August 15, 2025 • 16 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) Russian President Vladimir Putin sought to strengthen his rapport with Donald Trump ahead of their summit, praising the US leader’s efforts to broker an end to the war in Ukraine and dangling the promise of economic cooperation as well as a new arms control treaty.
(2) The Trump administration is in talks with Intel to have the US government take a stake in the beleaguered chipmaker, according to people familiar with the plan, in the latest sign of the White House’s willingness to blur the lines between state and industry.
(3) London is bearing the brunt of the UK’s jobs slowdown as a combination of tax rises, elevated wage costs and weak consumer spending force the city’s business to cut payrolls faster than in the rest of the country.
(4) US and Canadian banks are summoning staffers back to their offices at a faster rate than European rivals, widening the divide in one of finance’s defining workplace debates.
(5) A battle for talent among Europe’s top football teams is igniting a debt market using the players’ transfer fees as collateral.
Podcast Conversation: Bag Charms Selling for $1,000 Are Retail's Next Little Luxury
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Episode Transcript
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Speaker 1 (00:00):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
They say is the Bloomberg Daybreak Europe podcast. Good morning,
It's Friday, the fifteenth of August. I'm Stephen Carroll in London.
Coming up today, Donald Trump and Vladimir Putin head to
Alaska for face to face talks on Ukraine. As nervous
European leaders watch on tax rises, wage costs, and week
spending mean London is bearing the brunt of the UK's
(00:30):
jobs slow down. Plus keeping football transfers on side, Apollo
and Blackstone look to score big with private debt financed
player acquisitions in a five billion euro market. Let's start
with a roundup of our top stories. Russia's President Vladimir
Putin has sought to strengthen his relationship with Donald Trump
ahead of their summit today in Alaska. At a Kremlin
(00:54):
meeting with senior officials, Putin praised the US President's efforts
to broker an end to the war in Ukraine and
dangling the promise of economic cooperation. President Trump, meanwhile, has
described the talks and Anchorage as a feel out meeting.
Here's what he told reporters of the White House. President
Putin would like to see a deal.
Speaker 3 (01:12):
I think if I weren't president, he would take over
all of Ukraine.
Speaker 4 (01:16):
In my opinion, he would much rather take over all
of Ukraine.
Speaker 2 (01:21):
But I am president and he's not going to mess.
Speaker 3 (01:22):
Around with me.
Speaker 2 (01:24):
Trump later suggested that some Allied countries could participate in
a second meeting, and that it may also take place
in Alaska. Will a full coverage of today's meeting between
Trump and Putin, as well as an expected joint press
conference following the summit on Bloomberg Radio. China's economy slowed
across the board in July, suggesting the disruption from tariffs
is beginning to ripple through the wider economy. Factory investment,
(01:48):
factory activity, investment, and retail sales all fell below forecasts,
in what one economist called an evident loss of momentum.
Speaking via translator, the chief economist at China's National Bureau,
Oft fooling Way, says both trade and extreme weather had
a serious impact on the economy in July.
Speaker 4 (02:07):
The international environment was complex and grave, the impact of
trade protectionism and iniletrialism ingod Some regions in sun Chin
experienced extreme weather events such as heat waves, heavy rain,
and flooding. Causing short term effect on the economy.
Speaker 2 (02:22):
Chief economists foo out of the exports to the EU
Europe by eight percent as China diversifies its trade away
from the United States. Both The slowdown has raised questions
about weather Beijing made a side on further fiscal stimulus.
Shares an Intel rose sharply after it was revealed the
Trump administration is considering taking a stake in the company.
(02:42):
Bloomberg has learned the plan stem from a meeting this
week between President Trump and Intel CEO Bhutan. Who's Tom Giles,
our executive editor for Tech.
Speaker 5 (02:51):
This is really early days, but it would be a
pretty momentous event and development in terms of, you know,
the new ways that the Trump administration is inserting itself
into US US industries. We saw with the steel industry
previously and now with Chit.
