Understanding Challenges: Empathy and Awareness: Empathy and awareness are vital for navigating daily challenges. CEO Mike Gitlin emphasizes their importance. Small biz owners boost earnings with QuickBooks Money's high-yield accounts. China's Xi supports private businesses, but monetary policy may not be enough. The Fed's Waller suggests two more rate hikes to control inflation.
Empathy and awareness are crucial for understanding the challenges people face in their daily lives, whether it's in the workplace or in business. Capital Group CEO Mike Gitlin emphasized the importance of this in the latest edition of the Capital Ideas podcast. Meanwhile, in the business world, small business owners are making their money work harder by opening business bank accounts with QuickBooks Money, which now offers a 5% annual percentage yield. In the news, China's President Xi Jinping is showing greater support for private businesses as part of the country's post-pandemic recovery efforts. However, there are concerns that monetary policy may not be enough to support the economy, as some companies may use the funds to pay off existing debt instead of investing in growth. The Federal Reserve's Christopher Waller, on the other hand, believes that two more interest rate hikes may be necessary this year to keep inflation in check. Overall, these stories highlight the importance of empathy, awareness, and smart financial decisions in navigating the challenges of today's world. Whether it's in the workplace, in business, or in the economy, these principles can help us make a positive impact and succeed in the long run.
New Leadership at RBA and Changes in Public Sector Finance: The RBA gets a new governor, Michelle Bullock, while Rishi Sunak agrees to pay public sector workers more, increasing taxes for citizens. US banks face challenges with rising interest rates and regulations, and the UK government is urged to create a long-term investment plan.
There are significant changes happening in central banking and public sector finance. The Reserve Bank of Australia will see a new governor in Michelle Bullock, who will lead the institution through changes. Rishi Sunak, the UK prime minister, has agreed to pay rises for public sector workers, which will increase taxes for citizens without additional borrowing. Meanwhile, banks in America are facing challenges with rising interest rates and increased regulatory requirements, which could impact their revenue and dividends. Additionally, the UK government is being urged to create a long-term plan to attract investment and spur economic growth.
Latest Developments Impacting Industries and Economies: The CBI advocates for growth and productivity in the UK, but the Microsoft-Activision merger faces opposition from regulators. The Screen Actors Guild announced a strike in the entertainment industry, and the 2023 Women's World Cup begins in Australia and New Zealand, with intense competition for viewership.
There are various ongoing developments that could significantly impact different industries and economies. In the UK, Rae Newton Smith's voice is being heard again in government circles as the CBI pushes for growth and productivity. However, the UK's Competition and Markets Authority and the US Federal Trade Commission are opposing the Microsoft-Activision merger, potentially leading to concessions from the companies. Meanwhile, in the entertainment industry, the Screen Actors Guild announced a strike, which could affect upcoming film premieres and the overall recovery of the cinema industry. Additionally, the 2023 Women's World Cup is set to begin in Australia and New Zealand, with the battle for viewership intensifying in the sports world. These events underscore the importance of staying informed about the latest developments and their potential implications.
Women's Football World Cup: Financial Support Lags Behind Popularity: Despite growing popularity, the Women's Football World Cup faces financial challenges with late sponsorships and ticket sales, while efforts continue to close the pay gap and stimulate the Chinese economy with limited tools.
The Women's Football World Cup has seen a significant increase in popularity, but the financial support has not kept pace. Sponsors and TV rights deals have come in last minute, if at all. Ticket sales were 1.25 million, and while efforts have been made to bridge the pay gap between male and female football players, it's not yet been achieved. Meanwhile, the Chinese Central Bank has offered reassurance that the economy is on the path to recovery, but the room for substantial stimulus is limited. The central bank has existing tools, such as lowering the reserve requirement ratio and adjusting interest rates, that they could potentially use to stimulate the economy. Additionally, there have been signals of more support for private firms from the Chinese government, but specific policies have yet to be implemented.
Chinese government's tone towards tech firms may shift, Rishi Sunak's NHS pay offer criticized: The Chinese government may become more supportive of tech firms, but it's unclear if policies will change. Rishi Sunak's NHS pay offer is criticized as insufficient, falling below inflation.
