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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: This is the Bloomberg Day Baker Up podcast. Good morning,

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Speaker 2: it's finding the twenty eighth of November. I'm Caroline Hepga

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Speaker 2: in London. Coming up today. Hong Kong's deadliest fire in

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Speaker 2: decades intensifies scrutiny on building safety standards in the city.

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Speaker 2: President Trump announces that he is permanently pausing all migration

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Speaker 2: from what he calls third World countries. Plus Tunnel Vision one,

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Speaker 2: European capital's one hundred year wait for a subway is

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Speaker 2: almost over with help from China and France. Let's start

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Speaker 2: with a roundup of our top stories. At least ninety

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Speaker 2: four people are now known to have died in a

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Speaker 2: devastating fire in Hong Kong. It's still unclear how many

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Speaker 2: residents remain unaccounted for after the blaze tore through a

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Speaker 2: cluster of eight residential towers. Although it's still too early

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Speaker 2: to tell what call the fire, there is now intense

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Speaker 2: scrutiny on the Financial Center's enforcement of safety standards and

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Speaker 2: the use of construction materials. Here is the view of

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Speaker 2: veteran Hong Kong lawmaker Regina ip.

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Speaker 3: More questions are being raised whether we should continue to

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Speaker 3: allow bamboo scaffoldings to be used for such massive operations.

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Speaker 3: You know, it has been pointed out before that memboo

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Speaker 3: scaffolding should only be used for smaller scale renovation, not

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Speaker 3: for renovation of such a large scale project encompassing eight

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Speaker 3: blocks of housing estates. Labor Department already fund some of

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Speaker 3: the materials were not compliant with government standards.

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Speaker 2: Regina ip speaking there as police arrested three senior figures

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Speaker 2: from an engineering company on suspicion of manslaughter. US President

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Speaker 2: Donald Trump has announced plans to permanently pause migration from

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Speaker 2: what he is calling third world countries. In post to

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Speaker 2: his truth social platform late on Thursday night in Washington,

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Speaker 2: champ said that he would terminate millions of Biden era

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Speaker 2: admissions and remove anyone who is not a quote net

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Speaker 2: asset to the US. The news follows an attack on

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Speaker 2: two National Guard members in the Capitol yesterday by an

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Speaker 2: Afghan national, resulting in the death of one guardsman. Yesterday,

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Speaker 2: the head of US Citizenship and Immigration Services said his

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Speaker 2: agency is conducting a full scale re examination of the

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Speaker 2: green card status of quote every alien from every country

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Speaker 2: of concern. This under White House Orders without detailing the

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Speaker 2: names of any of those countries. Now, the UK government

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Speaker 2: has dropped a key part of its flagship workers' rights

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Speaker 2: bill in a bid to win over businesses after its

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Speaker 2: second tax raising budget. The Employment Rights Bill will no

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Speaker 2: longer award so called Day one protection against unfair dismissal

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Speaker 2: for employees. The move also comes after a Bloomberg Radio

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Speaker 2: interview has raised questions about the political thinking going into

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Speaker 2: the budget. Chelstall of Rachel Reeves had been on course

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Speaker 2: to raise income tax in Wednesday's announcement, but officials told

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Speaker 2: the press a couple of weeks ago that an improved

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Speaker 2: forecast from the budget watchdog, the OBR had prompted a

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Speaker 2: u turn. But the head of Economic Analysis at the

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Speaker 2: Office for Budget Responsibility, David Myles, told Bloomberg Radio their

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Speaker 2: forecast had not changed during that time.

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Speaker 4: The pre measure's estimate, which is, you know what the

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Speaker 4: government would look at and see, well, how much have

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Speaker 4: we got to play with? What do we need to

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Speaker 4: do If they decided to try and build up headroom

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Speaker 4: that was just about the right side of hitting the

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Speaker 4: target that buy a wafer thin margin. It was clear

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Speaker 4: that the government wanted to build headroom in excess of

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Speaker 4: what had been there before, and there had many ways

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Speaker 4: of doing that, and they've gone with the package that

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Speaker 4: we saw released yesterday.

