September 23, 2025 • 27 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) Lithuanian President Gitanas Nauseda said Russia was testing NATO’s readiness to retaliate with its series of incursions along the eastern flank of the alliance.
(2) Nvidia will invest as much as $100 billion in OpenAI to support new data centers and other artificial intelligence infrastructure, a blockbuster deal that underscores booming demand for AI tools like ChatGPT and the computing power needed to make them run.
(3) A large majority of London-listed companies in a recent poll have considered adding a listing overseas or moving their existing one in the last year, with Amsterdam emerging as the most popular alternative.
(4) President Xi Jinping’s export engine has proved unstoppable during five months of sky-high US tariffs, sending China toward a record $1.2 trillion trade surplus.
(5) The Federal Reserve’s newest policymaker, appointed by President Donald Trump, laid out his argument for aggressively lowering interest rates on Monday, presenting a view that aligns with the president’s demands but which makes him an outlier at the central bank.
(6) Jimmy Kimmel Live! will return to the air on Tuesday, ending a suspension Walt Disney Co. imposed following controversial remarks the ABC late-night host made about the assassination of Republican activist Charlie Kirk.
Podcast Conversation: “We want, ‘Oh, you look good. We just don’t know why,”Cosmetic Procedures That Offer Big Results With Minimal Downtime
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Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
This is the Bluemink Day Bank you At podcast. Good morning,
It's Tuesday, the twenty third of September. I'm Caroline Hepgitt
in London. Coming up today. Poland's Prime minister threatens to
shoot down Russian jets that enter its territory, as Baltic
countries raise the alarm over Kremlin provocations. Nvidia announces plans
for a one hundred billion dollar investment in Open AI
(00:32):
as big tech drives stocks to another record high plus
the absolute minimum. Thomas Picketty tells me he believes French
proposals for a two percent wealth tax don't go far enough.
Let's start with a roundup of our top stories across Europe.
NATO countries are increasingly sounding the alarm over the thread
(00:54):
posed by Putin following a series of airspace violations. Speaking yesterday,
the EUS top diplomat Kaya Kalas said Russia is testing
us how far it can go is Sonia's foreign minister
meanwhile warned that Putin is playing with fire. Lithuania's president
went even further, saying Moscow is probing the West's commitment
(01:16):
to retaliate. Now The chorus of warnings came as Prime
Minister Donald Tusk declared that Poland is prepared to shoot
down foreign aircraft that cross into its territory without authorization.
Speaker 3 (01:31):
We are ready for any decision aimed at destroying objects
that might pose a threat to us, for example Russian
fighter jets if they violate, for example, flying over our
territorial waters.
Speaker 2 (01:45):
Polish Prime Minister Donald TuS speaking there via a translator,
after NATO downed Russian drones that crossed into Poland earlier
this month. That was followed last week by three armed
Russian fighter jets entering Estonian airspace for twelve minutes, and
while Russia has denied the accusations of breaching European airspace,
(02:08):
NATO Sexuary General Mark Rutter will today join the alliance's
ambassadors to discuss the recent provocations. Now, in Vidia plans
to invest one hundred billion dollars in Open AI in
a deal that underlines the booming demand for AI tools
like chat GPT. The tie up will fund new data
(02:29):
centers and infrastructure equipped with Nvidia's advanced chips, and Vidia
CEO Jensen Wong discussed the partnership on CNBC.
Speaker 4 (02:37):
There's never been an engineering project, a technical project of
this complexity, in this scale ever, And it really just
says that AI was in the early adopter phase in
the labs, and finally it's breaking out into just about
every single industry, every single use case we can imagine.
Speaker 2 (02:54):
In that same interview, open AIS CEO Sam Altman says,
this is brit to everything that they want to do
moving forwards.
Speaker 5 (03:03):
Without doing this, we cannot deliver the services people want.
We can't keep making better models. And now that we
really see what's on the near term horizon of how
good the models are getting, the new use cases that
are being enabled, what people want to do, this is
like the fuel that we need to drive improvement, to
drive better models, to drive revenue everything.
Speaker 2 (03:19):
The two men spoke to CNBC to mark the deal,
which is the latest and largest in a string of
investments by Nvidia. The chip making giant is using its
financial might to make sure its technology remains at the
heart of AI tools well. The S and P five
hundred logged its twenty eighth record high this year as
(03:40):
in Vidia search after news of its one hundred billion
dollar open AI partnership. Although doubts are growing about the
returns from artificial intelligence. A new report from Bain and
Company warns that by twenty thirty, AI firms will need
two trillion dollars a year in revenue. That's in order
to fund data centers and computing power, but their revenues,
(04:03):
according to the consulting firm, may fall short by eight
hundred billion dollars. It adds that if scaling trends hold up,
AI will strain global supply chains and energy systems. The
US demand alone would account for half the projected two
hundred gigawatts of computing power needed by twenty thirty. Here
(04:25):
in the UK, more than eighty percent of executives at
London listed firms say that they have considered either a
secondary listing or moving to a different stock market. The
poll of one hundred and fifty business leaders by broker
Deutsche Numis suggests low valuations are still worrying the corporate world.
Bloomberg's James or Coock has more.
Speaker 6 (04:45):
If four and five of the people at your birthday
said they had thought about leaving, it would be a
pretty miserable affair. Nu MISUS annual survey of executives suggests
that's the case for the London stock exchange. Low valuations
has seen is the key factor, but it's not all
bad news. New York is seen as losing some of
its appeal. One of those polls saw London as an
(05:08):
attractive venue for IPOs, and nearly all of them thought
the government's coming pension reforms would drive growth in the
equity market in London. James Wilcock Bloomberg Radio.
Speaker 2 (05:19):
FED Governor Stephen Myron says that interest rates should be
much lower to avoid economic damage. In his first policy
speech since joining the Central Bank, he argued that the
neutral rate has been pushed lower by tariffs, immigration restrictions,
and tax policy. It's a view that aligns Myron with
Donald Trump, who appointed him, but makes him an outlier
(05:40):
in terms of US policymakers. Speaking to Bloomberg, Shillahem, I've
seen he denied being directly influenced by the President.
Speaker 7 (05:49):
He's never asked me to say paulsy in a specific way,
so anyery, he never asked me. It's never happened. I
knew my job as trying to provoke in interesting discussion.
