international calls for restraint. China's farm Minister Wangi meanwhile reiterating

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<v Speaker 1>that Israel must protect civilians and abide by humanitarian law,

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<v Speaker 1>even as it has the right to defend itself. Some

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<v Speaker 1>of the bond market's most prominent bears are saying the

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<v Speaker 1>route in US treasuries has gone too far. Pershing Square

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<v Speaker 1>founder Bill Ackman says he's unwound his bet against US

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<v Speaker 1>government bonds. Bloomberg stern Ali Bassek explains why the reason.

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<v Speaker 5>He is taking off this short position now is He

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<v Speaker 5>says there's too much risk in the world to remain

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<v Speaker 5>short bonds at current long term rates. The economy is

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<v Speaker 5>flowing faster than recent data suggests, so that implies worry

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<v Speaker 5>about a further bid in the bond market, perhaps a

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<v Speaker 5>haven bid as the economy starts to slow down.

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<v Speaker 1>As Chernali bask notes their Ackman's skepticism on the health

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<v Speaker 1>of the US economy stands in contrast to surprisingly strong

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<v Speaker 1>recent economic data. Pimco co founder Bill Gross agrees he's

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<v Speaker 1>predicting a recession by the end of the year, and

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<v Speaker 1>says he's buying short dated interest rate futures. The Bank

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<v Speaker 1>of Japan has announced an unscheduled bond buying operation, the

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<v Speaker 1>fifth since tweaking its yield curve control back in July.

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<v Speaker 1>The traders are testing the central banks reserves ahead of

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<v Speaker 1>next week's policy meeting. The boj's loose monetary policies also

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<v Speaker 1>contributing to the depreciation of the yen, which is the

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<v Speaker 1>worst performing G ten currency this year. Chevron is buying

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<v Speaker 1>a piece of the world's largest oil discovery of the

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<v Speaker 1>past decade, the oil major agreeing to buy the energy

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<v Speaker 1>company Hess for fifty three billion dollars. Chevron CEO Mike

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<v Speaker 1>Worth says that deal doesn't change the company's green commitment.

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<v Speaker 6>I don't think you should read this as a lack

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<v Speaker 6>of commitment to the energy transition, but we need to

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<v Speaker 6>invest in what the world runs on today. This makes

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<v Speaker 6>us a stronger producer. It takes two great American companies

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<v Speaker 6>and brings them together, which is good for national security

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<v Speaker 6>and economic security. And we're committed. Both of our companies

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<v Speaker 6>are committed to a lower carbon energy system.

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<v Speaker 1>Worth Smegadale is the second in the last few weeks

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<v Speaker 1>for the oil industry Exon through fifty eight billion dollars

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<v Speaker 1>into acquiring pioneer assign Both US giants see fossil fuels

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<v Speaker 1>in the energy mix for decades to come, and the

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<v Speaker 1>head of Virgin Atlantic Airways says the war between Israel

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<v Speaker 1>and Hamas is deterring travel across portions of the Middle East.

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<v Speaker 1>Speaking to Bloomberg, the carriers had said the impact on

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<v Speaker 1>travel may extend beyond the specific flight restrictions recently put

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<v Speaker 1>in place.

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<v Speaker 7>The situation in Israel, of course after the atrocites of

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<v Speaker 7>October the seventh, is still unpredictable, so I think there

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<v Speaker 7>are right now. The major impact has been of course

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<v Speaker 7>people are flying into Israel and because of that, they're

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<v Speaker 7>not flying also to the area, into Jordan, into Egypt,

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<v Speaker 7>into other locations.

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<v Speaker 1>The warning from Shai Wai so Virgin Atlantic underscores uncertainty

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<v Speaker 1>in the air travel market after the conflict led carriers

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<v Speaker 1>to suspense services to Tel Aviv earlier this month. And

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<v Speaker 1>if you want to hear that full interview, you can

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<v Speaker 1>find it on the Bloomberg Talks podcast. All of our

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<v Speaker 1>most important conversations in one place. Let's turn back though

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<v Speaker 1>to the latest that we've heard from the Middle East,

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<v Speaker 1>those two more hostages released from Gaza, more than two

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<v Speaker 1>hundred others, of course still being held by Hamas after

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<v Speaker 1>they were captured during the October seventh attackings on southern Israel. Meanwhile,

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<v Speaker 1>the US President Joe Biden and Benjamin Nettania who speaking

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<v Speaker 1>again by phone, discussing US deployments to the region, among

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<v Speaker 1>other issues. Let's get the latest now from Tel Aviv

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<v Speaker 1>and go to Bloomberg's Oliver Crook, Who's there for us

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<v Speaker 1>this morning? Oliver, good morning. What is the latest on

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<v Speaker 1>events there overnight?