Speaker 2 (03:12):
Bloombergs Tom Giles and San Francisco. Intel didn't comment on
the report, but says it's committed to supporting President Trump's
efforts to strengthen US technology and manufacturing leadership. Shares finished
over seven percent higher on Wall Street and rows another
four percent in the after hours session. One in four
job losses in the UK have come from London since
(03:32):
last year's budget, Britain's capital is bearing the brunt of
the labor market slow down. Bloombergs James Wilcock has the story.
Speaker 6 (03:40):
The rent is higher, the business rates are higher, and
staff demand more money. That's Business Group UK Hospitalities view
on why London, the UK's most productive city, is shedding
jobs well above the national average rates well. The UK
GDP growth for the first half of the year is
the highest in the G seven. Economists are saying that
(04:02):
is being driven by public sector spending at least private
sector hubs like London taking a bigger hit as businesses
cut back in London, James Wilcock Bloomberg.
Speaker 2 (04:13):
Radio, US and Canadian banks are summoning staff back to
the office at a faster rate than their European rivals.
Bloomberg analysis shows just seven of Europe's fifteen most valuable
lenders have asked some or all employees to work four
days or more from the office per week. That's compared
to eleven of the fifteen biggest North American firms who've
(04:34):
made the same request. The news comes amidst a widening
debate over the topics, as industry leaders such as Bill
Winters and Jamie Diamond exhibit opposing views on the future
of work, turning next to the fierce battle among Europe's
top flight of football, sparking a private debt boom. The
phenomenon has even attracted some of the sector's biggest names.
(04:56):
Bloomberg's Tea Atabio has the story.
Speaker 7 (04:59):
With just a two weeks left of football summer transfer window,
competition for top players is heating up. Ballooning fees regularly
topping one hundred million dollars for a single player have
peaked the interest of some of Europe's biggest private lenders,
hoping to get a slice of the action. Bloomberg understands
names including Apollo and Blackstone, who declined to comment on
(05:22):
the matter, helping to ignite a debt market within the sport,
using transfer fees as collateral. Traditionally the preserve of specialized lenders,
this summer's five billion euro player spending bill has attracted
high value firms hoping to strike big. The changing fortunes
of clubs who face victory or relegation every season mean
(05:44):
traditional banks aren't very active in the football world, leaving
an open goal for private lenders to score in London,
Tima at a Baio Bloomberg Radio.
Speaker 2 (05:54):
Those are your top stories on the markets. The msci
AS Pacific Index down by excuse me, up by half
of one percent. European stock futures are higher by half
of one percent as well this morning, as we're looking
at the Bloomberg Dollar spot Index a tenth week er,
the Japanese yen strengthening further against the US dollar by
four tenths of one percent, the ten year treasury yield
(06:15):
at four point two seven percent. In a moment, we'll
bring you more and what to expect from today's meeting
between the US and Russian presidents, plus why London has
been worst hit by the slowdown in the UK jobs market.
But another story that caught her eye this morning. Does
your accessory need its own accessory? Well, that's what luxury
firms are hoping anyway now. Mica Barkley has been writing
(06:37):
about this trend of bag charms, the best example of
which is perhaps the lea booboo dolls, which you may
be spotting on handbags and backpacks around where you live.
She writes, if the big luxury names are keen to
get in on this trend, though, because if consumers can't
be convinced to buy a bit a new bag, which
might be a much bigger purchase, they could perhaps be
tempted into the purchase of smaller items like a branded charm.
(06:59):
This is coming off period we've had some of the
big luxury names like LVMH and Caring reporting underperforming fashion
and luxury goods businesses. The CEO of Coach said this
week that the brand was killing it with bag charms.
Speaker 4 (07:13):
No.
Speaker 2 (07:13):
Bloomberg Intelligence says that ultimately these will only make up
a very small portion of sales for these premium fashion labels,
but it could just be enough to keep consumers and
brands connected if consumers are maybe feeling a little bit
squeezed and don't have the money to splash out on
bigger items as well. Can we call this a charm?