That the Chinese government's tone towards tech firms may be shifting towards being more supportive, which could signal a reduction in regulatory scrutiny. However, it's essential to keep in mind that this could be more of a confidence play than an indication of specific policies being rolled out. In other news, Rishi Sunak's pay offer for NHS workers has been criticized by union leaders as being insufficient, with some accusing the government of driving doctors away from the health service. The offer, which is for 6% pay rises this year, falls below the current inflation rate of 8.7%. These developments highlight the ongoing challenges in both the Chinese tech sector and the UK's National Health Service.
Tensions Between Nurses, Government, Businesses, and Public: The Royal College of Nursing criticizes the government's pay negotiation approach, Archie Norman argues for improved corporate governance and shareholder communication, and Marks and Spencer promotes shareholder democracy and engagement, emphasizing the importance of fostering stronger connections between various stakeholders in society.
There are growing tensions between various stakeholders in the UK, including nurses and the government, as well as the business sector and the public. The Royal College of Nursing expressed frustration over the government's approach to pay negotiations during ongoing strikes. Meanwhile, Archie Norman, the chairman of Marks and Spencer, argued in an opinion piece that the bond between businesses and society has weakened, with fewer people owning equities and feeling disconnected from companies. Norman suggested simplifying corporate governance and improving shareholder communication as potential solutions. In response, Marks and Spencer launched a campaign for shareholder democracy and engagement. These developments highlight the need for stronger connections between different groups in society and the potential role of businesses in fostering those relationships.
China's Central Bank Signals No Major Stimulus & Hollywood Strike
Recent Episodes from Bloomberg Daybreak: Europe Edition
UPDATE: UK Debt At 100% of GDP, Inheritance Tax Fears & BOJ Holds Rates
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) Asian stocks extended a rally in global equities as jobs data backed the view that the US economy is headed for a soft landing. The yen gained as the Bank of Japan left interest rates unchanged.
(2) The Bank of England has given Chancellor of the Exchequer Rachel Reeves a £4 billion ($5.3 billion) lifeline to help ease spending pressures ahead of what she has said will be a tough first budget.
(3) The UK’s Labour government is considering raising wealth taxes. Small businesses and farmers fear liquidation if relief is cut.
(4) French Prime Minister Michel Barnier met with President Emmanuel Macron in Paris late on Thursday to propose a new government after two weeks of tense consultations with rival political groups.
(5) UK government borrowing came in higher than forecast in the first five months of the fiscal year, keeping Chancellor Rachel Reeves under pressure to raise taxes to balance the books in her budget next month.
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BOJ Holds Rates, Inheritance Tax Warning & Understanding Kamala Harris
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) Asian stocks extended a rally in global equities as jobs data backed the view that the US economy is headed for a soft landing. The yen gained as the Bank of Japan left interest rates unchanged.
(2) The Bank of England has given Chancellor of the Exchequer Rachel Reeves a £4 billion ($5.3 billion) lifeline to help ease spending pressures ahead of what she has said will be a tough first budget.
(3) The UK’s Labour government is considering raising wealth taxes. Small businesses and farmers fear liquidation if relief is cut.
(4) French Prime Minister Michel Barnier met with President Emmanuel Macron in Paris late on Thursday to propose a new government after two weeks of tense consultations with rival political groups.
(5) The German government has started an internal probe into its Commerzbank AG share sale after the transaction allowed UniCredit to swoop in and take a major stake in the lender.
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The Fed's Big Cut, More Devices Explode & Global Shadow Fleet Exclusive
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) Federal Reserve Chair Jerome Powell led his colleagues to an outsize interest-rate cut designed to preserve the strength of the US economy as risks to the labor market mount, marking an end to their single-minded focus on quashing inflation.
(2) Traders ramped up their bets on the pace of future US interest-rate cuts after the Federal Reserve reduced its benchmark by half a point and signalled more cuts coming this year.
(3) The Bank of England is likely to decide against cutting interest rates for a second straight meeting, maintaining a patient approach to reversing the most aggressive policy tightening in decades.
(4) Israeli Defense Minister Yoav Gallant declared what he called a “new phase” in the war with regional Islamist groups and said troops would be diverted to the Lebanese border, an indication that long-held fears of a wider conflict may soon be realized.
