November 6, 2025 • 28 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) The Bank of England will likely keep interest rates unchanged today at 4% in what is expected to be a closely contested decision.
(2) The UK's biggest business lobby has warned Rachel Reeves against hitting companies with a series of smaller tax rises, saying she should "prioritize long-term prosperity over short-term thinking."
(3) The US Supreme Court appeared skeptical of President Donald Trump’s sweeping global tariffs, as key justices suggested he had overstepped his authority with his signature economic policy.
(4) European economy commissioner Valdis Dombrovskis has signalled that the EU is willing to accommodate international concerns about its ESG rules, as the bloc fields threats from the US and Qatar.
(5) Nvidia's CEO Jensen Huang has warned that China will beat the US in the artificial intelligence race in part due to lower energy costs and looser regulations, he told the Financial Times.
(6) The US plans to cut domestic flight capacity by 10% at 40 major airports across the country if the government shutdown continues.
Podcast Conversation: JPMorgan’s Billionaire Clients Want Sports Teams More Than Fine Art
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Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:10):
This is the Blue Big Day Baqut podcast. Good morning,
It's Thursday, the sixth of November. I'm Caroline Hepkitt in
London and.
Speaker 3 (00:15):
I'm Stephen Caroline Brussels. Coming up today, Markets expect the
Bank of England to hold interest rates steady, as British
businesses warned the Chancellor Rachel Reeves against death by a
thousand taxes.
Speaker 2 (00:28):
Donald Trump's global tariffs face a barrage of skeptical questions
from the US Supreme Court.
Speaker 3 (00:35):
Plus reassessing the business climate. In an exclusive interview, the
EU's Economy Commissioner, Valdas Dombrovskis tells us the Block is
listening to international concerns over its ESG rules.
Speaker 2 (00:46):
Let's start with the roundup of our top stories.
Speaker 3 (00:49):
The Bank of England is likely to keep interest rates
unchanged today in what's expected to be a closely contested decision.
Markets and economists expect the UK Central Bank to hold
its benchmark rate at four percent. With this six to
three split on the Monetary Policy Committee. The most common
response in Bloomberg survey that would slow the once a
quarter pace of cut that has maintained since August twenty
(01:11):
twenty four. Here's our chief UK economist, Dan Hansen.
Speaker 4 (01:15):
I don't think they will cut, but I think it's
going to be a tight decision between a cut and
a hold. I think the bank will want to know
what exactly is in the budget, and they don't know
that yet. They can assume, as we've all been assuming
for the past, coming on for six months now, what
may or may not be in the budget, and they
can obviously make assumptions, but they'll want to know. I
also think, you know, bigger picture, inflation's nearly four percent
(01:37):
is quite a difficult backdrop for them to cut interest rates.
It doesn't feel like there's any need to.
Speaker 3 (01:42):
Rush Dan Hanson from Bloomberg Economics there as the BOE
today also rolls out a new look monetary Policy Report
and minutes that for the first time, will show each
of the nine MPC policy makers setting out their views individually.
We'll have the decision live here on Bloomberg Radio at
twelve pm in London, followed by special coverage of the
press conference led by Governor Andrew Bailey half an hour later.
Speaker 2 (02:04):
Well, the UK's biggest business lobby is warning against tax
hikes in the upcoming budget. Instead, the group is calling
for measures including improving skills and developing new technology. Bluebag's
teaba Adebayo has the story.
Speaker 5 (02:18):
Death by a thousand taxes. That's the fate which could
await UK companies if the Chancellor hikes smaller levies. According
to the Confederation of British Industry CBI, proposals to boost
growth include first tracking infrastructure projects, lowering energy costs and
promoting exports. The caution comes after Rachel Reeves set the
(02:39):
stage for tax hikes in a pre budget speechless week
as she seeks to plug the fiscal hole. Lower productivity
estimates from the Office for Budget Responsibility could mean a
twenty billion pound hit to the government after the body
was too optimistic about the economy in recent years. The
situation could leave the Treasury needing to find as much
(03:00):
as thirty five billion pounds just to restore the slim
headroom they had last budget. But despite the downgrade, reports
in the Financial Times say the Chancellor will spare British
banks from bigger tax bills, making clear she wants the
sector to remain competitive in London to had a buyer.
Speaker 2 (03:18):
Bloomberg Radio the.
Speaker 3 (03:20):
US Supreme Court appeared skeptical of President Trump's signature global
tariff regime, as Justice has questioned the use of an
emergency powers law to collect tens of billions of dollars
a month. The court hinted it was ready to put
significant limits on tariffs for the first time since Trump
took office in January. Hours after the hearing, the President
gave his reaction on Fox News.
Speaker 6 (03:42):
I heard the court case went well today, but I
just heard that a little while ago, because, as you know,
it's just two hours ago that they finished up. But
I will say this, it would be devastating for our
country if we lost their.
Speaker 3 (03:53):
Devastating, President Trump, speaking there on Fox News a special
report with Brett Bayer. Now, ruling isn't expected for several weeks,
but a decision against Trump could force refunds and remove
a major burden on US importer is blunting the effect
of tariffs as a tool against trading partners well.
Speaker 2 (04:10):
President Trump is hosting a summit with five Central Asian
countries as Washington steps up its push for influence in
the mineral rich region where China and Russia have long
held sway. It comes as the EU's Economy Commissioner has
told Bloomberg Radio the Bloc is now offering technology and
financing to other countries to develop sources of those key minerals.
(04:36):
Valdis don Bovski says that China's twelve month suspension of
rare earth export curbs by his time, but it doesn't
resolve the issue.
Speaker 7 (04:45):
In a sense. It's address as short term concerns, but
it also shows vulnerability which we are facing in terms
of supplies and zerofour We also must work towards diversification.
Speaker 2 (04:59):
Of Also, European Economy Commissioner of Eldis don Boskis. He
went on to also signal that the EU is willing
to accommodate international concerns about its ESG rules as the
Bloc fields threats from the US and cutter.
Speaker 3 (05:15):
In videos, CEO Janson Hwang has warned that Beijing is
currently on track to take the lead in artificial intelligence.
Speaker 1 (05:21):
Bloomberg's Euan Parts has more China is going to win
the AI race. Those are the start words of the
boss of the world's most valuable company. Speaking to the
Financial Times and Videos, Jensen Wang says that the West,
including the US and UK, was being held back by
what he called cynicism. He says that lower energy costs
and looser regulations are adding to Beijing's advantages. Wang's remarks
(05:44):
come after the Trump administration maintained its ban on in
video selling its most advanced chips to China following the
Trumps summit last week in London, i'm un pots Bloomberg
Radio Now.
