Japan’s Ishiba To Resign; US-Japan Trade Deal | Horizons Middle East & Africa 07/23/2025

Japan’s Ishiba To Resign; US-Japan Trade Deal | Horizons Middle East & Africa 07/23/2025

♪ >> GOOD MORNING, THIS IS
HORIZONS, OUR TOP STORIES THIS MORNING: ISHIBA SET TO RESIGN AFTER AN
HISTORIC ELECTION SETBACK. HOURS AFTER A TARIFFS DEAL
BETWEEN U.S. AND JAPAN, INCLUDING ON CAR
PARTS. A U.S. WEAPONS AGENCY WAS COMPROMISED
BY A SHAREPOINT HACK. IN JAPAN, THE TRADE DEAL AND 15% BROAD BASED TARIFFS CREATED A MASSIVE WALL OF GREEN IN THE
NIKKEI, YOU CAN SEE IT SPREADING. EU FUTURES UP 1.1% AS INVESTORS
MOVE ON TO THE OTHER BIG DEAL THAT HAS TO BE SIGNED BEFORE
THE 1ST, SO A STRONG EU MOVE AND ALSO AUTOMAKERS IN JAPAN,
WE WILL TALK ABOUT THAT IN A MOMENT. BRENT DIPPED YESTERDAY ON THE
CONCERNS OVER NO DEAL AND GLOBAL DEMAND. NEWS OF THE JAPAN DEAL BOOSTED
THE ENERGY COMPLEX. WATCH OUT FOR ALPHABET AND IBM
REPORTING TODAY AND HERE IS A CHART SHOWING HOW MUCH THE
RALLY IS CENTERED IN MAG 7 STOCKS WITH ONLY 8% AT THOSE
HIGHS. SO IT IS BAD BREADTH WITH A D
TO BE CLEAR. AVRIL HONG IS STANDING BY, TAKE
US AWAY. AVRIL: THERE IS SO MUCH HAPPENING WITH
THE TRADE DEAL AND WHAT IS KEY IS THE 15% REPORTEDLY FOR AUTOS
IS SLOWER — LOWER THAN THE 25% TARIFFS. TOYOTA JUMPING BY THE MOST SINCE 1987 AND TRANSPORT STOCKS
ERASE DECLINES, HELPING THE TOPIX. THIS CLOSE IS THE HIGHEST SINCE
JULY BEFORE THE YEN CARRY UNWIND. PRESSURE ON JGBS AT THE SHORT
END AS THOUGH THE MEETING NEXT WEEK MIGHT BE A LIVE ONE. WEAKEST DEMAND ON THE 40 YEAR
SINCE 2011. WEAK ON THE JAPANESE CURRENCY AMID THE DEVELOPMENTS OF JAPAN
TODAY. JOUMANNA: THANK YOU. OTHER NEWS, MEDIA REPORTS SAY
ISHIBA WILL RESIGN BY THE END OF AUGUST, FOLLOWING POOR
ELECTION SHOWING. TRUMP SAYS THE U.S.
AND JAPAN WORKED LONG AND HARD TO SECURE THE AGREEMENT. >> WE WORKED ON IT LONG AND
HARD AND IT’S GREAT FOR EVERYONE.
DIFFERENT FROM THE DEALS IN THE PAST, I CAN TELL YA THAT.
JOUMANNA: LET’S BRING IN JILL DESIS.
THE U.S. AND JAPAN LOWERING THE TARIFFS
TO 15% FROM 25%, WHAT MORE DO WE KNOW ABOUT THE DETAILS? JILL:
THERE ARE A FEW THINGS ABOUT THIS, LIKE THE 15% RATE
COVERING U.S. IMPORTNS INCLUDING THE AUTO
SECTOR, THAT’S WHY YOU’RE SEEING A BOOST AND JAPAN WAS
STRUGGLING TO GET A DEAL. THE TARIFFS WERE 24% IN APRIL,
THEN 25% AND NOW 15% RATE. SO YOU ARE SEEING RELIEF. AND AS PART OF THIS IDEA OF A
550 BILLION DOLLAR JAPAN INVESTMENT FUND FOR THE U.S.,
THERE ARE QUESTIONS AS TO HOW THIS WORKS.
