17 Burst results for "Howard Davies"

"howard davies" Discussed on TIME's Top Stories

TIME's Top Stories

04:02 min | 4 months ago

"howard davies" Discussed on TIME's Top Stories

"Charlie bit my finger is about to leave youtube forever. Here's why by race. A brunner. Charlie and harry davis car or just babies one and three years old when they became unintentional internet superstars. The charlie bit my finger video filmed and posted on youtube by their dad. Howard back in two thousand seven became an instant classic of internet culture. Matthew a product manager at youtube at the time remembers the company's fascination with the early viral hit this video in particular really captivated the entire world imagination. Lee says over. Google meat from taipei where he is now living and working. It was really really amazing to see that. Internally it's literally the definition of a viral video an entire genre of entertainment the organic viral video blossomed in its wake the subjects becoming mean stars. Fourteen years later. It's still one of youtube most popular videos with over eight hundred eighty million views. But if you want to see this seminal clip in full you'll have to watch before may twenty third twenty twenty one charlie bit. My finger is about to leave youtube forever to be sold to a private owner during an online auction on may twenty second when the video will join the ranks of many pieces of digital art cashing in on the recent craze for nf. Tease or non. Fungible tokens for the davies. Car family sought this opportunity themselves. It's a chance to further capitalize on their accidental. Swipe at fame establish themselves as a valuable piece of digital history and hopefully secure extra funds to go towards educating charlie harry now fifteen and seventeen and their two younger brothers. This could make the difference between them. Having cheaper student loans nicer accommodation not having to get a bar job says howard davies car. Bidding will start at one thousand dollars but popular. Nfc's have sold for millions. Charlie is running late from school. Which means our interview is running a little late. But when the two floppy-haired brothers sandwiching. Their dad appear onscreen. It's with the casual comfort of young people who have been in front of a camera plenty of times before after appearing in the original video in his sons got requests to appear on everything from advertisements to talk shows over the years. They've reenacted the video countless times and they're actually not very good at reenacting. Howard jokes charlie takes offense at that we try to keep it on the side as much as we can says harry the eldest of the way the video has impacted their lives over the years. They were just babies when they became famous. After all. and don't know life without it when i first joined my secondary school the first week. It's the big thing but then after that it just dies down to a part of normal life. Charlie says when they heard about. Nfc's away to digitally stamp an image or video and affirm its authenticity on the web. They decided to auction off ownership of their video. Situating it in a new digital space by selling it and removing it from public view coward knows it might seem odd to sell the asset that has brought the family significant income over the years but as the internet has shifted. He realized they needed to shift with it. Youtube is always changing. The relationship we have with youtube has changed. He says you're looking at this from a point of view that actually it should be there forever. Well it might not. They may change their terms and conditions in a year's time where actually loaded user generated content is not important to them any more advertising revenue associated with the video has also twin. Don't making the video. An nf t gives the family a little bit more control. Howard has long been an early adopter of new technology..

Matthew harry davis Youtube youtube charlie fifteen one Charlie Lee millions charlie harry Howard harry Fourteen years later seventeen twin one thousand dollars may twenty second first week Nfc
"howard davies" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:29 min | 1 year ago

"howard davies" Discussed on Bloomberg Radio New York

"It's locked down time again in some countries and Bloomberg's friend seat, McCall and Tom Kean had a chance to ask Howard Davies, he's chairman over at NatWest Group. About what's been happening in the UK and elsewhere and what it all means for some of the region's economies. Let's listen in on the they lock down licious is quite difficult to keep up on DH. There do seem to be a lot of different, rather confusing changes in the regime. So we'll have to reflect on how that is. But on ly upside on the optimistic side. What I observe is that People are now finding ways of carrying on their business in the midst of all of these restrictions on DH, not ignoring restrictions, but nonetheless finding ways of working around so I don't think Wait. A second lock down is going to be anything like the one at the end of March and in April where basically the economy simply froze. I think we're now finding that people have found ways of working much better working at home a lot more to get down. We observed that within the bank So I Whilst it's it's bad news clearly that we are moving into more difficult environment. As far as managing that the virus is concerned. I personally don't think these locked down this is will have As damaging economic consequences as the first wave did. Howard. Maybe that's what for a 70% of the economy. What about the other 2030%, which makes it much more difficult? I'm thinking of either the arts or travel and leisure. And what does that mean for bank lending? Do you worry that they're going to be defaults, and we certainly feel for those people and they're clearly businesses that famous city sandwich fast, but also the airlines and Sound industry generally who are going to suffer, and I just feel so them because they have been desperately planning in imaginative ways to reopen and that looks as though that's going to put on put on hold. Oh, yeah, that is a chunk of the economy that will not work but death. Most banks and with no exception, provided at the first half for a large proportion of bad debtor in their accounting rules require you to provide in advance. I think all banks would say that the actual lived experience is not as bad as the provisioning. The actual bankruptcies have been some But they haven't been a great waste. And that's probably largely because the economy is that somebody said to me the other day anesthetized in that the provisional liquidity by the central banks on the one hand and provisions by the government of financial support is Is preventing the disasters occurring. If you like that, at the moment, the economy is just on life support like so and I think that probably governments will just have to continue with that. Now that's dangerous for fiscal one point of view. But please, If the government's going to lock down again, then they will have to put in place extensions of the various measures they've had in order to support the economy. So at the moment, I think both banks and I'll be talking to a lot recently exits the weak as you as you will know where we normally would be less speed dating course in Washington, but We've been talking to each other a lot anyway of the last two days, and I think everybody is in a similar position well provided in terms of protect potential losses, not seeing those losses company yet so won't about next year, but no over anxious about the position of the financial sector. Sir Howard Tom Keen in New York. You know, we already I don't know what Manchester Grammar school if you were forced to gunpoint to read the plague by Albert Camus. But there's a number of points in that wonderful book that stark book. Where things unravel. Do we completely misjudged the need for fiscal stimulus? Now just tow actually jettison austerity to get to a vaccine. I do think that we're in a position where governments are going to have to continue with their fiscal stimulus that is going to be difficult. For some countries because the Germans have put in place that €1.3 trillion Pakistan only spent about a billion of it, actually, so the Germans have got plenty of room to continue to support their economy. The UK is not in such a good position, but I think probably given that we went into this with not a huge debts GDP ratio we can probably continue with what we're doing, or perhaps a slightly lower scale. That other countries in Europe maybe under more pressure, So I think my worry now is not so much as a sort of aggregate glory or where you could take out the U. K Germany. It's that we will now identify. A weak spots in the European economy, which will require help from the center of a big bazooka of the €750 billion. A communitywide package is there and I think that's gonna have to be used. So if I were in Brussels Today. I would be making sure that that is going to be mobilized as quickly as possible to help the people who are in trouble. That would be Germany. But it might be some of the Southern European countries and that was Howard Davies, chairman of NatWest Group. And that's it for this edition of Bloomberg best. I met Baxter. And unto these Pellegrin, this.

