November 13, 2025 • 16 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) President Donald Trump signed legislation to end the longest government shutdown in US history, marking the official conclusion to a 43-day impasse.
(2) The European Union is set to propose a plan to the US that would implement the next phase of the trade agreement the two sides reached this summer.
(3) Top trade negotiators from Switzerland are headed to Washington, aiming to complete negotiations on a trade deal with the US that would lower the 39% tariff rate on Swiss goods.
(4) Rachel Reeves should get billions of pounds of extra room in her upcoming budget, UK Treasury officials believe, thanks to her plan to cut household bills and bring down inflation.
(5) Prime Minister Keir Starmer tried to draw a line under squabbling within his Labour Party and called for unity after an alleged challenge for his job exposed questions about his future.
(6) Democrats returned to pressing Donald Trump on his ties to Jeffrey Epstein, highlighting a selection of emails in which he suggested the president knew of his activities.
Podcast Conversation: In Europe, the Oldest Ideas in Wellness Get a New Spotlight
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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 (00:09):
This is the BlueBag Day BAQ podcast. Good morning, It's Thursday,
the thirteenth of November. I'm Caroline Hepkitt in London.
Speaker 1 (00:15):
And I'm Stephen Caroline Brussels. Coming up today, the longest
shutdown in US history comes to an end, but fully
reopening the government could still take weeks.
Speaker 2 (00:25):
The EU prepares to present the US with its plan
to move this summer's trade deal forwards, focused on tariff
relief and market access.
Speaker 1 (00:33):
Plus going off brand. Why Russian trademark poachers are targeting
the likes of our many Amazon and Calvin Klein.
Speaker 2 (00:42):
Let's start with a round up of our top stories.
Speaker 1 (00:44):
The US government shutdown has come to an end after
President Trump signed off on a temporary funding bill that
was passed earlier by the House of Representatives. It marks
the official conclusion to a forty three day impass that
halted food aid to millions of households, canceled thousands of flights,
and forced federal workers to go unpaid for more than
a month. Speaking as he signed the bill into law,
(01:06):
President Trump took aim at his political opponents for.
Speaker 3 (01:09):
The past forty three days Democrats in Congress shut down
the government of the United States and an attempt to extort.
Speaker 4 (01:15):
American tax players.
Speaker 1 (01:17):
President Trump was referring there to the fact that Democrats
had largely opposed the bill to reopen the government because
it didn't include their central demand to renew healthcare subsidies.
Speaker 2 (01:26):
Now, the Interim spending Package provides funding until the end
of January, and it means that the US government can
begin to resume normal operations, with US federal workers expected
back on the job starting on Thursday. However, it could
still take days or even weeks for the federal bureaucracy
to fully restart and clear the back lag after being
(01:48):
closed since October. Speaking earlier on Wednesday, the White House
Press Secretary Caroline Levitt also conceded that the October jobs
and consumer price index with pause are now unlikely to
ever be really least as a result of the shutdown.
Speaker 1 (02:02):
The European Union is set to present a proposal to
the US later this month to enact the next phase
of a trade agreement reached this summer. The so called
Implementation Action Plan focuses on areas including tariffs and market
access for the world's largest trading relationship. Lomberg's freddie Fulston
has more.
Speaker 5 (02:19):
The deal, agreed in August, set a fifteen percent tariff
on most but not all EU goods entering the US. Now,
the EU is seeking lower rates for several additional goods,
including wines and spirits. It also wants a quota system
that would reduce the fifty percent tariff on some steel
and aluminium exports, and assurances that it won't be hit
(02:43):
by higher sectoral duties in the future. The proposal comes
in response to Washington's demand for a legally binding plan
to revise EU regulations, which it says hurt US businesses
in London. Freddie Fulston Bloomberg Radio.
Speaker 2 (02:58):
Top trade negotiators from Switzerland are heading to Washington to
complete negotiations on a trade deal aimed at lowering the
thirty nine percent tariff rate on Swiss goods. Bloomberg understands
the delegation is hoping to cut US duties on products
including watches and chocolate to fifteen percent. President Trump confirmed
that his administration was quote working on a deal to
(03:21):
get their tariffs a little bit lower. It is unclear
if a final deal will be reached.