[COMPUTER TYPING SOUNDS] JILL:
THAT WAS A STANDOUT OF THIS AND WE WILL HAVE TO SIFT THROUGH
THE DETAILS TO SEE HOW THIS WORKS, BUT YES, IF YOU ARE
LOOKING FOR ALLEVIATION OF UNCERTAINTY, THIS GIVES YOU A
NUMBER TO WORK WITH. JOUMANNA: 10 YEAR YIELDS COULD AFFECT
THINGS, BUT LET’S PARK THAT. REPORTER: FACED A DEFEAT AND LOCAL MEDIA
SAY THE PM WILL RESIGN BY THE END OF AUGUST — WHAT MORE DO
WE KNOW? JILL: ISHIBA MADE HIS DECISION AFTER
THE LOSS OVER THE WEEKEND. WHEN HE CAME INTO POWER, LAST YEAR THE ELECTION DIDN’T GO
WELL. THIS TIME, HE LOST BOTH CHAMBERS OF PARLIAMENT WHICH
HAD NOT HAPPENED IN 50 YEARS. DAYS AGO, HE SAID HE WANTED TO
HANG ON, BUT WITH A LOSS OF JUST ONE CHAMBER, YOU DON’T SEE
THE PM HANGING ON FOR MORE THAN A FEW MONTHS. THE QUESTION WAS HAD HE LEFT BEFORE A TRADE DEAL WAS RESOLVED, WOULD THIS CREATE A
LEADERSHIP VACUUM? MAYBE ISHIBA HAS A PATHWAY OUT OF THE ROLE, BUT THAT SEEMS
NATURAL AFTER THAT LOSS ON SUNDAY. JOUMANNA:
YEAH, YEAH, YEAH. THANK YOU, JILL. JOINING US NOW IS THE HEAD OF
RESEARCH AT OCBC BANK. THE REACTION HAS BEEN BULLISH AND POSITIVE, WHAT ARE THE
KNOCK-ON EFFECTS FOR ASIA AND IS THIS A TEMPLATE TO FOLLOW? >> THE TRADE DEAL GOT A LOT OF HEADLINES, BUT INDONESIA AND
PHILLIPINES GOT A TRADE DEAL, WHICH LIGHLY — LIKELY DOES
GIVE HOPE WITH THE 550 BILLION COMMITMENT AND HOW IT WILL
SHAPE UP THE LABOR MARKET IN THE U.S. AND CREATE HUNDREDS OF THOUSANDS OF JOBS. THE EU
NEGOTIATIONS IS UNDERWAY, THAT IS THE OTHER BIG TRADE
AGREEMENT. IT GOT NOISY THIS MORNING WITH
ISHIBA’S DEPARTURE, BUT AS LONG AS THE TARIFFS IS LOWER THAN
LIBERATION DAY, THAT WILL LAND A POSITIVE SPIN AND NOW WILL BE
MORE SUCH ANNOUNCMENTS. WHETHER IT IS A SWEET DEAL, I’M
NOT SURE — JOUMANNA: — YEAH! OTHER COUNTRIES INKING DEALS
POSSIBLY, BUT LET ME ASK ABOUT U.S.-CHINA BECAUSE BLOOMBERG
THINKS THE U.S. ADMIN IS SOFTENING THEIR TONE
VIS A VIS CHINA AND THERE MAY BE A TRUMP-XI SUMMIT, SO HOW
WILL THAT PAN OUT? >> I THINK THE U.S.-CHINA
AGREEMENT WILL BE TRICKY BECAUSE IT WILL HAVE TO BE A
WIN-WIN FOR BOTH SIDES. CHINA HAVING TO GIVE AWAY
CYCLICALS WOULD SAVE FACE, SO THEY ARE WILLING TO STRIKE A
DEAL AND TALKS ARE ONGOING, SO HOPEFULLY WE WILL SEE POTENTIAL
ANNOUNCEMENT AND A SUMMIT MAY OR MAY NOT HAPPEN BEFORE 1ST
AUGUST — JOUMANNA: — YEAH! YEAH, SO WHAT I WANTED TO ASK IS HOW MUCH THE CHINESE ECONOMY DEPEND ON A TRADE DEAL WITH THE
