December 15, 2025 • 17 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) At around 6:47 p.m., as the sun began to fade on a warm Sunday afternoon at Sydney’s iconic Bondi Beach, the first gunshots rang out. Soon two gunmen were spotted in a parking lot close to a grassy area just off the beach, where more than 1,000 members of the Jewish community in Australia had gathered to celebrate the first day of Hanukkah.
(2) President Volodymyr Zelenskiy signaled that Ukraine could accept security guarantees from the US and Europe as a way to prevent future Russian aggression, and substitute for its long-term goal of joining NATO.
(3) Brown University, mourning two students killed during a shooting rampage Saturday, sent students home and called off final exams, classes and assignments for the fall semester.
(4) Wage growth for the lowest-paid workers is starting to slow as a worsening jobs market undercuts the bargaining power of a section of the workforce that has proved resistant to the Bank of England’s inflation-fighting efforts, new data shows.
(5) The head of Britain's Armed Forces says the "whole nation" needs to become more resilient and prioritise industry and infrastructure to deter the growing threat from Russia.In speech later today, the UK Chief of the Defence Staff Richard Knighton will warn the price of peace is increasing, as Russia attempts to divide and destroy NATO.
Podcast Conversation: AI Is Getting Dangerously Good at Political Persuasion
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
This is the.
Speaker 3 (00:10):
Bloomberg Day BAC podcast. Good morning, It's Monday, the fifteenth
of December. I'm Caroline Hepkat in London.
Speaker 2 (00:15):
And I'm Stephen Caroline Brussels. Coming up today Australia's deadliest
terror attack. At least fifteen are killed and one gunman
dies as the Jewish community is targeted on Bondai.
Speaker 4 (00:25):
Beach, Italy is Georgia.
Speaker 3 (00:27):
Maloney says Trump's national security strategy lays bare Europe's dependence
on the US for defense.
Speaker 2 (00:34):
Plus why a pioneer of private equity is facing his
most difficult trade yet.
Speaker 4 (00:39):
Let's start with the roundup of our top stories.
Speaker 2 (00:41):
Australia's government says it will consider toughening gun laws after
a father and his son killed fifteen people in the
deadliest terror attack in the country's history. The mass shooting
at a Jewish community celebration of Hanukah on Sydney's Bondai
Beach also left dozens injured. A bystander who rushed and
disarmed one of the attacks has won praise from leaders
around the world. Speaking at a press conference, Australian Prime
(01:05):
Minister Anthony Albanesi described the attack as an act of
evil anti Semitism.
Speaker 5 (01:10):
What we saw Yesso was an active, pure evil, an
active any Semitism in an iconic Australian location, Bondo Beach,
that is associated with joy and it is forever tarnished
by what has occurred.
Speaker 2 (01:29):
Australia's Prime Minister Anthony Alberzi, speaking there as police, said
the suspected shooters are a fifty year old and a
twenty four year olds in the city's western suburbs. The
Australian Broadcasting Corporation have named the gunman as Navide Akram,
who remains in hospital, and his father, Sajid, who was killed.
Three active improvised explosive devices were also found at the
(01:50):
scene and rendered safe by police.
Speaker 3 (01:53):
Reacting to the attack, is well as Prime Minister Benjamin
Lettniaho sort of link the shooting to Australia's support for
a Palestinian state. In September, Australia joined the UK, Canada
and others in formally recognizing a Palestinian state, joining a
growing global consensus backing a two state solution in the region.
Netnia who says he wrote to the Australian prime minister
(02:15):
four months ago.
Speaker 6 (02:17):
It pours fuel on the antisemitic fire. It encourages the
jew hatred now stocking your streets. Antisemitism is a cancer.
It spreads when leaders stay silent and replace. You must
replace weakness with action.
Speaker 3 (02:38):
That was the Israeli Prime Minister Bennymedettan now who's speaking.
Several synagogues in Australia, along with Jewish businesses and homeowners,
have been targeted following the outbreak of war in Gaza
triggered by Hamas's attack on Israel on October the seventh,
twenty twenty three.
