November 24, 2025 • 16 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) President Donald Trump’s proposed Nov. 27 deadline to secure Ukraine’s support for a US-backed peace plan isn’t set in stone and could drift into the following week, US Secretary of State Marco Rubio said, suggesting that plenty of work remains.
(2) Chief executive officers are bracing for Rachel Reeves to pile further costs on their businesses in her budget — and some are warning they’ll slash investment in the UK if she does.
(3) BHP Group has walked away from a fresh takeover approach for Anglo American Plc, ending an unexpected and short-lived attempt by the world’s largest miner to thwart a planned tie-up between its smaller rival and Canada’s Teck Resources.
(4) British Prime Minister Keir Starmer unveiled a strategy to make critical minerals at home and reduce reliance on the fragile global supply chain.
(5) In President Donald Trump’s second term, crypto assets transformed his family’s wealth. Now the Trumps — and their followers — are getting a crash course in the wild volatility ingrained in digital currencies.
(6) Five years after being battered by Covid-19 and the rise of home working, Canary Wharf is making a comeback.
Podcast Conversation: How Breathwork Became the New Meditation
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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 Bloomberg DAYBAQ podcast. Good morning, It's Monday,
the twenty fourth of November. I'm Caroline Hepga in London.
Coming up today, we have the latest on America's Ukraine
peace plan and the secret Russia talks that blindsided Europe.
Top bosses tell Bloomberg they will slash investment in the
UK if this week's budget increases their costs and the
(00:33):
Diamond effect, how JP Morgan's office mandate has helped to
put the sparkle back into Canary Wharf. Let's start with
a roundup of our top stories. US Secretary of State
Marco Rubio has suggested that the present Trump's Thursday deadline
to secure Ukraine support for a US baked peace plan
(00:53):
isn't set in stone. Talks in Geneva between America and
Ukraine are understood to have made progress towards a deal,
but the two sides drafted an updated and refined peace framework.
Here is what Marco Rubio told reporters after the talks,
as my personal.
Speaker 3 (01:11):
View, that we've had probably the most productive and meaningful
meeting so far in this entire process. That since we've
been involved in front the beginning. We have a very
good work product that was already built on a foundation
as input from all the relative parties involved here, and
we were able to go through some of those items
now point by point, and I think we've made good progress.
Speaker 2 (01:31):
Marco Rubio was speaking after Bloomberg learned that the controversial
twenty eight point peace plan presented by the Trump administration
to Ukraine as a take it or leave it proposal
was largely the result of several weeks of behind the
scenes negotiations between US Special end Voice Steve Whitkov and
Russia's Kiril Dmitriyev. Those talks reportedly excluded not only Ukraine
(01:55):
and its allies, but also some key US officials, one
source telling us that Washington later asked Keev to confirm
that it had provided input into the proposals after it
became clear Moscow had played a significant role in shaping
the plan. Now Here in the UK, CEOs are warning
(02:16):
that they will cut investment into Britain if Chancellor Rachel
Reeves hits them in her annual budget. This Wednesday, Bloomberg
heard a range of worries from the bosses. It interviewed
about the budget, Gatwick Airport CEOs tou At Wingate told
us that tax rises could put the government's growth project
at risk. Bloomberg's James Walcock has more.
Speaker 4 (02:36):
Concern cost and lack of clarity. Those are words from
the bosses of Gatwick Airport, Phoenix and Butler's. The leaders
of three very different businesses are among the many who
spoke to Bloomberg about their fears around the upcoming budget
and unhappiness with the uncertainty it has caused. The government
is hoping to win companies background by announcing a pledge
(02:59):
to cut manufacture energy bills at the CBI's annual conference today,
But given at the same event last year, chances to
Rachel we've promised corporate Britain she wouldn't increase their taxes again,
the reception may be a bit more muted this time around.
In London, James Wilcock, Bloomberg Radio.