U.S. TO BEEF UP COMPETITION. >> ANTI-INVOLUTION MEASURES ARE ONGOING TO FIGHT OFF THE EROSION OF PORFITS — PROFITS,
SO EXPORT DEMAND WOULD ALLEVIATE PRESSURE IN THE
CHINESE ECONOMY, BUT IT’S LIKE PROVIDING A FLOOR AND MAY NOT BE A HUGE PICK-UP BECAUSE TARIFFS WILL NBE HIGHER THAN
PRE-TRUMP, SO THERE WILL BE PRESSURE. JOUMANNA: YEAH… ARE YOU EXPECTING A BROAD
FISCAL BOOST ON REAL ESTATE? >> LAST WEEK, THERE WAS LOT OF HOPES FOR BIG BOOST OF PROPERTY
MARKET, BUT THIS TIME MAY BE DIFFERENT AND WE ARE LOOKING AT
MORE GRADUAL TYPE OF MEASURES. I FEEL THIS WILL HAVE A MORE
GRADUAL IMPACT. JOUMANNA: YEAH, YEAH. SELENA LING, HEAD OF STRATEGY
AT OCBC BANK. RESULTS FROM FAB, Q2 OPERATING
INCOME VERSUS THE ESTIMATE IS A BEAT. AS FOR PROFIT PRE-TAX, 6.7
BILLION DIRHAM AND IMPAIRMENTS ALSO LOWER AT 752 MILLION, SO
POSITIVE ON THE TOP, BOTTOM AND IMPAIRMENTS. RESULTS FROM THE UAE BANK AS WE
CONTINUE ON. WE SPEAK TO SAP ABOUT OIL.
THIS IS BLOOMBERG. JOUMANNA: OIL IS HIGHER AND TRUMP
UNANNOUNCED A DEAL WITH JAPAN AND THE PHILIPPINES AND JOINING
US IS THE FOUNDER OF SVB ENERGY. I HAVE BEEN MONITORING WILL AND TODAY WE HAD THE BIG ONE, DOES
THAT BOOST DEMAND? >> WE DISCUSSED THIS A LOT AND THE TARIFFS HAVE INDICATED
DEMAND AND NERVES HAVE BEEN CALLED —
CALMED, SO TRADE COULD GO INTO A POSITIVE RESULT SO THAT HAVE A POSITIVE IMPACT OVER DEMAND.
JOUMANNA: ARE YOU EXPECTING ENERGY , JAPAN IS LOOKING TO SET UP A
JV. STILL VERY EARLY, UNCLEAR IF IT WILL GO AHEAD BUT THE POINT IS,
WILL ENERGY AND LNG PURCHASES, U.S. OIL BE A PART OF THE MIX? SARA: SURE BECAUSE THERE IS CONFLICTS OVER DEMAND FOR FOSSIL FUEL,
THERE IS DEMAND IN JAPAN FOR NATURAL GAS.
FOR COUNTRIES LIKE JAPAN TRYING TO SEAL A DEAL FOR IMPORT OF LNG IS CRUCIAL AND THE U.S.
DISCUSSION IS ABOUT ENERGY ADDITION AND JAPAN IS A MAJOR
IMPORTER SO SEALING THOSE SUPPLIES IS IMPORTANT.
[COMPUTER TYPING SOUNDS] SARA: IT’S NOT JUST GOOD FOR THE
U.S., BUT CURCIAL — CRUCIAL FOR JAPAN. JOUMANNA: …YEAH. HOW DO YOU SEE THE MARKET
BALANCE BECAUSE AS WE GET TOWARD THE END OF THE SUMMER,
THE EXTRA SUPPLY MAY NOT BE DIGESTED, SO WHERE IS THE
MARKET HEADED BY THE END OF 2025? SARA: THERE IS A CAMP THAT THINKS THERE WILL BE OVER SUPPLY, BUT SO FAR, THERE IS NO SURPLUS AND THERE IS THE GEOPOLITICS AND
TARIFFS BETWEEN THE U.S. AND OTHER AISSIAN COUNTRIES.
