November 5, 2025 • 16 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) Zohran Mamdani was elected the 111th mayor of New York in a historic victory that will put an avowed democratic socialist in charge of the city that serves as the capital of global finance.
(2) The global selloff in semiconductor stocks accelerated on concern over lofty valuations for some of the artificial intelligence boom’s biggest winners.
(3) UK Chancellor of the Exchequer Rachel Reeves will meet CEOs from top insurers in Downing Street on Wednesday, as she seeks to encourage more investment in the City ahead of a tricky budget later this month.
(4) European Union member states clinched a preliminary deal to reduce emissions by 90% through 2040 compared with 1990 levels, a move that bolsters the bloc’s climate leadership credentials ahead of the COP30 summit.
(5) WhatsApp, the popular messaging service owned by Meta Platforms Inc., introduced a standalone Apple Watch app that makes it easier for users to interact with their chats from Apple Inc.’s smartwatch without pulling out an iPhone.
Podcast Conversation: I Saw a Vision of Chocolate’s Future in an Amsterdam Brownie
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:10):
This is the BlueBag Day, baq At podcast. Good morning,
It's Wednesday, the fifth of November. I'm Caroline Hepcat in London.
Speaker 1 (00:15):
And I'm Stephen Caroline Brussels. Coming up today. Zoran mmdanni
wins the election to become the next mayor of New
York City as Democrats chuck up big wins across the
United States.
Speaker 2 (00:26):
Stocks drop as investors wonder if long running concerns over
lofty tech valuations have now become a market reality.
Speaker 1 (00:34):
Plus why Astra Zeneca's CEO is willing to compromise when
it's for Donald Trump.
Speaker 2 (00:40):
Let's start with a roundup of our top stories.
Speaker 1 (00:42):
Zora Mumdanny has been elected as mayor of New York
City as Democrats secured decisive wins in votes across the
United States. Ma'm danny won just over fifty percent of
the vote, while former Governor Andrew Cuomo garnered forty two
percent and Republican Curtis Leewa got seven percent. With eighty
eight percent of that's counted. During his victory speech, mmdanny
(01:03):
pitched his win as a moment of change for the country,
as he sought to single out what he called the
billionaire class.
Speaker 3 (01:09):
We refuse to let them dictate the rules of the
game anymore. They can play by the same rules as
the rest of us. Together, we will usher in a
generation of change. And if we embrace this brave new course,
(01:31):
rather than fleeing from it, we can respond to oligarchy
and authoritarianism, which the strength it fears, not the appeasement
it graves.
Speaker 1 (01:41):
Zorn Mmdanni will be New York's first Muslim mayor and
first person of South Asian descent to lead the city
in its four hundred year history. His win capped off
a night of sweeping victories for the Democratic Party as
it seeks to turn the page on the presidential election
defeat to Trump. Mikey Cheryl in New Jersey and Abigail
Spanberg in Virginia both won their races for governor, and
(02:03):
in California, voters approved a ballot initiative that will redraw
the state's congressional district map to give Democrats the opportunity
to win a handful of additional seats.
Speaker 2 (02:13):
Now, global stocks have fallen on concerns that lofty valuations
are overstretched. With megacap tech firms leading losses, the selling
pressure white five hundred billion dollars off the Philadelphia Semiconductor Index,
and a Bloomberg gage tracking Asian chip stocks. Now, the
growing slump is leading investors to question where the long
(02:33):
running concerns will finally bring an end to the bull
run that started in April. Here is Ekaterina Bigos from
AXA Investment Managers.
Speaker 4 (02:42):
Now, what is the catalyst for some of the recovery
and quicker recovery? Clearly market watching, first evaluations, some indications
of potential revenue crystallization on some investment but importantly for us,
will looking at the FED. So FED has been part
of the narrative of why we see that correction. To
some degrees, people are concerned as will the Fed pad
(03:02):
in December, And of course at the meeting that they've
had last week, you know they put it into balance.
It wasn't kind of a clear guidance. Are they're actually
going to do it?
