August 19, 2025 • 17 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) US President Donald Trump called Vladimir Putin and urged the Russian leader to begin making plans for a summit with Volodymyr Zelenskiy, after meeting the Ukrainian president and European leaders at the White House on Monday.
(2) The Trump administration is in discussions to take a stake of about 10% in Intel Corp., according to a White House official and other people familiar with the matter, a move that could see the US become the beleaguered chipmaker’s largest shareholder.
(3) The yield on long-dated inflation-linked bonds surpassed the highs seen during the gilt-market meltdown three years ago, the latest unwanted market milestone for the UK government.
(4) The Treasury is examining the possibility of replacing stamp duty and introducing a new tax on the sale of UK homes worth more than £500,000 ($676,000), according to the Guardian.
(5) Apple will no longer be forced to provide a so-called backdoor to American users’ data to the UK government, US Director of National Intelligence Tulsi Gabbard said in a post on X on Monday.
(6) In 2022, Saudi Arabia announced one of its most ambitious endeavours to date: a sprawling ski resort in the heart of the dry Middle Eastern desert. It’s becoming one of the most difficult tests yet of the kingdom’s ability to pull off Crown Prince Mohammed bin Salman’s grand ambitions.
Podcast Conversation: Rich Londoners Balk at Hearing ‘No’ in Efforts to Install ACs
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg
Daybreak Europe podcast. Good morning, It's Tuesday, the nineteenth of August.
I'm Stephen Carroll in London. Coming up today, the US
President Donald Trump pushes for Vladimir Putin and Vladimir Zelenski
(00:22):
to meet after the Ukrainian leader visits the White House.
Traders expect the Bank of England to keep rights on
hold at four percent for the rest of this year plus.
Going off peacet Saudi Arabia's plans for a desert ski
resort strain in the country's one point five trillion dollar
Niom megacity plan. Let's start with a roundup of our
(00:42):
top stories. The US President Donald Trump has called Vladimir
Putin and urged the Russian leader to begin making plans
for a summit with Vladimir Zelenski. The move comes after
Trump met as Ukrainian counterpart and European leaders at the
White House. The US President is proposing that Putin and
Zelenski first hold a one on one meeting, followed by
a three way summuch with him in attendance. Zelenski said
(01:06):
he would be willing to discuss territorial issues with Putin.
Speaker 2 (01:09):
What is very important that all these sensitive things territorial
and et ceter We we will discuss on the level
of leaders during trilateral meeting and President Trump will try
to organize such meeting.
Speaker 3 (01:24):
And he said that he.
Speaker 4 (01:26):
Will come or not come.
Speaker 3 (01:29):
Ukraine will be happy if if you if you, if.
Speaker 1 (01:31):
You will won't be there. I will be there here,
Thank you. Zelensky added he was pleased Trump had agreed
to two key asks, participating in security guarantees as part
of any peace deal and reserving discussion of territorial exchanges
for direct talks with Putin. European officials say they expect
another virtual meeting with Trump as soon as today to
(01:53):
discuss what security guarantees they could collectively offer to Kiev.
Softbankcerus agree to buy two billion dollars of Intel stock
in a surprise deal. The Japanese firm says the investment
is testament to its belief that advanced chip manufacturing and
supply chains will continue to grow in the United States.
(02:14):
News of the purchase came as Bloomberg learns the Trump
administration is also considering taking a ten percent stake in Intel.
Here's Bloomberg's M and A reporter Ryan Gould.
Speaker 5 (02:25):
I think if you're a shareholder, you're looking and you're
fully forll well aware of some of the challenges facing
in top and a balance sheet perspective. What this deal does,
on the one hand is give confidence to Intel. It
gives confidence to shareholders in terms of you have the
most credit worthy institution in the world becking you. But
what it doesn't do, at least on the face of it,
is solved the problem that Intel has with its product.
Speaker 1 (02:46):
Bloomberg's Ryan Gould reports that the plan could involve converting
Intel's ten point nine billion dollar in Chips Act grants
from the US government into equity. Money markets are betting
with the Bank of England will keep interest rates on
hold at four percent for the rest of this year,
as signs of faster inflation reduced the case for more easing.
