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Speaker 1: This is Bloomberg Daybaku for this Thursday, the eighth of

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Speaker 1: June in London coming.

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Speaker 2: Up today, the PM makes his pitch. Sunak engages in

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Speaker 2: baseball diplomacy on his trip to the US.

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Speaker 1: No Ray of Sunshine Dahlio warns that the US is

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Speaker 1: at the start of a debt crisis.

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Speaker 2: Going beyond token measures. The UK's financial watchdog Titans crypto marketing.

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Speaker 3: Rules, United Deal into extra time and thinking ahead. Those

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Speaker 3: are the stories we're looking at, and says papers. I'm

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Speaker 3: James Walcock.

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Speaker 1: Plus keeping up with the Kardashians. Catch Kim Kay draws

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Speaker 1: a crowd with her private equity pitch.

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Speaker 4: That's all straight ahead. On Bloomberg Daybreak Europe, the business

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Speaker 4: news you need to start your day in just one

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Speaker 4: fifteen minute podcast on Apple, Spotify, the Bloomberg Business app

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Speaker 4: and everywhere you get your podcasts.

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Speaker 2: Good morning, I'm Stephen.

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Speaker 1: Carroll and I'm Caroline Hetger. Here are the stories that

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Speaker 1: we're following today.

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Speaker 2: The Prime Minister Richie Sunac has met with US business

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Speaker 2: leaders and politicians ahead of a visit to the White

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Speaker 2: House to see President Joe Biden later. The first day

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Speaker 2: of Synac's trip included a baseball game where the two

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Speaker 2: countries national anthems were played. The Prime Minister also met

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Speaker 2: with Republican House Majority Leader Kevin McCarthy.

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Speaker 5: When our bond is stronger, the world is safer, Democracy

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Speaker 5: grows through.

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Speaker 6: When we stood together, I agree with the world has

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Speaker 6: benefited and what we need to do now is figure

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Speaker 6: out how do we make sure that that relationship is

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Speaker 6: strong to deal with the challenges of the future. I

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Speaker 6: know that's what we're going to be talking about, but

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Speaker 6: particularly strengthening our economies, because that's.

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Speaker 2: What it's all about. Sunac is also hoping to use

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Speaker 2: the trip to highlight the UK's bids becoming a leading

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Speaker 2: voice and regulating AI. He told reporters he plans to

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Speaker 2: bring up the issue with the US President later.

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Speaker 1: Ray Daalio says that the United States is entering a

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Speaker 1: debt crisis with too much debt and too few buyers.

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Speaker 1: The billionaire founder of Bridgewater Associates spoke exclusive to US

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Speaker 1: at the Bloomberg invest Conference.

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Speaker 7: We are at the beginning of a very classic late

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Speaker 7: cycle late big cycle debt crisis, when the supply demand gap,

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Speaker 7: when you're producing too much debt and you have also

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Speaker 7: a shortage of buyers.

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Speaker 1: Ray Dalia also told Bloomberg he expects the US economy

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Speaker 1: to get worse whilst interest rates will stay elevated for

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Speaker 1: some time to come. And you can get that full interview,

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Speaker 1: along with a host of others from the conference via

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Speaker 1: the Bloomberg Talks podcast. It's all of our best conversations

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Speaker 1: with business and world leaders in one place.

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Speaker 2: UK regulators of titan rules around the marketing of crypto assets,

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Speaker 2: including banning the refer friend bonuses that are popular in

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Speaker 2: the industry. The Financial Conduct Authority is also introducing a

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Speaker 2: twenty four hour cooling off period for first time crypto investors,

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Speaker 2: bringing the sector into line with others it considers high.

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Speaker 1: Risk staying in the UK. The supply of workers expanded

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Speaker 1: at the quickest rate in two and a half years

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Speaker 1: in May, according to a closely watched survey with more

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Speaker 1: his bloombergs Un Potts.

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Speaker 8: It's another sign the UK's labor market is starting to cool.

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Speaker 8: According to a poll of recruiters by KPMG and the

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Speaker 8: Recruitments and Employment Confederation, there's been a jump in the

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Speaker 8: number of people available for work. Firms say there are

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Speaker 8: more redundancies and there has been a slow down in hiring.

