November 11, 2025 • 19 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) The European Commission is exploring ways to force European Union member states to phase out Huawei Technologies Co. and ZTE Corp. from their telecommunications networks, according to people familiar with the matter.
(2) Switzerland is close to securing a 15% tariff on its exports to the US, in what would be a relief for the country after it was hit with a punishing 39% levy in August, according to people familiar with the matter.
(3) A record-setting 41-day US government shutdown is on a path to end as soon as Wednesday after the Senate passed a temporary funding measure backed by a group of eight centrist Democrats.
(4) Rachel Reeves indicated the Labour Party may be preparing to break its election promises not to raise taxes, as she looks ahead to what she called a “difficult” UK budget.
(5) Donald Trump notched another victory in his war on the media when the UK’s national broadcaster apologized over a misleading edit of the US president’s remarks and two executives resigned.
(6) Warren Buffett, the billionaire investor who turned an aging textile mill into a more than $1 trillion conglomerate, said he’s “going quiet,” marking the end of an era for one of the business world’s most-watched investing gurus.
Podcast Conversation: Microsoft Influencers Try to Make Copilot as Cool as ChatGPT
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Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2 (00:09):
This is the Bloomberg Day BAKT podcast. Good morning, It's Tuesday,
the eleventh of November. I'm Caroline Hetkut in London.
Speaker 1 (00:15):
And I'm Stephen Caroline Brussels. Coming up today, the European
Union looks at ways to ban Chinese giants Huawei and
Zte from its telecoms networks.
Speaker 2 (00:24):
Bloomberg learns that Switzerland is close to securing a deal
that will slash US tariffs from thirty nine percent to fifteen.
Speaker 1 (00:32):
Plus sun Sea and surging property prices. Why do you
buis unbuilt penthouses are sparking a bidding war among the
ultra rich.
Speaker 2 (00:41):
Let's start with a roundup of our top stories.
Speaker 1 (00:43):
Exclusive reporting from Bloomberg has found that the European Union
is considering ways to compel member states to ban Chinese
telecom giants from their networks. Sources tell us the European
Commission is exploring measures that would make it legally binding
for nations to phase out technology from Huawei and z
Te with moral hairs. Boomberg's crispis while countries such as
(01:04):
the UK and Sweden banned Chinese vendors from their networks
years ago. Others, including Spain and Greece, continue to allow them,
but as trade and political ties with the EU's second
largest trading partner grow increasingly strained, Brussels is becoming more
concerned about the security risks posed by Chinese telecoms equipment makers.
(01:25):
Since twenty twenty, the EU has recommended member countries don't
use high risk suppliers. Now, we're told the Commission wants
to make that a legally binding requirement. Sources also told
us the EU's executive branch is considering measures to dissuade
countries outside the block from relying on Chinese telecom vendors.
(01:47):
Huawei didn't immediately respond to requests for comment, However, China's
Foreign Ministry has previously criticized the EU's characterization of Huawei
and Zte as high risk suppliers, calling it lacking in
both legal and factual basis. In London, Chris Pitt Bloomberg.
Speaker 2 (02:06):
Radio Switzerland is closed to securing a fifteen percent tariff
on its exports to the US. According to sources who've
spoken to Bloomberg, the deal would be a relief for
the country after it was hit with a punishing thirty
nine percent tariff rate in August. It's understood that a
deal may be concluded within the next two weeks, with
US President Trump confirming that his administration is quote working
(02:29):
on a deal to get their tariffs a little bit lower.
The possible breakthrough comes after some of Switzerland's most high
profile business executives attended an Oval Office meeting last week
that prompted the US President to endorse additional trade negotiations.
Speaker 1 (02:45):
The longest US government shut down in history could soon
come to an end after the Senate passed a stopgap
funding bill backed by a group of eight Democrats. Senate
Majority Leader John Thoon welcome to the move.
Speaker 3 (02:57):
As President, I said that we will be voting on
the final package in the in your future, and I'm
hoping that will be hours in that days. We're on
the forty first day of this shutdown. Nutrition benefits are
in jeopardy. Air travel is an extremely precarious situation. Our
staffs and many many other government workers have been working
(03:17):
for nearly six weeks without pay.
Speaker 1 (03:19):
SANUS Majority Leader John Toon speaking there. The Republican controlled
houses expected to vote on the bill tomorrow, which will
keep most of the government open until the end of January. Whoever,
it could take days for air travel to return to
normal and for forty two million low income Americans to
receive delayed food assistance benefits.