Speaker 2 (03:11):
Ekearina big Speaking thereafter, Wall Street chiefs, including Goldman SACHXEO
David Solomon warns that a significant market pullback is now
increasingly likely.
Speaker 1 (03:21):
The US government shutdown is now and it's thirty sixth day,
making it the longest in history. As the entrench standoff
between Republicans and Democrats over healthcare and spending priorities continues,
the economic pain is deepening. The Congressional Budget Office estimates
the shutdown will cut fourth quarter growth by as much
as two percentage points if it continues for eight weeks,
(03:42):
followed by a short term rebound early next year. Even then,
the US economy would lose billions in outputs.
Speaker 2 (03:49):
Here in the UK, the Office for Budget Responsibility is
poised to lower its estimates for UK productivity by zero
point three percentage points. It means a hit of as
much as twenty billion pounds for the Chancellor Rachel Reeves
ahead of this month's budget. Meanwhile, leading think tank, the
National Institute of Economic and Social Research, has warned that
(04:11):
the Chancellor needs to run primary budget surpluses to get
a grip of the country's quote unsustainable debt trajectory in
their view. Meanwhile, the Chancellor's meeting top insurance CEOs today
in a bid to try to increase investment into the UK.
The Chief Secretary to the Treasury, James Murray, says the
government's economic strategy is working.
Speaker 5 (04:33):
We had the fastest growing economy in the G seven
in the first half of this year, with for one
hundreds of billions of pounds of investment, five interest rate cuts.
But we're really clear that there's a lot more to
do and that we've got some big challenges we're facing.
And those big challenges that we're facing now are what
the Chancellor is going to take head on going into
the budget.
Speaker 2 (04:49):
This year, James Murray speaking. Their attendees will include representatives
from Lloyd's of London, Hiss Cox and Swiss Ree. According
to the Treasury.
Speaker 1 (05:00):
The European Union countries have reached a preliminary deal to
reduce emissions by ninety percent by twenty forty compared with
nineteen ninety levels. It's a key milestone on the path
to reaching net zero by twenty fifty. As consensus over
climate action has fractured, Bloomberg's Micaalcubala has.
Speaker 6 (05:15):
More it took more than fifteen hours of negotiations. Now
Bloomberg has learned that EU environment ministers have reached the
basis for an agreement, which is due to be adopted
in the coming hours. The deal came after member state
secured assurances from the European Commission. They include trade protections
for steel and language on technical neutrality, a term often
(05:37):
used to open the door to more nuclear power. The
compromise will still need approval from the European Parliament, but
will allow the EU to submit its new climate pledge
to the United Nations. All as world leaders gather in
Brazil for COP thirty. In Brussels, Michalcubola, Bloomberg Radio.
Speaker 2 (05:55):
And lastly, WhatsApp has introduced a standalone Apple Watch app
messaging on its platform, rather making messaging on its platform
easier for whereas the software includes features as such as
coll notifications, voice messages, and full length text previews. A
Meta statement described the release as just the start of
(06:17):
enhancing the WhatsApp experience for Apple Watch users and said
that additional features are plaied for the coming months. So
those are our top stories.
Speaker 1 (06:26):
On the markets today. We're looking at the equity sell
off continuing in Asia at the MSCIS specific index down
by one point two percent, the Nicke and Tokyo two
point nine percent lower, the Caspian sold three point three
percent lower. Suppliers to Nvidia, particularly in focus the likes
of Advan test in Japan down by seven percent in
trading today, European stock future is firmly in the red
to down seven tenths for eurostocks fifty futures, and on
(06:48):
Wall Street NASDAK futures are pointing also lower, down four
tenths of one percent.
Speaker 2 (06:53):
Well, in a moment, we'll bring you more on the
US election results and also how the boss of AstraZeneca
approached which is his relationship with the Trump administration. But
before that, we always like to think about food. It's
almost breakfast time, isn't it. I might not be eating
chocolate for breakfast, but maybe.