(03:08):
Bloberg's even parts has more It's.
Speaker 6 (03:10):
Not so long since traders were expecting the second half
of this year to see it continued easing in UK
interest rates, but now the market sees a less than
fifty percent chance of a cut before twenty twenty six.
Bets on lower rates diminished after the BOE's unexpectedly hawkish
recent meeting, which saw four NBC members vote not to
cut rates at all. Tomorrow's inflation data's forecasts show the
(03:32):
headline rate increasing to three point seven percent in July,
with the BOE forecasting a peak of four percent in September,
double the bank's target. In London, i'm Une Potspoomberg Radio.
Speaker 1 (03:44):
The heels on UK thirty year inflation linked barns is
at its highest level since nineteen ninety eight. It's the
latest unwanted market milestone for the UK government, as long
dated deals are now higher than during Liz Truss's guilt
market melt. There's no clear catalyst for the moves, which
are gradual and not unique to Britain. Instead, they reflect
(04:06):
pension funds and investors moving away from government debt staying
in the UK. The government's reportedly asking officials to draw
up plans to turn its tax on property sales into
one only for the wealthiest homes. The Guardian says properties
worth more than five hundred thousand pounds would potentially be
paying an annual tax and a further levy. Unselling Bloomber
(04:29):
ex Chanmes Wilcock has more.
Speaker 4 (04:31):
Council tax has long been a bugbear of British policy experts.
Based on property values recorded in nineteen ninety, is failed
to keep up with skyrocketing property prices. If the Guardian's
reporting is right, Labour's potential replacement would dramatically reshape the
housing markets. No file decisions had been made, but if enacted,
(04:52):
any new plan would likely hit London hard. In London,
James Wilcock Bloom No Radio.
Speaker 1 (04:59):
And the US Director National Intelligence says Apple will no
longer be forced to give the UK government a backdoor
into America's American users data. In a post on x Hussy,
Gabbard said the UK had agreed to drop the mandate
to ensure americans private data remains private. Apple had refused
(05:20):
in order from the British government to create the back door,
but did put its most advanced cloud security feature from
the UK. Advanced Data Protection for iCloud remains unavailable in
the country and it's unclear if it will be restored
following the news. Those are your top stories on the
market's The Mscirish Pacific Index just flat to the downside
(05:41):
at the moment. Eurostocks fifty futures are two tens of
one percent. Higher oil prices are weaker six tens for
brankcrew at sixty six dollars and nineteen cents the tenure
treasury yield up a basis point at four point three
four percent. Now in a moment, what's next after a
President Zelenski strip to the White House, Plus the troubles
facing ambitious plans for a winter sports resort in Saudi Arabia.
(06:05):
With another story that I've been reading this morning about
how the heat waves may have abated in the UK
for now, many people in London are still thinking about
installing air conditioning. Olivia Roudguard has been reporting on how
those living, particularly in older buildings, are facing hurdles and
getting permission to install a sea units. Who's speaking to
Richard Gill His director of the architecture firm Paul Archer Design.
(06:27):
It says roughly thirty percent of his clients, mostly high
earners in London, want air conditioning, but not all of
them are able to get it as there can be
technical or esthetic restrictions at attaching units to old buildings.
Sometimes councils are simply rejecting claims of overheating. Now it's
clear that according to some in the building trade that
(06:48):
properties in certain parts of London are now extremely hot
during summer months, but existing restrictions are preventing or delaying
installations in thirty to forty percent of residential homes. Olivia
ssidessea examples of For example, in Camden, family denied permission
for two AC units earlier this year because of noise
and visual clutter concerns. But that is something that's part
(07:11):
of the conversation here now after the recent hot temperatures, again,
who wants their conditioning and who's able to get it?
Perhaps not as simple as it might appear. You can
read Olivia's full piece on Bloomberg dot Com. I'm up
on a link to it in our podcast show notes
as well. Well, let's turn now to the outcome of
Ukrainian President Vlotimore Zelenski's meeting with Donald Trump and the
(07:32):
White House. President Trump spoke to Ladimir Putin afterwards, it
urged the Russian leader to begin making plans for a
meeting with Zelenski. Ar chief ate correspondent to Roslin Mathson
is with me now for more ross. Are we today
closer to an end to Russia's war in Ukraine?