That will help, that will help the FMC arrive at
arrive at clearer understandings of wit the economy works and
where Monterey Polis should be.
Speaker 2 (06:08):
Set Stephen Myron speaking there during an event at the
Economic Club of New York. He added that he is
likely to continue to dissent at future FED meetings. Until
his appointment to the FED, Myron served as chair of
the White House Council of Economic Advisors. He didn't resign
from that post, but is taking an unpaid leave of
absence and larc Disney says that ABC's Jimmy Kimmel Live
(06:32):
will be back on air on Tuesday after a brief suspension.
The network pulled the late night show on the seventeenth
of September because of remarks that Kimmel made about the
alleged assassination of the conservative activist Charlie Kirk. But despite
the return, Bloomberg's Chris palm Mary says, questions remain over
the presenter's next steps.
Speaker 8 (06:53):
There have been discussions at the highest level we understand
from Disney CEO Bob Vieger and Dana Walden, the head
of TV, directly with Jimmy Kimmel himself, over what the
future would hold. Right now, we don't know how any
details in terms of what he's going to say on Tuesday,
But part of that has you know, there have been
calls from some of the station owners for him to
(07:14):
apologize to Charlie Kurk's family, even make a donation.
Speaker 2 (07:19):
So that was b bigs. Chris Palmery there in Los Angeles.
ABC made the decision to Paul Kimmel's program after two
station owners, Next Star and Sinclair, said that they would
preempt Kimmel indefinitely. The company says that it has since
had quote thoughtful conversations with Kimmel, but gave no details
on how the show will address the controversy. Jimmy Kimmel's
(07:41):
contract with the network runs until twenty twenty six. So
those are some of our top stories for you this morning.
Looking at the markets, Asian stocks still hovering near a
record but struggling to find new propellers. So the cs
I three hundred is actually down by one point two percent,
the Hank says. Also, the Old Country World Index is flat.
(08:02):
The MASCI Asia Pacific Index is actually slightly nudging into
the red. This after Wall Street's record again the S
and P five hundred climbing to a fresh record high
twenty eighth for this year. Remember David Costin of Gold
and Sacks boosted their three month price target for the
S and P five hundred to six eight hundred on Friday,
so some people do still see more gains. European stocks
(08:25):
struggled the little change that the closed yesterday. Still futures
for Europe are up just about a tenth of one
percent in the red for the US looking at ten
year treasury yields ahead of the inflation figure that we
don't get till Friday four fourteen for ten year US
treasury yields. Of course, Hong Kong though partly down this
morning as the city faces damage from Typhoon Ragasa, so
(08:50):
really a very very damaging typhoon, the worse since twenty eighteen.
Gold has also hit record highs today. Those are the
markets now. In a moment, I'm going to bring you
the la on the increasing tensions between Russia and NATO,
as well as my conversation with the French economist and
author of Cattle in the twenty first Century, Thomas Picketty,
(09:11):
talking about the wealth tax, much discussed in France right now.
But before we get into those conversations, another story caught
my attention this morning. This is cosmetic procedures that apparently
are offering a big result minimal downtime. Bloomberg's Arvalis Vonilla
Ramos has been writing about this, summarizing all the many
(09:35):
surgical and injectible beauty treatments out there, speaking to six
dermatologists and plastic surgeons. I just love the breadth of
the things that our writers are interested in, and I'm
sure that you are too. So she's got the non
invasive soft wave MFHASE skin boosters, but of course she
goes to botox, still the king of injectables, but she
(09:55):
talks a lot about how it's being used in new
and different ways. I found it quite quite kind of fascinating. Also,
I am slightly squeamish, so I found it a bit
strange too, all the doctors that she spoke to for
the article saying, don't confuse minimally invasive and quick recovery
times with it being easy. The treatments need someone you
(10:19):
know with a degree of expertise to perform. But also
she points out, you know just how much more discerning
and knowledgeable a lot of users of these treatments are now. Anyway,
I thought it was a really interesting story so I'm
going to put a link to it in our show
notes so that you can read about all of these wonderful,
weird and wonderful new creations for you now. Baltic leaders
(10:42):
say that Russia is testing NATO after three armed fighter
jets entered Estonian airspace last week, and there were the
drone incursions into NATO member states Poland and Romania earlier
this month. So I wanted to discuss this top story
this morning, the kind of lurking threat in Europe. Stuart
Livingstone Wallace heads Bloomberg's coverage in Greater Russia as well
(11:03):
as the Middle East in North Africa, and he joins
me today Stuart, good morning. How would you assess the
level of pressure and probing by Vladimir Putin against NATO
right now?
Speaker 9 (11:16):
Yeah, good morning, Caroline.
Speaker 10 (11:17):
I mean it is, I suppose deeply concerning in some
respects because while you know, since the war in Ukraine
started we have had the odd missile and drones and
austral into surrounding territory. I think most people have assumed
those sort of mistakes either you know the computers were
(11:37):
jammed or you know mistakes were made. This looks a
lot more deliberate, and it looks very concerted, and as
you say, the sort of it's happened so often now
that you know it can no longer be regarded as
a mistake, particularly on the scale that we've seen it,
you know, and we look at what the reaction has been.
So for instance, we had opponents Prime Minister Don tass
(11:57):
saying quite recently the sort of, in his view, the
closest we've come to open conflicts since World War Two.
Now that may be a slight exaggeration, but I think
it gives you a flavor of the deepening concern. And again,
what is unprecedented is that you've seen this mass reaction
from some of the NATO members at least to kind
of shore up that Eastern flank with this sort of
(12:20):
new mission that they have called Eastern Century, where you've
had you know, the lights of the UK flying fighter
jets into that zone to make it clear, hopefully to
the Russians that there will be consequences if they send
masses of drones or their own fighter jets into that airspace.
Speaker 2 (12:35):
Yeah, because the response in terms of what it looks
like at the moment from Estonia, you know, they don't
have great air defenses or not substantial ones themselves in place.
Is that what I understand from this? And I suppose
the question is what may come next, you know, from NATO,
(12:56):
from Poland?