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Speaker 2: That was David Miles from the OBR. Since Myles spoke

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Speaker 2: to Bloomberg Radio yesterday, the Treasury Select Committee has written

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Speaker 2: to the OBR to ask for more detail on how

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Speaker 2: their forecast changed over time. Meanwhile, although the markets have

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Speaker 2: reacted positively to the government's improved fiscal headroom, polls show

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Speaker 2: that the public are overwhelmingly unhappy with the budget. Half

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Speaker 2: of those surveyed by YUGUV said that Rachel Reeves's budget

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Speaker 2: would leave them and their family worse off, compared to

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Speaker 2: three percent who said they would be better off now.

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Speaker 2: Russi's Lasmik Putin says he is open to talks about

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Speaker 2: a peace plan with Ukraine, though no final version exists

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Speaker 2: as of yet. That's after the Kremlin confirmed US Presidential

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Speaker 2: ENVOYE Steve Whitkoff is expected to visit Moscow next week

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Speaker 2: and to meet with Putin. Speaking yesterday via live translation

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Speaker 2: during a news conference in here gets Dan, the President

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Speaker 2: said that he couldn't discuss concrete plans at this stage.

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Speaker 5: It was transferred to US, and we acknowledged that it

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Speaker 5: could have been as a base for the future agreement.

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Speaker 5: I can't really talk about some final versions because we

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Speaker 5: don't have any.

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Speaker 2: Vladimir putin there, speaking through a translator. He went on

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Speaker 2: to say that the twenty eight point plan was split

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Speaker 2: into four parts by Ukraine and the US during talks

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Speaker 2: in Geneva, and that that can be grounds for talks.

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Speaker 2: The US and Ukraine have said that the plan was

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Speaker 2: redrafted to contain nineteen points. High coffee prices are here

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Speaker 2: to stay. That's according to one of the largest producers

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Speaker 2: in the world, Bloombergs Tea were at Baio has that story.

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Speaker 6: Caffeine enthusiasts around the world may soon have to compete

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Speaker 6: with record prices for their morning beverage. That's as results

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Speaker 6: of a reduction in US tariffs this year yet to materialize.

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Speaker 6: Famed Italian roaster Illi Cafe says they plan to raise

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Speaker 6: prices again in January, following two increases this year. The

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Speaker 6: firm's moves will likely be matched by other brands contending

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Speaker 6: with record coffee bean prices and lackluster harvests. Despite steep costs,

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Speaker 6: coffee prices have remained resilient. Illy Cafe still expects single

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Speaker 6: digit market growth in London. Teawa added Bayo Bloomberg Radio.

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Speaker 2: And those are our top stories for you this morning.

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Speaker 2: There's something else that has caught my eye, though. Have

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Speaker 2: you noticed that there are new AI shopping tools that

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Speaker 2: are being introduced by companies like Amazon and Google Now?

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Speaker 2: Apparently they are going to bring faster and more useful

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Speaker 2: state of the art shopping companions. Are they any good?

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Speaker 2: While Bloomberg, Spencer Soper and Matt Day have been trying

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Speaker 2: to find out, with the results that if my kids

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Speaker 2: are listening, were perhaps a little underwhelming. Bloombergers are several

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Speaker 2: AI bots, Amazon's Ruthless Open Eyes, Chat GPT, Chat GPT,

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Speaker 2: and Walmart Sparky What to buy Mum for Christmas? The

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Speaker 2: top suggestion, wait for it, a cozy bathrobe. Sparky recommended

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Speaker 2: a pink hooded number with the words Mumma bear in

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Speaker 2: blazoned on it. Yikes Chat GPT suggested buying the robe

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Speaker 2: from Victoria's Secrets, but perplexities ai bot profered another option,

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Speaker 2: though it found this twenty dollars wooden photograph frame from Etsy,

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Speaker 2: so Bloomberg's gift for mum experiment as we've been writing about,

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Speaker 2: apparently only Amazon's Rufus actually tried to learn a little

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Speaker 2: bit more by asking about hobbies and interests. Great story

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Speaker 2: how these chatbots are being deployed. They haven't yet really

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Speaker 2: meaningfully improved shopping, but the companies are certainly working on it.

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Speaker 2: So I'm going to put a link to that story. Sorry, Mum.