Speaker 2 (03:17):
In Deal's news, BHP has ended its attempt to acquire
fellow mining company Anglo American for a second time. In
a regulatory statement today, the company confirmed that it had
concluded preliminary discussions and is no longer considering a merger
of the two companies. Our mining and metal supporter to
Paul alan Hunt says, the deal would have been complicated.
Speaker 5 (03:39):
Well, it was never going to be easy. It certainly
wasn't going to be easy last year and it wasn't
going to be easy this time. We don't have a
lot of detail, I will say that at this point,
but we do know that it was script or shares
and cash. The premium that AHP would have had to
have offered to get a real serious recognition from Anglo
(04:01):
and have a proper discussion would have been significantly higher.
Speaker 2 (04:06):
Bloomberg reporter Paul alan Hunt speaking there, Bloomberg understands that
Anglo American rejected BHP's latest approach after deciding that it
was not superior to its plan tie up with smaller
Canadian firm Tech Resources. Tech and Anglo shareholders are set
to vote on their merger in early December, and the
deal still needs regulatory approval. The UK government is putting
(04:30):
fifteen million pounds towards making critical minerals in a bid
to loosen its reliance on China. Britain plans to fund
business to produce almost a third of Britain's needs from
domestic mining. And recycling. By twenty thirty five, China has
become the world's dominant supplier of rare metals, which are
crucial resources for advanced technology. Earlier this year, the country
(04:54):
has started to restrict its exports as political leverage insident.
Donald Trump's second term crypto assets have transformed his family wealth. However,
they are now getting a crash course in the wild
volatility associated with digital currencies. Bloomberg's tiama at a bio has.
Speaker 6 (05:14):
More shares of the president's bitcoin hoarding social media company
are near an all time low, and the value of
a Trump branded mean coin has fallen by about a
quarter since August, according to the Bloomberg Billionaires Index. The
recent losses are all part of a broader crypto crash
that's wipe nearly one billion from the first family's fortune
(05:35):
since early September. The Trumps own a growing portfolio of
crypto ventures, including intricate deals that go beyond straight bets
on the value of digital currencies, but its retail investors
who backed Trump linked projects that stand to lose the
most from the drawdown. For example, any speculator who bought
Trump's mean cooin in its peak on inauguration weekend would
(05:58):
have lost almost the higher value of their investment by
this month. Despite the challenges, Eric Trump, the president's second
born son, has repeatedly urged investors to double down. In London,
Tea were at a Bayo Bloomberg Radio.
Speaker 2 (06:14):
And those are our top stories for you this morning. Well,
looking at the markets that bitcoin has seen some very
harsh twists as we're thinking about their in Teama's discussion
around President Trump. So Bitcoin, currently trading at just above
eighty seven thousand dollars, is down one percent this morning.
That's still better than Friday's lows, which hit about eighty thousand,
(06:36):
five hundred dollars, so we recovered a bit over the weekend,
but still a very tough few weeks for bitcoin seeing
a significant slum. European stop futures, though more broadly they
are higher eight tens of one percent, S and P
four hundred EVENI futures also are by half of one percent.
So again after a difficult week for US and European
egties last week, perhaps pointing to something more positive, this morning,
(06:58):
we did see some gains in a Japan may be
shot up for a holiday, but the mscias Pacific Index
up seven tenths of one percent, and trainers are increasing
bets on a FED interest rate cut for December. The
Bloomberg Dollar Spot index currently is flat and oil prices
this morning beginning to gain three tenths of one percent
half of breakthrough futures. So those are the markets now
at a moment. We are going to give you more
(07:21):
details on the latest when it comes to the evolving
Ukraine peace plan. Plus, after some lean years, Canary Wolf
is making a comeback here in London. But there's always
another story that gets my attention in the mornings. Are
you breathing deeply and well? Bloomberg Tiffany App has been
writing about how breath work has become the new meditation.