Howard Davies Bloomberg NatWest Group chairman UK Sir Howard Tom Keen Tom Kean Manchester Grammar school Germany Albert Camus McCall Europe Pakistan Baxter Sound industry New York Washington
"howard davies" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:29 min | 1 year ago

"howard davies" Discussed on Bloomberg Radio New York

"It's locked down time again in some countries, and Bloomberg's friend Sead McCall and Tom Kean had a chance to ask our Davies he's chairman over at NatWest Group. About what's been happening in the UK and elsewhere and what it all means For some of the region's economies. Let's listen in on the lock down licious. It is quite difficult to keep up on DH. There do seem to be a lot of different, rather confusing changes in the regime. So It'll have to reflect on how that is. But on ly upside on the optimistic side. What I observe is that people are now finding ways of carrying on that business. In the midst of all of these restrictions on DH, not ignoring restrictions, but nonetheless finding ways of working around so I don't think that a second lock down is going to be anything like the one at the end of March and in April, we're basically the economy simply throws. I think we're now finding that people have found ways of working much special working home a lot more from get done. We observe that within the bank. So I wass. It's It's bad news clearly that we are moving into more difficult environment, aspiring managing that the virus is concerned. I personally don't think The's further locked down, this is will have as damaging economic consequences as the first wave did. Howard. Maybe that's what for a 70% of the economy. What about the other 2030%, which makes it much more difficult? I'm thinking of either the arts or travel and leisure. And what does that mean for bank lending? Do you worry that they're going to be defaults, and we certainly feel for those people and they're clearly businesses that famous city sandwich fast, but also the airlines and Travel industry generally, who are going to suffer on just feels for them because they have been desperately planning in imaginative ways to reopen and that looks as though that's going to put on put on hold. So, yeah, that is a chunk of the economy that will not work but death. Most banks and with the exception, provided at the first half for a large proportion of bad debts are in their accounting rules require you to provide in advance and I think all banks would say that the actual lived experience is not as bad as the provisional The actual bankruptcies have been some, but they haven't been a great weight off. And that's probably largely because the economy is that somebody said to me the other day advertised in that The provisional liquidity by the central banks on the one hand and provisions by the government of financial support is is preventing the disasters occurring. If you like that, at the moment, the economy is just on life support like so and I think that probably governments will just have to continue with that now that's dangerous for fiscal one point of view. But clearly, if the government's going to lock down again, then they will have to put in place extensions of the various measures they've had in order to support the economy. So at the moment, I think most banks and I'll be talking to a lot recently because it's the because you do, you will know where we normally would be less speed dating course in Washington, but We've been talking to each other a lot anyway of the last two days, and I think everybody is in a similar position well provided in terms of protect potential losses, not seeing those losses company yet. Won'th about next year, but no over anxious about the position of the financial sector. Sir Howard Tom Keen in New York, you know we already I don't know what Manchester Grammar School if you were forced to gunpoint to read the plague by Albert Camus, But there's a number of points in that wonderful book that stark book. Where things unravel. Do we completely misjudged the need for fiscal stimulus? Now just tow actually jettison austerity to get to a vaccine. I do think that we're in a position where governments are going to have to continue with their fiscal stimulus that is going to be difficult for some countries because the Germans have put in place at €1.3 Trillion Pakistan only spent about a billion of it, actually, so the Germans have got plenty of room to continue to support their economy. The UK is not in such a good position, but I think probably given that we went into this with not a huge debts GDP ratio we can probably continue with what we're doing on perhaps a slightly lower scale. Other countries in Europe, maybe under more pressure, So I think my worry now is not so much as a sort of aggregate worry or worried, particularly the UK, Germany. It's that we will now identify. Weak thoughts in the European economy, which will require help from the center of a big bazooka of the €750 billion. A communitywide package is there and I think that's gonna have to be used. So if I were in Brussels Today. I would be making sure that that is going to be mobilized as quickly as possible to help the people who are in trouble. That would be Germany. But it might be some other Southern European countries and that was Howard Davies, chairman of NatWest Group. And that's it for this edition of Bloomberg best. I'm Ed Baxter. And I'm to these Pelligrini. This.

"howard davies" Discussed on Open A Fucking Book

Open A Fucking Book

05:39 min | 1 year ago

"howard davies" Discussed on Open A Fucking Book

"Yeah that's. Two things happened after hitchhiker Wentz number. One I douglas went and bought a porsche nine eleven like I said soon after crashed, it dot mass the second one Sony Meta and Carolina up jor at Pan. Negotiating terms with Jill Foster and Douglas for the restaurant at the end of the universe. For, much much more money. Well, yeah. It'd be better be more than three thousand pounds. The success of hitchhiker also caught the attention of other publishers and soon after there was scarcely a country in the world with the local publishing industry that Douglas didn't appear in. The money started rolling in. So he needed a process of sorting it third for pleasure. Third for retirement and a third to the accountant for tax and other legal things. We'll get back to that accountant. At a later time. Saints Shady Production the Second Radio Series was delayed several times while Adams was meant to be working on a script for a stage adaptation of hitchhiker. In April nineteen, seventy nine. He was also employed script dot editor for doctor who the recording on the first day scheduled for the second radio series may nineteenth nineteen seventy-nine was left incomplete because Adams had not yet finished the script. Further schedule recordings on the eleventh of July and August. First of that year were also cancelled this time due in part to Adams trying to work on the L. P. RE recordings of the first series as well as its novelization. The reason why these final sessions were were quite. So legendarily fraught was that David Hatch the controller of BBC Airways made something of an uncharacteristic blunder when he managed to secure a singular. Hitchhiker the front cover of the Radio Times. On the understanding that the five episodes ran not weekly but a single week at the very start of nineteen eighty. A number of factors made the creation of the second series particularly painful for the rider, not the least of which was the concurrent scripted line revised on more than one occasion for a TV pilot hitchhiker. Early, in that year, Loyd had submitted a proposal for a small screen adaptation, which he would produce leading in May to a former commission by L. E. Boss John Howard Davies of a script do by August, which was ultimately delivered in December. The requirement to begin story. Once again from scratch should have been a relatively easy one as Adams had started out writing for TV, will chapman anyway but he could be forgiven for a slight schizophrenic feeling with Arthur Dent poised in so many confusing situations in so many media at once..

Adams Douglas accountant Radio Times Wentz David Hatch Loyd Sony L. E. Boss John Howard Davies Carolina Jill Foster Arthur Dent editor BBC Airways chapman
"howard davies" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:13 min | 1 year ago