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Speaker 8: The loss of one hundreds of thousands of people from

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Speaker 8: the workforce since the pandemic led to a bidding war

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Speaker 8: for staff. But today's report also shows pay pressures easing,

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Speaker 8: with salaries for newly appointed staff rising at the slowest

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Speaker 8: pace in over two years. That will call fears of

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Speaker 8: a wage price spiral welcome news for the Bank of

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Speaker 8: England as it battles stubbornly high inflation in London. I'm

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Speaker 8: un Pot's Bliomookday Break Europe.

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Speaker 2: Former US President Donald Trump has been notified that he

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Speaker 2: is a target in the classified Documents case. Bloomberg's Ed

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Speaker 2: Baxter has the story.

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Speaker 9: The notification in a letter from the Justice Department, saying

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Speaker 9: that this is the result of the federal Probeaders have

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Speaker 9: been building a case, including testimony from former aids, including

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Speaker 9: former Chief of Staff Mark Meadows. Meadows has testified before

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Speaker 9: federal grand juries in Washington and Miami for special counsel

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Speaker 9: Jack Smith. The Justice Department is required to notify individuals

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Speaker 9: if they are a target based on substantial evidence linking

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Speaker 9: that person to the commission of a crime. In San Francisco,

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Speaker 9: I'm at Baxter Bloomberg Day Break Europe.

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Speaker 1: Now, Kim Kardashian has presented her debut private equity fund

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Speaker 1: to investors at the Super Return conference in Berlin. The

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Speaker 1: reality TV star turned entrepreneur is partnering with Carl Ale

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Speaker 1: veteran Jay Salmons to start Sky Partner. During the panel,

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Speaker 1: Kim Kardashian so to present her social media following and

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Speaker 1: history of success in promoting brands as a part of

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Speaker 1: the pitch to investors.

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Speaker 5: I'm honestly most looking forward to my relationships with the founders.

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Speaker 5: I love hearing people's stories and hearing what they're magic

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Speaker 5: sauces behind their company and why they wanted to start

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Speaker 5: the company that they did, and what their vision is

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Speaker 5: and just hope that I can help that.

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Speaker 1: Bloomberg understands that Kardashian's Sky Partners is targeting up to

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Speaker 1: twelve investments, each requiring anywhere from one hundred million dollars

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Speaker 1: to five hundred million dollars of equity. Her panel proved

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Speaker 1: to be the most popular at the three day event,

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Speaker 1: with an overflow room filled to capacity.

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Speaker 2: That doesn't surprise me. I think I would go and

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Speaker 2: see him Gardashian speaking at a private equity conference.

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Speaker 1: Absolutely, and it's not like it's a small venture. I

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Speaker 1: think it's totally fascinating, you know, the revelations that she

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Speaker 1: sort of made, and yes, the fact that she's partnering

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Speaker 1: with somebody very established in the business.

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Speaker 2: Yeah, and of course it'd be an interesting one to

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Speaker 2: watch as that venture continues to progress. Another story that

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Speaker 2: caught my eye on the Chinal today. Today's big take

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Speaker 2: actually about who really owns football, and increasingly it's sovereign

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Speaker 2: wealth funds. Bloomberg analysis showing that funds and in fact

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Speaker 2: spent firms and their control seventeen percent of the clubs

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Speaker 2: in Europe's five biggest leagues.

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Speaker 1: Yeah, and this of course because actually at the weekend

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Speaker 1: you've got the Champions League final and Manchester City is

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Speaker 1: one of those clubs that has been owned by the

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Speaker 1: Abby Dabby Abu Dhabi Group Development and Investment Fund, which

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Speaker 1: brought man City back in two thousand and seven and

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Speaker 1: has poured in do you know how much money into

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Speaker 1: this club? A lot? A lot? Two billion dollars is

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Speaker 1: what they've supposedly spent on players and the training facilities

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Speaker 1: as well. And so apparently now you know, they look

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Speaker 1: quite poised, I am told by the Footy experts, because

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Speaker 1: that's definitely not me that apparently they you know, they

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Speaker 1: could well lift the trophy at the weekend. So yes,

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Speaker 1: fascinating the changeover that business of sports.

