34 Burst results for "Business Editor"

Pubs, Hairdressers Set to Reopen as UK Eases Virus Lockdown

BBC World Service

00:50 sec | 1 year ago

Pubs, Hairdressers Set to Reopen as UK Eases Virus Lockdown

"England is lifting many off its coronavirus restrictions after months off lockdown. The Prime Minister Boris Johnson, described the move as a major step towards normality, but urged everyone to behave responsibly. Is our business editor Salmon Jack. Shoppers, Jim fans, domestic holidaymakers, outdoor drinks and diners, plus those in need of a haircut will share the government's hated today is an irreversible step towards old and cherished freedoms. Say, Well, the business owners who will be welcoming them back, But this significant easing of restrictions is also an important test. Will customers want will be able to return and sufficient numbers for firms to break even? And if they don't What will it take to make the economy work again? Only two in five. Hospitality venues have any outdoor space on the rules on future indoor opening are still unclear.

Prime Minister Boris Johnson Salmon Jack England JIM
Ship Stuck in Suez Canal Threatens More Supply-Chain Disruptions

WSJ What's News

02:01 min | 1 year ago

Ship Stuck in Suez Canal Threatens More Supply-Chain Disruptions

"There's a massive traffic jam in the suez canal. A giant container ship got stuck in one of the world's busiest trading routes tuesday blocking the canal and leaving dozens of ships. waiting experts. Say even if the stuck ship is dislodged quickly the ripple effects of the logjam could last for days. Blockage comes at a challenging time with global supply. Chains already stretched joining me now. With the latest on efforts to dislodge the vessel and the economic impacts is wall street journal business editor for europe. Chip cummins chip. Thanks for being here prior marie so up on what's been happening. What do we know about how this ship got stuck. Where are we right now. We're not exactly sure how it got stuck. There's reports of strong gusty winds which sometimes happens in the canal. It's highly unusual to have winds so strong that you would essentially push the ship out of the channel and onto the beach and once that happens it can easily jack knife. That's exactly what's happened so that you have the bow in one end of the canal and the stern and the other which means no other ships can go in and out of that canal for the time being. And what's the current estimate as to when they can on ground. The ship late today as the sun set in cairo they were able to partially refloat the vessel so essentially. What they're doing is digging it out from the bank upon which it stuck and then it will float on the water again once. There's water underneath the whole so. They've partially done that. They're going to have to finish that job tomorrow and that could take you know hours. Maybe another day. We're not exactly sure. Tell us what the impact has been so far on traffic since the ship has been stuck. Traffic has had to grind to a halt. It's a narrow channel. The ships that were already in the canal are pretty much halted not making way ships. That hadn't entered the canal will be hiding in front of the

Suez Canal Jack Knife Wall Street Journal Marie Europe Cairo
"business editor" Discussed on Discover Lafayette

Discover Lafayette

08:16 min | 1 year ago

"business editor" Discussed on Discover Lafayette

"Said it's fo- for whatever reason You know the worst been still been able to to Keep moving Gary had his report earlier. This is the last one. I believe that we were relaxed. Pretty high among the states metro far as job creation. So this is interesting. you're wagner. He's an interesting numbers love. you know. he's mike ida guy. He loves data. Any will tell you just how things are sure. Whatever that's what. I wanted star. I think he brings lots heart community. S i've enjoyed. Yeah his university to get somebody in this caliber. There really fortunate. Gary worked for the fed man. He's he's got. He's got online degree. You know before we wind down under. You've got a ton line here. Education speaking about professor gary wagner I saw the president. Joseph rob in others say this to but our educational institutions really. You're seeing the need to To teach more for the local job needs in all. I mean as any thoughts on education where we are. I don't know where the student numbers are curious. If a lot of people are just gonna take a break from school if they don't have the tops program you know with money being as it is. That's a good question we talked about. How jerry. Wichner i talked about. How the the number of folks who who are are are in the workforce now it is dropping epa pulling themselves out of the workforce which skews unemployment rates. Which makes it. You know you. Can't you planned too much but You know what are the folks doing big old school. it's possible. I don't know 'cause slc there's a lot of people that get. It's it's a non credit that they're getting certified in specific feels. They're not trying to get a two year diploma. They're certified job. They can start immediately once. They're certified in a good job loss. You know. I mean that's the way go to me instead of just piling up debt. Just learn what you need to know exactly. it went. Go back to school if you want a bit. Those days just having a diploma is so different than when i was in college. I know they still important but it's the same. It's just one of those deals but had anything. When i graduated general studies that was really useful. Yeah just got to get out of college opposite unless you had an our since switched majors too many times and i thought oh no you get out of here. Luckily law school took me little back. Earth grace oh yeah so. Is there anything we didn't bring up. She'd like to mention. I think i only had a minute kind of retail projects. That have kinda the nece- There's a lot of interest in the alleys project actor on bass across the walmart's not going to happen. I'll be just it. It's a weird thing. I actually think that sounds bad. But i'll like this little a convenience store but on steroids. I guess a it's a very portable. They only they don't get on. The periphery at ago. They get kind of just the core stuff that that most people by they might. It might employ like sixty people. They don't do grocery bags all the stuff that that kind of eats away at prophets. They don't do I like people and you. You know like They don't have to pay somebody to go out in the in the in the park lot. Ground the cars. You pay a quarter in popcorn at you. Get that quarterback you put the cart back in the thing so it's totally yes and all that that allows them to sell. My dad told me what's a couple of years ago. He note there for dollar united gallon. I thought he was absolutely crazy. That appeals to people that are going to take care of things anyway like. That's a unique probably clientele. You know that that. Come here yes. It's so it's so they're so off. They're so unique in tulsa. They had a bunch of them in. They were in the rich part of town. They were in the old kind of town that was lit poorer and it was the same store every place every market they win. It was so weird you know. Nice see the nice start in the upscale neighborhood and you see that kind of smaller bombarded in the in the court it was. It's very interesting. But i don't know when that happened. I mean they've got a clear field. The road i last year for the right lane. I've no idea what's going to happen. There epic you go see some more retail development in young sale specs. Care grow ice. I'm waiting one day to see grouses buy property and karen for really audits yell another. They're young ville two stores lafayette. I think it's inevitable big that walmart in super there so they are you just thinking that's going to happen. The facility bye bye. Mike straight up prediction I'm really looking forward. I think New year's eve were going to be celebrating the year i know. Gosh yeah. Thank you for taking time to look back at the year. It's such a pleasure. Thank you big. I enjoyed talking about about the business world. Lafayette and again. I want to put an a plus the your business oriented that your family guy. And now you've been a good friend. Inmates thank you for this partnership helping promoted discover. Lafayette also woke led to do it. Yes interesting guests. So i love it i do have. There's a lot of interesting people in our region. Is you know. But i felt like i haven't scratched the surface yet so with before to continue discussing lafayette's thick What to do file at some point like my my favorite stories of the year and member when story of the. You should probably have the podcast you can tell people. Young women developer right. Yes she is She's got a just an unbelievable story and she's resurrecting that that abandoned development of Madeleine drive of university so basically doing something On that breaking ground or something on that in the spring. I imagine you tell me. She'd beat incredible odds to get worse yet She was adopted. She wouldn't fall as low. He was aged out of the system. She went foskit. Hfs system on the streets in new orleans and got connected with the with the fella who had family here hurricane hit. They moved here got married real estate school and i followed. She's she's her daughter's like a teenager. Maybe a young teenager and has has rental property plot highschool choose. A landlord won't area.

mike ida gary wagner Joseph rob Wichner Gary wagner walmart fed epa jerry lafayette Lafayette tulsa ville karen Mike Madeleine new orleans hurricane
"business editor" Discussed on Discover Lafayette

Discover Lafayette

07:47 min | 1 year ago

"business editor" Discussed on Discover Lafayette

"Year downtown. Yeah well you know. But still i think they had. They did a lot of good things. They're kind of Diversifying little bit down businesses wise. You've got the the bike shop megahertz goes back shop. Came in with the with the Consignment outdoor yeah you got you got the designed by ravin that came in for your on diversified as bad just restaurants in copy shops. You've that the bookstore came in the indian cloves restaurant They made a lot of progress but do despite covid. But i don't. I don't know what's what's going to happen. I'm still hopeful. But i don't think like next year they'll have like you know is gonna be gangbusters because we don't. We don't know what's going to happen with the open court house. it's at work is kind of been paused. They've they rejecting the bids for their property across the street. Now they're kind of doing the lights and looked at the last lots of kind of awkward. it's not a whole block is just that i'm not a developer side. Can't say for sure. The evangeline hotel the eventual apartments though till there and i'm not sure that happen there so it's just kinda machine is still moving forward ryan totally. Yeah def gonna keep moving that that end of jackson along. You know the books for came in there. That's going to be there. I think. I think the old data building may have an occupant. Maybe maybe not There's some the empty. The activities been in like the four hundred five hundred block with bradley stories. Then i'll like that little consignment shop blue I liked consignment shopping. Like to buy things you know in the owner. Vanik think of her name. It's mitzi something to give her schedule there's a lot story she's engaged to. Ross montenero Entry in so there's all these it's like a little neighborhood of friends you know and it's it's it's like that part is good for people that just want to go down and walk in eat. There really is a more diverse selection of a fine just a year ago. If it's what it sounds so but it's true because people living downtown is in the regular folks who got a store you know corporate bs over anything like It's it's the unique part of town of people who just just opened up their store and you can walk. They'll eat walk into a store and you could chat that owner down. That's why people have downtown's right. Yeah it's it's fun. Your offices downtown we are. We are i. I look at the vatican apartments everyday in today's arts right there. Inning from larry sides correct. Yeah yeah senator you wanna see more stuff going on here so you can have places to go during lunch break confident to shopper your shopping lots quick lead or For lunch break. I like i go to visit. Bradley grosses place a lot handy. Saw growth like o'clock in the air that can chitchat with his his sincere about getting people healthy and convenient choices. Convenient food choices saturday. It's nice to stop ends here. The customer service can be looking for my other story with the was kind of option emerged. Lacking gener- i think you're gonna see some really big law you will see some some big construction who at the campus air but but they those are two two. I wouldn't call. Baby powerhouses the giants in louisiana in the medical field to have them kind of combining forces really again and that goes back to what we said this that that healthcare has got a bright star here. You're gonna see a lot of construction down there at the main campus and i just begun to increase. I try to remember. There was increase their teaching Or the residency program. Yeah amanda was really excited about so Gift definitely a really a real ganger. People will go willy a big things there. Have you heard any buzz know. There was some about the hyman performing arts that such a great location to atalanta ostra. Lafayette generals campus yet. We need a performing arts facility. You know the way changing so quickly. I wonder how that's going to shake out you know. And that's been kind of a got their opinion about rumblings but like wow you know the the older you got an opinion about it but i can totally see that being sold at some point but again you got. They've got you got. You gotta build somewhere debates up in downtown. I think that'd be great. House is paris government to within the way for that. That's different today Something has has the move there. I guess you can say well anything else any other use. You wanna take scott sir. Yeah i was gonna say what my thanks to watch for this year i. I'm really kind of think that will go back to normal or whatever quote unquote normal once everyone gets vaccinated are people get vaccinated. I don't know how that's going to shake out. But i'm really curious a story today. About if your employer mandate your mandate you had vaccinated is just one of those things. I don't want my. Hr scanner said. Yes but if a lot of hurdles in his this gonna wind up you decide the courts so but it's really interesting to see once all this mascots highness everything shoot up in never body do go spending money and get out of house and kind of have all this. pent up. demand for commerce visits delegating. The see is going to be a year. Like you said have seen the fallout legally. It seems like employers can mandates The vaccine otherwise you'd have to keep on shutting down the where now i think. I think anyone wants to do it unapplied. I wouldn't want to do it make do it. But you gotta have that as a last resort like. You can't just say i'm going. Don't do it in vain get sick. And then you're you're like at a food processing silly. You got people working all around. I mean rights can't can't so In other fallout. I'm wondering this year. Coming up your thoughts on light commercial real estate.

evangeline hotel Vanik Ross montenero ravin mitzi bradley ryan jackson scott sir Bradley larry giants louisiana amanda Lafayette paris
"business editor" Discussed on Discover Lafayette

Discover Lafayette

07:58 min | 1 year ago

"business editor" Discussed on Discover Lafayette

"Around. Our people are resilient in this region and You know. I hate to say it but catastrophes and natural disasters always seemed to give us a boost and we were probably really helped by some natural disasters in the form of hurricanes. Yes the air. Yes the look at the data. Recently on hotels receipts and in september october. They did way for the best ones ever Just because those folks of lake charles and then you or the You'll the crews work crews coming repairs or whatnot and after doing like they were doing was seven million receipts in this one million in march and april or nothing and the same for rental homes to there was a glut on the market with all the apartments had gone up the students and My husband's family's all from lake charles in. He couldn't find healthier two rounds. You know Didn't count as what i kept. Hear you probably saw the same thing as people on facebook asking. Does anyone have a house to rent three. They can't we can't find anything. Lafayette it always takes a disaster scenes for our economy data. Yeah can't have having folks here. That's just more people here to spend money. So you're moving on the The the oil and gas industry had some lunch lumps this year. You know everyone remembers when the price of oil got down to negative numbers. A companies have shed some jobs This year that we've had quite a few of those looking at the list here just a minute ago So i don't know what's going to happen there at the price of all still kind of steady I it's it's not not looking great but i think You know the lafayette area in louisiana neural has been able to diversified economy a little bit and when things are not going so so well in that area. It doesn't hit as hard as it has. An pass left on your Acadian advocate business. Latter this week in the show like the new permits that have been issued in there were four and they were all in north louisiana. Keto set that yeah. I do that every week in just kind of a filler thing. But yet those. That fat file has dwindled away down what used to be a just just one of those things craig anecdotes. We'll talk about a lot of the people in oil and gas service you know as you said And innovating things. I don't know if there's any stories on that that you've covered that people do seem to be created jobs as you said and Sister five they they take their skulls and may just put him somewhere else for there's market and appear period be oil and gas right now. No and i i. I can't think of a story of my head Sure we've done in the past this year but Dennis what's going to have to take it's just innovation and you know of vision to come forward But ill the plus side. Two topics have been depressing but the areas had some big job gains this year that they big celebrated The school meant is The big Education tech- technology firm they in san francisco and got connected with the guy from karen crow and they one thing led to another and they as everyone knows in in in silicon valley. The Price of doing business is just getting unaffordable. So they are going to relocate here. And i got a text from their ceo checked of this week but some kind of news com. We're all waiting to see where they're gonna move to i he during he didn't say that during the initial press conference but he did talk about What he saw downtown so go. I said so. Does that. Be gonna move down word out that place okay. Downtown or upper lafayette would be good spots. Yeah yeah that's an exciting story of my podcasts. Coming out this week was with casey. Hoyt and michael moore and neither name. But i didn't realize how wildly successful they are. That's the Noninvasive company out with sleep management tools and more ninety five percent of their business. Noninvasive not lighter. What a year for them but they were doing in busters before cut. Let you know. I did did a story that they they would active in using their devices for For ventilators mike. I'm trying to remember the details but they they were very active in in helping out Early on in the pandemic their their stories just wild they've just air just Companies and just expand like crazy. Look and the store we get on the. We talked a couple of people who may just completely swore by doing if guide over five hundred something fulltime eight hundred. Plus employees tonal bought that big stone energy building on college. They are wildly successful in. Its looks like it's just going to be an upward trajectory so as we talk about diversifying these stories like school man. And now you've got a couple other. She wanna mansion. I mean they really are. We just a set healthcare sector people. Keep mentioning you. Llc group is is very aggressive in their presence but in view the. I get discussed later. actioner in lafayette gentle mercury. So the medical community is kind of a a shining star here. We're gonna get spot for need that south. the other kind of big news was Western hydraulics. they are a manufacturer for I i can say simply hydraulic fluid control components for aerospace defense application kind of space equipment and whatnot. They they got their. Ceo got had a buddy in lake charles or term exactly but there was that kind of connection but they bought property in the industrial park on pond mouton by university avenue and they're going to Build their and sixty seven jobs that pay at least our adversaries fifty thousand dollars They are very excited about coming here and That is a good place placement in the be in a good industry to invest in In the other one is You know the. It's not official yet but the amazon development Just north of glory switch right by my house. Oh let's stay.

lake charles Keto lafayette karen crow north louisiana Lafayette louisiana facebook craig silicon valley Dennis Hoyt michael moore Llc group san francisco casey mike amazon
"business editor" Discussed on Discover Lafayette