Speaker 10 (12:59):
I mean I think the steps are, you know, they
want to see how this new mission is received and
whether you get this sort of increasing instance. But there
is an open question mark if Russia continues to do this,
either in the the you know, the existing countries where
you've seen these incursions, or you know, a wider spread
of NATO members, what exactly is the NATA response, Because
at least on paper you have as you know, of
(13:20):
Article five, you know, will that actually be in forced?
And our suspicions are that that is kind of what
Russia is testing and trying to show may not be
worth the paper it's written on. And and by that
I mean, you know, are are the NATO members really
prepared to go to war? You know, should things escalate,
(13:42):
And that's that's not always clear, And particularly with regard
to the US, would the US really deployed, say there
was another incursion into Estonian airspace? Again, I think that's
what's being tested here, and certainly you've seen the sort
of the bulk of NATO members very clearly trying to
send that signal. But absolutely that's what would happen. Now,
(14:02):
whether that is successful or not, I guess we'll see
over the next few weeks.
Speaker 2 (14:07):
Yeah, signal, counter signal and actions. What's the latest then
when it comes You mentioned the US and they're pushed
to pressure Russia over its war in Ukraine, but not directly,
rather via third party countries. And what they buy from
Russia oil and LNG.
Speaker 10 (14:26):
Yeah, I mean, in short, not terribly successful. So just
to sort of, you know, throw a few stats out there,
I mean, when you're looking at LNG for instance, you know,
the energy is still flowing, and based on our reporting
from gosh, it was about a week ago or so
out of Asia, it looks like China seems to be
(14:47):
setting up a system to import regular cargoes of energy
from a Russian project, which is the Sacline project that
is already sanctioned by the US. On the oil side, again,
our reporting would seem to indicate that Russia's cruise shipments
are at a three month high, you know, driven primarily
out of the Black Sea, but you know, more widely
(15:07):
than that, so at least based on the evidence that
we can see now, it doesn't seem to be having
much of an impact. Again, that situation can change very quickly.
So for instance, if the US decides that it's going
to impose much harder secondary sanctions, if it's actually going
to enforce them, of it's going to have financial points
for it, then then we may see that change. But
based on the data we can see now, it doesn't
(15:28):
seem to be a lot of evidence that Russia's energy
exports are collapsing.
Speaker 2 (15:33):
Okay, Suett, thank you so much for being with me today.
Livingstone Wallace, who heads our coverage of Greater Russia as
well as the Middle East and North Africa. So talking
about NATO's response to the airspace incursions into NATO countries
here in Europe. Stay with us. More from Bloomberg Daybaqube
coming up after this. Thomas Picketty is one of the
(15:58):
world's most well known and popular economists. His best selling book,
Capital in the twenty first Century argued for wealth taxes
some decade ago to address inequality in society. Now he's
been telling me that in France, where his ideas could
be put into reality, billionaires should be taxed like anyone
(16:19):
else and even be arrested at the airport if they
try to avoid paying. We also talked about Rachel reevesil
on Mask and how France escapes its fiscal woes. I
began by asking him if he would endorse the proposal
from France's socialist lawmakers for a two percent tax on
wealthy people in the country.
Speaker 9 (16:41):
Oh, yes, this is the absolute minimum.
Speaker 11 (16:43):
I mean the probably that it's it's not going to
serve the you know, again, given the size of the
public that the size of all the new investments that's needed,
you know, that will not be sufficient. But yes, that's
a that's a useful minimum to stuff the two percent.
Speaker 2 (17:01):
There's a big debate about how much it's really going
to raise. You say that it's inevitable, that it has
to be done, and if you want to stay in power,
be in power in European countries and in France included,
you need it. But there's a massive debate about how
much annually that two percent wealth tax would actually raise
the high numbers of fifteen to twenty billion, but actually
as low as three point eight or below five billion
(17:23):
a year. You're obviously in the higher camp. But what
happens if it's much much less.
Speaker 11 (17:29):
The only way you can you can debate it by
four from twenty to five, is if you start from
the assumption that you know, top twels holders can evade
seventy five percent of the tax and there is nothing we.
Speaker 9 (17:44):
Can do about it.
Speaker 11 (17:44):
But you know, if you start from this assumption, you know,
you put yourself first.
Speaker 9 (17:49):
This is not a natural law.
Speaker 11 (17:50):
You know, you cannot say, oh, this is the law
coming from the sky. You know, his economic science has
told me that people can escape seventy five percent of
the tax. There's nothing you can do about it. But
you have to be very careful because when you make
this kind of claim and you pretain you talk in
the name of science of rationality, and you tell people
there's just no way we can make these people pay
(18:13):
the tax on there because everybody agree.
Speaker 9 (18:15):
You know, let's be very clear in terms of numbers.
Everybody agrees.
Speaker 11 (18:18):
At the top five hundred wealth soldiers in France, which
is exactly the people who are targeted by the tax,
have a total wealth of over one thousand billion. You're
one thousand, two hundred billion, So everybody agrees that two
percent of this is going to make twenty twenty five.
So if you want to reduce this tax free, you
(18:38):
estimate to five. If you want to divide it by four,
you have to say in one way or another that
you know you will be able to tax only one
quarter or the wealth of these people.
Speaker 9 (18:50):
So you have to make the client.
Speaker 3 (18:52):
It's just.
Speaker 2 (18:55):
Leave the country. That's the issues. If the people leave
the country.
Speaker 11 (18:58):
But they're still you can you can still be liable
to that.
Speaker 2 (19:01):
Yes, So then that's the idea of the five year plan,
even if you were to live.
Speaker 9 (19:08):
Yeah, I think the simplest way to do it.
Speaker 11 (19:10):
You know, in the US they say, as long as
you keep the US citizenship, it's forever. I don't think
that's at one possibility, but I don't think that's the
best way. I think a better way to do it
is more in proportion to the number of years of
residents you've spent in the country. So basically, if you
it's a very simple logic. You know, you've you've spent
your first fifty years in France, You've used French public infrastructure,
(19:33):
public education systems, public public France. For the legal system,
you know, how can you accumulate your wells without the
legal system then you go one year to free their land. Okay,
that's fine, but you still have to pay fifty fifty
first fraction, you know, close to ninety five percent of
the tax that you will be paying if you stay
in France. It's as simple as that. And then if
(19:55):
you don't want to pay it. You know, the thing
is that it's not as if these people you have
no relations with France. You know, they have lots of
relation with funds. They typically own buildings there, they have
families there. So if you don't pay it, you know,
you put yourself in the same position as any one. Yes,
we decide not to pay a tax, so you know,
your assets can be can be frozen, you can be
(20:17):
arrested at the airport.
