Chapter 1: What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Caroline Hepker. And I'm Stephen Carroll. Now to our top stories. Two high-profile sets of negotiations are taking place in Geneva today. The US and Iran are holding a second round of nuclear talks. US Secretary of State Marco Rubio says that he's hopeful Tehran and Washington can broker an agreement.
On Air Force One, President Trump said that he will be following the talks closely. So I'll be involved in those talks indirectly, and they'll be very important, and we'll see what can happen. It's been typically, reds are very tough to negotiate. I think they want to make a deal. I don't think they want the consequences of not making a deal. They want to make a deal.
President Trump has moved forces to the region and threatened to strike Iran unless it agrees to a deal curbing its nuclear programme. Tehran has begun conducting military drills around the Straits of Hormuz, according to the Tasnim news agency. Iran's foreign minister, Abbas Araghchi, held talks with the head of the UN's atomic watchdog on Monday.
But facing American pressure, he said in a social media post there would be, quote, no submission before threats. Expectations are low for any breakthrough on discussions to end the war in Ukraine, also happening in Geneva. Western officials and analysts say President Vladimir Putin believes time is on his side and support for Ukraine will peter out.
A spokesperson for President Putin, Dmitry Peskov, says Russia is taking the talk seriously. This time we intend to discuss a broader range of issues related to the territories and other matters connected to our demands. The presence of the chief negotiator, that is Medinsky, is now essential. Indeed, the delegation will now be expanded this time.
In addition to Medinsky, Deputy Foreign Minister Galuzin and other officials will be there. Dmitry Peskov speaking via a translator. Russia has spent months repeatedly striking Ukrainian cities, leaving hundreds of thousands without power in a bid to bring the country to its knees. But Bloomberg analysis suggests the war's human and economic cost to Russia is rising, especially in border regions.
Both sides say any potential progress today would need to be agreed by their respective leaders. Now, we've got some breaking news this hour. UK jobs data for December shows unemployment rising above estimates. The unemployment rate coming in at 5.2% in December.
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Chapter 2: What are the latest updates on US-Iran nuclear talks?
The estimate had been for 5.1%. The October to December wage number, excluding bonuses, sees an increase of 4.2% year on year. So UK wages also rising less than expected, though. in December. In terms of that data, the pound extending losses after the data currently sterling down three tenths of 1% against US dollar 1.3588. So those are the latest figures for UK employment.
The mining giant BHP posted bumper profits thanks to a surge in demand for copper and a broader metals rally. Earnings rose 22% year-on-year as a years-long effort to boost copper production paid off. According to the firm's CFO, Vandita Pant, BHP is set to boost its offering of the metal even further. For the first time, 50%, more than just about 50% of our earnings EBITDA came from copper.
And performance across our assets has been very good. To take example of Escondida, which is our largest mine that we run in Chile, we are revising the guidance up for this year and next year. BHP's Vandita Pant speaking there after the latest earnings announcement. Following the news, BHP's shares jumped by as much as 7.6% in Sydney to hit a record, their biggest gain in over 10 months.
Chapter 3: How is President Trump involved in the Iran negotiations?
Blue makers learned that Elon Musk's SpaceX is competing in a US military contest to produce autonomous drones. The company and its subsidiary XAI are hoping to break into the weapons sector by winning a secretive $100 million contest to build voice-activated drones. SpaceX and XAI didn't respond to requests for comment.
The news comes as Anthropix talks about extending a contract with the Pentagon are being held up. Bloomberg understands that the company wants guardrails that prevent Claude from being used to develop weapons or to spy on Americans. Ireland's data protection watchdog has launched an investigation into sexualised images created by X's chatbot.
It follows an EU probe into the social media platform X over concerns about Grok. Europe is increasingly moving towards tighter social media regulation, particularly in relation to under-16s. Both Germany and the UK are weighing legislation that will limit children's access to social media and set the stage for a new showdown with some of the biggest US companies.
US Secretary of State Marco Rubio has praised Hungarian Prime Minister Viktor Orban during a visit to Budapest. The US is doubling down on its support for the populist leader as the country prepares for elections next month. Speaking in Budapest, Rubio said that President Trump would provide assistance to Hungary if it ever ran into financial trouble.
He said the two countries are entering a golden era of relations. I can say to you with confidence that President Trump is deeply committed to your success because your success is our success. Because this relationship we have here in Central Europe through you is so essential and vital for our national interests in the years to come.
Secretary of State Marco Rubio there after President Trump gave his personal endorsement of Orban this month, despite the Prime Minister's party trailing in opinion polls out of the vote on the 12th of April. And the executive chairman of Hyatt Hotels, Tom Pritzker, says he's retiring from his position at the company and won't stand for re-election to its board.
Pritzker cited an association with the disgraced financier Jeffrey Epstein and his partner Ghislaine Maxwell. In a statement, he said he, quote, exercised terrible judgment in maintaining contact with them and feels deep sorrow for the pain they inflicted on their victims. Hyatt named its president and CEO, Mark Hoplamazian, to succeed Pritzker as chairman effective immediately.
Well, those are your top stories on the markets this morning. Eurostoxx 50 futures down four tenths of 1%. FTSE 100 futures are slightly higher on Wall Street. Equity futures are in the red as well. US markets will be back later today after the President's Day holiday. Ten-year Treasury yields down three basis points at 4.02%. That's news when you want it with Bloomberg News Now.
I'm Caroline Hepker. I'm Stephen Carroll. And this is Bloomberg. As a place to do business, the UK stands apart. Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over Ā£10 trillion to work every day, fuelling innovation across every sector.
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