Discover Lafayette

08:03 min | 1 year ago

"business editor" Discussed on Discover Lafayette

"Dale business editor of the acadian advocate at a previously worked for the tulsa world oklahoma for twelve years a native have been zalis in a graduate of southeastern journalism adamant his wife reverend shelley day. We'll have four children in members of the asbury united methodist church in lafayette. I want to express my deep appreciation of adam in the entire team at the advocate for the ongoing support it given discover lafayette. Atem publishes an article each monday which highlights our latest podcast guest. We look forward to the third annual kitty on economic summit to take place virtually on january thirteenth. Twenty twenty one from nine to ten. Am where the advocate will welcome local business leaders. Who will forecast acadian business. Climate in what is in store for us at joins us today to look back over twenty. Twenty what a year. It's been and it's not over so adam. Welcome to discover lafayette. And i'm looking forward to hear your thoughts about this year. We've survived so far. It's been a long kind of grueling grilling stretch to get here. But here we are and and god willin. We've the vaccine gets handled out pretty Quickly and we can right back where we were in preparation for our interview. Today i was gone back over some of the news of the year and i started with the Economic summit that you hosted last year and in january of twenty twenty. It was so different. You know we knew that the oil and gas industry was struggling But nobody could forsee the economic and health impact that this new virus is gonna cause. And i'm amazed at the innovation and the people that are hanging on here and getting through this. I know it must be fun and challenging at the same time to cover some of these stories so many little things that spun off through all this There's been a lot of innovation in a lot of the word of the year for webster. Should be pivot. Ain't heard that so many times. Yes so Every business has had to pivot online touchless contact with retail of the new for twenty twenty. It's it's been a really interesting year Just the the the most available in ford just out how how folks have just really for lack of better bus berea to To make ends meet in the end to get the job done. It's it's for a spot spot. Lives as it's been kind of Odds firing to watch it working really hard. A large business also. I'm thinking about the advocate. The advocate had to pivot quickly because of the drop in revenue advertising as as all media had to it seems like the pandemic really hit hard quickly for the media and others like like the advocate. If you can maybe touch on that yet that that's that's how it kind of goes with us. The newspapers you know once folks start advertised stop advertising. That's that's dropping revenue And it just kind of spin offs. Oh we we had some Some furlough days earlier than near and we've We've reduced we had reduced staff a little bit But you know we've got good people especially in lafayette. We've got really good people What's what's hurt us. A good is the tourism industry in new bat. Newseum spectrum the wallin's as just that economy. So reliant on tourism not hosting events so that that has made a You know that was a big impact but lafayette. We've got good people and for some reason where we've been able to do pretty well with katya everybody's back on you said there's furloughs her hand. You're working fulltime. Yes and we've got plenty of stuff to do. Cook were you working. Virtually must've of the year. I it's just hit and miss you know I still like being around people and being a newsroom and Talking issues without out with people But then you know got the point. Where like. I'm the only person the newsroom get. We talked to the. I you know i lived in my kid's daycare and lack so it's just easier meeting like just stay there and it's less time on the road while we're done so within i'd come home and then I get work done. And and then i would like to do the dishes. Let me clean this up and one proud of you for being an active doubt and husband so valley. Lucky you're lucky to have your wife shelly in your life. I've had the pleasure of meeting her at aspirin. You've got a beautiful family. Yeah so I guess we can jump in this Would you like to talk about the top news. I like you look back over. Twenty twenty in. we're type in someone fifteen th of december in how how Where would you like to start with. Yeah i've come doing a top five Would far away as with with the cova did to the economy this year Number one story You'll laatste lots and lots of job. Losses lots and lots of a unemployed mcclain's just I don't think we ever got as high greg. Ultra predicted twenty. Five percent unemployment. I don't think we ever got that high but unemployment's kind of kind of it's kind of could be misleading But it's kind of a number of jobs loss and gerry had with his big news earlier. This year was was louisiana lost Double the amount of jobs as did following hurricane katrina which is really just kind of significant. Once you gotta put in that perspective or they mainly interest Is yes lots of tourism hotels in new orleans and baton rouge or they laid off a lotta people in lack it. It was just almost obscene. i mean they just. There's no one coming to the hotel. So they had no revenue coming in and just stare staff just a handful and just talk with Folks just just find. I mean a were They were really hurting right So the the that in restaurants Once that just shut down to effect and they can only neck not serve customers inside a lot of restaurants really and someone went to panic mode. i talked to guide young. Who just who was just was cadets he could make almost he was really upset But then you know They their campaigns for people who Eat out thursday. Akkadian night out. Or whatever we call it. Can everyone went out and eat and took their food. Go and You know we still have a couple. Restaurants have closed but for the most part people have kinda hung on and.

lafayette zalis reverend shelley asbury united methodist church Atem adam Newseum spectrum tulsa Dale oklahoma berea webster wallin katya ford us shelly Cook mcclain
"business editor" Discussed on Discover Lafayette

Discover Lafayette

01:48 min | 1 year ago

"business editor" Discussed on Discover Lafayette

"This is john swerved and you're listening to discover laughing at a podcast dedicated to the people and rich culture of lafayette the gateway to south louisiana. I'd like to thank our sponsors. Who make our podcast possible. We take our podcast with ongoing support of raider and jason sikora sound engineer. Reiter is a hands on. It service provider that integrates. All of your needs for advanced technical support. Effective communication options in cybersecurity. writers motto. Is you just wanted to work. We understand please visit reiter solutions dot com for more information iberia bank and first horizon. Who are now one bank to relationship driven banks. Both in the industry have officially joined forces. The combination of iberia bank and first horizon creates a leading financial services company dedicated to enriching the lives of their clients associates in their communities. I'd also like to thank lafayette general health. Who has joined the national.

MacKenzie Scott gives Chicago-based Easterseals its biggest-ever donation

Chicago Tonight

01:06 min | 1 year ago

MacKenzie Scott gives Chicago-based Easterseals its biggest-ever donation

"Here to go behind the headlines as crain's chicago business editor and wire and great to see you as always so. Let's start with chicago based nonprofit easter seals which serves people who have disabilities. They're getting a massive donation from a pretty big name who has been given out a lot of money lately. Tell us about that. Well mackenzie scott. As you mentioned peres. Is the ex wife of amazon billionaire. Jeff bezos and she has been using the wealth that she generated through her divorce from him to become truly one of the most important philanthropists of our day. We just learned that she's given easter seals. One hundred sixty two million dollars to spread out over twenty two of easter seals. Us affiliates including its national headquarters. Which does happen to be here in chicago That easter seals gift is part of an overall four billion dollar gift. That scott has just made in the past few weeks to be split between nearly four hundred organizations a another recipient with local routes Is united way of metro chicago which we reported last week is getting twenty five million dollars from

Chicago Mackenzie Scott Crain Jeff Bezos Amazon Scott United States
Airbnb files to go public, turned a profit last quarter

Axios Today

01:18 min | 1 year ago

Airbnb files to go public, turned a profit last quarter

"Airbnb is likely to make the paperwork for an initial public offering public this afternoon. And that makes it set to be one of the biggest filings of the year. Reuters estimates the company could be worth as much as thirty billion dollars in his host of the exorcist. Recap podcast he's also a business editor at axios. And he's here with the scoop. Good morning. Good morning if you were not paying attention to the market or you don't know anything about ipo's what is to you the most interesting thing about airbnb and what we're going to see this week with it. The most interesting thing about airbnb is that it has survived this. It seems the pandemic better than have the company's trying to disrupt namely the hotel companies. Airbnb problems this year had layoffs this. Ipo is coming much later than the company had hoped. But compared to hotels airbnb seems to be thriving so when we think about sort of this gig economy door dashes also supposed to go public later. This year. I wonder what you think these two. Ipo's will tell us about the role. These types of companies will play in the tech economy of the future. These were both questionable business models as far as silicon valley and particularly wall street were concerned and the fact that they took the punch and seem to have got off the mat and started punching back. I think it's going to be something wall. Street's gonna take a real hard look at in view very positively.

Airbnb Reuters
Britain Introduces a Scaled-Back Wage Support Plan

The Leader

04:01 min | 1 year ago

Britain Introduces a Scaled-Back Wage Support Plan

"The job support scheme explained. I'm announcing today, the new jobs support scheme. Almost as soon as the fairly scheme was announced, Reshi sooner was being asked what comes next as that job saving program comes to it's inevitable end the chancellor was on his feet in the Commons to reveal it replacement. The government will directly support the wages of people in work giving businesses who faced depressed on the option of keeping employees in a job on two hours rather than making them redundant. It will allow millions of people to effectively go part time working a minimum of one third of their normal hours. But keep around four fifths of their regular wage employers will pay for the our staff do work, and then they'll split the bill for some of the lost time with the government paying a third each it starts on November fast more cost three, hundred, million pounds a month editorial column though Physics Chancellor will have to dig even deeper into the Treasury's pockets soon. Our prediction is today announcements might not be enough and there will be more to come. As jobs go and the economy finds itself in Cold Storage Richie soon will be under pressure to repeat the magic tricks he produced in the spring which carried the economy through to the start of the recovery. The trouble with magic tricks is that they unless impressive the second time the chancellor also has less to play with the furlough scheme was ferociously expensive it cannot be afforded again ministers hope that by the spring testing really will be working infections falling and vaccine beginning to offer some hope but that could be more than six months away. Consumer Business Editor Jonathan Prynne was watching wishy soon accent Aspen Jonathan Time Slow told the Commons ECON save every job and he can't save every company but he does appear to put more money into this than a lot of people were expecting I. Think it's a package of measures that will be generally welcomed and the feedback initial feedback on on getting from the business community is the pretty pleased with what got compared with what they were facing over the coming winter particularly the cliff edge at the end of October when the original color scheme was to. The new scheme which tops up wages of employees who think about to work should help save a good number of job losses. We don't know yet how it's going to pan out, but certainly, companies will feel a little bit more comfortable about surviving the coming wind. So the night did this yesterday the massive all this is quite complicated there a Jonathan, you've got companies paying some money and then the government pays money and then a company will pay some more money. The employee doesn't get quite as much money as they used to get. A lot of people are going to be wondering how much earning now. Yes it is complicated but I think I think companies are getting use complicated schemes now after the the opposite rash of Schemes Feller Scheme was quite complicated the various loan scheme of were quite complex as well. companies got debt. So seeing through the bureaucracy that unwelcomed of Europe see but they do welcome the fact that the government will pay them effectively to to keep on staff and I got to be a good thing because I think mass unemployment is the reigning big specter the haunts everyone at the my with the economy is just about creeping on the talk of the shape has gone but. I. Think if if we were looking at huge amounts of two, thousand, nine, hundred, eighty style unemployment of the winter that that could be something to change the calculation for everyone.

Chancellor Jonathan Prynne Feller Scheme Commons Richie Europe Reshi Treasury Business Editor
Are Commercial Aircraft Production Plans Still Too High?

Aviation Week's Check 6 Podcast

05:03 min | 1 year ago

Are Commercial Aircraft Production Plans Still Too High?

"There's a lot of talk these days about when the commercial aircraft industry will recover from the COVID nineteen crisis and return to normal and normal is almost universally defined as the your twenty nineteen. But, what if Airbus and Boeing were already at peak production and twenty nineteen with little room for growth over the coming decade? Scary. As that thought may be a look at the numbers suggests it's possible and that in turn raises questions about whether the two airframes have reduced production enough to whether the OVID. Nineteen. Storm. Joining me from Frankfurt to make sense of all this is Jens to aviation weeks executive editor for Commercial Aviation and here with me in Washington is Michael. Bruno Aviation Week, senior business editor who closely watching production rates and the aviation supply chain. Jens. Let's start with you. You wrote column in the August thirty first edition of Aviation Week and space technology that I don't think Airbus or Boeing are going to be too happy about would you say? Probably not well, what I did is I looked at a Abbas global market forecast, which is the forecast for the next twenty years, and by the way, the Boeing fingers are pretty similar. So but for practical purposes, let's just stick with the the Abbas version. and. Looked at production racing compared to to figures. So the to the. Market forecast Abbas puts out is for thirty nine, thousand Costa over the next twenty years. Divide that by twenty, you come up with an average annual production. Off Nine, thousand, nine, hundred, and seventeen aircraft to seventy aircraft to be precise. That's across the entire industry. So that's Abbas Boeing all the other manufacturers. Now I compared this with the. Actual production. Rates. For Two thousand, nine, nineteen, and the plans. For a front nineteen on the buying side because remember Max wasn't delivered. So there's a big difference between what they planted what they actually did. So the plans for Amazon Boeing were. Already over eighteen hundred at Croft. For Twenty nineteen so they were very very close to the. Longtime over two decades. Average rate that Abbas claims is the size of the overall mark. In this case, we ignore all the others there's going to be aircraft delivered by Komax, there's going to be. Did it by a C. by Embraer who knows maybe someone someone else will come in that we don't know yet on the electric hybrid hybrid electric front, maybe some some new comer there's also. No more room for for growth by both Abbas and and. If you remember. Absent. TIKOLO was pushing it suppliers very, very hot higher. They were talking about rights beyond seventy not an I wasn't in any twenty thirties seventy aircraft for Mancha I should say and I wasn't an in the twenty thirties that was in the next few years. So my point is. They were already producing too many aircraft before covert. Based on their own assessment of the market. And now with covert, of course, it's a whole different story. and. My conclusion is that. They haven't made deep enough cuts so far and more will follow. You and you're right when we started twenty nineteen everyone was talking about how fast can the supply chain ramp up How quickly can Airbus and Boeing increase production? I? Guess what you're saying is everybody was wrong. Yeah everything the the the industry went too far. In its. Appetite for growth and its vision for you. Look back we were coming out of the industry was coming out of the global financial crisis in eight eight or nine, which was a big crisis at that standards back. Then by the Senate's back then and then we have had this decade of unprecedented growth. We were industry got used to growth rates, well in excess of global GDP, of course, that's used that. Twice of global GDP, I should say. which is typically the level of growth that's aviation has seen over the past decades. Looking back is clear to me that. This could not be sustained for that much longer. Now the crisis we were seeing now is you know probably more dramatic than anyone could have expected but. On the other hand. That's gross could not have continued. At the same pace was clear.

Boeing Abbas Airbus Abbas Boeing Aviation Week Jens Commercial Aviation Komax Embraer Senate Business Editor Frankfurt Executive Editor MAX Tikolo Amazon
Bytes and Pieces: Americas Chinese-Tech Attack

The Economist: The Intelligence

08:26 min | 1 year ago

Bytes and Pieces: Americas Chinese-Tech Attack

"As the heads of Amazon Alphabet facebook and apple were being berated in Congress, last month how many competitors did facebook ended up copying we called it Amazon heroin. Why does bny steel content from honest businesses tiktok the goofy funny video sharing app was having an altogether better time of it. Golden. Do. Not, so much anymore we're looking at Tiktok we may be banning TIKTOK. Thursday the trump. Issued a deadline of September twentieth for ending all American transactions bite dense to talks parent company as well as with. China's second most valuable, Tech Company ten cent with Para companies based in China apps like Tiktok we chat and others are significant threats to personal data of American citizens not to mention tools for CCP content censorship. China's government called the executive orders a nakedly hegemonic? act. By dense is looking for a fire sale buyer for some of its international Tiktok operations and it seems Microsoft is checking pockets. But the administration's zeal is likely to harm America's interests as well as the Chinese tech champions. We knew a band was in the offing at is still everyone by surprise Thompson booth is the economists technology and business editor I. Think most people were expecting president trump to wait until a a TIKTOK deal had gone through to reach a resolution on whether there would be a ban on not and it's also quite surprised that he's gone after we chat and tencent. And the reaction from the two companies has been quite strong. Bite dance has said that it's GonNa fight the executive orders in court. Well, as you say, there had been some expectations around Tiktok by dense. Why? Why was ten cents included in the end? Well there isn't a certain unfortunate logic to this. If you're going to say that you're concerned about Tiktok on national security and espionage grounds, you sort of have to be consistent and we chat has about nine hundred, million daily users in the US and the executive order basically bans people from making transactions on we chat which it's a sort of super APP. That is really widely used in in China and Chinese diaspora what is the trump administration's rationale for these orders? Do you think so the stated reason from the administration is the Chinese government is spying on Americans and hear the evidence is Circumstantial. So the worry is that Chinese spy agencies have stolen massive consumer data sets from various companies over the past ten years. So from Mariot Equifax anthem health insurance TIKTOK has been downloaded two billion times. It's the mother of data sets. There is no hard evidence that bite dance would ever cooperate in such an endeavor but the idea is that if you've got engineers with access to Tiktok by Don, service than the government could lean on them to get the information out. So that's the stated reason from the trump administration. Think that's enough for the American government to threaten to ban the APP. I gather from investors case to buy dance at the real reason is a level playing field issue as much as the spying concern. So one gathered that in particular. Mark, Zuckerberg of facebook has been outlining pointing out to trump that take talk is wildly successful in the US and yet facebook google than allowed into China. It's sort of the idea of why should tech top able to come to compete with us when we can't do so in the other direction? And as things stand now, Microsoft is the evidence suitor for for Tiktok operations at least in a in a few countries what's in it for them? I think for Microsoft is really stunning opportunity on their part. So bite dance reckons that the TIKTOK US asset is worth in the realm of two hundred billion dollars oversee the pudding, very generous estimate on that. So the price being talked about now that Microsoft might pay and that it's on the block for more life fifteen, forty billion. So it's just a real steel in terms of the price. I'm talking to the hottest social media property out there right now it's uses incredibly highly engaged and Microsoft you out of stroke gets into territory of the social, the digital media giants, and it gets a massive data set on teenagers daters the new oil. Attack, there is lots of sketches in the Microsoft just is kind of getting out of its core competence that it won't really know how to get and keep the teenagers. The other risk for Microsoft is just kind getting dragged into the Mile Strom of content moderation and hate speech and all this kind of stuff that attracts more political scrutiny and then regulatory scrutiny having said that Microsoft is regarded as a really high quality acquirer of businesses it generally tends to do it quite well. Microsoft. CEO Sachin Adela notably is currently probably regarded as the best big taxi. Oh so now we've got this deadline of September twentieth what happens between now and then Firstly, Microsoft going to carry on negotiating to try and buy Tiktok we're seeing more suitors for Tiktok on the scene over the weekend the reports that twitter is definitely interested I know that Netflix's on the coolest the venture capital backers of Bite Don's possibly even Disney I do think the likeliest thing is still the Microsoft probably strikes a deal just because it's got the deepest pockets will also be really interesting to see whether Microsoft manages to get more markets at. The moment, it's only going for the US, Canada, New Zealand and Australia. It's not buying the UK having the actual executive order from trump will create more uncertainty around Tiktok and there's no doubt that it is already harming the asset. It's no joke said, the clock really is taking on that deal and what about ten cents? It's unclear. What ten cents is going to do it's unlikely to try and sell international we chat as by dance is doing with Tiktok. It's possible that it could come up with some kind of structure to address. US concerns. It's a complete unknown how tencent now is going to react but I guess the question is, is the right way for America to get its concerns addressed with a problem with. It so far as that feels completely sort of ad hoc on his whim. Really undermines investor confidence in the US is the place of the rule of law. And there are alternatives and I think there's three main steps that we would advocate versus to strengthen the vetting procedure that's already in place. So the Committee on foreign investment in the US surface that probes should stop properly and quickly. So in the case of Tiktok and musically the US APP that bike dance bought therefore triggering this whole situation, they took two years to start looking at it and then did it in a rush which guarantees Robert chaotic ad, hoc situation. And overwhelmingly, the US needs to tighten up its own data privacy regime. So the reason that tiktok is such. A worry in terms of spying theoretically is that US firms, your facebook's Google's and so on her normalized that the slurping just masses of personal data from Americans. So what's required is a strong federal data privacy law. The third element is displayed to you can do in. Terms of requiring transparency into the Algorithms being used auditing code that's coming in from overseas for now, the question for those two billion or so people who've downloaded tiktok whether their favourite platforms going to survive or whether the current chaotic procedure that has affected, the company will mean it. It's rivals take it over and teens leave. Thanks very much for your time Tamsin it's been a pleasure.

Tiktok United States Microsoft Facebook Executive China Tencent America American Government Google Chinese Government Heroin Amazon Congress Apple Ceo Sachin Adela Mariot Equifax Tamsin
What happens when the global economy gets sick?

The Big Story

11:10 min | 2 years ago

What happens when the global economy gets sick?