[COMPUTER TYPING SOUNDS] SARA:
WE DON’T KNOW HOW THE WINTER WILL BE.
WE HAVE TO SEE THE INVENTORIES, THE SHALE PERFORMANCE, OPEC
PRODUCTION, DISCIPLINE, THESE ARE MULTIPLE FACTORS THAT WE
ARE NOT CLEAR ABOUT, BUT BACK TO YOUR QUESTION, WE DO NOT SEE
A SURPLUS IN THE MARKET. JOUMANNA: VERY CLEAR, SARAH FROM SVB
ENERGY, THANK YOU. COMING UP, TURKEY HUNTS FOR
COMMODITIES TO POWER THEIR ECONOMY, LIVE FROM ISTANBUL
LATER IN THE SHOW. THIS IS BLOOMBERG. GOOD MORNING, THIS IS HORIZONS. ALL EYES ON JAPAN AS THE PM
ISHIBA ANNOUNCES HIS RESIGNATION. THE REPORTS CAME HOURS AFTER A
TARIFF DEAL INCLUDING CAR PARTS FROM JAPAN. A U.S. WEAPONS AGENCY WAS COMPROMISED
BY A SHAREPOINT HACK. WAKING UP TO NEWS OF THE
JAPAN-U.S. TRADE DEAL WITH TARIFFS DOWN TO 15% IN JAPAN AND 19% IN
THE PHILIPPINES, BUT THE NIKKEI IS UP IN TRADE BOOSTED
BY AUTOMAKERS, GIVEN THEY WERE INCLUDED IN THIS LOWERING OF
TARIFFS. TOYOTA, SUBARU, SOARING TODAY,
UP MORE THAN DOUBLE DIGITS. S&P NOT DOING A WHOLE LOT.
BIG COMPANIES REPORTING THIS WEEK, TODAY WE GET TESLA
RESULTS, IBM AS WELL AS MICROSOFT.
BIG EARNINGS THIS AFTERNOON. EUROPEAN MARKETS, SEEN OPENING
UP MORE THAN 1.1 PERCENT BECAUSE THEY HAVE PRICED IN THE
OPTIMISM AROUND THE U.S. AND THE EUROPEAN UNION TRADE
DISCUSSIONS CLOSE TO THE AUGUST 1 DEADLINE IN THE OIL COMPLEX
ALSO REACTING TO POSITIVITY IN THE MARKETS. AND THE ACTUAL TARIFFS ARE
LOWER THAN WHAT WAS POSITED, SO LET’S LOOK AT SUB-SECTORS OF THE S&P, ONLY 8% OF THE STOCKS
WITHIN THAT ARE UP TO THE ONE YEAR HIGHES AND THAT IS WHY
THIS EARNINGS WEEK WILL DICTATE THE DIRECTION OF TRAVEL WITH
MANY STOCKS REPORTING THIS WEEK. AVRIL HONG IS STANDING BY TO WALK US THROUGH THE JAPANESE
ASSETS. AVRIL: WE ARE SEEING A RALLY IN
JAPAN’S AUTOMAKERS, FUELING APPETITE FOR CARMAKERS AND
LIFTING THE LIKES OF TOYOTA. ALMOST HISTORIC MOVES.