Speaker 1 (07:11):
I mean, we should all think about us. Quite frankly,
I think I could make the start of the day
much easier, if not necessarily particularly healthy. But this is
to do with the rising cocoa price, as the story
we've been reporting on for some time now, but also
how chocolate makers are adapting their recipes in some cases
to use less coco. The bloomber Cominnian columns Lara Williams
has been writing about this. She went to Amsterdam to
(07:32):
meet some of them, as she describes the real life
Willy Wonkas who are coming up with their own operations
to try and our own creations rather to try and
use less cocoa. So she tried the brownies made by Opi,
which is a food ingredients business, uses one fifth less
cocoa than normal and Larasas tastes infinitely more chocolatey. So
(07:54):
perhaps this could be the future.
Speaker 2 (07:56):
Well, there's been this huge controversy in the UK because
not only have we had shrink flation when it comes
to you know, chocolate products, chocolate biscuits and so on,
but also some that have actually now can't call themselves
chocolate because they don't have enough chocolate content in them
because there are rules around that labeling here in the UK.
But yes, I think, given you know, the price increases
that we've seen for coco, people are trying lots of
(08:18):
different things, aren't they. But it's a very nice story.
We'll put a link to it in our show notes.
That is from our Bloomberg opinion columnist Laura Williams.
Speaker 1 (08:26):
Well, that's bringing more now on the US election results,
zorn Mum Danny winning the race to become New York
City's next mayor, while the Democrats also scored wins incubernatorial
votes in New Jersey and Virginia. We've got Bloomberg Daybreak
editor Mark Perrier with us for more on this story. Mark,
let's start with Zora Mumdany. Then it was, as polls
had predicted, what won't.
Speaker 6 (08:45):
It for them?
Speaker 7 (08:47):
Good morning? The focus was very much on the cost
of living, and I think that really captured the attention
of a younger electorate in the city thing. Younger voters
really turned out for him. I think that really supported
him and also his opponents in the race. You know,
(09:08):
one has to remember he had already beaten Cuomo in
the primaries, so not not a surprise win, but definitely
a resounding one that will send waves through the political
sphere in New York and beyond.
Speaker 2 (09:27):
Yeah, and it was also a three way race in
some way, so Andrewka, you know, some people saying that
actually Sliva because Islia maybe split the vote effectively exactly. Also,
though a lot of challenges perhaps lie ahead, Ma'm Danny
made many big promises.
Speaker 7 (09:44):
He's got huge promises to fill free buses, more affordable housing,
turning city run grocery, creating city rung grocery stores. These
are massive promises. And also the fact that he wants
to take the wealthy to you know, to in order
to pay for all of this, I think will make
(10:06):
him somewhat less attractive to Wall Street, to the Wall
Street players in the city. He's got to build coalition here.
And in his acceptance speech it was very much a
populist message. It was very much about changing leadership. Uh
it was about toppling a political dynasty, That's what he said.
Speaker 3 (10:28):
Uh.
Speaker 7 (10:28):
So I think he's got to He's you know, obviously
he's got to work on his policy platform, but I
think he also needs to work on coalition building as well.
That will be key to his success in the city.
Speaker 1 (10:41):
And we should mention as well, Mark that Michael Bloomberg
endorsed and Cuomo and the Merrill race and had to
donate it to a super park committee supporting him. Bloomberg
course the founder and majority owner of Bloomberg LP, which
is the parent company of Bloomberg Television and Radio. But
I wanted to ask you as well about some of
the other wins for the Democrats New Jersey and Virginia,
as well as the redistricting vote in California that passed
(11:03):
as well. How significant significant are those wins and what
does it tell us about the momentum behind the Democratic
parties we look ahead to next year's midterms.
Speaker 7 (11:13):
It does re energize the party and they certainly did
need it. I think, you know this, this injection of
of of energy will propel them in the next year.
And obviously the whole message is around affordability. That will
be I think their platform going into the midterms. They'll
(11:36):
definitely play on that. On the cost of living crisis
in the US and again looming in the background the
shutdown which has hit thirty six days, so it's it's
definitely it may play. I think it may play in
their favor, but it really depends on their strategy, strategy
and how they you know, how they approach the electorate
(11:57):
with it.