Speaker 1 (03:28):
UK Treasury officials believe that Rachel Reeves could get billions
of pounds of extra room in her upcoming budget thanks
to her plan to cut household bills and bring down inflation.
Sources tell us the Chancellor's team have asked the government's
fiscal watchdog to take into account measures on energy bills,
railfares and other regulated prices in its budget forecast. With
(03:49):
more here's Bloomberg's crispit.
Speaker 6 (03:51):
The Treasury's argument is that lower inflation will mean lower
interest rates and therefore lower borrowing costs. We understand that
the Office for Budge Responsibility is considering the Treasury's claim,
and according to calculations by Bloomberg Economics, if they recognized
the forecast, it could give Reeves an extra six billion
pounds and the chances will need every penny of that
(04:14):
to help her fill her budget whole of as much
as thirty five billion caused by an anticipated growth downgrade,
higher borrowing costs, and policy u turns. The reporting comes
as the Royal Institution of Chartered Surveyors warned that the
property market is in a holding pattern amid speculation that
Reeves will target housing in her budget, alongside expectations for
(04:37):
broader tax hikes in London Chris Pitt Bloomberg Radio.
Speaker 2 (04:41):
Meanwhile, the Prime minisip Kis Darmer has called for unity
after revelations of an alleged leadership challenged against him seemed
to have backfired. The Labour Party leader said that he
had not authorized media briefings against the Health Secretary West Treeting,
who allies anonymously accused of trying to get rid of Starmer.
Answering questions in Parliament yesterday, Starma downplayed rumors of a
(05:05):
government rift.
Speaker 5 (05:06):
My focus each and every day is on rebuilding of
reduring our country.
Speaker 1 (05:11):
Let me be absolutely clear.
Speaker 6 (05:13):
Any attack on any member of my cabinet is completely.
Speaker 2 (05:16):
Unacceptable perman It's a kiss Starmer speaking there, streating one
of the best known members of the cabinet, denied plotting
to get rid of his boss and professed loyalty to Starmer. Now,
according to Labor rules, rivals for the premiership must have
a seat in Parliament and nominations from twenty percent of
the parliamentary party. Candidates must also be nominated by a
(05:37):
minimum of five percent of constituency parties or three labor affiliates,
two of which must be trade unions and.
Speaker 1 (05:45):
In the United States, Democrats are continuing to pressure President
Trump over his ties to the disgraced financier Jeffrey Epstein.
That's after new emails released by a Congressional committee showed
Epstein appearing to allege Trump spent hours with one of
his victims. Democrats and some Republicans are calling for all
Epstein files to be released, but the White HOS Press
Secretary Caroline Levitt says the administration is already helping the investigations.
Speaker 7 (06:10):
This administration has done more with respect to transparency when
it comes to Jeffrey Epstein than any administration ever. In fact,
this administration, the Department of Justice, has turned over tens
of thousands of documents to the American people. We are
cooperating and joining support for the House Oversight Committee.
Speaker 1 (06:29):
Karlin Evatt, speaking there following the document's publication. Arizona Democrat
Adelita Gricalva provided the decisive signature on a petition forcing
a vote on legislation to compel the Justice Department to
release any Epstein files. I Speaker Mike Johnson told reporters
he will bring the bill to a vote next week.
Speaker 2 (06:48):
Now, those are top stories for you this morning. Looking
at the markets, So global stocks Carli little Bit lower
shares have seen three days of gains. Gold and silver
poise for a fresh push high now that we have
the end of the US government shut down. Gold is
up by four tenths of one percent. Stop futures are
also mostly high this morning, up four tenths for the
(07:09):
US stocks fifty futures, two tents half of the S
and P five hundred brent crude futures, though lower a
tenth of one percent opate revealing the long awaited surplus
which has emerged in oil markets. Cisco's surging after market
for their share price after they boosted twenty twenty six forecosts.