"I won't pretend that I pay much attention to the stock market. Let's just say I don't have much reason to do so. Occasionally though it is unavoidable now with all the reaction to the corona virus world markets have tumbled phased suffering. Its biggest drop. Since the nineteen eighty seven crash Wall Street plunged the most is the financial crisis the losses so steep on both sides of the border at it actually triggered a trading halt for the Fed and other central bankers drop in oil prices is adding another complication as they try to gauge. How the corona virus will impact the global economy the fascinating thing about the reaction of markets around the world to Cova Nineteen. It's not really about dollars and cents. Yes a lot of billionaires lost millions and millions more are are. Sp's have taken ahead but watching what's happening here even if you have no money in the markets is a glimpse to how we all value risk. So what have we seen in the past few days and weeks? It's different from financial shudders like the crisis of two thousand eight. Where could the markets go from here? How far could they sing? And what will the world's governments do to prevent that and what happens beyond dollars gained or lost as a result of all this weather or not. Stock prices surged again. When this is over what happens in other words when global economy comes down with flu like symptoms. I'm Jordan Heath Rawlings. This is the big story. Mike Apple is these senior business editor at six eighty news. He's been busy the last few. Hello Mike How are you? I'm doing well. Why don't you quickly outline? I keep in mind that we are talking in the middle of the day so stocks may do any thing quickly outline. What have we seen in the past couple of days with stock markets and oil prices? You have to go back actually three weeks because up until about the mid part of February the markets were on fire. Everybody was buying everything you could not lose money It was the greatest momentum rally not necessarily based on fundamentals which turned out to be a bit of a problem but Tesla was at a record SPACEX and Virgin Galactic Apple Microsoft all these big companies record highs and krona virus was starting at March so to speak in China. That's peculiar. Why isn't the market more worried about this well? Then as it started to spread people include in and airlines were. I think the first trigger where they started air. Canada cut flights to China. So there was this wakeup call that this was going to have an economic impact and that started the selloff for stocks and over the course of the past three weeks we have seen the biggest point declines and subsequent point gains on the benchmarks in history like there have been massive swings one day huge selling next a big buyback and we are coming off now the subsequent largest slump ever on a points basis. I WanNa make that designation for the Tsa X. Endow because when we look at it on a percentage basis. It's big but not October. Nineteen eighty seven big where the Dow Single Day drop twenty two percent. It's massive. We're talking trillions of dollars of market value. I don't want underestimated but again I wanNA put it into some context. The TSA was down over ten percent. Second biggest ever point percentage decline. Explain what's driving this. You touched on airlines. Yes okay. So that was the that was the first economic shock that the tourism industry was was seeing a major revaluation. People weren't traveling companies. Their supply chains were being shut down in China ripple effect elsewhere than into Italy in Europe and Potentially into North America. So that was the first wave of selling and then what happened? Was the reaction from the market for what? The Saudi Arabian government announced on the weekend. Last week they wanted to cut production to stabilize the oil market which had seen a bit of a downturn so they were holding meetings OPEC cartel and Russia. There's sort of a new player in the global market newish and they wanted to cut production well. Russia had been playing ball the better part of a couple of years but then for some reason they walked away from the table on Friday. They said we. We're really not thinking about cutting production. Now we think we can withstand lower prices. Have at it as you will. This incense the Saudis who say okay. Fine. We're going to raise output in an already oversupplied market to record levels. We're going to crush the low hanging fruit. Any company that produces at say forty or fifty dollars a barrel every barrel they produce is going to lose money but the Saudis can produce it around twelve to fifteen and we're still around thirty and change and the Russians are close but that was the second hit so to speak. Do we know if those two are connected the the sort of oil price wars and the corona virus? It is because the first reason oil dropped was because China basically came to a standstill China's one of the largest buyers of oil prices dropped dramatically. And then this next thing developed at the worst possible time for the market really. It's like really you got to do this now anyway They don't seem to care because this morning again. They said starting next month. Twelve million barrels Russia said okay. We'll match that or very close to it. You've got Canada in the mix the US already at record levels. Suir a globe that is going to be a washing oil which just kind of sounds gross by at least a lower prices lower prices at the gas gas stations. Great for consumers horrible for the industry. Guess what Albert is going to get hit again. Yeah how efficiently can Alberta Produce oil? And and what do they need? Oil PRICES TO BE AT in order to not crush their economy. More than it already. Is this Most recently the tech resources project that was mothballed by tech a few weeks back had a break even price. I think it was north of fifty dollars per barrel okay so significantly higher than than where we are now the established producers son core and the others. They're at a lower price point because they're already moving commodities around and this is why we're talking about you know the oil market being a barometer of the global economy and then you've got the travel and tourism industry in the mix and why the markets have done what they've done they they've re priced risk They've lowered earnings expectations. Apple has already said that its sales in China dropped substantially in February. They're gonNA drop again in March. Their supply chain has been hit again. Apple's got deep pockets. They don't have to worry. Long-term THEY'RE GONNA come out of this. But is the company worth a trillion dollars anymore. Right it's all a repricing and the pendulum that we see moves incredibly fast because everything and and it was funny to to to hear commentators about how quickly markets dropped and then recuperated in previous crises whether it was eighty seven or the DOT COM bubble. Or whatever over there was SARS or murders or any of these other things the Russian ruble crisis it. All of these would take months if not years now. We're talking about weeks and that's that's what shocks and scares people. Because it's like what do you do it? So let's just talk about people like myself and probably like many people listening who don't have tens of thousands of dollars sitting in stocks and aren't you know directly impacted the second. This happens when you look at a ticker in your money's dripping away. What does the crash of the market mean for someone like me? It's psychological more than anything else. Because you're not you're not selling you're not buying necessarily not cashing in for X. number of years on your RSP. So I mean time is your friend and all of the old market adages but you see that and you say wow. Do I want to go and buy anything big today? Do I WANNA spend money? You know when you're when you are in a good mood you're more willing to be happy consumer and when you're not and you see all these negative headlines You Kinda Kinda retrench. That's the biggest problem and again from an investing standpoint. You know it is so difficult to sell it. The high and via the low people do the inverse ratio. As you're thinking who I'm missing out when things are hitting records and then when things are on sale you don't WanNa touch with ten football so now is actually time it it. It's it's not over yet. We still seeing the virus ripple through. This is going to take some time. There's no doubt about it. Bought companies that were priced. Way Up here in the stratosphere a few weeks ago discount if you like them then should love them now and that's the hard thing to get past. How much risk has the priced in already? You know we've Seen Corona virus spreading in North America particularly So far at least in the United States is a larger spread of that already priced into these drops or could it get even worse as it expands it it. It could get worse but we are already looking at the forecasters saying okay. We are expecting that. The economy will slow dramatically. Hopefully it doesn't but it is likely going and they are already saying that interest rates which were cut last week going to fall that much further over the next two months you know the bond market which is another one of these barometers of risk and worry and flipside euphoria We have seen bond yields dropped to all time record lows lower than what we saw during the financial crisis when banks were going out of business which is just to me remarkable now as it was explained to me the reason they're lower than where they were then because they never got back up to where they were previously so you're starting at a lower point and then dropping from that so it okay that kind of makes sense but you know we could see zero percent interest rates in North America. This was something we were looking at in when Greece was defaulting. Right right and people were going. How does that work? You're getting zero percent. Yeah because you're buying that bond or whatever it is because you think that the stock market or any other asset classes going to drop further than just keeping it at something get zero percent and again that that adds to the concern in the caution right. How much of a role does politics play here? I mean there's a tremendous amount of discussion in the United States about the role. The economy will play in an election year. And I'm wondering how individual governments and especially Let's say prominent world leaders How their response to the crisis might drive the markets and impact. Well again. You're talking about a health. Risk as opposed to a financial risk more than anything. Oh Eight Oh. Nine was banking industry crisis.

China Russia United States North America TSA Canada Mike Apple Apple FED Cova
Reset at Boeing

Aviation Week's Check 6 Podcast

05:06 min | 2 years ago

Reset at Boeing

"Hello and welcome to this week's check six podcast. I'm Joanne. SOMO aviation weeks editor editor in chief. And this week we're talking. About all things Boeing joining us from. Washington is aviation week senior business editor. Michael Bruno who's here to talk about Boeings dismal earnings report and its first annual loss since nineteen ninety-seven due to the Max crisis and joining us from Los Angeles is senior. Your Guy Norris. Who's going to talk about Boeing's anime pullback and what its next move might be guy also has some good news to discuss? The first flight of Boeing triple all seven X so Michael. Let's talk with you. That earnings report yesterday was pretty ugly. It was in fact. It was the ugliest in a generation if a few assume a generation is about a twenty year long span People really hadn't seen this much reading from Boeing since one thousand nine hundred ninety seven and as you said in the setup this was the first annual loss that Boeing has reported since the time that President Clinton was in office and so people knew it was going to be bad. Nobody quite knew how bad. And we might get into this a little bit. But just some figures to to throw out to to show where Boeing actually came in at the end of twenty nine thousand nine hundred They reported a net loss of six hundred and thirty six million dollars dollars compared to earnings of ten billion dollars last year which were a record in and of themselves for the hundred three year old company company and then on the revenue side Boeing reported about seventy six billion dollars in revenue. which you might think is kind of amazing that all things is considered with the Max ebay companies still raked in seventy six billion dollars and that is kind of amazing but they were supposed to rake can about one hundred and ten billion that was their original forecast for last year? And it's certainly also below the one point something being billion that. They raked in the year before in regards to revenue. So there's no good way to look at it but analysts weren't surprised as I said Said but there were a couple of other things that they were surprised and we can get into that when we talk more about the Max okay and one of the things that also came out. Michael is that the potential attentional cost of the maximum. Boeing is up to eighteen billion dollars more than eighteen billion dollars so one of the big things everybody nobody was watching for yesterday during the teleconference with new CEO. Dave Calhoun was to figure out. Exactly how much more Boeing in was going to have to set aside to pay for the Max in many different ways and what I mean by that. Is We already know that Boeing up. Until until yesterday Boeing had set aside five point six billion dollars last year as part of a kitty of money a little treasury three of money that they had set aside that they said that's what it's going to be worth to compensate airlines and lessors and all of the customers of the Max so that was five point six billion originally. Yesterday they added two point six billion more to that at the same time as everybody might remember the way that at Boeing accounts for the seven three seven is through what's called in accounting block basis. This isn't a year in year out. Money spent money made kind kind of accounting. It's looking at the total development of the seven three seven through a large swath of aircraft. And in this case it's over a roughly three thousand one hundred aircraft accounting block and originally up until yesterday Boeing had said that they were going to add three point six billion dollars dollars in cost to that accounting basis. Well then yesterday morning they added another two point six billion and so already there. You know you've got five point. A two billion being added but wait there's more Boeing introduced a new charge that they said we'll be incurred starting starting this year and it could be worth up to about four billion dollars or at least four billion dollars initially. And that's what it's GONNA cost to pay for the Max halt the production halt. That's going on as well as any support to suppliers and any other costs that are incurred from the fact that production action. I got ramp down to forty two last year. Now has been halted altogether in January. So you put that all together and it comes out to at least eighteen billion dollars and that stuck out to me for one. Big reason which is eighteen billion dollars is probably on the high end of what people had thought might might have been the cost of developing the enemy. The new mid-size aircraft Boeing went ahead and spent that money. But they don't have a new aircraft. They're trying they get the Max back in the air.

Boeing Michael Bruno Somo MAX Dave Calhoun Editor Editor In Chief Business Editor President Clinton Los Angeles Washington Boeings CEO Ebay
"business editor" Discussed on Discover Lafayette

Discover Lafayette

03:15 min | 2 years ago

"business editor" Discussed on Discover Lafayette

"So now we're excited everybody listening Make sure to go to open up a new tab new browser right now and go to the advocate dot com. And bookmark that. Because you're GONNA WANNA look at that every single day great source of news for Katie finally really be because this is called discover Lafayette. And it's all about Lafayette and Acadian. General what's your favorite part about living in Lafayette. Oh the favorite part is probably probably the food I enjoy having my My My crawfish at pretty much anywhere my i. I pretty much every gas station. So and and people don't have to ask me how to spell my last name. That's a good point. I had a really hard time with West names when I first moved here in Oklahoma. No I think no. You did not have the spell it for a lot of people. I had to stop myself. I did it so much. Stop Myself when I get here on. That's away man. I'm in Louisiana. I rupaul dangle. Everybody knows everybody knows a day. Go I I call it. My joke is talk a little bit I could feel getting giggled. They say you related. so-and-so Dago I know Sosa Salako John Breaux US senator. They will be once you. We've from my wife's a day go. Why are you so I'm going to do that after after the podcast is over because we have a date that works here so yeah Chambas from church point? Everybody knows a Dago will marry to who just Jennifer big poplar. Casey Dago pitch the majors from from bitten. Yeah your family history. Just just tell people people that's like the the rich tables with John Breath y Casey bagels. The Athletic Day goes you know and then there's the other day the athletic non rich have you ever done your family history to see have an uncle who's really done Yeah he's doing real well trace it from from Novus from France to Nova Scotia Kosheh says they were. They were back country. They didn't get deported. The and then they came here from France. Well it was pretty interesting. It's interesting wow so the last question is kind of what am I go. To's is because it is called discover. Lafayette may follow up. It is one of the most friendly unle places in the entire country if not the entire world yeah we always make the top two lists of friendliest places to live every one of my neighbors. I love everybody. We've had in here just kind of going at the end of the year. Here every gusts that we've had in. Here's been so friendly and and so just open with everything. So Oh Adam thank you for being here and you will thank you again for letting me ask some questions and be part of this. Oh Yeah thank you Jason. It's been a great year. What's Today the seventy seven Sandberg's birds in this? PODCAST will come out very early January to be the New Year so before we close out on a call out people. I'm grateful for it. The advocate Vaca-. Judy tour's Otas Fred Camp Back and how would feel inside you. Adam diggle have really been supportive and We're doing this podcast..

Lafayette Casey Dago Adam diggle France Casey bagels Katie Oklahoma Louisiana Sandberg Vaca Nova Scotia Kosheh Judy tour Sosa Salako John Breaux John Breath senator US Jennifer
"business editor" Discussed on Discover Lafayette