Speaker 2 (11:58):
Yeah, very interesting and also there was a reaction from
President Trump on social media. Trump wasn't on the ballot
and shut down were the two reasons that Republicans lost
elections tonight. That was the quote from President Donald Trump
on truth social Thank you so much, Mark for being
with us today. That is Bloomberg Daybake editor Mark Perrier.
(12:20):
Stay with us more from Bloomberg Daybakeube coming up after this.
Speaker 1 (12:25):
AstraZeneca's CEO Pasco Sorrio has turned the British drug maker
into a cancer drug powerhouse, the largest company on the
London Stock Exchange, and a business that has compromised rather
than criticized US President Donald Trump. Joining us now to
discuss Boomberg Helth reporter Ashley Furlong and her reporting into
the company and its culture. Ashley, good morning. How has
Pascott Sorrio then handles the Trump administration and its agenda
(12:48):
in the pharmaceutical space.
Speaker 8 (12:51):
So he's taken the threats from the administration incredibly seriously
and he's really prioritized getting a deal done with Trump.
Skill Sorry's presence was really key to that. He was
in almost every meeting. He was described as really constructive.
Sorrio told us that he compromised in the end and
it wasn't what Astrazena coriginally wanted to do. But I
(13:13):
think it really shows this pivot from this British drug
maker increasingly to the US to what is their key
market and what will be their key market for growth
of their new medicines and the years to come.
Speaker 2 (13:27):
Indeed, sorry, though, and you pointed this out, he's been
a lot less outspoken about the Trump administration when it
has challenged science.
Speaker 8 (13:35):
Yes, yes, that is very true, and to be fair
to him, you know, we have heard very little from
drug makers in general, but Sorio essentially told me, you
know that there wasn't actually an impact but to the
company at the moment from these cuts, and what he
was concerned about was, you know, early career researchers and
available positions for them. But there's also been you know,
(13:58):
criticism of how d makers have kept quiet on what
is a massive attack on established science and these big
cuts to public health in the US, and we have
heard very little direct criticism from drug makers on that,
and obviously they rely you know a lot on the
Trump administration as well, so we can sort of see
that relationship playing out there.
Speaker 1 (14:18):
Another part of your reporting, Ashley, for this piece has
been Pascal Sarrio's influence on Astra Zeneca's company culture. Tell
us more about what you learned.
Speaker 8 (14:27):
So we heard that he when he came on in
twenty twelve, had a really big influence on you know,
everything from you know, ensuring that the science was really
presented to the world, making sure that staff were going
to scientific meetings and staff were presenting their papers in
high impact journals. And we also heard that it's a
(14:48):
really high pressure, intense environment to work where performance is
you know, really constantly monitored and you know, you know,
if you have a poor presentation in a meeting, you know,
your career at the company could.
Speaker 1 (15:01):
Be a jeopardy.
Speaker 3 (15:01):
So we heard it.
Speaker 8 (15:02):
It can be a very difficult place to work as well.
Speaker 2 (15:06):
Yeah, and so then there is a tension on what
would happen to ask Zeneca post Pascal Sawyer.
Speaker 8 (15:14):
Yes, that is obviously the big, the big unknown question.
You know, he is sixty six, he's been at the
drug Maker since twenty twelve. You know he will be
leaving at some stage. He sort of told us that
you know, that will be he won't be here for
ten years, but he wouldn't give a figure off, you
wouldn't say whether he'd be here for five. I think
the question is whether there's sort of key man risk,
(15:35):
and some think that they that they will that they
will be you know, he's been really key to remaking
the drug Maker, and he's also created, you know, to
his credit, a really skilled staff beneath him. So I
think there's also optimism that those people will be able
to carry on and you know, bring the drug Maker,
you know, continue to sort of increase sales and continue
(15:58):
on the trajectory that the drug makes has already on.
Speaker 4 (16:02):
But there is also.