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Speaker 2: The shopping bot suggested a bathrobe for Christmas. A link

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Speaker 2: to that in our show notes for you today. In

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Speaker 2: terms of the markets, stocks losing momentum today, on the

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Speaker 2: last trading day of November, the all country world indexes

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Speaker 2: in the REDMSCI Asia Pacific Index down two tenths of

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Speaker 2: one percent, and European stock future is just about in

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Speaker 2: the green, but obviously very light trading given we've still

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Speaker 2: got the sort of Thanksgiving day break in the US

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Speaker 2: shortened trading there. Brent crewed futures currently Brent is trading

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Speaker 2: at sixty three dollars sixty five, up by half of

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Speaker 2: one percent. We've had a run of monthly losses though.

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Speaker 2: OPEC plus Nations preparing to meet on Sunday, there was

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Speaker 2: a CME trading halt for commodity futures and options to

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Speaker 2: think about two gold could hear fourth month of gains.

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Speaker 2: We're up six tenths of one percent. Those are the

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Speaker 2: markets this morning. Now, let's get into our top stories

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Speaker 2: this morning and discuss the death toll from Hong Kong's

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Speaker 2: deadliest fire in at least fifty years. It has now

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Speaker 2: risen to at least ninety four people, with hundreds more

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Speaker 2: still unaccounted for. The disclosures have raised concerns over the

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Speaker 2: enforcement of safety standards, and it comes at a delicate

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Speaker 2: moment for Hong Kong because the financial hub has been

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Speaker 2: working to try to rebuild its international image after mass

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Speaker 2: protests and a national security crackdown. Jenny Marsh leads our

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Speaker 2: Greater China Economy and Government coverage and joins us now

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Speaker 2: from Hong Kong with more journey. Hello, what do we

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Speaker 2: actually know about the cause of this really devastating fire.

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Speaker 7: So there's a lot of speculation out there at the

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Speaker 7: moment about what caused the fire, and the focus of

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Speaker 7: course right now is on the bamboo poles and the

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Speaker 7: nets that once incased this building. You know, officials said

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Speaker 7: that are briefing yesterday that the nets and the plastic

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Speaker 7: sheeting all burned far, far faster than they would expect.

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Speaker 7: They called that very unusual. And there's a lot of

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Speaker 7: focus too on the contractor who was He was hired

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Speaker 7: to do the renovation that the building was undergoing, which

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Speaker 7: is the reason they had all this bamboo structure around

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Speaker 7: the tower. So israel murky as to how it originated.

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Speaker 7: But there are also some details that you know, this contractor,

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Speaker 7: the residents have been complaining about from the beginning, and

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Speaker 7: the government had visited the site sixteen times since the

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Speaker 7: renovation began, as recently as just a few weeks ago,

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Speaker 7: and they had also signed off and approved this netting,

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Speaker 7: saying that it met their fire safety standards, So you know,

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Speaker 7: the contractor, there are questions about, but there are also

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Speaker 7: questions here about whether the government really acted forcefully enough

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Speaker 7: to prevent this disaster from happening.

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Speaker 2: Hong Kong police have arrested three senior figures as an

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Speaker 2: engineering firm. What do we know about the businesses involved?

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Speaker 7: They have and they've just also breaking now in local media.

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Speaker 7: Two more consultant directors have been arrested too. So the

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Speaker 7: focus does seem to be widening around this company. We

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Speaker 7: know that it has eleven other residential building projects in

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Speaker 7: Hong Kong right now. Previously, this company had breach safety

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Speaker 7: requirements and other construction projects, according to labor documents that

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Speaker 7: local media have seen, and it was convicted of two

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Speaker 7: offenses in twenty twenty three. So this is a company

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Speaker 7: which had a history of sort of not performing to

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Speaker 7: the standard that the government were setting.

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Speaker 2: The devastation has also highlighted Hong Kong's deeper housing issues, surely,

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Speaker 2: as it's also trying in some senses to regain its

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Speaker 2: global financial hub status, that the housing issues are very significant.

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Speaker 7: Absolutely. You know, these tower blocks were very very close

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Speaker 7: together and in just sort of quite a small square footage,

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Speaker 7: they housed nearly five thousand people, you know, And there's

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Speaker 7: a lot of conversation now too about is how safe

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Speaker 7: is it to live at the top of these blocks.