(07:41):
The idea of doing a class or something that we
do subconsciously may be a bit absurd, but with her
description of all the various techniques of controlling breathing to
calm your nervous system, perhaps it sounds a bit more appealing.
She has tried, I tell you so many different techniques,
including alternate nostril breathing, ujaya breathing which sort of mimics
(08:03):
the sound of ocean waves, and even hyperventilation which is
called holotropic breathing, which she said wasn't very pleasant, but
it's all part of the wellness industry that is booming.
I mean, the figures are staggering. Apparently it's going to
be worth nearly nine trillion dollars by twenty twenty eight.
The beauty of breath work, she says, is that within
(08:24):
a few breaths, you can alter your physiological state. So
perhaps this is the moment to take some deep breath now,
And as Tiffany says, you're not just thinking about relaxation,
you are commanding your body to shift into it. Maybe
you all need a bit of that. I'm going to
put a link to the story about breath work and
how important that is in our show notes for you.
(08:48):
Now to the negotiations over Ukraine, which continued on Sunday
in Geneva. The deadline for a deal seems more fluid
after comments from the US sector of Saint Marco Rubio,
but the basis for talks was a controversial twenty eight
point proposal that was agreed by the US and Russia
in secret talks. Joining US now as Bloomberg's Russia Economy
(09:09):
and Government editor Greg Sullivan, Greg good morning. What is
exactly in this deal and who is out in the
negotiating table after the latest round of talks in Switzerland.
Speaker 7 (09:20):
Well, as you said, a lot of this is fluid.
In Geneva, for instance, we had Ukraine, which was represented
by andre Yermak, He's Zelenski President, Vladimir Zelenski's powerful chief
of staff, and at the US was also there represented
by Secretary of Saint Marco Rubio, along with Army Secretary
Dan Driscoll and Special Envoy Steve Witkoff. Now, apparently out
of this Geneva talks came an updated and refined framework
(09:44):
document that supposedly reconciles positions in that original twenty eight
point proposal that you mentioned. Now, that proposal to end
the war was suddenly came up by Trump and he
has since been pressuring Ukraine to accept it. What we
know is that Russia can ttributed heavily to that plan,
and under Ukraine would have to withdraw troops from the
eastern parts of the Dundas that are currently controls and
(10:07):
that Russia has failed to occupy. We know that that
area would ostensibly become a neutral, demilitarized buffer zone recognized
as Russian. But there's other things too in that proposal,
such as there would be curbs on the size of
Ukraine's military and a prohibition of Ukraine ever joining NATO.
The remainder of the front line would be effectively frozen
(10:28):
under that proposal, and parts that Moscow does control would
effectively get recognition. They would, for instance, ay earlier illegally
annexed crime and LUNs, those would get recognition. So these
are very favorable terms to Russia. So Ukraine has been
pushing to get this Geneva talks, to get their own
points in front of the White House, and Rubio again
(10:49):
coming out of Geneva, described it as very productive. And
it does appear that there is some loosening of that
deadline which buys Ukraine a little bit of time.
Speaker 2 (10:58):
Okay, so a little bit more time maybe for further talks.
As you say, I mean, European allies have been pushing
back and did seem to be taken by surprise by
the blueprint that emerged. What is Europe doing then to
try to support Ukraine? I mean, the war has been
going on a long time and they did seem to
(11:19):
be blindsided by this peace proposal.
Speaker 7 (11:23):
Well, Funny enough, it wasn't just Europe that was blindsided.
We know that Whitcraff actually negotiated this plan with Creole
Dimetria of an envoy for President Putin, and actually Rubia
wasn't even fully looked until late and Trump found about
it later, though he blessed it once he was briefed.
As for Europe, throughout the entire Trump term, they've been
(11:44):
trying to get a seat at the table. They backed Ukraine,
they see Ukraine's security is tied up with their own,
and they've been trying to get a seat at the table.
Speaker 2 (11:51):
Now.
Speaker 7 (11:52):
They obviously were not involved in this twenty eight point plan.