[COMPUTER TYPING SOUNDS] AVRIL:
WE ARE SEEING STOCKS GETTING LIFTED IN THE TOPICS ARE
DECLINES. DON’T FORGET, WE HAVE IT
TRAILING BEHIND THE KOSPI AND HANG SENG WHICH HAVE
OUTPERFORMING WITH 20 OR 30% GAINS. ALSO, STILL WEAKNESS IN JAPAN’S
CURRENCY, BUT WORTH NOTING WE ARE IN EARNINGS SEASON AND
WATCHING OUT FOR THE OUTLOOK FROM AUTOMAKERS AND THE 15%
TARIFFS ARE HIGHER THAN PRIOR TO LIBERATION DAY. JOUMANNA: YEAH, GOOD REMINDER. 15 IS HIGHER THAN 0, THANK YOU
SO MUCH. IN SOUTH AFRICA THE PRESIDENT
DUMPS HIS EMBATTLED EDUCATION MINISTER PAVING THE WAY FOR
BUDGET APPROVAL. ANOTHER SHAKEUP, JENNIFER, SO
WHAT LED TO THE FIRING? >> MANY ARE SAYING A COALITION
GOVERNMENT IS WORKING IN ACTION WITH THE SECOND SHAKE-UP IN WEEKS FROM THE PRESIEDENT —
PRESIDENT. PEOPLE WERE THREATENING TO HOLD UP THE BUDGET IF THEY DIDN’T SEE THE REMOVAL OF CORRUPT PARLIAMENT MEMBERS, LIKE THE
EDUCATION MINISTER, WHO WAS ACCUSED OF MISLEADING
PARLIAMENT, BUT WE HAVEN’T HEARD WHY SHE WAS REMOVED.
THE OPPOSITION SAYS THEY ARE PLEASED AND CAN NOW MOVE FORWARD, BUT WILL NTOT STOP GOING AFTER OFFICIALS THAT ARE
COMPROMISED. WE ARE WAITING FOR THE FINAL
NAIL IN THE COFFIN OF THE BUDGET IMPASS GETTING A VOTE TODAY AND FOR INVESTORS, IT IS GIVING THEM RELIEF AND
ACCOUNTABILITY. THE ANC SAY THE REMOVAL HAS
NOTHING TO DO WITH THE DA AND THE THREATS, BUT YOU HAVE TO
WONDER IF THE BUDGET HAD ANYTHING TO DO WITH THE REMOVAL.
JOUMANNA: WE WILL CONTINUE THAT WITH
IMPORTANT JUNE CPI DATA AND QUESTIONS ABOUT THE SOUTH
AFRICAN RESERVE BANK, SO JOINING US IS JEFFREY SHCULZ
FROM BNP PARIBAS. MOST EXPECT ACCELERATION IN THE
HEADLINE AND CORE CPI, SO WHAT DOESZ THAT DO TO DECISION
MAKING? >> GOOD MORNING, WE EXPECT AN
INCREASE IN THE HEADLINE RATES AS A RESULT OF FOOD PRICES AND
CORE INFLATION WILL MODERATE. THE LACK OF PRESSURES IN ENERGY
WILL BRING CORE INFLATION DOWN AND THIS IS IMPORTANT LONG TERM.
THAT IS WHY THEY CAN EASE RATES A BIT. JOUMANNA: THE INFLATION TARGET IS 3-6%, BUT
WHAT COULD THEY MOVE TO? A SINGLE DIGIT FIGURE LIKE
OTHERS AROUND THE WORLD? >> THE TARGET DEBATE IS A HOT
TOPIC AND THEY ARE DOUBLING DOWN SOONER RATHER THAN LATER. WE AGREE A 3% TARGET MAKES
SENSE AND PEER COUNTRIES HAVE SET IT THERE, SO IT MAKES SENSE AND THE TARGET CHNAGE — CHANGE WILL TAKE PLACE AROUND OCTOBER
ALONG THE LINES OF A 1% TOLERANCE BAN. THERE IS IMPETUS IN THE
TREASURY TO GET THIS OVER THE LINE. JEN: WE POSED THAT TO THE SOUTH
AFRICAN MINISTER, DO YOU THINK THIS TARGET BAND IS PRICED IN AND WHAT IS THE RISK IF WE
DON’T SEE THIS? >> BREAK EVENS HAVE RALLIED 115
BASIS POINTS SINCE THE DISCUSSION. IT WAS 3.7-3.8%, BUT IN FORWARD
MARKETS, THERE IS FEAR ABOUT PRICING THAT IN. THE MONETARY POLICY COMMITTEE HAS A DISLOCATION, BUT THE
TARGET CHANGE WAS STARTING TO BE PRICED. IN INTEREST RATES, THE MARKET
IS ON THE FENCE. >> AGAIN, USD DEPRECIATION IS CLOUDING THE OUTLOOK, SO IS IT
RIGHT TO BE CAUTIOUS? >> WE ARE IN UNCERTAIN GLOBAL
LANDSCAPE AND SOUTH AFRICA FACES A HIGHER TARIFF, SHOULD TRADE TALKS NOT BEAR FRUIT OVER THE NECXT WEEKS AND THIS IS A RISK TO CURRENCY, BUT WE ARE SEEING INFLATION LOOKING BETTER, AVERAGING 70 BASIS
POINTS LOWER. AND WE HAD A CONSTRUCTIVE
CURRENCY VIEW MEDIUM TERM. CAUTION IS WARRANTED AND WE
EXPECT A TWENTY FIVE BP CUT AND THEN A PAUSE TO SEE WHERE
INFLATION IS HEADING NEXT YEAR. JOUMANNA: JEFFREY FROM BNP, THANKS AND TO
JEN, ALSO THANK YOU. NOW FOR A LOOK AT OTHER STORIES, NIGERIA CENTRAL BANK
KEPT IT’S INTEREST RATES UNCHANGED.