Speaker 2 (02:56):
European leaders are talking about ending their alliance on the
United States for defense as they try to negotiate a
response to US President Donald Trump's peace plan for Ukraine.
President vosmo Zelenski has signaled that Kiev could accept security
guarantees instead of NATO membership after talks in Berlin this weekend.
Germany's Chancellor Friedrich Martz hosted the talks. Over the weekend,
(03:17):
he told a political rally that Europe needs to stand
on its own.
Speaker 7 (03:21):
The Yamana, the decades of the Pax Americana are largely
over for US in Europe and for US in Germany
as well. It no longer exists as we knew it,
and nostalgia doesn't help either. And I would be one
of the last people who would not like to indulge
in this nostalgia.
Speaker 4 (03:39):
But it's no use. That's the way it is.
Speaker 7 (03:42):
The Americans are now very, very tough in pursuing their
own interests, and that can mean only one thing, that
we have to pursue our own interests to.
Speaker 4 (03:53):
Un interesting va naming.
Speaker 2 (03:56):
It's Germany's Chancellor, speaking through a translator. Russia has said
it would probably reject older proposals from Ukraine and Europe,
throwing doubt on whether Trump's push to end the nearly.
Speaker 4 (04:06):
Four year war could succeed.
Speaker 2 (04:08):
European and NATO leaders are set to join Zelanscae later
for summat on how to work with the US to
secure a peace deal with Russia.
Speaker 3 (04:17):
It's Alian Prime Minister Georgia Maloney says the new US
national security strategy is a wake up call for Europe.
Her remarks come after a document published by the Trump
White House last week outlining the plans blamed EU policy
for tilting the region towards quote civilizational Erasia. Speaking at
(04:38):
a festival organized by her Brothers of Italy Party. Maloney
criticized the bloc's approach to defense.
Speaker 4 (04:48):
What can I say, good morning Europe. Good morning.
Speaker 1 (04:52):
We have contracted out security to the US for eighty years,
thinking this day would never come, but most importantly attending
this was free.
Speaker 4 (05:01):
There was a price, lawyer Georgia Maloney.
Speaker 3 (05:06):
They're speaking in Rome yesterday, her word spoken via a translator.
This week faces two crucial deadlines, one to fund Ukraine's
fight against Russia without help form Washington, and the other
to show it's move away from US supply lines by
striking up a trade deal with South America. Both come
after US President Donald Trump's warnings that many EU leaders
(05:30):
aren't grasping the risk of another World war.
Speaker 2 (05:35):
The head of Britain's Armed Forces says the whole nation
needs to become more resilient and prioritize industry and infrastructure
to deter the growing threat from Russia. In a speech
later today, the UK Chief of Defense Staff, Richard Knighton,
will warn the price of pieces increasing as Russia attempts
to divide and destroy NATO. Night took up the post
(05:55):
in September, adds the current security situation as the worst
he's seen in his nearly thirty year career.
Speaker 3 (06:02):
And lastly, Bank of England policymakers are expected to cut
interest rates by twenty five basis points when they meet
later this week. The move would bring the Central banks
benchmark rate to three point seventy five percent, close to
what some measures suggests Britain's neutral rate. Meanwhile, salary growth
for the country's lowest paid workers is slowing down. Bloomberg
(06:25):
sewer at Bio has the story.
Speaker 8 (06:28):
A worsening job market means employees at the bottom end
of the pay scale have little bargaining power. They're a
section of the workforce that historically have proven resistant to
Bank of England inflation fighting efforts, but now new data
shows the effects are taking hold. Advertised salaries for low
wage jobs have posted their first moderation since April, according
(06:48):
to job search site Indeed. A separate report from the
Recruitment and Employment Confederation showed the number of active vacancies
declined eleven point two percent in November on a monthly
with hiring for Christmas jobs like delivery drivers or postal
work is down on last year's levels.