It's actually unclear if the Americans even want to see
Europeans together with the Ukrainians. But they've been trying to
work with you Crane to draft a counter proposal to
push back on some of the terms that are less
favorable to Ukraine. They've been trying to buy Ukraine more time,
and they've also been bringing up the idea of a
security agreement for Ukraine. That's something that is very vague
(12:12):
in the original twenty eight point proposal and something that
Ukraine is hammered on. They need a security guarantee to
make sure that Russia just doesn't reignite conflict later on
down the road. So that's a bit of what Europe
has been trying to do.
Speaker 2 (12:26):
So then also what does it mean for Russia, Is
this in some way US appeasement of Putin?
Speaker 7 (12:32):
Well, if the twenty eight point proposal certainly does deliver
much what Russia wants and actually largely what it hasn't
been able to get through force, that makes the Geneva
meeting very important for Ukraine because they see this document
that Russia had a lot of input into that does
deliver a lot of what Russia wants, and they have
to push back on this and get their own points
in consideration for the White House. So it does look
(12:55):
like that Geneva meeting was somewhat successful for Ukraine, potentially
loosening that dead line. Ukraine has been pretty consistent that
it won't sacrifice it's on sovereignty, but you know, nonetheless
seating territory that it still controls and provisions like the
reduction on the size of its military that doesn't bode
well for Ukraine's future security.
Speaker 2 (13:15):
Okay, Greg, thank you so much for being with me
this morning. That is Boomberg's Russia Economy and Government editor
Greg Sullivan. Thank you, stay with us. More from Bloomberg
DAYBAQUB coming up after this. Now I want to turn
to something here in the UK. Canary Wolf seems to
be making a comeback five years after being battered by
COVID nineteen and the rise of homeworking. The East London
(13:37):
financial hub is seeing more bankers trek to the office
and even weekend visitors joining us. Now at Bloomberg's EMEA
Equities reporter Isabella Ward, good morning. Canary Wolf looked in
real danger, didn't it. Why are things brighter now?
Speaker 4 (13:52):
Yes?
Speaker 2 (13:53):
Good morning.
Speaker 8 (13:54):
So I've been looking at Transport for London data on
the number of commuters by rail and by tube, and
it turns out that in Canary Wharf the number of
visitors has finally exceeded pre pandemic levels. Of course, not
just in Canary Wolf, across all of London. They fell
off completely during lockdown and then they never really recovered
as this new era of working from home was ushered
(14:17):
in and in fact in the city in the West End,
they certainly haven't recovered yet. So Canary Wharf is certainly
a bright spot. We think a big reason for that
is because it's London's financial district, and really it's the
banks that have been leading the return to office movement.
You know, notably JP Morgan mandated earlier this year that
it's staff have to be back in five days a week.
(14:39):
They've got a massive footprint on that estate and so
that's certainly been part of the boost we've seen.
Speaker 2 (14:44):
The surprise is also that as you say Canary Wharf,
it's all the tall gleaming towers. It's the financial district,
but they are getting a slice of the leisure tourists
and the leisure visitor.
Speaker 4 (14:55):
Yeah.
Speaker 8 (14:56):
I mean this was part of the estate's strategy to
bring back visitor, to bring people who you know, not
just bankers, to make it more attractive for all types
of person. So as well as you know, a large
roster of bars and cafes, they've also been focusing on
other leisure activities. So I went down and people were
pointing me to like the Hungry Games on stage has
(15:16):
just opened, and you know, there's go karting and kids
play areas, and there was the open water swimming in
the summer, and actually the number of weekend visitors has
is fifty percent higher than it was pre pandemic, so
it certainly seems to be working.
Speaker 2 (15:31):
Yeah, well, you can get there more quickly because of
the Elizabeth line, now, can't you? Just lastly and briefly
on the financials for the Canary Wharf Route, which is
the landlord that's mostly in charge of the estate. They're
in by Brookfield and Kiltar, So.