Speaker 2 (05:54):
The US plans to cut domestic flight capacity by ten
percent at forty major airport across the country if the
government shut down continues. The Federal Aviation Administration made the
decision to ease pressure on air traffic controllers, who have
been reporting staff shortages and issues with fatigue. Transportation Secutory
(06:14):
Sean Duffy says the situation is fluid, but safety is
the priority.
Speaker 8 (06:19):
I anticipate there will be additional disruptions, There'll be frustration.
We are working with the airlines, They're going to work
with passengers, but in the end, our sole role is
to make sure that we keep this airspace as safe
as possible.
Speaker 2 (06:34):
Duffy added that any further restrictions on flights will be
determined by data. The FAA said that flight reductions are
expected to be staggered heading into the weekend, and international
routes won't be affected.
Speaker 3 (06:50):
Those are your top stories on the markets. We are
seeing somewhat of a rebound and Asian stocks today, dip
bio stepping in the mscis specific index up by one
point one percent, the NICKA in Tokyo one point four
percent higher, That Hangs Hangs up by one point seven percent.
European stock future is pretty flat at the moment. On
Wall Street. They're slightly lower two tents lower for Nasdaq
futures after we saw that index rebound by seven tenths
(07:11):
of one percent yesterday. Elsewhere and markets, we're also keeping
an eye on gold prices up two tents at three
nine hundred and eighty six dollars at troyats.
Speaker 5 (07:20):
Well.
Speaker 2 (07:20):
In a moment, we'll look ahead to the Bank of
England's rate decision and analyze what emerged from the US
Supreme Court hearing over Donald Trump's tariffs. Plus, we're also
going to bring you the special interview that Stephen has
done with the EU Economy Commission of Aldis Dombrovskis, who's
been speaking to us about Ukraine trade with China and
the pressure on the EU to water down its climate rules. Stephen,
(07:43):
I saw some nice photographs of US city, next of
Eldis Dombrovskis in the Brussels studio. You're getting to know
the commissioners now, Yeah, I'm.
Speaker 3 (07:50):
Just making my way around, you know, I have to
meet them all eventually. It's a lot of handshaking to do,
and you've got twenty seven of them to meet Caroline
as well. Before we get into those stories as well,
I wanted to mention another story that we've been reading
this morning. For perhaps you know you're looking to make
a new investment, and why not buy a sports team,
or at least part of one. This is something our
colleague Ben Stubbles has been reporting on that he covers
(08:11):
the ultra rich, and he says that super rich clients
at JP Morgan are now being increasingly attracted to invest
in teams because they see it as something that can
provide them with decent returns. It's not just a passion
project anymore. According to their figures, twenty percent of one
hundred and eleven billionaire families that were surveyed by them
(08:31):
now and controlling stakes in sports teams. That's up from
six percent three years ago as well. So an increasing
number of interest institutional investors are also getting in on
this as well.
Speaker 2 (08:41):
Yeah, I think it's really fascinating. I mean just look
at in the UK, people like Jim Ratcliffe are taking
that controlling stake in Majesty United only last year. I
mean that was one and a half billion dollars worth
to buy about. Well, yeah, it's a team that has
struggled somewhat, but no, I think it's very interesting that. Yeah,
forget art, you know, cars or why maybe now it's
(09:03):
at about the sports team.
Speaker 3 (09:04):
I feel like this is real life ted Lassa was
happening in front of us, so familiar with the TV
series as anyway, let's turn to the Bank of England
decision today. Now expected to hold interest rates steady. Policymakers
likely to be cautious given the budget looming in three
weeks time, despite assurances in the Chancellor that she won't
add to inflation. Our UK correspondent Lizzie Burden is with
(09:25):
us for more this morning. Lizzie set us up then
for today's decision.
Speaker 9 (09:29):
Well, Stephen, as you say, the expectation is that they're
going to hold rates at four percent and that would
break with the quarterly cadence of rate cuts that they've
been in since last August, and it would break with
the Fed. But do be on for a surprise cut today.
It's what Nomura, Barclays and Goldman Sachs all see. And
even if they do hold rates, it could be a
(09:49):
really tight vote split. It could hinge on the governor.
Even if most economists see a six' three. Split why
is it going to be so? Tight, well they're inching
towards neutral, rates the race that neither constrains nor stimulates the,
economy and we just don't know where that. Is most
economists think it's three. Percent but as we get closer and,
closer the more carefully and slowly The Monetary Policy committee
(10:12):
is likely to want to. Move the other elephant in
the room, here of, course is the budget On november
the twenty. Sixth then, yes The Chancellor Rachel reeves promised
this week that it's going to be, disinflationary BUT i
doubt that The Military Policy committee is going to want
to vote as if it will. Be they'll want to
see the policies for. Themselves and indeed it means that
the updated forecast today are somewhat. Moot the expectation is
(10:34):
that the inflation outlook's going to be downgraded for this
year and next compared to The august, projection and that
the growth and unemployment outlooks are going to stay the.
Same but we need to take that with a pinch of.
Salt and we don't know what's in the budget. Yet
But i'm really interested to hear what the governor has
to say about The chancellor and her. Budget remember On
(10:55):
tuesday she had some shots to fire at THE boe
for having rates at four. Percent she says it's straining business.
Borrowing some have said that's a bit trum. Pesque SO
i wonder What Andrew bailey has to say about.
Speaker 2 (11:05):
That, yeah so what will the press conference be focused?
Speaker 9 (11:08):
On, well we want to know when the next cut is.
Coming if it isn't, today how long will this pause?
Be is it next.
Speaker 2 (11:15):
Cut coming In? December and for.
Speaker 9 (11:17):
Clues about, That i'm really interested how the governor characterizes
that latest inflation reading three point eight. Percent it's less
than The bank Of england had, forecast it's less than
consensus forecast, was but it's still nearly twice THE boees.
Target how do they talk about the labor market the
last time they had a, meeting there were lots of,
warnings hawkish hints about food price, inflation inflation. Expectations if
(11:42):
the communications Today carolina are very, dubbish or indeed if
they cut we could see this continued out performance for
guilts that we saw all Through, october and one dollar
thirty really is the key level for the pound that
we need to.
Speaker 3 (11:54):
Watch, lizzie you mentioned The chancellor's comments in terms of
The bank Of england's rate where it is? Now is
it a two way street from Thread Needle street To?
Westminster are there signals that could come from The bank
Of england that might be helpful or perhaps hindrance To
Rachel reeves as we're counting down to the, Budget.
Speaker 9 (12:13):
Well Rachel reeves could be the biggest beneficiary from what
The bank Of england. Does if the most optimistic forecasts
are right and THE boe cuts rates to three percent
eventually she could bank around ten billion pounds at next
year's budget in lower borrowing costs when compared to the
three point eight percent inter straight floor that's forecast by
The office For Budget, responsibility the fiscal watchdog In, March
(12:35):
and so she really needs The boe to cut, rates
and that's WHY i reckon that her speech On, Tuesday
yes was aimed a bit at, Voters, yes was aimed
a bit at bond, markets but the real target audience
was across the road FROM us Thread Needle, street The
bank Of.