ANNUAL INFLATION COOLED IN JUNE BUT UNDERLYING PRICE PRESSURES
QUICKENED. MANDA BAY VIA — NAMIBIA VALVES
TO INCREASE VALUE-ADDED MANUFACTURING AND TURKEY GOES
ON THE HUNT FOR COMMODITIES TO POWER ITS ECONOMY, DETAILS NEXT.
THIS IS BLOOMBERG. ♪ JOUMANNA:
WELCOME BACK TO HORIZONS, I’M JOUMANNA IN DUBAI. TURKEY IS HUNTING FOR COMMODITIES AND LEVERAGING ITS
CLOUT TO GET THEM. PATRICK SYKES JOINS US. WALK US THROUGH WHAT IS DRIVING
THE HUNT FOR ENERGY? >> WE HAVE SEEN STATE RUN
COMPANIES POPPING UP AND EALS FOR OIL TO GASS, LNG, METALS. AND GOLD, INCLUDING
EXPLORATION, TRADE, IMPORT. THE WHY IS ABOUT SECURITY AS
TURKEY IS ENERGY POOR, MORE CONSCIENCE OF THE VULNERABILITY.
[COMPUTER TYPING SOUNDS] AND NOW THEY WANT TO SECURE
SUPPLY BUT WE HAVE SEEN IN SOME STATEMENTS THEY WANT A PIECE OF
THE SUPPLY CHAIN BECAUSE WITH THAT WILL COME LEVERAGE SO IT
IS A GEOPOLITICAL MOVE. JOUMANNA:
YEAH, I MEAN, TURKEY IS NOT THE ONLY COUNTRY LOOKING AT THESE
RESOURCES. HOW CAN TURKEY COMPETE? PETER:
YEAH, CHINA IS INTERESTING. THEY’VE BEEN DOING THE SAME THING FOR DECADES, TARGETING TH E GLOBAL SOUTH WHERE THE WEST
COULDN’T COMPETE AND TURKEY IS LEVERAGING THEIR RELATIONS AND
TRADE, DIPLOMATIC AND DEFENSE TIES. THE PITCH IS BASED ON THE BLACK SEA GAS PROJECT THAT IS ONLINE
AND THEY ARE SAYING THEY HAVE THE KNOW-HOW AND THE SHIPS TO
EXPLORE, PLUS THERE IS A SOLIDARITY MESSAGE THAT THEY ARE DISTINCT FROM THE WEST AND
THE COLONIAL BAGGAGE THEY HAVE. JOUMANNA: HMM, INTERESTING. SOME EARNINGS COMING THROUGH FROM EQUINOR WITH Q2 INCOME
BELOW ESTIMATES. REVENUE IS A BEAT SO TOP LINE
BEAT VERSUS ESTIMATES AND THE STOCK IS DOWN NINE PERCENT WITH THE COMPANY IN LINE WITH
GUIDANCE, STRENGTHENING THEIR U.S. PORTFOLIO. THAT WAS EQUINOR, A BEAT ON THE
TOP LINE. THE U.S. NUCLEAR WEAPONS AGENCY
BREACHED BY A HACK. IT DETAILS NEXT, THIS IS
BLOOMBERG. ♪ JOUMANNA: WELCOME BACK. I’M JOUMANNA IN DUBAI AND WE ARE LEARNING ABOUT A
SHAREPOINT HACK BLAMED ON CHINESE HACKERS. ANNABELL DROULERS, WHAT DO WE
KNOW? >> YEAH, WELL, IT’S A — IT’S A HIGH PROFILE ATTACK OF THE
ENERGY DEPARTMENT IN THE U.S. THEY WOULD HAVE DETAILS ON U.S. STOCKPILES, BUT THERE HAS BEEN
AN ATTACK THAT MICROSOFT IS LINKING TO CHINA BACKED GROUPS AND WHAT WAS TAKEN IS UNCLEAR.