Speaker 7 (07:48):
Well?
Speaker 3 (07:48):
Certainly there seems to be some momentum towards further talks
and possibly a direct conversation between the leaders of Russia
and Ukraine. And that's always been the thing that Ukraine
and Russias said is necessary to really look to bring
an end to this war, and that's the two leaders
sitting down directly, face to face, discussing all the very
(08:09):
tricky issues that are required to get a peace deal.
And that having you know, the Europeans or the US
involved is one thing, but those are the only two
leaders who can resolve the key questions, including around things
like land. So the fact that there seems to be
quite a push to get that meeting done and perhaps
within a matter of weeks, is significant. Of course, there
(08:29):
are a lot of very tricky issues on the table.
There are very long running issues also between Russia and
Ukraine that predated the full invasion of twenty twenty two
that are still simmering away, including questions around places like Crimea.
So this is not going to be easy, but at
least we do have an understanding. It seems from both
(08:51):
Russia and Ukraine that it's about time that their leaders
met face to face.
Speaker 1 (08:56):
This white has trip. Both Loger and Zlansky went much
better than the last one. The Ukrainian president dressed more formally,
for example, after he was criticized the last time for
what he was wearing. But what did Ukraine get from
the US in terms of security guarantees, Well, they got.
Speaker 3 (09:12):
Pretty much what Donald Trump was saying days ago, which
is a fairly broad and general understanding that US might
contribute to some of these security guarantees for Ukraine. And
those security guarantees are seen as crucial for Ukraine, especially
if it's going to be in the position where it
seeds territory to Russia. But the question is what do
(09:33):
those guarantees look like? And Donald Trump's being very very
wooly about all of that. He's saying maybe it's mostly
for Europe to work out. The US could perhaps chip
in to some extent, or maybe in the end they're
not even really needed at all. So it's very very
unclear what that means. I mean, the one thing he
has made very clear is he doesn't want Ukraine joining NATO.
(09:54):
That's his red line. He said that cannot happen, but
there could be some kind of generic Article five type
understanding around Ukraine. But again, would he be willing to
commit US troops to Ukraine in those scenarios? Under what
scenarios would he be willing to commit US troops? So
there's a lot we don't know. At least he says
(10:14):
he's willing to consider it and to discuss it with others.
Speaker 1 (10:18):
If a lot of Menzelanski was accompanied on this trip
by a host of European leaders, was this diplomatic effort
by them, the likes of Amnua Macron, care starmer Frederic Martz,
a success in moving towards the conclusion that they want.
Speaker 3 (10:33):
Well, they were very careful in their meetings yesterday with
Donald Trump to make sure that he was being flattered
as someone who'd brought everybody together, who'd been able to
coax Vladimir Putin along and get the Russian leader engaged
in the conversation. So quite a lot of praise for
Donald Trump. Some of those leaders he really does admire
and get on with, I mean, the UN Secretary General,
(10:56):
the Finnish President, Georgia Maloney from Italy. They were all
there and carefully selected as well as leaders that he
does have that rapport with, and so they were very
careful to manage that conversation as it went along, and
arguably perhaps get back into the conversation in a way
that it's not been for quite some months.
Speaker 1 (11:16):
What happens next ras what do we watch for in
terms of developments and the key issues that will be
at stake If the call between Vlatimo Pruden and Vladeo
z Lanski goes ahead, well that's got to be the
key thing.
Speaker 3 (11:28):
Is the timing of any meeting between Zelenski and Putin
and do we really get on the pathway to that happening,
Where does that happen, When does it happen? Is it
a phone call, as you say, is it even a
face to face conversation? And then of course all the
issues that would be on the table for that meeting.