Speaker 2 (12:50):
England, lizzie thank you so much for being with, us
so we look forward to the decision from The bank Of.
England that is OUR uk, Correspondent.
Speaker 3 (12:56):
Lizzibuden now THE Us Supreme court has hinted it's ready
to put limits On President Donald trump's power to impose
sweeping global. Tariffs the signals came during a three hour hearing,
yesterday although ruling isn't expected for several. Weeks let's bring
in Our chiefhasor Correspondent Rosalind matheson for more on this.
Ross what was said then during this hearing and why
is it being interpreted as potentially being bad news For Donald.
Speaker 10 (13:20):
Trump, well as you were saying, that the court did
appear a bit skeptical really Of Donald trump's tariff agenda
and his approach to imposing many of these tariffs around the,
world and people were passing that for clues as to
how they might issue their final ruling likely before the
end of the, year and the feeling that The court
is edging towards putting some limits On Donald. Trump that's
(13:42):
because you did, have you, know across the, divide skepticism coming,
in including from some of the more supportive members of the,
court you would, say potentially For Donald trump's, agenda and
the more conservative. Judges you had The Chief Justice Don,
roberts you, know he called the tariffs an imposition taxes On.
Americans you had A trump, Appointee Amy Cony. Barrett she
(14:05):
was asking pretty probing, questions albeit of both, sides but
she wasn't holding, back and she was asking how refunds
would work if the tariffs were to be, invalidating saying
she felt it could be quite a. Mess and so
you had really some fairly hard questioning coming from both
sides of the. Aisle it's not surprising to see that
coming from the more liberal, judges but to see it
(14:27):
from the conservative judges also just raising again the expectation
that perhaps the, court in this, case The Supreme, court
might decide to impose some limits On trump's. Agenda.
Speaker 2 (14:39):
Yeah, ABSOLUTELY i mean the questioning the hearing last is
something like three hours if the court were to rule
That trump has overstepped in terms of his authority and
imposing these global, tariffs what would that actually. Mean, well
that's the big.
Speaker 10 (14:53):
Question and, really you, know either, way you're going to
see a lot of the uncertainty continue around tariffs And
Donald trump's approach and the reality for companies and countries,
alike because even if the court does go in the
direction of imposing some, limits there are other, leavers arguably
At Donald trump's, disposal that he can turn towards instead
to try and keep the tariff regime. Going so there's
(15:15):
the question of whether he uses other mechanisms to try
and keep tariffs in.
Speaker 2 (15:20):
Place or at least a part of.
Speaker 10 (15:22):
It there's a question of what do you do if
you've already been hit by tariff's and a company paying
Those can you get? Restitution can you essentially get a?
Refund and it's really not that easy for that to.
HAPPEN i, mean it's basically paper checks and the government
would have to be inclined to start issuing. Them you,
know some of our reporters in THE us talk to
(15:42):
some company owners who is actually, said we've written this.
Off you, know this is a sunk. Cost we're not
going to get this money back either, way even if
the court does rule in our. Favor so the reality
of whether you, know companies get refunds or others get
refunds if the court rules in that direction is very very.
Unclear it could be an, impact of, course on countries
(16:02):
that are still negotiating trade deals with THE. Us did
they look at this and, say, well hang, On perhaps
the ball is a little bit in our court in
the way that we negotiate or the kinds of things
we're willing to agree on as part of. It so
there's sort of three tiers potentially of impact, there depending
on which way the court.
Speaker 3 (16:18):
Goes we're very interested to see when we do get that,
ruling which way the justices do decide to. Lean another
strand of this trade, story, though we've been talking about
the rare earth curves From china and that has meant
for supplies of these critical. Minerals Donald trump's meeting representatives
from Five Central asian countries as a global race for natural?
Resources hearts up what should we be expecting from this?
(16:40):
Meeting AND i suppose how does it fit into efforts
that others are making to try and woo mineral rich
countries to secure.
Speaker 2 (16:46):
Supplies, well that's.
Speaker 10 (16:48):
Right everybody's racing for us these, days including THE, us
and Certainly Donald trump has made it a key part
of a lot of his negotiations with countries around the,
world including his trade. Negotiations what are you willing to
give us in terms of rare? Earth and he's hosting this,
summit as you, say of these five, countries it'll be
interesting to see it happen at The White. House it
(17:08):
gives it that extra level of prestige potentially for these
countries and these. Leaders but arguably he's doing so also
because he's wanting to hear from them what the relationship
with THE us is going to be and whether THE
us can get access to some of the rare earths
or the critical minerals that are residing in these. Countries
but as you, say he's got some competition there because
(17:30):
this is an area that has long been the, domain
arguably Of china And russia and rivalry Between china And
russia in that, region and some of the countries have
been concerned Since russia's invasion Of ukraine of being sides
wiped by.
Speaker 2 (17:41):
Sanctions so they're.
Speaker 10 (17:43):
Not necessarily all In russia's corner at the, moment But
china is a very big presence there, also and even
THE eu is looking to diversify and open conversations. There
so there's quite a bit of competition in this region
between all those powers for access to rare. Earth and
perhaps that's some leverage for these countries in terms of
(18:03):
whom or to whom they decide to ship these things.
Speaker 2 (18:06):
Too, yeah absolutely is huge, question isn't it? Rare thank
you so Much rolis for being with. Us that Is
bloomberg's Chief asia correspondent was in, matheson thank you stay with.
Us more From Bloomberg daybaqube coming up after.
Speaker 5 (18:20):
This.
Speaker 3 (18:22):
Well that global race for raw materials are particularly rare earth,
minerals is a key part of the Conversation i've been
having with the E's Economy, Commissioner Valdostan. Brovskis he joined
me in Our brussels studio to talk about wide range of,
issues including the push from THE us And katar for
THE eu to water down some of its climate. Rules
my conversation With Valdestan brovskis began With ukraine and The
European commission's progress on a plan to use Frozen russian
(18:45):
assets to Support.
Speaker 7 (18:47):
Kiev So European consul tasks The commission now to work
on a funding, Options so that's why we're currently. Preparing
but also we held made clear that we see this
reparation loan still as a main and most feasible, options
so we continue also the technical work on preparation on
(19:09):
reparations a, loan also engagement With belgium authorities concerning the
guarantees which they need in a sense to agree to
this reparation. Loan but in a sense this is a
proposal which addresses many. Issues first of, all they are
very sizeable funding Needs ukraine is, facing SO imf is
(19:33):
putting it at sixty billion dollars for the next two,
years and that's without military, support which comes in a
similar order of. Magnitude and also A memphi is concerned
about depth sustainability In, ukraine so we cannot just continue
with giving. Loans obviously grants is an, option but a
(19:55):
question Whether member states would agree to provide grants on
that scale for this reparation, loan Which ukraine would only
need to repay Once russia pays reparation is a good
option because it Addresses ukraine's funding, needs it does not
create problems with depth sustainability In, ukraine and it falls
(20:16):
short of confiscation Of russian, assets which as we know
is says a step too far for a number of member.