"howard davies" Discussed on Bloomberg Radio New York

"One eight percent and that's a Bloomberg business slash Tom John and Lisa Karen is a stunning number a stunning number I think we were expecting pricing full but stunning nevertheless tomorrow will get initial jobless claims Friday will get a number similar to the eighty page report that we've just seen some negative twenty plus million people for an unemployment rate holds for like a month reports just stunning and eighty pages this breakdown of small businesses as well that just like to shine a light little light onto the breakdown of this as follows a lot of this coming from the service sector as you might imagine as opposed to the good sector but it's really interesting just to understand how really small businesses as having the very small one to nineteen employees which are the kind of small businesses you typically think of shedding three point three six one million jobs Tom and what I think is important for the next couple days to try and work out could see that I don't have a full cuts this how temperate these job losses will pay how quickly some of these businesses will come back and how quickly these jobs will come back to the heart of a child and just focus a quick math at our next guest John would know at Oxford or London school of economics or C. and spoke in Paris jun twenty million divided by a hundred and fifty five million is twelve point nine percent let's round it up to thirteen percent Justin this thirty day period please decide how it Davis said how it Davis joins us now the obvious Chapman how fantastic to have you with us on the program we just spend a moment reflecting on these devastating jobs figures that coming through here in America and a deathly likely to be the same in the United Kingdom as well albeit on a different scale how how you thinking about the recovery and how quickly this like a mock ales well the first thing I have to think about is the the personal tragedies that must live behind these numbers because there must be a lot of fat very worried people out there I think that we desperately need now some sense of direction on the recovery in some European countries notably in Germany well to some extent nine problems we are seeing a bit of direction in the bit of leasing up which gives people some optimism and Mike made that these job losses were temporary but at the moment here I'm afraid we don't have that we've been told is that we may be told something on Sunday about the way in which the recovery will emerge and I think that's increasingly important because the assumption behind a lot of government schemes and a lot of bank lending as being that we face a V. shaped recovery the people will come very quickly up the other side of this canyon but the longer it goes on the much less certain that recovery is Howard when you look at royal bank of Scotland's workforce and you look at the fact that so many people are working remotely and and getting it done are you expecting a smaller work force and one that is less centralized in a big city going forward for your bank we are very busy at the moment we have managed to keep ninety five percent of our brunch is open and our I. T. people particularly those people dealing with small businesses dealing with people getting mortgage interest holidays are very busy so we have said we're not laying people off at this point we're not asking for support from the government now in the longer run if you look and say what are we learning in this crisis about the way in which we can operate you know you have to have but you you'll have to ask yourself some questions about location of people and numbers of people the texture but for the moment you know with the the job unemployment numbers are not coming from us because we have to create with pretty frantic action your charm Howard Davies is a young lad at Oxford you had the courage to study modern history and not something fancy like medieval history of the classics and all the rest of it tell us about our modern history for word about government in our society in particular your take on the United States of America are we actually going to be more government centric are we gonna push back against the ethos of Ronald Reagan I think you probably aw analysts expect over here in the United States and I am on the U. K. but I would have thought that the the knee jerk rhetoric that says you know we need to as little government as we can the jokes about saying you know I'm from the government I'm here to help you that jokes now the deficit that sounds as if that actually serious and I think that will create a sense among the population not those people who had their minds up several centuries ago they went change but will be a lot of people in the middle he said well you know what this government you know do we want to ridicule all these pointy heads within the beltway or are they sometimes use well when the economy really falls into trouble so I do think there will be a change in in rhetoric but of course it will depend on how effectively the government is seeking to have responded and that looks rather different from place to place I think there will be a change in business and how we do business and that's for sure how it I'd love your insight on how the United Kingdom will change in the as the competent with banking now for many people listen to this program the United States retail banking in the UK has changed radically in the last couple of decades you walk into a bank branch now and you see very few people love machines very few people and machines are not doing the day to day transactions and I think a lot of people still depending on people fall in America how does that just excel right that trend in the U. K. and beyond is the something new a new world of banking that we need to consider just in terms of your day to day operations and how do you use people yes that survey showed us that question is yes the crisis has meant that a lot of people have switched to digital banking who who did not wish to do so before now the millennials I've already done that that's not used to them but we had quite a lot of all the customers who found this rather frightening and intimidating and they are now switching because they've had to and they are switching back quite quickly so we are going to see an acceleration of the trend towards remote banking and in due course that will undoubtedly also things quite a bit but I guess also the interesting thing about the competitive dynamic is that we have got quite a loss of new ventures new fintech companies new digital only banks etcetera some of them are well funded I will survive this crisis and come out stronger and some will fall by the wayside so I think we will see and also competitive environment in two ways one it will be more digital but to some of the marginal players I suspect will find it difficult to survive how fantastic a source this morning really appreciate it thanks for joining us how Davis that RBS chairman joining us on the latest with the job situation and the future of banking as well if you can't be on the job situation is a dial one the future it is all about the future now the recovery the re opening of how quickly we can heal a damaged labor market right now your equity futures rollover just attach positive twelve point to the S. and P. five hundred up four tenths of one percent a couple days of gains on the S. and P. we could add to that the opening ballot yields higher by two basis.

Tom John Bloomberg Lisa Karen
"howard davies" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

10:29 min | 1 year ago

"howard davies" Discussed on Bloomberg Radio New York

"These days on the oval of course where things are going Bloomberg's Tom Keene Jonathan Ferrell and Lisa Bloomberg radio for on the York city from audience worldwide good morning good morning this is Bloomberg surveillance coming up on the program the president pushing to re open the nation for business China rejecting allegations and Colin to when the plane came as a U. officials warn eurozone survival is being put at risk for the Bloomberg interactive brokers studio at a Wednesday the racial Wednesday morning price action two days of gains on the S. and P. five hundred Monday Tuesday if this ones that could become three features positive nine tenths of one percent up twenty six points in the bond market treasuries as follows yields are as follows on a U. S. ten year by two basis points to zero point six eight percent on a ten year maturity outside of that and foreign exchange in G. ten it is a euro this week a Eurodollar coming down a third of one percent sterling down by one half of one percent from New York City this morning good morning to all along side Tom Kean I'm Jonathan ferro together with at least a brand that's the big issue this morning undoubtedly the re opening push picking up speed some no question about that that's the whole theme for American all that but you mention the euro China back to the markets is going to three days of jobs today dated those horrific reports we expect Friday euro crushed euro yen afternoon yes traits and even John in the last hour and a half Swiss he started to strengthen I I mean separate from opening America is the idea of giving discuss the fragility of Europe is just extraordinary what this story is part of the pressure to reopen these economies in Laos ahead the European Commission come out this morning and say that the downturn the fragmentation of Europe is back on the table it threatens the very future of the euro sign some unbelievable what's coming down the commission this morning yeah part of this stems from this push to try to get the get the entire region to come together with some sort of fiscal plan in a way that the US has and frankly is shown a lot more unity than Europe and say look this is required for us to survive as a union but also I mean how many economic data points can we get that a record troughs in the sales numbers coming out of of of Germany today just mind blowing a single digit PMI out of India okay this is absolutely stunning fantastic line up of guests throughout the morning right here on Bloomberg surveillance John Norman JP Morgan joining us like that together with Howard Davies the AVI S. chairman lookout for those conversations we begin this morning with the president of the United States and the following will some people be affected yes will some people be affected badly yes but we have to get our country open and we have to get it open soon let's turn now to David Bailey a city private bank the chief investment officer David help me out with this one as we re open is there a re opening rotation in this market if so what does it look like well in terms of what we're what we're expecting to see is you a re opening that is very much focused on two big trends one is to refill the supply lines and and you know of the a full industrial products and capital expenditures in the second one associated with the consumer week we expected that we opening is right this quarter is all about we filling that pipeline and then obviously the rebound will take place in the numbers in Q. three and you've been talking about on the show today we're going to continue to see these incredibly bad numbers and we're gonna need to see on the opposite side of this is an enormous amount of we employment of the thirty odd million people within the United States who are unemployed we would want to see half of those people are more we employed as we enter Q. three and if that's the case then you can you can you really had your meeting market expectations here so to me that's what we're gonna be looking for because that is what's going to drive in in my mind the the the economic you know power that we recovery that will give people confidence that the numbers in the markets today are real how far is the stock market looking out right now the textbook tells me six months we understand that's a guesstimate David how far do you think the stock markets guessing out yeah I think that the stock market Tom have to be getting out now about a year and here's why first of all you see that nobody is willing to make really good predictions about what's actually gonna happen Corder recorder for good reason the numbers are unlike anything that we've ever seen including the great financial crisis so what we need to see is a recovery right where we get through this trough and then we actually experience the type of earnings that you know for twenty twenty one and we get some clarity on that and we're expecting a fifty so a very sharp decline you know got forty percent decline in EPS for the S. and P. and half of that would be captured back in twenty twenty one so once we get into Q. three and we see the recovery people need to believe that what they see in Q. three will be right to twenty twenty one possible and that will be the key determinant as to whether or not this market can maintain the types of valuations that are being projected when it was in the elasticities on any given big companies income statement what is furlough mean to you I mean it's a charming you you're up to speed on these headlines better than me British Airways is following you know General Motors a CFO is going to be armed with Bloomberg later about yourself for low what's for low mean well in terms of what we're looking at for low means obviously temporary unemployment people whose where the company's intention is to re employ them and for low also means at least in the U. S. that those furloughed employees will get benefits associated with either company loans that are forgiven or because of unemployment benefits that are made available and eliminate for located over there presumably re employed and then will ultimately be paid by the company David this sort of goes the idea of what the economy will look like on the other side the idea for allowing our employees rather than laying them off out right because people are expecting the economy to recover I'm struck by the borrowings of some junk rated companies they are paying more than ten percent yields to borrow money for four years and I'm wondering whether the cure is worth it worsen the element in other words how many of these companies that are piling on debt in keeping employees online are not going to survive after the pandemic because they've just simply become over leveraged given economic growth it's it's one of the major issues that you know that an unintended clocked in unintended consequences of the feds stepping into the market what you're talking about is the fact that the companies that might not have been able to borrow are now able to go to the junk market able to retain as you said capital at very expensive rates to continue their operations even though they were probably marginal prior to that we capitalization so the issue there is what is the strength of the recovery and one of the reasons why we're very concerned about aspects of the high yield bond market is precisely because there is really no trajectory for those companies you know given the slowness of what we expect this recovery will be over the next two years to really give them any acceleration in their businesses so to your point a lot of companies have seen the postponement of what ultimately will be your view to the failure of the company the merger the company of the restructuring of the company and that's really one of the unintended consequences we're we're very carefully looking at credit to see private banks to make sure we do not put client capital into those companies could even though the you look very attractive they are much more risky than they appear so David can you swear that idea sort of bearish feel with respect to the high yield bond market with your bullish call on small cap stocks which often tracked the high yield bond market in terms of performance it is a great question also and I think you have to look at the balance sheets of those companies so what we've done is we've divided the high yield market itself will be taken out all the energy security to take a look at the remainder of the high you'll mark mark bond market and the companies that are borrowing those and we further divided those companies into those that have resilient business models I eat which have not been impacted by this market conditions and specifically associated with healthcare consumer durables and things like that companies that supply parts and services to industries that are going to recover an example would be airline services rather than airlines and by identifying all of those sub segments you able to build a portfolio of companies that are very highly likely to rebound and to thrive and to your other point to the extent that you identify companies that are either over levered or with their business models themselves are not in a financial categories we are going to avoid them but if this level of discrimination and by the way the market has been fairly discriminating in this regard when it when you take a look at small and mid cap equity prices this is the kind of work you have to do in terms of portfolio construction now that just six months ago you really didn't need to do because things are relatively sanguine what I thrive under what conditions you know let's get back to the main story we re all right kid and this could be a massive tail risk of a second wife now for some people that's not a terrorist that's a base case is not likely to linger for the next several months so it is a base case and I think that there's this whole debate in the market as to whether or not there's a second wave you're going to see a material increase in the number of coronavirus cases whether that be in Europe or in the United States and in the U. S. you're actually gonna see potentially even more bad news in that regard because of the nature of the role the way that they handled the lockdowns and are now handling the the the re opening of the economy so the question is do these increases in virus cases ultimately once again impact the healthcare system let's go back to the first premise the reason why we took the step of lockdown was because we thought we would overwhelm healthcare systems and completely have people literally dying at their homes dying in the streets you know things like that on willing to do that as a society we didn't step in to to stop that and now we're going to reopen and the question is how do we make sure that does not happen again and there's only two ways for that to be true what is that you manage disease goes down that's the concept of a cross between the waves and then the second is that we know that they'll be a second wave barring a treatment or vaccine and that that the question is how big that waivers and it's right now in the United States look looks like it could accelerate because of the fact that we didn't camp down the disease sufficiently the Democrats case also shot forty three David thank David that and sent a pass that's a Monday at Citi private bank's chief investment officer facing new.

