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good morning I'm Bonnie Quinn and I'm Brian Curtis here are the stories we're following today well despite claims of ceasefire violations more hostages have been released by Hamas ated Baxter has Global News in San Francisco head yeah thank you Brian you're right 12 more 10 Israelis two Thai citizens Bloomberg's Kaye lion says the claims of violence came through loudly and clearly according to the IDF there were three separate explosions targeting is Israeli troops in Northern Gaza in that were positioned in areas in which the ceasefire agreement was covered there were subsequent shootings according to the IDF while Hamas also has said there had been violations of the truce agreement without further elaboration now it's not clear at this time what that means for the overall state of the truth there has been no indication of further fighting or escalation at this point and Kaylee says there are talks of more ceasefires now also worth noting this morning is Bloomberg's reporting that the CIA director Bill Burns along with the director of mad from Israel are in Doha four meetings initiated by cter that the Egyptians will also take part in to discuss potentially this truce extending even further Beyond just this two-day extension and Aid well Bloomberg's rosn mat says it is moving slowly a comes in through these trucks through the rougher Crossing which is at the bottom near Egypt uh that traveling up to the Northern parts of Gaza is pretty much impossible because Israel is really saying we don't want anything going into the northern areas of Gaza itself so we know the humanitarian situation remains very dire yeah the ceasefire is due to end on Thursday morning China says it wants to renew its defense relations with Australia the head of the Communist party's International Department Shan Shao saying the Overture and making the Overture saying it's important that the two iron out their differences saying there are possible concerns on both sides motion of the house formally introduced today to expel Congressman George Santos made by Congressman Robert Garcia house resolution 114 resolved that pursuant to Article 1 Section 5 Clause 2 of The Constitution of the United States Representative George Santos be and he hereby is expelled from the House of Representatives now Santos has responded if this building if this city put the effort to fixing our country the same way that they put on expelling me we'd be in a better place but this place is littered in political theater and the American people are the ones paying the price now Congress has 48 hours to act under the resolution Donald Trump Civil Trial has a defense calling an executive from Deutsche Bank Bloomberg Eric Larson says he's covering the trial and says managing director David Williams basically made the points that even though Trump did inflate uh his asset values uh they the bank just corrected that internally and granted him loan uh loans anyway so basically the bank knew what Trump was doing and that values were in fact inflated but just just did something internally and it was okay Global News 24 hours a day and whenever you want it with Bloomberg News now in San Francisco I'm Ed Baxter this is Bloomberg and we take a look at some of the top business stories now well in the latest fed speak as we mentioned earlier two fed officials sounded a little less hawkish today signaling that they could be comfortable holding interest rates steady for the moment here's fed Governor Christopher Waller I am in increasingly confident the policy is currently well positioned to slow the economy and get inflation back to 2% separately fed Governor Michelle Bowman said that she remains willing to support fed hikes if inflation progress stalls but she stopped short of endorsing a rate hike next month both Waller and Bowman noted that there are still many uncertainties about how monetary policy is likely to unfold and Brian delegates say OPC plus is no closer to resolving the deadlock over oil output quotas for some African members this has already forced the group to delay a critical meeting more from Bloomberg's Charlie Pelos those delegates say the saudy Le Alliance has not been able to reach an agreement with Angola and Nigeria which are pushing back against lower quota limits for 2024 that reflect their diminished production capabilities one delegate says the stalemate may not be resolved before the scheduled OPEC plus meeting on November 30th potentially requiring a further delay in New York Charlie pellet Bloomberg Radio well the Reserve Bank of New Zealand is expected to keep the country's cash rate on hold at 5 a half% today but the market is expecting easing by the middle of next year Bloomberg's Paul Allen has more from Sydney all 21 economists surveyed by Bloomberg see no change to New Zealand's cash rate today inflation did ease faster than expected to 5.6% in the third quarter and that's led the market to start pricing and cuts from May 2024 IBN Governor Adrian or may push back on that at today's press conference with the bank reiterating last month a higher for longer narrative or may also face questions on the new government's plans to reform the IBN Zed including returning it to a single Mandate of inflation tightening and a possible time frame in which to achieve its inflation targets Paul Allen Bloomberg Radio mwan shares tumbled 11% in New York trading after the company warned of slower growth ahead Bloomberg Ivon man has more from Hong Kong mwan said growth would fall this quarter because of warmer weather CFO chedel H that people would likely dine out rather than ordering in the prediction comes as a Chinese meal delivery company reported its third straight quarterly profit Revenue was slightly better than expected sales Rose 22% in the quarter ending in September net income almost tripled to 3.59 billion yen but margin slid because of promo otions and the company said spending on promotions will rise further in the current quarter in Hong Kong I'm Ivon man Bloomberg Radio meantime in other earnings news PDD holding surged 18% in New York after reporting a stronger than expected doubling of Revenue we get that story from Bloomberg's Joanne Wong in Hong Kong PDD is a parent of Chinese e-commerce platform ping D the company reported a 47% search and net income in the third quarter sales jumped to $9.6 billion the strong results follow rammed up desk counter marketing for its hit shopping app TAMU it growth also for outpa Chinese Rivals including Alibaba PD's us listen shares have soared 70% since July while Alibaba and jd.com have tumbled the outperformance reflects anticipation the Pingo will continue to steal market share at home and win fans abroad as well in Hong Kong Joan Wong Bloomberg Radio Charlie Munger the man who helped Warren Buffett build Burkshire haway has died at age 99 Burkshire said Munger died on Tuesday at a California hospital now let's take a moment to reflect on the life work and Legacy of Berkshire hathways Charlie Munger for that we go to a special report from Bloomberg's John Tucker Charles Munger served as Alter Ego