1
00:00:02,880 --> 00:00:03,400
Speaker 1: Good morning.

2
00:00:03,440 --> 00:00:05,720
Speaker 2: It's Tuesday, the thirty first of October here in London.

3
00:00:05,760 --> 00:00:07,800
Speaker 2: This is the BlueBag Day Vacate podcast.

4
00:00:07,840 --> 00:00:10,000
Speaker 1: I'm Caroline Hepka and I'm Stephen Carroll.

5
00:00:10,080 --> 00:00:13,720
Speaker 3: Coming up today Israeli Prime Minister Benjamin Netania, who dismisses

6
00:00:13,800 --> 00:00:16,480
Speaker 3: calls to quit and rules out a ceasefire.

7
00:00:16,920 --> 00:00:20,480
Speaker 2: The Bank of Japan allows long term yields to edge higher,

8
00:00:20,520 --> 00:00:22,439
Speaker 2: but disappoints those that wanted more.

9
00:00:23,000 --> 00:00:27,120
Speaker 3: Plus, putting a cross through his fifty billion dollar purchase,

10
00:00:27,480 --> 00:00:30,680
Speaker 3: Elon Musk's X is now worth less than half what

11
00:00:30,800 --> 00:00:35,360
Speaker 3: he paid for it. Our top stories this morning Israel's

12
00:00:35,360 --> 00:00:38,360
Speaker 3: Prime Minister Benjamin Nettannie, who has dismissed calls for him

13
00:00:38,360 --> 00:00:41,560
Speaker 3: to resign over security failures that led to the October

14
00:00:41,640 --> 00:00:45,480
Speaker 3: seventh Hamas attack. One four hundred people are now known

15
00:00:45,479 --> 00:00:48,519
Speaker 3: to have died that day, the largest loss of Jewish

16
00:00:48,560 --> 00:00:52,360
Speaker 3: life since the since the Holocaust. Speaking to reporters in

17
00:00:52,400 --> 00:00:55,520
Speaker 3: Tel Aviv, Netannia, who rejected criticism of his leadership and

18
00:00:55,640 --> 00:00:58,320
Speaker 3: vowed to push on with the ground defensive in Gaza.

19
00:00:58,720 --> 00:01:02,120
Speaker 4: The only thing that I'm tended to have resign is Hamas.

20
00:01:02,240 --> 00:01:04,720
Speaker 4: We're going to resign them to the dust benef history.

21
00:01:04,920 --> 00:01:07,560
Speaker 5: That's my goal, that's my responsibility, and that's what I'm

22
00:01:07,640 --> 00:01:08,520
Speaker 5: leading the country to do.

23
00:01:09,040 --> 00:01:11,480
Speaker 3: Netania, who also ruled out a ceasefire in the three

24
00:01:11,480 --> 00:01:15,640
Speaker 3: week old conflict. Authorities in HAMASRN Gaza said the death

25
00:01:15,680 --> 00:01:19,240
Speaker 3: toll since the war has erupted has surpassed eighty three

26
00:01:19,319 --> 00:01:22,320
Speaker 3: hundred people, and the United Nations officials said more than

27
00:01:22,360 --> 00:01:26,440
Speaker 3: one point four million people have been internally displaced in Gaza.

28
00:01:27,160 --> 00:01:30,480
Speaker 2: There are now increasing signs that the conflict risks spilling

29
00:01:30,520 --> 00:01:35,200
Speaker 2: over into neighboring countries. Overnight, Israeli fighter jets struck infrastructure

30
00:01:35,240 --> 00:01:40,360
Speaker 2: targets in Lebanon, including weapons posts and sites that the

31
00:01:40,400 --> 00:01:44,160
Speaker 2: military says are were being used by hes Bola. The

32
00:01:44,280 --> 00:01:48,040
Speaker 2: United Nations Special Envoy for Syria has also warned that

33
00:01:48,080 --> 00:01:51,680
Speaker 2: the conflict between Israel and Hamas is spilling into that country.

34
00:01:52,040 --> 00:01:55,480
Speaker 2: Geir Pedersen, told the UN Security Council that the situation

35
00:01:55,600 --> 00:01:59,120
Speaker 2: is now quote at its most dangerous for a long time.

36
00:01:59,600 --> 00:02:03,440
Speaker 2: Is carried out air strikes inside Syria, while US bases

37
00:02:03,480 --> 00:02:07,360
Speaker 2: that have also been targeted in attacks blamed on Iran

38
00:02:07,520 --> 00:02:09,799
Speaker 2: backed militious You know the news.

39
00:02:09,840 --> 00:02:12,560
Speaker 3: The Bank of Japan has adjusted its bond buying program

40
00:02:12,639 --> 00:02:15,399
Speaker 3: to allow long term yields to edge higher while also

41
00:02:15,480 --> 00:02:17,240
Speaker 3: raising its inflation projections.

42
00:02:17,560 --> 00:02:19,160
Speaker 4: Although modest, the move signals that the.

43
00:02:19,160 --> 00:02:23,520
Speaker 3: BOJ may now be inching towards scrapping its yield curve control.

44
00:02:24,040 --> 00:02:28,960
Speaker 3: Sayuri Sharai was a member of the Central Bank's policy

45
00:02:28,960 --> 00:02:34,000
Speaker 3: board until twenty sixteen. She told Bloomberg it's a significant shift.

46
00:02:34,440 --> 00:02:37,639
Speaker 5: They raise this reference RaaS to one percent, so they

47
00:02:37,639 --> 00:02:40,760
Speaker 5: are not going to defend this one percent yield, So

48
00:02:40,960 --> 00:02:42,480
Speaker 5: means they don't want to patch us a lot of

49
00:02:42,520 --> 00:02:45,359
Speaker 5: government bonds. So this is a very strong signal that

50
00:02:45,360 --> 00:02:48,080
Speaker 5: they want a lot more flexibility on that thing. I

51
00:02:48,400 --> 00:02:52,760
Speaker 5: So eventually this might be study paza normalization of monetary policy.