Speaker 3 (20:25):
States what sort of engagements have you had With belgium
SINCE fas meeting and have you had any indication that
they are being reassured by the proposals that The commission is.
Speaker 7 (20:33):
Developing we continue working on this in a, sense it's
clear understunderstanding is there also On commission side that we
need to be serious about those concerns and we need
to find a good way to.
Speaker 3 (20:48):
Otherism let's turned to some of the other major challenges
facing THE eu economy as. Well The e's been negotiating
With china over access to. Rarer it's after deal that
we saw signed between THE us And beijing to export.
Curves you said you've seen positive signals From china coming
on those. Measures what more can you tell us about those?
Speaker 7 (21:07):
Signals, Well china basically agreed now to suspend those expert
controls or postpone those xpont controls by one, year so
that obviously give us more time for engagement and addressing
this issue in a forward looking. Way so there is
in sense positive short term. Developments but obviously we must
(21:32):
keep in mind that we need to work on diversification
of our supply chains because, currently as Concerns rarere's critical,
minerals many of those supply chains are eighty ninety more
than ninety percent dominated By. China, therefore we must work
(21:53):
on diversification because that's how we achieve resilience of. Supplies
that why we're accelerating work on our own materials. Strategy
so that's Why i'm engaging in raw materials partnership with
a number of countries around the, world and also coordinating
this approach with like minded, partners including in a framework
(22:13):
OF g.
Speaker 3 (22:13):
Seven so are you satisfied that the supply chain for
now is stable while that exemption has been. Granted i'm
just wondering about the broader risk to The european economics from.
This we've had warnings and the likes Of, volkswagen for,
example about the IMPACT i could have on their supplies upcoming.
Speaker 7 (22:27):
Too in a, sense it addresses short term, concerns but
it also shows vulnerability which we are facing in terms
of the supplies and therefore we also must work towards
diversification of those.
Speaker 3 (22:44):
Supplies where do you look for?
Speaker 7 (22:45):
That, well, actually ALL i would say to put simple
around the. World we have already engaged in raw material
partnerships with various countries as diverse From canada To bakistan
and then many many. Others but the issue right now
(23:07):
is also to get more practical and more tangible to
start actually developing actual projects on the. Ground Where as
a model of partnership we are offering resurfage countries is
that THE eu is ready to provide, technology know, how
financing and also help those countries to increase value added
(23:32):
they are getting from their raw. Materials so it's not
only about extraction but also also developing processing capacities in those.
Countries so looking for mutually beneficial.
Speaker 3 (23:43):
Solutions on the question of the Corporate Due diligence regulations
that C S, triplt which is something there debate on
going about with The European, parliament there's been a warning
From katar's energy minister that If europe doesn't look at
how they can water down or cancel this, regulation they'll
stop delivering LER g To. Europe how worried are you
about risks like that and the pressure that's being put
(24:04):
on these sort of regulations.
Speaker 7 (24:06):
Well as REGARDS c STRIPLE. D, indeed there are many
businesses boss in THE eu voicing serious, concerns but also
many partners outside THE, eu And qatari is just one.
Example we have heard from many other countries and businesses
on those countries on the. Concerns but that's, Why but
(24:31):
that's why A C s TRIPLE d was part of
our first, omnibus where we are actually simplifying it quite
substantially in including the question on reducing the scope so
which companies will be covered BY c STRIPLE, d making
(24:51):
requirements more, proportionate like obligation to follow only direct business,
partners not all the value change up and, down obligation
to do it once per five, years not every, year
and and and so. On so there are many tangible
improvements and. Simplifications what would be now important that the
(25:12):
legislative process moves forward and so simplifications actually become a.
Speaker 3 (25:17):
Reality but is it a worry that you, KNOW l
AND g supplies could be affected by these?
Speaker 7 (25:22):
Changes in a, sense there are two, Elements so one
obviously As European. Union we retain our regulatory autonomy and
our regular businesses which are doing business and are active In.
Europe on other, hand of, course we also need to
listen and acknowledge concerns which various partners around the world
(25:45):
are having and reflect on the. Implications so that was.
Speaker 3 (25:49):
Wilder stan bravsk is THE Eases commissioner For economy And
productivity and also in charge of, simplification which is part
of that effort that we're seeing changes being made some
KEY eu rules as, well speaking to me IN Oar
brussels studio as. Well, look it's interesting to reflect on
that debate that's playing out OVER eu climate rules as.
Well the, criticism of, course and this is particularly coming
from parliamentarians in The European, parliament is that the only
(26:12):
signs of simplification that people are seeing is in weakening
of some of the climate. Rules you've had a pushback
of the implementation, date for example on the anti deforestation,
rules debate over the changing of the thresholds of what
size of companies would have to report under some of
these due diligence regulations as. Well so interesting to hear
From valdestanbrovskis that they are listening and acknowledging the concerns
(26:33):
coming from outside of THE eu as, well and in
particular the comments that we've had from THE us and From.
Speaker 2 (26:38):
KATAR i thought what was the most interesting was the
Rare earth elements that you discussed with Dom. POVSKISS i,
Mean i'm totally fascinated by. This china has become so
dominant in this. Area there are no Rare earth minds
anywhere In. Europe it's very difficult to mine these. ELEMENTS
i mean we call them Rare, earth so actually not
(26:59):
that rare that they're really difficult to. Mine there are
seventeen of, them And china's imposed these. Controls, obviously in
recent weeks they've agreed this one year pause with THE.
Us but it is notable that THE Us Treasury Secretary
Scott besson's been talking about how THE us is going
to go at warp speed over the next one or
two years And i'll just try to Break china's hold
(27:21):
over THE us in this particular. Area but you, Know
europe has still and THE, Uk i'll include THE uk as,
well has got this massive challenge because these rare earths
are just used in so many things in. iPhones they're
using cancer, treatments they're using. Semiconductors SO i, thought you,
know the fact that you talk To Valdus Don groskis
(27:42):
about rare earth is just another one of these massive
challenges That europe.
Speaker 3 (27:45):
Has this Is Bloomberg Daybreak, europe your morning brief on
the stories making news From london To Wall street and.
Beyond look for.
Speaker 2 (27:54):
Us on your podcast feed every morning On, Apple, spotify
and anywhere else you get your.