Discover Lafayette

16:18 min | 2 years ago

"business editor" Discussed on Discover Lafayette

"I kind of my story. And they're twenty seven twenty eight and they have kids. Well yeah kind of once they start school right right so you. I WanNa talk about that article. I know that I thought it was wonderfully done you. You did some in depth reporting based on statistics about out migration and it's not just the Lafayette hit area you were talking state. Gary Wagner. You always got the data for me. He he's he's really a great resource. You know for years we've Louisiana's lost you lost people in general and particularly Texas because there's jobs there's huge companies in Houston in the METROPLEX You in right after Katrina exploded that people move from Louisiana Texas and then after that it tapered off when we had a couple positive net migration years but in two thousand sixteen and twenty seventeen. It's escalating again particularly with the The recently recently college graduates twenty four and then that twenty five to thirty four as you said like that that age group were there just having kids and getting kids in school and skin skin settled. So it's it's really kind of it was really eye opening in people. The people I talked to were like I said I got what I needed Louisiana which is kind of sobering like what lies but there's opportunities he's out there and now that is just the flip side of that is always you could move the net migration. We're not getting the people moving in so then you've are net. Migration gration was among the southeastern states. It was right just above Mississippi negative fifty three year per ten thousand whatever but it was it was interesting story to write to be a long time but hopefully I'm curious to see what happens next if anyone politician or anyone kind of takes that story like this what we need to do this. Let's use the wake up call to whatever there's no quick fix. Do you believe Gary had. It said it best like the the best way to do is invest in early education And we've been hearing that years cable cable and and other groups are pushing that and you know Adam the way I'm looking at it. It seems like Lafayette. You were just talking about some of the positive numbers and things that are happening. You know we're holding our own even though the oil and gas industry is really struggling in in our state but it's other areas of the state that are really Struggling it's yes. It's a rural areas. I think that if I had a broken down we have the data to break down the migration by parish. I think it would have. I've been just you know the Metros Living Gaining Ryan the and the rural areas or just lose it handle reveals. This podcast is giving me an opportunity to have a variety of guests on. I wanted to share things. I don't even think they're going to be coming up with and one of them was our. US Attorney David Joseph and he was talking about Jason. You might remember the crime rates in North Louisiana like Shreveport and even in Alexandria whereas here. We just don't have it we're not plagued by the same things and it's got to go back to some of the unemployment lack of opportunities. And so as a state it drags everybody down but You know hopefully with like you're saying some government leadership We can turn that around. Yeah we've had stories out of our capital bureau how allow the parishes in particularly particularly. The towns are kind of going broke because they have no young people moving the high school leaving so their population is getting older businesses or lieven. Even what's what's happening. Is You know these towns. Basically have the only source of income is the water department and they yeah water bills the only source of Vinho and then they've got these these ageing water systems and they can't afford to do so it's sad. Yeah I saw that about claritin two small town right outside of Baton Rouge. You're probably familiar with that. They're on the brink of bankruptcy but the water. Oh my goodness Luso's yeah there's a little town it's out of Naqash Cut Clarence same thing that there's no there's no income there's no resources crinkle but the water pump and there's in it's a portal. So what do you do right. Move to Lafayette to Metro area. I know well. Let's talk about the upcoming summit. I know that it's going to be on January Fifteenth Fifteenth Twenty Twenty and. Where's it going to be held please? It will be at the Kadian a set of of the arts. That's GONNA be beautiful. So this is your second annual summit and now you've got some Some well educated knowledgeable people joining you if you answered attention namedrop. Some we've got. Let's see we've got. Philip May with energy we've got flow metals commercial realtor here. She's she's a great resource art price with Badger Badger Oil Gary Wagon with you. L. Troy Wayman with one Acadia Anna John Born with home bank originally juice Zeus allied with Acadian ambulance. I'm Lance Dr Savoia ul. Natalie harder was away the SEC. They we've got. We had two people that we had to That couldn't couldn't make it trying to fill those plots accord Jack Twenty eight Katyusha good good guy. That's right after the National Championship Games. A couple of days. We had fourteenth not like that could be having the morning after. Let's be real. s what makes you a good opportunity to attend this. Yeah Yeah So. That's a really diverse group of people. You've got bankers commercial realtors. I can't wait to hear Gary Wagner. I think he's just uh-huh and he's he's great. He's a report dream because he totally doesn't slant it Ryan God. He's he answered the no one. Here's the information. Here's a data boom. Oh Boo boo. You heard that some people are like no. That's not quite the way to say I've heard Jeff Stewart and others. Say He really. He named says truth. Not trying find a doing share. These are the statistics. Yes yes so I mean I said reporters dream Just how it is now. You're going to be moderating or you wanted to astle Senate and we'll do that. So what are you expecting them. Like what type of News are you hoping to hear what I think last year. We got some pretty pretty good news. It was more kind of Overall kind of picture description kind of thing. Everyone brings their own their own background industries to the table But it's it's a good to let people know how every aspect of the economy's doing thing and Very very knowledgeable very info packed session. I do remember from last year's summit You had will labar from CGI. Correct trying to think of the ones Natalie harder and a couple of others really honed in on the importance of early childhood education or forgot about that if we don't invest in it's going to it takes a generation to see the actual results. But I know that several of your panelists you know were very concise is in their thoughts that we have to invest in public education and this in particular is yeah this is community. That's got a high level of private school kids and and we've got the majority though of our populace there in the public school system. That's right I mean that's that's potential workforce for company looking woke here. Yeah and quality of life the whole there's no way around it but I found the speakers This one looking forward to this year the speakers were not just giving the standard business be. They were talking about their love of our community. And why they're here Sense yeah that makes it worthwhile. Yeah just just you know sugarcoat everything and just having these great. Give me something I can take with me. We're GONNA make a difference. Yeah so you know I meant to ask you about about restaurants. I've kind of looked in the news business news and I don't know if we need to talk about particular restaurants but we've had some clothes that were sad and then we're seeing things open good. What is your take on that with our local home-owned you know homegrown restaurants and what's happening? It's it's it's it's kind of a tough market. You'll always tell people like food is so big here if you go to open a restaurant that'd be pretty doggone good there's there's a couple that are that are opening it. A lot depends on location I think the downtown ones are are doing real well and and data kind of where it's at right about now. Yeah so Just it's just a it's a tough nut if you're if you're not if you're not What's swirl looking for if you're not back if you not experienced in I guess WanNa just Kinda like hey I like to cook? I'm gonNA open a restaurant and the time you hear them a rude awakening but then that downtown market has got you know the new tools tacos Agus Rezendes grew. They are really kicking. They make good food in. These guys are good. I mean it's been a long time Colin meads involved. He's very good so That's kind of what it take. Yeah it's I don't know if you saw on facebook and maybe it was other social media but when Chili's is probably one of your articles Chili's announced that they were building or buying a building and renovate place who two million or something some of the local restaurant tours. I remember Michelle and others. It was it was a positive thing. Hang about well if there's that much money but we need to be promoting local businesses because there are so many that have invested over and over in our our community and so I thought it was interesting. That people love Chili's but it's also a call to support your locally owned restaurants because they ah go to school and their kids go to school with your kids. They go to church they give back to our community and people really were. I think it was That shop local eat local really kind of came to the forefront at Chili's announcement those are those are the people of local people want to give back to their community or make the difference in their community where whereas Chile's is headquartered in the METROPLEX and they do make a good blooming onion it. It's delicious I know. Is there anything else you wanted to bring up. I think molly other destroy the was was the was the Walmart. Mr Closing on the north side. does a lot of jobs and just just you know big retail Alad for people on that side of town See what's going to happen that building. I don't know of her. You know. There's a little chatter here and there I reach out to guide sterling. WHO's handling properties I to you know just a little bit of stuff but plays close to the vest so but it's interesting to see the spin off of that because I I wonder if if these were writing about the business open at northgate mall and kind of things? I wonder if that is kind of related. If people in the north side like you oh you know. Let's let's do this. Let's let's let's try to replace that. And let's let's have something here for for this out of town. I read that there are three new businesses opening in which is incredible. It's great news. Yes malls or struggling national. I know exactly so they got people open up. But it's the exciting part about it is it's startups. It's local people. It's it's minority locally Local entrepreneurs so You know the Northgate Mall is old. It can use little repairs here on the air but it's a great place. It's it's still a great place to be for people and that location action is unbeatable for people that live in Brad's or Appaloosas Downtown Yeah it's a great location. It's just a matter of revitalizing and then bringing bringing it back up but these new businesses do that. There's a little like a candle store fragrance to yeah sweet home. They have the Best Lambert j yes election forever and ever and and people love it. Yeah I think they're good anchor there To make a Babar. No just open like a an event hall so sounds like that's kind of good to get people in the united who not just say look for a pair of shoes or whatever I told to make. Somebody's a little coffee shop at WIFI out. More people coming in. And that's where the you'll see like they'll keep coming in like. Hey that dress in the windows pretty cool. I've seen by three times. Yeah I worked with Upper Lafayette Economic Development for almost ten years and when when the news of Walmart hit it was kind of a gut reaction and I had an others because I know the people that live in that area. They really do depend depend on the walmarts to be able to get affordable clothing as well as food and You know Super One is still there and you've got other stores but for for so many of our our local neighbors. They don't have transportation. They are riding the bus or not a lot of that crowd. I think is taken uber. I may be wrong. But it was really a A deep gut reaction to a lot of people walmart close mid it was it was not personal..

Gary Wagner Lafayette Walmart Louisiana Natalie harder northgate mall Chili Texas Twenty Twenty Mississippi Baton Rouge Boo boo Colin meads Katrina Shreveport Lance Dr Savoia North Louisiana Adam Upper Lafayette Economic Devel
"business editor" Discussed on Discover Lafayette

Discover Lafayette

13:37 min | 2 years ago

"business editor" Discussed on Discover Lafayette

"Glad to be here. You're my hero on you. We're in the studio with Jason Sikora. And I don't think they're any anyone else. Besides you and Jason. That have done more to help my podcast. Thank you so much. Thank you both for what you do. I guess I'm feeling feeling grateful. Because the years ending and You know even with economic changes. Lafayette and Acadia seems to be holding on pretty much with all the changes afoot. It's been a pretty good year. Yeah Yeah so if I can before we start on business news can you talk about living in in Lafayette and Acadia House had been keeping from Oklahoma. I know you're Louisiana native but Lafayette's got to be a culture shock after Oklahoma. Yes very in. Today's forty degrees which isn't too bad. Everybody else's one love complain about the weather like it's above freezing yesterday was so hot and Arbia. Yeah so My wife Native Oklahoma and she cast asked me is this is. This is a heavy jacket Louisiana. Probably not But you know there'll be snow every once a year here or whatever we have. We have snow pretty regularly up there. we're getting. We're building a house in Karen grow. Were released celebrate and work. More kids are doing well in school. So that's that's very good. Yeah so you worked in Tulsa for quite a while and I know that Judy deters otas. The publisher of the advocate reached out to you. When you joined the Acadian advocate you had worked? Judy knew her in the past. Is that right. I didn't I I just my wife actually saw the job listing for my goodness said this. I had the impression Judy knew she spoke. Okay so highly of you know when we first that's great that's even better accreditation so you know. I've always called looked at kind of getting back home home for a job because Mike watching my nieces and nephews grow up on facebook and and my mom has four siblings. So everyone's getting older sure every time I went back to Oklahoma like You know I'm GonNa have to come back at some point for some ice funeral or Bertha missing birthdays right and then the you know the things that the advocate are doing as doing their one of the few papers. Maybe one of two or three. That's growing Step made it very attractive so and they really have grand since you joined. Yes and we still are growing Ad Revenue Oh circulation. It's still opera. Climb we're just in this little pocket of Of A place where people love their newspaper. that's a no attributed due to the owner James Georgia's and his family and the staff. I mean you guys are just conquering the world here. I tell people that we had the are folks in New Orleans the Picayune an shed jobs or whatever and we got some really talented people from the advertiser tasers. And what have you. It's as if we've assembled this all star team really of just the best from all three properties and we've got AH great local ownership writing. That's that's huge. Now right right. I know it's a pleasure working with them and I'm just looking conferred a really great things. Because as you said the business model has changed so much for publishers and I know I met you through No you right for the the heart addition but you also put out a daily email blast that includes the biggest news of the day as far as business goes very very popular when we expanded our staff with Claire. Taylor covered folks the for that was the success of the business newsletter. So right there. There's a definite need want from a desire for local news here. Do you think we're going to have our printed paper. Is that something that's gonNA honest with us. Oh God yes I love it. I can put my phone on the charger. I look at a screening method enough times a day. I don't I want to look into those screen for a little while right puzzles I don't I I read. I relax anything that I skim the headlines at our readers much can until kids to go get a bowl of cereal right right. I love the news especially the business news but I have to confess some Sudoku Sudoku addict and jumble and cryptographer whatever. It is to giving away secrets here. Why don't we jump into twenty nineteen Tell me about the year in business. It seems like the last half the year. We've had a lot of big business news but you want to kind of go over some of the highlights of what you've covered and what you've seen as far as the Katy on a business. We have had a lot of big not big headlines waiters. Probably the biggest guests thing that's dominated headlines this year They went public. I part of the year I believe and You know then. After a while that Tabet started coming they bought the bites acquired white squad out of Minneapolis and it seemed like You know that Kim a lot of debt and things that stocks started falling and then they come out with this new agreement for restaurant owners where they have to pay a certain certain fee. If you're making so much per year a lot of people didn't like that so things kind of start Tomlin. They had a ma- pretty big layoff recently. So things are not not good for them right now but You know if they may need to shift gears and I think it's just my opinion I think that's that's such a busy lane the B and right now restaurant delivery. I hear mom chatter about other kind of people kind of make a push in this market to two per se challenge them but Kind kind of get here. And and see if they can elbow their way into the market Everything I've read about restaurant delivery The the the the profit margins are not great. It's not a money making operation So it's just it's just kind of one of those things it's just difficult. There's there's a guy in Villeplee wrote about him. His name is Brett McCoy. He is starting his own kind of delivery service. I mean it sounds. I was like just what Chris is years ago. But he's kind of focusing on rural areas. He's from Ville Platte APPALOOSAS. which kind of makes sense With all the things running apart I mean he's he's got a lot of ah different things going on. So he's not you know till we relying on this In his model was different his mile is I believe the customer pays. He's like the whole delivery instead of signing the check on him see. Yeah doing this stuff. Going on in Ville Platte. I've been hearing you know. Manipulate was on this show and talking about what they do with the Acadian and Planning Commission Ville Patches seems to have some good leadership there and in the university is Jeff Stewart's classes reached out to them and and try to find ways to Kinda lift if they're so fascinating story. Everyone thinks like that just fascinated. Yeah a small town like that in a very rural but yet I think there's good banks and you know there's there's potential there. They were listed as the number. The second porous town in America which I didn't know America. Yeah Yeah I I've heard late. Providence would be the poorest so the that's at doc top of the list classes doing some interesting. Yeah so let's we'll say prayers for waiter and I duNNo. Chris is still involved with them. Didn't he. Make I advisory role. He's he's he's joined forces with fellow in Baton Rouge for medical started the premise similar. Well hopefully he can give them advice. Allies who maybe learned from what happened with waiters. So what else is going on. You know I I've been hearing a lot about some mergers and acquisitions with some of our biggest guest. Homegrown Iberia Bank Merger why there's nothing on the surface it sounds People people. We should be nervous but I think that just kind of over like a lead balloon with people because people love Iberia Bank. The they've got very has a third of the market share here It's a local bank and it's it's done real well less years. They've been a high perform bank so I think when that happens we will like. That's my bag and they're doing real well. What happened you you know? They got the big tower downtown. I think a lot of people wondering was scared. They leave that or whatever they've been giving assurances that the market arquette a lot of times with mergers is like one really solid companies buying kind of struggling with Hancock Whitney the amid south southwest struggling. They had a lot of issues. Reached out and kind of you know bought about this is covered to high-performing banking institutions. I I suppose it's like the publishing business though there I know how Astute They Iberia. Bank board is and I'm assuming Is it first horizon. I'm assuming in the same They're looking ahead to to stay competitive in grow nationally. So it's GonNa be fun to watch but I know I was a little nervous until I started hearing. No this is nervous. And and what's it's GonNa see when they take down Iberia Bank sign off the big building and put up a first horizon in the beginning. Downtown right have you get mad about that or what. We put some kind of curious about Mariah Carey Bank. People too. I am too yeah. Well tell me about out. Lafayette General to what is your perception of that with the Astner. It's come a similar situation. You got to pretty solid companies You healthcare such a big deal in in Lafayette parish. Big Employer big industry. That's that's one of the growing feed right now So I think also also some nervousness there but You know they're going to inject inject a lot of money here so I think that's going to be for the most as part of a salad deal. I think there's gotta be some duplication somewhere. There's got to got there's going to be some kind of Rough patches for an undetermined amount of people but I think that'd be for the overall asked me a positive for the what I like about. It is Infusion of cash will help grow the the residency program. And that's going to bring what forty or more residents every year and that's just going to help help our community because they're here hopefully they'll stay. That typically is what happens. I heard David Calico say once that We don't have a lot of family. Physicians kind of folks get here and they go to a bigger market. Or what have you so That could be interesting as well. Right right right. What other news were you wanting to discuss? I know you've had a list of you. My my only other item was would be You overall the economy is kind of still kind of marching forward R R real estate sales. We're going to break another record this year. A lot of that's happening well. I was happening here. But but but the activists hot outside laughing Saint Landry Iberia. So we'RE GONNA WE'RE GONNA take a dive on that a deep dive on Sunday Section here a couple of weeks job growth. We've been Jacqueline steady retail. Sales are going to be not quite the the high water mark twenty two thousand fourteen with probably right below that and that's incredible because that was the last year before the oil and gas when things went down so we're cry creeping open backup. People are sending money. Yeah you can. You can totally see and same thing in Airport traffic's was about to make an all time high same thing Twenty fourteen was a high traffic year. After that unemployment rate is down four point three. It was at seven point. Oh Jeez me twenty sixteen extinct so all the signs are kind of there but either we're we're marching forward as as an economy and and you know we didn't know no big big splash of like a huge employer in the area but one step at a time right. Well I know we're here in the light center and CGI's across the street. I know they're trying to double double after a lot of businesses especially tack tech and healthcare. I guess not but It's exciting to listen to that because that's just can help retract. You know I want to get on your article about out-migration that that's going to attract people come to college here or if they've already graduated to move here so I've been watching that with interest quiet study and that that's the age group you want target because that is the you know the parenting age kids hear those kids moved to Texas..

Oklahoma Judy Iberia Bank Lafayette Louisiana publisher Jason Sikora Chris Ville Platte Homegrown Iberia Bank Saint Landry Iberia America New Orleans Acadia House Tulsa Ville Platte APPALOOSAS. facebook Arbia Texas Providence
"business editor" Discussed on Discover Lafayette

Discover Lafayette

02:17 min | 2 years ago

"business editor" Discussed on Discover Lafayette

"This is John Swift and you're listening to discover Lafayette a podcast dedicated to the people and rich culture of Lafayette the gateway to South Louisiana. We tape in the offices of Raider which offers a complete fleet of it solutions for businesses of all sizes raiders motto. Is You just wanted to work. We understand if you're wondering if greater can help your business please visit reiter solutions. Sion's DOT com. I'd also like to thank Berea Bank for its support founded in eighteen eighty seven Iberia. Bank is the largest bank based in Louisiana and is headquartered quartered in Lafayette with three hundred twenty five combined locations throughout the south. They offer the resources of a national bank. With the personal touch of a community bank please visit Kabiri Bank Dot Com for more information and lastly thank you for the support of Lafayette General Health as Katyushas largest nonprofit community on regional health system. Lafayette General Health is committed to restoring maintaining and improving health in the communities it serves for more information visit. Lafayette General Dot Dot Com our guest. Today is Adam. diggle who has served as business editor of the ACADIAN advocate. Since August twenty eighteen Adam previously worked worked for the Tulsa World in Oklahoma for twelve years. He's a native of Gonzales. Louisiana and a graduate of Southeastern Journalism Adams served as sports editor and later executive editor of the lion's roar southeastern student newspaper adamant his wife. Shelly have four children and their members of asbury methodist this church in Lafayette. I want to express my deep appreciation for Adam and the advocate for the ongoing support. They have given discover Lafayette and the weekly articles articles. Atem publishes which highlights each of our guests we look forward to the second annual Acadian. Ah Economic Summit to take place on January Fifteenth Twenty Twenty where were the advocate will welcome local business leaders who will forecast a katy on his business climate and what is in store for us. Adam joins us today to look back over Twenty nineteen and share business highlights and news of Interest Adam. Welcome to discover Lafayette..

Boeing On The Hot Seat

Aviation Week's Check 6 Podcast

07:50 min | 2 years ago

Boeing On The Hot Seat

"OPEAN Aviation Safety Agency Patrick key has a big say and when the Max is certified and our business editor Michael Bruno will round out today's discussion with his views on where Boeing just another case of congressional grandstanding yes so there was certainly I was chairman Peter defazio surprised us by sharing slides featuring documents including communications our emails and text messages problems with the Max and with the flight control system acid from twenty fifteen from a senior engineer developing the a seven thirty seven Max accident sequence another in which a general manager retired general manager he expressed his view that workers Michael Mistakes and he went as far as to say in the letter to Muhlenberg to step foot on a Boeing Max aircraft and this is a guy who had worked for the company Burke. Yeah I think what Ben's pointing out we're probably the two biggest revelations kind of what not what Boeing knew and when but what Boeing had been but also in public relations about what Boeing had been telling people once the what Boeing said it was is now out there and perhaps it gets over to Europe yen's what it what did Patrick key confirm that won't be far behind the FAA and and on Adair aren't any last minute problems that we don't know of and that open items one of the one of being how cockpit they're not there yet had suggested the introduction of third there is still a not yet agreement on the training requirements issue even for your lines which have typically smaller and we have to agree on this as far as I understood him that understanding return to service in the US and it could be many months after that before returns the service in Europe he decides in January that the maximum can return each country each member-state lifting the flight bands and a question that needs to be resolved so there is a lot of training this is some some member states have told him already so there will already be some exceptions that will delay that about what it means for the certification of future aircraft worldwide. Yeah I mean that's the that's a really really important

Boeing Peter Defazio Michael Bruno General Manager Europe Michael Mistakes Adair Senior Engineer FAA Business Editor Muhlenberg Chairman Patrick United States Burke BEN
Can Aerospace Shrug Off Trade Wars and the MAX?

Aviation Week's Check 6 Podcast

15:10 min | 2 years ago

Can Aerospace Shrug Off Trade Wars and the MAX?