Speaker 2 (03:37):
The UK's Chancellor, Chel Reeves has given the strongest indication
yet that her upcoming budget could break the government's pre
election promise not to raise taxes. Before it came to
power last year, the Labor Party made a manifesto commitment
not to lift the rates of income tax, National Insurance
or VAT. However, speaking to BBC Radio, Reeves suggested the
(03:59):
content has changed.
Speaker 4 (04:01):
The economic circumstances have declined deteriorated since a year ago
because of those conflicts are because of those trade barriers
and as a result that we are having to look
at taxes and spending and it's got to be both
of those things. And the speech I made last week
was about setting the context for the budget, which is
(04:22):
a difficult one.
Speaker 2 (04:25):
Senior Labor figures, including the party's deputy leader Lucy Powell
and Culture Secretary Lisa Nandy, have said they don't think
the government should break the tax pledge. It comes also
as the British Retail Consortium announced that weakening UK sales
growth in October, shoppers held back on purchases ahead of
the budget, which also happens to fall two days before
(04:48):
Black Friday.
Speaker 1 (04:50):
The BBC has just days to decide how it will
respond to US President Donald Trump's threat to sue the
corporation for one billion dollars. The move comes as the
BBC conceded that edits made to Trump's speech on the
sixth of January twenty twenty one for a documentary Wrongley
gave the impression of a direct call for violent action.
In a letter dated Sunday, Trump threatened legal action and
(05:13):
sought damages if the BBC did not issue an apology,
retract the documentary and compensate him appropriately for the harm caused.
Here's the BBC's chairman, Samir Shah.
Speaker 5 (05:24):
We have received communication from President Trump and his people
and react movel considering how to apply to him.
Speaker 6 (05:31):
As he said that he's going to be suing the BBC.
Speaker 5 (05:33):
I do not know that yet, but he's a reltigious fellow,
so we should be prepared for all outcomes.
Speaker 1 (05:39):
Samir Shah, speaking there following the resignations of BBC Director
General Tim Davey and News chief Deborah Turners have both
stepped down over the matter on Sunday.
Speaker 2 (05:48):
Now, Warren Buffett says he's going quiet and picking up
the pace of his charitable donations. It marks the end
of an era for the billionaire investor, who will also
stop writing Berkshire Hathaway annual letters and speaking at its meetings.
The ninety five year old is stepping down from his
CEO role at the firm this year, passing the reins
(06:09):
to longtime deputy Greg Abel. In a memo detailing the change,
Warren Buffett disclosed plans to donate more than one point
three billion dollars to four family foundations. And those are
our top stories for you this morning. In terms of
the markets, well, we were a risk on yesterday because
the US government shot down looks perhaps to be coming
(06:31):
to a close, with a vote expected on Wednesday. The
Nasdaq again two point three percent on Monday, it's best
day since May. The US stocks six hundred closed one
point four percent high, also rising the most in six months,
and europinion futures are edging high. But actually Asian stocks
are down. The Cosby, for example, wiped out again that
we saw earlier of two point eight percent. Gold, though,
(06:54):
is still up three tenths of one percent, although Bitcoin
is given up gains, it's down now half of one
and there's still a big debate about how much asset prices.
We're really looking at the shutdown in any case, but
that's where we are in the markets.
Speaker 1 (07:08):
In a moment, we'll bring you more on the euse
pushed against Chinese telecom equipment firms, plus why unbuilt penthouses
in Dubai are sparking a bidding spree among the ultra rich.
Speaker 7 (07:18):
But another story that I wanted to mention this morning.
Speaker 1 (07:20):
Can influencers help to make Microsoft co Pilot cool? This
is something that our colleague Emily Forgat has been writing about.
Microsoft has hired influencers to try and bring mainly younger
users to Copilot because in terms of the numbers using
AI assistants, they're lagging way behind the likes of Chat,
Ebt or Gemini, even though of course Microsoft has this
(07:42):
huge advantage in the corporate world because of the software
that's on most business PCs as well. It's an interesting strategy.
I'm not sure covering all matters of things.
Speaker 2 (07:53):
Yeah, Look, this is where my experience as a parent
has alarm bells ringing? Am I really cool?
Speaker 7 (08:00):
Ula to the kids?
Speaker 2 (08:01):
If I cling to a new friend or new clothes
or new music.