Speaker 3 (27:59):
Podcasts you can also listen live each morning On LONDON Dab,
radio The Bloomberg business, app And bloomberg Dot.
Speaker 2 (28:05):
Com our Flagship New york station is also available on
Your Amazon alexa. Devices just Say alexa Play bloomberg eleven.
Thirty I'm Caroline hepka And I'm Stephen.
Speaker 3 (28:15):
Carol join us again tomorrow morning for all the news
you need to start your day right here On Bloomberg
Daybreak europe
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:10):
This is the Blue Big Day Baqut podcast. Good morning,
It's Thursday, the sixth of November. I'm Caroline Hepkitt in
London and.
Speaker 3 (00:15):
I'm Stephen Caroline Brussels. Coming up today, Markets expect the
Bank of England to hold interest rates steady, as British
businesses warned the Chancellor Rachel Reeves against death by a
thousand taxes.
Speaker 2 (00:28):
Donald Trump's global tariffs face a barrage of skeptical questions
from the US Supreme Court.
Speaker 3 (00:35):
Plus reassessing the business climate. In an exclusive interview, the
EU's Economy Commissioner, Valdas Dombrovskis tells us the Block is
listening to international concerns over its ESG rules.
Speaker 2 (00:46):
Let's start with the roundup of our top stories.
Speaker 3 (00:49):
The Bank of England is likely to keep interest rates
unchanged today in what's expected to be a closely contested decision.
Markets and economists expect the UK Central Bank to hold
its benchmark rate at four percent. With this six to
three split on the Monetary Policy Committee. The most common
response in Bloomberg survey that would slow the once a
quarter pace of cut that has maintained since August twenty
(01:11):
twenty four. Here's our chief UK economist, Dan Hansen.
Speaker 4 (01:15):
I don't think they will cut, but I think it's
going to be a tight decision between a cut and
a hold. I think the bank will want to know
what exactly is in the budget, and they don't know
that yet. They can assume, as we've all been assuming
for the past, coming on for six months now, what
may or may not be in the budget, and they
can obviously make assumptions, but they'll want to know. I
also think, you know, bigger picture, inflation's nearly four percent
(01:37):
is quite a difficult backdrop for them to cut interest rates.
It doesn't feel like there's any need to.
Speaker 3 (01:42):
Rush Dan Hanson from Bloomberg Economics there as the BOE
today also rolls out a new look monetary Policy Report
and minutes that for the first time, will show each
of the nine MPC policy makers setting out their views individually.
We'll have the decision live here on Bloomberg Radio at
twelve pm in London, followed by special coverage of the
press conference led by Governor Andrew Bailey half an hour later.
Speaker 2 (02:04):
Well, the UK's biggest business lobby is warning against tax
hikes in the upcoming budget. Instead, the group is calling
for measures including improving skills and developing new technology. Bluebag's
teaba Adebayo has the story.
Speaker 5 (02:18):
Death by a thousand taxes. That's the fate which could
await UK companies if the Chancellor hikes smaller levies. According
to the Confederation of British Industry CBI, proposals to boost
growth include first tracking infrastructure projects, lowering energy costs and
promoting exports. The caution comes after Rachel Reeves set the
(02:39):
stage for tax hikes in a pre budget speechless week
as she seeks to plug the fiscal hole. Lower productivity
estimates from the Office for Budget Responsibility could mean a
twenty billion pound hit to the government after the body
was too optimistic about the economy in recent years. The
situation could leave the Treasury needing to find as much
(03:00):
as thirty five billion pounds just to restore the slim
headroom they had last budget. But despite the downgrade, reports
in the Financial Times say the Chancellor will spare British
banks from bigger tax bills, making clear she wants the
sector to remain competitive in London to had a buyer.
Speaker 2 (03:18):
Bloomberg Radio the.
Speaker 3 (03:20):
US Supreme Court appeared skeptical of President Trump's signature global
tariff regime, as Justice has questioned the use of an
emergency powers law to collect tens of billions of dollars
a month. The court hinted it was ready to put
significant limits on tariffs for the first time since Trump
took office in January. Hours after the hearing, the President
gave his reaction on Fox News.
Speaker 6 (03:42):
I heard the court case went well today, but I
just heard that a little while ago, because, as you know,
it's just two hours ago that they finished up. But
I will say this, it would be devastating for our
country if we lost their.
Speaker 3 (03:53):
Devastating, President Trump, speaking there on Fox News a special
report with Brett Bayer. Now, ruling isn't expected for several weeks,
but a decision against Trump could force refunds and remove
a major burden on US importer is blunting the effect
of tariffs as a tool against trading partners well.
Speaker 2 (04:10):
President Trump is hosting a summit with five Central Asian
countries as Washington steps up its push for influence in
the mineral rich region where China and Russia have long
held sway. It comes as the EU's Economy Commissioner has
told Bloomberg Radio the Bloc is now offering technology and
financing to other countries to develop sources of those key minerals.
(04:36):
Valdis don Bovski says that China's twelve month suspension of
rare earth export curbs by his time, but it doesn't
resolve the issue.
Speaker 7 (04:45):
In a sense. It's address as short term concerns, but
it also shows vulnerability which we are facing in terms
of supplies and zerofour We also must work towards diversification.
Speaker 2 (04:59):
Of Also, European Economy Commissioner of Eldis don Boskis. He
went on to also signal that the EU is willing
to accommodate international concerns about its ESG rules as the
Bloc fields threats from the US and cutter.
Speaker 3 (05:15):
In videos, CEO Janson Hwang has warned that Beijing is
currently on track to take the lead in artificial intelligence.
Speaker 1 (05:21):
Bloomberg's Euan Parts has more China is going to win
the AI race. Those are the start words of the
boss of the world's most valuable company. Speaking to the
Financial Times and Videos, Jensen Wang says that the West,
including the US and UK, was being held back by
what he called cynicism. He says that lower energy costs
and looser regulations are adding to Beijing's advantages. Wang's remarks
(05:44):
come after the Trump administration maintained its ban on in
video selling its most advanced chips to China following the
Trumps summit last week in London, i'm un pots Bloomberg
Radio Now.
Speaker 2 (05:54):
The US plans to cut domestic flight capacity by ten
percent at forty major airport across the country if the
government shut down continues. The Federal Aviation Administration made the
decision to ease pressure on air traffic controllers, who have
been reporting staff shortages and issues with fatigue. Transportation Secutory
(06:14):
Sean Duffy says the situation is fluid, but safety is
the priority.
Speaker 8 (06:19):
I anticipate there will be additional disruptions, There'll be frustration.
We are working with the airlines, They're going to work
with passengers, but in the end, our sole role is
to make sure that we keep this airspace as safe
as possible.