"The boeing seven three seven max fiasco has dominated headlines as aircraft grounding has affected airlines and production slowdown repsonses supply chain president trump continues to escalate a trade war with china putting u._s. Aerospace exports particularly civil aircraft at potential risk the u._s. government's budget deficit has hit a trillion dollars this year and there are words about a global economic slowdown and yet the aerospace and defense industries so far it has remained surprisingly resilient hitter discuss that are michael bruno aviation week senior business editor and in the moscow our executive editor for defense and space ace michael. Let's start with you because you just wrote an article at painted a radi bullish outlook for the centers for you want to explain yeah <hes> joe and jen good to talk about this. It's it's a very interesting picture to me. Because it seems counter intuitive. There were all of these issues that are iraqi pie in our daily brains the ones you've listed joe everything from the max to trade wars and if you just kind of did a sentiment poll you'd think everyone everyone was thinking the end of the world was near but i read about two analyst reports <hes> over the past several weeks and the analyst reports aren't just this their own musings. They're based on their own interviews with ceos and others from across the industry and it's pretty unanimous. Everybody's still expects growth for this year and next year and his mind boggling that is they've got some really good reason to buy jenn. It's it's hard to argue that the trump administration has not been good for defense spending. What's the environment like now. There's been a budget agreement that takes us to the election in two thousand twenty or are we out of the woods all-clear well. We're better than we might have been a few months ago but we're. I don't think we're out of the woods yet. The there's still a poisonous atmosphere. That's very pervasive in washington. What we have right now is an agreement over the the amount of money that the federal government can spend in twenty twenty an in twenty twenty one. That's a big milestone because it gets us past. Ask the twenty eleven budget control act caps it kind of somewhat settles that issue but still we don't have have any appropriations bills that have been passed yet into law so until that happens. There's always the dark potential attention cloud of a government shutdown of a continuing resolution of more fights to come but in the meantime time until any of those doomsday scenarios actually emerged defense is one of the leading reasons why people are expecting growth for not just this year it next year the budget agreement what it's done is it's provided certainty in what the business sector wants more than anything else is certainty the direction of where business going then they can plan and they can make their investments and changes and cuts or whatever they need to do in order to keep rewarding shareholders percents fake holders and the budget agreement provides the certainty not just for two years. It's a two year budget agreement yes but federal outlays which is the money that actually <unk> gets written by the treasury department that goes to contractors and other people federal outlays tend to lag budget authority by in two years so if you've got a budget agreement that sees you through fiscal twenty twenty one that means you pretty much with the federal outlays are going to be going all the way through twenty twenty three four years from now and i mean you think we're going to have a presidential election. You very well could have a u._s. Recession as well as a world recession recession between now and then and yet the defense sector has got really good clarity into what looks like italy's a modicum of growth over the next two to four years pointing out lawmakers have have agreed on how much money to spend basically. They said we'll just borrow it. All grandkids is pay for it someday but they haven't agreed exactly how to spend it right. I mean the president's already shifted some money from defense to pay for the wall aw that he wants to build a mexico so are are the do you see any potential fights brewing or even none of the government shutdown over how to spend all this money yes i do. That's the short answer. I need. You mentioned the border wall. There is an lingering disagreement with with the trump administration's tactics and making that happen <hes> their their propensity to what is called called reprogram money or transferred between accounts without consulting with congress. Were asking for congress after they've decided to do something lawmakers. I really don't like that so at the same time there's pressure for politicians to come to an agreement because we are getting into an election year so so there is some pressure for them to make a deal to make this so it can go either way and then looking to next year a lot does depend on the <music> outcome of the election and that is really a wild card we don't know but the presidency may be in play the control of the senate and house a lot of that will determine the future puts and takes underneath that top line which programs get funded in which don't although you know within the defense budget you can pretty much say that there will be support for certain areas like hypersonic hypersonic missile defense those kinds of programs. I'd say probably have a strong cancer getting funded regardless of the changing political winds. There's one big dad. Jensen jen and i are both a former congressional reporter recovering congressional reporters and there's an old saying tale about how nothing's agreed to until everything it is agreed to so whether it's a wall or some other unrelated topic something could emerge that pops up and holds up defense in at the end and everybody in washington knows that's a reality. It's a fact of life that won't change. Speaking of something. Emerging blew the commercial side the industry large large jets commercial jets has not seen a downturn since two thousand three. It's even led some people to predict. The industry is now recession proof <hes> what what could come out of the blue that could sort of handicap commercial aerospace or even send a new downturn. Oh wow well. How much time do we have on his podcast. Because the you know the the mind wanders with possibilities and the thing about you know we could list several roll things and one of them is the trade war goes south overnight between china and the u._s. I think that's on the top list arrive on most people's tops of their lists and the reason is is because the chinese market represents about a quarter of the commercial aircraft craft backlog at the two major o._e._m. Owing an airbus and if suddenly that is used as a weapon in an economic war that you don't just replace a quarter in fact there's no one else you gotta start finding martians or somebody on another planet. Who's going to buy some of these aircraft because there's nobody else in the world. Who's who's going to step in and buy the equivalent of what china is expected to buy and so that's a big one. You've got other things however there used to me this rule before we got into this endless cycle that you referred to you know this greatest expansion since two thousand three the old rule in commercial aircraft or craft used to be g._d._p. Was a precursor to air traffic to air passenger traffic volume and when g._d._p. He's fell around the world. You would see within about six to eighteen months lag in air passenger traffic and air passenger traffic is what what would drive orders and so there was a natural succession and if one started falling it was just a matter of time until the next point. A lot of people say things are different now. Look for for all kinds of reasons. They look at other indicators beyond just national g._d._p. Around the world but we haven't tested this yet <hes> <hes> it remains to be seen whether we get another recession whether smaller great whether that's actually true and then there's all kinds of small things that could pop up you could see a major cyber security flaw emerge overnight that could perhaps down the supply chain. Maybe not take it down and whole all but if everybody's getting more and more digital in their operations and suddenly you find there's a flaw. You're not just going to develop new plants overnight and bring in thousands of workers who are going to make things the old fashioned way without computers. That just isn't going to happen so i mean there's all kinds of scenarios that could doom things but i'd say at at the end of the day people are worried about china yeah yeah when you talk about things coming out of the blue i mean the the max grounding certainly came on the bill what he saw that the the only thing that's limited is not that many max have been delivered yet right right and had this happened in three years airlines like southwest might all of a sudden have to avid aircraft it could be disastrous for the industry also it's a max remains a hit. It remains a bit of a theory and hear me out for a moment. It's it's a bit of a theory based on an unproven assumption and what i mean by that is the max is all about meeting the growth in air passenger traffic. That's that's expected over the next several years that is based on middle classes continuing to grow well that theory about middle classes growing and continuing to use discretionary spending to buy commercial airline tickets to travel around the world has yet to be tested by. I am major recession so we are thinking that maxwell continue to go on next year and the year after that boeing and airbus are going to sell major numbers of venero bodies and even a few wi- bodies and everybody's still gonna make a lot of money in the end but this is all the first time any of this has been tested jeb. We're gonna wake you up. Stop talking a model. It's commercials what about defense and you talked about. It depends on the election but hasn't defense spending it also always been driven by the threat yes and no i mean it is driven by the threat but what we've seen really since two thousand thousand one since the nine one one terrorist attacks is is generally record high levels of defense spending so even when you had a downturn in the the obama years and they reigned in defense spending a little bit it wasn't <hes> wasn't pure downturn and so so that's been kinda turned on its head mainly because the threat level has been high regardless of where you go in the world if you're fighting terrorism in the middle east now now you know the national defense strategy is more geared toward near peer competitors like china and russia so <hes> so yes that is true but in a in an era where there are threats everywhere you have to be able to adjust the budget otherwise <hes> someday hey you deficits and debt might catch up with you as a nation okay. It is is pretty scary world out there. I mean your team writes. All the time about china's and russia's carr's efforts in hyper sonics about the vulnerability do a space pearl harbor u._s. Space assets are attacked wiped out a lot of a lot of meat certainly defense a lot of neat yeah i. I think there's one other thing and that's interesting about this gentleman. It could be worth explaining for a moment about how despite despite whatever growth the defense budget is gonna have they still clamor for more and they say they need it because they've got growth needs that petr beyond just inflationary adjustments so they need what three percent a year over inflation just to stay to maintain their operations as they are so one reason. They're always screaming as they're never getting real growth. They're only getting inflationary growth so that's right i. I still think we're on course for a reckoning. I mean if you look at the national debt. It's it's a short matter of time before. We're spending more money on interest interest on the national debt than we are in defense. If interest rates tick up. That's a huge problem. Too is in your spending a lot more so you're either going to raise taxes which congress hasn't done in years or or you've got to find the money somewhere and if you have a u._s. Recession you wound up. You wind up in almost every the u._s. Recession having the government increased benefits to the population to support them through the recession and so that's more money going out the door yet another pressure on the budget the trade war with china are they gonna help out there. You go so michael with you or the question. Things are feeling. I'm pretty good right now. But is it nineteen twenty eight for this industry rian nine hundred twenty eight where everything was roaring before the stock market collapsed in the great depression. Ah yeah you know if i can answer that question. I wouldn't be here. I'd be on wall street playing some big numbers and making even bigger numbers <hes> and that's the problem. Is you know not too fancy too much philosophy talk here but there's there's always been this this known unknown. We know that the good times can't go on forever and you know that things happen and changes come and can the question is when does it happen and nobody right. Now says they really think they see it happening in the next six to eighteen months but just about all of these same people say kind of happen so now the now the best guesses are sometime in the early twenty twenty s. You're going to see a real significant hip dip in commercial aircraft orders and you may even see a rise in the cancellation of commercial aircraft orders so that that would be the testing ground but for the next eighteen months things are looking at were end on that positive upbeat prediction hold you to it. Michael comeback fared in a few

China Michael Bruno Boeing President Trump Jensen Jen Washington Airbus Federal Government JOE Analyst Jenn Congress Donald Trump Business Editor Executive Editor Moscow
It's Been an Interesting Year for Deutsche Bank

Trump, Inc.

11:49 min | 3 years ago

It's Been an Interesting Year for Deutsche Bank

"The head of Japan Christian seven did an interview with the Houston business editor at the German newspaper did site. The two were speaking at a reception at the World Economic Forum in Davos, Switzerland. You wanted to become a journalist of all profuse Heusen, the newspaper, man, asking the banker if you were a journalist, how would you report on Deutsche Bank today? So in a nutshell what you, right? The Deutsches CEO is taken aback. He fumbles for a moment. I would say Deutsche Bank is the most significant self-help story, the financial industry. That's how the detailed editor doesn't really want to talk about self help sometimes with Dutch makes the case that just it seems to get better. There is another problem like in, in November when things really looked up and then all of a sudden stated Tony's came in search dodger Bank headquarters under the suspicion that Dutch was involved in in Monday, laundering activities. What was your first thought? In a nutshell. A few months earlier, the German police had raided the bank's Frankfurt headquarters. No. Of course at that point in time. It's it's disappointing not disappointing. You know, personally for me, but being subject to investigations and regulatory actions has become the new normal for Bank in recent years. The Bank has been fine billions of dollars for lax controls on everything from laundering Russian money to violating sanctions against Iran, Libya. And Sudan, somehow you life is tainted by pest how with the constant uncertainty that something is light pop up. You know, I think that makes live really interesting, right? I mean. That's life has become very interesting for deutchebanks. In a recent portfolio congress reveal that has been asking for detailed records of frump family business interactions with Deutsche Bank in the file in congress said straight out, it's investigating the relationship for possible money laundering, illicit financial deals fraud and foreign influence in the two thousand sixteen elections. By its own admission. Deutsche Bank has a history of serious compliance. Deficiencies when it comes to global money laundering in the very recent past. Now comes a new revelation from the New York Times deutchebanks own anti money laundering experts flagged multiple suspicious transactions, they were as recent as twenty sixteen and twenty seventeen and involved Trump's business and the one formerly run by his son in law, Jared Kushner among the transactions one, we're money had moved from Kushner companies to Russian individuals. The times wrote that deutchebanks money laundering experts were so concerned they wanted to report these transactions to the US treasury, but supervisors refused to do so. Carrie McCue, deutchebanks spokeswoman said in a statement alert dispositions by investigators undergo a higher level review by qualified staff. Transaction monitoring castle wide net and not all alerts will result in esscalation. She added we take responsibility for compliance very seriously. And that the Bank has increased our anti financial crime, staff and enhanced its controls in recent years. A spokesperson for the Trump organization emailed, the statement, this story is absolute nonsense. We have no knowledge of any flagged transactions with Deutsche Bank. In fact, we have no operating accounts with Deutsche Bank, we sent questions to the Kushner companies, the White House Trump's private banker and lawyers for the Trump's in Jared Kushner, the White House did not have comment. The others didn't respond. Meanwhile, the investigations pile up those Pena's were sent a multiple financial institutions including Georgia Bank, the house, intelligence and financial services committees are hoping to get information on loans. The German Bank gave a to the Trump and Trump organization and vicious presidential harassment. This is all these people do ever Trump earlier today and FOX and friends calling it harassment is the Trump family and the organization, sue deutchebanks and Capital, One two blocks of Pena's. So we've issued subpoenas into your Bank, and we are collecting a lot of the documents that we had requested. And we are reviewing I can only tell you that the investigation came about as the result of the testimony, Michael going. Hello, and welcome to Trump Inc podcast from WNYC, and propublica that digs deep into the secrets of the Trump family business. I'm Andrea Bernstein today on the show Trump and his family's relationship with Georgia Bank, a Bank with a history of problems. They were laundering money for wealthy Russians and people connected to Putin in the Kremlin in a variety of ways for almost the exact time period that they were doing business with Donald Trump. This is David enrich, the finance editor of the New York Times, and all of that money through DOJ Bank was being channeled through the same exact legal entity in the US that was handling the Donald Trump relationship in the us. And so there are a lot of coincidences here. There's a lot of smoke. I have not found any fire, but unfortunately, I do not possess subpoena power. We're going to walk you through all that smoke. Trump Inc, is an open investigation. So we're just going to say wait now. We're still not sure what this all adds up to. What we do know Trump right now about three hundred and fifty million dollars to your Bank more than he does any other financial institution. And so much is happening regarding the Bank so fast. But we decided to lay out what we've learned by digging into Trump's financial deals with the Bank and why his recent loans, raise so many questions questions raised by congress. The new York Attorney General and the bank's own employees. Let's get to know Deutsche Bank it likes to think of itself as a cousin of other global institutions like J, P Morgan Chase or Citi group, but Deutsches recent history, sets it apart from its competitors after the global financial crisis in two thousand eight Deutsche Bank, like all banks was under financial pressure. At the same time, there was more and more wealth, building in Russia and Russians wanted to get it out of the country. Maybe they earned it illegally. Maybe they were just scared that, if they kept their money in Russia, Vladimir Putin would have it seized banks are supposed to run checks to make sure they're not helping criminals move dirty money, and New York state regulators found deutscher didn't do that between two thousand eleven and two thousand fifteen the Bank improperly and covertly helped usher, ten billion dollars out of Russia and into London and New York and it got caught. We spoke to the woman. Man who did the catching my name is Maria Vullo? And I was the superintendent of financial services from early two thousand sixteen through February one of two thousand nineteen, she oversaw banking, and insurance in New York state, just after Trump was inaugurated Vullo signed a consent order with, which a Bank in it Deutsche acknowledged it had allowed bad actors to achieve improper ends. This consent order addresses the man had serious compliance. Deficiencies that spanned deutchebanks global empire. These flaws allowed a corrupt group of Bank traders offshore entities to improperly and covertly transfer more than ten billion dollars out of Russia by conscripting Deutsche Bank operations in Moscow London and New York to their improper purpose. Deutsche Bank paid over six hundred million dollars in penalties in New York, and in the UK and said it would address its deficiencies. Here's how the corrupts game worked it began in Moscow with an order by a shell company to buy a specific amount of stock, but the buyer, one asked for a particular company stock just the amount. They wanted to spend investigators found some prettiest Pacific emails like this one I have a billion ruble today. Misspelled, by the way ruble. But will you be able to find a security for this size? So then what would happen the same day, which a Bank made up Murchison in Moscow, it would make a sale in London of the same amount of stock the trades. Mirrored each other for that reason, they're called mirror trades, ten billion dollars were moved in this way rubles to pound two dollars, possibly dirty money going in clean money coming out. If you're a Bank, you're supposed to have systems in place to prevent trades like this, because it makes it easy for criminals to wash their money through the. Mancial system. So, yes, there was a supervisor on the Moscow desk, which appeared to have been paid a bribe or some other undisclosed compensation to facilitate the schemes employees complained. They were pushed off. No one did anything even when another bag asked which Bank is something going on here. Deutsche Bank responded, essentially, no, no problems here. Instead, they should have elevated the concerns. Yes, and should have raised a red flag again, and we're looking at issues, like know your customer, looking at who these counterparties are, and who's behind the counterparties, if one was going to actually do the proper KYC process, KYC know your customer, this is key underpinning of the financial system away to keep the money launderers terrorists, and other crooks out, or somebody comes to the Bank, who is this person Deutsche Bank, did not have a central? Is know your customer system and its Moscow office Deutsche Bank, had one person as head of compliance, head of legal and anti money laundering, all at the same time, and you certainly need more than one person who is doing three jobs to actually have an effective compliance system. I mean staffing for compliance is essential. And this was woefully inadequate. New York regulators were not able to track them the actual people behind the ten billion dollars in suspicious transactions. And so a very big question remains. What was the reason behind the because money was exchanged, why we still don't know. There's no evidence, these mirror trade deals, involve Trump were telling you about them because in the words of New York regulators, serious compliance deficiencies at the Bank spanned deutchebanks global empire during the same period. Donald Trump was borrowing hundreds of millions of dollars. And because congress is taking a closer look, according to a legal brief fits investigating. Whether Deutsche Bank is doing enough to stop schemes like mirror trading. The brief says this is important in determining the volume of illicit funds that may have flowed through the Bank and whether any touched the accounts, held there by Mr. Trump his family or business.