Offensive answers on a postcard. You can read the full
story on Bloomberg dot com and on the terminal. We'll
(07:34):
put a link to the story in our podcast show notes.
Let's bring you more now what to expect from Donald
Trump's meeting with Vladimir Putin. Our news desk editor Jill
Desis joins us Now for more. Jill We've been reporting
on these comments from Vladimir Putin praising Donald Trump ahead
of this meeting. What should we read into those comments?
Speaker 1 (07:53):
Good morning, Stephen Well. I think, as many world leaders
have really found over this period of time where Trump's
returned to office, flattered flattery does seem to get you
quite a lot of places with Donald Trump. It does
feel a bit like Putin is going into this meeting.
First of all, it's on US soil, it marks his
return to the United States for the first time in
about a decade. Does seem like he's fairly confident about
(08:16):
his position within the Russia's war in Ukraine. And now
this is something where it's kind of feels like Putin
is trying to broaden out the purposes of this meeting
a bit. I mean, you know, if you're Putin, you're
going into this meeting looking at the way that US
Russia relations have really evolved over the last several years,
(08:38):
obviously worsening significantly. Maybe this is an opportunity for a
bit of a reset. You've got, you know, the possibility
that you know, Putin could try to bring up the
potential foreign arms deal. That's something that he had tried
to press Trump on during his first term as president.
You know, maybe that's something that makes a return. You know,
we see Putin kind of highlighting this idea of or
(09:00):
the economic cooperation between the US and Russia. So at
least if you're Russia, if you're Putin in this particular case,
you know, it does seem like maybe there's an opportunity
here to turn this into more about a meeting that's
about the US Russia relationship, rather than focusing solely on
the idea of what's happening in Ukraine.
Speaker 2 (09:19):
Meanwhile, for Donald Trump, he's been dialing back expectations about
what could come from these talks, what would success look
like for him.
Speaker 1 (09:27):
Yes, he really has, and it does seem like, you know,
it's really Trump going into this meeting. You know, that
carries a little bit more of a risk. He's describing
this as really a feeling out meeting. He said that
he foresaw a twenty five percent chance that this would
not be successful. So yes, you really do see Trump
kind of dialing back expectations here. I mean, if you're
Donald Trump, you know, you just came out of talks
(09:49):
with the you and with Ukraine. You know where they're
you know, really really pushing for no kind of you know,
territorial concessions or anything like that to be agreed to
or anything like that in this type call. I mean,
I think, you know, for the United States pushing this
further in terms of you know, coming out of this
kind of controlling the narrative furthering you know, another meeting
(10:09):
maybe between Trump, Zelenski and Putin might look like a
victory there, but it is it is a bit of
a risky time here.
Speaker 2 (10:16):
Ukraine meanwhile, of course not represented at this meeting. How
much of a concern is that for Kiev and European
leaders who are watching on from a distance.
Speaker 1 (10:26):
Well, I think, Stevehn, just the fact that you did
have you know, this pre meeting between Trump and then
those European leaders and Zelenski, you know, just sort of
setting this up, I think, does kind of show that
clearly there's there's quite a bit of concern about what
may be said or not during this meeting. I mean, again,
you know, Zelensky has made very clear he does not
want to see the eastern DNBIS region to Russia as
(10:49):
part of any cease fire deal. But again, you know,
Putin obviously going into its meeting kind of feeling, you know,
like Russia's is perhaps winning the war in Ukraine at
this point. I mean, yes, I think, you know, any
concerns that Trump may you know, bring up anything like that,
I think you know, would be of concern with Zelensky
because he's not actually physically in the room, you know,
with these two leaders. But you know, again, we'll have
(11:11):
to see what ultimately, you know, Trump and Putin kind
of come out of with this meeting and how exactly
you know that could potentially pave the way for further
meetings ahead.
Speaker 2 (11:19):
Chris's meeting is taking place just outside of Anchorage in
a military base there, and we've done some great reporting
about how this influx of the Secret Service into this
city has really upended how things are running there. Just
talk us through how this meeting is playing out in
the preparations for it in the city.