Speaker 2 (06:34):
Duffy added that any further restrictions on flights will be
determined by data. The FAA said that flight reductions are
expected to be staggered heading into the weekend, and international
routes won't be affected.
Speaker 3 (06:50):
Those are your top stories on the markets. We are
seeing somewhat of a rebound and Asian stocks today, dip
bio stepping in the mscis specific index up by one
point one percent, the NICKA in Tokyo one point four
percent higher, That Hangs Hangs up by one point seven percent.
European stock future is pretty flat at the moment. On
Wall Street. They're slightly lower two tents lower for Nasdaq
futures after we saw that index rebound by seven tenths
(07:11):
of one percent yesterday. Elsewhere and markets, we're also keeping
an eye on gold prices up two tents at three
nine hundred and eighty six dollars at troyats.
Speaker 5 (07:20):
Well.
Speaker 2 (07:20):
In a moment, we'll look ahead to the Bank of
England's rate decision and analyze what emerged from the US
Supreme Court hearing over Donald Trump's tariffs. Plus, we're also
going to bring you the special interview that Stephen has
done with the EU Economy Commission of Aldis Dombrovskis, who's
been speaking to us about Ukraine trade with China and
the pressure on the EU to water down its climate rules. Stephen,
(07:43):
I saw some nice photographs of US city, next of
Eldis Dombrovskis in the Brussels studio. You're getting to know
the commissioners now, Yeah, I'm.
Speaker 3 (07:50):
Just making my way around, you know, I have to
meet them all eventually. It's a lot of handshaking to do,
and you've got twenty seven of them to meet Caroline
as well. Before we get into those stories as well,
I wanted to mention another story that we've been reading
this morning. For perhaps you know you're looking to make
a new investment, and why not buy a sports team,
or at least part of one. This is something our
colleague Ben Stubbles has been reporting on that he covers
(08:11):
the ultra rich, and he says that super rich clients
at JP Morgan are now being increasingly attracted to invest
in teams because they see it as something that can
provide them with decent returns. It's not just a passion
project anymore. According to their figures, twenty percent of one
hundred and eleven billionaire families that were surveyed by them
(08:31):
now and controlling stakes in sports teams. That's up from
six percent three years ago as well. So an increasing
number of interest institutional investors are also getting in on
this as well.
Speaker 2 (08:41):
Yeah, I think it's really fascinating. I mean just look
at in the UK, people like Jim Ratcliffe are taking
that controlling stake in Majesty United only last year. I
mean that was one and a half billion dollars worth
to buy about. Well, yeah, it's a team that has
struggled somewhat, but no, I think it's very interesting that. Yeah,
forget art, you know, cars or why maybe now it's
(09:03):
at about the sports team.
Speaker 3 (09:04):
I feel like this is real life ted Lassa was
happening in front of us, so familiar with the TV
series as anyway, let's turn to the Bank of England
decision today. Now expected to hold interest rates steady. Policymakers
likely to be cautious given the budget looming in three
weeks time, despite assurances in the Chancellor that she won't
add to inflation. Our UK correspondent Lizzie Burden is with
(09:25):
us for more this morning. Lizzie set us up then
for today's decision.
Speaker 9 (09:29):
Well, Stephen, as you say, the expectation is that they're
going to hold rates at four percent and that would
break with the quarterly cadence of rate cuts that they've
been in since last August, and it would break with
the Fed. But do be on for a surprise cut today.
It's what Nomura, Barclays and Goldman Sachs all see. And
even if they do hold rates, it could be a
(09:49):
really tight vote split. It could hinge on the governor.
Even if most economists see a six' three. Split why
is it going to be so? Tight, well they're inching
towards neutral, rates the race that neither constrains nor stimulates the,
economy and we just don't know where that. Is most
economists think it's three. Percent but as we get closer and,
closer the more carefully and slowly The Monetary Policy committee
(10:12):
is likely to want to. Move the other elephant in
the room, here of, course is the budget On november
the twenty. Sixth then, yes The Chancellor Rachel reeves promised
this week that it's going to be, disinflationary BUT i
doubt that The Military Policy committee is going to want
to vote as if it will. Be they'll want to
see the policies for. Themselves and indeed it means that
the updated forecast today are somewhat. Moot the expectation is
(10:34):
that the inflation outlook's going to be downgraded for this
year and next compared to The august, projection and that
the growth and unemployment outlooks are going to stay the.
Same but we need to take that with a pinch of.
Salt and we don't know what's in the budget. Yet
But i'm really interested to hear what the governor has
to say about The chancellor and her. Budget remember On
(10:55):
tuesday she had some shots to fire at THE boe
for having rates at four. Percent she says it's straining business.
Borrowing some have said that's a bit trum. Pesque SO
i wonder What Andrew bailey has to say about.
Speaker 2 (11:05):
That, yeah so what will the press conference be focused?
Speaker 9 (11:08):
On, well we want to know when the next cut is.
Coming if it isn't, today how long will this pause?
Be is it next.
Speaker 2 (11:15):
Cut coming In? December and for.
Speaker 9 (11:17):
Clues about, That i'm really interested how the governor characterizes
that latest inflation reading three point eight. Percent it's less
than The bank Of england had, forecast it's less than
consensus forecast, was but it's still nearly twice THE boees.
Target how do they talk about the labor market the
last time they had a, meeting there were lots of,
warnings hawkish hints about food price, inflation inflation. Expectations if
(11:42):
the communications Today carolina are very, dubbish or indeed if
they cut we could see this continued out performance for
guilts that we saw all Through, october and one dollar
thirty really is the key level for the pound that
we need to.
Speaker 3 (11:54):
Watch, lizzie you mentioned The chancellor's comments in terms of
The bank Of england's rate where it is? Now is
it a two way street from Thread Needle street To?
Westminster are there signals that could come from The bank
Of england that might be helpful or perhaps hindrance To
Rachel reeves as we're counting down to the, Budget.
Speaker 9 (12:13):
Well Rachel reeves could be the biggest beneficiary from what
The bank Of england. Does if the most optimistic forecasts
are right and THE boe cuts rates to three percent
eventually she could bank around ten billion pounds at next
year's budget in lower borrowing costs when compared to the
three point eight percent inter straight floor that's forecast by
The office For Budget, responsibility the fiscal watchdog In, March
(12:35):
and so she really needs The boe to cut, rates
and that's WHY i reckon that her speech On, Tuesday
yes was aimed a bit at, Voters, yes was aimed
a bit at bond, markets but the real target audience
was across the road FROM us Thread Needle, street The
bank Of.
Speaker 2 (12:50):
England, lizzie thank you so much for being with, us
so we look forward to the decision from The bank Of.
England that is OUR uk, Correspondent.