Those are the markets in a moment.
Speaker 1 (07:30):
More on the end of the US government shutdown, plus
as some of the world's biggest brands are losing their
trademarks in Russia. But another story that has us dreaming
this morning of rest and relaxation. Carol and our pursuits correspondence.
Sera Rappaport has been pursuing wellness and good luck to
her in one of Europe's oldest spa towns. She's been
to Baden Baden, on the edge of the Black Forest
(07:51):
in Germany and the newly reopened Brenner's Park Hotel and Spa.
It's one of those ballet park destinations, dates back to
eighteen seventy two. It's new owners, whose other hotels include
Librestol in Paris, have given it a loving renovation. Now
this is big money to be made in wellness destinations,
as we know, and Sarah's review covers both the old
(08:11):
and new treatments that are being offered in this She
said she tried a vitimin IV and didn't really feel
any different afterwards, which I found quite refreshing.
Speaker 2 (08:19):
It was, Yes, her description was very refreshing. The photographs
are stunning in her peace and wow, what a lovely
thing to be able to do. I mean the hotel
is part of the same group as the hotel do
cap Eden Rock. I mean, anybody who haven't seen that
hotel understands, you know, the kind of level of luxury.
I didn't see any price tags in Sarah's story, but
(08:43):
I love the fact that she also talks about the
secret ingredient being spending time in nature and spending time
in water swimming and yeah, but it did make me
think of the holidays.
Speaker 1 (08:54):
And it's not all sort of carrots, and you know
everything has to be good for you as well. The
restaurant does serve things like Blackflower's chicken with creamy potatoes.
Local reasoning was mentioned as well. It just sounds like
my sort of trip. I'll have to be asking Sarah
about that, but you'll find a link to that story
in our podcast show notes.
Speaker 2 (09:11):
Okay, back to more serious matters. The US person has
signed the bill ending the government shutdown after a record
forty three days. Let's get into what it means now.
It's been a big TV anchor pretty to good morning.
Well you look fresh as ever, pretty no holidays required.
In practical terms, the shutdown is officially over. How long
(09:31):
will it take them for the US government and its
operations to get back up and running well.
Speaker 8 (09:35):
According to the President of the United States, immediately he's
put out an order that says, as of November thirteenth,
which is of course today, that you are going to
need this to all the agencies that do get or
rely on federal funding, and some of the moves of
Congress need to start working today. That includes bringing all
the workers back into the office. The reality of it
is a little bit different, so I'm going to go
(09:56):
piece by piece here when it comes to the data,
which is I think what a lot of our audience
is looking for, the job's data, CPI numbers, et cetera.
Speaker 4 (10:02):
Those might take some time.
Speaker 8 (10:04):
There's some speculation that we may actually get some sort
of numbers coming out on Friday.
Speaker 4 (10:07):
If the BLS is ready to go.
Speaker 8 (10:09):
You heard Caroline levi Att, the White House Press Secretary,
yesterday say that it's actually unlikely those numbers will never
be released. She said that previously about the October inflation report.
This is the first time she's making those comments about
the October jobs number. And again, this is a record
long shutdown that we've just come out of, so this
is kind of unventured territory in terms of what data
(10:30):
set we actually get.
Speaker 4 (10:31):
That's the data.
Speaker 8 (10:31):
On the other hand, the other key sticking piece is
how many federal workers are actually coming back to Washington
because as a part of the shutdown plans, part of
the agreements that were included were you stay employed for
the furloughed workers, but you can use extra comp time,
you can use teleworking. The actual return to office piece
could be a little bit more extended. That's something that
the federal agencies are in conflict with when it comes
(10:54):
to the administration itself. The third wave of that, though,
is what's going on with air traffic. We are a
couple of two weeks away from Thanksgiving in the United States,
so traffic air traffic controllers are even more needed than before.
And this shutdown, this you know again, record long shutdown,
has prompted a wave of early retirements from a lot
of air traffic controllers amid a time where they're already
(11:15):
staff shortages and payment issues. So one of the key
questions now for the Transportation Secretary is simply, how quickly
can we get all those canceled flights back on the agenda?