52
00:02:53,400 --> 00:02:56,840
Speaker 3: Despite Siuri Sharai's view, the end weekend after the announcement

53
00:02:56,919 --> 00:02:59,919
Speaker 3: suggesting that traders still believe the Central Bank is committed

54
00:03:00,240 --> 00:03:02,359
Speaker 3: to its stimulus stance.

55
00:03:02,800 --> 00:03:07,200
Speaker 2: Now, China's factory activity fell back into contraction in October.

56
00:03:07,200 --> 00:03:09,919
Speaker 2: Pllympigs Brian Cursis has more from Hong Kong.

57
00:03:10,240 --> 00:03:13,639
Speaker 6: The official PMI fell to forty nine point five in October,

58
00:03:13,680 --> 00:03:17,320
Speaker 6: the estimate fifty point two. In addition, an expansion of

59
00:03:17,360 --> 00:03:21,720
Speaker 6: the services sector unexpectedly eased. The reading suggests the economy

60
00:03:21,760 --> 00:03:25,799
Speaker 6: remains fragile and needs further support. The non manufacturing gage

61
00:03:25,840 --> 00:03:29,200
Speaker 6: declined to fifty point six from fifty one point seven

62
00:03:29,280 --> 00:03:33,000
Speaker 6: in September, also lower than forecast. The numbers are skewed

63
00:03:33,120 --> 00:03:35,360
Speaker 6: due to an eight day holiday at the beginning of

64
00:03:35,360 --> 00:03:39,080
Speaker 6: the month, but let's not quibble. Demand remains weak in

65
00:03:39,120 --> 00:03:41,040
Speaker 6: On Kong Brian Curtis, Bloomberg Radio.

66
00:03:42,200 --> 00:03:45,520
Speaker 3: Apple has announced a new iMac laptops and the third

67
00:03:45,600 --> 00:03:49,120
Speaker 3: generation of its in house Mac processor line. The announcement

68
00:03:49,160 --> 00:03:52,360
Speaker 3: was part of the Tech giants self described Halloween Scary

69
00:03:52,520 --> 00:03:56,680
Speaker 3: Fast Broad branded product launch. Apple says the new chip

70
00:03:56,760 --> 00:04:00,920
Speaker 3: lineup relies on advanced three nanometer manufacturing technology and more

71
00:04:00,960 --> 00:04:06,480
Speaker 3: efficiency efficiently handles graphics processing. Moren from Bloomberg's Tom Giles, what.

72
00:04:06,440 --> 00:04:10,480
Speaker 7: They're trying to show is that the new line of

73
00:04:10,560 --> 00:04:15,200
Speaker 7: chips that they've just unveiled, the M three, is a

74
00:04:15,280 --> 00:04:19,320
Speaker 7: kind of chip that's that's faster, more powerful, and at

75
00:04:19,360 --> 00:04:22,679
Speaker 7: the same time more energy efficient. So what they're trying

76
00:04:22,720 --> 00:04:25,520
Speaker 7: to do is they're using this new chip to breathe

77
00:04:25,600 --> 00:04:30,320
Speaker 7: life into their Mac product line. We saw a big

78
00:04:30,480 --> 00:04:34,440
Speaker 7: boost in Mac sales in the time of the pandemic,

79
00:04:34,520 --> 00:04:38,640
Speaker 7: when everybody was staying home and refreshing their laptops and

80
00:04:38,680 --> 00:04:42,599
Speaker 7: working from home, and then since then we've seen a

81
00:04:42,600 --> 00:04:44,880
Speaker 7: little bit more of a slowdown in recent quarters.

82
00:04:46,040 --> 00:04:48,760
Speaker 3: Tom Giles says that by using in house chips, Apple

83
00:04:48,800 --> 00:04:51,960
Speaker 3: believes it can tailor its hardware and software to create

84
00:04:52,040 --> 00:04:55,760
Speaker 3: a better overall user experience. The firm will be hoping

85
00:04:55,800 --> 00:04:59,440
Speaker 3: that lunch to restore its advantage in the industry and

86
00:04:59,600 --> 00:05:04,440
Speaker 3: get them business back on track. X, the platform formerly

87
00:05:04,480 --> 00:05:07,520
Speaker 3: known as Twitter, is worth less than half of what

88
00:05:07,600 --> 00:05:10,160
Speaker 3: Elon Musk paid for it a year ago.

89
00:05:10,560 --> 00:05:12,440
Speaker 1: More now from Bluemberg's Charlie Pellett.

90
00:05:12,800 --> 00:05:17,200
Speaker 4: The source tells Bloomberg restricted stock units awarded to employees

91
00:05:17,360 --> 00:05:21,080
Speaker 4: value the company at nineteen billion dollars or forty five

92
00:05:21,160 --> 00:05:24,560
Speaker 4: dollars a share a year ago. Musk bought Twitter for

93
00:05:24,560 --> 00:05:28,480
Speaker 4: forty four billion dollars. Since the takeover, most of Twitter's

94
00:05:28,480 --> 00:05:32,600
Speaker 4: staff was laid off or resigned. Musk renamed the company X,

95
00:05:32,960 --> 00:05:36,480
Speaker 4: changed some of its content rules, and has since lost

96
00:05:36,520 --> 00:05:39,640
Speaker 4: more than half of its AD revenue in New York.

97
00:05:39,800 --> 00:05:41,480
Speaker 4: Charlie Pellett Bloomberg Radio.