There's everything from further prisoner swaps. Ukraine says that Russia
(11:48):
has taken a lot of Ukrainian children into Russia. What
are the plans to potentially bring those children back? And
the biggest issue of all, of course is territory, because
as Lynsky under the constitution cannot give away Ukrainian land,
but yet he might have to find a way to
do so. And then what are going to be the
lines for Vladimir Putin in that what will be the
(12:08):
lines for Ukraine, And that's going to get very, very
delicate and could easily fall apart. But that's going to
be the thing that those two leaders discussed directly, is
the issue of territory.
Speaker 1 (12:19):
Okay, Archiefraser, Correspondent Rosla Matson, thank you very much. Stay
with us. More from Bloomberg Daybreak Europe coming up after
this now. In twenty twenty two, Saudi Arabia announced one
of its most ambitious endeavors to date, a ski resort
designed to host the twenty twenty nine Asian Winter Games.
But Trojenna, set on a mountaintop a little snowfall, is
(12:42):
becoming the most pressing test yet of the kingdom's ability
to pull off its grand ambitions and meet commitments for
influential international events. Joining us now to discuss Abir am Omar,
who is Bloomberg's Middle East Economics and Government reporter. Abi
are great to talk to you. Tell us then about Trojenna.
Speaker 7 (12:59):
What is the product goal, Trevina, is this project in
me on the very famous project under cran Prince Pamad
and Salmon's vision twenty thirty. It's one of five major sites.
Those include the Line, which we've reported on quite a bit,
Magnas and Dell, and Oxagon. So it's estimated its construction
is estimated to be at around nineteen billion dollars, and
(13:21):
it's expected to host the twenty twenty nine Asian Winter Games.
As you have suggested, it's supposed to feature a ski resort,
ski slopes, a big, big construction for the games. And
it fits again into the crand Prince's Economic Transformation Plan
that was announced in two thousand and sixteen to overhaul
the Saudi economy and get the world talking about these
(13:44):
major events that are worth over a trillion dollars at
this point in the Saudi desert.
Speaker 1 (13:51):
So what's gone wrong with the project from what we've
learned from our reporting, right.
Speaker 7 (13:55):
So, I was listening to you talking about temperatures in
London and this reagion. You know, the temperatures here really
put London shame. When we talk about you know, the
weather getting or temperature is getting up to fifty degree celsius.
It's not really that different. In Trasina is a little
bit different when we compare it to the rest of
(14:17):
the projects that are happening in the region because it
is supposed to host those Winter Games, so we should
expect to see some snow. Now, natural snowfall in that
region is very, very limited, and so what the Saudis
have had to resort to is create artificial snow. Now,
what we're hearing from our sources and what we've put
(14:38):
out in the story from yesterday is that this is
proving hard to achieve. The timelines just don't match up.
So Trasina was supposed to be achieved, or the first
phase of delivery was supposed to happen by next year.
That's just around the corner. That doesn't seem to be
feasible anymore. And so the committee that overlooks the Winter
(14:58):
Games is looking over the project and seeing if these
deadlines are going to be met. Some contingency plans may
have to be put in place, But what we know
is pumping up water through the mountain to create a
frozen lake and therefore create ski slopes and a ski
resort is proving to be a hard task. And so
what we know for now is that those deadlines may
(15:18):
not be met. Trasina may have to either look at
alternatives to how it was envisioned in the beginning, but
that is all yet to be seen.
Speaker 1 (15:27):
Can the project get back on track? And I suppose
what does it mean for the Crime Prince's vision for
Saudi Arabia.
Speaker 7 (15:34):
Look, the first phase of delivery was supposed to happen
next year. The Winter Games are still in three years time,
three and a half at this point, so it could happen.
What we may see is some delays in the deliveries.
What we may see is them having to figure out
alternative plans. And it's not completely uncommon for the committee
to look over the space and decide maybe we should
(15:56):
look at alternative venues. Now that's not on the table yet,
NEOs just that you know, all the plans in the
region are happening according to phases and that everything is
on track.
Speaker 3 (16:06):
Now.
Speaker 7 (16:06):
What this means for the Crown Princes is essentially one
word that's been used quite a bit by Saudi officials,
by analysts we talk to, and that's rationalization. Rationalization and
maturity are two words that have been used over the
past couple of years, and it just shows that the
Saudis are really looking at these projects and figuring out
how to spend their money.