Speaker 1 (11:37):
Yes, this is super fascinating because you know, Anchorage otherwise
obviously you know, a fairly you know, medium sized town
as far as or city as far as United States
cities go. But I mean, this is obviously such a
massive event because you you have to imagine there are
hundreds of reinforcements coming into the sound, you know, the
idea of people we spoke to saying it's basically body
for body, gun for gun. When it comes to the
(12:00):
Americans versus the Russians in terms of how they're actually
setting up, we spoke to you know, some uh, you know,
people who are running short term rentals at this time
of year. It's normally tourists that they would be housing
at this point. You know, who are you want to
go see glaciers or maybe there's business travelers. Now you know,
those same you know sort of hotels and such are
(12:22):
fielding calls from secret service agents. They're fielding calls from
the Russian consulate trying to get you know, as many
people as possible. And and you also have to imagine that,
you know, there's a limit in terms of how many
you know, say, you know, cars you can actually bring in.
I mean, you know, we've been reporting that in terms
of motor cade. You know, the US is actually flying
up motorcades from the lower forty eight states in order
(12:44):
to make this happen. So it's clearly a massive undertaking
that you know, on both the side of the US
and on on Russia to try to bring everybody together
and ultimately make this meeting happen.
Speaker 2 (12:54):
Jail JSAs our news desk Gduer thank you very much
for talking us through all of the operations for that meeting,
and of course full coverage on Bloomberg as it happens now.
London is bearing the brunt of the UK's jobs slowed down,
as a combination of tax rises, higher wage costs and
weak consumer spending forced the city's businesses to cut payrolls
faster than in the rest of the country. That's according
(13:15):
to the latest economic data published this week and our
UK Economy Reporter Arena and gel joins me now for
more are in a good morning, how many jobs then
have been lost in London and which sectors are worst affected?
Speaker 3 (13:28):
Morning Stephen, So, London has lost almost forty five thousand
jobs since the October budget and that's of course when
Labor announced the twenty six billion increase in employers' National
insurance and the new hire minimum wage. To put things
into perspective, this means that one in four of all
job losses across the country over that period happened in
(13:48):
the capital and the losses are really concentrated in four sectors,
all of which have a large share of their stuff
in London. So first we have retail and hospitality. Remember
these ones employ a lot of workers and a lot
of low paid workers, so they were the most affected
by labor changes. But also we had white collar parts
of the economy like it and communications and the professional,
(14:11):
technical and scientific sector.
Speaker 2 (14:14):
So why is it that London's being worse affected than
other parts of the country Because it's disproportionate the lasses
versus London's impact as whereas London's proportion to the population
of the UK.
Speaker 3 (14:24):
That's right, it's actually three reasons. So first, employing people
in London is very expensive. If you're an employer trying
to trim expenses after being hit with higher taxes, London
is the obvious place to cut costs from. Then, Secondly,
retail's hospitality businesses face higher costs across the board in London,
so it's not just wages but also rents, business rates,
(14:46):
et cetera. And that's at the same time as households
remain cautious to spend in bars and restaurants, so there's
just not money, not enough money coming in to pay
for these higher costs in the capital. And finally, London
is a hot spot for it tea, management consultancies or
communications companies. And while these sectors are less affected by
the NI increase, they're facing very strong global headwinds. So
(15:09):
you know, some are still freezing recruitment after they overexpanded
after COVID and also as they face a more uncertain world.
And for others, actually AI is also impacting hiring. We
see the first sigence that the technology is replacing some
jobs in finance, marketing and management consulting, and oftentimes these
are jobs in London.
Speaker 2 (15:29):
And just briefly in from here are things that to
get better or worse.
Speaker 3 (15:33):
Well, it's not looking good, Steven Retailers told me there's
more job losses to come. We have the new autumn
budget coming up with new speculation of tax rises and
that's further hitting consumer spending. It's a repeat of last year.