Speaker 1 (11:25):
What about the This was the next steps in this
as well the Billickstown's government funding until the end of
January for most agencies. How should we expect the political
debates to continue from here?
Speaker 8 (11:35):
It is all about I mean the a word, which
is affordability, but it's also about healthcare extensions. This is
one of the key sticking points in terms of actually
getting this bill across, where Republicans had said we're not
even going to engage on the Affordable Care Act otherwise
known as Obamacare health care extensions unless you reopen the government.
And so now the government is reopen, you can expect Democrats,
(11:56):
and you heard a key voice in the Democratic Party, Jeffries,
talk about the fact that they're actually going to push
for an ACA extension of three years. What this means
for a global audience, though, is this is actually a
massive inflationary input. If you don't have these healthcare extensions,
it just means that more Americans have to pay out
of pocket for some of these healthcare benefits that they're
(12:16):
currently getting right now. And that is going to be
something that shows up in things like CPI, not immediately,
but saying six eight months time when this all happens.
Speaker 4 (12:25):
That being said, that's on the agenda.
Speaker 8 (12:27):
But again the clock is ticking because we have Thanksgiving,
we have Christmas, we have the New Year, and then
it's January thirtieth.
Speaker 5 (12:31):
Yeah.
Speaker 2 (12:31):
Absolutely, Critty, thank you so much for being with us
this morning, taking us too. So the denumal, the ending
of the US government shut down, Bloombag t the anchor
Qutty good to stay with us. More from bloom Bag
Day BA Cube coming up after this.
Speaker 1 (12:46):
Some of the world's best known brands from OURMANI to
Amazon or falling prey to trademark poachers in Russia. Russian
loyal lies any trademark that's only used for three years
to be canceled, so it's a risk it's becoming more
acute as the country's economic isolation deepens our market. Natasha
DApp has been writing about this, and she joins us
for more this morning. Natasha, first of all, what exactly
(13:07):
is trademark poaching.
Speaker 3 (13:09):
Trademark poaching is essentially when a company or an individual
opportunistically takes over the rights to a trademark in a
given country, either to use the branding on its own goods,
or perhaps in the hope that they might be able
to sell the rights on or back to the company.
It's perfectly we're in the combines of the law and
often happens when a country is going through a period
(13:31):
of economic isolation or in sanctions a bit like Russia
is not, and in Russia's case is well know one.
Hundreds of well known international companies fled in twenty twenty two,
shortly after the.
Speaker 4 (13:43):
Full scale invasion of Ukraine.
Speaker 3 (13:45):
Most of those companies held onto their trademarks, which are
valid for ten years in the hope day that someday
they might want to go back, But now that they've
been inactive for three years, there's a risk that third
parties can come and make claims for those trademarks.
Speaker 2 (13:59):
So then, what's the scale of this activity of Russia?
Have you thought about it? What sort of companies are
being affected?
Speaker 3 (14:05):
We did an in depth analysis of all of the
legal documents that have been filed to Russia's international property
courts since twenty twenty four, and we found at least
three hundred claims against big foreign companies, including well known
brands such as Calvin Klein and Sheraton.
Speaker 4 (14:21):
There were a lot of consumer names in there.
Speaker 3 (14:23):
As you might imagine, most of those claims are ongoing.
Some have been thrown out, but some have been approved,
including just last week, Victoria's Secret, the big luxury chain,
lost a few of its trademarks, Ericson has lost a few.
Speaker 1 (14:39):
Shratan Do companies have any recourse against this if they
do end up losing their trademarks.
Speaker 3 (14:44):
There's one option, which is when there's just this risk
of losing it, one option is to extend your current
trademark ahead of time, and that buys you a little
bit more time. If you end up losing your trademark,
it's a very difficult situation. So history is littered with
exams of very expensive cases, things like Apple Flight for
(15:04):
its iPad trademark in Hong Kong.
Speaker 4 (15:06):
I think they had to pay, you know, in the millions.
It's also happened in Russia before.