Speaker 8 (16:02):
Concern that this sort of pervasive oversight that Pascal Sorrio
has over the drug maker. Without him, it will be
a very different place.
Speaker 1 (16:09):
Let's just say that this is Bloomberg Daybreak Europe, your
morning brief on the stories making news from London to
Wall Street and beyond.
Speaker 2 (16:17):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 1 (16:23):
You can also listen live each morning on London DAB Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (16:29):
Our flagship New York station is also available on your
Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
I'm Caroline Hepka.
Speaker 1 (16:38):
And 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 (00:10):
This is the BlueBag Day, baq At podcast. Good morning,
It's Wednesday, the fifth of November. I'm Caroline Hepcat in London.
Speaker 1 (00:15):
And I'm Stephen Caroline Brussels. Coming up today. Zoran mmdanni
wins the election to become the next mayor of New
York City as Democrats chuck up big wins across the
United States.
Speaker 2 (00:26):
Stocks drop as investors wonder if long running concerns over
lofty tech valuations have now become a market reality.
Speaker 1 (00:34):
Plus why Astra Zeneca's CEO is willing to compromise when
it's for Donald Trump.
Speaker 2 (00:40):
Let's start with a roundup of our top stories.
Speaker 1 (00:42):
Zora Mumdanny has been elected as mayor of New York
City as Democrats secured decisive wins in votes across the
United States. Ma'm danny won just over fifty percent of
the vote, while former Governor Andrew Cuomo garnered forty two
percent and Republican Curtis Leewa got seven percent. With eighty
eight percent of that's counted. During his victory speech, mmdanny
(01:03):
pitched his win as a moment of change for the country,
as he sought to single out what he called the
billionaire class.
Speaker 3 (01:09):
We refuse to let them dictate the rules of the
game anymore. They can play by the same rules as
the rest of us. Together, we will usher in a
generation of change. And if we embrace this brave new course,
(01:31):
rather than fleeing from it, we can respond to oligarchy
and authoritarianism, which the strength it fears, not the appeasement
it graves.
Speaker 1 (01:41):
Zorn Mmdanni will be New York's first Muslim mayor and
first person of South Asian descent to lead the city
in its four hundred year history. His win capped off
a night of sweeping victories for the Democratic Party as
it seeks to turn the page on the presidential election
defeat to Trump. Mikey Cheryl in New Jersey and Abigail
Spanberg in Virginia both won their races for governor, and
(02:03):
in California, voters approved a ballot initiative that will redraw
the state's congressional district map to give Democrats the opportunity
to win a handful of additional seats.
Speaker 2 (02:13):
Now, global stocks have fallen on concerns that lofty valuations
are overstretched. With megacap tech firms leading losses, the selling
pressure white five hundred billion dollars off the Philadelphia Semiconductor Index,
and a Bloomberg gage tracking Asian chip stocks. Now, the
growing slump is leading investors to question where the long
(02:33):
running concerns will finally bring an end to the bull
run that started in April. Here is Ekaterina Bigos from
AXA Investment Managers.
Speaker 4 (02:42):
Now, what is the catalyst for some of the recovery
and quicker recovery? Clearly market watching, first evaluations, some indications
of potential revenue crystallization on some investment but importantly for us,
will looking at the FED. So FED has been part
of the narrative of why we see that correction. To
some degrees, people are concerned as will the Fed pad
(03:02):
in December, And of course at the meeting that they've
had last week, you know they put it into balance.
It wasn't kind of a clear guidance. Are they're actually
going to do it?
Speaker 2 (03:11):
Ekearina big Speaking thereafter, Wall Street chiefs, including Goldman SACHXEO
David Solomon warns that a significant market pullback is now
increasingly likely.
Speaker 1 (03:21):
The US government shutdown is now and it's thirty sixth day,
making it the longest in history. As the entrench standoff
between Republicans and Democrats over healthcare and spending priorities continues,
the economic pain is deepening. The Congressional Budget Office estimates
the shutdown will cut fourth quarter growth by as much
as two percentage points if it continues for eight weeks,
(03:42):
followed by a short term rebound early next year. Even then,
the US economy would lose billions in outputs.