Speaker 4 (07:06):
In London. To You added by Bloomberg Radio. Those are
some of our top stories.
Speaker 2 (07:11):
Just wants to mention another piece so that we've been
reading this morning about the persuasive power of AI. This
from our opinion columnist Parmeelson has been writing about a
study showing that the newest models are getting better at
convincing people, but sometimes at the expense of the truth.
This study from the Oxygen University and Argus Kid of
Economics shows that while large language models can be very
(07:31):
effective in convincing people of things, when they're prompted to
overwhelm users with information, factual accuracy often declines, and that
party says it's something that we should be worried about.
Speaker 3 (07:42):
Yeah, look, I feel like her story is pointing to
a new kind of advertising, sort of advertising on steroids.
But you might not even know what people are sort
of trying to sell you. AI chat boughts campus wade people.
We know that they can do that for good, like
addressing conspiracy theories. Some studies have shown that, but perhaps
(08:03):
they can more easily maybe even be used for ill.
Maybe not via chat GBT itself, but Palmy points to
these chatbots that people can use on their own websites,
on social media maybe to push these points.
Speaker 6 (08:16):
Yeah.
Speaker 2 (08:17):
Look, it's a fascinating I suppose aspect of the AI
rollout that we're getting to grips with still, and she
concludes that it really is up to the operators of
the big large language models, the likes of open Ai,
to make sure that their platforms aren't being used for
sort of distorting the political discourse as well. An interesting
piece worth reading this morning Bloomberg dot Com Forward Slash Opinion.
Speaker 3 (08:41):
Now, I want to update you on the markets briefly
this week. This is the last full trading week of
twenty twenty five. We get the November jobs report out
on Tuesday, so that will be a big point with
a lot of decisions on central banks to think about
this week. In terms of stock futures, right now, it's
quite positive this Monday. Your socks fifty futures up three tens.
S and P and naza emanis also are hard this week.
(09:04):
But remember those two gauges in the US refeated more
than one percent on Friday, so it's still been volatile,
and we had very weak retail sales figures for China.
Amongst the slew of data out of China today, sales
only rose one point three percent in November, the slowest
figures on record outside of the pandemics. We have the
MSCI China Index down one point four percent this morning.
(09:27):
In terms of bond deals, four eighteen for US has
little movement there. Oil prices, golden bitcoin are all headed higher.
Those are the markets.
Speaker 2 (09:35):
In a moment, we'll bring you a story from the
world of private equity and why a pioneer in the
sector is facing his most difficult trade yet. But I
wanted to bring you more on our top story this morning.
First the attack on Sunday on Bondai Beach in Sydney,
the Masco marketing, the deadliest terror attack in Australia's history.
Our Australia Economy and Government Editor Mike Keith joins usnow
(09:56):
for more from Sydney. Mike, thanks for being with us.
Just top to us about what's been happening in the
country over the past two days. What has it been
like in Australia seeing this attack, but also the criticism
that's come from Israel's Prime minister.
Speaker 9 (10:10):
It's basically been surreal. You know, this is the sort
of thing that happens in other countries where we're at
the end of the world and usually a long long
way from these problems, and for it to happen at
Bondai Beach and it's sort of like, you know, in
Australia's that's a meeting spot, a melting spot for cultures
from all over the world. Everyone who comes to Australia
goes to that beach. It was a really hot, really
(10:31):
warm day and so the beach was packed. Then you
had the Jewish community who were having the you know,
the first day of Harnaka celebration, which they do is
on an annual basis, So it sort of has just
come absolutely out of nowhere. I mean, it's just the
sort of thing we'd normally read about somewhere else, so
quite surreal. And then we've sort of had promeinise to Ntnya,
(10:51):
who was some fairly strident comments. I mean he's he's
definitely not backwards and going forwards, and he has a
point to some extent that when you look back at
the incidents and what had been building, there was a
problem going on there and I think that a lot
of people were sort of perhaps a bit too focused
on you know, this is to do with the conflict
(11:12):
in Gaza and people upset about civilian casualties. But there
was a definite underlying theme of anti Semitism there and growing,
and you know, just the nature of how these things
tend to unfold. Somebody just does something really really crazy,
and really that's the only way you can describe it,
because it's just horrible. It's not something I've seen before.