Speaker 3 (15:11):
In the nineteen nineties, a trademark squad was sitting on
Starbucks's trademark for.
Speaker 4 (15:16):
Quite a long time.
Speaker 3 (15:17):
They only got that back in nearly two thousands. So
it's a very risky situation, even though a lot of
these companies maybe don't immediately want to go back to Russia.
Speaker 1 (15:28):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (15:34):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 1 (15:40):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (15:46):
Our flagship New York station is also available on your
Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
I'm Caroline Hepka.
Speaker 1 (15:55):
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):
This is the BlueBag Day BAQ podcast. Good morning, It's Thursday,
the thirteenth of November. I'm Caroline Hepkitt in London.
Speaker 1 (00:15):
And I'm Stephen Caroline Brussels. Coming up today, the longest
shutdown in US history comes to an end, but fully
reopening the government could still take weeks.
Speaker 2 (00:25):
The EU prepares to present the US with its plan
to move this summer's trade deal forwards, focused on tariff
relief and market access.
Speaker 1 (00:33):
Plus going off brand. Why Russian trademark poachers are targeting
the likes of our many Amazon and Calvin Klein.
Speaker 2 (00:42):
Let's start with a round up of our top stories.
Speaker 1 (00:44):
The US government shutdown has come to an end after
President Trump signed off on a temporary funding bill that
was passed earlier by the House of Representatives. It marks
the official conclusion to a forty three day impass that
halted food aid to millions of households, canceled thousands of flights,
and forced federal workers to go unpaid for more than
a month. Speaking as he signed the bill into law,
(01:06):
President Trump took aim at his political opponents for.
Speaker 3 (01:09):
The past forty three days Democrats in Congress shut down
the government of the United States and an attempt to extort.
Speaker 4 (01:15):
American tax players.
Speaker 1 (01:17):
President Trump was referring there to the fact that Democrats
had largely opposed the bill to reopen the government because
it didn't include their central demand to renew healthcare subsidies.
Speaker 2 (01:26):
Now, the Interim spending Package provides funding until the end
of January, and it means that the US government can
begin to resume normal operations, with US federal workers expected
back on the job starting on Thursday. However, it could
still take days or even weeks for the federal bureaucracy
to fully restart and clear the back lag after being
(01:48):
closed since October. Speaking earlier on Wednesday, the White House
Press Secretary Caroline Levitt also conceded that the October jobs
and consumer price index with pause are now unlikely to
ever be really least as a result of the shutdown.
Speaker 1 (02:02):
The European Union is set to present a proposal to
the US later this month to enact the next phase
of a trade agreement reached this summer. The so called
Implementation Action Plan focuses on areas including tariffs and market
access for the world's largest trading relationship. Lomberg's freddie Fulston
has more.
Speaker 5 (02:19):
The deal, agreed in August, set a fifteen percent tariff
on most but not all EU goods entering the US. Now,
the EU is seeking lower rates for several additional goods,
including wines and spirits. It also wants a quota system
that would reduce the fifty percent tariff on some steel
and aluminium exports, and assurances that it won't be hit
(02:43):
by higher sectoral duties in the future. The proposal comes
in response to Washington's demand for a legally binding plan
to revise EU regulations, which it says hurt US businesses
in London. Freddie Fulston Bloomberg Radio.
Speaker 2 (02:58):
Top trade negotiators from Switzerland are heading to Washington to
complete negotiations on a trade deal aimed at lowering the
thirty nine percent tariff rate on Swiss goods. Bloomberg understands
the delegation is hoping to cut US duties on products
including watches and chocolate to fifteen percent. President Trump confirmed
that his administration was quote working on a deal to
(03:21):
get their tariffs a little bit lower. It is unclear
if a final deal will be reached.
Speaker 1 (03:28):
UK Treasury officials believe that Rachel Reeves could get billions
of pounds of extra room in her upcoming budget thanks
to her plan to cut household bills and bring down inflation.
Sources tell us the Chancellor's team have asked the government's
fiscal watchdog to take into account measures on energy bills,
railfares and other regulated prices in its budget forecast. With
(03:49):
more here's Bloomberg's crispit.