Bloomberg Jonathan Ferrell Lisa Bloomberg president China Colin Tom Keene York
"howard davies" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:53 min | 1 year ago

"howard davies" Discussed on Bloomberg Radio New York

"Defense production act Carol Massar in Jason Kelly help us understand what we know so far Bloomberg business week they are on the frontline of the impact of the coronavirus weekday afternoons at two eastern on Bloomberg radio the Bloomberg business happen Bloomberg radio dot com Bloomberg the world is listening welcome back to Belgium for Bloomberg television or radio I'm David Westin thanks all around the world are doing their best to try to help their customers in this extremely difficult time global and that includes RBS we have to talk exclusively with the chairman Howard Davies earlier today and we talk with him in particular about what the his bank is doing for small and medium size enterprises very important because they do creates a huge amount of employment in the country and so many of them of course there's been a complete stop on that business I mean the most obvious ones being restaurants and hotels but a lot more to are in the supply chain for the leisure and tourism industry indeed for the manufacturing industry which is large because out thirty subsidy crucial I think with the really key thing is that we need to ensure that there is productive capacity in the economy for when the opening up and the upturn eventually comes because if we've lost productive capacity because firms have just given up during the crisis then we will have a constrained up to so it needs both the important on the downside but it's also very important to position the economy better for the up to how difficult is it gonna be for these businesses I mean you mentioned for example restaurants or you know merchants service businesses that are collecting zero revenue right now but getting loaded up with debt some of it with a very high interest rates relatively high interest rates how hard is it going to be for them on the other side when they come out of this pandemic loaded up with debt well I'm not sure about that in all cases actual because first of all the fellows came from the government means that they can recover most of that employment costs if they're eligible for that and many many off also the corona business interruption lane scheme of C. bills as we now know it does not have an interest rate in it for the first year so most people whose businesses if his business is clearly been interrupted by people's into eligible for this scheme will be taking on additional debt but it will not be a factor in interest costs now really for the first year because the the question is whether in the long run those will be viable with a larger amount of debt on the balance sheet and I suppose the only sounds of that is some will be and some would be point is why I think the government and others are now looking at whether in some cases there is a need for an equity instruments at the end of all of this well by some agencies of government backed entity perhaps take an equity stake in businesses where they called survive with that huge amount of debt now that's a problem in a way that we hope we will have because that's more of a problem with the re opening that it is of the closed down but at the moment the loans available are at zero interest for the first year of the government schemes do you expect some kind of debt forgiveness there's been a lot of talk about a Jew believe as a banker I'm not sure if that rubs you the wrong way but is that a possibility on the other side of this Howard well I guess it is a possibility it's not something which would be a totally easy for the banks themselves to do because of because our money is old somebody else's money so if I'm forgiving a debt and to a a borough at I will say you know spending your deposit which is not something I guess you'd appreciate so if that is going to happen is going to have to be some public sector involvement in it that somewhere that because I don't think the banks would be sensible sensibly advised to do that but one of the else if you if if if if a bank creates a big hole in its balance sheet then credit is going to be constrained when we eventually do re open the economy and that is absolutely what we don't need because in the last financial crisis of course the problem was why the recovery was so we could stay longer it is that banks who had big holes in their balance sheets couldn't extend credit on the scale they had before now this is not the same crisis until this is the real economy health crisis not a financial crisis we must avoid doing is turning it into a financial crisis and getting into a situation where the economy cannot turn up because of a credit crunch so that's the calculation I think the government is going to think very hard about that was RBS chairman Howard Davies is an exclusive into discussion with our very own Matt Miller well sometimes crises can bring out the very best in us and unfortunately sometimes the worst and sometimes we need our legal authorities to make sure it's former rather than the latter we now welcome somebody was on the front lines of the effort she is the Massachusetts Attorney General Maura Healey and we welcome her now so welcome madam Attorney General give us a sense of what you're finding of messages what if you needed to do what actions we needed to take to protect the most vulnerable among us from this crisis it's people pick up okay I'm so sorry we're having some technical given the hosting Attorney General for masters were to make every effort to come back and get her shortly this is bound to power on Bloomberg television and.