And on a more micro level, we know now that
the economy is basically being propped up by the government
by government spending and this could be benefiting areas of
(15:56):
the country. They rely more on the public sector than
London does, so it could end up seeing away jobs
from London even more.
Speaker 2 (16:03):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 8 (16:10):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 2 (16:16):
You can also listen live each morning on London Dab Radio,
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Speaker 8 (16:21):
Our flagship New York station, is also available on your
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Speaker 2 (16:29):
I'm Caroline Hepka and I'm Stephen Carroll. Join us again
tomorrow morning for all the news you need to start
your day right here on Bloomberg Daybreak Europe
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
They say is the Bloomberg Daybreak Europe podcast. Good morning,
It's Friday, the fifteenth of August. I'm Stephen Carroll in London.
Coming up today, Donald Trump and Vladimir Putin head to
Alaska for face to face talks on Ukraine. As nervous
European leaders watch on tax rises, wage costs, and week
spending mean London is bearing the brunt of the UK's
(00:30):
jobs slow down. Plus keeping football transfers on side, Apollo
and Blackstone look to score big with private debt financed
player acquisitions in a five billion euro market. Let's start
with a roundup of our top stories. Russia's President Vladimir
Putin has sought to strengthen his relationship with Donald Trump
ahead of their summit today in Alaska. At a Kremlin
(00:54):
meeting with senior officials, Putin praised the US President's efforts
to broker an end to the war in Ukraine and
dangling the promise of economic cooperation. President Trump, meanwhile, has
described the talks and Anchorage as a feel out meeting.
Here's what he told reporters of the White House. President
Putin would like to see a deal.
Speaker 3 (01:12):
I think if I weren't president, he would take over
all of Ukraine.
Speaker 4 (01:16):
In my opinion, he would much rather take over all
of Ukraine.
Speaker 2 (01:21):
But I am president and he's not going to mess.
Speaker 3 (01:22):
Around with me.
Speaker 2 (01:24):
Trump later suggested that some Allied countries could participate in
a second meeting, and that it may also take place
in Alaska. Will a full coverage of today's meeting between
Trump and Putin, as well as an expected joint press
conference following the summit on Bloomberg Radio. China's economy slowed
across the board in July, suggesting the disruption from tariffs
is beginning to ripple through the wider economy. Factory investment,
(01:48):
factory activity, investment, and retail sales all fell below forecasts,
in what one economist called an evident loss of momentum.
Speaking via translator, the chief economist at China's National Bureau,
Oft fooling Way, says both trade and extreme weather had
a serious impact on the economy in July.
Speaker 4 (02:07):
The international environment was complex and grave, the impact of
trade protectionism and iniletrialism ingod Some regions in sun Chin
experienced extreme weather events such as heat waves, heavy rain,
and flooding. Causing short term effect on the economy.
Speaker 2 (02:22):
Chief economists foo out of the exports to the EU
Europe by eight percent as China diversifies its trade away
from the United States. Both The slowdown has raised questions
about weather Beijing made a side on further fiscal stimulus.
Shares an Intel rose sharply after it was revealed the
Trump administration is considering taking a stake in the company.
(02:42):
Bloomberg has learned the plan stem from a meeting this
week between President Trump and Intel CEO Bhutan. Who's Tom Giles,
our executive editor for Tech.
Speaker 5 (02:51):
This is really early days, but it would be a
pretty momentous event and development in terms of, you know,
the new ways that the Trump administration is inserting itself
into US US industries. We saw with the steel industry
previously and now with Chit.
Speaker 2 (03:12):
Bloombergs Tom Giles and San Francisco. Intel didn't comment on
the report, but says it's committed to supporting President Trump's
efforts to strengthen US technology and manufacturing leadership. Shares finished
over seven percent higher on Wall Street and rows another
four percent in the after hours session. One in four
job losses in the UK have come from London since
(03:32):
last year's budget, Britain's capital is bearing the brunt of
the labor market slow down. Bloombergs James Wilcock has the story.