Speaker 4 (11:31):
Yeah, very devastating.
Speaker 3 (11:33):
Well, what more do we know about the perpetrators, the
father and son gunman? It also looks like this incident
is prompting discussion about policy change, including on Australian gun control.
Speaker 9 (11:48):
Yeah. Well, I mean, look, the police aren't releasing a
huge amount of information on them in terms of their
motivations and that sort of thing. What we do now,
As you said, it's a father and son. The father
was killed in the firefight. The son is injured and
in hospital. The son had been born in Australia. The
(12:08):
father had come on a visiting visa and then had
a spouse of visa and had been running on that
back and forth from going overseas. So yeah, there's not
a lot of detail other than the father had he
had half a dozen licensed weapons, and this is sort
of some of the question that's been going on, and
(12:29):
about thirty years ago we had a terrible massacre here
in Tasmania by a mentally unstable person and Australia introduced
very strict gun laws and just this idea that someone
would turn up or a couple of men would turn
up with these rifles and be able to start shooting people.
And there's been a lot of reports of criminal gun
violence and that sort of thing. It's really shone the
(12:50):
spotlight on what the situation is with guns. So that
the meeting of the federal government and state governments I
think that began about an hour ago, and what they're
talking about there is being able to POTENTI revoke people's
licenses if there's any any suspicions about them, to go
and keep looking at to keep it as an ongoing
process looking at licenses rather than you've got it you
find to keep going with it. But we'll get more
(13:12):
information on that and probably the next hour or time.
Speaker 2 (13:14):
Okay, Mike, thanks very much for joining us. That's Mike
Keith Fair and Sydney, our Economy and Government editor.
Speaker 4 (13:22):
Stay with us.
Speaker 2 (13:22):
More from Bloomberg Daybreak Europe coming up after this.
Speaker 3 (13:27):
Now for a story about finance. Color Capital has become
one of the most valuable niche finance firms in the
city of London, driven by its founder Jeremy Coller. He's
pioneering in secondaries, a strategy of helping investors exit unwanted
stakes in private equity funds. Has created a booming industry
and some investors are looking beyond its visionary founders. Our
(13:50):
leveraged finance reporter cat ital Go joins us now for
more tell us more about this business and the investment
strategy that co has become known for.
Speaker 1 (14:00):
Yeah, and so Jeremy Coller is a character, to be sure,
a well known figure in the private equity world. He
owns one of the world's early secondaries firms, Collar Capital.
So secondaries is the strategy where firms investors can buy
and sell stakes in private equity firms. So really much
(14:21):
the same way that you'd think about another kind of
secondaries market, say in equities. It's really booming this market secondaries,
especially in the kind of difficult M and A environment.
You're seeing a lot more investors needing to sell out
of private equity firms to get a bit more capital in.
(14:44):
And that's where Jeremy Coller's firm comes in, he will
buy a lot of those sticks. So the firm itself
is very exciting. It's we think it's valued at about
three point five billion, and it's taking on in minority investors,
for example, in the form of State Street. The story
(15:05):
kind of follows Jeremy Collar and his journey to letting
go of the firm that he's given his name to,
because visionary founders are are no shocked to the private
equity world, but this is one that's really held on
for thirty years.
Speaker 2 (15:25):
So what does the future of this industry look like?
At the moment, we're talking about huge growth, but also
that's casting questions over Color and his firm.
Speaker 1 (15:34):
Yeah, so the industry is getting bigger and bigger. We
think it's going to be about two hundred and ten
billion this year. The thing about this particular firm is
that he's as the industry has professionalized and disintermediated and
become much more important, it's changed and investors' views of
(15:59):
Jeremy have changed as well, I guess over time, and
we see that kind of with performance of his funds
doing not quite as well as some of his competitors.