Speaker 9 (20:18):
You know, that's the life of normal people.
Speaker 11 (20:20):
You know, normal people cannot decide that three quarters of
the tax they're supposed to pay, they can do away
with it. I mean, you would love to do that.
I would everybody would love to do that.
Speaker 2 (20:32):
Just very If the two percent tax does happen, consequences
for the stock market in France, for bond investors in France.
Do you think that it will spook markets? Will it
just will investor simply swallow it and move forward, or
will there be instant reaction? That's yeah, a lot of
my listeners are going to be thinking about this there
investors now not you know, in fifty one hundred years
time they want to that two percent tax comes in.
(20:54):
Would it have no consequence on French stocks, French bonds, theero.
Speaker 11 (21:00):
You know, this is not a very big change as
compared to the volume of transaction in general. So you know, frankly,
there are so many other factors that affect asset prices.
Speaker 9 (21:11):
So you know, in the long run.
Speaker 11 (21:13):
This is irrelevant because there are so many other factors
that are more important for the prospecty of the economy.
You know, much invest in education, in infrastructure and your
sultsy energy crises. This is what diner is prosperity in
the long run. In the short run, you know, lots
of things can happen. Some people would say, you know,
asset prices find a housing crisis.
Speaker 9 (21:35):
Yes, actually too high.
Speaker 11 (21:37):
So many people you know would not complain if they were,
if they were going.
Speaker 2 (21:41):
Younger, orth lip cent dropping house perces in France would
not bother anymore.
Speaker 11 (21:46):
Oh, I think in Paris and London you should go
down by fifty percent, you know, if you want a
middle class to be able.
Speaker 9 (21:52):
To find outing.
Speaker 11 (21:53):
So you know, why why why do you have such
high housing crisis in Paris or London?
Speaker 9 (21:58):
Well, probably because you.
Speaker 11 (21:59):
Have too many people with too much money that they
don't know what to do with it, so they just
drive up the prices too for apartments that they don't
even use. So you know, if you can, if you
can get these prices to go down, that's the best
policy you can do to to to to help you know, people,
normal people access access anything.
Speaker 9 (22:19):
So you know, don't panic is a general answer. You know,
be cool. You know, look, you know there's been again.
Speaker 11 (22:26):
If you look, if I look at my you know,
dayta in long run perspective, you know, the income scale
between you know, if I you know, the top one
percent and the bottom ten percent one to one hundred
one und years ago, it is maybe one to ten
today it has been divided by ten. If you are
told that to people one hundred years ago, because you
(22:48):
already had you know, business journalism, business people one hundred
years ago, if you have told them, okay, you're going
to have a progressive INCOMETAXT with you know, top tax
rate going to fifty sixty seventy eighty percent, size of
govern man going from ten percent of GDP to forty percent.
They would have told you one hundred years ago, Okay,
this is communism.
Speaker 9 (23:06):
The sky is going to fall, the world is.
Speaker 11 (23:09):
Going to disappear, no economic prosperity anymore.
Speaker 9 (23:12):
What did we have?
Speaker 11 (23:13):
We had the biggest period of prosperity ever observed in history.
Speaker 2 (23:17):
So they need a long perspect exactly one laspe this
kind of statement. Yeah, one last thought. Your ideas, to
my mind, confront those of simply like little masks in
the world's richest person with all of his clous he
wants to influence as a billionaire, not just the whole
host of businesses, but also politics also the way that
people think about the world. And that is the challenge,
(23:41):
isn't it is?
Speaker 9 (23:42):
How to You know?
Speaker 11 (23:43):
What's interesting is that the billionaire class, so to speak,
or side her business class in general. Now they know
that they cannot stay in power just by having her
business discourse, because in fact, they lose power very soon
if they do that. So they need to have this
sort of very national list anti migrant discourse if they want.
Speaker 9 (24:03):
To be in power.
Speaker 11 (24:03):
Look look at you know, the Conservative Party today in Britain.
They don't get to do something with reform and anti
migrant et cetera. It's going to be very difficult just
on the basis of pro business, a pro billionaire policy
to be elected, just because you know, for most people
this is not very appealing. So the choice is not
really between you know, whether you go for the billionaire
(24:26):
the most favored policy, or because people just don't run that,
the choice is more and more between sort of nationalism
and more sort of egalitarian universal policy. I like to
talk about democratic socialism. Some people prefer to talk about
social democracy for the twenty fifth century. You know, that's
fine with me, as long as we're talking about the
(24:49):
same thing. Is this going to be an easy fight? No,
because I think the nationalist discourse has a lot of
strength also in a way, because this is telling people, look,
we don't need this being complicated the international coalition, and
we don't you know, we just need to eat the migrants,
to eat the foreigners, to say that we are the
(25:10):
best in the world. And you know, if you are
power food state, particularly in the United States, but to
a lesser extend the latest state or the French type.
You know, you can sort of have the illusion that
this nationalist discourse is going to get you somewhere. The
reality is that it's not going to get you anywhere.
It's the low brand is just not going to solve
(25:30):
any of the problems. You know, is that going to
solve the climate problem in the US? Is this going
to solve the education? The house in the help is
not going to solve any problem. So I'm not saying
the fight is going to be easy. It's going to
be complicated. It's always been complicated. You know, every political
fight in the past which has driven us to a
(25:51):
more equal world has been very complicated. You know, the
creation of National Health Service in Britain nineteen forty five.
You know, you would have told that to people thirty
years before, fourteen before they left to you nowhere, the
end of the House of flor budgetary power in nineteen twenty,
we have told that forty years before. No way, It's
(26:12):
always been complicated. But what are the alternatives? You know,
the nationalist rhetoric that's not going to solve any of
the social problems that they create, big that they pretend
the missile. But this is a big fight but the
billionaire class, you know, why have they all become so reactionary,
you know Trump because they know that the pure pro
(26:35):
business discourse, you know, the actually cannot win. So they
have to find something else. And this something else is
quite ugly. Unfortunately, sometimes it's working. In the long run,
it's not good.