98
00:05:42,240 --> 00:05:44,360
Speaker 2: Coming up a little later on We're going to bring

99
00:05:44,400 --> 00:05:46,840
Speaker 2: you a special conversation that we've been having to mark

100
00:05:46,880 --> 00:05:50,039
Speaker 2: the end of Black History Month about the experience of

101
00:05:50,080 --> 00:05:52,799
Speaker 2: being black and working in the city of London, both

102
00:05:52,880 --> 00:05:56,159
Speaker 2: at a senior level and for someone whose career is

103
00:05:56,320 --> 00:05:57,160
Speaker 2: just starting out.

104
00:05:57,200 --> 00:05:59,159
Speaker 1: That a little later in the program.

105
00:05:59,320 --> 00:06:01,520
Speaker 3: First, up to date with the latest developments from the

106
00:06:01,520 --> 00:06:04,440
Speaker 3: Middle East. Now Israel's Prime minister dismissing calls for him

107
00:06:04,440 --> 00:06:06,880
Speaker 3: to resign and ruling out a cease fire in the

108
00:06:06,880 --> 00:06:09,160
Speaker 3: country's war with Hamas. Let's get the latest now from

109
00:06:09,200 --> 00:06:11,919
Speaker 3: our head of Middle Eastern North Africa, Stuart Livingston. Wallace

110
00:06:12,040 --> 00:06:14,320
Speaker 3: Stewart's great to have you with us. This was a

111
00:06:14,480 --> 00:06:17,960
Speaker 3: defined press contrance from Benjamin es Niaho last night. No

112
00:06:18,520 --> 00:06:21,480
Speaker 3: signs of a change in strategy from Israel.

113
00:06:22,000 --> 00:06:24,359
Speaker 8: Yeah, good morning. Well I would say no change of

114
00:06:24,360 --> 00:06:27,800
Speaker 8: strategy in the past few days because well we don't

115
00:06:27,800 --> 00:06:29,800
Speaker 8: know this for a fact, but obviously there does appear

116
00:06:29,800 --> 00:06:32,000
Speaker 8: to have been quite a major change of strategy from

117
00:06:32,040 --> 00:06:34,400
Speaker 8: the original assumption at least that was going to be

118
00:06:34,440 --> 00:06:37,000
Speaker 8: an all out assault. So you know, this is now

119
00:06:37,000 --> 00:06:38,800
Speaker 8: the second phase of the war where it is on

120
00:06:38,839 --> 00:06:41,360
Speaker 8: a much lower level than I think most people were anticipating,

121
00:06:41,360 --> 00:06:43,520
Speaker 8: and that seemed to sort of come from two or

122
00:06:43,520 --> 00:06:46,440
Speaker 8: three main things. Number one, the number of foreign leaders

123
00:06:46,480 --> 00:06:48,599
Speaker 8: that sort of treat their way into Tel Aviv to

124
00:06:48,880 --> 00:06:52,719
Speaker 8: sort of urge caution. Obviously, the continuing hostage situation, and

125
00:06:52,760 --> 00:06:58,039
Speaker 8: then finally clear signs that there were elevated risks of

126
00:06:59,000 --> 00:07:01,480
Speaker 8: conflict breaking out, particularly in the north with has Blurb,

127
00:07:01,520 --> 00:07:03,880
Speaker 8: but also further afield the sort of Syria rack and

128
00:07:04,760 --> 00:07:07,719
Speaker 8: down in the south from the hooties in Yemen. So

129
00:07:07,800 --> 00:07:11,040
Speaker 8: at the moment, the strategy seemed to be much lower

130
00:07:11,120 --> 00:07:13,600
Speaker 8: levels of incursions coming in from the north and the east,

131
00:07:13,680 --> 00:07:16,200
Speaker 8: sort of heading towards Gaza City. But it's very hard

132
00:07:16,200 --> 00:07:18,320
Speaker 8: to tell what exactly the strategy is right now.

133
00:07:19,760 --> 00:07:22,240
Speaker 2: So Bloomberg also has learned that the head of Israel's

134
00:07:22,240 --> 00:07:26,400
Speaker 2: intelligence service, Mossad, traveled to Qatar as part of the

135
00:07:26,440 --> 00:07:29,880
Speaker 2: efforts to secure the release of hostages held by her Mass.

136
00:07:29,960 --> 00:07:32,840
Speaker 1: This is obviously the other major issue.

137
00:07:33,400 --> 00:07:35,760
Speaker 2: What more can you tell us about, you know how

138
00:07:35,840 --> 00:07:36,760
Speaker 2: that took place?

139
00:07:39,000 --> 00:07:42,200
Speaker 8: Well, not much truthfully, And I was in Doha myself yesterday.

140
00:07:43,040 --> 00:07:44,720
Speaker 8: I can tell you from the ground. I don't have

141
00:07:44,760 --> 00:07:46,760
Speaker 8: a great day to tell you what we do know, obviously,

142
00:07:46,800 --> 00:07:49,120
Speaker 8: is that KATAR has been working pretty much flat out

143
00:07:49,160 --> 00:07:52,880
Speaker 8: since this whole thing kicked off, and obviously so far

144
00:07:52,920 --> 00:07:55,240
Speaker 8: as found them as a success success with only a

145
00:07:55,320 --> 00:07:58,000
Speaker 8: handful released out of the two hundred plus that we

146
00:07:58,080 --> 00:08:00,480
Speaker 8: know we're taken. But that, of course us mean that

147
00:08:00,520 --> 00:08:02,360
Speaker 8: there won't be more, and that doesn't mean that they're

148
00:08:02,400 --> 00:08:04,880
Speaker 8: not making headway. You know, as often these things go,

149
00:08:05,200 --> 00:08:07,960
Speaker 8: you don't hear anything and then suddenly there's a great success.