Speaker 1 (08:05):
I'd say yes and no, depends on who they are,
really suppose, I mean the examples they've used. So, there's
one influencer called Alex earl Is from New Jersey who
she has She's one of these pilots. She's been using
co Pilot to try and brainstorm ideas. Apparently she asked
it how she could appear younger because some of her
followers have said she looks forty she's in her mid twenties.
(08:29):
They told her to focus on a good skincare regime. Okay, fine,
I'm just not sure that necessarily any of these masters
are really going to win anyone over to it, But
some of the responses on social media have been pretty
positive to it. Will this be enough to win people over?
Does AI need any more marketing than it already gets?
Speaker 3 (08:47):
Yeah?
Speaker 2 (08:48):
But look, I think the chat it just goes to
show the Chat GPT numbers that hundreds of millions of
users every single week are using it so intensively it's
really hard the massive challenge for anyone else.
Speaker 7 (09:01):
To keep up.
Speaker 2 (09:02):
But yes, lots of question books about Yeah, how to
make your brand the cool one that people want.
Speaker 7 (09:07):
To use indeed want to follow.
Speaker 1 (09:09):
Well, let's bring you more in our top story now,
the opinionion is exploring ways to force member states to
phase out technology from Chinese firm Huawei and z T.
This is trade tensions have risen between Brussels and Beijing.
Our reporting mccalcabala joins me now for more on this story, mccauth,
what exactly is the European Commission planning?
Speaker 8 (09:26):
It seems to be planning more steps towards tightening control
over who can be a part of your critical infrastructure.
Speaker 7 (09:34):
Sources are telling us the EU's Executive.
Speaker 8 (09:37):
Branch is exploring new rules that would turn its current
recommendations on what our scene has high risk telecom vendors
into a legal requirement. The move could force member states
to phase out Chinese giants Wave and z T from
their telecommunication networks. So far, countries could choose whether to
(09:58):
follow a Brussels T twenty twenty security toolbox, But now
we understand that top officials are weighing proposals that would
compel the countries to align with the recommendations. Say if
they become legally binding. Member states that wouldn't comply could
phase infringement or financial penalties.
Speaker 2 (10:21):
Why are they doing this? And I suppose the question
why are they doing this now?
Speaker 7 (10:26):
The primary why?
Speaker 8 (10:29):
The primary concern here seems to be security, so as
trade and political ties with China are now becoming increasingly strained,
the Block is more concerned about risks posed by Chinese telecoms,
especially that companies with close ties to Beijing could gain
access to sensitive data and sensitive network system. It is
(10:53):
an issue that has been simmering since the first Donald
Trump in the administration. Trump has been pushing for this
WABE ban back in twenty nineteen, and outside the EU,
the UK has has banned Chinese vendors. Within the EU,
Sweden has done so, but others like Spain a Greece
still use them. And there are some in Brussels that
(11:16):
argue that this uneven approach now against the backdrop of
of these spats with China, the entire EU is exposed,
so it does look like an attempt to have a
single binding standard across the across the block.
Speaker 7 (11:32):
What has China and these companies said about this?
Speaker 8 (11:35):
We haven't yet received a comment We've sent a request
for comment to Wabe, haven't received a response, but we
know that China's Foreign Ministry has previously criticized the EU's
characterization of Wabe and z T as high risk suppliers
as something that lacks both illegal and.
Speaker 7 (11:56):
Factual basis.
Speaker 2 (11:59):
We'll just last I suppose you mentioned that this comes,
you know, at a time when there are tensions between
the EU and China, and those have been rising, and
there've been disputes about chip supplies and lots of other issues.
But how significant is this then in actually the broader relationship.
Speaker 8 (12:15):
It could be a significant step by the EU towards
de risking from China. This is something that commissioned President
Ursula order Line hasn't been talking about back in twenty
twenty three, essentially bypassing regions that pose a security risk
without they say, coupling from them, without severing the relationship outright.
(12:39):
And it's interesting too to add that this reporting comes
almost on the back of another short spat with China
that surrounding Experior So the Dutch government to control of
the Chinese Chinese owned chip maker based in the Netherlands,
and that led to a temporary halt and exports from
China of chips. This has been resolved a few days back.
(13:02):
Maybe looking at another another area where the EU is
really reliant on China. China has suspended its recent rare
earth export curbs which were imposed a few months back
as part of the trade truce with the United States.