Speaker 1 (26:50):
This is Bloomberg day Break Europe, your morning brief on
the stories making news from London to Wall Streets and beyond.
Speaker 2 (26:56):
Look for us on your podcast feed every morning, on Apples,
to Fi and anywhere else you get your podcasts.
Speaker 1 (27:02):
You can also listen live each morning on London DAB Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (27:08):
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 (27:17):
I'm Stephen Carol. Join us again tomorrow morning for all
the news you need to start your day right here
on Bloomberg day Break Europe.
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
This is the Bluemink Day Bank you At podcast. Good morning,
It's Tuesday, the twenty third of September. I'm Caroline Hepgitt
in London. Coming up today. Poland's Prime minister threatens to
shoot down Russian jets that enter its territory, as Baltic
countries raise the alarm over Kremlin provocations. Nvidia announces plans
for a one hundred billion dollar investment in Open AI
(00:32):
as big tech drives stocks to another record high plus
the absolute minimum. Thomas Picketty tells me he believes French
proposals for a two percent wealth tax don't go far enough.
Let's start with a roundup of our top stories across Europe.
NATO countries are increasingly sounding the alarm over the thread
(00:54):
posed by Putin following a series of airspace violations. Speaking yesterday,
the EUS top diplomat Kaya Kalas said Russia is testing
us how far it can go is Sonia's foreign minister
meanwhile warned that Putin is playing with fire. Lithuania's president
went even further, saying Moscow is probing the West's commitment
(01:16):
to retaliate. Now The chorus of warnings came as Prime
Minister Donald Tusk declared that Poland is prepared to shoot
down foreign aircraft that cross into its territory without authorization.
Speaker 3 (01:31):
We are ready for any decision aimed at destroying objects
that might pose a threat to us, for example Russian
fighter jets if they violate, for example, flying over our
territorial waters.
Speaker 2 (01:45):
Polish Prime Minister Donald TuS speaking there via a translator,
after NATO downed Russian drones that crossed into Poland earlier
this month. That was followed last week by three armed
Russian fighter jets entering Estonian airspace for twelve minutes, and
while Russia has denied the accusations of breaching European airspace,
(02:08):
NATO Sexuary General Mark Rutter will today join the alliance's
ambassadors to discuss the recent provocations. Now, in Vidia plans
to invest one hundred billion dollars in Open AI in
a deal that underlines the booming demand for AI tools
like chat GPT. The tie up will fund new data
(02:29):
centers and infrastructure equipped with Nvidia's advanced chips, and Vidia
CEO Jensen Wong discussed the partnership on CNBC.
Speaker 4 (02:37):
There's never been an engineering project, a technical project of
this complexity, in this scale ever, And it really just
says that AI was in the early adopter phase in
the labs, and finally it's breaking out into just about
every single industry, every single use case we can imagine.
Speaker 2 (02:54):
In that same interview, open AIS CEO Sam Altman says,
this is brit to everything that they want to do
moving forwards.
Speaker 5 (03:03):
Without doing this, we cannot deliver the services people want.
We can't keep making better models. And now that we
really see what's on the near term horizon of how
good the models are getting, the new use cases that
are being enabled, what people want to do, this is
like the fuel that we need to drive improvement, to
drive better models, to drive revenue everything.
Speaker 2 (03:19):
The two men spoke to CNBC to mark the deal,
which is the latest and largest in a string of
investments by Nvidia. The chip making giant is using its
financial might to make sure its technology remains at the
heart of AI tools well. The S and P five
hundred logged its twenty eighth record high this year as
(03:40):
in Vidia search after news of its one hundred billion
dollar open AI partnership. Although doubts are growing about the
returns from artificial intelligence. A new report from Bain and
Company warns that by twenty thirty, AI firms will need
two trillion dollars a year in revenue. That's in order
to fund data centers and computing power, but their revenues,
(04:03):
according to the consulting firm, may fall short by eight
hundred billion dollars. It adds that if scaling trends hold up,
AI will strain global supply chains and energy systems. The
US demand alone would account for half the projected two
hundred gigawatts of computing power needed by twenty thirty. Here
(04:25):
in the UK, more than eighty percent of executives at
London listed firms say that they have considered either a
secondary listing or moving to a different stock market. The
poll of one hundred and fifty business leaders by broker
Deutsche Numis suggests low valuations are still worrying the corporate world.
Bloomberg's James or Coock has more.
Speaker 6 (04:45):
If four and five of the people at your birthday
said they had thought about leaving, it would be a
pretty miserable affair. Nu MISUS annual survey of executives suggests
that's the case for the London stock exchange. Low valuations
has seen is the key factor, but it's not all
bad news. New York is seen as losing some of
its appeal. One of those polls saw London as an
(05:08):
attractive venue for IPOs, and nearly all of them thought
the government's coming pension reforms would drive growth in the
equity market in London. James Wilcock Bloomberg Radio.
Speaker 2 (05:19):
FED Governor Stephen Myron says that interest rates should be
much lower to avoid economic damage. In his first policy
speech since joining the Central Bank, he argued that the
neutral rate has been pushed lower by tariffs, immigration restrictions,
and tax policy. It's a view that aligns Myron with
Donald Trump, who appointed him, but makes him an outlier
(05:40):
in terms of US policymakers. Speaking to Bloomberg, Shillahem, I've
seen he denied being directly influenced by the President.
Speaker 7 (05:49):
He's never asked me to say paulsy in a specific way,
so anyery, he never asked me. It's never happened. I
knew my job as trying to provoke in interesting discussion.
That will help, that will help the FMC arrive at
arrive at clearer understandings of wit the economy works and
where Monterey Polis should be.
Speaker 2 (06:08):
Set Stephen Myron speaking there during an event at the
Economic Club of New York. He added that he is
likely to continue to dissent at future FED meetings. Until
his appointment to the FED, Myron served as chair of
the White House Council of Economic Advisors. He didn't resign
from that post, but is taking an unpaid leave of
absence and larc Disney says that ABC's Jimmy Kimmel Live
(06:32):
will be back on air on Tuesday after a brief suspension.