So you know, Jeremy Kller even talks himself about how
early on in the industry's history he would, you know,
the approach to secondaries would be why by someone else's trash?
Speaker 4 (16:21):
And that's all changed now.
Speaker 2 (16:24):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 3 (16:30):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 2 (16:36):
You can also listen live each morning on London DAB Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 3 (16:42):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
Speaker 4 (16:50):
I'm Caroline Hepka and.
Speaker 2 (16:51):
I'm Stephen Carroll. Join us again tomorrow morning for all
the news you need to start your day right here
on Bloomberg day Break Europe
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
This is the.
Speaker 3 (00:10):
Bloomberg Day BAC podcast. Good morning, It's Monday, the fifteenth
of December. I'm Caroline Hepkat in London.
Speaker 2 (00:15):
And I'm Stephen Caroline Brussels. Coming up today Australia's deadliest
terror attack. At least fifteen are killed and one gunman
dies as the Jewish community is targeted on Bondai.
Speaker 4 (00:25):
Beach, Italy is Georgia.
Speaker 3 (00:27):
Maloney says Trump's national security strategy lays bare Europe's dependence
on the US for defense.
Speaker 2 (00:34):
Plus why a pioneer of private equity is facing his
most difficult trade yet.
Speaker 4 (00:39):
Let's start with the roundup of our top stories.
Speaker 2 (00:41):
Australia's government says it will consider toughening gun laws after
a father and his son killed fifteen people in the
deadliest terror attack in the country's history. The mass shooting
at a Jewish community celebration of Hanukah on Sydney's Bondai
Beach also left dozens injured. A bystander who rushed and
disarmed one of the attacks has won praise from leaders
around the world. Speaking at a press conference, Australian Prime
(01:05):
Minister Anthony Albanesi described the attack as an act of
evil anti Semitism.
Speaker 5 (01:10):
What we saw Yesso was an active, pure evil, an
active any Semitism in an iconic Australian location, Bondo Beach,
that is associated with joy and it is forever tarnished
by what has occurred.
Speaker 2 (01:29):
Australia's Prime Minister Anthony Alberzi, speaking there as police, said
the suspected shooters are a fifty year old and a
twenty four year olds in the city's western suburbs. The
Australian Broadcasting Corporation have named the gunman as Navide Akram,
who remains in hospital, and his father, Sajid, who was killed.
Three active improvised explosive devices were also found at the
(01:50):
scene and rendered safe by police.
Speaker 3 (01:53):
Reacting to the attack, is well as Prime Minister Benjamin
Lettniaho sort of link the shooting to Australia's support for
a Palestinian state. In September, Australia joined the UK, Canada
and others in formally recognizing a Palestinian state, joining a
growing global consensus backing a two state solution in the region.
Netnia who says he wrote to the Australian prime minister
(02:15):
four months ago.
Speaker 6 (02:17):
It pours fuel on the antisemitic fire. It encourages the
jew hatred now stocking your streets. Antisemitism is a cancer.
It spreads when leaders stay silent and replace. You must
replace weakness with action.
Speaker 3 (02:38):
That was the Israeli Prime Minister Bennymedettan now who's speaking.
Several synagogues in Australia, along with Jewish businesses and homeowners,
have been targeted following the outbreak of war in Gaza
triggered by Hamas's attack on Israel on October the seventh,
twenty twenty three.
Speaker 2 (02:56):
European leaders are talking about ending their alliance on the
United States for defense as they try to negotiate a
response to US President Donald Trump's peace plan for Ukraine.
President vosmo Zelenski has signaled that Kiev could accept security
guarantees instead of NATO membership after talks in Berlin this weekend.
Germany's Chancellor Friedrich Martz hosted the talks. Over the weekend,
(03:17):
he told a political rally that Europe needs to stand
on its own.