Carol Massar Jason Kelly Bloomberg
"howard davies" Discussed on The Ron Burgundy Podcast

The Ron Burgundy Podcast

05:53 min | 1 year ago

"howard davies" Discussed on The Ron Burgundy Podcast

"Yes. It's me Ron Burgundy. Thank you for joining me for another episode of the Ron Burgundy Podcast Carolina. Here I am right and right next here. I've been here for like five minutes. Our view not even noticed me. What's going on? I pulled my neck. I put my neck out so I can only look forward literally and spiritually. I am only looking forward from now on and I'm not going to move until the muscle. Relaxant has kicked in and the pain has completely gone away. So you're going to have to tell me your facial expressions so I know how you're feeling do you. Do you understand or are you nodding right now? What kind of muscle relaxant you take? You know it's a little bottle of muscle relaxants that had for a while. The name is is actually rubbed off from the bottle. My mom passed the bottle down to me years ago when I was a little boy and she said take this. If your neck hurts I also have a bottle of aged codeine syrup? It's about seven years old. Do you want some. It's in that the Brown bag in my purse. You know what I mean. L. Take some weights were kind of muscle relaxing. Do you take. It doesn't have a full name on it it's only has one syllable. It's it's God. It's a Finnish name. Me was a drug that was banned from Finland in the fifties after the Prince of Finland. Took it what happened to him. Well he He has a bad back. He takes Then some people in his palace ticket it gets around you know then rumor. Has It all of the servants? In his palace turned into pieces of furniture. Candlesticks and foot stools wait. He turned into a beast. Who told you that? I think it's from beauty and the beast. I think your way you're saying. Is that the Princeton. The beauty and the beast in his entire castle had a bad reaction to a muscle relaxant. Oh so people know about that. Yeah it's actually a children's story. Are you frowning? You think? I shouldn't have taken it now. I'm smiling. I'm glad you're okay and I hope you feel better. I can tell you rolling your eyes on today's episode. We're talking about the rule of law. Those who vowed to serve and protect and who better to talk to than a dog who saved twelve lives. That's right Freda. The world famous rescue dog is in the studio. Hey wait I tank get Frida I. I can't I can't see you so I can't tell if you're joking are you joking? She's busy busy. This is just for the people in Hong is a real dog of Frisia. Yes a beautiful blonde lab encouraged everyone to look her up. She has spent her life helping to rescue survivors from natural disasters around the world. She's may be the most real hero and she's worked since she was a puppy. She's ten years old now she she saved twelve. I know that why. Why do you think I wanted to book her? What was she going to say? Ron well she can tell us. Choose a dog. You did this despite being near voice. You're upset why but you are no. I'm still smiling anyway. I booked a human who can speak a former FBI former FBI agent so an FBI agent. Who got fired by someone? More important did did free to the rescue dog. Fire Him now. He's happily retire. He was actually in the Bureau for like twenty five year. Pay No do not take another muscle Ron. Please don't have that run that's not yours. Yes Oh my God okay. It's fine we'll just pick the Renault. How many there are I didn't do press. It's blows room. I didn't mean to. Is there a coffee? Stir I can snort that powder at that's really all around my God. No No. That's what I'll do you know. Let's degrading in my gums. That one I saved all right how I mean that al. He broke the skin. I probably broke the skin. We'll be right back with an FBI. Agent Christ all my name is Ron Burgundy. And did you know that? I recently switched to state farm. This is an ad for state farm. It's just an interesting story. I was with a big silly company that offered me plenty of savings and a lot of good laughs however I was never truly confident. That's right you heard here. Ron Burgundy was never truly confident until I switched over to state farm. I know it sounds like a commercial for state farm. But here's the deal it's justice story and I like to tell it. The old company kept me up at night worrying about what I signed and what I was really covered for and whether or not I was safe in the world. Well a sophisticated friend of mine whose name Will Remain Unspoken Sarah Current Howard. Davies told me she sleeps perfect at night ever since she switched over to state farm. When I heard this I ran out. Full speed down the street to the nearest payphone folks. There's not a lot of payphones out there anymore. It was about a twelve mile run and I got on the phone and dump Mike infusing quote unquote money-saving policy and got state farm. I actually feel insured now for the first time in my life. Sounds like a commercial but it was just a story. Tell Them Burgundy set you for whatever reason this commercial. Welcome back.

Ron Burgundy FBI Finland Carolina codeine Sarah Current Howard Hong Freda Frida Princeton Renault Mike Frisia Davies
"howard davies" Discussed on The Ron Burgundy Podcast

The Ron Burgundy Podcast

05:52 min | 1 year ago

"howard davies" Discussed on The Ron Burgundy Podcast

"Yes it's me. Ron Burgundy. Thank you for joining me for another episode of the Ron. Burgundy PODCAST CAROLINA Here. I am right and right next here. I've been here for like five minutes. Our view not even noticed me. What's going on I? Pulled my neck and neck out. So I can only look forward. Literally and spiritually. I am only looking forward from now on. Not going to move until the muscle relaxant has kicked in, and the pain has completely gone away. So you're going to have to tell me your facial expressions so I know how you're feeling you. Do you understand or Are you nodding right now. What kind of muscle relaxant you take, you know. It's a little bottle of muscle relaxants that had for a while. The name is is actually rubbed off from the bottle. My mom passed the bottle down to me years ago when I was a little boy, and she said take this if your neck hurts. I also have a bottle of aged codeine syrup. It's about seven years old. Do you want some? It's in that the Brown bag in my purse. You know what I mean. Take some. Weights? We're kind of muscle relaxing. Do you take? It doesn't have a full name on it. It's only has one syllable it's. It's. God. It's a Finnish name. was a drug that was banned from Finland in the fifties after the Prince of Finland took it. What happened to him well, he He has a bad back he takes. Then some people in his palace ticket. It gets around you know then, or has it. All of the servants in his palace turned into pieces of furniture, candlesticks and foot stools. Wait to. He turned into a beast. Who told you that I think it's from beauty and the beast? I think your. Way You're saying. Is that the Princeton? The beauty and the beast in his entire castle had a bad reaction to a muscle relaxant. Oh! So people know about that. Yeah, it's actually a children's story. Are you frowning. You think I shouldn't have taken it now I'm smiling. I'm glad you're okay and I hope you feel better. I can tell you rolling your eyes. On today's episode, we're talking about the rule of law those who vowed to serve and protect and who better to talk to than a dog who saved twelve lives. That's right Freda. The world. Famous rescue dog is in the studio. Hey, wait I tank. Get Frida I I. CAN'T I can't see you so i. can't tell if you're joking. Are you joking? She's busy. Busy. This is just for the people in Hong is a real dog of us. Yes, a beautiful blonde lab encouraged everyone to look her up. She has spent her life helping rescue survivors from natural disasters around the world. She's may be the most. Real hero and she's worked since she was a puppy. She's ten years old now. She she saved twelve I know that why? Why do you think I wanted to book her? What was she going to say? Run well. She can tell us choose a dog. You did this despite being. Your Voice. You're upset. But you are no I'm still smiling. Anyway I booked a human who can speak a former, FBI former FBI agent, so an FBI agent who got fired by someone more important did did to the rescue dog fire him now he's happily retire. He was actually in the Bureau for like twenty five years. Hey, no, do not take another muscle. Ron Please. Don't have that run. That's not yours. Yes. My God. Okay! It's fine. We'll just pick the how many there are. Christ one I, didn't do Pressler. It's blows room I didn't mean to. Is there a coffee stir I can snort that powder at. That's really all around my God. No, no, that's what I'll do you know. Let's degrading. In my gums that one I saved. All right. How I mean that Al He. Broke the skin. I probably broke the skin. We'll be right back with an FBI agent. Christ? All My name is Ron Burgundy and did you know that I? Recently switched to state farm. This is an ad for state farm. It's just an interesting story. I was with a big silly company that offered me plenty of savings and a lot of good laughs. However I was never truly confident. That's right. You heard here, Ron. Burgundy was never truly confident until I switched over to state farm. I know. It sounds like a commercial for state farm, but here's the deal. It's justice story and I like to tell it. The old company kept me up at night, worrying about what I signed and what I was really covered for and whether or not. Not, I was safe in the world, well a sophisticated friend of mine whose name Will Remain Unspoken Sarah Current Howard. Davies told me she sleeps perfect at night ever since she switched over to state farm when I heard this Iran out full speed down the street to the nearest payphone, folks, there's not a lot of payphones out there anymore. It was about a twelve mile run, and I got on the phone and dump Mike infusing quote, Unquote money-saving policy and got state farm. I actually feel insured now over the first time in my life sounds like a commercial, but it was just a story. Tell Them Burgundy. Set You for whatever reason this commercial..