They suspended that curb that appears to have benefit the
benefited the EU as well. And all of this comes
(13:26):
against the backdrop of on and off trade disputes between
the US and China. The US would sometimes shift to
more confrontational balancing stands, whereas the Brussels approach seems to
be more about targeting specific vulnerabilities and steadily pushing towards
that you're risking and reducing their critical dependencies.
Speaker 1 (13:45):
Okay, what a very interesting one to watch from here
as well in Macalcubaa. Thank you very much for bringing
us up to date on that story.
Speaker 7 (13:52):
Stay with us.
Speaker 1 (13:53):
More from Bloomberg Daybreak Europe coming up after this now.
Speaker 2 (13:57):
Dubai's property boom is reaching new heights with a surge
in sales of luxury homes and apartments bought off plan,
but some market watchers are starting to see parallels to
the Emirates two thousand and nine crash. Our Middle East
real estate reporter Zaynab Fata joins US Now this morning
for more on this. Zaynab, good morning, and you're reporting
(14:19):
use the example of one new development where potential buyers
have bid the equivalent of more than two hundred thousand
dollars just to be considered for these multimillion dollar apartments.
What does this tell us about the state of the
market where you are.
Speaker 6 (14:33):
It's two hundred and seventy thousand dollars to be exact,
the equivalent of one million dirhums that you had to
submit just to be considered, and that's money that had
to be cashed and goes into the company's accounts after
they do the allocation. If you've got an apartment, great,
you do the rest of the payments. If you don't,
then they give your money back. It shows you how
(14:55):
hot the market, especially on the very top end, the
ultra luxury side of the market. And that's really a
function of the increase in wealthy individuals who are moving
to Dubai as a phenomenon we started seeing after the
pandemic hit and Dubai reopened much quicker than other cities.
We started to see the wealthy and the rich and
(15:18):
famous celebrities and many people moving into the city or
coming to the city to see it, and then some
decided to make it home. And Dubai responded by liberalizing
their visa policies, giving ten year visas to those who
can afford it, and in many ways that started that
influx that we have right now that helped the market
(15:38):
and the seven year property decline that really drove prices
and rents down for since twenty fourteen.
Speaker 1 (15:48):
So how much worry is there then that this could
lead to another bubble scenario. They're still fresh memories of
the two thousand and nine crash and the emirates as well.
Speaker 6 (15:58):
Yes, absolutely no one gets that in this city because
it's seered into the memory of so many people. But
there was a UBS report recently that said Dubai is
starting to kind of enter into bubble territory. Still, the city, however,
is behind Miami, Tokyo, Zurich, and Los Angeles on that index.
So what's happening in Dubai. It's big, but the city
(16:21):
is still much smaller than some of those cities, and
in many ways, the increases in values and rents have
shocked a lot of people because of the pace of it.
So Dubai property prices on average rose by seventy percent
since the end of twenty nineteen, and rental growth have
outpaced that. On the upper end of the market, we're
(16:43):
talking about one hundred and forty five percent increased because
much of that supply catering to the ULTRAALTHI did not
exist and developers are really like right now building it up.
Speaker 2 (16:53):
I mean when you talk about luxury, just was struck
by the numbers again in your piece. That is for
properties that are of a now ten million dollars or more.
So it is very high end, isn't there? But what
has changed in terms of trying to prevent another property
bubble or crash like the one that you saw in
two thousand and nine because authorities there have tried to
(17:15):
put some additional kind of constraints in different measures tell
us about those briefly.
Speaker 7 (17:20):
A lot have.
Speaker 6 (17:21):
Changed in fact since that crash happened and the banks
were settled with so much that the government came in
with so many different rules. So now we have ascrow accounts.
Now developers have to actually own outright the land they
want to build the project on. It can't be mortgaged.
And those who actually are allowed to buy are those
who are buying a property that exists. You can't buy
(17:43):
off plan, the advanced model, you can't buy with a mortgage,
so a lot of those are people putting their own
cash and savings into it. There are certain things that
the developers are instituting, so when you buy a property
ahead of construction and you take the contract, you can't
just make one payment and god is set. A lot
of developers lock you in until at least you paid
sixty percent of it or sometimes fifty percent depends.
Speaker 7 (18:06):
So there are a lot of guardrails.
Speaker 6 (18:09):
And the biggest of all that when you want to
get a mortgage in this town, you need to put
twenty percent down payment, so there are no mortgages below
that for first home buyers, and the second home buyers
is thirty percent. So it's a market that is kind
of concerned and shaped by the trauma endured in two
thousand and nine.