Speaker 8 (15:43):
This will be quite a relief for them. They've been
hit by low demand, higher borrowing costs, They losing some
of their largest tenants like HSBC. They did get fresh
equity from Brookfield and Katar to fund this turnaround, so
the signs that it's working will certainly be a relief.
Speaker 1 (16:00):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (16:06):
Look for us on your podcast feed every morning, on Apple,
Spotify and anywhere else you get your podcasts.
Speaker 1 (16:12):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (16:18):
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 I'm Stephen.
Speaker 1 (16:28):
Carol 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 Bloomberg DAYBAQ podcast. Good morning, It's Monday,
the twenty fourth of November. I'm Caroline Hepga in London.
Coming up today, we have the latest on America's Ukraine
peace plan and the secret Russia talks that blindsided Europe.
Top bosses tell Bloomberg they will slash investment in the
UK if this week's budget increases their costs and the
(00:33):
Diamond effect, how JP Morgan's office mandate has helped to
put the sparkle back into Canary Wharf. Let's start with
a roundup of our top stories. US Secretary of State
Marco Rubio has suggested that the present Trump's Thursday deadline
to secure Ukraine support for a US baked peace plan
(00:53):
isn't set in stone. Talks in Geneva between America and
Ukraine are understood to have made progress towards a deal,
but the two sides drafted an updated and refined peace framework.
Here is what Marco Rubio told reporters after the talks,
as my personal.
Speaker 3 (01:11):
View, that we've had probably the most productive and meaningful
meeting so far in this entire process. That since we've
been involved in front the beginning. We have a very
good work product that was already built on a foundation
as input from all the relative parties involved here, and
we were able to go through some of those items
now point by point, and I think we've made good progress.
Speaker 2 (01:31):
Marco Rubio was speaking after Bloomberg learned that the controversial
twenty eight point peace plan presented by the Trump administration
to Ukraine as a take it or leave it proposal
was largely the result of several weeks of behind the
scenes negotiations between US Special end Voice Steve Whitkov and
Russia's Kiril Dmitriyev. Those talks reportedly excluded not only Ukraine
(01:55):
and its allies, but also some key US officials, one
source telling us that Washington later asked Keev to confirm
that it had provided input into the proposals after it
became clear Moscow had played a significant role in shaping
the plan. Now Here in the UK, CEOs are warning
(02:16):
that they will cut investment into Britain if Chancellor Rachel
Reeves hits them in her annual budget. This Wednesday, Bloomberg
heard a range of worries from the bosses. It interviewed
about the budget, Gatwick Airport CEOs tou At Wingate told
us that tax rises could put the government's growth project
at risk. Bloomberg's James Walcock has more.
Speaker 4 (02:36):
Concern cost and lack of clarity. Those are words from
the bosses of Gatwick Airport, Phoenix and Butler's. The leaders
of three very different businesses are among the many who
spoke to Bloomberg about their fears around the upcoming budget
and unhappiness with the uncertainty it has caused. The government
is hoping to win companies background by announcing a pledge
(02:59):
to cut manufacture energy bills at the CBI's annual conference today,
But given at the same event last year, chances to
Rachel we've promised corporate Britain she wouldn't increase their taxes again,
the reception may be a bit more muted this time around.
In London, James Wilcock, Bloomberg Radio.
Speaker 2 (03:17):
In Deal's news, BHP has ended its attempt to acquire
fellow mining company Anglo American for a second time. In
a regulatory statement today, the company confirmed that it had
concluded preliminary discussions and is no longer considering a merger
of the two companies. Our mining and metal supporter to
Paul alan Hunt says, the deal would have been complicated.
Speaker 5 (03:39):
Well, it was never going to be easy. It certainly
wasn't going to be easy last year and it wasn't
going to be easy this time. We don't have a
lot of detail, I will say that at this point,
but we do know that it was script or shares
and cash. The premium that AHP would have had to
have offered to get a real serious recognition from Anglo
(04:01):
and have a proper discussion would have been significantly higher.