Speaker 3 (12:56):
Lizzibuden now THE Us Supreme court has hinted it's ready
to put limits On President Donald trump's power to impose
sweeping global. Tariffs the signals came during a three hour hearing,
yesterday although ruling isn't expected for several. Weeks let's bring
in Our chiefhasor Correspondent Rosalind matheson for more on this.
Ross what was said then during this hearing and why
is it being interpreted as potentially being bad news For Donald.
Speaker 10 (13:20):
Trump, well as you were saying, that the court did
appear a bit skeptical really Of Donald trump's tariff agenda
and his approach to imposing many of these tariffs around the,
world and people were passing that for clues as to
how they might issue their final ruling likely before the
end of the, year and the feeling that The court
is edging towards putting some limits On Donald. Trump that's
(13:42):
because you did, have you, know across the, divide skepticism coming,
in including from some of the more supportive members of the,
court you would, say potentially For Donald trump's, agenda and
the more conservative. Judges you had The Chief Justice Don,
roberts you, know he called the tariffs an imposition taxes On.
Americans you had A trump, Appointee Amy Cony. Barrett she
(14:05):
was asking pretty probing, questions albeit of both, sides but
she wasn't holding, back and she was asking how refunds
would work if the tariffs were to be, invalidating saying
she felt it could be quite a. Mess and so
you had really some fairly hard questioning coming from both
sides of the. Aisle it's not surprising to see that
coming from the more liberal, judges but to see it
(14:27):
from the conservative judges also just raising again the expectation
that perhaps the, court in this, case The Supreme, court
might decide to impose some limits On trump's. Agenda.
Speaker 2 (14:39):
Yeah, ABSOLUTELY i mean the questioning the hearing last is
something like three hours if the court were to rule
That trump has overstepped in terms of his authority and
imposing these global, tariffs what would that actually. Mean, well
that's the big.
Speaker 10 (14:53):
Question and, really you, know either, way you're going to
see a lot of the uncertainty continue around tariffs And
Donald trump's approach and the reality for companies and countries,
alike because even if the court does go in the
direction of imposing some, limits there are other, leavers arguably
At Donald trump's, disposal that he can turn towards instead
to try and keep the tariff regime. Going so there's
(15:15):
the question of whether he uses other mechanisms to try
and keep tariffs in.
Speaker 2 (15:20):
Place or at least a part of.
Speaker 10 (15:22):
It there's a question of what do you do if
you've already been hit by tariff's and a company paying
Those can you get? Restitution can you essentially get a?
Refund and it's really not that easy for that to.
HAPPEN i, mean it's basically paper checks and the government
would have to be inclined to start issuing. Them you,
know some of our reporters in THE us talk to
(15:42):
some company owners who is actually, said we've written this.
Off you, know this is a sunk. Cost we're not
going to get this money back either, way even if
the court does rule in our. Favor so the reality
of whether you, know companies get refunds or others get
refunds if the court rules in that direction is very very.
Unclear it could be an, impact of, course on countries
(16:02):
that are still negotiating trade deals with THE. Us did
they look at this and, say, well hang, On perhaps
the ball is a little bit in our court in
the way that we negotiate or the kinds of things
we're willing to agree on as part of. It so
there's sort of three tiers potentially of impact, there depending
on which way the court.
Speaker 3 (16:18):
Goes we're very interested to see when we do get that,
ruling which way the justices do decide to. Lean another
strand of this trade, story, though we've been talking about
the rare earth curves From china and that has meant
for supplies of these critical. Minerals Donald trump's meeting representatives
from Five Central asian countries as a global race for natural?
Resources hearts up what should we be expecting from this?
(16:40):
Meeting AND i suppose how does it fit into efforts
that others are making to try and woo mineral rich
countries to secure.
Speaker 2 (16:46):
Supplies, well that's.
Speaker 10 (16:48):
Right everybody's racing for us these, days including THE, us
and Certainly Donald trump has made it a key part
of a lot of his negotiations with countries around the,
world including his trade. Negotiations what are you willing to
give us in terms of rare? Earth and he's hosting this,
summit as you, say of these five, countries it'll be
interesting to see it happen at The White. House it
(17:08):
gives it that extra level of prestige potentially for these
countries and these. Leaders but arguably he's doing so also
because he's wanting to hear from them what the relationship
with THE us is going to be and whether THE
us can get access to some of the rare earths
or the critical minerals that are residing in these. Countries
but as you, say he's got some competition there because
(17:30):
this is an area that has long been the, domain
arguably Of china And russia and rivalry Between china And
russia in that, region and some of the countries have
been concerned Since russia's invasion Of ukraine of being sides
wiped by.
Speaker 2 (17:41):
Sanctions so they're.
Speaker 10 (17:43):
Not necessarily all In russia's corner at the, moment But
china is a very big presence there, also and even
THE eu is looking to diversify and open conversations. There
so there's quite a bit of competition in this region
between all those powers for access to rare. Earth and
perhaps that's some leverage for these countries in terms of
(18:03):
whom or to whom they decide to ship these things.
Speaker 2 (18:06):
Too, yeah absolutely is huge, question isn't it? Rare thank
you so Much rolis for being with. Us that Is
bloomberg's Chief asia correspondent was in, matheson thank you stay with.
Us more From Bloomberg daybaqube coming up after.
Speaker 5 (18:20):
This.
Speaker 3 (18:22):
Well that global race for raw materials are particularly rare earth,
minerals is a key part of the Conversation i've been
having with the E's Economy, Commissioner Valdostan. Brovskis he joined
me in Our brussels studio to talk about wide range of,
issues including the push from THE us And katar for
THE eu to water down some of its climate. Rules
my conversation With Valdestan brovskis began With ukraine and The
European commission's progress on a plan to use Frozen russian
(18:45):
assets to Support.
Speaker 7 (18:47):
Kiev So European consul tasks The commission now to work
on a funding, Options so that's why we're currently. Preparing
but also we held made clear that we see this
reparation loan still as a main and most feasible, options
so we continue also the technical work on preparation on
(19:09):
reparations a, loan also engagement With belgium authorities concerning the
guarantees which they need in a sense to agree to
this reparation. Loan but in a sense this is a
proposal which addresses many. Issues first of, all they are
very sizeable funding Needs ukraine is, facing SO imf is
(19:33):
putting it at sixty billion dollars for the next two,
years and that's without military, support which comes in a
similar order of. Magnitude and also A memphi is concerned
about depth sustainability In, ukraine so we cannot just continue
with giving. Loans obviously grants is an, option but a
(19:55):
question Whether member states would agree to provide grants on
that scale for this reparation, loan Which ukraine would only
need to repay Once russia pays reparation is a good
option because it Addresses ukraine's funding, needs it does not
create problems with depth sustainability In, ukraine and it falls
(20:16):
short of confiscation Of russian, assets which as we know
is says a step too far for a number of member.