Speaker 7 (03:21):
The Yamana, the decades of the Pax Americana are largely
over for US in Europe and for US in Germany
as well. It no longer exists as we knew it,
and nostalgia doesn't help either. And I would be one
of the last people who would not like to indulge
in this nostalgia.
Speaker 4 (03:39):
But it's no use. That's the way it is.
Speaker 7 (03:42):
The Americans are now very, very tough in pursuing their
own interests, and that can mean only one thing, that
we have to pursue our own interests to.
Speaker 4 (03:53):
Un interesting va naming.
Speaker 2 (03:56):
It's Germany's Chancellor, speaking through a translator. Russia has said
it would probably reject older proposals from Ukraine and Europe,
throwing doubt on whether Trump's push to end the nearly.
Speaker 4 (04:06):
Four year war could succeed.
Speaker 2 (04:08):
European and NATO leaders are set to join Zelanscae later
for summat on how to work with the US to
secure a peace deal with Russia.
Speaker 3 (04:17):
It's Alian Prime Minister Georgia Maloney says the new US
national security strategy is a wake up call for Europe.
Her remarks come after a document published by the Trump
White House last week outlining the plans blamed EU policy
for tilting the region towards quote civilizational Erasia. Speaking at
(04:38):
a festival organized by her Brothers of Italy Party. Maloney
criticized the bloc's approach to defense.
Speaker 4 (04:48):
What can I say, good morning Europe. Good morning.
Speaker 1 (04:52):
We have contracted out security to the US for eighty years,
thinking this day would never come, but most importantly attending
this was free.
Speaker 4 (05:01):
There was a price, lawyer Georgia Maloney.
Speaker 3 (05:06):
They're speaking in Rome yesterday, her word spoken via a translator.
This week faces two crucial deadlines, one to fund Ukraine's
fight against Russia without help form Washington, and the other
to show it's move away from US supply lines by
striking up a trade deal with South America. Both come
after US President Donald Trump's warnings that many EU leaders
(05:30):
aren't grasping the risk of another World war.
Speaker 2 (05:35):
The head of Britain's Armed Forces says the whole nation
needs to become more resilient and prioritize industry and infrastructure
to deter the growing threat from Russia. In a speech
later today, the UK Chief of Defense Staff, Richard Knighton,
will warn the price of pieces increasing as Russia attempts
to divide and destroy NATO. Night took up the post
(05:55):
in September, adds the current security situation as the worst
he's seen in his nearly thirty year career.
Speaker 3 (06:02):
And lastly, Bank of England policymakers are expected to cut
interest rates by twenty five basis points when they meet
later this week. The move would bring the Central banks
benchmark rate to three point seventy five percent, close to
what some measures suggests Britain's neutral rate. Meanwhile, salary growth
for the country's lowest paid workers is slowing down. Bloomberg
(06:25):
sewer at Bio has the story.
Speaker 8 (06:28):
A worsening job market means employees at the bottom end
of the pay scale have little bargaining power. They're a
section of the workforce that historically have proven resistant to
Bank of England inflation fighting efforts, but now new data
shows the effects are taking hold. Advertised salaries for low
wage jobs have posted their first moderation since April, according
(06:48):
to job search site Indeed. A separate report from the
Recruitment and Employment Confederation showed the number of active vacancies
declined eleven point two percent in November on a monthly
with hiring for Christmas jobs like delivery drivers or postal
work is down on last year's levels.
Speaker 4 (07:06):
In London. To You added by Bloomberg Radio. Those are
some of our top stories.
Speaker 2 (07:11):
Just wants to mention another piece so that we've been
reading this morning about the persuasive power of AI. This
from our opinion columnist Parmeelson has been writing about a
study showing that the newest models are getting better at
convincing people, but sometimes at the expense of the truth.
This study from the Oxygen University and Argus Kid of
Economics shows that while large language models can be very
(07:31):
effective in convincing people of things, when they're prompted to
overwhelm users with information, factual accuracy often declines, and that
party says it's something that we should be worried about.