Deutsche Bank Bank Donald Trump Trump Inc Georgia Bank Dodger Bank New York German Bank Congress Doj Bank New York Times Jared Kushner Moscow United States Editor Vladimir Putin
Why the exclusion of women from data matters

FT News

08:53 min | 3 years ago

Why the exclusion of women from data matters

"Treating men as the default. Human and economic planning is not only costly for society for the practice can also be deadly for women when applied to things like medical trials. This is the case made by Caroline creo. Peres in new book invisible. Women exposing data bias in a world designed for men Fritz student talk to business editor Sarah, Gordon about the arguments put forward. Sarah tennis this book by Caroline created Peres invisible. Women what exactly is the problem that she's seeking to diagnose we've heard about quite a lot and you've written extensively on things like the gender pay gap. But this is a different aspect of the gap between men and women. Yes. Yes. I mean, what she's to hear about is the gender data gap, which she defines as the absence of women in a whole range of databases, which then affect resource allocation and policy decisions in healthcare in call design in disaster relief in a is so cheap not only gone as the evidence of that absence. But then talks about what the consequences are. And in some cases, the consequences are really serious. I mean, and then some extraordinary examples that I have confess personally, I wouldn't have thought of. I mean, it's everything from. How seatbelts might be designed to medical equipment how it's calibrated? But even an examp-, which are the you deployed in your review of the book about how you plan for clearing of snow. I mean, it's extraordinary the range of of s where this is prominent. Yes, the snow clearing. One is a very good example. It's a town in Sweden which decided to include women in the data that used to decide its nuclear policies. They wanted to done is it had prioritized clearing. Snow? I from the roads before getting to the pavements, and it looked at patents of accident and injury in winter snowfall situations, which in Sweden on many and decided to reverse that priority. So to clear the pavements rather than the roads. Now that not only benefited women in one particular way in that there were more women on the pavements than on the roads and women. On the pavements were also suffering more than men on the roads in the sense that pushing a buggy or a shopping call talk being an elderly woman and walking on a pavement. It turns out. His actually more dangerous. Are you're more likely to be injured than driving a car through the snow? So number one benefited women, but it actually also benefited the public purse because what they found is that the cost of injury accident emergency admissions lost work time in terms of broken bones. Whatever that actually they made a huge saving just by reversing that policy priority. And that's one of the examples that she uses to look at the positive benefits of including women in the data. But what she does more of in the book whose look at the whole range of negative consequences from excluding them and some of these are actually life threatening. I mean, we talked about seatbelts. It gets worse. Yes. So the car design chapter is. Pretty shocking in the sense that driving seats all designed predominantly for the male body. And indeed creo Peres talks a lot about this idea of the default human, and the default human, of course, is not just a man, it's also a white, man. So what she also points out is that the ethnic gender data gap is even larger than just the gender date gap. But one of the things I found my shocking was the healthcare chapter. So in some cases, because a lot of healthcare databases that mainly men there, actually, mainly young men who take part in a lot of clinical trials, one of the reasons is their availability. But another is that women are simply too variable. She has this tastic phrase, which she takes from Henry Higgins in my fair lady. Which is why Konta women be more like command, which is a song. That Henry Higgins sings in the musical my fair lady. And this is one of the root causes for the problems. With healthcare data is that women all as they are all is actually easier to measure, male healthcare indicators. Anyway, the consequences of this are that for example, in the US the level of haunt activity at which you have a pacemaker fitted has been set based on male data. It should be lower for women, and therefore women are not having pacemakers fitted in situations where the loaves could actually be saved because of it. So the gen dictator gap. She oak us doesn't just have consequences for urban planning or whatever it's actually in some cases fatal for women. I'm one of the other really interesting what she did was around disaster relief and the response to the Ebola epidemic in Sierra Leone in and she talks about the fact that a lot of the age was in the form of food aid, the food aid went into the quarantine dare is but people providing it didn't think to provide the fuel. So women who cook the food. We're going out of the quarantined areas to get the fuel to cook the food that was being brought into the quarantine dares to stop them leaving it, and of course, spreading the disease by doing. So I gather she also goes beyond the human if you like to also look at how this system if you like is being now extended into the world of AI algorithms also with negative consequences. It's very interesting book. But this is probably the most interesting, and I think also the most important message in her book is that what she argues that the situation the gender data gap is not just there. It's actually worsening wealth of an improving and one of the examples she gives for that is a I and the databases on which is based for example, the software that's used to scan CV's. She gives the example of a software platform cool guild, which does the first sweep of CV's for technology companies to that employee. All. An interview software coders, and it has decided the software has decided that a particularly strong predictor of coating power is how much time you spend on a certain Japanese online manga site now as you doubtless know manga saw its are not female friendly for lots of reasons also women research shows have less spur time to go on line gaming. Yeah. That's your line and you'll sticking to it. And therefore, the that's being used to preselect potential candidates is already excluding women from those databases. So what she's saying is that a in some instances is not just perpetuating biases. But actually amplifying them in science fascinating. She's obviously done a lot of research and his diagnosing a lot of problems does she put forward solutions. How this could be redressed corrected. I mean is it possible to actually remove these biases easily? I mean, the bias is so broad ranging that she doesn't say that it's difficult to do that what she's proposing. And I think it's one of the reasons why it's a very good book. His because she makes the point that in most cases, this is not a wilful exclusion of women from research or from data. It's an absence a lack of presence, if you know what I mean, it's not willed. It's not malicious, and this it simply in many cases. Is that the often men who are collecting the data don't see what they're doing? So as much of this whole debate. And that's why it's relevant beyond just data is that it's about a recognition of the problem goes some way to solving the problem. And in fact, a lot of this is not rocket science. I mean thinking about for example, designing replacements for slum environments in Brazil, you don't just move apartment blocks. You move schools you move families. So that grandparents could go looking after children, you know, it's not rocket science as soon as you see it. It's completely obvious. What should be done, but you need to see it to do it. So I mean in summary. You would say this book is an important contribution to that. I mean, it certainly contained lots of information that I hadn't thought of myself was simply not aware of says interesting from that point view. But I also think it's very important for policymakers to read because as we know data guides resource, allocation and bad data means bad. Source on occasion. Sarah. Thank you very much. Thank

Creo Peres Caroline Creo Henry Higgins Sarah Sweden Business Editor Konta United States Gordon Ebola Sierra Leone Brazil
California's governor wants to pay residents a data dividend

Marketplace Tech with Molly Wood

03:09 min | 3 years ago

California's governor wants to pay residents a data dividend

"Earlier this month. California's new governor Gavin Newsom proposed that perhaps tech companies that make lots of money collecting and monetize ING, our personal information should share that wealth, and that people who live in California should get paid something called a data dividend, and we are going to chew on this idea today in quality assurance the segment where we take a deeper look at a big tech story, Owen Thomas is the business editor of the San Francisco Chronicle. He recently wrote that the data dividend idea was let's say overly simplistic and has been tried before. It's actually a really old idea that goes back to some of the earliest business models that people tried out in the first dot com. Boom that you know, if there's some value to your attention. Why can't you the consumer directly monetize that attention instead of someone else making all the money, but it kind of takes a twist when you try to apply that idea that your personal data has. This kind of abstract guaranteed value. And you should just get a cut of that. It's true. This is not a new idea and actually just even recently like Microsoft researcher. Glenn Weil started proposing the idea again that we are all increasingly becoming unpaid data laborers. We are contributing all of this. And that the bargain is unfair. You're arguing essentially good luck with that. And is it partly because it's so hard to figure out a flat rate if you will value. Well, I think that the companies would say you're getting something of value. If you are posting your photos on Instagram, you get an audience, you're able to connect with your friends you're able to use their filters. They would argue it's an even exchange, but I want to go back to the idea that like data has some value that you can extract your personal data. Let's say that you could somehow share it exchange, it it might turn out not to be worth that much. And I think that would be kind of shocking to people because these companies are clearly making a lot of money, but they're making the money through an alchemy. Of some amount of personal data that you have a lot of data that they have and maybe data that advertisers themselves have contributed like targeting information advertising segments. Budweiser might know, you know, exactly where it's ads are most effective and they use that information to place ads online. So where did the value come in? And where does the value go out? I think these are really hard questions if we look at this as a process of sort of starting a conversation. Do you think anything could come of a proposal like this? I think that if you're looking at this and saying, hey, these companies are really profitable. And we feel like they're unfairly profiting from society at large. Well, we have a system for extracting that value it's called taxes. So why don't you just tax their profits? And then apply that to any number of public goods that you might need. Oh, and Thomas is the business editor of the San Francisco Chronicle now despite the skepticism and there is. Plenty a company called aunt transaction machines at ATM dot com. Launched right after the governor's speech. They say in response to it and promised to help people control their online information, and hopefully also get paid for it.

San Francisco Chronicle Owen Thomas Business Editor California Gavin Newsom Glenn Weil Microsoft Budweiser Researcher
"business editor" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

03:04 min | 3 years ago

"business editor" Discussed on Recode Media with Peter Kafka

"And he said expect this soon, and we waited, and we waited and we waited and didn't show up. And eventually did look I think there's certain things we obviously bring ourselves. There are certain people who there's certain people in journalism who I think actively don't like what we do just because of the format of what we do. And Santa federal what they think the format of journalism should be with the Trump thing. Look there are if you go through Twitter, and you can figure out how to search with us. There are people who are convinced. We are in Trump's pocket. There are people who are equally convinced that we are as anti-trump is you can be we are either the most capitalistic fascists, or we are communists. I mean that stuff's all there. But there's another real criticism, which is this deliberate. Both sides thing that the the Jim in particular advocates were Mike those as well. That's a crazy stance to have. In two thousand eighteen twenty team. When one side is the devil. It's interesting. I think if you read AM, which is Mike's newsletter, which is the most political daily, newsletters, obviously, and to be honest is probably lead with Trump eighty percent of the time this year at least during the week. I don't think it is as both sides worry as people think, and I say that someone who actively reads it each day and the tests to make sure there's no, you know, to to see if they're Typos and things I want to say, I think he's been fairly critical in certain cases. But I think yes, but often it'll be like boy if Trump just hadn't done these terrible tweets than look at all the accomplishments, you could point that's nothing maybe maybe in. So maybe I'm just being defensive and I don't read them that way as often. I honestly think he's been pretty clear headed about this. I will say this. We are intentionally not reflexively anti-trump or reflexively pro-trump. We don't we don't look at a store and think oh, look something bad happen for the White House to let's make sure we right? Let's make sure we it's more something about happen for the White House. How important is this? Trump tweeted this crazy thing. Well, is it doesn't matter. You know, he's gonna tweet eight times today. What do? We going to focus on her. We're to let's focus on something that we think has some substance to it positive negative or because it's going to impact people in a real way or some of. It's just publicly apologized for the way, you handle the the HBO thing when John and it's so far it's the the Trump should just got now so hard to track. But it was it was affected by was can you invade Canada? Right. No. It wasn't a it was on rescinding birthright citizenship. And so we screwed that up screwed that up. A then there was a subsequent story. I think it was huffpost someone got a hold your slack logs. And and and basically there was a they're all just haters. So ignore them is that is that a fair reflection of sort of the way, you guys think internal. No, it wasn't Nick with that was our editor in chief out and the Johnson. Who was honestly was was joking. It was a much long. It was like a whatever an hour long aditorial meeting. And that was brief point. I get it. Like, I know I think internally we we take criticism to heart. You know swan. And this also got leaked had a much longer internal slack message to the group, and I can't remember how much of it publisher didn't. But. Look, I think we're fairly self reflexive. There's certain things we think are wrong. We thought that some of the criticism. There was some criticism of that interview which again appeared on our debut HBO show with which was the this was I think the word was blue liquor, and that we were just genuflecting Trump..

Trump Mike White House Twitter HBO Jim publisher Canada editor in chief Nick John Johnson eighty percent
"business editor" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

02:54 min | 3 years ago

"business editor" Discussed on Recode Media with Peter Kafka

"One daily on the markets and also daily on sports. I can tell you when we launched we weren't planning to do a sports newsletter. We weren't planning cybersecurity newsletter which we have in a bunch of other things we're just growing a little bit differently than I think we initially anticipated. I think eventually gyms talked about how you do need to have subscription as part of kind of revenue stool for any media company like us. But there's no real rush to do it. We we doubled revenue last year. We think the plan is double revenue again this year, we've been primarily from from newsletter. That's the core primarily from newsletters. We make money off of vents we've obviously got advertising in. I mean, it's interesting. The newsletters are big huge piece of what we do. But we've got a website. That has lots of ads on it. We make money I have noticed. Maybe maybe this is one off. You'll know that I read your newsletter. I appreciate that. And everybody. Shame. You write about a deal? It's interesting to me. And then at some point you then publish elements of the newsletter usual some of the elements in this area. And there was at least one case, I remember the deal where you write about something in move the market. But only wants the thing had published on that happens. Sometimes the newsletters. We're everybody's newsletter is a little bit different terms of when they publish I published a ten. Yeah. I think honestly because once it goes on a website it shows up in certain search engines, which I maybe I'm being totally cynical here. I think the algorithms aren't reading, you know, the boxes that are trading at the shops are not getting an Email newsletter. Just not getting any of them wants it shows up on the web and Google's crawled it. Suddenly, they see the ticker symbol, or whatever they see. And they have you ever thought about well since I can move the market. Maybe I should figure out how to make sure that the bots are reading at about. You don't know move the markets whenever the market's again, I'm not trading any of these things. So it doesn't affect me. Godless. We had Maggie Haberman talking to John Swan a bit about this. But I wanted to ask you, more broadly. I know we're in my studio they made my podcast late that sorry dudes. Thanks for doing that. Both you guys you are both a high profile thing. Lots of people talk about when I'm out talking to investors in meeting people that are company they wanna hear about your a company they want to hear about and with that means you are also a punching bag. Absolutely. I don't think anyone's going after you know, not. So it's all the political stuff from John Trump's how much of that criticism is about Trump specifically, and he's lightning rod. And and deserves a lot of the he's created versus you guys are a hot chip startup. I think it's both. I to be honest. We I've been surprised by how long it took. I mean, honestly, we launched two days before Trump's inauguration. So whatever almost two years ago. Now, I think it took way longer. I become a punching bag the day, we launched or maybe the day after we launched. We had a all hands meeting in DC. But there was only about thirty of us or so and Vanda high pulled out an article that had been written. I can't remember who had written it criticism of politico the day after political watch just ripping the living hell out of it..

John Trump Google Vanda DC Maggie Haberman John Swan two years two days
"business editor" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

03:23 min | 3 years ago

"business editor" Discussed on Recode Media with Peter Kafka

"It's a pain in the shadow to being foaming in Brooklyn. They say, I don't do plumbing. And it's way too far for them to travel for me. I like being those are good guys. Are we are? We should we take another break you're smiling. Yeah. Let's take one more break. We'll hear from an advertising, and we'll keep rambling. This is Peter Kafka here to endorse be indeed plumbing, I pay for them of my own money. I'm here with Dan still hanging out. Let's talk about your current job. Well, y'all been talking about on and off you were at fortune. I can think of a lot of good reasons to leave a timing publication, especially we have why did you end up at axios? And how did that happen? So actually us also because Mike Allen called and and while he was in Boston. And he wanted to get together and have lunch. And I to be honest. I missed his initial Email into spam. And I did know Mike what I was reader. I I was a longtime fan we didn't know at politico. Yeah, political, and so we got together and had lunch. I knew they he had left and Jim to hide left political. And we're launching at the time just something right? I think the only media report was they were going to do something. And so my can I start talking a little bit about what they were thinking about. We kept talking I covered both the and the DNC conventions that was summer sixteen for fortune. And they were obviously all their those talk them a bit more. Honestly, I left I wanted to I like. The idea of two things one I said earlier working with smart people thought, Jim Mike, and some of the other people they were putting together with just a smart group of folks who didn't really have a great idea of what they were planning to do at the time. But it was kind of like let's figure this out together in two as reporter. And you know, this you don't you get a bunch of chances. If you want to join younger companies or more established companies this was one of the first opportunity. I'd really had to join something that didn't truly didn't exist was a true white space and was being asked to help figure out what the hell they were going to do next and the pitch to you was the to what you're doing. But something else the pitch to me was we're going to put together a bunch of smart people who kind of have Nisha expertise to cover at the time. The idea was covered politics, healthcare and business, and let's figure out what how we're gonna make this thing work that was the pitch. My perception of it was these guys who created this thing with politico there they had a problem with with the founder, which may have just come to simply down to like calm. I think I think in. You know, you read about nonstop. I haven't really had this conversation with Jim I think it came down to the fact that he never wants to sell. They were kind of founders of a startup that was never never going to realize the value. The in basically, they didn't want to say this because there's less sexy. But we wanna build the thing we built again, maybe better and bigger sort of. But we want to be owners, and we sh we want any want to create value in realize the balance the reason why every single employees got equity, and that's a big deal. Right. You know, you they want everybody to be an owner of this account. Jessica lesson does this information is on paying people inequity and paying them real money because I don't use Rowlett. Yeah. I think she's well, look, I obviously we pay people salaries to make money I've got her mortgage, and I pay it. And that's important. If I wasn't being paid a salary wouldn't take the job. I think equity bring this a startup thing. Right. I think everybody helps people not necessarily row in the same direction. You can disagree about things, and obviously certain people leave. But I think everybody realizes that. What's good for you? What's good for the person? You know at the desk next me is ultimately good for me. I think there's a value to that. And and I think we. You know, we talked earlier about editorial folks, not either knowing what's happening on the business side or maybe not caring. What's happened in the business side? I think it makes everybody care little bit more..

Jim Mike founder Mike Allen axios Brooklyn Peter Kafka DNC Dan Boston Nisha reporter Rowlett Jessica
"business editor" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

02:56 min | 3 years ago

"business editor" Discussed on Recode Media with Peter Kafka

"Hey, you suddenly focusing on us with a lot of intensity that wasn't there before look with great power comes great scrutiny. Right. Facebook's pick the day the number two or number three most valuable company in the world. And and look and as for media, they they're they're not just the media company that the thing that a reporter coz home, and they look at their feet to see, you know, the pictures of their kids and their friends like it's part of everybody's life. So for Facebook to be surprised by this. And look it's been an awful year for them. I mean, an objectively awful year for them everything from politics to some of the stuff that's come out. Look, I think some of it's been a little overstated. I thought the definer stuff was way overblown, but in general, it's been a bad year. And you know, what Facebook's had a decade, plus. Run of generally positive coverage. And you know, this is bound to happen. And if if you're in tech, I think I think one difference in tech versus and other industry where you don't really understand. How media works is that at least in startup tacking Silicon Valley tech is that you're used to primarily agile, Tori, coverage getting positive stories written about you because you raised money, which has a weird idea. But it was very commonplace for a long time. And it's also a world in which you again, this is true in most in most businesses, you know, more about the story than the person writing about it. But not only that in in the tech world, right? There's a whole slew of people who are not journalists and putting air quotes around, but are writing in our public in our have a lot of influence, and I mean, I think it's a really interesting ecosystem, but you don't need to depend on the New York Times. Learn about Facebook because you might have an interesting VC blogging about some random guy tweeting about it. And all of that stuff that random guy tweeting might have a not maybe the New York Times as audience, but. We'll have a very substantial audience. Right. And so you go to you that we have to pay attention. It's a different world where I don't know if you're doing plastic extrusions in New Jersey, probably doesn't happen. No, no, look, it's true. It look it. It's one of the reasons a lot of these companies, didn't you know, Facebook is pretty good example, this years ago didn't want to go public, right? And and and the private public thing isn't perfect Uber is still private and they've certainly got their share of scrutiny. But this is a part of it. Right. The the bigger you are in the more out there. You are the more ripe for criticism. You are. It's a reason a lot of companies and see owes. You know, I said for years that when Facebook decided to go public that was going to push a bunch of other companies public as well, if if Zuckerberg is willing to do it man, I think what's happened to Facebook recently will cause some to reconsider. Let's let's talk about that again, not strictly media. But but important to bunch of us, the conventional wisdom is this is the year that slack and Uber and lift and who else Airbnb mayor on her all gonna go out one real recording this release January. Do you think that is still the case? Yeah, it should be. I mean, there's a huge variable. Again, we're depending on we're recording this if the government shutdown ends right now, you know, so lifting Uber, for example, have put in confidential files with the SEC. There is no one to review them right now. Those people are not working. So those documents are sitting on a desk somewhere. So assuming that we get our government back in the next couple of weeks. Yeah. I think this should still be the year..