Speaker 6 (03:40):
The rent is higher, the business rates are higher, and
staff demand more money. That's Business Group UK Hospitalities view
on why London, the UK's most productive city, is shedding
jobs well above the national average rates well. The UK
GDP growth for the first half of the year is
the highest in the G seven. Economists are saying that
(04:02):
is being driven by public sector spending at least private
sector hubs like London taking a bigger hit as businesses
cut back in London, James Wilcock Bloomberg.
Speaker 2 (04:13):
Radio, US and Canadian banks are summoning staff back to
the office at a faster rate than their European rivals.
Bloomberg analysis shows just seven of Europe's fifteen most valuable
lenders have asked some or all employees to work four
days or more from the office per week. That's compared
to eleven of the fifteen biggest North American firms who've
(04:34):
made the same request. The news comes amidst a widening
debate over the topics, as industry leaders such as Bill
Winters and Jamie Diamond exhibit opposing views on the future
of work, turning next to the fierce battle among Europe's
top flight of football, sparking a private debt boom. The
phenomenon has even attracted some of the sector's biggest names.
(04:56):
Bloomberg's Tea Atabio has the story.
Speaker 7 (04:59):
With just a two weeks left of football summer transfer window,
competition for top players is heating up. Ballooning fees regularly
topping one hundred million dollars for a single player have
peaked the interest of some of Europe's biggest private lenders,
hoping to get a slice of the action. Bloomberg understands
names including Apollo and Blackstone, who declined to comment on
(05:22):
the matter, helping to ignite a debt market within the sport,
using transfer fees as collateral. Traditionally the preserve of specialized lenders,
this summer's five billion euro player spending bill has attracted
high value firms hoping to strike big. The changing fortunes
of clubs who face victory or relegation every season mean
(05:44):
traditional banks aren't very active in the football world, leaving
an open goal for private lenders to score in London,
Tima at a Baio Bloomberg Radio.
Speaker 2 (05:54):
Those are your top stories on the markets. The msci
AS Pacific Index down by excuse me, up by half
of one percent. European stock futures are higher by half
of one percent as well this morning, as we're looking
at the Bloomberg Dollar spot Index a tenth week er,
the Japanese yen strengthening further against the US dollar by
four tenths of one percent, the ten year treasury yield
(06:15):
at four point two seven percent. In a moment, we'll
bring you more and what to expect from today's meeting
between the US and Russian presidents, plus why London has
been worst hit by the slowdown in the UK jobs market.
But another story that caught her eye this morning. Does
your accessory need its own accessory? Well, that's what luxury
firms are hoping anyway now. Mica Barkley has been writing
(06:37):
about this trend of bag charms, the best example of
which is perhaps the lea booboo dolls, which you may
be spotting on handbags and backpacks around where you live.
She writes, if the big luxury names are keen to
get in on this trend, though, because if consumers can't
be convinced to buy a bit a new bag, which
might be a much bigger purchase, they could perhaps be
tempted into the purchase of smaller items like a branded charm.
(06:59):
This is coming off period we've had some of the
big luxury names like LVMH and Caring reporting underperforming fashion
and luxury goods businesses. The CEO of Coach said this
week that the brand was killing it with bag charms.
Speaker 4 (07:13):
No.
Speaker 2 (07:13):
Bloomberg Intelligence says that ultimately these will only make up
a very small portion of sales for these premium fashion labels,
but it could just be enough to keep consumers and
brands connected if consumers are maybe feeling a little bit
squeezed and don't have the money to splash out on
bigger items as well. Can we call this a charm?
Offensive answers on a postcard. You can read the full
story on Bloomberg dot com and on the terminal. We'll
(07:34):
put a link to the story in our podcast show notes.
Let's bring you more now what to expect from Donald
Trump's meeting with Vladimir Putin. Our news desk editor Jill
Desis joins us Now for more. Jill We've been reporting
on these comments from Vladimir Putin praising Donald Trump ahead
of this meeting. What should we read into those comments?