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Speaker 7: These are thirty one story tower blocks, and you know,

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Speaker 7: when the rescue mission was going on yesterday, you could

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Speaker 7: really see that the water cannons that the firefighters had

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Speaker 7: they just were not powerful enough to reach the top

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Speaker 7: floors of those buildings. Whether the fire is left to

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Speaker 7: rage without really being controlled, and I think there's a

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Speaker 7: lot of questions now about you know, if buildings are

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Speaker 7: so tall that we cannot rescue people from them, that

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Speaker 7: we cannot extinguish fires, should people be allowed to live

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Speaker 7: in them? And you know, thirty one stories isn't actually

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Speaker 7: that big for Hong Kong. You know, there are people

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Speaker 7: that we know here who will live in sort of

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Speaker 7: sixty story towers. So I think there's a lot of

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Speaker 7: questions more broadly going forward. But Hong Kong is has

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Speaker 7: the most high risers in the whole world, So you

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Speaker 7: know this isn't something We're not going to move away

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Speaker 7: from this model of living, but there are safety questions

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Speaker 7: I think going forward.

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Speaker 2: Yeah, the terrible high rise blaze I mean for London

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Speaker 2: is of course, you know, awfully reminiscent of Grenfelle, huge disaster.

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Speaker 2: Will continue to follow this story and thank you for

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Speaker 2: your reporting today. That is Bloomberg's Jenny marsh Our Greater

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Speaker 2: China and Economy government editors speaking to us to stay

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Speaker 2: with us. More from Bloomberg Daybaku coming up to this, Well,

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Speaker 2: let's focus in on something here in Europe now the

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Speaker 2: ways may finally be over for Belgrade. This is Europe's

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Speaker 2: largest city that doesn't have a subway an underground the

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Speaker 2: four point four billion euro subway line, though apparently it's

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Speaker 2: unstoppable now according to local officials. Bloomberg. A reporter in Belgrade,

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Speaker 2: Misha Savage, joins us now to discuss Misha, good morning,

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Speaker 2: what is the plan find this subway in Belgrade? Where's

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Speaker 2: the money coming from, Who's building it? What's the timeframe?

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Speaker 8: Yes, for most residents, it's almost unbelievable that after so

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Speaker 8: many decades of preparations and promises and failed projects, the

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Speaker 8: thing can the project may finally be coming to fruition.

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Speaker 8: Typically for Serbia's geopolitical balancing, because it wants to be

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Speaker 8: on good terms with everyone, even in this time of divisions.

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Speaker 8: The main contractors are French and the Chinese companies. For

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Speaker 8: France it's Alstrom, with a few more subcontractors also French

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Speaker 8: and China's Power China, the huge company credited with some

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Speaker 8: of the biggest protests in Asia, and for the Chinese

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Speaker 8: it's their first huge venture in Europe. For municipal transport,

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Speaker 8: the money is probably coming from the national combined national

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Speaker 8: and city budget, which is huge. It counts from more

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Speaker 8: than a third of the whole nation. Because typically for

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Speaker 8: Eastern Europe. The economic focus is so much on the

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Speaker 8: capital city and the province is typically drained.

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Speaker 2: How long is it going to take him? It's quite

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Speaker 2: It's going to be difficult, isn't it to deliver such

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Speaker 2: a huge construction project.

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Speaker 8: Now they say it should be the first line should

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Speaker 8: open in twenty thirty. Obviously it is measured in years,

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Speaker 8: but the key moment to finally see progress is when

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Speaker 8: those huge TBMs it stands for tunnel boring machines will

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Speaker 8: be imported from China in pieces and then assembled all site.

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Speaker 8: Once they start digging, it will take just a couple

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Speaker 8: of years and then to be fully completed with French equipment,

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Speaker 8: trains command center like a big hub from which they

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Speaker 8: will operate what they say will be driverless trains and

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Speaker 8: sliding doors that prevent people falling off onto the tracks.

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Speaker 8: So it will take them at least six months up

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Speaker 8: to a year for testing, and then I expect there

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Speaker 8: will be huge pomp for the opening ceremonies.

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