Speaker 1 (16:28):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 8 (16:34):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 1 (16:40):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 8 (16:46):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty.
I'm Caroline Hepka and.
Speaker 1 (16:55):
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.
Speaker 8 (17:05):
Mm hmm
Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg
Daybreak Europe podcast. Good morning, It's Tuesday, the nineteenth of August.
I'm Stephen Carroll in London. Coming up today, the US
President Donald Trump pushes for Vladimir Putin and Vladimir Zelenski
(00:22):
to meet after the Ukrainian leader visits the White House.
Traders expect the Bank of England to keep rights on
hold at four percent for the rest of this year plus.
Going off peacet Saudi Arabia's plans for a desert ski
resort strain in the country's one point five trillion dollar
Niom megacity plan. Let's start with a roundup of our
(00:42):
top stories. The US President Donald Trump has called Vladimir
Putin and urged the Russian leader to begin making plans
for a summit with Vladimir Zelenski. The move comes after
Trump met as Ukrainian counterpart and European leaders at the
White House. The US President is proposing that Putin and
Zelenski first hold a one on one meeting, followed by
a three way summuch with him in attendance. Zelenski said
(01:06):
he would be willing to discuss territorial issues with Putin.
Speaker 2 (01:09):
What is very important that all these sensitive things territorial
and et ceter We we will discuss on the level
of leaders during trilateral meeting and President Trump will try
to organize such meeting.
Speaker 3 (01:24):
And he said that he.
Speaker 4 (01:26):
Will come or not come.
Speaker 3 (01:29):
Ukraine will be happy if if you if you, if.
Speaker 1 (01:31):
You will won't be there. I will be there here,
Thank you. Zelensky added he was pleased Trump had agreed
to two key asks, participating in security guarantees as part
of any peace deal and reserving discussion of territorial exchanges
for direct talks with Putin. European officials say they expect
another virtual meeting with Trump as soon as today to
(01:53):
discuss what security guarantees they could collectively offer to Kiev.
Softbankcerus agree to buy two billion dollars of Intel stock
in a surprise deal. The Japanese firm says the investment
is testament to its belief that advanced chip manufacturing and
supply chains will continue to grow in the United States.
(02:14):
News of the purchase came as Bloomberg learns the Trump
administration is also considering taking a ten percent stake in Intel.
Here's Bloomberg's M and A reporter Ryan Gould.
Speaker 5 (02:25):
I think if you're a shareholder, you're looking and you're
fully forll well aware of some of the challenges facing
in top and a balance sheet perspective. What this deal does,
on the one hand is give confidence to Intel. It
gives confidence to shareholders in terms of you have the
most credit worthy institution in the world becking you. But
what it doesn't do, at least on the face of it,
is solved the problem that Intel has with its product.
Speaker 1 (02:46):
Bloomberg's Ryan Gould reports that the plan could involve converting
Intel's ten point nine billion dollar in Chips Act grants
from the US government into equity. Money markets are betting
with the Bank of England will keep interest rates on
hold at four percent for the rest of this year,
as signs of faster inflation reduced the case for more easing.
(03:08):
Bloberg's even parts has more It's.
Speaker 6 (03:10):
Not so long since traders were expecting the second half
of this year to see it continued easing in UK
interest rates, but now the market sees a less than
fifty percent chance of a cut before twenty twenty six.
Bets on lower rates diminished after the BOE's unexpectedly hawkish
recent meeting, which saw four NBC members vote not to
cut rates at all. Tomorrow's inflation data's forecasts show the
(03:32):
headline rate increasing to three point seven percent in July,
with the BOE forecasting a peak of four percent in September,
double the bank's target. In London, i'm Une Potspoomberg Radio.
Speaker 1 (03:44):
The heels on UK thirty year inflation linked barns is
at its highest level since nineteen ninety eight. It's the
latest unwanted market milestone for the UK government, as long
dated deals are now higher than during Liz Truss's guilt
market melt. There's no clear catalyst for the moves, which
are gradual and not unique to Britain. Instead, they reflect
(04:06):
pension funds and investors moving away from government debt staying
in the UK. The government's reportedly asking officials to draw
up plans to turn its tax on property sales into
one only for the wealthiest homes. The Guardian says properties
worth more than five hundred thousand pounds would potentially be
paying an annual tax and a further levy. Unselling Bloomber
(04:29):
ex Chanmes Wilcock has more.