Speaker 1 (07:53):
Good morning, Stephen Well. I think, as many world leaders
have really found over this period of time where Trump's
returned to office, flattered flattery does seem to get you
quite a lot of places with Donald Trump. It does
feel a bit like Putin is going into this meeting.
First of all, it's on US soil, it marks his
return to the United States for the first time in
about a decade. Does seem like he's fairly confident about
(08:16):
his position within the Russia's war in Ukraine. And now
this is something where it's kind of feels like Putin
is trying to broaden out the purposes of this meeting
a bit. I mean, you know, if you're Putin, you're
going into this meeting looking at the way that US
Russia relations have really evolved over the last several years,
(08:38):
obviously worsening significantly. Maybe this is an opportunity for a
bit of a reset. You've got, you know, the possibility
that you know, Putin could try to bring up the
potential foreign arms deal. That's something that he had tried
to press Trump on during his first term as president.
You know, maybe that's something that makes a return. You know,
we see Putin kind of highlighting this idea of or
(09:00):
the economic cooperation between the US and Russia. So at
least if you're Russia, if you're Putin in this particular case,
you know, it does seem like maybe there's an opportunity
here to turn this into more about a meeting that's
about the US Russia relationship, rather than focusing solely on
the idea of what's happening in Ukraine.
Speaker 2 (09:19):
Meanwhile, for Donald Trump, he's been dialing back expectations about
what could come from these talks, what would success look
like for him.
Speaker 1 (09:27):
Yes, he really has, and it does seem like, you know,
it's really Trump going into this meeting. You know, that
carries a little bit more of a risk. He's describing
this as really a feeling out meeting. He said that
he foresaw a twenty five percent chance that this would
not be successful. So yes, you really do see Trump
kind of dialing back expectations here. I mean, if you're
Donald Trump, you know, you just came out of talks
(09:49):
with the you and with Ukraine. You know where they're
you know, really really pushing for no kind of you know,
territorial concessions or anything like that to be agreed to
or anything like that in this type call. I mean,
I think, you know, for the United States pushing this
further in terms of you know, coming out of this
kind of controlling the narrative furthering you know, another meeting
(10:09):
maybe between Trump, Zelenski and Putin might look like a
victory there, but it is it is a bit of
a risky time here.
Speaker 2 (10:16):
Ukraine meanwhile, of course not represented at this meeting. How
much of a concern is that for Kiev and European
leaders who are watching on from a distance.
Speaker 1 (10:26):
Well, I think, Stevehn, just the fact that you did
have you know, this pre meeting between Trump and then
those European leaders and Zelenski, you know, just sort of
setting this up, I think, does kind of show that
clearly there's there's quite a bit of concern about what
may be said or not during this meeting. I mean, again,
you know, Zelensky has made very clear he does not
want to see the eastern DNBIS region to Russia as
(10:49):
part of any cease fire deal. But again, you know,
Putin obviously going into its meeting kind of feeling, you know,
like Russia's is perhaps winning the war in Ukraine at
this point. I mean, yes, I think, you know, any
concerns that Trump may you know, bring up anything like that,
I think you know, would be of concern with Zelensky
because he's not actually physically in the room, you know,
with these two leaders. But you know, again, we'll have
(11:11):
to see what ultimately, you know, Trump and Putin kind
of come out of with this meeting and how exactly
you know that could potentially pave the way for further
meetings ahead.
Speaker 2 (11:19):
Chris's meeting is taking place just outside of Anchorage in
a military base there, and we've done some great reporting
about how this influx of the Secret Service into this
city has really upended how things are running there. Just
talk us through how this meeting is playing out in
the preparations for it in the city.