The network pulled the late night show on the seventeenth
of September because of remarks that Kimmel made about the
alleged assassination of the conservative activist Charlie Kirk. But despite
the return, Bloomberg's Chris palm Mary says, questions remain over
the presenter's next steps.
Speaker 8 (06:53):
There have been discussions at the highest level we understand
from Disney CEO Bob Vieger and Dana Walden, the head
of TV, directly with Jimmy Kimmel himself, over what the
future would hold. Right now, we don't know how any
details in terms of what he's going to say on Tuesday,
But part of that has you know, there have been
calls from some of the station owners for him to
(07:14):
apologize to Charlie Kurk's family, even make a donation.
Speaker 2 (07:19):
So that was b bigs. Chris Palmery there in Los Angeles.
ABC made the decision to Paul Kimmel's program after two
station owners, Next Star and Sinclair, said that they would
preempt Kimmel indefinitely. The company says that it has since
had quote thoughtful conversations with Kimmel, but gave no details
on how the show will address the controversy. Jimmy Kimmel's
(07:41):
contract with the network runs until twenty twenty six. So
those are some of our top stories for you this morning.
Looking at the markets, Asian stocks still hovering near a
record but struggling to find new propellers. So the cs
I three hundred is actually down by one point two percent,
the Hank says. Also, the Old Country World Index is flat.
(08:02):
The MASCI Asia Pacific Index is actually slightly nudging into
the red. This after Wall Street's record again the S
and P five hundred climbing to a fresh record high
twenty eighth for this year. Remember David Costin of Gold
and Sacks boosted their three month price target for the
S and P five hundred to six eight hundred on Friday,
so some people do still see more gains. European stocks
(08:25):
struggled the little change that the closed yesterday. Still futures
for Europe are up just about a tenth of one
percent in the red for the US looking at ten
year treasury yields ahead of the inflation figure that we
don't get till Friday four fourteen for ten year US
treasury yields. Of course, Hong Kong though partly down this
morning as the city faces damage from Typhoon Ragasa, so
(08:50):
really a very very damaging typhoon, the worse since twenty eighteen.
Gold has also hit record highs today. Those are the
markets now. In a moment, I'm going to bring you
the la on the increasing tensions between Russia and NATO,
as well as my conversation with the French economist and
author of Cattle in the twenty first Century, Thomas Picketty,
(09:11):
talking about the wealth tax, much discussed in France right now.
But before we get into those conversations, another story caught
my attention this morning. This is cosmetic procedures that apparently
are offering a big result minimal downtime. Bloomberg's Arvalis Vonilla
Ramos has been writing about this, summarizing all the many
(09:35):
surgical and injectible beauty treatments out there, speaking to six
dermatologists and plastic surgeons. I just love the breadth of
the things that our writers are interested in, and I'm
sure that you are too. So she's got the non
invasive soft wave MFHASE skin boosters, but of course she
goes to botox, still the king of injectables, but she
(09:55):
talks a lot about how it's being used in new
and different ways. I found it quite quite kind of fascinating. Also,
I am slightly squeamish, so I found it a bit
strange too, all the doctors that she spoke to for
the article saying, don't confuse minimally invasive and quick recovery
times with it being easy. The treatments need someone you
(10:19):
know with a degree of expertise to perform. But also
she points out, you know just how much more discerning
and knowledgeable a lot of users of these treatments are now. Anyway,
I thought it was a really interesting story so I'm
going to put a link to it in our show
notes so that you can read about all of these wonderful,
weird and wonderful new creations for you now. Baltic leaders
(10:42):
say that Russia is testing NATO after three armed fighter
jets entered Estonian airspace last week, and there were the
drone incursions into NATO member states Poland and Romania earlier
this month. So I wanted to discuss this top story
this morning, the kind of lurking threat in Europe. Stuart
Livingstone Wallace heads Bloomberg's coverage in Greater Russia as well
(11:03):
as the Middle East in North Africa, and he joins
me today Stuart, good morning. How would you assess the
level of pressure and probing by Vladimir Putin against NATO
right now?
Speaker 9 (11:16):
Yeah, good morning, Caroline.
Speaker 10 (11:17):
I mean it is, I suppose deeply concerning in some
respects because while you know, since the war in Ukraine
started we have had the odd missile and drones and
austral into surrounding territory. I think most people have assumed
those sort of mistakes either you know the computers were
(11:37):
jammed or you know mistakes were made. This looks a
lot more deliberate, and it looks very concerted, and as
you say, the sort of it's happened so often now
that you know it can no longer be regarded as
a mistake, particularly on the scale that we've seen it,
you know, and we look at what the reaction has been.
So for instance, we had opponents Prime Minister Don tass
(11:57):
saying quite recently the sort of, in his view, the
closest we've come to open conflicts since World War Two.
Now that may be a slight exaggeration, but I think
it gives you a flavor of the deepening concern. And again,
what is unprecedented is that you've seen this mass reaction
from some of the NATO members at least to kind
of shore up that Eastern flank with this sort of
(12:20):
new mission that they have called Eastern Century, where you've
had you know, the lights of the UK flying fighter
jets into that zone to make it clear, hopefully to
the Russians that there will be consequences if they send
masses of drones or their own fighter jets into that airspace.
Speaker 2 (12:35):
Yeah, because the response in terms of what it looks
like at the moment from Estonia, you know, they don't
have great air defenses or not substantial ones themselves in place.
Is that what I understand from this? And I suppose
the question is what may come next, you know, from NATO,
(12:56):
from Poland?
Speaker 10 (12:59):
I mean I think the steps are, you know, they
want to see how this new mission is received and
whether you get this sort of increasing instance. But there
is an open question mark if Russia continues to do this,
either in the the you know, the existing countries where
you've seen these incursions, or you know, a wider spread
of NATO members, what exactly is the NATA response, Because
at least on paper you have as you know, of
(13:20):
Article five, you know, will that actually be in forced?
And our suspicions are that that is kind of what
Russia is testing and trying to show may not be
worth the paper it's written on. And and by that
I mean, you know, are are the NATO members really
prepared to go to war? You know, should things escalate,
(13:42):
And that's that's not always clear, And particularly with regard
to the US, would the US really deployed, say there
was another incursion into Estonian airspace? Again, I think that's
what's being tested here, and certainly you've seen the sort
of the bulk of NATO members very clearly trying to
send that signal. But absolutely that's what would happen. Now,
(14:02):
whether that is successful or not, I guess we'll see
over the next few weeks.