Speaker 4 (04:31):
Council tax has long been a bugbear of British policy experts.
Based on property values recorded in nineteen ninety, is failed
to keep up with skyrocketing property prices. If the Guardian's
reporting is right, Labour's potential replacement would dramatically reshape the
housing markets. No file decisions had been made, but if enacted,
(04:52):
any new plan would likely hit London hard. In London,
James Wilcock Bloom No Radio.
Speaker 1 (04:59):
And the US Director National Intelligence says Apple will no
longer be forced to give the UK government a backdoor
into America's American users data. In a post on x Hussy,
Gabbard said the UK had agreed to drop the mandate
to ensure americans private data remains private. Apple had refused
(05:20):
in order from the British government to create the back door,
but did put its most advanced cloud security feature from
the UK. Advanced Data Protection for iCloud remains unavailable in
the country and it's unclear if it will be restored
following the news. Those are your top stories on the
market's The Mscirish Pacific Index just flat to the downside
(05:41):
at the moment. Eurostocks fifty futures are two tens of
one percent. Higher oil prices are weaker six tens for
brankcrew at sixty six dollars and nineteen cents the tenure
treasury yield up a basis point at four point three
four percent. Now in a moment, what's next after a
President Zelenski strip to the White House, Plus the troubles
facing ambitious plans for a winter sports resort in Saudi Arabia.
(06:05):
With another story that I've been reading this morning about
how the heat waves may have abated in the UK
for now, many people in London are still thinking about
installing air conditioning. Olivia Roudguard has been reporting on how
those living, particularly in older buildings, are facing hurdles and
getting permission to install a sea units. Who's speaking to
Richard Gill His director of the architecture firm Paul Archer Design.
(06:27):
It says roughly thirty percent of his clients, mostly high
earners in London, want air conditioning, but not all of
them are able to get it as there can be
technical or esthetic restrictions at attaching units to old buildings.
Sometimes councils are simply rejecting claims of overheating. Now it's
clear that according to some in the building trade that
(06:48):
properties in certain parts of London are now extremely hot
during summer months, but existing restrictions are preventing or delaying
installations in thirty to forty percent of residential homes. Olivia
ssidessea examples of For example, in Camden, family denied permission
for two AC units earlier this year because of noise
and visual clutter concerns. But that is something that's part
(07:11):
of the conversation here now after the recent hot temperatures, again,
who wants their conditioning and who's able to get it?
Perhaps not as simple as it might appear. You can
read Olivia's full piece on Bloomberg dot Com. I'm up
on a link to it in our podcast show notes
as well. Well, let's turn now to the outcome of
Ukrainian President Vlotimore Zelenski's meeting with Donald Trump and the
(07:32):
White House. President Trump spoke to Ladimir Putin afterwards, it
urged the Russian leader to begin making plans for a
meeting with Zelenski. Ar chief ate correspondent to Roslin Mathson
is with me now for more ross. Are we today
closer to an end to Russia's war in Ukraine?
Speaker 7 (07:48):
Well?
Speaker 3 (07:48):
Certainly there seems to be some momentum towards further talks
and possibly a direct conversation between the leaders of Russia
and Ukraine. And that's always been the thing that Ukraine
and Russias said is necessary to really look to bring
an end to this war, and that's the two leaders
sitting down directly, face to face, discussing all the very
(08:09):
tricky issues that are required to get a peace deal.
And that having you know, the Europeans or the US
involved is one thing, but those are the only two
leaders who can resolve the key questions, including around things
like land. So the fact that there seems to be
quite a push to get that meeting done and perhaps
within a matter of weeks, is significant. Of course, there
(08:29):
are a lot of very tricky issues on the table.
There are very long running issues also between Russia and
Ukraine that predated the full invasion of twenty twenty two
that are still simmering away, including questions around places like Crimea.