Speaker 1 (18:29):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (18:35):
Look for us on your podcast feed every morning on
Apple Spotify, and anywhere else you get your podcasts.
Speaker 1 (18:41):
You can also listen live each morning on London DAB Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (18:47):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty.
I'm Caroline Hepca and.
Speaker 7 (18:56):
I'm Stephen Carroll.
Speaker 1 (18:57):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg day
Break Europe
Speaker 2 (19:10):
M
Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2 (00:09):
This is the Bloomberg Day BAKT podcast. Good morning, It's Tuesday,
the eleventh of November. I'm Caroline Hetkut in London.
Speaker 1 (00:15):
And I'm Stephen Caroline Brussels. Coming up today, the European
Union looks at ways to ban Chinese giants Huawei and
Zte from its telecoms networks.
Speaker 2 (00:24):
Bloomberg learns that Switzerland is close to securing a deal
that will slash US tariffs from thirty nine percent to fifteen.
Speaker 1 (00:32):
Plus sun Sea and surging property prices. Why do you
buis unbuilt penthouses are sparking a bidding war among the
ultra rich.
Speaker 2 (00:41):
Let's start with a roundup of our top stories.
Speaker 1 (00:43):
Exclusive reporting from Bloomberg has found that the European Union
is considering ways to compel member states to ban Chinese
telecom giants from their networks. Sources tell us the European
Commission is exploring measures that would make it legally binding
for nations to phase out technology from Huawei and z
Te with moral hairs. Boomberg's crispis while countries such as
(01:04):
the UK and Sweden banned Chinese vendors from their networks
years ago. Others, including Spain and Greece, continue to allow them,
but as trade and political ties with the EU's second
largest trading partner grow increasingly strained, Brussels is becoming more
concerned about the security risks posed by Chinese telecoms equipment makers.
(01:25):
Since twenty twenty, the EU has recommended member countries don't
use high risk suppliers. Now, we're told the Commission wants
to make that a legally binding requirement. Sources also told
us the EU's executive branch is considering measures to dissuade
countries outside the block from relying on Chinese telecom vendors.
(01:47):
Huawei didn't immediately respond to requests for comment, However, China's
Foreign Ministry has previously criticized the EU's characterization of Huawei
and Zte as high risk suppliers, calling it lacking in
both legal and factual basis. In London, Chris Pitt Bloomberg.
Speaker 2 (02:06):
Radio Switzerland is closed to securing a fifteen percent tariff
on its exports to the US. According to sources who've
spoken to Bloomberg, the deal would be a relief for
the country after it was hit with a punishing thirty
nine percent tariff rate in August. It's understood that a
deal may be concluded within the next two weeks, with
US President Trump confirming that his administration is quote working
(02:29):
on a deal to get their tariffs a little bit lower.
The possible breakthrough comes after some of Switzerland's most high
profile business executives attended an Oval Office meeting last week
that prompted the US President to endorse additional trade negotiations.
Speaker 1 (02:45):
The longest US government shut down in history could soon
come to an end after the Senate passed a stopgap
funding bill backed by a group of eight Democrats. Senate
Majority Leader John Thoon welcome to the move.
Speaker 3 (02:57):
As President, I said that we will be voting on
the final package in the in your future, and I'm
hoping that will be hours in that days. We're on
the forty first day of this shutdown. Nutrition benefits are
in jeopardy. Air travel is an extremely precarious situation. Our
staffs and many many other government workers have been working
(03:17):
for nearly six weeks without pay.
Speaker 1 (03:19):
SANUS Majority Leader John Toon speaking there. The Republican controlled
houses expected to vote on the bill tomorrow, which will
keep most of the government open until the end of January. Whoever,
it could take days for air travel to return to
normal and for forty two million low income Americans to
receive delayed food assistance benefits.
Speaker 2 (03:37):
The UK's Chancellor, Chel Reeves has given the strongest indication
yet that her upcoming budget could break the government's pre
election promise not to raise taxes. Before it came to
power last year, the Labor Party made a manifesto commitment
not to lift the rates of income tax, National Insurance
or VAT. However, speaking to BBC Radio, Reeves suggested the
(03:59):
content has changed.