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Speaker 2: If you can't this is not something that you can

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Speaker 2: explain very well on the radio, but if you do

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Speaker 2: get a chance to look at the story, the graphics

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Speaker 2: are amazing because they're all done as footballs and definitely

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Speaker 2: worth the look. They are on the Bloomberg website or

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Speaker 2: on the terminal as well.

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Speaker 1: Right, let's turn on now to Ishisunak his pack schedule

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Speaker 1: in Washington, DC, meeting congressional leaders, visiting a baseball game

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Speaker 1: as he tries to strengthen economic ties between the UK

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Speaker 1: and US. Joining US now to discuss being Bog's UK

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Speaker 1: correspondent Lizzie Burden. Good morning, Lizzie. So Rishi's been engaging

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Speaker 1: of what's been described as baseball diplomacy. And nice picture

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Speaker 1: of him with all of the referees. I'm not sure

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Speaker 1: what you call a baseball referee. Did he hear her

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Speaker 1: home run?

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Speaker 10: Well, he's more of a cricket man, is Rishi Sunac.

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Speaker 10: But yes, it was baseball diplomacy. On his first visit

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Speaker 10: to Washington, he had a series of meetings with congressional leaders,

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Speaker 10: and then he was at this Washington Nationals Arizona Diamondbacks game.

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Speaker 10: I'm not sure that means much to us unfamiliar with baseball,

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Speaker 10: but there was some speculation around whether he was going

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Speaker 10: to throw the first pitch or whether he'd decide step

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Speaker 10: that opportunity to avoid the potential embarrassment. But he said

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Speaker 10: himself to reporters were traveling with him to Washington, including

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Speaker 10: Olveri and Alex Morales, that he wasn't actually ever meant

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Speaker 10: to do it. But after the game he took to

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Speaker 10: the stands he was mingling with executives and politicians because,

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Speaker 10: of course, his main mission on this visit, he has said,

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Speaker 10: is to shore up economic ties with the US, and

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Speaker 10: behind the scenes officials are saying that what the UK

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Speaker 10: wants is a trade deal in all but name.

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Speaker 2: Yeah, and look, it's a fascinating part of the sort

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Speaker 2: of ceremony of these sort of state visits as well,

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Speaker 2: that he would take part in that event. Focus shifting

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Speaker 2: today of course that meeting at the White House with

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Speaker 2: Joe Biden as well, and artificial intelligence expects to be

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Speaker 2: a key subject of discussion.

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Speaker 10: Yeah, Sunnac wants a leadership role for the UK in

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Speaker 10: terms of the regulation of AI globally. He wants to

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Speaker 10: establish a global watchdog here in London and that's something

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Speaker 10: he told reporters he's going to bring up with Joe

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Speaker 10: Biden today. Last night the UK government announced that Britain's

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Speaker 10: going to host the first major global summit on AI

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Speaker 10: safety this autumn. And his office said is that the

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Speaker 10: AI sector here in the UK ranks third globally, behind

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Speaker 10: the US and China. But just like with many other

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Speaker 10: issues since Brexit, the UK's had lots of hurdles in

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Speaker 10: terms of regulation and it wasn't included, notably when US

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Speaker 10: and EU officials met to discuss rules and safeguards about

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Speaker 10: AI in Sweden last month. So it may not be

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Speaker 10: a guaranteed bet this one.

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Speaker 1: Yeah, okay, So that's on artificial intelligence. Meanwhile, back at home,

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Speaker 1: the economy in focus. So the latest OECD forecast yesterday,

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Speaker 1: they were a little bit better than they had been previously,

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Speaker 1: but they were still pretty dismal. And also the new

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Speaker 1: labor market survey today. Now you've been speaking to the

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Speaker 1: Treasury Minister Victoria Atkins fascinated to know what she told you.

