US-China Breakthrough, HSBC’s $1.1B Madoff Hit, Gold Traders Talent War

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) HSBC raised its profitability outlook for 2025 even as earnings slid following an unexpected $1.1 billion provision tied to Bernard Madoff’s giant fraud case more than a decade ago.  (2) BNP Paribas’s trading unit suffered a hit from souring debt in the third quarter, adding to challenges for Chief Executive Officer Jean-Laurent Bonnafe after a string of recent setbacks. (3) Goldman Sachs Group Chief Executive Officer David Solomon downplayed concerns that have surfaced following the collapse of US firms First Brands Group and Tricolor Holdings, and said he doesn’t see any systemic risk looming in the credit market. (4) Amazon.com plans to cut corporate jobs in several key departments, including logistics, payments, video games and the cloud-computing unit, according to people familiar with the matter.  (5) Tom Hayes, the former star UBS Group AG trader who became the face of the Libor rigging scandal, sued his former employer accusing it of handing him over on a “silver platter” to global prosecutors in order to protect the bank and its senior leadership. (6) President Donald Trump hailed the US’s alliance with Japan, reaffirming ties with a longstanding partner and praising new Prime Minister Sanae Takaichi on her plans to ratchet up defense spending as the pair met in Tokyo. (7) France’s National Assembly adopted an amendment on Monday that would increase taxes on the country’s largest companies next year, part of the government’s effort to rein in the deficit and find compromises with opposition lawmakers.Europe's Solar Boom: In 2020, Europe installed 23 gigawatts of solar, according to BloombergNEF data. Each year since then a new record has been set, with some 69.2 gigawatts expected to be added this year, capping a more than quadrupling of capacity in the last decade. Podcast Conversation: London’s Black Cabs Face a Driverless ThreatSee omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) The Chinese Communist Party’s official mouthpiece called on the world’s biggest economies to “jointly safeguard hard-won achievements” from their latest trade talks, ahead of a high-stakes meeting between Donald Trump and Xi Jinping. (2) Top trade negotiators for the US and China said they came to terms on a range of contentious points, setting the table for leaders Donald Trump and Xi Jinping to finalize a deal and ease trade tensions that have rattled global markets. (3) HSBC will set aside $1.1 billion to cover litigation by investors who lost money in Bernard Madoff’s fraud, the latest global bank to face a significant hit from cases dating back years. (4) President Javier Milei’s party won Argentina’s midterm vote Sunday, a result that will give the libertarian leader a strong foothold in Congress to continue pursuing aggressive free-market policies that have won praise and a financial lifeline from Donald Trump.  (5) Former Bank of England Governor Mervyn King says the Labour government lacks a coherent economic strategy. (6) Trading houses, hedge funds and banks are on a hiring spree for specialist gold traders as interest in the metal soars, creating a battle for talent that is driving up pay packages in what has historically been a niche market. Podcast Conversation: Housekeeper Salaries Top $100,000 as Luxury Furniture BoomsSee omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to the next Fed meeting and earnings from U.S tech giants. In the UK – a look ahead to European defense earnings. In Asia – a look at top interviews from the APEC Finance Ministers' Meeting in South Korea. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) US President Donald Trump is aiming for a quick win in a pivotal Thursday meeting with Chinese counterpart Xi Jinping, even if the outcome falls short of the sweeping deal he’s teased on issues at the heart of the rivalry between the world’s two largest economies.(2) China needs a bolder spending package to mend the finances of households and companies, according to a central bank adviser, as signs of resilience in the economy mask the damage wrought by the trade war with the US.(3) Oil was on track for the biggest weekly gain since June after US sanctions on major Russian producers upended the market, raising the prospect for supply disruptions and greater demand for alternative grades.(4) Binance co-founder Changpeng Zhao has received a pardon from Donald Trump, one of the biggest moves yet by the president to fully embrace the crypto industry and give legal reprieves to some of its most prominent people.(5) Reform UK leader Nigel Farage says Bank of England Governor Andrew Bailey has "had a good run." Speaking to Bloomberg's Mishal Husain, he adds: "We might find someone new."Podcast Conversation: ChatGPT Is a Bad Personal Shopper — But It’s LearningSee omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) The Trump administration announced sanctions on Russia’s biggest oil producers, rolling out its first major package of financial punishments on President Vladimir Putin’s economy as part of a fresh bid to end the war in Ukraine.(2) The Trump administration is weighing export restrictions against China that would bar the purchase of a wide swath of critical software, a White House official said Wednesday.