Speaker 2 (04:06):
Bloomberg reporter Paul alan Hunt speaking there, Bloomberg understands that
Anglo American rejected BHP's latest approach after deciding that it
was not superior to its plan tie up with smaller
Canadian firm Tech Resources. Tech and Anglo shareholders are set
to vote on their merger in early December, and the
deal still needs regulatory approval. The UK government is putting
(04:30):
fifteen million pounds towards making critical minerals in a bid
to loosen its reliance on China. Britain plans to fund
business to produce almost a third of Britain's needs from
domestic mining. And recycling. By twenty thirty five, China has
become the world's dominant supplier of rare metals, which are
crucial resources for advanced technology. Earlier this year, the country
(04:54):
has started to restrict its exports as political leverage insident.
Donald Trump's second term crypto assets have transformed his family wealth. However,
they are now getting a crash course in the wild
volatility associated with digital currencies. Bloomberg's tiama at a bio has.
Speaker 6 (05:14):
More shares of the president's bitcoin hoarding social media company
are near an all time low, and the value of
a Trump branded mean coin has fallen by about a
quarter since August, according to the Bloomberg Billionaires Index. The
recent losses are all part of a broader crypto crash
that's wipe nearly one billion from the first family's fortune
(05:35):
since early September. The Trumps own a growing portfolio of
crypto ventures, including intricate deals that go beyond straight bets
on the value of digital currencies, but its retail investors
who backed Trump linked projects that stand to lose the
most from the drawdown. For example, any speculator who bought
Trump's mean cooin in its peak on inauguration weekend would
(05:58):
have lost almost the higher value of their investment by
this month. Despite the challenges, Eric Trump, the president's second
born son, has repeatedly urged investors to double down. In London,
Tea were at a Bayo Bloomberg Radio.
Speaker 2 (06:14):
And those are our top stories for you this morning. Well,
looking at the markets that bitcoin has seen some very
harsh twists as we're thinking about their in Teama's discussion
around President Trump. So Bitcoin, currently trading at just above
eighty seven thousand dollars, is down one percent this morning.
That's still better than Friday's lows, which hit about eighty thousand,
(06:36):
five hundred dollars, so we recovered a bit over the weekend,
but still a very tough few weeks for bitcoin seeing
a significant slum. European stop futures, though more broadly they
are higher eight tens of one percent, S and P
four hundred EVENI futures also are by half of one percent.
So again after a difficult week for US and European
egties last week, perhaps pointing to something more positive, this morning,
(06:58):
we did see some gains in a Japan may be
shot up for a holiday, but the mscias Pacific Index
up seven tenths of one percent, and trainers are increasing
bets on a FED interest rate cut for December. The
Bloomberg Dollar Spot index currently is flat and oil prices
this morning beginning to gain three tenths of one percent
half of breakthrough futures. So those are the markets now
at a moment. We are going to give you more
(07:21):
details on the latest when it comes to the evolving
Ukraine peace plan. Plus, after some lean years, Canary Wolf
is making a comeback here in London. But there's always
another story that gets my attention in the mornings. Are
you breathing deeply and well? Bloomberg Tiffany App has been
writing about how breath work has become the new meditation.
(07:41):
The idea of doing a class or something that we
do subconsciously may be a bit absurd, but with her
description of all the various techniques of controlling breathing to
calm your nervous system, perhaps it sounds a bit more appealing.
She has tried, I tell you so many different techniques,
including alternate nostril breathing, ujaya breathing which sort of mimics
(08:03):
the sound of ocean waves, and even hyperventilation which is
called holotropic breathing, which she said wasn't very pleasant, but
it's all part of the wellness industry that is booming.
I mean, the figures are staggering. Apparently it's going to
be worth nearly nine trillion dollars by twenty twenty eight.