Speaker 1 (11:37):
Yes, this is super fascinating because you know, Anchorage otherwise
obviously you know, a fairly you know, medium sized town
as far as or city as far as United States
cities go. But I mean, this is obviously such a
massive event because you you have to imagine there are
hundreds of reinforcements coming into the sound, you know, the
idea of people we spoke to saying it's basically body
for body, gun for gun. When it comes to the
(12:00):
Americans versus the Russians in terms of how they're actually
setting up, we spoke to you know, some uh, you know,
people who are running short term rentals at this time
of year. It's normally tourists that they would be housing
at this point. You know, who are you want to
go see glaciers or maybe there's business travelers. Now you know,
those same you know sort of hotels and such are
(12:22):
fielding calls from secret service agents. They're fielding calls from
the Russian consulate trying to get you know, as many
people as possible. And and you also have to imagine that,
you know, there's a limit in terms of how many
you know, say, you know, cars you can actually bring in.
I mean, you know, we've been reporting that in terms
of motor cade. You know, the US is actually flying
up motorcades from the lower forty eight states in order
(12:44):
to make this happen. So it's clearly a massive undertaking
that you know, on both the side of the US
and on on Russia to try to bring everybody together
and ultimately make this meeting happen.
Speaker 2 (12:54):
Jail JSAs our news desk Gduer thank you very much
for talking us through all of the operations for that meeting,
and of course full coverage on Bloomberg as it happens now.
London is bearing the brunt of the UK's jobs slowed down,
as a combination of tax rises, higher wage costs and
weak consumer spending forced the city's businesses to cut payrolls
faster than in the rest of the country. That's according
(13:15):
to the latest economic data published this week and our
UK Economy Reporter Arena and gel joins me now for
more are in a good morning, how many jobs then
have been lost in London and which sectors are worst affected?
Speaker 3 (13:28):
Morning Stephen, So, London has lost almost forty five thousand
jobs since the October budget and that's of course when
Labor announced the twenty six billion increase in employers' National
insurance and the new hire minimum wage. To put things
into perspective, this means that one in four of all
job losses across the country over that period happened in
(13:48):
the capital and the losses are really concentrated in four sectors,
all of which have a large share of their stuff
in London. So first we have retail and hospitality. Remember
these ones employ a lot of workers and a lot
of low paid workers, so they were the most affected
by labor changes. But also we had white collar parts
of the economy like it and communications and the professional,
(14:11):
technical and scientific sector.
Speaker 2 (14:14):
So why is it that London's being worse affected than
other parts of the country Because it's disproportionate the lasses
versus London's impact as whereas London's proportion to the population
of the UK.
Speaker 3 (14:24):
That's right, it's actually three reasons. So first, employing people
in London is very expensive. If you're an employer trying
to trim expenses after being hit with higher taxes, London
is the obvious place to cut costs from. Then, Secondly,
retail's hospitality businesses face higher costs across the board in London,
so it's not just wages but also rents, business rates,
(14:46):
et cetera. And that's at the same time as households
remain cautious to spend in bars and restaurants, so there's
just not money, not enough money coming in to pay
for these higher costs in the capital. And finally, London
is a hot spot for it tea, management consultancies or
communications companies. And while these sectors are less affected by
the NI increase, they're facing very strong global headwinds. So
(15:09):
you know, some are still freezing recruitment after they overexpanded
after COVID and also as they face a more uncertain world.
And for others, actually AI is also impacting hiring. We
see the first sigence that the technology is replacing some
jobs in finance, marketing and management consulting, and oftentimes these
are jobs in London.
Speaker 2 (15:29):
And just briefly in from here are things that to
get better or worse.
Speaker 3 (15:33):
Well, it's not looking good, Steven Retailers told me there's
more job losses to come. We have the new autumn
budget coming up with new speculation of tax rises and
that's further hitting consumer spending. It's a repeat of last year.
And on a more micro level, we know now that
the economy is basically being propped up by the government
by government spending and this could be benefiting areas of
(15:56):
the country. They rely more on the public sector than
London does, so it could end up seeing away jobs
from London even more.
Speaker 2 (16:03):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 8 (16:10):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 2 (16:16):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 8 (16:21):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty.
Speaker 2 (16:29):
I'm Caroline Hepka and I'm Stephen Carroll. Join us again
tomorrow morning for all the news you need to start
your day right here on Bloomberg Daybreak Europe
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