150
00:08:08,040 --> 00:08:11,000
Speaker 8: So Katar in general punch is far above its weight

151
00:08:11,040 --> 00:08:13,120
Speaker 8: when it comes to difficult situations, and you think of

152
00:08:13,160 --> 00:08:16,040
Speaker 8: the American prisoners, really spy Iran, getting the Americans out

153
00:08:16,040 --> 00:08:19,240
Speaker 8: of Afghanistan, Ukrainian children out of Russia, and none of

154
00:08:19,280 --> 00:08:21,840
Speaker 8: these easy things to do. So it is a pretty

155
00:08:22,200 --> 00:08:25,600
Speaker 8: impressive operator. But I'm afraid with this one, everything tends

156
00:08:25,600 --> 00:08:27,920
Speaker 8: to be rather silent until you get the hostage has

157
00:08:27,920 --> 00:08:29,000
Speaker 8: actually come out.

158
00:08:29,360 --> 00:08:32,280
Speaker 3: We're also watching the latest movements in Washington as regards

159
00:08:32,320 --> 00:08:35,080
Speaker 3: the next aid package for Israel, as well House Republicans

160
00:08:35,080 --> 00:08:39,640
Speaker 3: publishing their own plan to give more help to Israel.

161
00:08:40,679 --> 00:08:42,439
Speaker 8: Yeah, I mean that's probably going to slow things down

162
00:08:42,520 --> 00:08:45,000
Speaker 8: quite a bit, or at least that's our assumption, I'm

163
00:08:45,080 --> 00:08:47,959
Speaker 8: the bottom line here is that, you know, the new

164
00:08:48,000 --> 00:08:50,800
Speaker 8: spending is likely to stall in the Senate unless there

165
00:08:50,800 --> 00:08:53,360
Speaker 8: are substantial revisions. Now, quite what that means in terms

166
00:08:53,400 --> 00:08:55,880
Speaker 8: of time frame really hard to predict, and I think

167
00:08:55,920 --> 00:08:59,720
Speaker 8: everyone sort of secondarity is wired that by splitting this up,

168
00:09:00,080 --> 00:09:02,360
Speaker 8: you know, what might that mean for aid for Ukraine

169
00:09:02,400 --> 00:09:04,680
Speaker 8: as it goes on the counter offensive against Russia again,

170
00:09:04,720 --> 00:09:07,480
Speaker 8: you know that I think is a much broader concern.

171
00:09:08,920 --> 00:09:11,880
Speaker 2: Also in terms of on the ground, has there been

172
00:09:11,960 --> 00:09:15,880
Speaker 2: any sign of humanitarian aid or increased humanitarian aid going

173
00:09:15,960 --> 00:09:17,839
Speaker 2: to Gaza?

174
00:09:18,000 --> 00:09:20,080
Speaker 8: No, no sign yet. I mean we were told by

175
00:09:20,120 --> 00:09:22,719
Speaker 8: the Israels yesterday the number of trucks should increase to

176
00:09:22,760 --> 00:09:25,440
Speaker 8: about one hundred, So that's sort of in the order of,

177
00:09:25,640 --> 00:09:27,760
Speaker 8: you know, three or four times for a bit more

178
00:09:27,800 --> 00:09:31,120
Speaker 8: even what we've been seeing in the previous days. But

179
00:09:31,160 --> 00:09:34,160
Speaker 8: the reality, of course is that even at one hundred trucks,

180
00:09:34,160 --> 00:09:36,079
Speaker 8: that's about a fifth of what was going in before

181
00:09:36,080 --> 00:09:39,160
Speaker 8: the conflict. And again the context here, you know, two

182
00:09:39,160 --> 00:09:41,480
Speaker 8: million people in Gaza, one hundred trucks a day is

183
00:09:41,800 --> 00:09:43,480
Speaker 8: just not going to cut it in terms of the

184
00:09:43,480 --> 00:09:46,120
Speaker 8: amount of aid that's really needed, particularly in the context

185
00:09:46,200 --> 00:09:50,560
Speaker 8: of there being electricity shortages, certainly shortages of fuel to

186
00:09:50,840 --> 00:09:53,120
Speaker 8: hospitals and that sort of thing to keep the generators going.

187
00:09:53,559 --> 00:09:57,439
Speaker 8: So it's definitely an improvement, but probably nowhere near what

188
00:09:57,520 --> 00:09:59,440
Speaker 8: most people would think would be needed.

189
00:10:00,360 --> 00:10:04,360
Speaker 3: Sure, we're also watching closely for any signs of regional

190
00:10:04,480 --> 00:10:08,160
Speaker 3: escalation as well. More air strikes from Israel on Hesbela

191
00:10:08,240 --> 00:10:09,600
Speaker 3: targets and Lebanon overnight.

192
00:10:10,960 --> 00:10:13,360
Speaker 8: Yeah, I mean, the tensions are definitely still high on

193
00:10:13,400 --> 00:10:15,840
Speaker 8: that border, although it must be said at the same

194
00:10:15,920 --> 00:10:18,480
Speaker 8: time that so far it appears that Hesbela doesn't really

195
00:10:18,480 --> 00:10:20,600
Speaker 8: want to get fully engaged. Now. We don't know if

196
00:10:20,600 --> 00:10:23,360
Speaker 8: that's just general reluctance or it's waiting for Israel to

197
00:10:23,360 --> 00:10:26,720
Speaker 8: commit more troops into Gaza. It's very hard to tell.