The beauty of breath work, she says, is that within
(08:24):
a few breaths, you can alter your physiological state. So
perhaps this is the moment to take some deep breath now,
And as Tiffany says, you're not just thinking about relaxation,
you are commanding your body to shift into it. Maybe
you all need a bit of that. I'm going to
put a link to the story about breath work and
how important that is in our show notes for you.
(08:48):
Now to the negotiations over Ukraine, which continued on Sunday
in Geneva. The deadline for a deal seems more fluid
after comments from the US sector of Saint Marco Rubio,
but the basis for talks was a controversial twenty eight
point proposal that was agreed by the US and Russia
in secret talks. Joining US now as Bloomberg's Russia Economy
(09:09):
and Government editor Greg Sullivan, Greg good morning. What is
exactly in this deal and who is out in the
negotiating table after the latest round of talks in Switzerland.
Speaker 7 (09:20):
Well, as you said, a lot of this is fluid.
In Geneva, for instance, we had Ukraine, which was represented
by andre Yermak, He's Zelenski President, Vladimir Zelenski's powerful chief
of staff, and at the US was also there represented
by Secretary of Saint Marco Rubio, along with Army Secretary
Dan Driscoll and Special Envoy Steve Witkoff. Now, apparently out
of this Geneva talks came an updated and refined framework
(09:44):
document that supposedly reconciles positions in that original twenty eight
point proposal that you mentioned. Now, that proposal to end
the war was suddenly came up by Trump and he
has since been pressuring Ukraine to accept it. What we
know is that Russia can ttributed heavily to that plan,
and under Ukraine would have to withdraw troops from the
eastern parts of the Dundas that are currently controls and
(10:07):
that Russia has failed to occupy. We know that that
area would ostensibly become a neutral, demilitarized buffer zone recognized
as Russian. But there's other things too in that proposal,
such as there would be curbs on the size of
Ukraine's military and a prohibition of Ukraine ever joining NATO.
The remainder of the front line would be effectively frozen
(10:28):
under that proposal, and parts that Moscow does control would
effectively get recognition. They would, for instance, ay earlier illegally
annexed crime and LUNs, those would get recognition. So these
are very favorable terms to Russia. So Ukraine has been
pushing to get this Geneva talks, to get their own
points in front of the White House, and Rubio again
(10:49):
coming out of Geneva, described it as very productive. And
it does appear that there is some loosening of that
deadline which buys Ukraine a little bit of time.
Speaker 2 (10:58):
Okay, so a little bit more time maybe for further talks.
As you say, I mean, European allies have been pushing
back and did seem to be taken by surprise by
the blueprint that emerged. What is Europe doing then to
try to support Ukraine? I mean, the war has been
going on a long time and they did seem to
(11:19):
be blindsided by this peace proposal.
Speaker 7 (11:23):
Well, Funny enough, it wasn't just Europe that was blindsided.
We know that Whitcraff actually negotiated this plan with Creole
Dimetria of an envoy for President Putin, and actually Rubia
wasn't even fully looked until late and Trump found about
it later, though he blessed it once he was briefed.
As for Europe, throughout the entire Trump term, they've been
(11:44):
trying to get a seat at the table. They backed Ukraine,
they see Ukraine's security is tied up with their own,
and they've been trying to get a seat at the table.
Speaker 2 (11:51):
Now.
Speaker 7 (11:52):
They obviously were not involved in this twenty eight point plan.
It's actually unclear if the Americans even want to see
Europeans together with the Ukrainians. But they've been trying to
work with you Crane to draft a counter proposal to
push back on some of the terms that are less
favorable to Ukraine. They've been trying to buy Ukraine more time,
and they've also been bringing up the idea of a
security agreement for Ukraine. That's something that is very vague
(12:12):
in the original twenty eight point proposal and something that
Ukraine is hammered on. They need a security guarantee to
make sure that Russia just doesn't reignite conflict later on
down the road. So that's a bit of what Europe
has been trying to do.