Speaker 2 (03:49):
Here in the UK, the Office for Budget Responsibility is
poised to lower its estimates for UK productivity by zero
point three percentage points. It means a hit of as
much as twenty billion pounds for the Chancellor Rachel Reeves
ahead of this month's budget. Meanwhile, leading think tank, the
National Institute of Economic and Social Research, has warned that
(04:11):
the Chancellor needs to run primary budget surpluses to get
a grip of the country's quote unsustainable debt trajectory in
their view. Meanwhile, the Chancellor's meeting top insurance CEOs today
in a bid to try to increase investment into the UK.
The Chief Secretary to the Treasury, James Murray, says the
government's economic strategy is working.
Speaker 5 (04:33):
We had the fastest growing economy in the G seven
in the first half of this year, with for one
hundreds of billions of pounds of investment, five interest rate cuts.
But we're really clear that there's a lot more to
do and that we've got some big challenges we're facing.
And those big challenges that we're facing now are what
the Chancellor is going to take head on going into
the budget.
Speaker 2 (04:49):
This year, James Murray speaking. Their attendees will include representatives
from Lloyd's of London, Hiss Cox and Swiss Ree. According
to the Treasury.
Speaker 1 (05:00):
The European Union countries have reached a preliminary deal to
reduce emissions by ninety percent by twenty forty compared with
nineteen ninety levels. It's a key milestone on the path
to reaching net zero by twenty fifty. As consensus over
climate action has fractured, Bloomberg's Micaalcubala has.
Speaker 6 (05:15):
More it took more than fifteen hours of negotiations. Now
Bloomberg has learned that EU environment ministers have reached the
basis for an agreement, which is due to be adopted
in the coming hours. The deal came after member state
secured assurances from the European Commission. They include trade protections
for steel and language on technical neutrality, a term often
(05:37):
used to open the door to more nuclear power. The
compromise will still need approval from the European Parliament, but
will allow the EU to submit its new climate pledge
to the United Nations. All as world leaders gather in
Brazil for COP thirty. In Brussels, Michalcubola, Bloomberg Radio.
Speaker 2 (05:55):
And lastly, WhatsApp has introduced a standalone Apple Watch app
messaging on its platform, rather making messaging on its platform
easier for whereas the software includes features as such as
coll notifications, voice messages, and full length text previews. A
Meta statement described the release as just the start of
(06:17):
enhancing the WhatsApp experience for Apple Watch users and said
that additional features are plaied for the coming months. So
those are our top stories.
Speaker 1 (06:26):
On the markets today. We're looking at the equity sell
off continuing in Asia at the MSCIS specific index down
by one point two percent, the Nicke and Tokyo two
point nine percent lower, the Caspian sold three point three
percent lower. Suppliers to Nvidia, particularly in focus the likes
of Advan test in Japan down by seven percent in
trading today, European stock future is firmly in the red
to down seven tenths for eurostocks fifty futures, and on
(06:48):
Wall Street NASDAK futures are pointing also lower, down four
tenths of one percent.
Speaker 2 (06:53):
Well, in a moment, we'll bring you more on the
US election results and also how the boss of AstraZeneca
approached which is his relationship with the Trump administration. But
before that, we always like to think about food. It's
almost breakfast time, isn't it. I might not be eating
chocolate for breakfast, but maybe.
Speaker 1 (07:11):
I mean, we should all think about us. Quite frankly,
I think I could make the start of the day
much easier, if not necessarily particularly healthy. But this is
to do with the rising cocoa price, as the story
we've been reporting on for some time now, but also
how chocolate makers are adapting their recipes in some cases
to use less coco. The bloomber Cominnian columns Lara Williams
has been writing about this. She went to Amsterdam to
(07:32):
meet some of them, as she describes the real life
Willy Wonkas who are coming up with their own operations
to try and our own creations rather to try and
use less cocoa. So she tried the brownies made by Opi,
which is a food ingredients business, uses one fifth less
cocoa than normal and Larasas tastes infinitely more chocolatey. So
(07:54):
perhaps this could be the future.