Ron Burgundy FBI Sarah Current Howard CAROLINA Finland codeine Hong Princeton Freda Frida Mike Pressler Davies Iran
"howard davies" Discussed on The Ron Burgundy Podcast

The Ron Burgundy Podcast

05:52 min | 1 year ago

"howard davies" Discussed on The Ron Burgundy Podcast

"Yes it's me. Ron Burgundy. Thank you for joining me for another episode of the Ron. Burgundy PODCAST CAROLINA Here. I am right and right next here. I've been here for like five minutes. Our view not even noticed me. What's going on I? Pulled my neck and neck out. So I can only look forward. Literally and spiritually. I am only looking forward from now on. Not going to move until the muscle relaxant has kicked in, and the pain has completely gone away. So you're going to have to tell me your facial expressions so I know how you're feeling you. Do you understand or Are you nodding right now. What kind of muscle relaxant you take, you know. It's a little bottle of muscle relaxants that had for a while. The name is is actually rubbed off from the bottle. My mom passed the bottle down to me years ago when I was a little boy, and she said take this if your neck hurts. I also have a bottle of aged codeine syrup. It's about seven years old. Do you want some? It's in that the Brown bag in my purse. You know what I mean. Take some. Weights? We're kind of muscle relaxing. Do you take? It doesn't have a full name on it. It's only has one syllable it's. It's. God. It's a Finnish name. was a drug that was banned from Finland in the fifties after the Prince of Finland took it. What happened to him well, he He has a bad back he takes. Then some people in his palace ticket. It gets around you know then, or has it. All of the servants in his palace turned into pieces of furniture, candlesticks and foot stools. Wait to. He turned into a beast. Who told you that I think it's from beauty and the beast? I think your. Way You're saying. Is that the Princeton? The beauty and the beast in his entire castle had a bad reaction to a muscle relaxant. Oh! So people know about that. Yeah, it's actually a children's story. Are you frowning. You think I shouldn't have taken it now I'm smiling. I'm glad you're okay and I hope you feel better. I can tell you rolling your eyes. On today's episode, we're talking about the rule of law those who vowed to serve and protect and who better to talk to than a dog who saved twelve lives. That's right Freda. The world. Famous rescue dog is in the studio. Hey, wait I tank. Get Frida I I. CAN'T I can't see you so i. can't tell if you're joking. Are you joking? She's busy. Busy. This is just for the people in Hong is a real dog of us. Yes, a beautiful blonde lab encouraged everyone to look her up. She has spent her life helping rescue survivors from natural disasters around the world. She's may be the most. Real hero and she's worked since she was a puppy. She's ten years old now. She she saved twelve I know that why? Why do you think I wanted to book her? What was she going to say? Run well. She can tell us choose a dog. You did this despite being. Your Voice. You're upset. But you are no I'm still smiling. Anyway I booked a human who can speak a former, FBI former FBI agent, so an FBI agent who got fired by someone more important did did to the rescue dog fire him now he's happily retire. He was actually in the Bureau for like twenty five years. Hey, no, do not take another muscle. Ron Please. Don't have that run. That's not yours. Yes. My God. Okay! It's fine. We'll just pick the how many there are. Christ one I, didn't do Pressler. It's blows room I didn't mean to. Is there a coffee stir I can snort that powder at. That's really all around my God. No, no, that's what I'll do you know. Let's degrading. In my gums that one I saved. All right. How I mean that Al He. Broke the skin. I probably broke the skin. We'll be right back with an FBI agent. Christ? All My name is Ron Burgundy and did you know that I? Recently switched to state farm. This is an ad for state farm. It's just an interesting story. I was with a big silly company that offered me plenty of savings and a lot of good laughs. However I was never truly confident. That's right. You heard here, Ron. Burgundy was never truly confident until I switched over to state farm. I know. It sounds like a commercial for state farm, but here's the deal. It's justice story and I like to tell it. The old company kept me up at night, worrying about what I signed and what I was really covered for and whether or not. Not, I was safe in the world, well a sophisticated friend of mine whose name Will Remain Unspoken Sarah Current Howard. Davies told me she sleeps perfect at night ever since she switched over to state farm when I heard this Iran out full speed down the street to the nearest payphone, folks, there's not a lot of payphones out there anymore. It was about a twelve mile run, and I got on the phone and dump Mike infusing quote, Unquote money-saving policy and got state farm. I actually feel insured now over the first time in my life sounds like a commercial, but it was just a story. Tell Them Burgundy. Set You for whatever reason this commercial..

Ron Burgundy FBI Sarah Current Howard CAROLINA Finland codeine Hong Princeton Freda Frida Mike Pressler Davies Iran
"howard davies" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:51 min | 2 years ago

"howard davies" Discussed on Bloomberg Radio New York

"Possibility of that deal and even more when it was confirmed recording astonishing jump about sort of twenty twenty five percent also sort of that's an acquisition of the civil rights you get when a company is being taken yeah so this is this is very warmly received some of that may have actually been some speculation of a of a of a bit like the missing today but as he said hold is do you like what that does the embassy investment story X. refrain if what do you actually buying at the London Stock Exchange I mean they're not stand around talks he does anymore what do you what do you buy what are you buying what's the the income stream anybody trades of a you know Sir Howard Davies RBS or were you what do you buy it well some of the really good question and yet the LSE it but what your driving at quite rightly is the new one may think of them to see as a platform for trading in the stock success but actually that business as devils considerably kind of a away from the sport we would think of as classics at trading for quite a while mainly actually three doing acquisition so they'll see now is is very big in indices so they've got a very big platform of of of indices and they are seeking to great I will say that you know that we can day Sir clearly the idea of the offensive deal was kind of kind of to dilute that old old fashioned share trading even more because he's thank you so much too short a visit Chris Hughes and I'll get I think I've got it on Twitter if not I'll do it again Chris Hughes who of blue we're gonna pinyin it's open season on the London Stock Exchange just the first definitive read on this the shock and that's the right word pull the London media was on fire with this announcement yeah I think Chris brought up a good point I mean this is a national asset of the. okay and I'm sure there's going to be a lot of parties political regulatory weighing in on on where this acid should go September eleventh we see images now of the vice president in Pennsylvania I I believe is in Pennsylvania and we now have the president arriving at the Pentagon he has his capital control to different Cadillac in the present stepping out with the First Lady to attend the remembrances at the Pentagon over the years there has been a cadence to this day we're thrilled that we could bring it to you and provide some of the the quiet here the president being greeted by a senior officer in family here at September eleventh it's something to fly in for those who have never done it it is something called flying into Reagan yes to national airport and there is a beautiful sculpture of the Pentagon. right now let us listen to those lost in September eleventh this at the Pentagon and a moment of silence he..