(5) The City of London thinks the UK could attract as much as £7.7 billion ($10.2 billion) more investment by 2030 if it did a better job of attracting foreign sovereign wealth.
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Exploding Pagers Blamed On Israel, Fed Cut Record Bets Risk & Baby Hedge Funds
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) Iran-backed Hezbollah accused Israel of orchestrating an attack that killed several people and left almost 3,000 wounded across Lebanon, increasing fears of an all-out war.
(2) Traders who are locked into record wagers tied to the Federal Reserve’s expected interest-rate cut Wednesday are risking sharp losses if officials opt for a standard-sized reduction.
(3) BlackRock Inc. and Microsoft Corp. are teaming up on one of the largest efforts to date to bankroll the build-out of data warehouses and energy infrastructure behind the boom in artificial intelligence.
(4) Steve Cohen has stepped away from the trading floor. While the billionaire hedge fund founder remains Point72 Asset Management’s co-chief investment officer along with Harry Schwefel, he’s no longer investing clients’ capital.
(5) The German Finance Ministry is sticking to a plan to sell off its entire stake in Commerzbank despite UniCredit's move to buy all the shares offered last week, according to people familiar with the matter.
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Rate Uncertainty Highest Since 2007, Amazon Ends WFH & Norway's Currency Slide
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On today's podcast:
(1) Not since the lead-up to the financial crisis have bond traders been so divided about the outcome of the next Federal Reserve decision.
(2) Donald Trump is poised to capitalize on the second attempt on his life in recent months, using the shocking development to try to snatch back the political momentum that Vice President Kamala Harris has enjoyed.
(3) Amazon.com Chief Executive Officer Andy Jassy is moving to streamline the world’s largest online retailer and cloud-computing company, cutting management layers and ordering employees to return to the office five days a week beginning in January.
(4) Intel Chief Executive Officer Pat Gelsinger has landed Amazon.com Inc.’s AWS as a customer for the company’s manufacturing business, potentially bringing work to new plants under construction in the US and boosting his efforts to turn around the embattled chipmaker.
(5) Stavanger harbor bustled in the sun on a recent afternoon, the hoisting cranes, working ships and rigs under construction testament to the city’s status as Norway’s oil capital, and the main source of its wealth. Stavanger harbor bustled in the sun on a recent afternoon, the hoisting cranes, working ships and rigs under construction testament to the city’s status as Norway’s oil capital, and the main source of its wealth.
(6) Keir Starmer said he’s looking to his Italian counterpart Giorgia Meloni for lessons on tackling so-called irregular migration, as Britain’s prime minister grapples with an issue fueling a rise in Western democracies of right-wing parties that are not natural allies of his center-left Labour government.
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Second Trump Assassination Attempt Jolts Presidential Race
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On today's podcast:
(1) Former President Donald Trump is safe after his Secret Service detail opened fire at a man who was wielding an assault rifle at his West Palm Beach, Florida, golf course Sunday, in what the Federal Bureau of Investigation called an apparent assassination attempt.
(2) Back in January, Premier Li Qiang trumpeted China’s success in exceeding its 2023 growth goal without resorting to “massive stimulus.” Repeating the same feat this year now looks less likely.
(3) The Bank of England looks set to stick to its tentative interest-rate cutting when it meets this week, defying skepticism from a growing cohort of investors who see a need for more aggressive action.
(4) Italy and the UK are poised to reaffirm their pledge to defend Ukraine as Prime Minister Keir Starmer travels to Rome to seek support for a proposal to let Kyiv use non-US long-range weapons against Russia.
(5) Widespread flooding in central and eastern Europe from days of unrelenting rain is playing havoc with rail transportation and causing more evacuations of residents as well as damage to homes and infrastructure.
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Daybreak Weekend: Fed Meeting, Eurozone Data, BOJ Decision
- In the US – a preview of next week’s Fed meeting and FedEx earnings.
- In the UK – a preview of Eurozone data.
- In Asia – a look at next week’s BOJ decision and TOKEN2049 Summit .
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ECB Uncertainty, Putin NATO Threat & OpenAI Launches 'Strawberry'
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) Clues on when the European Central Bank will next cut interest rates were in short supply on Thursday, with President Christine Lagarde and colleagues awaiting data on how drastically the economy is deteriorating — and how that will shift inflation.