Speaker 3 (07:42):
Yeah, look, I feel like her story is pointing to
a new kind of advertising, sort of advertising on steroids.
But you might not even know what people are sort
of trying to sell you. AI chat boughts campus wade people.
We know that they can do that for good, like
addressing conspiracy theories. Some studies have shown that, but perhaps
(08:03):
they can more easily maybe even be used for ill.
Maybe not via chat GBT itself, but Palmy points to
these chatbots that people can use on their own websites,
on social media maybe to push these points.
Speaker 6 (08:16):
Yeah.
Speaker 2 (08:17):
Look, it's a fascinating I suppose aspect of the AI
rollout that we're getting to grips with still, and she
concludes that it really is up to the operators of
the big large language models, the likes of open Ai,
to make sure that their platforms aren't being used for
sort of distorting the political discourse as well. An interesting
piece worth reading this morning Bloomberg dot Com Forward Slash Opinion.
Speaker 3 (08:41):
Now, I want to update you on the markets briefly
this week. This is the last full trading week of
twenty twenty five. We get the November jobs report out
on Tuesday, so that will be a big point with
a lot of decisions on central banks to think about
this week. In terms of stock futures, right now, it's
quite positive this Monday. Your socks fifty futures up three tens.
S and P and naza emanis also are hard this week.
(09:04):
But remember those two gauges in the US refeated more
than one percent on Friday, so it's still been volatile,
and we had very weak retail sales figures for China.
Amongst the slew of data out of China today, sales
only rose one point three percent in November, the slowest
figures on record outside of the pandemics. We have the
MSCI China Index down one point four percent this morning.
(09:27):
In terms of bond deals, four eighteen for US has
little movement there. Oil prices, golden bitcoin are all headed higher.
Those are the markets.
Speaker 2 (09:35):
In a moment, we'll bring you a story from the
world of private equity and why a pioneer in the
sector is facing his most difficult trade yet. But I
wanted to bring you more on our top story this morning.
First the attack on Sunday on Bondai Beach in Sydney,
the Masco marketing, the deadliest terror attack in Australia's history.
Our Australia Economy and Government Editor Mike Keith joins usnow
(09:56):
for more from Sydney. Mike, thanks for being with us.
Just top to us about what's been happening in the
country over the past two days. What has it been
like in Australia seeing this attack, but also the criticism
that's come from Israel's Prime minister.
Speaker 9 (10:10):
It's basically been surreal. You know, this is the sort
of thing that happens in other countries where we're at
the end of the world and usually a long long
way from these problems, and for it to happen at
Bondai Beach and it's sort of like, you know, in
Australia's that's a meeting spot, a melting spot for cultures
from all over the world. Everyone who comes to Australia
goes to that beach. It was a really hot, really
(10:31):
warm day and so the beach was packed. Then you
had the Jewish community who were having the you know,
the first day of Harnaka celebration, which they do is
on an annual basis, So it sort of has just
come absolutely out of nowhere. I mean, it's just the
sort of thing we'd normally read about somewhere else, so
quite surreal. And then we've sort of had promeinise to Ntnya,
(10:51):
who was some fairly strident comments. I mean he's he's
definitely not backwards and going forwards, and he has a
point to some extent that when you look back at
the incidents and what had been building, there was a
problem going on there and I think that a lot
of people were sort of perhaps a bit too focused
on you know, this is to do with the conflict
(11:12):
in Gaza and people upset about civilian casualties. But there
was a definite underlying theme of anti Semitism there and growing,
and you know, just the nature of how these things
tend to unfold. Somebody just does something really really crazy,
and really that's the only way you can describe it,
because it's just horrible. It's not something I've seen before.
Speaker 4 (11:31):
Yeah, very devastating.
Speaker 3 (11:33):
Well, what more do we know about the perpetrators, the
father and son gunman? It also looks like this incident
is prompting discussion about policy change, including on Australian gun control.