198
00:10:27,520 --> 00:10:29,200
Speaker 8: But I should sort of add on top of that,

199
00:10:29,240 --> 00:10:31,200
Speaker 8: I think where people really need to be focused right

200
00:10:31,200 --> 00:10:34,400
Speaker 8: now Syria. And as you mentioned, you know, in the

201
00:10:34,440 --> 00:10:37,079
Speaker 8: introduction to this, we had the un Raperta came out

202
00:10:37,280 --> 00:10:39,320
Speaker 8: and kind of came a very stark warning along the

203
00:10:39,360 --> 00:10:41,040
Speaker 8: lines of, you know, it was already a bit of

204
00:10:41,040 --> 00:10:45,200
Speaker 8: a tinderbox and things are definitely getting worse. So we've

205
00:10:45,240 --> 00:10:49,640
Speaker 8: seen numerous attacks on the US military in Syria and

206
00:10:49,679 --> 00:10:53,520
Speaker 8: in Iraq. You've seen it have sort of stepped up

207
00:10:54,280 --> 00:10:58,280
Speaker 8: histrikes from Israel into Syria and what was already you know,

208
00:10:58,440 --> 00:11:01,360
Speaker 8: a very very volatile situa likely to get worse, and

209
00:11:01,400 --> 00:11:04,360
Speaker 8: then that obviously has a spilow of effect right across

210
00:11:04,360 --> 00:11:06,400
Speaker 8: the region. So that's definitely when we need to keep

211
00:11:06,400 --> 00:11:07,640
Speaker 8: an eye.

212
00:11:07,960 --> 00:11:10,880
Speaker 2: Okay, thank you so much for your time this morning.

213
00:11:10,880 --> 00:11:13,880
Speaker 2: Stuart living sin Wallace is Bloombo's head of Middle East

214
00:11:14,000 --> 00:11:17,600
Speaker 2: and North Africa coverage, bringing us the latest developments from

215
00:11:17,640 --> 00:11:19,640
Speaker 2: the Middle East and the Israel hamas wall.

216
00:11:20,040 --> 00:11:22,440
Speaker 3: Today is the last day of Black History Month in

217
00:11:22,559 --> 00:11:24,760
Speaker 3: the UK. It's an event that many companies in the

218
00:11:24,760 --> 00:11:28,080
Speaker 3: city have celebrated, but black Asian and minority ethnic people

219
00:11:28,120 --> 00:11:31,719
Speaker 3: are still underrepresented in financial services. A twenty twenty two

220
00:11:31,760 --> 00:11:34,199
Speaker 3: Race to a Quality survey found that almost seven and

221
00:11:34,360 --> 00:11:37,679
Speaker 3: ten ethnic minority workers in the UK financial services felt

222
00:11:37,679 --> 00:11:39,560
Speaker 3: they'd experienced discrimination at work.

223
00:11:39,840 --> 00:11:42,240
Speaker 2: So we wanted to bring you a conversation about the

224
00:11:42,360 --> 00:11:45,760
Speaker 2: experience of being a black person working here in the

225
00:11:45,840 --> 00:11:50,400
Speaker 2: Square Mile. We brought together a graduate and insurance firm Gallagher,

226
00:11:50,800 --> 00:11:53,920
Speaker 2: and a managing director from Morgan Stanley to discuss the

227
00:11:54,000 --> 00:11:58,520
Speaker 2: importance of role models and how they feel underrepresentation of

228
00:11:58,600 --> 00:12:01,880
Speaker 2: black people in financial industries could be addressed.

229
00:12:02,520 --> 00:12:04,199
Speaker 3: Let's take a listen now to that conversation.

230
00:12:04,640 --> 00:12:08,840
Speaker 9: I'm calling Chambers. I work at Gallagher in construction broken

231
00:12:09,080 --> 00:12:11,439
Speaker 9: the international team. I'm on the grad scheme. This is

232
00:12:11,480 --> 00:12:12,280
Speaker 9: my second year.

233
00:12:12,600 --> 00:12:15,160
Speaker 10: My name is totin Akin Louis. I'm a managing director

234
00:12:15,160 --> 00:12:17,480
Speaker 10: at Morgan Stanley and I've been at the firm twenty years.

235
00:12:17,760 --> 00:12:20,240
Speaker 9: As to put Chelsea, big reasons to put Chelsea because

236
00:12:20,240 --> 00:12:22,640
Speaker 9: of Marco Ession. He's a guardian black role model for me.

237
00:12:22,920 --> 00:12:25,320
Speaker 9: A lot of people where I'm from or East London,

238
00:12:25,400 --> 00:12:28,679
Speaker 9: they support Arsenal because of players like Tiriorni and they

239
00:12:28,679 --> 00:12:30,240
Speaker 9: want to be a football and play for Arsenal because

240
00:12:30,280 --> 00:12:33,400
Speaker 9: of Tiriory. In the city, definitely, you want to see

241
00:12:33,400 --> 00:12:36,040
Speaker 9: someone that is successful in the city because I feel

242
00:12:36,040 --> 00:12:39,679
Speaker 9: like there's a bit of narrative and stereotypes that the

243
00:12:39,679 --> 00:12:42,280
Speaker 9: city's mainly white people in your walking and there's a

244
00:12:42,280 --> 00:12:44,719
Speaker 9: lot of maybe a lack of diversity. People might think

245
00:12:44,720 --> 00:12:46,560
Speaker 9: that from first assumption, but I feel like when you

246
00:12:46,600 --> 00:12:49,120
Speaker 9: get in the city you'll be surprised as well because

247
00:12:49,120 --> 00:12:51,840
Speaker 9: there are black leaders there, so be able to identify

248
00:12:51,840 --> 00:12:54,000
Speaker 9: with those black leaders and relate to them. It's really

249
00:12:54,040 --> 00:12:56,520
Speaker 9: important to feel like you can be successful in a

250
00:12:56,559 --> 00:12:58,440
Speaker 9: city where you are the minority.