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Speaker 10: Yeah, really fascinating to get her tape, because, of course,

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Speaker 10: one of the things that this OECD biannual Economic outlooks

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Speaker 10: said that the UK has quote little fiscal space for

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Speaker 10: tax cuts before the next election. And that's even more

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Speaker 10: stinging because the new OECD Chief Economist is the former

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Speaker 10: UK Treasury Chief Economist, Claire Lombadelli, so she knows the

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Speaker 10: UK's finances inside out. And speaking to Victoria Atkins, Financial

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Speaker 10: Chief Financial Secretary to the Treasury, she said, look, the

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Speaker 10: Chancellor's got difficult decisions ahead. We talked about that upgrade

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Speaker 10: to the growth out look. I asked her, should we

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Speaker 10: really be celebrating when it's only going to be anemic growth?

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Speaker 10: She says, look, at least it's in the right direction

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Speaker 10: and all the G seven nations have faced these global pressures.

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Speaker 10: So you can listen to that full interview on Apple

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Speaker 10: Podcasts or wherever you get your podcasts at one pm

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Speaker 10: or here on Bloomberg Radio.

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Speaker 5: At twelve pm.

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Speaker 2: Okay, there's a burden, are UK correspondent? Thank you very much.

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Speaker 2: Up next to United Deal into extra time, I'm thinking ahead.

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Speaker 5: Now.

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Speaker 4: The paper review on Bluebird Daybreak Europe. The news to

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Speaker 4: know from today's papers.

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Speaker 1: So x Jamsilcok joins us Now with a look at

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Speaker 1: what's in the newspapers. The Financial Times have the latest

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Speaker 1: on the battle for Manchester United.

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Speaker 3: Yes, cal, I mean we've been covering the story for

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Speaker 3: quite some time because it is big, big money. I mean,

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Speaker 3: last time I talked about this, the valuation for this

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Speaker 3: massive football club was a roughly around six billion dollars.

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Speaker 3: It's hard to know because so much has been behind

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Speaker 3: the scenes. That was five months ago was when bidding

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Speaker 3: started on this and it has been going and going

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Speaker 3: and going, but it seems to have narrowed. Qatar's Chikja

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Speaker 3: sim Bill Hammond Altani has made his final bid for

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Speaker 3: this battle and he is said by Friday he's either

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Speaker 3: in or he's out, and so this is your take

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Speaker 3: it or leave it offer. The other sort of big bidder,

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Speaker 3: Sir Jim Ratcliffe from Ineos is also there and one

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Speaker 3: of the big tensions here seems to be that from

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Speaker 3: the Qatari side they want full one hundred percent control

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Speaker 3: of the club, whereas Jim Ratcliffe merely wants majority ownership.

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Speaker 3: And for the glazest of things, that may be easier.

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Speaker 3: There seems to also been a lot complexity abound the shareholdings.

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Speaker 3: There are these special Beata shares which gives the Glazes

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Speaker 3: majority voting rights or special voting rights for a lot

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Speaker 3: of instances, and unwinding that has been a big problem.

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Speaker 3: But I mean we're nearing the end of the Premier

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Speaker 3: League mans United a set for eight, roughly a third

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Speaker 3: place finish, So it does underscore the sheer value of

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Speaker 3: this club and the value of the advertising. Glazers have

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Speaker 3: made hundreds of millions of dollars and I've also earned

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Speaker 3: the ayre of a lot of fans loading at the

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Speaker 3: club with a lot of debts, but increasingly, as you

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Speaker 3: guys were talking earlier on in the show, this football

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Speaker 3: is big money and a lot of big investment has

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Speaker 3: come in.

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Speaker 2: Yeah, no, it certainly for interesting to watch that story

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Speaker 2: play out. Let's go to the Wall Street Journal next change.

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Speaker 2: They're reporting on Amazon's growing media empire.

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Speaker 3: Yes, I mean, look HBO, Max, Disney plus. We've seen

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Speaker 3: the proliferation of streaming services. The big difference amazonbviously is

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Speaker 3: you get a delivery service tacked on with Prime, and

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Speaker 3: increasingly they are now planning to launch new versions of

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Speaker 3: this and trying to see new programming, and so we're

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Speaker 3: looking at today the idea that Wall Street Journalist have

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Speaker 3: reported that Amazon a plan to launch an advertised and

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Speaker 3: support a tier of its prime video service, and so

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Speaker 3: they are trying to encourage people like Warner Bros. To

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Speaker 3: maybe funnel more of their programming through, which will then

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Speaker 3: be so far a lot of the content is ad free,

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Speaker 3: including some of their live sports coverage as well, and

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Speaker 3: so they are apparently in discussions about beefing that up.