So this is not going to be easy, but at
least we do have an understanding. It seems from both
(08:51):
Russia and Ukraine that it's about time that their leaders
met face to face.
Speaker 1 (08:56):
This white has trip. Both Loger and Zlansky went much
better than the last one. The Ukrainian president dressed more formally,
for example, after he was criticized the last time for
what he was wearing. But what did Ukraine get from
the US in terms of security guarantees, Well, they got.
Speaker 3 (09:12):
Pretty much what Donald Trump was saying days ago, which
is a fairly broad and general understanding that US might
contribute to some of these security guarantees for Ukraine. And
those security guarantees are seen as crucial for Ukraine, especially
if it's going to be in the position where it
seeds territory to Russia. But the question is what do
(09:33):
those guarantees look like? And Donald Trump's being very very
wooly about all of that. He's saying maybe it's mostly
for Europe to work out. The US could perhaps chip
in to some extent, or maybe in the end they're
not even really needed at all. So it's very very
unclear what that means. I mean, the one thing he
has made very clear is he doesn't want Ukraine joining NATO.
(09:54):
That's his red line. He said that cannot happen, but
there could be some kind of generic Article five type
understanding around Ukraine. But again, would he be willing to
commit US troops to Ukraine in those scenarios? Under what
scenarios would he be willing to commit US troops? So
there's a lot we don't know. At least he says
(10:14):
he's willing to consider it and to discuss it with others.
Speaker 1 (10:18):
If a lot of Menzelanski was accompanied on this trip
by a host of European leaders, was this diplomatic effort
by them, the likes of Amnua Macron, care starmer Frederic Martz,
a success in moving towards the conclusion that they want.
Speaker 3 (10:33):
Well, they were very careful in their meetings yesterday with
Donald Trump to make sure that he was being flattered
as someone who'd brought everybody together, who'd been able to
coax Vladimir Putin along and get the Russian leader engaged
in the conversation. So quite a lot of praise for
Donald Trump. Some of those leaders he really does admire
and get on with, I mean, the UN Secretary General,
(10:56):
the Finnish President, Georgia Maloney from Italy. They were all
there and carefully selected as well as leaders that he
does have that rapport with, and so they were very
careful to manage that conversation as it went along, and
arguably perhaps get back into the conversation in a way
that it's not been for quite some months.
Speaker 1 (11:16):
What happens next ras what do we watch for in
terms of developments and the key issues that will be
at stake If the call between Vlatimo Pruden and Vladeo
z Lanski goes ahead, well that's got to be the
key thing.
Speaker 3 (11:28):
Is the timing of any meeting between Zelenski and Putin
and do we really get on the pathway to that happening,
Where does that happen, When does it happen? Is it
a phone call, as you say, is it even a
face to face conversation? And then of course all the
issues that would be on the table for that meeting.
There's everything from further prisoner swaps. Ukraine says that Russia
(11:48):
has taken a lot of Ukrainian children into Russia. What
are the plans to potentially bring those children back? And
the biggest issue of all, of course is territory, because
as Lynsky under the constitution cannot give away Ukrainian land,
but yet he might have to find a way to
do so. And then what are going to be the
lines for Vladimir Putin in that what will be the
(12:08):
lines for Ukraine, And that's going to get very, very
delicate and could easily fall apart. But that's going to
be the thing that those two leaders discussed directly, is
the issue of territory.
Speaker 1 (12:19):
Okay, Archiefraser, Correspondent Rosla Matson, thank you very much. Stay
with us. More from Bloomberg Daybreak Europe coming up after
this now. In twenty twenty two, Saudi Arabia announced one
of its most ambitious endeavors to date, a ski resort
designed to host the twenty twenty nine Asian Winter Games.
But Trojenna, set on a mountaintop a little snowfall, is
(12:42):
becoming the most pressing test yet of the kingdom's ability
to pull off its grand ambitions and meet commitments for
influential international events. Joining us now to discuss Abir am Omar,
who is Bloomberg's Middle East Economics and Government reporter. Abi
are great to talk to you. Tell us then about Trojenna.