twenty twenty five percent
"howard davies" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:20 min | 2 years ago

"howard davies" Discussed on Bloomberg Radio New York

"Bugs to use his word autonomously if you ask me I think they should turn it into a video game that's the Bloomberg NJIT stem report Tom yeah but I'm feeling so much can I just stay at least so that the deer flies of upstate New York like a camp drum the wings are so big in the bite is so big they have the curvature to their wings like a B. fifty two but they're like they have they have mass live I can imagine happening and counter over the. no but. you you know. I love the idea of a laser beam and automatic now it's basically you don't what happens when you bring technology to a flyswatter I absolutely adore this. five things you need to know insect free to start your day brunch by interactive brokers players can earn one point six three percent and idle cash in their brokerage account restrictions apply visit ID K. R. dot com slash why I'd be to learn more brexit Lisa it's serious the noise spine Francine the quiet and the green today there's a whole new level of volume the prime minister speaks Tanishq eleven Nish and then they move maybe to an election as soon as October fourteenth this is Boris Johnson basically giving an ultimatum to his opposition saying you either you either back me our own party Opeth his own party opposition saying if you don't like what I'm doing hold an election October thirty first relieving the European Union. the end even if it means hard brexit get on board record German ten year low the negative yield experiment what we learned about a lease of what's the update honestly if it most interesting thing to me is the ECB officials are saying that negative yields are working there not detrimental to growth to banks and then you have come. with everybody else says that's ludicrous and actually that they're part of the problem and they're actually what's interesting well in the course of this debate continues to rage as we get more than seventeen trillion dollars of negative fielding data thank you Sir Howard Davies and particularly David focus Landau was caving in his criticism a few days ago the nuances morning leases lower yield but really not curve flattening as of yet well I think dampening right now there is a question of what's the bigger risk some sort of trade deal that surprises or is some sort of falling apart of trade negotiations which we already are kind of getting baked into markets right I think you have a growing number of people who are saying that markets are so disproportionate report to position for trade talks breaking down for this ongoing weakness in PM eyes in India in industrial production that you know just what is the smallest move to really create a big disruption bond markets in because your school has I think that that the eggs they were starting September off with market is a move since April. yes when training is right about because I mean they just the push pull is been very critical although most treasured lower market is it moves in September of last year you know. it's like range I guess a range bound equities but bond yields. okay. the school supplies I remember I think you have to step up and get your own Crayola is what happened where did you grow up you I'd like to walk backwards and when did I do it's like. crayons back then. your own did you have to you know. thing in in school yeah yeah well that's actually is every six faces cools poor schools all of yeah it that basically teachers are not getting supplies they need are you by the door waiting you know my basic thing is Amazon delivers but in staples I could be wrong on that hi we're going tomorrow here's our here's where I'm old fashioned I like going to shop for the actual stuff yeah but then they don't even they don't have it in the teachers specify their one and this card they want a certain index card with this Q. I I haven't experienced the skew your ex five nice clothes have you I know what I mean I have to personally but not for my two boys next door to naming brandy Melville what is really helpful. I thought forms at your school. close as well the guy go brandy Melville and if I go what size you and she goes.

brandy Melville NJIT Bloomberg New York Tom seventeen trillion dollars six three percent ten year
"howard davies" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:41 min | 2 years ago

"howard davies" Discussed on Bloomberg Radio New York

"He even if we if we ever have rob Caroline I'm Lisa when there's a high pressure it's gorgeous out. why it's so beautiful so please explain thank you rob greatly greatly appreciate this is a joy and a start this Tuesday you know it's like new years in the business world every you know it's like a happy Tuesday kind of time it is wonderful to start with Laurie kill the scene of RBC on the equity markets there's a lot of navel gazing this weekend Lori about what to do all this other noise bonds currencies sterling under one nineteen X. cetera argues steadfast in equity coal or who view amended things so I would say the only thing that's really changed in our view over the past you know say a week week and a half since we had that awful Friday were the trade war escalates again is the you know I I would say in the short term at least we have more conviction that we're going to see a full on ten percent pull back and we've said that the risk of having that pull back more into what we call a growth scare we think the risks there have risen it's not our base case by gross here I mean something like took what took us to the lows of twenty ten to twenty eleven or twenty sixteen where you saw basically like a fifteen to twenty percent pull back in the market that's not our base case but we do think the risk of has risen significantly so Laurie a ten percent pull back would that be across the board and just sort of talking about correlations everything going down at once or they're going to be certain sectors hit harder so you know what we always see on these really bad days and you don't necessarily see than the weekly data or the monthly data but we do tend to see some of the names most heavily armed by hedge funds particularly in the T. I. M. T. complex the software space IT services things that might not necessarily be associated with the trade war directly but that are simply widely held a proxy for equity exposure among the hedge fund growled those are things to watch out for I mean you know we we still like things like utilities read consumer staples we're not necessarily saying that they go up in a pull back we think they go down last Lori were Juergen free particularly when Abramowitz's in the room one is T. I. M. T.. internet media and telecom so I'm a child of the tech bubble I came into the business back in two thousand and that's how we used to talk about it then and and what we find is you know get has moved around the set a little bit over the last year that's really how a lot of hedge funds and a lot of growth investors there tack allocations they lump media and telecom and yeah we call that with those of us on the later vintage Lisa call the stocks of no profits continue studies that some of them do but it is interesting to see what you're talking about Laurie that the idea that hedge fund ownership is a recipe for volatility and I'm wondering what your increasingly telling in advising clients to look at hedge fund ownership of stocks and then saying stay away. it's something that we've looked out for a long time we have one products that we put out we put this out in August and you know we do go through and we look at the names that are most heavily owned by hedge funds both in terms of dollar value in terms of market cap exposure on percent of market cap owned by hedge funds what we've actually found it if you go back and you look at last year in the second half of twenty eighteen when you flipped over into the second half of the year it was like flipping a switch in the names most heavily on the by hedge funds just the biggest market cap names underperformed pretty soon steadily until you got to basically kind of early December and then they were kind of in line performers but we saw those stocks start to break down before the market this one and I'm wondering and that Lori I know that you've been bearish for awhile the amount of bearish sentiment in the market is getting to be a sort of growing day and at what point is that a positive indicator for stocks so you know it's interesting we have a score card where we monitor different drivers for equities in one of those drivers is investor sentiment positioning and we consider it to be mixed and the mixed is on the negative side we still have positioning which we think has been quite euphoric and in the process of unwinding if you look at C. S. T. C. data it's telling you that it's starting to catch up with where spent ten minutes south already is now sentiment has been quite bearish and on some metrics if you look at a a I I the American Association of individual investors retail sentiment is quite bearish that's usually a good buy signal but the positioning especially on the institutional side which is what you're saying with that CFTC data it's been lagging a bit behind is catching up to where that bearish sentiment already is. thank you we will continue or throw that she could be with us for a substantial time here this morning she's with RBC capital markets Lisa Howard Davies is with us here a bit ago of course just iconic former director of London school of economics is public service an FSA to London all and he was just surgical I'm negative interest rates he's not willing to throw the towel in in the experiment but he said the ramifications of this day by day become ever bigger absolutely I tried to explain to my son negative interest rates is really interesting basically you do dishes for may and then you pay me forty Bucks. you're looking at me with is a look at your face like everyone in this room right now had the joy of Labor Day have you done your summer reading yeah yeah any negative with Michael bar what did you do at your house to move the children forward towards school barbecued hamburgers and talked about class there we go there you go nine eleven and when in doubt freedom and. it should stay with this world wide this is Bloomberg. let's get.