Speaker 6 (03:51):
The Treasury's argument is that lower inflation will mean lower
interest rates and therefore lower borrowing costs. We understand that
the Office for Budge Responsibility is considering the Treasury's claim,
and according to calculations by Bloomberg Economics, if they recognized
the forecast, it could give Reeves an extra six billion
pounds and the chances will need every penny of that
(04:14):
to help her fill her budget whole of as much
as thirty five billion caused by an anticipated growth downgrade,
higher borrowing costs, and policy u turns. The reporting comes
as the Royal Institution of Chartered Surveyors warned that the
property market is in a holding pattern amid speculation that
Reeves will target housing in her budget, alongside expectations for
(04:37):
broader tax hikes in London Chris Pitt Bloomberg Radio.
Speaker 2 (04:41):
Meanwhile, the Prime minisip Kis Darmer has called for unity
after revelations of an alleged leadership challenged against him seemed
to have backfired. The Labour Party leader said that he
had not authorized media briefings against the Health Secretary West Treeting,
who allies anonymously accused of trying to get rid of Starmer.
Answering questions in Parliament yesterday, Starma downplayed rumors of a
(05:05):
government rift.
Speaker 5 (05:06):
My focus each and every day is on rebuilding of
reduring our country.
Speaker 1 (05:11):
Let me be absolutely clear.
Speaker 6 (05:13):
Any attack on any member of my cabinet is completely.
Speaker 2 (05:16):
Unacceptable perman It's a kiss Starmer speaking there, streating one
of the best known members of the cabinet, denied plotting
to get rid of his boss and professed loyalty to Starmer. Now,
according to Labor rules, rivals for the premiership must have
a seat in Parliament and nominations from twenty percent of
the parliamentary party. Candidates must also be nominated by a
(05:37):
minimum of five percent of constituency parties or three labor affiliates,
two of which must be trade unions and.
Speaker 1 (05:45):
In the United States, Democrats are continuing to pressure President
Trump over his ties to the disgraced financier Jeffrey Epstein.
That's after new emails released by a Congressional committee showed
Epstein appearing to allege Trump spent hours with one of
his victims. Democrats and some Republicans are calling for all
Epstein files to be released, but the White HOS Press
Secretary Caroline Levitt says the administration is already helping the investigations.
Speaker 7 (06:10):
This administration has done more with respect to transparency when
it comes to Jeffrey Epstein than any administration ever. In fact,
this administration, the Department of Justice, has turned over tens
of thousands of documents to the American people. We are
cooperating and joining support for the House Oversight Committee.
Speaker 1 (06:29):
Karlin Evatt, speaking there following the document's publication. Arizona Democrat
Adelita Gricalva provided the decisive signature on a petition forcing
a vote on legislation to compel the Justice Department to
release any Epstein files. I Speaker Mike Johnson told reporters
he will bring the bill to a vote next week.
Speaker 2 (06:48):
Now, those are top stories for you this morning. Looking
at the markets, So global stocks Carli little Bit lower
shares have seen three days of gains. Gold and silver
poise for a fresh push high now that we have
the end of the US government shut down. Gold is
up by four tenths of one percent. Stop futures are
also mostly high this morning, up four tenths for the
(07:09):
US stocks fifty futures, two tents half of the S
and P five hundred brent crude futures, though lower a
tenth of one percent opate revealing the long awaited surplus
which has emerged in oil markets. Cisco's surging after market
for their share price after they boosted twenty twenty six forecosts.
Those are the markets in a moment.
Speaker 1 (07:30):
More on the end of the US government shutdown, plus
as some of the world's biggest brands are losing their
trademarks in Russia. But another story that has us dreaming
this morning of rest and relaxation. Carol and our pursuits correspondence.
Sera Rappaport has been pursuing wellness and good luck to
her in one of Europe's oldest spa towns. She's been
to Baden Baden, on the edge of the Black Forest
(07:51):
in Germany and the newly reopened Brenner's Park Hotel and Spa.