Speaker 2 (14:07):
Yeah, signal, counter signal and actions. What's the latest then
when it comes You mentioned the US and they're pushed
to pressure Russia over its war in Ukraine, but not directly,
rather via third party countries. And what they buy from
Russia oil and LNG.
Speaker 10 (14:26):
Yeah, I mean, in short, not terribly successful. So just
to sort of, you know, throw a few stats out there,
I mean, when you're looking at LNG for instance, you know,
the energy is still flowing, and based on our reporting
from gosh, it was about a week ago or so
out of Asia, it looks like China seems to be
(14:47):
setting up a system to import regular cargoes of energy
from a Russian project, which is the Sacline project that
is already sanctioned by the US. On the oil side, again,
our reporting would seem to indicate that Russia's cruise shipments
are at a three month high, you know, driven primarily
out of the Black Sea, but you know, more widely
(15:07):
than that, so at least based on the evidence that
we can see now, it doesn't seem to be having
much of an impact. Again, that situation can change very quickly.
So for instance, if the US decides that it's going
to impose much harder secondary sanctions, if it's actually going
to enforce them, of it's going to have financial points
for it, then then we may see that change. But
based on the data we can see now, it doesn't
(15:28):
seem to be a lot of evidence that Russia's energy
exports are collapsing.
Speaker 2 (15:33):
Okay, Suett, thank you so much for being with me today.
Livingstone Wallace, who heads our coverage of Greater Russia as
well as the Middle East and North Africa. So talking
about NATO's response to the airspace incursions into NATO countries
here in Europe. Stay with us. More from Bloomberg Daybaqube
coming up after this. Thomas Picketty is one of the
(15:58):
world's most well known and popular economists. His best selling book,
Capital in the twenty first Century argued for wealth taxes
some decade ago to address inequality in society. Now he's
been telling me that in France, where his ideas could
be put into reality, billionaires should be taxed like anyone
(16:19):
else and even be arrested at the airport if they
try to avoid paying. We also talked about Rachel reevesil
on Mask and how France escapes its fiscal woes. I
began by asking him if he would endorse the proposal
from France's socialist lawmakers for a two percent tax on
wealthy people in the country.
Speaker 9 (16:41):
Oh, yes, this is the absolute minimum.
Speaker 11 (16:43):
I mean the probably that it's it's not going to
serve the you know, again, given the size of the
public that the size of all the new investments that's needed,
you know, that will not be sufficient. But yes, that's
a that's a useful minimum to stuff the two percent.
Speaker 2 (17:01):
There's a big debate about how much it's really going
to raise. You say that it's inevitable, that it has
to be done, and if you want to stay in power,
be in power in European countries and in France included,
you need it. But there's a massive debate about how
much annually that two percent wealth tax would actually raise
the high numbers of fifteen to twenty billion, but actually
as low as three point eight or below five billion
(17:23):
a year. You're obviously in the higher camp. But what
happens if it's much much less.
Speaker 11 (17:29):
The only way you can you can debate it by
four from twenty to five, is if you start from
the assumption that you know, top twels holders can evade
seventy five percent of the tax and there is nothing we.
Speaker 9 (17:44):
Can do about it.
Speaker 11 (17:44):
But you know, if you start from this assumption, you know,
you put yourself first.
Speaker 9 (17:49):
This is not a natural law.
Speaker 11 (17:50):
You know, you cannot say, oh, this is the law
coming from the sky. You know, his economic science has
told me that people can escape seventy five percent of
the tax. There's nothing you can do about it. But
you have to be very careful because when you make
this kind of claim and you pretain you talk in
the name of science of rationality, and you tell people
there's just no way we can make these people pay
(18:13):
the tax on there because everybody agree.
Speaker 9 (18:15):
You know, let's be very clear in terms of numbers.
Everybody agrees.
Speaker 11 (18:18):
At the top five hundred wealth soldiers in France, which
is exactly the people who are targeted by the tax,
have a total wealth of over one thousand billion. You're
one thousand, two hundred billion, So everybody agrees that two
percent of this is going to make twenty twenty five.
So if you want to reduce this tax free, you
(18:38):
estimate to five. If you want to divide it by four,
you have to say in one way or another that
you know you will be able to tax only one
quarter or the wealth of these people.
Speaker 9 (18:50):
So you have to make the client.
Speaker 3 (18:52):
It's just.
Speaker 2 (18:55):
Leave the country. That's the issues. If the people leave
the country.
Speaker 11 (18:58):
But they're still you can you can still be liable
to that.
Speaker 2 (19:01):
Yes, So then that's the idea of the five year plan,
even if you were to live.
Speaker 9 (19:08):
Yeah, I think the simplest way to do it.
Speaker 11 (19:10):
You know, in the US they say, as long as
you keep the US citizenship, it's forever. I don't think
that's at one possibility, but I don't think that's the
best way. I think a better way to do it
is more in proportion to the number of years of
residents you've spent in the country. So basically, if you
it's a very simple logic. You know, you've you've spent
your first fifty years in France, You've used French public infrastructure,
(19:33):
public education systems, public public France. For the legal system,
you know, how can you accumulate your wells without the
legal system then you go one year to free their land. Okay,
that's fine, but you still have to pay fifty fifty
first fraction, you know, close to ninety five percent of
the tax that you will be paying if you stay
in France. It's as simple as that. And then if
(19:55):
you don't want to pay it. You know, the thing
is that it's not as if these people you have
no relations with France. You know, they have lots of
relation with funds. They typically own buildings there, they have
families there. So if you don't pay it, you know,
you put yourself in the same position as any one. Yes,
we decide not to pay a tax, so you know,
your assets can be can be frozen, you can be
(20:17):
arrested at the airport.
Speaker 9 (20:18):
You know, that's the life of normal people.
Speaker 11 (20:20):
You know, normal people cannot decide that three quarters of
the tax they're supposed to pay, they can do away
with it. I mean, you would love to do that.
I would everybody would love to do that.