Speaker 2 (07:56):
Well, there's been this huge controversy in the UK because
not only have we had shrink flation when it comes
to you know, chocolate products, chocolate biscuits and so on,
but also some that have actually now can't call themselves
chocolate because they don't have enough chocolate content in them
because there are rules around that labeling here in the UK.
But yes, I think, given you know, the price increases
that we've seen for coco, people are trying lots of
(08:18):
different things, aren't they. But it's a very nice story.
We'll put a link to it in our show notes.
That is from our Bloomberg opinion columnist Laura Williams.
Speaker 1 (08:26):
Well, that's bringing more now on the US election results,
zorn Mum Danny winning the race to become New York
City's next mayor, while the Democrats also scored wins incubernatorial
votes in New Jersey and Virginia. We've got Bloomberg Daybreak
editor Mark Perrier with us for more on this story. Mark,
let's start with Zora Mumdany. Then it was, as polls
had predicted, what won't.
Speaker 6 (08:45):
It for them?
Speaker 7 (08:47):
Good morning? The focus was very much on the cost
of living, and I think that really captured the attention
of a younger electorate in the city thing. Younger voters
really turned out for him. I think that really supported
him and also his opponents in the race. You know,
(09:08):
one has to remember he had already beaten Cuomo in
the primaries, so not not a surprise win, but definitely
a resounding one that will send waves through the political
sphere in New York and beyond.
Speaker 2 (09:27):
Yeah, and it was also a three way race in
some way, so Andrewka, you know, some people saying that
actually Sliva because Islia maybe split the vote effectively exactly. Also,
though a lot of challenges perhaps lie ahead, Ma'm Danny
made many big promises.
Speaker 7 (09:44):
He's got huge promises to fill free buses, more affordable housing,
turning city run grocery, creating city rung grocery stores. These
are massive promises. And also the fact that he wants
to take the wealthy to you know, to in order
to pay for all of this, I think will make
(10:06):
him somewhat less attractive to Wall Street, to the Wall
Street players in the city. He's got to build coalition here.
And in his acceptance speech it was very much a
populist message. It was very much about changing leadership. Uh
it was about toppling a political dynasty, That's what he said.
Speaker 3 (10:28):
Uh.
Speaker 7 (10:28):
So I think he's got to He's you know, obviously
he's got to work on his policy platform, but I
think he also needs to work on coalition building as well.
That will be key to his success in the city.
Speaker 1 (10:41):
And we should mention as well, Mark that Michael Bloomberg
endorsed and Cuomo and the Merrill race and had to
donate it to a super park committee supporting him. Bloomberg
course the founder and majority owner of Bloomberg LP, which
is the parent company of Bloomberg Television and Radio. But
I wanted to ask you as well about some of
the other wins for the Democrats New Jersey and Virginia,
as well as the redistricting vote in California that passed
(11:03):
as well. How significant significant are those wins and what
does it tell us about the momentum behind the Democratic
parties we look ahead to next year's midterms.
Speaker 7 (11:13):
It does re energize the party and they certainly did
need it. I think, you know this, this injection of
of of energy will propel them in the next year.
And obviously the whole message is around affordability. That will
be I think their platform going into the midterms. They'll
(11:36):
definitely play on that. On the cost of living crisis
in the US and again looming in the background the
shutdown which has hit thirty six days, so it's it's
definitely it may play. I think it may play in
their favor, but it really depends on their strategy, strategy
and how they you know, how they approach the electorate
(11:57):
with it.
Speaker 2 (11:58):
Yeah, very interesting and also there was a reaction from
President Trump on social media. Trump wasn't on the ballot
and shut down were the two reasons that Republicans lost
elections tonight. That was the quote from President Donald Trump
on truth social Thank you so much, Mark for being
with us today. That is Bloomberg Daybake editor Mark Perrier.
(12:20):
Stay with us more from Bloomberg Daybakeube coming up after this.