Speaker 2 (12:26):
So then also what does it mean for Russia, Is
this in some way US appeasement of Putin?
Speaker 7 (12:32):
Well, if the twenty eight point proposal certainly does deliver
much what Russia wants and actually largely what it hasn't
been able to get through force, that makes the Geneva
meeting very important for Ukraine because they see this document
that Russia had a lot of input into that does
deliver a lot of what Russia wants, and they have
to push back on this and get their own points
in consideration for the White House. So it does look
(12:55):
like that Geneva meeting was somewhat successful for Ukraine, potentially
loosening that dead line. Ukraine has been pretty consistent that
it won't sacrifice it's on sovereignty, but you know, nonetheless
seating territory that it still controls and provisions like the
reduction on the size of its military that doesn't bode
well for Ukraine's future security.
Speaker 2 (13:15):
Okay, Greg, thank you so much for being with me
this morning. That is Boomberg's Russia Economy and Government editor
Greg Sullivan. Thank you, stay with us. More from Bloomberg
DAYBAQUB coming up after this. Now I want to turn
to something here in the UK. Canary Wolf seems to
be making a comeback five years after being battered by
COVID nineteen and the rise of homeworking. The East London
(13:37):
financial hub is seeing more bankers trek to the office
and even weekend visitors joining us. Now at Bloomberg's EMEA
Equities reporter Isabella Ward, good morning. Canary Wolf looked in
real danger, didn't it. Why are things brighter now?
Speaker 4 (13:52):
Yes?
Speaker 2 (13:53):
Good morning.
Speaker 8 (13:54):
So I've been looking at Transport for London data on
the number of commuters by rail and by tube, and
it turns out that in Canary Wharf the number of
visitors has finally exceeded pre pandemic levels. Of course, not
just in Canary Wolf, across all of London. They fell
off completely during lockdown and then they never really recovered
as this new era of working from home was ushered
(14:17):
in and in fact in the city in the West End,
they certainly haven't recovered yet. So Canary Wharf is certainly
a bright spot. We think a big reason for that
is because it's London's financial district, and really it's the
banks that have been leading the return to office movement.
You know, notably JP Morgan mandated earlier this year that
it's staff have to be back in five days a week.
(14:39):
They've got a massive footprint on that estate and so
that's certainly been part of the boost we've seen.
Speaker 2 (14:44):
The surprise is also that as you say Canary Wharf,
it's all the tall gleaming towers. It's the financial district,
but they are getting a slice of the leisure tourists
and the leisure visitor.
Speaker 4 (14:55):
Yeah.
Speaker 8 (14:56):
I mean this was part of the estate's strategy to
bring back visitor, to bring people who you know, not
just bankers, to make it more attractive for all types
of person. So as well as you know, a large
roster of bars and cafes, they've also been focusing on
other leisure activities. So I went down and people were
pointing me to like the Hungry Games on stage has
(15:16):
just opened, and you know, there's go karting and kids
play areas, and there was the open water swimming in
the summer, and actually the number of weekend visitors has
is fifty percent higher than it was pre pandemic, so
it certainly seems to be working.
Speaker 2 (15:31):
Yeah, well, you can get there more quickly because of
the Elizabeth line, now, can't you? Just lastly and briefly
on the financials for the Canary Wharf Route, which is
the landlord that's mostly in charge of the estate. They're
in by Brookfield and Kiltar, So.
Speaker 8 (15:43):
This will be quite a relief for them. They've been
hit by low demand, higher borrowing costs, They losing some
of their largest tenants like HSBC. They did get fresh
equity from Brookfield and Katar to fund this turnaround, so
the signs that it's working will certainly be a relief.
Speaker 1 (16:00):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (16:06):
Look for us on your podcast feed every morning, on Apple,
Spotify and anywhere else you get your podcasts.
Speaker 1 (16:12):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (16:18):
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 I'm Stephen.
Speaker 1 (16:28):
Carol 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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