Speaker 7 (12:59):
What is the product goal, Trevina, is this project in
me on the very famous project under cran Prince Pamad
and Salmon's vision twenty thirty. It's one of five major sites.
Those include the Line, which we've reported on quite a bit,
Magnas and Dell, and Oxagon. So it's estimated its construction
is estimated to be at around nineteen billion dollars, and
(13:21):
it's expected to host the twenty twenty nine Asian Winter Games.
As you have suggested, it's supposed to feature a ski resort,
ski slopes, a big, big construction for the games. And
it fits again into the crand Prince's Economic Transformation Plan
that was announced in two thousand and sixteen to overhaul
the Saudi economy and get the world talking about these
(13:44):
major events that are worth over a trillion dollars at
this point in the Saudi desert.
Speaker 1 (13:51):
So what's gone wrong with the project from what we've
learned from our reporting, right.
Speaker 7 (13:55):
So, I was listening to you talking about temperatures in
London and this reagion. You know, the temperatures here really
put London shame. When we talk about you know, the
weather getting or temperature is getting up to fifty degree celsius.
It's not really that different. In Trasina is a little
bit different when we compare it to the rest of
(14:17):
the projects that are happening in the region because it
is supposed to host those Winter Games, so we should
expect to see some snow. Now, natural snowfall in that
region is very, very limited, and so what the Saudis
have had to resort to is create artificial snow. Now,
what we're hearing from our sources and what we've put
(14:38):
out in the story from yesterday is that this is
proving hard to achieve. The timelines just don't match up.
So Trasina was supposed to be achieved, or the first
phase of delivery was supposed to happen by next year.
That's just around the corner. That doesn't seem to be
feasible anymore. And so the committee that overlooks the Winter
(14:58):
Games is looking over the project and seeing if these
deadlines are going to be met. Some contingency plans may
have to be put in place, But what we know
is pumping up water through the mountain to create a
frozen lake and therefore create ski slopes and a ski
resort is proving to be a hard task. And so
what we know for now is that those deadlines may
(15:18):
not be met. Trasina may have to either look at
alternatives to how it was envisioned in the beginning, but
that is all yet to be seen.
Speaker 1 (15:27):
Can the project get back on track? And I suppose
what does it mean for the Crime Prince's vision for
Saudi Arabia.
Speaker 7 (15:34):
Look, the first phase of delivery was supposed to happen
next year. The Winter Games are still in three years time,
three and a half at this point, so it could happen.
What we may see is some delays in the deliveries.
What we may see is them having to figure out
alternative plans. And it's not completely uncommon for the committee
to look over the space and decide maybe we should
(15:56):
look at alternative venues. Now that's not on the table yet,
NEOs just that you know, all the plans in the
region are happening according to phases and that everything is
on track.
Speaker 3 (16:06):
Now.
Speaker 7 (16:06):
What this means for the Crown Princes is essentially one
word that's been used quite a bit by Saudi officials,
by analysts we talk to, and that's rationalization. Rationalization and
maturity are two words that have been used over the
past couple of years, and it just shows that the
Saudis are really looking at these projects and figuring out
how to spend their money.
Speaker 1 (16:28):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 8 (16:34):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 1 (16:40):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 8 (16:46):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty.
I'm Caroline Hepka and.
Speaker 1 (16:55):
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.
Speaker 8 (17:05):
Mm hmm
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
New Heights with Jason & Travis Kelce
Football’s funniest family duo — Jason Kelce of the Philadelphia Eagles and Travis Kelce of the Kansas City Chiefs — team up to provide next-level access to life in the league as it unfolds. The two brothers and Super Bowl champions drop weekly insights about the weekly slate of games and share their INSIDE perspectives on trending NFL news and sports headlines. They also endlessly rag on each other as brothers do, chat the latest in pop culture and welcome some very popular and well-known friends to chat with them. Check out new episodes every Wednesday. Follow New Heights on the Wondery App, YouTube or wherever you get your podcasts. You can listen to new episodes early and ad-free, and get exclusive content on Wondery+. Join Wondery+ in the Wondery App, Apple Podcasts or Spotify. And join our new membership for a unique fan experience by going to the New Heights YouTube channel now!
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.