It's one of those ballet park destinations, dates back to
eighteen seventy two. It's new owners, whose other hotels include
Librestol in Paris, have given it a loving renovation. Now
this is big money to be made in wellness destinations,
as we know, and Sarah's review covers both the old
(08:11):
and new treatments that are being offered in this She
said she tried a vitimin IV and didn't really feel
any different afterwards, which I found quite refreshing.
Speaker 2 (08:19):
It was, Yes, her description was very refreshing. The photographs
are stunning in her peace and wow, what a lovely
thing to be able to do. I mean the hotel
is part of the same group as the hotel do
cap Eden Rock. I mean, anybody who haven't seen that
hotel understands, you know, the kind of level of luxury.
I didn't see any price tags in Sarah's story, but
(08:43):
I love the fact that she also talks about the
secret ingredient being spending time in nature and spending time
in water swimming and yeah, but it did make me
think of the holidays.
Speaker 1 (08:54):
And it's not all sort of carrots, and you know
everything has to be good for you as well. The
restaurant does serve things like Blackflower's chicken with creamy potatoes.
Local reasoning was mentioned as well. It just sounds like
my sort of trip. I'll have to be asking Sarah
about that, but you'll find a link to that story
in our podcast show notes.
Speaker 2 (09:11):
Okay, back to more serious matters. The US person has
signed the bill ending the government shutdown after a record
forty three days. Let's get into what it means now.
It's been a big TV anchor pretty to good morning.
Well you look fresh as ever, pretty no holidays required.
In practical terms, the shutdown is officially over. How long
(09:31):
will it take them for the US government and its
operations to get back up and running well.
Speaker 8 (09:35):
According to the President of the United States, immediately he's
put out an order that says, as of November thirteenth,
which is of course today, that you are going to
need this to all the agencies that do get or
rely on federal funding, and some of the moves of
Congress need to start working today. That includes bringing all
the workers back into the office. The reality of it
is a little bit different, so I'm going to go
(09:56):
piece by piece here when it comes to the data,
which is I think what a lot of our audience
is looking for, the job's data, CPI numbers, et cetera.
Speaker 4 (10:02):
Those might take some time.
Speaker 8 (10:04):
There's some speculation that we may actually get some sort
of numbers coming out on Friday.
Speaker 4 (10:07):
If the BLS is ready to go.
Speaker 8 (10:09):
You heard Caroline levi Att, the White House Press Secretary,
yesterday say that it's actually unlikely those numbers will never
be released. She said that previously about the October inflation report.
This is the first time she's making those comments about
the October jobs number. And again, this is a record
long shutdown that we've just come out of, so this
is kind of unventured territory in terms of what data
(10:30):
set we actually get.
Speaker 4 (10:31):
That's the data.
Speaker 8 (10:31):
On the other hand, the other key sticking piece is
how many federal workers are actually coming back to Washington
because as a part of the shutdown plans, part of
the agreements that were included were you stay employed for
the furloughed workers, but you can use extra comp time,
you can use teleworking. The actual return to office piece
could be a little bit more extended. That's something that
the federal agencies are in conflict with when it comes
(10:54):
to the administration itself. The third wave of that, though,
is what's going on with air traffic. We are a
couple of two weeks away from Thanksgiving in the United States,
so traffic air traffic controllers are even more needed than before.
And this shutdown, this you know again, record long shutdown,
has prompted a wave of early retirements from a lot
of air traffic controllers amid a time where they're already
(11:15):
staff shortages and payment issues. So one of the key
questions now for the Transportation Secretary is simply, how quickly
can we get all those canceled flights back on the agenda?
Speaker 1 (11:25):
What about the This was the next steps in this
as well the Billickstown's government funding until the end of
January for most agencies. How should we expect the political
debates to continue from here?
Speaker 8 (11:35):
It is all about I mean the a word, which
is affordability, but it's also about healthcare extensions. This is
one of the key sticking points in terms of actually
getting this bill across, where Republicans had said we're not
even going to engage on the Affordable Care Act otherwise
known as Obamacare health care extensions unless you reopen the government.