Speaker 9 (11:48):
Yeah. Well, I mean, look, the police aren't releasing a
huge amount of information on them in terms of their
motivations and that sort of thing. What we do now,
As you said, it's a father and son. The father
was killed in the firefight. The son is injured and
in hospital. The son had been born in Australia. The
(12:08):
father had come on a visiting visa and then had
a spouse of visa and had been running on that
back and forth from going overseas. So yeah, there's not
a lot of detail other than the father had he
had half a dozen licensed weapons, and this is sort
of some of the question that's been going on, and
(12:29):
about thirty years ago we had a terrible massacre here
in Tasmania by a mentally unstable person and Australia introduced
very strict gun laws and just this idea that someone
would turn up or a couple of men would turn
up with these rifles and be able to start shooting people.
And there's been a lot of reports of criminal gun
violence and that sort of thing. It's really shone the
(12:50):
spotlight on what the situation is with guns. So that
the meeting of the federal government and state governments I
think that began about an hour ago, and what they're
talking about there is being able to POTENTI revoke people's
licenses if there's any any suspicions about them, to go
and keep looking at to keep it as an ongoing
process looking at licenses rather than you've got it you
find to keep going with it. But we'll get more
(13:12):
information on that and probably the next hour or time.
Speaker 2 (13:14):
Okay, Mike, thanks very much for joining us. That's Mike
Keith Fair and Sydney, our Economy and Government editor.
Speaker 4 (13:22):
Stay with us.
Speaker 2 (13:22):
More from Bloomberg Daybreak Europe coming up after this.
Speaker 3 (13:27):
Now for a story about finance. Color Capital has become
one of the most valuable niche finance firms in the
city of London, driven by its founder Jeremy Coller. He's
pioneering in secondaries, a strategy of helping investors exit unwanted
stakes in private equity funds. Has created a booming industry
and some investors are looking beyond its visionary founders. Our
(13:50):
leveraged finance reporter cat ital Go joins us now for
more tell us more about this business and the investment
strategy that co has become known for.
Speaker 1 (14:00):
Yeah, and so Jeremy Coller is a character, to be sure,
a well known figure in the private equity world. He
owns one of the world's early secondaries firms, Collar Capital.
So secondaries is the strategy where firms investors can buy
and sell stakes in private equity firms. So really much
(14:21):
the same way that you'd think about another kind of
secondaries market, say in equities. It's really booming this market secondaries,
especially in the kind of difficult M and A environment.
You're seeing a lot more investors needing to sell out
of private equity firms to get a bit more capital in.
(14:44):
And that's where Jeremy Coller's firm comes in, he will
buy a lot of those sticks. So the firm itself
is very exciting. It's we think it's valued at about
three point five billion, and it's taking on in minority investors,
for example, in the form of State Street. The story
(15:05):
kind of follows Jeremy Collar and his journey to letting
go of the firm that he's given his name to,
because visionary founders are are no shocked to the private
equity world, but this is one that's really held on
for thirty years.
Speaker 2 (15:25):
So what does the future of this industry look like?
At the moment, we're talking about huge growth, but also
that's casting questions over Color and his firm.
Speaker 1 (15:34):
Yeah, so the industry is getting bigger and bigger. We
think it's going to be about two hundred and ten
billion this year. The thing about this particular firm is
that he's as the industry has professionalized and disintermediated and
become much more important, it's changed and investors' views of
(15:59):
Jeremy have changed as well, I guess over time, and
we see that kind of with performance of his funds
doing not quite as well as some of his competitors.
So you know, Jeremy Kller even talks himself about how
early on in the industry's history he would, you know,
the approach to secondaries would be why by someone else's trash?
Speaker 4 (16:21):
And that's all changed now.
Speaker 2 (16:24):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 3 (16:30):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 2 (16:36):
You can also listen live each morning on London DAB Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 3 (16:42):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
Speaker 4 (16:50):
I'm Caroline Hepka and.
Speaker 2 (16:51):
I'm Stephen Carroll. Join us again tomorrow morning for all
the news you need to start your day right here
on Bloomberg day Break Europe
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