Speaker 2 (20:32):
Just very If the two percent tax does happen, consequences
for the stock market in France, for bond investors in France.
Do you think that it will spook markets? Will it
just will investor simply swallow it and move forward, or
will there be instant reaction? That's yeah, a lot of
my listeners are going to be thinking about this there
investors now not you know, in fifty one hundred years
time they want to that two percent tax comes in.
(20:54):
Would it have no consequence on French stocks, French bonds, theero.
Speaker 11 (21:00):
You know, this is not a very big change as
compared to the volume of transaction in general. So you know, frankly,
there are so many other factors that affect asset prices.
Speaker 9 (21:11):
So you know, in the long run.
Speaker 11 (21:13):
This is irrelevant because there are so many other factors
that are more important for the prospecty of the economy.
You know, much invest in education, in infrastructure and your
sultsy energy crises. This is what diner is prosperity in
the long run. In the short run, you know, lots
of things can happen. Some people would say, you know,
asset prices find a housing crisis.
Speaker 9 (21:35):
Yes, actually too high.
Speaker 11 (21:37):
So many people you know would not complain if they were,
if they were going.
Speaker 2 (21:41):
Younger, orth lip cent dropping house perces in France would
not bother anymore.
Speaker 11 (21:46):
Oh, I think in Paris and London you should go
down by fifty percent, you know, if you want a
middle class to be able.
Speaker 9 (21:52):
To find outing.
Speaker 11 (21:53):
So you know, why why why do you have such
high housing crisis in Paris or London?
Speaker 9 (21:58):
Well, probably because you.
Speaker 11 (21:59):
Have too many people with too much money that they
don't know what to do with it, so they just
drive up the prices too for apartments that they don't
even use. So you know, if you can, if you
can get these prices to go down, that's the best
policy you can do to to to to help you know, people,
normal people access access anything.
Speaker 9 (22:19):
So you know, don't panic is a general answer. You know,
be cool. You know, look, you know there's been again.
Speaker 11 (22:26):
If you look, if I look at my you know,
dayta in long run perspective, you know, the income scale
between you know, if I you know, the top one
percent and the bottom ten percent one to one hundred
one und years ago, it is maybe one to ten
today it has been divided by ten. If you are
told that to people one hundred years ago, because you
(22:48):
already had you know, business journalism, business people one hundred
years ago, if you have told them, okay, you're going
to have a progressive INCOMETAXT with you know, top tax
rate going to fifty sixty seventy eighty percent, size of
govern man going from ten percent of GDP to forty percent.
They would have told you one hundred years ago, Okay,
this is communism.
Speaker 9 (23:06):
The sky is going to fall, the world is.
Speaker 11 (23:09):
Going to disappear, no economic prosperity anymore.
Speaker 9 (23:12):
What did we have?
Speaker 11 (23:13):
We had the biggest period of prosperity ever observed in history.
Speaker 2 (23:17):
So they need a long perspect exactly one laspe this
kind of statement. Yeah, one last thought. Your ideas, to
my mind, confront those of simply like little masks in
the world's richest person with all of his clous he
wants to influence as a billionaire, not just the whole
host of businesses, but also politics also the way that
people think about the world. And that is the challenge,
(23:41):
isn't it is?
Speaker 9 (23:42):
How to You know?
Speaker 11 (23:43):
What's interesting is that the billionaire class, so to speak,
or side her business class in general. Now they know
that they cannot stay in power just by having her
business discourse, because in fact, they lose power very soon
if they do that. So they need to have this
sort of very national list anti migrant discourse if they want.
Speaker 9 (24:03):
To be in power.
Speaker 11 (24:03):
Look look at you know, the Conservative Party today in Britain.
They don't get to do something with reform and anti
migrant et cetera. It's going to be very difficult just
on the basis of pro business, a pro billionaire policy
to be elected, just because you know, for most people
this is not very appealing. So the choice is not
really between you know, whether you go for the billionaire
(24:26):
the most favored policy, or because people just don't run that,
the choice is more and more between sort of nationalism
and more sort of egalitarian universal policy. I like to
talk about democratic socialism. Some people prefer to talk about
social democracy for the twenty fifth century. You know, that's
fine with me, as long as we're talking about the
(24:49):
same thing. Is this going to be an easy fight? No,
because I think the nationalist discourse has a lot of
strength also in a way, because this is telling people, look,
we don't need this being complicated the international coalition, and
we don't you know, we just need to eat the migrants,
to eat the foreigners, to say that we are the
(25:10):
best in the world. And you know, if you are
power food state, particularly in the United States, but to
a lesser extend the latest state or the French type.
You know, you can sort of have the illusion that
this nationalist discourse is going to get you somewhere. The
reality is that it's not going to get you anywhere.
It's the low brand is just not going to solve
(25:30):
any of the problems. You know, is that going to
solve the climate problem in the US? Is this going
to solve the education? The house in the help is
not going to solve any problem. So I'm not saying
the fight is going to be easy. It's going to
be complicated. It's always been complicated. You know, every political
fight in the past which has driven us to a
(25:51):
more equal world has been very complicated. You know, the
creation of National Health Service in Britain nineteen forty five.
You know, you would have told that to people thirty
years before, fourteen before they left to you nowhere, the
end of the House of flor budgetary power in nineteen twenty,
we have told that forty years before. No way, It's
(26:12):
always been complicated. But what are the alternatives? You know,
the nationalist rhetoric that's not going to solve any of
the social problems that they create, big that they pretend
the missile. But this is a big fight but the
billionaire class, you know, why have they all become so reactionary,
you know Trump because they know that the pure pro
(26:35):
business discourse, you know, the actually cannot win. So they
have to find something else. And this something else is
quite ugly. Unfortunately, sometimes it's working. In the long run,
it's not good.
Speaker 1 (26:50):
This is Bloomberg day Break Europe, your morning brief on
the stories making news from London to Wall Streets and beyond.
Speaker 2 (26:56):
Look for us on your podcast feed every morning, on Apples,
to Fi and anywhere else you get your podcasts.
Speaker 1 (27:02):
You can also listen live each morning on London DAB Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (27:08):
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 (27:17):
I'm Stephen Carol. Join us again tomorrow morning for all
the news you need to start your day right here
on Bloomberg day Break Europe.
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