Facebook New York Times New Jersey reporter Airbnb SEC Zuckerberg
"business editor" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

03:33 min | 3 years ago

"business editor" Discussed on Recode Media with Peter Kafka

"We're back here with Dan Freeman gold is out there. Blowing your nose. I go to I made a left to thanks for listening. We left we left on a on a cliffhanger stand it to criticize other journalists journalists at least when it comes not necessarily the business, but but media business, I don't think they understand the business of media necessarily all that. Well, I think one hundred percent of I think a lot of journalists. You know, there's all the talk about the Chinese wall right between the business side and the editorial side, and I think that the majority and maybe I'm overstating this. But the majority of journalists therefore intentionally don't pay attention to the other side of the wall. Wall proud of not knowing absolutely. But then when something goes badly, they're absolutely shocked by it absolutely shocked, and there's a lot of blame to go around. I think look I don't think the average reporter should be out there. You know, hitting the street and selling the ads and being in those meetings. But man, I do think that you particularly at newer companies in the younger companies you need to know both sides. They know what's happening on the other side. I do think in the digital era there people in in part because metrics that used to be non-existent or kept from the the editor -ill side are now very often very public of very often. They're being told to hit metrics, I think people are at least aware of some sort of mechanism. They might misunderstand it this. I don't know when this is going to air, but there's this back and forth about Facebook feels about the New York Times Thomas feels about Facebook. And I do think that something is particular to. I think the Facebook slash Meteo relationship is you did have reporters who had some knowledge or understanding of what? Facebook was doing to their business than reporting on Facebook. The Facebook folks being aware of the guys I think also business, and I said, it's generally not media business. You think business has an awful understanding of how mediaworks LTd phrase how reporters and how editor works the take the Facebook thing. Right. This idea that there's this. This is a this is a story that that don't buyers popped up and really like a two line story. But without any sourcing, I I. mean without on the records rising saying that the Facebook is Facebook people are steamed with the New York Times, they feel that the New York Times is going after them and are doing so unfairly well doing so unfairly in doing so for nefarious purposes that I think the two things right? That it mainly they clicked driven. You know, the the reporters that the times are worried about their numbers personal numbers and therefore writing Facebook stories because they know that will move their needles. It's just not how most reporters do things. I'm sure there are some that do to my knowledge at least from working with reports. Reporters like finding a good story and telling the story there's a little bit more nuance right there. They're literally have been I think are less so in the patch because the business model doesn't work people who are getting paid based on clicks. There's also people two times now who are dedicated Facebook reporters, which isn't something there one. I think the I think the thing that is actually more truthful, and I think the Facebook people don't really get is that you don't get paid based on clicks at the New York Times you by the way, they they are very interested in how their stories perform, socially, maybe less. So and how they convert, but it's there's certainly wear of it. It's that. Institutionally you do get rewarded for big juicy stories that make something happen now. Usually if you've written a big juicy story that makes something happened means was also an accurate story. Yeah. But. And then there's probably a negative piece. Check, it wasn't what a great company Facebook is if you don't win a Pulitzer for that. But you know, for for a long time the times is very interested in the Murdoch business, which again is a very important business to be covering. There's no shame in that. But institutionally they were very consumed with Murdoch, and you it wouldn't be unfair for someone to Facebook to go..

Facebook New York Times Dan Freeman editor Wall Murdoch reporter Pulitzer mediaworks LTd Thomas one hundred percent
"business editor" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

03:04 min | 3 years ago

"business editor" Discussed on Recode Media with Peter Kafka

"Although you probably have deployed a lot more than that a lot of that. Right. Like, I mean, you know, all the stories BuzzFeed and vice which in the to get talked about so much edition to Mike, right? Buzzfeed wasn't missed its own revenue. Target limited. I can't speak to Recode. I know for us if we'd had now granted, we don't have the same number of employees. And we didn't have that. Sorry. They made a lot of money last year at least in revenue top line money last year. You know, vice it's got valuation problem. It's still a really highly valued company for a meeting for an, you know, online slash streaming. Whatever you wanna call vice this is all the time. When I read the the litany of terrible things that happened in media, and they both feed, Mr.. Yeah. A lot of money. Again, granted they wish they made more. Obviously that that indicates that they misjudged certain things, but as online VC back media companies go he wouldn't mind being BuzzFeed. So let's focus a little more on that. Because I think a lot of basically anyone who is getting funding for the last couple. Well, most of them who are getting money in the last couple years. Now looks back and goes our peak valuation was twenty fifteen and we're no longer worth what we thought we were worth. And what are investors were worth back? Then in a couple of cases, that's now public right Disney down its valuation invite in vice what does that mean practically for the realities and business, you you, you know, this, you know, this very, well what happens when a VC back company is no longer worth as much as the VC's thought if freaks out employs. I think I think, you know, I don't think that online that media VC back media company employees are necessarily different than a lot of back software, employees, etc. Right about themselves. They don't write about this. And maybe the exception that a lot of those engineers saying the valley have been through three or four of these. So they're surprised with how this works. It was six years ago is today. And I think we look actually back company we we've raised money. So I think people don't necessarily realize that, you know, the value of their stock necessarily be worth less, particularly somebody who joins six months ago or a year ago. I it's it's like any other company. They'll right. It's a morale thing, you always want people have asked me what's the biggest difference joining axios and leaving fortune and the answer is if feels just morale wise, a lot different to be part of something growing as opposed to something shrinking, and I think when you're valuation goes down, I think that fan just permeates through everybody and the big question, I think in media is like if you're at software, you can always find software company, that's growing it's getting an increased valuation. If that's what's important if you're a startup ex. And it turns out your equity is worth not very much of your company sold. You can find somewhere else to find one of you know, thousand companies immediate so much harder. It's harder to do what what is a someone who is frequently writing about other people's business journalism. What is the thing that journalists? Misunderstand about business. Most often. That's an interesting question. I think journal that's a good question. I don't have a great answer to Peter. You wanna think about let me think about that? We write back. Today's show is brought to you by fund rise the future of real estate investing. And I used to write about commercial real estate with my very first job fund rises revolutionary model. Transforms the industry. Thanks to software that cuts out costly middleman and old market inefficiencies fundraise.

BuzzFeed Peter Disney Mike axios six months six years
"business editor" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

01:31 min | 3 years ago

"business editor" Discussed on Recode Media with Peter Kafka

"If you looked at at the job numbers, right? He had this blowout jobs number this macro job, number information technology or kind of the information sector was the one area that shrunk. You'd probably know this better than me. But in terms of humans it shrunk Latin December. I it's just not as strong, right? And and it's partially because we don't have the necessarily the same sort of innovations. Right. Like, we come up with new companies, and we might have innovations around model and business model, but we don't have the, you know, the we we don't have the next type of car the next type of smartphone or chip that goes in, you know, we don't we don't have that. New thing new category. Yeah. But but a lot of it, you know, FOX and Disney combining is going to be a shrinking business. They're not going to be a bigger business. They might tell you otherwise. But it's going to be smaller. I was just in DisneyWorld. They seem to be doing very well on that side of the a lot of my money. Yeah. So really, the the online media money is apparently going to to the theme parks. I do feel because journalists are consumed with themselves absolute natural. They also tend to not understand business. Very well. Which is kind of good for me. Because I I don't understand it. Very well. But I understand it marginally better than than some of them. And they'll write about the media Pakalitha Twenty-eight train. And when you stand back bad, right? It's a couple of venture backed business. My high-profile. It's not much money. Right. They raise. I mean, if you're a person who was employed at my terrible. And if you're a person who may be gave them some of the sixty million dollars. It's not great..

Disney FOX sixty million dollars
"business editor" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

02:59 min | 3 years ago

"business editor" Discussed on Recode Media with Peter Kafka

"And that's that's to me kind of when it's working the best because a lot, and we can talk a lot about access we will. But a lot of their brand is some of it is scoops. Here's a new thing. You haven't heard a lot of it is these ten things happened in you. Probably didn't read about them. And we're just going to provide links, we're gonna write very brief synopsis of it will provide maybe a line of analysis, and we're going to save you time that the whole Mike Allen rapper saving you time. So how do you balance, I know this arcane detail, I know this one really interesting detail about a deal that frankly, probably only minority of you care about versus. There's a lot of you who don't know very much about a lot of things I'm going to tell you a bit about of all about evolving will so my newsletter, which is pro rata, which is my daily is structured a little differently and mostly access, newsletters, and that's kind of just historical. Just because I I've done it's what I've done it. It's different than the past ones. There's different pieces to it. But it the a bunch of it's the same which is their news blurbs in it. You know, maybe thirty or forty depending on the day, and those are really short, and those those are linked out to other places because I'm not gonna analyzed forty deals in a day. And no one wants to read that in general, I want to my goal with this newsletter is the same as been with any other. I think it's the true for most the newsletter writers at axios, and we've got over a dozen of now I want to tell a reader something. They don't know yet. It and I want to give the I want to make them feel smart when they get to work and feel like they're ready to do their jobs, and when they get to the two things, they don't know most things, right? We're getting a little nerdy on new hundred theory. But like, but you know, there's four or five or six or seven media, newsletters coming and I read half of them. And a lot of them are just like here are the twenty things that happened yesterday be more. I want us to be more. I want you to let me things that you because you were watching football. So you know about this. So I want you to be able to two things when you get to the water cooler in the morning. I don't want someone to tell you something that's happened that you're surprised by like, wow, I had not heard that. So I want that taken care of. And then I want you to be able the reader to introduce something to that person at the water cooler that they haven't heard before. And you do all the solo, by the way the newsletter. Yeah. Yeah. And there's a whole list of deal stuff that comes into you. You're not going on ferreting. It's both some of the comes into me. I've got I think anyone who's done this long enough. I've got kind of a system, and I visit Recode I is at the times and the journal and stuff like that. I would have Hoover up for this thing. Yeah. I go through the wires. And I go through. Filings? There's there's a pattern a lot of people certain things publishes certain times, there's certain things I check at eight AM, and then at nine AM, you know, not in between in how long does it take you to physically construct this the newsletter couple of hours a couple of hours a little ways each of you. It's awful. I I'm up at five forty five. I'm probably at my desk by six five or something like that. But in in the middle of this, I'm making my kid breakfast getting her to school, and, you know, not when I'm in New York, New York, it got a little earlier. And that's because I'm not doing those other things I said three hours beginning to end. Let's go back to the business evacuees in a bit. But let's let's let's let's go from macro to minor the media business. What is different about the immediate Connie versus the general global economy or they exact same worse. Right. I mean somebody and I'm gonna screw this up. I think somebody said that in December..

New York Mike Allen axios football Connie three hours
Mind the gender pay gap

FT News

11:09 min | 3 years ago

Mind the gender pay gap

"Compulsory for UK companies with two hundred and fifty or more employees last year. But those hoping to see swift action from employers to narrow the gap will be disappointed financial times analysis of the data launched in April. Twenty eighteen reveals the GATT belly had shifted from the previous year, Sarah Connor discusses the findings with Sarah Gordon of business editor and Alexandra Vishnevskaya. He's been crunching the data. Alex. Can you tell us a bit about what the latest data telling us truth be told that data shows that there hasn't been much change? The median peg up shifted just a tiny little bit from Iran. Eleven point eight percent last year to around eleven percent. This year, the free sectors. We have the largest pay ups have been construction of thirty three percent finance insurance as well as technical activities and those free remained in top positions from last. Yes. Well, Sarah, the whole point of this was it might encourage companies to do something about the gender pay up. So why do you think is actually we're not seeing much change? When I think we should point out first full that this year's reporting exercises in complete. So we've only had under tenth of the employees who will have to report by next April. So that's April twenty nine hundred. So we've looked at what the employees so far have reported. I mean, I think there are probably two answers to the question of why so little has changed number one. Is how useful is this exercise? Really? Oversleep? You can report your number. It can be forty two percent. You have a forty two percent and pay up. But you don't actually have to do anything about it. And I think that the government hoped that employers would be sort of named and shamed by a large number. But that also that employers by looking at the data would start to understand why they had a gender pay gap and start to address it. And that's the second pot the answer because it's quite difficult to change your gender, pay gap as you, and I have joked in the post, they could just give the women ice payrise but addressing the sort of longer term structural reasons behind the gender pay Cup does take time, and that's often. Because of course, there are just lots of men in the more senior jobs and oversee you can't go from nowhere to having kind of fifty fifty absentations at the top necessarily know. And I mean, what last year's data showed us when Alex, and I looked at all the data, and what it showed him, and that is the fundamental explanation for why there is a gender pay gap. It simply because in the top twenty five. Percent. Most highly paid employees men massively dominate and in the lowest twenty five percent there for more women than men. Alex one thing that I've been wondering about is. I mean, come even trust this data have employers actually been doing it in good faith of they've been putting in accurate numbers, though. We should all hope. So whether it's true, we will probably never know it used to found some interesting things in the data haven't either look quite right last year. Our analysis identified a range of analysts in the data. They have persisted into this year with sixteen companies reporting gender, pay gap, which rows two zero and seven reporting that they have exactly equal numbers of women in each of their pay corps tiles, say that that is kind of statistically highly implausible, highly implausible. Yeah, what we say. What would means? It's. But in the past. I mean, I remember cooled some companies up about this last year. Didn't you think Hugo Boss was one was one? But they changed the data raised it. Right. Right. So that's another problem. I suppose this is all completely self reported and other than the brilliant work that Alex and some of her colleagues are doing there isn't really anyone sort of checking whether it's accurate or not in theory. There is I mean in theory, the equality and human rights commission is responsible for ensuring. The accuracy of the day truce was employers compliance with the requirements. The question is they have an extremely small budget to do that work. We don't believe that. There is a definitive list of the employers covered by the legislation. I mean in theory, it's all employers with two hundred fifty or more employees, both private sector and public sector. But the government is not being able to provide us with a definitive list of who falls into that scope. So we have questioned whether the EH or see the equalities commission knows exactly. How many employees should actually be recording the data, and we also question really whether they're actually able to monitor the accuracy of ten and a half thousand employers who reported last year. I mean, they say that they've insured, Alex. You tell them what the Email said that they were hundred sent compliance. So all the companies cope we're supposed to have reported somewhere lights, but they did report apparently. And they've said that when they've identified tonight kisses they followed up with employers and the inaccuracies have been corrected thus avoiding as they put it costly legal action, which is great. But I think the interesting thing about looking now at this year's numbers. And I think that's how we should look at it is this is meant to be a progressive exercises meant to get better. Every year the gender pay up who's went get smaller employment to take more action. I think what we found most interesting so far this year is that we're seeing some of the very same problems with the data this year as we saw last year, and in our colleague, Billy era. Berg has. Started doing somewhat finding at how many employers are the same as the ones that reported us repeat offenders that leads on I suppose to my next question, which is as you say we're in the second year of this. Now, do you get the sense that companies all beginning to take it more? Seriously, as time goes on is there evidence that obviously it's not showing up in the data. But do we think they are actually doing things to try and address this in a long term way? I think there was some companies and some employers is not just private sector who are taking this extremely seriously and really putting a whole range of measures in place to address an improve gender pay up. Not just the gender pay Cup. But the whole challenge of improving diversity in the workforce is much more broadly. It's difficult. There's a relative paucity of evidence to show you what measures most effective with slowly getting to a place where we understand that things like sponsorship worse better than mentoring. We have to be very careful with the language of job adverts, we have to change recruitment processes promotion processes. But yes, there are some companies. Really incredibly serious about making progress on this, then they're all some communist, which absolutely don't think this is important and still don't get the business case for why a more diverse and more equal workforce is in the long-term more profitable workforce. And then I also think one of the other things is two hundred fifty employees is really very small. I mean, we had companies which were reporting in and they've got two hundred fifty one they've really got very small H oil function. It's very difficult when you're in for example, small retailer in the current situation. Frankly addressing your Genta is not necessarily number one on your priority list. Now, the other element of this is what's going on with women brought to the top in leadership positions, but there's been various evidence that actually there isn't been a huge amount of progress on improving diversity on company boards. I is that right? Is that what the research shows? Yes. I mean the latest research. Both globally, and in the UK shows that the rates of progress of women's participation both in the boardroom, and the most senior executive level of companies is progressing extremely slowly. And there's some evidence that in the UK is actually going backwards. So in the footsie three fifty or three hundred fifty largest listed companies twenty seventeen fifteen female chief executives this year. There are twelve female chief executives, and I think that speaks very much to this big problem, which is it's quite easy to promote one woman onto your board. But to have equal representation at the most senior executive levels, you need to have women coming up through the what force in its have a pipeline of executive ready board, ready, women and lots and lots of companies don't have that. I think the problem is is that to be honest. The government's taken it's off the ball particularly here. I mean the country which has shown the most progress recently as France where you've not just have a legislative requirement to increase the. Of women in the boardroom. But you've also had a president who's ready put his money way his mouth is. So he has huge number. I don't I'm not sure it's fifty percent. But it certainly approaching fifty percent of his ministers of women. And you know, you've really got very public commitment from the very top of government. I think as we all know something else is going on them. Not to ask. Why is it Sarah? That's the you have taken. It's I off the ball. But if it was just Brexit fine. But I think the problem is now that there are companies which really don't want to address this. And the question is is the companies where the chief executive gets it. The chairman gets it, and it is still generally a chairman that doing the right thing, they're making progress the companies and the employers that owned the question is do you need some stricter form of enforcement or some more targeted intervention by government. And frankly, this is not a government that appears ready to take such action. One thing that they are doing. That they are planning to ask employers to report their ethnicity pay cups as well as the gender pay gaps. Alec Sasha's wondering given everything that we've learned over the last year or two about how this exercise is gone with the gender, pay cups. What lessons do you think the government needs to learn as they go about asking people to do the same thing for necessity? I think they should start with setting up the process in a way that would allow employers to report meaningful numbers as we know from last. Yes. And all of this the bonus data was reported Progresso, which didn't really help with lazing that they anyway, isn't really helping anyone is transparency from transparency sake. But no, not Michael statistical conclusions can be drawn from that setting it up right from the beginning in a way that allows this to happen in a proper way would be a great one of the things that sit disappointing is that the government doesn't seem to have learned the lessons, even with this loss year's gender pay got reporting, and there are ways in which they could have tweaked the websites and one of the peace. Research that I'll extend which was extremely informative was about the cost of designing the website. So the cost for enforcing the gen pay. Cut regulations is three hundred thousand pounds a year, and Alex what we know about the cost of the website as reported by Victoria Atkins. Costa website was two point four million pounds for design and development, which feels like a steep price website from very quick research online, customized website, design and development of one cost around ten thousand pounds. But I haven't found any estimates that would point to two point four, and we worked out that was what was it about two hundred and fifty pounds per day to record an eight times the budget for enforcing it. Interesting distribution of resources, they're excellent. Well, Sarah, Alex. Thank you very much. Joining me.