And so now the government is reopen, you can expect Democrats,
(11:56):
and you heard a key voice in the Democratic Party, Jeffries,
talk about the fact that they're actually going to push
for an ACA extension of three years. What this means
for a global audience, though, is this is actually a
massive inflationary input. If you don't have these healthcare extensions,
it just means that more Americans have to pay out
of pocket for some of these healthcare benefits that they're
(12:16):
currently getting right now. And that is going to be
something that shows up in things like CPI, not immediately,
but saying six eight months time when this all happens.
Speaker 4 (12:25):
That being said, that's on the agenda.
Speaker 8 (12:27):
But again the clock is ticking because we have Thanksgiving,
we have Christmas, we have the New Year, and then
it's January thirtieth.
Speaker 5 (12:31):
Yeah.
Speaker 2 (12:31):
Absolutely, Critty, thank you so much for being with us
this morning, taking us too. So the denumal, the ending
of the US government shut down, Bloombag t the anchor
Qutty good to stay with us. More from bloom Bag
Day BA Cube coming up after this.
Speaker 1 (12:46):
Some of the world's best known brands from OURMANI to
Amazon or falling prey to trademark poachers in Russia. Russian
loyal lies any trademark that's only used for three years
to be canceled, so it's a risk it's becoming more
acute as the country's economic isolation deepens our market. Natasha
DApp has been writing about this, and she joins us
for more this morning. Natasha, first of all, what exactly
(13:07):
is trademark poaching.
Speaker 3 (13:09):
Trademark poaching is essentially when a company or an individual
opportunistically takes over the rights to a trademark in a
given country, either to use the branding on its own goods,
or perhaps in the hope that they might be able
to sell the rights on or back to the company.
It's perfectly we're in the combines of the law and
often happens when a country is going through a period
(13:31):
of economic isolation or in sanctions a bit like Russia
is not, and in Russia's case is well know one.
Hundreds of well known international companies fled in twenty twenty two,
shortly after the.
Speaker 4 (13:43):
Full scale invasion of Ukraine.
Speaker 3 (13:45):
Most of those companies held onto their trademarks, which are
valid for ten years in the hope day that someday
they might want to go back, But now that they've
been inactive for three years, there's a risk that third
parties can come and make claims for those trademarks.
Speaker 2 (13:59):
So then, what's the scale of this activity of Russia?
Have you thought about it? What sort of companies are
being affected?
Speaker 3 (14:05):
We did an in depth analysis of all of the
legal documents that have been filed to Russia's international property
courts since twenty twenty four, and we found at least
three hundred claims against big foreign companies, including well known
brands such as Calvin Klein and Sheraton.
Speaker 4 (14:21):
There were a lot of consumer names in there.
Speaker 3 (14:23):
As you might imagine, most of those claims are ongoing.
Some have been thrown out, but some have been approved,
including just last week, Victoria's Secret, the big luxury chain,
lost a few of its trademarks, Ericson has lost a few.
Speaker 1 (14:39):
Shratan Do companies have any recourse against this if they
do end up losing their trademarks.
Speaker 3 (14:44):
There's one option, which is when there's just this risk
of losing it, one option is to extend your current
trademark ahead of time, and that buys you a little
bit more time. If you end up losing your trademark,
it's a very difficult situation. So history is littered with
exams of very expensive cases, things like Apple Flight for
(15:04):
its iPad trademark in Hong Kong.
Speaker 4 (15:06):
I think they had to pay, you know, in the millions.
It's also happened in Russia before.
Speaker 3 (15:11):
In the nineteen nineties, a trademark squad was sitting on
Starbucks's trademark for.
Speaker 4 (15:16):
Quite a long time.
Speaker 3 (15:17):
They only got that back in nearly two thousands. So
it's a very risky situation, even though a lot of
these companies maybe don't immediately want to go back to Russia.
Speaker 1 (15:28):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (15:34):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 1 (15:40):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (15:46):
Our flagship New York station is also available on your
Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
I'm Caroline Hepka.
Speaker 1 (15:55):
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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