(3) Elon Musk, the world’s richest person, spent the end of Tesla’s earnings call pleading with investors to ratify his upcoming $1 trillion pay package and blasting the shareholder advisory firms that have come out against the plan.(4) SAP, Europe’s most valuable software company, reported third-quarter cloud revenue that missed analysts’ estimates in a sign that trade disputes and a weaker economy are weighing on sales.(5) A majority of European Union countries, including Germany and France, are calling for a systematic review of the bloc’s regulations by the end of the year to dismantle old rules that pose challenges for the competitiveness of its companies. Podcast Conversation: Wine Bars Are Booming Due to Casual Dining Trends, Tough EconomySee omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Gold and silver saw their steepest selloff in years as investors locked in profits on concern that the recent historic rally in the precious metals left them overvalued.(2) European nations are working with Ukraine on a 12-point proposal to end Russia’s war along current battle lines, pushing back against Vladimir Putin’s renewed demands to the US for Kyiv to surrender territory in return for a peace deal.(3) President Donald Trump said Tuesday he did not want to have “a wasted meeting” with Russian President Vladimir Putin, the latest sign that a planned second summit between the two leaders could be in jeopardy.(4) US President Donald Trump predicted an upcoming meeting with his Chinese counterpart, Xi Jinping, would yield a “good deal” on trade — while also conceding that the highly anticipated talks may not happen.(5) Netflix said a tax dispute with Brazil cut into third-quarter earnings, marring results that otherwise fell in line with Wall Street estimates.(6) The Bank of England warned of parallels between the $1.7 trillion private credit boom and the subprime debt crisis, as UK officials confirmed plans to subject the market to stress tests.Podcast Conversation: Sorry, Pop Mart, Labubu Is Just Not Lego or Pokemon: Shuli RenSee omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) US President Donald Trump has cast doubt on Ukraine's ability to defeat Russian forces, marking a dramatic shift from his previous view that the country could reclaim all of its territory.(2) The UK is preparing to spend "well over" £100 million to send its forces into Ukraine and provide aircraft for a stabilization force if a ceasefire agreement with Russia is reached.(3) Australia and the US have signed a pact to increase America's access to rare earths and other critical minerals in a deal to counter China's control over supply chains.(4) Sanae Takaichi has become Japan's first female prime minister and his preparing to announce her cabinet later today after winning a vote in the lower house of parliament.(5) Amazon Web Services. the world's largest cloud provider, said its operations have returned to normal after an internet outage disrupted many of the world's biggest websites and apps.(6) Shares in French bank BNP Paribas plummeted by almost eight per cent after a US court ruling linked it to human rights abuses in Sudan.Podcast Conversation: The Brazen, 7-Minute Jewelry Heist at the LouvreSee omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Israel launched strikes against Hamas in Gaza and reportedly suspended all aid shipments on Sunday after blaming Hamas for a lethal Palestinian ambush that left two soldiers dead.(2) The world-renowned Louvre museum in Paris was shut on Sunday after several pieces of invaluable jewelry were stolen in a brazen robbery.(3) China said the economy is still on track to reach this year’s expansion goal even after reporting the weakest growth in a year, with a boost from booming exports undermined by weak spending and investment.(4) President Donald Trump listed rare earths, fentanyl and soybeans as the US’s top issues with China just before the two sides return to the negotiating table and as a fragile trade truce nears expiration.(5) Software and computer services companies saw the biggest rise in profit warnings among UK-listed firms last quarter, according to a report from consultancy EY-Parthenon.(6) French bond futures declined after S&P Global Ratings downgraded its sovereign credit score, an unscheduled move that highlights the nation’s fiscal woes and places its debt at risk of forced selling by some funds.Podcast Conversation: A $1.2 Trillion Question: Can Conferences Be Less Terrible?See omnystudio.com/listener for privacy information.

Make sense of the world with one essential conversation, every week. Mishal Husain, one of Britain's best interviewers, brings her signature blend of curiosity and tenacity to weekly conversations with world leaders, business titans, and cultural icons, revealing who they really are and how they see the world changing around them.Follow the podcast wherever you listen, so you don't miss an episode.swap.fm/l/P1iueaQy5gndhEheLwN3See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to earnings from Tesla and Netflix. In the UK – a look ahead to European bank earnings. In Asia – a look ahead to a meeting between President Donald Trump and Australia Prime Minister Anthony Albanese. See omnystudio.com/listener for privacy information.