Speaker 3 (20:25):
States what sort of engagements have you had With belgium
SINCE fas meeting and have you had any indication that
they are being reassured by the proposals that The commission is.
Speaker 7 (20:33):
Developing we continue working on this in a, sense it's
clear understunderstanding is there also On commission side that we
need to be serious about those concerns and we need
to find a good way to.
Speaker 3 (20:48):
Otherism let's turned to some of the other major challenges
facing THE eu economy as. Well The e's been negotiating
With china over access to. Rarer it's after deal that
we saw signed between THE us And beijing to export.
Curves you said you've seen positive signals From china coming
on those. Measures what more can you tell us about those?
Speaker 7 (21:07):
Signals, Well china basically agreed now to suspend those expert
controls or postpone those xpont controls by one, year so
that obviously give us more time for engagement and addressing
this issue in a forward looking. Way so there is
in sense positive short term. Developments but obviously we must
(21:32):
keep in mind that we need to work on diversification
of our supply chains because, currently as Concerns rarere's critical,
minerals many of those supply chains are eighty ninety more
than ninety percent dominated By. China, therefore we must work
(21:53):
on diversification because that's how we achieve resilience of. Supplies
that why we're accelerating work on our own materials. Strategy
so that's Why i'm engaging in raw materials partnership with
a number of countries around the, world and also coordinating
this approach with like minded, partners including in a framework
(22:13):
OF g.
Speaker 3 (22:13):
Seven so are you satisfied that the supply chain for
now is stable while that exemption has been. Granted i'm
just wondering about the broader risk to The european economics from.
This we've had warnings and the likes Of, volkswagen for,
example about the IMPACT i could have on their supplies upcoming.
Speaker 7 (22:27):
Too in a, sense it addresses short term, concerns but
it also shows vulnerability which we are facing in terms
of the supplies and therefore we also must work towards
diversification of those.
Speaker 3 (22:44):
Supplies where do you look for?
Speaker 7 (22:45):
That, well, actually ALL i would say to put simple
around the. World we have already engaged in raw material
partnerships with various countries as diverse From canada To bakistan
and then many many. Others but the issue right now
(23:07):
is also to get more practical and more tangible to
start actually developing actual projects on the. Ground Where as
a model of partnership we are offering resurfage countries is
that THE eu is ready to provide, technology know, how
financing and also help those countries to increase value added
(23:32):
they are getting from their raw. Materials so it's not
only about extraction but also also developing processing capacities in those.
Countries so looking for mutually beneficial.
Speaker 3 (23:43):
Solutions on the question of the Corporate Due diligence regulations
that C S, triplt which is something there debate on
going about with The European, parliament there's been a warning
From katar's energy minister that If europe doesn't look at
how they can water down or cancel this, regulation they'll
stop delivering LER g To. Europe how worried are you
about risks like that and the pressure that's being put
(24:04):
on these sort of regulations.
Speaker 7 (24:06):
Well as REGARDS c STRIPLE. D, indeed there are many
businesses boss in THE eu voicing serious, concerns but also
many partners outside THE, eu And qatari is just one.
Example we have heard from many other countries and businesses
on those countries on the. Concerns but that's, Why but
(24:31):
that's why A C s TRIPLE d was part of
our first, omnibus where we are actually simplifying it quite
substantially in including the question on reducing the scope so
which companies will be covered BY c STRIPLE, d making
(24:51):
requirements more, proportionate like obligation to follow only direct business,
partners not all the value change up and, down obligation
to do it once per five, years not every, year
and and and so. On so there are many tangible
improvements and. Simplifications what would be now important that the
(25:12):
legislative process moves forward and so simplifications actually become a.
Speaker 3 (25:17):
Reality but is it a worry that you, KNOW l
AND g supplies could be affected by these?
Speaker 7 (25:22):
Changes in a, sense there are two, Elements so one
obviously As European. Union we retain our regulatory autonomy and
our regular businesses which are doing business and are active In.
Europe on other, hand of, course we also need to
listen and acknowledge concerns which various partners around the world
(25:45):
are having and reflect on the. Implications so that was.
Speaker 3 (25:49):
Wilder stan bravsk is THE Eases commissioner For economy And
productivity and also in charge of, simplification which is part
of that effort that we're seeing changes being made some
KEY eu rules as, well speaking to me IN Oar
brussels studio as. Well, look it's interesting to reflect on
that debate that's playing out OVER eu climate rules as.
Well the, criticism of, course and this is particularly coming
from parliamentarians in The European, parliament is that the only
(26:12):
signs of simplification that people are seeing is in weakening
of some of the climate. Rules you've had a pushback
of the implementation, date for example on the anti deforestation,
rules debate over the changing of the thresholds of what
size of companies would have to report under some of
these due diligence regulations as. Well so interesting to hear
From valdestanbrovskis that they are listening and acknowledging the concerns
(26:33):
coming from outside of THE eu as, well and in
particular the comments that we've had from THE us and From.
Speaker 2 (26:38):
KATAR i thought what was the most interesting was the
Rare earth elements that you discussed with Dom. POVSKISS i,
Mean i'm totally fascinated by. This china has become so
dominant in this. Area there are no Rare earth minds
anywhere In. Europe it's very difficult to mine these. ELEMENTS
i mean we call them Rare, earth so actually not
(26:59):
that rare that they're really difficult to. Mine there are
seventeen of, them And china's imposed these. Controls, obviously in
recent weeks they've agreed this one year pause with THE.
Us but it is notable that THE Us Treasury Secretary
Scott besson's been talking about how THE us is going
to go at warp speed over the next one or
two years And i'll just try to Break china's hold
(27:21):
over THE us in this particular. Area but you, Know
europe has still and THE, Uk i'll include THE uk as,
well has got this massive challenge because these rare earths
are just used in so many things in. iPhones they're
using cancer, treatments they're using. Semiconductors SO i, thought you,
know the fact that you talk To Valdus Don groskis
(27:42):
about rare earth is just another one of these massive
challenges That europe.
Speaker 3 (27:45):
Has this Is Bloomberg Daybreak, europe your morning brief on
the stories making news From london To Wall street and.
Beyond look for.
Speaker 2 (27:54):
Us on your podcast feed every morning On, Apple, spotify
and anywhere else you get your.
Speaker 3 (27:59):
Podcasts you can also listen live each morning On LONDON Dab,
radio The Bloomberg business, app And bloomberg Dot.
Speaker 2 (28:05):
Com our Flagship New york station is also available on
Your Amazon alexa. Devices just Say alexa Play bloomberg eleven.
Thirty I'm Caroline hepka And I'm Stephen.
Speaker 3 (28:15):
Carol join us again tomorrow morning for all the news
you need to start your day right here On Bloomberg
Daybreak europe
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