THEY SAY NOTHING WAS COMPROMISED BUT THERE IS THE FLORIDA DEPARTMENT OF REVENUE,
GOVERNMENTS, BUSINESSES ALL HACKED. JOUMANNA: GIVEN THAT THESE WERE STATE
SPONSORED, WILL THAT HAVE BROADER RAMIFICATIONS AND HOW
DID THIS HAPPEN? >> THIS IS NOT THE FIRST
HACKING GROUP, BUT THERE ARE TWO OF THE GROUPS LINKED TO CHINA AND A THIRD GROUP ALSO
ARE BASED IN CHINA. CHINA HAS DENIED INVOLVEMENT. IN TERMS OF HOW IT HAPPENED,
YOU CAN ACCESS SOFTWARE VIA THE CLOUD OR ON PREMISE AND THAT THE — THAT IS THE
VULNERABILITY. SO MICROSOFT WANT TO ENHANCE
THEIR CYBERSECURITY AND THEY HAVE BEEN HAVING MEETINGS, BUT
MICROSOFT PRODUCTS ARE FOUND ALL AROUND THE WORLD. JOUMANNA: .. YEAH, ANNABELL, THANK YOU SO
MUCH. THE MAIN STORY TODAY WAS JAPAN
AND U.S. AGREEING ON A TRADE DEAL
SETTING THE TONE WITH MARKETS POSITIVE. UH, DAYBREAK EUROPE WILL
CONTINUE THE CONVERSATION WITH TOM MACKENZIE NEXT.
THIS IS BLOOMBERG.

Japanese media is reporting Prime Minister, Shigeru Ishiba is set to resign by the end of August, the bombshell came soon after Japan sealed a trade deal with the US. Also on the show: South African President Cyril Ramaphosa, has dumped his embattled education minister; Turkey is on a global hunt for energy and commodities; Microsoft has warned Chinese state-sponsored hackers are among those exploiting flaws in its SharePoint software. Guests include: Selena Ling, OCBC Bank, Chief Economist & Head of Global Markets Research & Strategy; Sara Vakhshouri, SVB Energy International, President & Founder; Jeffrey Schultz, BNP Paribas Markets 360, Head of CEEMEA Economics.

Horizons Middle East & Africa is your daily spotlight on one of the world’s fastest-growing regions. Live from Dubai, we bring you the latest global markets and analysis, plus news-making interviews, with a special focus on MEA. All that and more, as you head to the office in the Gulf, pause for lunch in Hong Kong, or start your day in London or Johannesburg.

Chapters:
00:00:00 – Introduction
00:04:34 – Japan’s Ishiba reportedly set to resign by the end of August
00:10:19 – Selena Ling, OCBC Bank, Chief Economist & Head of Global Markets Research & Strategy
00:17:08 – Sara Vakhshouri, SVB Energy International, President & Founder
00:27:04 – S. Africa’s Ramaphosa axes education minister
00:29:59 – Jeffrey Schultz, BNP Paribas Markets 360, Head of CEEMEA Economics
00:37:16 – Turkey’s hunt for energy and influence
00:42:14 – Sources: US nuclear weapons agency breached in Microsoft SharePoint hack
——–
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