(2) The US and UK governments are discussing allowing Ukraine to deploy British cruise missiles backed by US navigational data to conduct long-range strikes inside Russian territory, according to people familiar with the matter.
(3) The Bank of England's former Chief Economist -- Andy Haldane -- says the Chancellor's claim of a 22-billion pound 'black hole' in government finances is 'unnecessary, unhelpful' and a 'bad' idea.
(4) Republican Donald Trump ruled out appearing at another debate with Democrat Kamala Harris two days after he delivered an uneven performance at their first showdown of the election cycle.
(5) OpenAI is releasing a new artificial intelligence model known internally as “Strawberry” that can perform some human-like reasoning tasks, as it looks to stay at the top of a crowded market of rivals.
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Fed Rate Cut Bets Shrink, Trump Weighs Second Debate & The UK's Prison Problem
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) The bond market has ended its long flirtation with the Federal Reserve cutting interest rates by half a point this month as resilient inflation and labor market data reinforce a measured course of action.
(2) The European Central Bank is set to lower interest rates again, but will remain tight-lipped on the pace and extent of further action with inflation not yet fully defeated.
(3) Donald Trump said he is not inclined to have another debate with Kamala Harris after initially suggesting several additional matchups to supplement Tuesday’s forum.
(4) At least three top investment bankers from different securities firms have been detained by Chinese authorities since August, sending a chill through the industry.
(5) The early release of thousands of prisoners is a calculated move by the new government to relieve pressure on an aging system. Will it pay-off?
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Harris-Trump Fiery Debate, Yen Soars & Pensioner Benefit Cut Anger
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) Democrat Kamala Harris and Republican Donald Trump sparred through their first debate on ABC News, with the former president often on the defensive over abortion rights, the January 6 insurrection and on foreign policy. This podcast includes extracts from that ABC News debate.
(2) The Bank of Japan will continue to adjust policy going forward provided the economy performs in line with its projections, BOJ Board Member Junko Nakagawa said, in comments that bumped the yen to its highest level against the dollar since January.
(3) US banks scored a big break from regulators on new capital rules — only to ruin their own celebration with downbeat outlooks on lending.
(4) Keir Starmer received a warning shot from his own Labour Party over the difficult battles ahead as he tries to fix Britain’s public finances, after his government suffered a significant display of dissent over his decision to scrap winter fuel payments for most UK pensioners.
(5) Australian real estate listing provider REA Group Ltd. presented a £5.6 billion ($7.3 billion) takeover proposal for Rightmove Plc that was rejected by the UK’s biggest property portal by market value.
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Morgan Stanley CEO Speaks to Bloomberg; Trump Trial Date Up in the Air
Your morning briefing. The news you need in just 15 minutes.
On today's podcast:
1) Morgan Stanley CEO Says Trading Slump ‘Has Bottomed’
2) Trump Trial Date in Documents Case Is Up in the Air for Now
3) Pound Falls as UK Inflation Cools
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Is Money Evil? | Mo Gawdat Grills Rob
Rob is interviewed by entrepreneur, writer and ex-business officer for Google Mo Gawdat in this episode on all things money, entrepreneurship and the real Rob. Mo challenges Rob spiritually, emotionally, and intellectually and questions the morality of money too. Whether you are a fan of Mo’s or not, you won’t have heard an interview like this before!
Rob Reveals:
- Why Mo’s reaction to Rob was extreme
- How our lives condition our money beliefs
- How to become who you want to be
- His life mission
- What success is
- Why money is always predictable
- How to make your money work hard for you
- How to start your side-hustle
BEST MOMENTS
"I’m naturally a people-pleaser conflict avoider”
“Money isn’t what it is, money is what you are”
“No one gets anywhere without a bit of pain”
“To never discover who you really are would be one of the biggest failings”
“Maybe China will be the next reserve currency”
“You can’t beat the universe”
“Human nature is to desire what we don’t have”
“When you work hard, you are working hard for the government, not you”
VALUABLE RESOURCES
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ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”
“If you don't risk anything, you risk everything”
CONTACT METHOD
Rob’s official website: https://robmoore.com/
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LinkedIn: https://uk.linkedin.com/in/robmoore1979
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