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Speaker 3: To give you an idea of the scale, currently, the

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Speaker 3: company's AD revenue was nine point five billion dollars in

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Speaker 3: the first quarter of this year. That's up twenty one

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Speaker 3: percent year on year, and they are the third biggest

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Speaker 3: player in terms of digital ad revenue in America after

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Speaker 3: Google a Meta. According to Inside Intelligence, this is not

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Speaker 3: a small brand doing of a new thing. This is

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Speaker 3: a large empire potentially expanding.

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Speaker 1: Okay, very interesting. Just lastly, why are you interested in brains?

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Speaker 1: This morning we talk.

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Speaker 3: About the future of tech, and we've spent a lot

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Speaker 3: of time talking about AAI. Caroline, I think you're sleeping

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Speaker 3: on brains, So.

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Speaker 2: I think my brain could use more asleep, but that's

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Speaker 2: as a dire different proposition.

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Speaker 3: We are now the technology is moving so quickly. We

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Speaker 3: have enabled someone to walk against Scientists in Switzerland have

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Speaker 3: already used a hip in someone's brain to communicate with

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Speaker 3: a chip on someone's spye.

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Speaker 1: Yes, I've seen that video. It's incredible.

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Speaker 3: And the UK's ICO are among other global regulators who

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Speaker 3: are really worried about this. They are saying, not only

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Speaker 3: is the technology is so quickly, we are now capable

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Speaker 3: of tracking emotions electronic signals. There is no regulation, there

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Speaker 3: is no setup for what we were to do. If

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Speaker 3: I got a complete scan of your brain and they say, well,

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Speaker 3: this can be used in hiring and firing. There's cinty

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Speaker 3: notables against It could be used to go against neurodivergent people.

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Speaker 3: It could be used in a way of tracking your

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Speaker 3: responses if you're good enough your job. It could also

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Speaker 3: be used by consumers to check you. If I gave

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Speaker 3: away rights to my brain and the information about how

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Speaker 3: my brain my brain scan, there are no consumer rights

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Speaker 3: about that data and so the fty of written up

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Speaker 3: for fears around them. There's a report out today that

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Speaker 3: they are doing a wide ranging consultation that will the

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Speaker 3: last two years about how this works. The telegraph for

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Speaker 3: rising about how this effects either on Musk. So how

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Speaker 3: this works is he's looking and he has the rights

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Speaker 3: for a US trial in this to impl a small

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Speaker 3: coin size chip in your brain that will take that

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Speaker 3: kind of brain scanning data, interact with an AI and

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Speaker 3: then can then shwap data and that is his big

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Speaker 3: neuralink interface. So there is a risk that that would

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Speaker 3: be extremely dangerous and the telegrapher saying there there's a

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Speaker 3: potential regulation coming in the UK to regulate companies like Musks,

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Speaker 3: because this is a completely new era and when we

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Speaker 3: talk about AI, we have neglected to mention quite how

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Speaker 3: far we are understanding the human brain and quite how

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Speaker 3: quickly that technology is at the raiser.

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Speaker 1: It is totally fascinating. And this of course is the ICO,

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Speaker 1: which is the independent body that looks into information rights,

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Speaker 1: the Information Commissioner's Office.

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Speaker 3: And that's the UK body. But it's worth pointing out

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Speaker 3: UNESCO are also looking into this. They've set a conference

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Speaker 3: up for next month and their director general has says

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Speaker 3: like this new technology could help solve many mental health

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Speaker 3: issues like both health physically and mental health, but could

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Speaker 3: also access and manipulate people's brains and quote produce information

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Speaker 3: about our identities and our emotions end quote, and as

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Speaker 3: yet their fear is we don't really have the framework

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Speaker 3: set up to deal with that, or even computer it.

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Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the

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Speaker 2: stories making news from London to Wall Street and beyond.

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Speaker 2: You can also listen live each morning on London Dab Radio,

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Speaker 2: the Bloomberg Business app, and Bloomberg dot Com.

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