251
00:12:58,679 --> 00:13:01,240
Speaker 10: When I look at my career and when I started

252
00:13:01,280 --> 00:13:05,439
Speaker 10: out decades ago, you know, there wasn't the obvious role

253
00:13:05,480 --> 00:13:07,840
Speaker 10: modeling at senior levels of black heritage, there were not

254
00:13:08,080 --> 00:13:12,959
Speaker 10: that many. Obviously, there's been vast improvements there really identifying

255
00:13:13,040 --> 00:13:16,720
Speaker 10: and training and retaining black excellent talent, and so there's

256
00:13:16,760 --> 00:13:20,439
Speaker 10: more representation now than there was before, and a lot

257
00:13:20,480 --> 00:13:22,320
Speaker 10: of people who have worked as long as I have

258
00:13:22,440 --> 00:13:24,959
Speaker 10: who have black heritage will have that same feeling of

259
00:13:25,679 --> 00:13:27,800
Speaker 10: not kind of looking around and seeing people who might

260
00:13:27,840 --> 00:13:30,520
Speaker 10: have had a similar path or similar background, especially when

261
00:13:30,559 --> 00:13:33,959
Speaker 10: it comes to ethnicity and culture. But the reality is

262
00:13:34,120 --> 00:13:37,280
Speaker 10: that there's been progression. It's not been linear. There's more

263
00:13:37,320 --> 00:13:40,760
Speaker 10: wood to chop, absolutely, But once you are in a

264
00:13:40,800 --> 00:13:45,080
Speaker 10: place where you have achieved certain things and you yourself

265
00:13:45,120 --> 00:13:47,800
Speaker 10: called an our role model, you begin to role model

266
00:13:48,000 --> 00:13:50,160
Speaker 10: right from the start of your career, and there are

267
00:13:50,200 --> 00:13:52,040
Speaker 10: people who will come to you or you could offer

268
00:13:52,080 --> 00:13:54,760
Speaker 10: advice about how you've done that in your kind of environment.

269
00:13:55,200 --> 00:13:57,320
Speaker 10: So the role modeling is really about paying it forward.

270
00:13:57,640 --> 00:13:59,959
Speaker 9: You won't leave the same career that's tossing as or

271
00:14:00,880 --> 00:14:03,520
Speaker 9: another black man or another black lady has, so you

272
00:14:03,600 --> 00:14:07,280
Speaker 9: have to navigate and also sort of take responsiblity of

273
00:14:07,280 --> 00:14:10,360
Speaker 9: your career and in non different people, take everything with

274
00:14:10,400 --> 00:14:13,240
Speaker 9: a pinch of salt as well, and try and relate

275
00:14:13,520 --> 00:14:18,600
Speaker 9: to where you think their advice will be relevant to you.

276
00:14:19,160 --> 00:14:21,280
Speaker 10: If you're going into a work environment where you are

277
00:14:21,320 --> 00:14:23,520
Speaker 10: spending nine, ten, eleven, twelve hours a day could be

278
00:14:23,560 --> 00:14:26,160
Speaker 10: longer depending on what's going on in your industry, to

279
00:14:26,320 --> 00:14:29,760
Speaker 10: have to navigate a performance every day that's not true

280
00:14:29,800 --> 00:14:32,640
Speaker 10: to who you are is absolutely exhausting and takes away

281
00:14:32,960 --> 00:14:34,920
Speaker 10: from you actually performing a job to the best of

282
00:14:34,960 --> 00:14:38,240
Speaker 10: your ability. So when we talk about role models, one

283
00:14:38,240 --> 00:14:41,600
Speaker 10: of the things I would say to people such as yourself, Colin,

284
00:14:41,880 --> 00:14:43,880
Speaker 10: is that when we're looking at role models or a

285
00:14:43,920 --> 00:14:45,920
Speaker 10: skill we want to develop or something we want to

286
00:14:46,000 --> 00:14:49,200
Speaker 10: horne and perfect, it's looking at the people who do it.

287
00:14:49,120 --> 00:14:51,520
Speaker 1: Best, whoever they are, wherever they're from.

288
00:14:51,760 --> 00:14:54,000
Speaker 10: And it's great that there are a lot more people

289
00:14:54,000 --> 00:14:56,640
Speaker 10: of black heritage to call and other ethnicities as well

290
00:14:56,800 --> 00:14:58,800
Speaker 10: within the city, but who does it best in a

291
00:14:58,840 --> 00:15:01,600
Speaker 10: way that resonates with me and it's true to me,

292
00:15:02,160 --> 00:15:03,560
Speaker 10: and now I want to find out a bit more

293
00:15:03,600 --> 00:15:04,040
Speaker 10: about that.

294
00:15:04,960 --> 00:15:07,440
Speaker 9: If unconscious bi us, I feel like you have to

295
00:15:07,440 --> 00:15:10,280
Speaker 9: be aware of it before you know exists. Me being

296
00:15:10,800 --> 00:15:13,840
Speaker 9: very young as well and knew in the industry. I

297
00:15:13,840 --> 00:15:16,160
Speaker 9: feel like you're young, you might not know, you could

298
00:15:16,160 --> 00:15:19,600
Speaker 9: be naive. You definitely need to be have a wirded

299
00:15:19,600 --> 00:15:21,880
Speaker 9: eye for that and also be aware of that, but

300
00:15:22,320 --> 00:15:26,040
Speaker 9: also know that you can talk to people, make them

301
00:15:26,080 --> 00:15:29,200
Speaker 9: aware of things that you might not agree with and

302
00:15:29,320 --> 00:15:33,000
Speaker 9: things that could be improved in whatever industry you're in.

