Monday's business news headlines

episode

Breakfast Business with Joe Lynam 7 min 2 speakers 7 chapters transcribed

▲ 0

Transcript

jump: chapters · speakers · find in transcript

Transcript

Transcript generated automatically by AI and may contain errors.

What international business stories are highlighted today?

Joe Lynam 0:01

News Talk Breakfast with Keira Kelly and Shane Coleman. In association with AIR. Weekday mornings at 7 on News Talk. Good morning and welcome to Breakfast Business and thank you to Shane Beattie and welcome back to him too. It is Monday the 13th of October coming up to 6.32. Coming up on today's show we'll be talking to the boss of McCabe's Coffee and we'll be looking at whether Ireland will miss the AI boat due to the lack of data centres and all the markets as usual. You can email us business at newstalk.com. But first, let's have a look at the main international business stories in the newspapers and websites, which we shall do in the amazing company of Ross Mould from AJ Bell. Good morning, Ross.

Russ Mould 0:47

Good day, TJ.

How did recent tweets from President Trump affect the markets?

Russ Mould 0:48

Hope you had a lovely weekend.

Joe Lynam 0:49

I had a lovely weekend in Bristol and back in the West Country, which was lovely. And we got lovely weather and got in a bit of rugby as well. It was a very nice weekend. Very good. Now, Friday, when we arrived in Bristol Friday night, was very tumultuous because Mr. Trump decided to put out a tweet. And just before that, there was a massive crash in cryptos.

Russ Mould 1:13

Well, there was all sorts going on on Friday. So the president said that he would maybe put another 100% of tariffs on top of the existing ones on Chinese goods. That prompted markets to have a paddy because they'd been assuming that there would be a meeting between President Xi and President Trump this month in Korea to settle the Chinese-China trade dispute.

What implications does the Dutch government's action on a Chinese semiconductor company have?

Russ Mould 1:35

So that frightened everybody. You've still got ongoing worries about debt in the background because of a couple of Americans. corporate bankruptcies and as you say there was this remarkable route in cryptocurrencies when some of the second tier cryptos effectively went to almost zero and some of the big names collapsed and a lot of investors or traders who've been using borrowed money to speculate gear up their returns on crypto if you look through social media over the weekend A lot of them got cleared out. Now, there are all sorts of dark conspiracy theories about how an account was opened before the president's statement came out.

Joe Lynam 2:07

20 minutes, 20 minutes before the post on Truth Social, a huge short position on cryptocurrencies was taken out. I wonder what's going on there. I wonder.

Russ Mould 2:17

Well, I'm going to be very careful what I say because I'm sure there are some lawyers listening. But somebody somewhere made a few hundred million dollars without too much effort.

What are the details of the potential Paramount and Warner Brothers Discovery merger?

Russ Mould 2:26

It's interesting to see that US stocks looking at the futures market are trying to bounce this morning. Crypto is putting a bit of a bounce over the weekend because the president, having caused all of this carnage, either wittingly or otherwise, did say, oh, no, no, I'm still going to meet President Xi. Don't worry about it. It's all going to be fine. I'm sure it'll all blow over. Yes. I think, and I think it's interesting that you, again, looking at social media, you know, we've had a phenomenal bull run in pretty much most assets that you can think of. So if a two to 3% stumble causes people to lose their mind and lose an awful lot of money, it does make you worry as to exactly how much borrowed money has been used to fund some of these stock, some of this stock trading and just how much risk people have taken, which is, is, is worry and

Russ Mould 3:10

And, you know, if nothing else, October, as we know, is a tricky month. And as Mark Twain once wrote, October, one of the most peculiarly dangerous months to speculate in stocks.

How are major media mergers impacting the entertainment industry?

Russ Mould 3:19

The others are January, February, March. Very good. Very good. So there you go.

Joe Lynam 3:25

Yeah. Now let's stay with China. And the Dutch government has seized the assets of a quite a large semiconductor business from a Chinese company called Nexperia. What's going on there? Yeah.

Russ Mould 3:36

Yeah, this is got a Chinese parent called Wing Tech and the Dutch government.

What role does China play in global technology and trade disputes?

Russ Mould 3:40

So the Chinese assets are based in Nijmegen in the Netherlands and the Dutch government has frozen its operations file to replace its chief executive on national security grounds. It's actually cited something called the European Goods Availability Act and is claiming there are government security issues and it has proof that