Speaker 4 (04:01):
The economic circumstances have declined deteriorated since a year ago
because of those conflicts are because of those trade barriers
and as a result that we are having to look
at taxes and spending and it's got to be both
of those things. And the speech I made last week
was about setting the context for the budget, which is
(04:22):
a difficult one.
Speaker 2 (04:25):
Senior Labor figures, including the party's deputy leader Lucy Powell
and Culture Secretary Lisa Nandy, have said they don't think
the government should break the tax pledge. It comes also
as the British Retail Consortium announced that weakening UK sales
growth in October, shoppers held back on purchases ahead of
the budget, which also happens to fall two days before
(04:48):
Black Friday.
Speaker 1 (04:50):
The BBC has just days to decide how it will
respond to US President Donald Trump's threat to sue the
corporation for one billion dollars. The move comes as the
BBC conceded that edits made to Trump's speech on the
sixth of January twenty twenty one for a documentary Wrongley
gave the impression of a direct call for violent action.
In a letter dated Sunday, Trump threatened legal action and
(05:13):
sought damages if the BBC did not issue an apology,
retract the documentary and compensate him appropriately for the harm caused.
Here's the BBC's chairman, Samir Shah.
Speaker 5 (05:24):
We have received communication from President Trump and his people
and react movel considering how to apply to him.
Speaker 6 (05:31):
As he said that he's going to be suing the BBC.
Speaker 5 (05:33):
I do not know that yet, but he's a reltigious fellow,
so we should be prepared for all outcomes.
Speaker 1 (05:39):
Samir Shah, speaking there following the resignations of BBC Director
General Tim Davey and News chief Deborah Turners have both
stepped down over the matter on Sunday.
Speaker 2 (05:48):
Now, Warren Buffett says he's going quiet and picking up
the pace of his charitable donations. It marks the end
of an era for the billionaire investor, who will also
stop writing Berkshire Hathaway annual letters and speaking at its meetings.
The ninety five year old is stepping down from his
CEO role at the firm this year, passing the reins
(06:09):
to longtime deputy Greg Abel. In a memo detailing the change,
Warren Buffett disclosed plans to donate more than one point
three billion dollars to four family foundations. And those are
our top stories for you this morning. In terms of
the markets, well, we were a risk on yesterday because
the US government shot down looks perhaps to be coming
(06:31):
to a close, with a vote expected on Wednesday. The
Nasdaq again two point three percent on Monday, it's best
day since May. The US stocks six hundred closed one
point four percent high, also rising the most in six months,
and europinion futures are edging high. But actually Asian stocks
are down. The Cosby, for example, wiped out again that
we saw earlier of two point eight percent. Gold, though,
(06:54):
is still up three tenths of one percent, although Bitcoin
is given up gains, it's down now half of one
and there's still a big debate about how much asset prices.
We're really looking at the shutdown in any case, but
that's where we are in the markets.
Speaker 1 (07:08):
In a moment, we'll bring you more on the euse
pushed against Chinese telecom equipment firms, plus why unbuilt penthouses
in Dubai are sparking a bidding spree among the ultra rich.
Speaker 7 (07:18):
But another story that I wanted to mention this morning.
Speaker 1 (07:20):
Can influencers help to make Microsoft co Pilot cool? This
is something that our colleague Emily Forgat has been writing about.
Microsoft has hired influencers to try and bring mainly younger
users to Copilot because in terms of the numbers using
AI assistants, they're lagging way behind the likes of Chat,
Ebt or Gemini, even though of course Microsoft has this
(07:42):
huge advantage in the corporate world because of the software
that's on most business PCs as well. It's an interesting strategy.
I'm not sure covering all matters of things.
Speaker 2 (07:53):
Yeah, Look, this is where my experience as a parent
has alarm bells ringing? Am I really cool?
Speaker 7 (08:00):
Ula to the kids?
Speaker 2 (08:01):
If I cling to a new friend or new clothes
or new music.
Speaker 1 (08:05):
I'd say yes and no, depends on who they are,
really suppose, I mean the examples they've used. So, there's
one influencer called Alex earl Is from New Jersey who
she has She's one of these pilots. She's been using
co Pilot to try and brainstorm ideas. Apparently she asked
it how she could appear younger because some of her
followers have said she looks forty she's in her mid twenties.
(08:29):
They told her to focus on a good skincare regime. Okay, fine,
I'm just not sure that necessarily any of these masters
are really going to win anyone over to it, But
some of the responses on social media have been pretty
positive to it. Will this be enough to win people over?