303
00:15:33,280 --> 00:15:34,920
Speaker 10: One of the things you said that it's so amazing

304
00:15:34,960 --> 00:15:37,320
Speaker 10: and it's great, it actually should not be amazing is

305
00:15:37,320 --> 00:15:40,000
Speaker 10: that you feel comfortable talking about it. And that's the

306
00:15:40,080 --> 00:15:42,760
Speaker 10: environment you want in a corporate setting, and Monkstani is

307
00:15:42,800 --> 00:15:44,680
Speaker 10: very much the same. And you want to be an

308
00:15:44,760 --> 00:15:47,080
Speaker 10: environment where you can talk about it. And I think

309
00:15:47,080 --> 00:15:49,760
Speaker 10: if you go back thirty forty years, there was not

310
00:15:49,840 --> 00:15:52,200
Speaker 10: the narrative, the language, how do you talk about it?

311
00:15:52,280 --> 00:15:55,120
Speaker 10: You know, people were not comfortable talking about race at all.

312
00:15:55,360 --> 00:15:57,920
Speaker 10: There's a lot more comfort in that and people willing

313
00:15:57,960 --> 00:16:00,760
Speaker 10: to kind of make mistakes and be corrected than there

314
00:16:00,920 --> 00:16:03,600
Speaker 10: was thirty forty years ago. So it's great that you

315
00:16:03,680 --> 00:16:05,880
Speaker 10: are perceiving that and feeling power to do that. The

316
00:16:05,880 --> 00:16:08,400
Speaker 10: other thing I would say was when I was starting

317
00:16:08,400 --> 00:16:09,880
Speaker 10: at a lot of the time, there would be some

318
00:16:09,960 --> 00:16:13,280
Speaker 10: form of unconscious bias people would perceive and it would

319
00:16:13,320 --> 00:16:15,160
Speaker 10: be like, oh, I didn't correct it right then and

320
00:16:15,160 --> 00:16:16,920
Speaker 10: there in the moment. The moment has passed. The moment

321
00:16:16,960 --> 00:16:19,280
Speaker 10: has never passed. It's never passed. It could be three

322
00:16:19,280 --> 00:16:22,240
Speaker 10: four days, it could be a while before you realize, oh, yeah,

323
00:16:22,280 --> 00:16:25,200
Speaker 10: that's particularly what made me uncomfortable, and now I want

324
00:16:25,280 --> 00:16:28,640
Speaker 10: to rectify that, address it, discuss it, and that's what

325
00:16:28,960 --> 00:16:33,160
Speaker 10: makes someone feel more comfortable in their environment as well.

326
00:16:33,320 --> 00:16:36,440
Speaker 9: How I see it from my perspective is that I

327
00:16:36,520 --> 00:16:40,840
Speaker 9: have to have the short term uncomfortable conversations as a

328
00:16:40,880 --> 00:16:43,200
Speaker 9: trade off for long term discomfort.

329
00:16:43,440 --> 00:16:45,080
Speaker 10: I do think that one of the things that we

330
00:16:45,200 --> 00:16:47,160
Speaker 10: might miss the mark on in the corporate setting and

331
00:16:47,200 --> 00:16:51,800
Speaker 10: when we look at Black History Month and unconscious bias, etc.

332
00:16:52,080 --> 00:16:54,000
Speaker 10: Any other kind of bias, is that some of it

333
00:16:54,040 --> 00:16:56,440
Speaker 10: is not happening in the workplace. It happens in the

334
00:16:56,440 --> 00:16:59,400
Speaker 10: communities where we live, work shop, but it's not in

335
00:16:59,440 --> 00:17:03,120
Speaker 10: the office, and for anybody who experiences unconscious bias, they

336
00:17:03,120 --> 00:17:05,760
Speaker 10: can bring that into work on a Monday based on

337
00:17:05,760 --> 00:17:07,920
Speaker 10: something they experienced on the weekend, and it's kind of

338
00:17:07,920 --> 00:17:10,680
Speaker 10: shrouded around them because it's real. And so I think

339
00:17:10,720 --> 00:17:13,400
Speaker 10: this whole concept of having an environment which one can

340
00:17:13,440 --> 00:17:16,000
Speaker 10: talk freely about these challenges, how it makes them feel

341
00:17:16,240 --> 00:17:18,359
Speaker 10: and have a tool kit and understanding of how to

342
00:17:18,440 --> 00:17:21,679
Speaker 10: navigate it is so important to success and resilience.

343
00:17:22,400 --> 00:17:24,600
Speaker 9: Me come into the city, I just don't want it

344
00:17:24,600 --> 00:17:26,639
Speaker 9: to be in the city. I just wanted to look smart,

345
00:17:27,040 --> 00:17:30,240
Speaker 9: I wanted to look professional, and I felt like that

346
00:17:30,359 --> 00:17:34,720
Speaker 9: was a sort of ego abouse stuff. I'm being candidly honest.

347
00:17:35,400 --> 00:17:38,040
Speaker 9: So I didn't know anyone done in the city. I

348
00:17:38,119 --> 00:17:39,879
Speaker 9: just knew it looked like a good thing to be in.

349
00:17:40,480 --> 00:17:42,119
Speaker 9: I do feel like it's hidden from a lot of

350
00:17:42,240 --> 00:17:46,760
Speaker 9: black professionals and ethnic mannerities, not only black professionals. No

351
00:17:46,760 --> 00:17:48,840
Speaker 9: one really knows what goes in the city just turns

352
00:17:48,880 --> 00:17:51,960
Speaker 9: out a lot of money. I feel like educating the

353
00:17:52,040 --> 00:17:55,080
Speaker 9: young professionals as well, having us to treat it, approach

354
00:17:55,119 --> 00:17:58,720
Speaker 9: to outreach programs as well, so reaching different schools, not

355
00:17:58,760 --> 00:18:01,240
Speaker 9: even only schools because some people they least quite eighteen,

356
00:18:01,520 --> 00:18:05,960
Speaker 9: so trying to find spaces where you might find a talent.