sidekick and foiled to Warren Buffett for almost 60 years as they transformed Burkshire haway from a failing textile maker into an Empire a lawyer by training mon helped the Buffett craft a philosophy of investing in companies for the long term and even as his partner became a worldwide celebrity known far and wide as the Oracle of Omaha Munger believe berkshire's success would Outlast Buffett's star power in my opinion Berkshire will flourish after Warren's gone I don't think anybody is is essential given the momentum we now have in place he didn't overstate his own importance either sharing his vice chairman title at Berkshire in 2018 with two Next Generation senior Executives and affirming the company's commitment to a succession plan I'm John Tucker Bloomberg Radio the time is 11 minutes past the hour let's get to a little bit more on Charlie Munger with Noah booer who is Bloomberg news reporter and has covered Burkshire hathway read your piece uh very very interesting indeed what a onew punch that Warren Buffett and Charlie Munger were uh your thoughts on just sort of the legacy of of Charlie Munger well I think one of the biggest and most important things to know is that uh Warren Buffett really credited Charlie Munger with teaching him uh that he could invest in good businesses that he could pay up for good businesses because they would be better um than just you know Finding cheap deals uh in the in the stock market or in in um private markets and that really uh turned out to be a huge part of the recipe for Success at birkshire um you saw it in Investments that they made uh like in cocacola or um earlier in their career in in businesses like Seas candy which uh have just made a lot of money for birkshire over the years in the case of seas it it generated a lot of cash that fueled um buffets later Investments that uh that we we know more about yeah I think the phrase that Warren Buffett used to say was that he told him forget what you know about buying Fair businesses at wonderful prices instead buy wonderful businesses at fair prices and it's great advice as are all of the pieces of advice that you know we all hear from Monger did he have regrets though Noah there were some Investments he sort of wish he'd made right oh for sure I mean look there were always there were always things that uh you know you would you would hear this at the at the Burkshire annual meetings of instances when they they said they had you know wish they had bought in on Google earlier or other other companies but you know what really uh set Munger apart is that he had such a long history with Buffett um and they really complimented one another and uh you know brought different things to the table as as Buffett's celebrity soared you know Munger was very much a a check on that and kept him grounded yeah as you pointed out in your story they did have differences and one of the areas they had differences on was charity giving to charity yeah um so obviously Warren Buffett has has pledged to go give away most of his his wealth um uh a lot of it's going to foundations run by his children a lot of it has gone to the Gates Foundation but um Munger you know has quipped at times that capitalist Enterprises like like Costco do more for for charity than uh some some nonprofits do now that's you know it was a it was a pretty controversial thing when he said it I'm I I didn't get a chance to follow up with him on that but I think that's you know that's uh a lot of the way that he spoke and thought was was to say unpopular things and to uh question conventional wisdom how much was Munger the decision maker or do they always agree in the end Buffett and Munger I know at one point they said that they never had an argument because Munger said Warren think it over and you'll agree with me because you're smart and I'm right yeah yeah I you know I think I think the way to think about this is that there's been an evolution at Berkshire over time certainly in recent decades Munger has pursued some of his other passions he was uh you know well known for being very interested in architecture he uh he made these donations to universities to build dormitories and other facilities and you know got to got to fulfill his his dream of of playing architect on those um and you know it's not that he was uninvolved with Berkshire but uh the the relationship uh changed uh over over time and the place grew and Buffet brought on other people who were handling things dayto day I was just chatting with uh with Tim sovic and Carol masser on this show and they reminded me that it was Munger that actually was very uh encouraging of buffet to take a look at byd in China so it's an interesting segue into the primary area of focus for us which will'll be looking at uh at Asia today um just curious if you have any interesting anecdotes about um the relationship uh between birkshire hathway and byd yeah I um I have to admit I'm I'm not super deeply informed on that but I I know one of um Munger historically had had invested uh some of his money with uh an investment man man manager named Lee Lou um I believe that was who got him uh introduced to byd and you're exactly right it's uh it's a part of the world and um that that Munger certainly uh was interested in and studying from an investment standpoint earlier than Buffett and he was never one for holding back for example he called Bitcoin noxious poison and he defined cryptocurrency generally as partly fraud and partly delusion we loved watching and listening and hearing from those annual General meetings partially because you know the Buffett Monger twofer was just Priceless who will go on that stage with Warren Buffett next time or will he have somebody else with him yeah look I think we'll we'll have to wait and see over over time Buffett has brought in other senior Executives at the company uh Greg Abel is a is a natural one he's the vice chairman in charge of Everything But the insurance businesses um we we might hear more from Ted wesler and Todd Colmes who are two investment managers that Buffett brought on uh more than a decade ago now and um you know I I I think uh certainly they'll have to change the format but um there seems to be a long time interest uh by Buffett and just as a part of that corporate culture to allow shareholders a chance to ask questions of the company leaders this is Bloomberg Daybreak Asia your morning brief on the stories making news from Hong Kong to Singapore and Wall Street look for us on your podcast feed every day on Apple Spotify and anywhere else you get your podcasts you can also listen live each day on Bloomberg 1130 in New York Bloomberg 991 in Washington Bloomberg 1061 in Boston and Bloomberg 960 in San Francisco our Flagship New York station is also available on your Amazon Alexa devices just say Alexa play Bloomberg 11:30 plus listen Coast to Coast on the Bloomberg business app SiriusXM the ihart radio app and on bloomberg.com I'm Brian Curtis and I'm Vonnie Quinn join us again tomorrow for all the news you need to start your day right here on Bloomberg Daybreak Asia
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