Alex Sarah UK Sarah Connor Sarah Gordon Hugo Boss Iran Alexandra Vishnevskaya Senior Executive Business Editor France Progresso Chairman Chief Executive Billy Era Michael Costa Berg Alec Sasha
Amazon is being used as a laboratory for new products

Marketplace All-in-One

02:13 min | 4 years ago

Amazon is being used as a laboratory for new products

"Ten years ago, the financial crisis changed the global economy as we knew it. If you've been following our project divided decade, you've heard some of the many ways that crisis also affected people's personal economic lives in today's installment of our series. How we changed. We hear from shontae Ray talking to us from one of the three toy stores. She owns in the Saint Louis area in one thousand nine hundred five. I took a job as a clerk in a little toy store and Edwardsville while I was getting my BFA in sculpture, and just I feel like kind of became a natural retailer. My husband was very supportive and seemed like he was willing to dive in lead a toilet with me. So we bought three giant stores with thirty five employees and the future was wide open. Two thousand eight. The holidays can didn't come. We didn't sell any doll houses. We didn't sign castles, train tables at stopped, and we came out of that season with a what the heck is going on. What? What just happened? Part of our strategy during the worst part of the crisis was to go directly to our Bank and talk to them. They could see it going on with everyone. So it wasn't a surprise that we were also struggling and we renegotiated the terms of our SPA loan. In two thousand thirteen. We went to our normal Bank appointment and the bankers called the entirety of our of our loan. We were shocked and heartbroken. The Bank guy cried with us. We cried and we were crushed. We sent out a letter on a Friday afternoon telling everyone that we were closing our stores. And at that point, hundreds and hundreds of families came people like, what are you talking about? This can't be possible. You know, I had moms that are like my water broke in your store. As all these families were coming in the question kept coming up, well, what do you need? Like? How much do you need? And we, you know, we said, I, it's a lot. I don't know. We don't know what it what we need to keep going, but we were kind of forced to give a number. And so we said, well, if we had seventy five thousand dollars, then we could push the Bank off, but I'm not comfortable with that, you know? And that's kind of where we left it. My husband and I was are actually our tenth wedding anniversary pi day twenty thirteen. My phone exploded and they had raised eighty two thousand dollars, and we're giving it to me no strings attached. And we were floored. When you have a town that says, we really want you here. You know, it's a very powerful statement by their grace was the only reason we're here. Well, in my hard work. The company shanty Ray and her husband own is called happy up Inc. We've got some pictures on our Instagram that marketplace APM. And while you're there, tell us your story with the hashtag how we changed. Welfare has been back in the news lately with the White House council of economic advisers calling earlier this month for reform of social programs, like food stamps and rental housing assistance. But while welfare has long, been one of those hot button issues that people tend to have a lot of opinions about the facts about how the system works in this country aren't so well known over the last few years. Our wealth and poverty team has been working to change that in their podcast, the uncertain our marketplace's Chrissy Clark led an investigation into how federal welfare funding actually gets spent across the country, and the answers are pretty surprising. She joins me now with an update on her reporting. Hi Chrissy. Hey, Amy. So we use the word welfare to mean a lot of things. What are we talking about specifically today? Yeah, so it can be used to refer to everything from food stamps, Medicaid. But what we're talking about right now is the program known as temporary assistance for needy families or Tanith. And this is the federal program that provide. Ads, cash assistance to poor families after welfare reform in nineteen, Ninety-six cash assistance, stop being something based strictly on need. And now there, lots of work requirements and time limits involved. The thing that changed is that welfare became a block grant. Capped at about sixteen point, five billion dollars a year. And now each year, the federal government gives a certain amount of town of money to each state states have to contribute some of their own funds. And then the key part is that each state decides how they're going to spend their pot of federal and state ten of money, and they are given a lot of flexibility and what do we know about how states are actually spending the money, so they're spending it in some pretty unexpected ways. The first surprise is that for the last few years, if you look at all the states combined only about a quarter of Tanna funds goes to actual cash assistance to poor families. Then another quarter of the funds goes to what you might call work, supports, things like job training. And child care transportation to and from work. But that's all to say that just a little more than half of Tanna funds go to what most people think of as like the core purpose of welfare, which is money directly assisting poor families or helping them get a job, where does that leave the other half? So that's where things get even more surprising. So states use some of it to fill their own budget gaps for unrelated things like pre k. and child protective services. And then there's this kind of crazy quilt of other programs that the money goes to for many years. For example, in Oklahoma, some welfare funding was going to marriage counseling workshops, not just for poor couples, but for anyone who signed up. And then Michigan is an interesting example about fifteen percent of Tanta funds there go into college financial aid and scholarship programs, and these largely benefit students from middle and upper income families, not just poor kids. So in fact, when you crunch the numbers, actually. More Tanith money is going to these college scholarship programs in Michigan than to actual cash assistance for needy families. Wow. Is that because there are just fewer families that need that help? No. So so nationally poverty has slightly declined in the last couple of years since the recession when it spiked. But the poverty rate is just about as high as it was back in nineteen Ninety-six. When we overhauled welfare around thirteen percent of Americans live below the poverty line. And that's about twenty four thousand dollars a year for a family of four. The other startling thing that I found in my reporting is that nationally very few families who are poor receive cash assistance. In fact, there are more avid postage stamp collectors than there are people who get cash welfare in the in the in the country nationally, just twenty three out of every one hundred families who live at or below the poverty line gets cash assistance in more than a dozen stay. As the decline is even more pronounced less than ten out of every hundred. Poor families gets cash assistance and what's behind that decline. So part of it is the time limits. You're just not allowed to receive assistance for as long even if you are still struggling with poverty. It's also just a harder program to navigate. Now, the application process is more difficult and more time consuming. There are these work requirements that can be hard to meet. So for families who don't have a lot of resources that might just discourage them from even applying in your reporting, what did you find in terms of what this actually means for families who are out there struggling to get by and could use that cash assistance? Yeah. So I've talked to people who sell their blood plasma to get by. They're also just the everyday tough choices that families face. I talked to one mom who on a given day might be grappling with whether to buy toilet paper or cough syrup for her kids because she just did not have enough money to buy both. So the hard question what is being done, if anything about this. So there is a welfare reform Bill that has been introduced in the house that would put more oversight on how states spend their money. And in the hearings leading up to the Bill, a member of congress actually pointed to things that we had revealed in our reporting like these college financial aid programs that we're getting ten if money that was going to higher income families. They pointed to that as one of the problems with how the program works. These days, the Bill had been expected to come to the floor this month. But in the run-up to the midterm elections, it looks like welfare is just too hot button topic to touch right now. So we'll have to see. All right, Christy Clark host of our documentary podcast, the uncertain our Krissy. Thanks so much. Thanks for having me. And you could see our updates to how your state spends welfare money at marketplace, dot org. Coming up for the first time, children with disabilities are entitled to more than just the bare minimum. But what if schools can't offer much more than that first, let's do the numbers. The Dow Jones industrial average fell thirteen points less than one tenth percent close at twenty five thousand forty four. The NASDAQ picked up twenty one points two-tenths percent to finish at seventy eight forty one and the s&p five hundred rose five points a tenth of a percent to end at twenty eight. Oh six more than a third of companies in the s&p five hundred report earnings this week investors will be watching for signs. The tariffs are affecting company decision-making bonds fell. The yield on the tenure t. note, rose to two point nine, six percent, and you are listening to marketplace. This marketplace podcast is brought to you by lending club for decades. Credit cards have been telling us by now pay for it later with interest, despite your best intentions that interest can get out of control fast with lending club. You can borrow up to forty thousand dollars to consolidate your high interest debt or pay off credit cards into one fixed monthly payment. Your path to financial stability starts today go to lending club dot com. Slash marketplace today to check your rate in minutes. All loans made by web Bank member FDIC equal housing lender, and by lifeproof backpacks. Check them out at lifeproof dot com. Slash marketplace and get fifteen percent off any pack. So phones and other small devices stay safe inside. Select backpacks also have an ingenious side access laptop pocket ideal. For when you're going through airport security. And speaking of security, most lifeproof backpacks are quipped with a super secret stash pocket when you need to hide away a passport or some cash, and they're all outfitted with front tie-down stole overseas stuff. Outside with four sizes, there's a lifeproof backpack for any outing grabbed the Quiapo eighteen leader for day trips up your carrying capacity with the squamish twenty liter or go with the go twenty two leader for tons of pockets or max out on space with the squamish XL thirty two liter get your lifeproof backpack. Now at fifteen percent off by going to lifeproof dot com. Slash marketplace, lifeproof backpacks, carry on. This is marketplace. I made me Scott. When you think about buying this week's groceries, chances are Amazon, isn't your go to destination? At least not yet, but that doesn't mean food isn't selling on the site. Nisha novelty food products are increasingly popular on Amazon, which has kind of turned it into a laboratory for testing new food products. Vanessa Wong as written about this. She's the deputy business editor for BuzzFeed news. I asked her, I some examples. Some of their bestselling products include like protein powder and like weird chocolate covered almonds that you've never heard of and strange, like limited time or promotional offerings from some of the bigger food manufacturers. So like one of the big themes this summer, you might know this a lot like Jurassic World Food being watched on Amazon, which includes like a twenty five dollar box of Kellogg's. Frosted flakes that comes with a digital screen loaded with behind the scenes footage of the film. Film which you can only get from a box of cereal on Amazon. You know, twenty five dollars sounds pretty cheap. That's true. You know, it's interesting. I was wondering like who actually buys this stuff, and I found this guy who bought the drastic world, frosted flakes and admitted that like in no sense was it worth twenty five bucks? He could have bought the cereal and like gone to see the movie for less than that. Why are they putting some things on Amazon that you wouldn't find say in a grocery store, there are a couple of reasons. It's kind of like a lower risk environment. So at traditional grocery stores, they actually charge manufacturers fee to have their products on display. And so there's that, you know, there are a lot of kind of logistical complications and supply chain things that get in the way of launching a new product. And when you go an Amazon, you kind of have a lot more control over the situation in terms of like how many you sell, how many produce how it's marketed. The thing that is a little. Complicate about Amazon is that Amazon obviously has a lot of control over like algorithms and like where your things show up, which obviously has a lot of impact on whether or not consumers see them and buy them. And how does this fit into Amazon's overall strategy? I mean, obviously, with the purchase of whole foods, it's a bigger player in the grocery space. Is this part of its larger effort to take over? You know, when it comes to Amazon's strategy who can really say at this point, they are like all over the place, but in terms of their food strategy, obviously they're trying to beef up like what types of offerings they have for customers. And one of the ways to like differentiate themselves from brick and mortar grocery is to like, have a different product assortment. So you know, by getting food startups launch, they're kind of like novel and novelty snacks and big manufacturers to kind of like tryout promotional items and other things kind of like brings customers to your sites in. Talking about food, right. Well, how long do you think before we might get there where people go to Amazon for their regular groceries, not just their Jurassic world, frosted flakes I think we're a long ways from their e commerce has had a lot more success in other industries like electronics, apparel, things that ship. Well, groceries is complicated. I mean, aside from like snacks and kind of other dry goods that are temperature sensitive at cetera. It's really hard to get people like, you know, regular food that they can cook that day. The market share of like ecommerce and food is tiny. It's like less than five percent. Still the nessa Wong is deputy business editor for BuzzFeed news. Thanks, thanks so much. At last count more than six and a half million public school children receive special education services, how schools educate those children is governed under a federal law that covers thirteen disabilities. A lawsuit about that law went all the way to the US supreme court last year. The court's ruling changes. What kinds of services schools and districts are legally obligated to provide? Marketplace's Lizzie O'Leary went to find out what that means for the country's largest school district New York City. I hate it. I'm listening Heinsohn picking in a bright orange shirt eight year Old Aden's ready to show off what he's learning in third grade. French, his mom Alana Philip remembers meeting his French teacher. I said French, he studied French because in pre k. Aden was diagnosed with a subtype of autism. One thing that really comes out clearly is it seems as though this thing is going to take a lot of money, there was the occupational therapist. So Aden could learn to hold a pencil. The reading program at one hundred fifty bucks a session and a private neuro psych evaluate and that costs forty five hundred dollars out of pocket in New York City within sixty days of requesting an evaluation. Parents, teachers and other school staff are supposed to hash out an implement a student's individualized education program or IEP under federal law. It's the document that lays out exactly what services a student with disabilities gets. Here's Alana. Philip again, what I had to really fight full was one to one tutoring, an extra support as we know not. All schools have the same resources that's Laurie pod Vesper. She's an advocate at include NYC a nonprofit that helps students with disabilities access services. She says school, sometimes make recommendations based on what they can give, not necessarily what students need in the past New York students with disabilities were often taught separately in their own classes. But then in two thousand ten, they changed the funding formula. Now the district give schools more money if they keep kids with disabilities in mainstream classrooms. The idea being that if you educate students with disabilities alongside their peers, they'll do better academically and socially, but it's just that enough again, Laurie pod Vesper who's a proponent for these kinds of classrooms? My gut reaction is no. There's still huge achievement gap between students with disabilities in New York City. In general education students, New York City schools spent three point, seven billion dollars on classroom instruction. For special education students last year about thirty percent of such spending and they're doing better at getting students classroom services than ever before. But still one in four kids don't get the full services. They're legally entitled to two families. Recently sued the district in a statement, the New York City department of education says they ensure students with disabilities have access to education in quote, the least restrictive environment, and they say they try to resolve concerns as quickly as possible nationwide. A lot of families have sued Jack Robinson Representative, Colorado family whose case went to the supreme court. You have this inherent tension between what the parents want and believe is necessary for their child to succeed. And you know, with the school district is is willing to do alerts financially or just conceptually the supreme court ruled unanimously that just access to education is not enough chief Justice. John Roberts wrote, schools need to offer. Services. So students quote, make progress appropriate in light of the child circumstances. But the first time children with disabilities are entitled to more than just the bare minimum, the federal law, which gives students with disabilities rights to an education also promises funding to cover forty percent of extra special education costs today, only fourteen percent of those funds have come through leaving it up to states and districts to figure out how and what they can pay for since the supreme court ruling the federal education department released guidance to schools clarifying their increased duties. What we don't know yet is how that will play out for students like Aden or anyone else with a disability since divided by ten by ten. Correct? Good boy, high five for now, it likely still means a lot of hard work in New York. I'm Lizzie O'Leary for marketplace. You can check out a marketplace, special report on the economics of disability. Fear more stories about work and healthcare, all at marketplace, dot org. And this final note, the new York, Daily News lost half of its newsroom staff today, publisher trunk Inc, which also owns the Chicago Tribune and the Baltimore Sun among others bought the tabloid last year for just a dollar plus the outstanding debt in a note sent to employees. The company said efforts. So far to stem revenue losses have not gone far enough. The cuts include the paper's editor in chief Jim rich who tweeted, and I quote, if you hate democracy and think local government should operate unchecked and in the dark, then today is a good day for you. That's it. We gotta go. The Dow Jones fell thirteen points less than one tenth percent. The NASDAQ picked up twenty one points, two tenths of a percent and the s&p five hundred rose five points a tenth of a percent. Our daily production team includes Bridget Bodmer Maria Holland. Horace Sean McHenry and daisy. Philosophies are special projects. Desk includes Tommy Andre

New York Bridget Bodmer Maria Holland Lizzie O'leary Horace Sean Mchenry Aden Tom Desk Tommy Andre Chicago Tribune Daily News Editor In Chief Trunk Inc Jim Rich Baltimore Publisher Producer AMY Scott
BT to cut 13,000 jobs in biggest cull in a decade

Paul Ross Full Set Breakfast

01:27 min | 4 years ago

BT to cut 13,000 jobs in biggest cull in a decade

"Sandy boo talk radio our headlines good morning bt has announced plans to cut thirteen thousand jobs in the next three years there also moving out of their london headquarters skies business editor mark kleinman has been looking at the details we've been expecting a significant headcount reductions and we certainly got them in the shape of these thirteen thousand cuts now bt also says it will recruit six thousand people mainly frontline engineers people to work in roles in areas like cybersecurity so the net job cuts figure is going to be seven thousand between now and twenty twenty president trump has arrived at the andrews air force base in washington where three americans released from north korea awaiting for him i've traveled with the us secretary state mike pompeo the men say they're deeply appreciative of the work the government's done in releasing millions around us is set to benefit from a transformation on the railways network rail is upgrading signaling say it's the biggest transformation since steam to diesel investments will start on routes from london up to the pennines transfer secretary chris greyling says it is a big leap forward best way of explaining what we're doing today when we all moved from analog television to digital television we started off with hd ready televisions waiting for the new channels to arrive what i'm saying today is the new trains on the network and all your signaling projects are all the same equivalent hd reggie digital railway for a type of technology that's going to transform railways for passengers in the future dame barbara windsor's husbands revealed.

BT Mark Kleinman Donald Trump Washington North Korea Mike Pompeo Barbara Windsor Sandy Boo London Business Editor President Trump Secretary Chris Greyling Three Years