357
00:18:06,359 --> 00:18:09,040
Speaker 10: When you look at our client basis, they're so diverse.

358
00:18:09,160 --> 00:18:12,360
Speaker 10: They want diversity of thought, diversity of problem solving, diversity

359
00:18:12,400 --> 00:18:12,960
Speaker 10: of approach.

360
00:18:13,720 --> 00:18:15,080
Speaker 1: But it also enriches.

361
00:18:14,720 --> 00:18:17,879
Speaker 10: Our environment as well to have that variation and it

362
00:18:17,920 --> 00:18:20,520
Speaker 10: represents our society. So I think more of the same

363
00:18:20,520 --> 00:18:22,159
Speaker 10: athique what I would call the entry level, and we

364
00:18:22,200 --> 00:18:26,040
Speaker 10: see that diversity coming to bear in the apprentice programs

365
00:18:26,080 --> 00:18:29,840
Speaker 10: as well, amazing source of talent when we talk about retention,

366
00:18:29,920 --> 00:18:32,000
Speaker 10: and we go back to the cultural piece as well,

367
00:18:32,040 --> 00:18:35,560
Speaker 10: because it's not just ethnicity, there's a cultural aspect as well.

368
00:18:36,560 --> 00:18:39,600
Speaker 10: I think a lot of focus across the financial industry

369
00:18:39,760 --> 00:18:43,680
Speaker 10: and many industries is about the quality and the efficiency

370
00:18:43,720 --> 00:18:47,560
Speaker 10: of the management team. Managers have to manage individuals, not

371
00:18:47,600 --> 00:18:51,360
Speaker 10: cookie cutter. Got to invest in the individual, what motivates them,

372
00:18:51,520 --> 00:18:54,440
Speaker 10: what would be a stretch, what are their aspirations, where

373
00:18:54,440 --> 00:18:57,200
Speaker 10: are they in their life. You do that by really

374
00:18:57,240 --> 00:19:00,040
Speaker 10: devoting the time to each individual and you get the

375
00:19:00,080 --> 00:19:00,520
Speaker 10: start of them.

376
00:19:00,520 --> 00:19:02,080
Speaker 1: And that's agile management.

377
00:19:01,960 --> 00:19:05,159
Speaker 10: And that benefits all employees, not just black heritage, but

378
00:19:05,200 --> 00:19:07,399
Speaker 10: That's what needs to happen, and I think that's the

379
00:19:07,480 --> 00:19:11,439
Speaker 10: critical piece. Now we're getting talented, we need to advance it,

380
00:19:11,720 --> 00:19:14,919
Speaker 10: retain it so that I've got leaders of tomorrow. My

381
00:19:15,040 --> 00:19:17,320
Speaker 10: advice to someone who's exploring a career in the city

382
00:19:18,000 --> 00:19:23,880
Speaker 10: is be aware of forums, networks, organizations. Everything's there now

383
00:19:23,960 --> 00:19:25,840
Speaker 10: in a way it wasn't there, not giving away my

384
00:19:25,920 --> 00:19:28,680
Speaker 10: age when I was at a similar, similar stait where

385
00:19:28,680 --> 00:19:30,480
Speaker 10: you can just go online and find out where people

386
00:19:30,480 --> 00:19:32,400
Speaker 10: are gathering and you can network and you can ask

387
00:19:32,440 --> 00:19:36,840
Speaker 10: people questions about what gets them excited to go to work.

388
00:19:37,280 --> 00:19:40,119
Speaker 9: Definitely, be brave, Be brave in your decisions.

389
00:19:40,160 --> 00:19:40,600
Speaker 8: Be bold.

390
00:19:40,840 --> 00:19:43,000
Speaker 1: Don't hide because you feel.

391
00:19:42,760 --> 00:19:44,959
Speaker 9: Like you're the minority. You're here for a reason if

392
00:19:44,960 --> 00:19:48,200
Speaker 9: you're in the city, so clearly you have something to show,

393
00:19:48,359 --> 00:19:50,160
Speaker 9: something to give. So I feel like having that faith

394
00:19:50,160 --> 00:19:52,679
Speaker 9: for yourself and being self confident and not trying to

395
00:19:52,720 --> 00:19:55,240
Speaker 9: hide and just go on the Darada, I feel like

396
00:19:55,240 --> 00:19:57,440
Speaker 9: you've got to be brave and put yourself out there.

397
00:20:00,119 --> 00:20:02,800
Speaker 3: This is Bloomberg Daybreak Europe, your morning brief on the

398
00:20:02,880 --> 00:20:05,920
Speaker 3: stories making news from London to Wall Street and beyond.

399
00:20:06,200 --> 00:20:10,160
Speaker 2: Look for us on your podcast feed every morning. On Apple, Spotify,

400
00:20:10,280 --> 00:20:12,199
Speaker 2: and anywhere else you get your podcasts.

401
00:20:12,240 --> 00:20:15,280
Speaker 3: You can also listen live each morning on London DAB Radio,

402
00:20:15,320 --> 00:20:18,040
Speaker 3: the Bloomberg Business app, and Bloomberg dot Com.

403
00:20:18,080 --> 00:20:20,840
Speaker 2: Our flagship New York station, is also available on your

404
00:20:20,880 --> 00:20:25,560
Speaker 2: Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty.

405
00:20:25,800 --> 00:20:27,120
Speaker 2: I'm Caroline Hepka and.

406
00:20:27,040 --> 00:20:29,720
Speaker 3: I'm Stephen Carroll. Join us again tomorrow morning for all

407
00:20:29,760 --> 00:20:32,160
Speaker 3: the news you need to start your day right here

408
00:20:32,200 --> 00:20:37,760
Speaker 3: on Bloomberg Daybreak Europe