Does AI need any more marketing than it already gets?
Speaker 3 (08:47):
Yeah?
Speaker 2 (08:48):
But look, I think the chat it just goes to
show the Chat GPT numbers that hundreds of millions of
users every single week are using it so intensively it's
really hard the massive challenge for anyone else.
Speaker 7 (09:01):
To keep up.
Speaker 2 (09:02):
But yes, lots of question books about Yeah, how to
make your brand the cool one that people want.
Speaker 7 (09:07):
To use indeed want to follow.
Speaker 1 (09:09):
Well, let's bring you more in our top story now,
the opinionion is exploring ways to force member states to
phase out technology from Chinese firm Huawei and z T.
This is trade tensions have risen between Brussels and Beijing.
Our reporting mccalcabala joins me now for more on this story, mccauth,
what exactly is the European Commission planning?
Speaker 8 (09:26):
It seems to be planning more steps towards tightening control
over who can be a part of your critical infrastructure.
Speaker 7 (09:34):
Sources are telling us the EU's Executive.
Speaker 8 (09:37):
Branch is exploring new rules that would turn its current
recommendations on what our scene has high risk telecom vendors
into a legal requirement. The move could force member states
to phase out Chinese giants Wave and z T from
their telecommunication networks. So far, countries could choose whether to
(09:58):
follow a Brussels T twenty twenty security toolbox, But now
we understand that top officials are weighing proposals that would
compel the countries to align with the recommendations. Say if
they become legally binding. Member states that wouldn't comply could
phase infringement or financial penalties.
Speaker 2 (10:21):
Why are they doing this? And I suppose the question
why are they doing this now?
Speaker 7 (10:26):
The primary why?
Speaker 8 (10:29):
The primary concern here seems to be security, so as
trade and political ties with China are now becoming increasingly strained,
the Block is more concerned about risks posed by Chinese telecoms,
especially that companies with close ties to Beijing could gain
access to sensitive data and sensitive network system. It is
(10:53):
an issue that has been simmering since the first Donald
Trump in the administration. Trump has been pushing for this
WABE ban back in twenty nineteen, and outside the EU,
the UK has has banned Chinese vendors. Within the EU,
Sweden has done so, but others like Spain a Greece
still use them. And there are some in Brussels that
(11:16):
argue that this uneven approach now against the backdrop of
of these spats with China, the entire EU is exposed,
so it does look like an attempt to have a
single binding standard across the across the block.
Speaker 7 (11:32):
What has China and these companies said about this?
Speaker 8 (11:35):
We haven't yet received a comment We've sent a request
for comment to Wabe, haven't received a response, but we
know that China's Foreign Ministry has previously criticized the EU's
characterization of Wabe and z T as high risk suppliers
as something that lacks both illegal and.
Speaker 7 (11:56):
Factual basis.
Speaker 2 (11:59):
We'll just last I suppose you mentioned that this comes,
you know, at a time when there are tensions between
the EU and China, and those have been rising, and
there've been disputes about chip supplies and lots of other issues.
But how significant is this then in actually the broader relationship.
Speaker 8 (12:15):
It could be a significant step by the EU towards
de risking from China. This is something that commissioned President
Ursula order Line hasn't been talking about back in twenty
twenty three, essentially bypassing regions that pose a security risk
without they say, coupling from them, without severing the relationship outright.
(12:39):
And it's interesting too to add that this reporting comes
almost on the back of another short spat with China
that surrounding Experior So the Dutch government to control of
the Chinese Chinese owned chip maker based in the Netherlands,
and that led to a temporary halt and exports from
China of chips. This has been resolved a few days back.
(13:02):
Maybe looking at another another area where the EU is
really reliant on China. China has suspended its recent rare
earth export curbs which were imposed a few months back
as part of the trade truce with the United States.
They suspended that curb that appears to have benefit the
benefited the EU as well. And all of this comes
(13:26):
against the backdrop of on and off trade disputes between
the US and China. The US would sometimes shift to
more confrontational balancing stands, whereas the Brussels approach seems to
be more about targeting specific vulnerabilities and steadily pushing towards
that you're risking and reducing their critical dependencies.
Speaker 1 (13:45):
Okay, what a very interesting one to watch from here
as well in Macalcubaa. Thank you very much for bringing
us up to date on that story.
Speaker 7 (13:52):
Stay with us.