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<v Speaker 8>Yes, as you mentioned, another two hostages free, which is

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<v Speaker 8>a meaningful development to elderly women taken from a kaboots

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<v Speaker 8>about two kilometers from these sort of border fence with Gaza.

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<v Speaker 8>We understand their husbands and their eighties are still being held,

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<v Speaker 8>and this was brokered by Katar. Yes, but also we

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<v Speaker 8>understand that Egypt was part of this conversation, and as

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<v Speaker 8>you say, Benjamin Nyahu and Biden spoke about this on

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<v Speaker 8>the phone. There is also the question of aid, which

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<v Speaker 8>the US has been very active in, and we understand

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<v Speaker 8>that thirty five trucks crossed into Gaza yesterday, which would

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<v Speaker 8>be the greatest number to have crossed since the beginning

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<v Speaker 8>of this crisis. However, still somewhat short of what the

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<v Speaker 8>UN says will be really minimum of one hundred a

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<v Speaker 8>day in order to make meaningful progress there.

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<v Speaker 1>Okay, let's look then, so as some of the efforts

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<v Speaker 1>being made diplomatically and what hope that might give to

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<v Speaker 1>the more than two hundred hostages that still remain captured

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<v Speaker 1>in Gaza. As you say, two more hostages being added

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<v Speaker 1>to the two others that were freed over the weekend.

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<v Speaker 8>I think it's very difficult to get a read on that,

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<v Speaker 8>only because everyone who is involved in this is all

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<v Speaker 8>through back channels and they're not really wanting to reveal

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<v Speaker 8>a lot of the information that they're getting. We know

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<v Speaker 8>that it is a top priority for basically every leader

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<v Speaker 8>who has any citizens being held, certainly for the Israelis,

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<v Speaker 8>certainly for the United States, and we know that Qatar

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<v Speaker 8>is playing a very key role in those discussions. Again,

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<v Speaker 8>the question also is how does this bear on the

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<v Speaker 8>potential ground offensive which we had been expecting for a

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<v Speaker 8>long period of time, and now who's I think nature

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<v Speaker 8>and scope is certainly being recalibrated or reconsidered on a

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<v Speaker 8>very active basis from much of the reporting that we're

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<v Speaker 8>doing partially and is a function of the hostages, but

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<v Speaker 8>also probably as a function of the international view of

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<v Speaker 8>the conflict and as well, you know how the Israelis

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<v Speaker 8>how much they can achieve basically from the skies, and

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<v Speaker 8>again the bombardment has very much continued into Gaza and

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<v Speaker 8>southern Lebanon.

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<v Speaker 1>We've also on the diplomatic front, Oliver had the latest

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<v Speaker 1>for first comments rather from China's pharm Wangi. What should

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<v Speaker 1>we read into what we heard from him?

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<v Speaker 8>Yeah, so it's been interesting this first comments there, well,

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<v Speaker 8>really the first contact at that level between the Israelis

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<v Speaker 8>and the Chinese since the conflict began. There has been

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<v Speaker 8>some discussion with from Wangi with other foreign ministers in

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<v Speaker 8>the region, but this is the highest level contact we've

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<v Speaker 8>had since the beginning of the conflict. And really there

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<v Speaker 8>there was the notion that every nation has a right

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<v Speaker 8>to self defense, but there was also sympathy espouse for

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<v Speaker 8>both the Israelis and Palestinians and really saying that the

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<v Speaker 8>number one interest needs to be to protect civilians. However,

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<v Speaker 8>we had also heard from a readout from a call

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<v Speaker 8>with the Saudi Foreign Minister between Wangi and the Saudi

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<v Speaker 8>saying that basically the Israeli's actions had gone beyond self

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<v Speaker 8>defense and it needs to stop its collective punishment to

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<v Speaker 8>the people of Gaza. Is what he had said there,

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<v Speaker 8>and Hjiping himself is called for an immediate ceasefire.

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<v Speaker 1>Oliver word Io and what we heard from Israel Central

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<v Speaker 1>Bank as well, which has been looking at the effect

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<v Speaker 1>of the war on the economic outlook.

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<v Speaker 8>And so we had a raid decision yesterday where rates

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<v Speaker 8>were left unchanged, but we also had a grow cut

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<v Speaker 8>to the GDP forecast. Originally Israel had expected to be

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<v Speaker 8>grow three percent this year three percent next year. They

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<v Speaker 8>reduced that to two point three percent this year and

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<v Speaker 8>two point eight percent next year. And again they've said

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<v Speaker 8>that that is if things remain relatively contained, which is

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<v Speaker 8>a big if. And I can tell you from just

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<v Speaker 8>being here for the last two weeks just in terms

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<v Speaker 8>of activity on the ground, many many, many businesses have

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<v Speaker 8>been closed, very few people in circulation, so certainly there

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<v Speaker 8>will be economic consequences, which is really a discussion that

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<v Speaker 8>has taken the back burner with the primacy on the

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<v Speaker 8>military and a word on the Gaza economic situation. I

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<v Speaker 8>think it's very almost impossible to calculate the damage that's

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<v Speaker 8>being done there.