Speaker 1 (12:25):
AstraZeneca's CEO Pasco Sorrio has turned the British drug maker
into a cancer drug powerhouse, the largest company on the
London Stock Exchange, and a business that has compromised rather
than criticized US President Donald Trump. Joining us now to
discuss Boomberg Helth reporter Ashley Furlong and her reporting into
the company and its culture. Ashley, good morning. How has
Pascott Sorrio then handles the Trump administration and its agenda
(12:48):
in the pharmaceutical space.
Speaker 8 (12:51):
So he's taken the threats from the administration incredibly seriously
and he's really prioritized getting a deal done with Trump.
Skill Sorry's presence was really key to that. He was
in almost every meeting. He was described as really constructive.
Sorrio told us that he compromised in the end and
it wasn't what Astrazena coriginally wanted to do. But I
(13:13):
think it really shows this pivot from this British drug
maker increasingly to the US to what is their key
market and what will be their key market for growth
of their new medicines and the years to come.
Speaker 2 (13:27):
Indeed, sorry, though, and you pointed this out, he's been
a lot less outspoken about the Trump administration when it
has challenged science.
Speaker 8 (13:35):
Yes, yes, that is very true, and to be fair
to him, you know, we have heard very little from
drug makers in general, but Sorio essentially told me, you
know that there wasn't actually an impact but to the
company at the moment from these cuts, and what he
was concerned about was, you know, early career researchers and
available positions for them. But there's also been you know,
(13:58):
criticism of how d makers have kept quiet on what
is a massive attack on established science and these big
cuts to public health in the US, and we have
heard very little direct criticism from drug makers on that,
and obviously they rely you know a lot on the
Trump administration as well, so we can sort of see
that relationship playing out there.
Speaker 1 (14:18):
Another part of your reporting, Ashley, for this piece has
been Pascal Sarrio's influence on Astra Zeneca's company culture. Tell
us more about what you learned.
Speaker 8 (14:27):
So we heard that he when he came on in
twenty twelve, had a really big influence on you know,
everything from you know, ensuring that the science was really
presented to the world, making sure that staff were going
to scientific meetings and staff were presenting their papers in
high impact journals. And we also heard that it's a
(14:48):
really high pressure, intense environment to work where performance is
you know, really constantly monitored and you know, you know,
if you have a poor presentation in a meeting, you know,
your career at the company could.
Speaker 1 (15:01):
Be a jeopardy.
Speaker 3 (15:01):
So we heard it.
Speaker 8 (15:02):
It can be a very difficult place to work as well.
Speaker 2 (15:06):
Yeah, and so then there is a tension on what
would happen to ask Zeneca post Pascal Sawyer.
Speaker 8 (15:14):
Yes, that is obviously the big, the big unknown question.
You know, he is sixty six, he's been at the
drug Maker since twenty twelve. You know he will be
leaving at some stage. He sort of told us that
you know, that will be he won't be here for
ten years, but he wouldn't give a figure off, you
wouldn't say whether he'd be here for five. I think
the question is whether there's sort of key man risk,
(15:35):
and some think that they that they will that they
will be you know, he's been really key to remaking
the drug Maker, and he's also created, you know, to
his credit, a really skilled staff beneath him. So I
think there's also optimism that those people will be able
to carry on and you know, bring the drug Maker,
you know, continue to sort of increase sales and continue
(15:58):
on the trajectory that the drug makes has already on.
Speaker 4 (16:02):
But there is also.
Speaker 8 (16:02):
Concern that this sort of pervasive oversight that Pascal Sorrio
has over the drug maker. Without him, it will be
a very different place.
Speaker 1 (16:09):
Let's just say that this is Bloomberg Daybreak Europe, your
morning brief on the stories making news from London to
Wall Street and beyond.
Speaker 2 (16:17):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 1 (16:23):
You can also listen live each morning on London DAB Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (16:29):
Our flagship New York station is also available on your
Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
I'm Caroline Hepka.
Speaker 1 (16:38):
And 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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