Speaker 1 (13:53):
More from Bloomberg Daybreak Europe coming up after this now.
Speaker 2 (13:57):
Dubai's property boom is reaching new heights with a surge
in sales of luxury homes and apartments bought off plan,
but some market watchers are starting to see parallels to
the Emirates two thousand and nine crash. Our Middle East
real estate reporter Zaynab Fata joins US Now this morning
for more on this. Zaynab, good morning, and you're reporting
(14:19):
use the example of one new development where potential buyers
have bid the equivalent of more than two hundred thousand
dollars just to be considered for these multimillion dollar apartments.
What does this tell us about the state of the
market where you are.
Speaker 6 (14:33):
It's two hundred and seventy thousand dollars to be exact,
the equivalent of one million dirhums that you had to
submit just to be considered, and that's money that had
to be cashed and goes into the company's accounts after
they do the allocation. If you've got an apartment, great,
you do the rest of the payments. If you don't,
then they give your money back. It shows you how
(14:55):
hot the market, especially on the very top end, the
ultra luxury side of the market. And that's really a
function of the increase in wealthy individuals who are moving
to Dubai as a phenomenon we started seeing after the
pandemic hit and Dubai reopened much quicker than other cities.
We started to see the wealthy and the rich and
(15:18):
famous celebrities and many people moving into the city or
coming to the city to see it, and then some
decided to make it home. And Dubai responded by liberalizing
their visa policies, giving ten year visas to those who
can afford it, and in many ways that started that
influx that we have right now that helped the market
(15:38):
and the seven year property decline that really drove prices
and rents down for since twenty fourteen.
Speaker 1 (15:48):
So how much worry is there then that this could
lead to another bubble scenario. They're still fresh memories of
the two thousand and nine crash and the emirates as well.
Speaker 6 (15:58):
Yes, absolutely no one gets that in this city because
it's seered into the memory of so many people. But
there was a UBS report recently that said Dubai is
starting to kind of enter into bubble territory. Still, the city, however,
is behind Miami, Tokyo, Zurich, and Los Angeles on that index.
So what's happening in Dubai. It's big, but the city
(16:21):
is still much smaller than some of those cities, and
in many ways, the increases in values and rents have
shocked a lot of people because of the pace of it.
So Dubai property prices on average rose by seventy percent
since the end of twenty nineteen, and rental growth have
outpaced that. On the upper end of the market, we're
(16:43):
talking about one hundred and forty five percent increased because
much of that supply catering to the ULTRAALTHI did not
exist and developers are really like right now building it up.
Speaker 2 (16:53):
I mean when you talk about luxury, just was struck
by the numbers again in your piece. That is for
properties that are of a now ten million dollars or more.
So it is very high end, isn't there? But what
has changed in terms of trying to prevent another property
bubble or crash like the one that you saw in
two thousand and nine because authorities there have tried to
(17:15):
put some additional kind of constraints in different measures tell
us about those briefly.
Speaker 7 (17:20):
A lot have.
Speaker 6 (17:21):
Changed in fact since that crash happened and the banks
were settled with so much that the government came in
with so many different rules. So now we have ascrow accounts.
Now developers have to actually own outright the land they
want to build the project on. It can't be mortgaged.
And those who actually are allowed to buy are those
who are buying a property that exists. You can't buy
(17:43):
off plan, the advanced model, you can't buy with a mortgage,
so a lot of those are people putting their own
cash and savings into it. There are certain things that
the developers are instituting, so when you buy a property
ahead of construction and you take the contract, you can't
just make one payment and god is set. A lot
of developers lock you in until at least you paid
sixty percent of it or sometimes fifty percent depends.
Speaker 7 (18:06):
So there are a lot of guardrails.
Speaker 6 (18:09):
And the biggest of all that when you want to
get a mortgage in this town, you need to put
twenty percent down payment, so there are no mortgages below
that for first home buyers, and the second home buyers
is thirty percent. So it's a market that is kind
of concerned and shaped by the trauma endured in two
thousand and nine.
Speaker 1 (18:29):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (18:35):
Look for us on your podcast feed every morning on
Apple Spotify, and anywhere else you get your podcasts.
Speaker 1 (18:41):
You can also listen live each morning on London DAB Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (18:47):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty.
I'm Caroline Hepca and.
Speaker 7 (18:56):
I'm Stephen Carroll.
Speaker 1 (18:57):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg day
Break Europe
Speaker 2 (19:10):
M
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