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<v Speaker 1>Okay, Oliver Crook and tell Avis, thank you very much

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<v Speaker 1>for updating us on the story there this morning. Well,

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<v Speaker 1>I turning to other news. Bloomberg has published its list

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<v Speaker 1>of twenty five British startups to watch, ranging for the

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<v Speaker 1>digital bank Manzo to the to a wearable brains gunner maker.

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<v Speaker 1>They've been picked time at Bloomberg's Technology summit taking place

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<v Speaker 1>in London today. Amy Thompson, who leads our team of

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<v Speaker 1>technology reporters in London, joins us now for more. Amy,

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<v Speaker 1>talk us through how you managed to devise this list.

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<v Speaker 1>What were the key factors that made a startup stand

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<v Speaker 1>out for you?

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<v Speaker 9>Hey morning, Yeah, So we are looking at companies who

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<v Speaker 9>are doing something genuinely innovative, companies from all over the UK.

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<v Speaker 9>The diversity of where they were coming from and the

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<v Speaker 9>founder's background and the sorts of things that they were

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<v Speaker 9>working on was really important, and we were looking for

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<v Speaker 9>companies that could really show us that they had gained

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<v Speaker 9>some traction with customers or investors. And you know, when

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<v Speaker 9>we put the call out back in the summer. I

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<v Speaker 9>wasn't confident necessarily that we were going to get this

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<v Speaker 9>because it was such a grim period for the tech

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<v Speaker 9>industry globally.

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<v Speaker 10>That was back when we were seeing sort.

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<v Speaker 9>Of all the job cuts from the big tech companies,

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<v Speaker 9>companies that were able to raise money we're doing down rounds.

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<v Speaker 9>But we were really really pleasantly surprised. We got more

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<v Speaker 9>than fifteen hundred applications in the end, and a lot

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<v Speaker 9>of them were really really impressive.

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<v Speaker 1>And look, there are some names in there people will

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<v Speaker 1>know and some they don't.

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<v Speaker 10>Yeah, exactly.

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<v Speaker 9>So we've got some big brands like Manzo, We've got

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<v Speaker 9>some high street brands like l V. And then we've

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<v Speaker 9>got a lot of really interesting, very sort of scientific companies,

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<v Speaker 9>university spin outs. You mentioned the wearable brain scanner, Circa Magnetics.

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<v Speaker 10>We've got Genomics.

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<v Speaker 9>We've got a company that's making chips out of graphene,

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<v Speaker 9>which is a really interesting sort of material science story.

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<v Speaker 9>We've got Chemifi, which is digitizing chemistry to do molecule discovery.

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<v Speaker 9>So we've got a lot of really really interesting, interesting companies.

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<v Speaker 1>Now you mentioned sort of the backdrop to this being

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<v Speaker 1>perhaps the most optimistic. British politicians very keen to talk

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<v Speaker 1>up the UK's potential to be a tech hub. But

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<v Speaker 1>what sort of trends did you uncover in these startups

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<v Speaker 1>to watch?

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<v Speaker 9>Yeah, I think, like I said, we see a lot

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<v Speaker 9>of strength out of the universities in the UK. We

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<v Speaker 9>saw a lot of great ideas that came from labs

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<v Speaker 9>in Cambridge and Oxford and Leicester and Nottingham. So it

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<v Speaker 9>seems like one of the big stories out of this

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<v Speaker 9>is that the universities in the UK are really great

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<v Speaker 9>incubators for some interesting companies.

0:12:35.679 --> 0:12:38.600
<v Speaker 1>What about the challenges amy that they face and fundraising

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<v Speaker 1>though it's something we often hear about companies leaving the

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<v Speaker 1>UK to go to usually the US, to raise more money.

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<v Speaker 9>Yeah, I mean it's not been a great year for fundraising.

0:12:48.520 --> 0:12:51.400
<v Speaker 9>I remember talking to VC's last Christmas and a lot

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<v Speaker 9>of them were saying, we're going to be really cautious

0:12:53.360 --> 0:12:56.840
<v Speaker 9>this year, and that has definitely played out. The last

0:12:57.280 --> 0:13:01.720
<v Speaker 9>pitch book report I saw said that funding was down

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<v Speaker 9>something like fifty eight percent in the first half of

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<v Speaker 9>the year, and you know, some only exit strapped.

0:13:07.520 --> 0:13:09.640
<v Speaker 10>We didn't see the same kind of you.

0:13:09.600 --> 0:13:14.120
<v Speaker 9>Know, IPOs and sales, though it does seem like there

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<v Speaker 9>is some cautious optimism for next year.

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