rob Caroline Lisa ten percent twenty percent ten minutes
"howard davies" Discussed on Marketplace Morning Report with David Brancaccio

Marketplace Morning Report with David Brancaccio

07:31 min | 2 years ago

"howard davies" Discussed on Marketplace Morning Report with David Brancaccio

"This marketplace podcast is brought to you by bit site from the back office to the boardroom bit site helps companies of all sizes continuously manage cyber risk using it security ratings platform. Learn more at bit site dot com and by Capital, One with the spark cashcard from Capital One. You earn unlimited two percent cashback on all of your business purchases. Think about it unlimited. Two percent cashback on everything you buy for your business, and that cashback can add up to thousands of dollars which you can invest back into your business. You can keep growing. Learn more at Capital One dot com Capital One. What's in your wallet? Think AI can take over the world turns out it's got the brain power of an earthworm. This is the marketplace morning report live from the BBC World Service. I'm on good morning. I though the chief executive of the Royal Bank of Scotland resigned this morning after five and a half years in the job, the BBC's, Victoria, Craig has more. Ross mcewen's announced departure comes just ahead of the bank's annual shareholder meeting beginning and Edinburgh later today. Mr. mckeon has a twelve month notice period and will remain in the role until a successor is appointed. In the meantime, Arby s has begun an internal and external search for his replacement. Mr. mckeon is expected to address the media later this morning in a statement. He said now's the right time to step aside after putting the Bank on stronger profitable, footing and delivering the strategy. He said out in two thousand thirteen when he took the helm Ar- Bs returned to profitability for the first time in a decade last year and its share price has risen more than twenty percent. So far this year while the Bank has worked to cut costs and refocused the business. It's still. More than sixty two percent owned by UK tax payers after it received a fifty eight billion dollar bailout during the two thousand eight financial crisis. The government has outlined plans to sell its remaining stake by twenty twenty four but in September Arby s chairman, sir Howard, Davies said all the cost cutting loan losses and sales of parts of the business has meant it's unlikely the government will get back all pumped in during the crisis on news of Mr. mcewen's departure investor sent shares of Arby s down as much as one point three percent this morning in London. I'm the BBC's Victoria, Craig for marketplace. Let's do the numbers global stocks are mixed. Shares of Deutsche Bank up more than four percent while Commerzbank dropped more than two percent. The to abandon merger talks today that would have put tens of thousands of jobs in jeopardy resistance from shareholders and employees led to the decision deutchebanks. At a tight would not have created enough benefit to offset the risks restructuring costs and capital requirements. They needed to combine the two companies. 's now, thirty seven world leaders are attending China's belt and road form in Beijing today. China has invested ninety billion dollars in countries from Asia to South America. But there are worries that these Chinese finance ports power plants and roads over extend the finances of small countries. No one from Washington is there, but Britain's Chancellor is along with the city of London's policy chief, Catherine McGuinness, basically is a center for. London is a center for infrastructure finance? It's a center at with specialisms in other areas. Islam finance, for example, which is relevant to be countries. Green finance. So there are a lot of specialisms available in London as well as infrastructure financing Britain does need stronger bilateral relations with the country's biggest China, especially with Brexit still looming. But do you feel at all that the city of London is in any way, endanger of legitimizing Belton road? When even the IMF World Bank have said, look this could be a potential debt trap for some countries vote. We've been talking about today at the forum, not is precisely some of those challenges around financial sustainability environmental sustainability and did Christine Lagarde from the MS was here talking about just thought that seems to be a growing willingness, particularly as belted needs to draw in different ways of financing to address some of these issues that has been a lot of discussion from the Chinese side on the international representatives here. That's. That's been a very clear message every session being Catherine McGuinness. Now, we expect artificial intelligence to be well, intelligent, helpful. But funny and unintentionally so L Shane trains, neural networks and she runs a blog called A I weirdness. She's been giving me some examples of how AI makes her laugh, for example. I was giving it names of paint colours to imitate, and what ends up imitating RV letter combinations in the original paint colors and not really the meaning so you'll get pink colors like stinky bean, or there is one that was just called dope or nother one called turdly. I'm looking at some of the colors that came up and turdly is there, and it is a Brown. So I mean, you know, it's not it's not off the Mark. But it's just not appealing. There is a color that invented that it called grey pubic, which is a bright blue. And there's another color invented that it called seeing green. And it is definitely not green. It is definitely blue. Instead. So AI is smart. But maybe too literal. Yeah, that's the thing. So if I come up with a list of forbidden words, it'll find out all sorts of ways I didn't think of twos. Spell words that I don't want like it had a color called horrible, gray H O R B L E C can't keep up. So what do you think? This tells us about a I it tells us that a I is struggling on a very fundamental level to figure out what is going on with our. World with our language there. So much richness to the human world that we take for granted like the process of having a conversation or coming up with a set of paint colors is just such a broad tasks that draws on so many things that humans know how to do or do without thinking an AI is not very smart. You know, if you're comparing approximate computing power, it's around the level of an earthworm. And does it also tell us something about our expectation then because I think in the popular imagination we give a a lot of credit. Yeah. I think there is this misconception because we're using the same word for a I in movies as we are for using the s actually oh in our phones, adding cat years to our Snapchat, pictures, or whatever the is that we have today are not remotely smart enough to figure out that they don't have to obey the Hugh. Men's or that they might have some other goal. We're in much more danger of putting too much faith in their smarts and treating their decisions as somehow impartial or somehow. Very smart just because the decisions are handed down by AI. And that was Donell Shane of a weirdness. Check out our blog. I'm unindo with the marketplace morning report live from the BBC World Service. This marketplace podcast is brought about Capital One with the spark cashcard from Capital One. You earn unlimited two percent cashback on all of your business purchases. Think about it unlimited. Two percent cashback on everything you buy for your business, and that cashback can add up to thousands of dollars which you can invest back into your business. You can keep growing learn Mark Capital One dot com. Capital one. What's in your wallet?

Capital One AI London BBC World Service Arby Bank China Catherine McGuinness Mark Capital One Mr. mckeon BBC Ross mcewen Britain World Bank government Christine Lagarde Deutsche Bank UK IMF
"howard davies" Discussed on WGN Radio

WGN Radio

04:15 min | 2 years ago

"howard davies" Discussed on WGN Radio

"That just makes me laugh right there. Just the just the opening music for Fawlty towers, and it always said something different on the on the sign outside. It was misspelled in some some way on the sign in front of the hotel. Welcome back, Nick Gilio here. Fawlty towers has been named the greatest ever British TV sitcom. It was a panel of of comedy experts that was compiled by the radio times in Britain the comedy series set in a chaotic seaside hotel managed by incompetent highly strung hotelier played by John Cleese was ranked above father tat, which chronicled the lives of three dysfunctional Irish priests and their housekeeper and I'm Alan Partridge in second and third place respectively. Partridge by the way, is the great Steve Coogan, who was just brilliant. Although Fawlty towers only ran for two series, the popularity of its twelve episodes has endured are often rebroadcast with co writer Connie booth saying show succeeds because it allows quote infantile, rage and aggression to flourish within the well-mannered English society. Basil Fawlty one liners have gone down in comedy folklore in one episode. Houseguests complained that he was not satisfied in which he replied, well, people like you never are you. Another against as if anywhere serves French food. Faulty retorted. Yes, France, I believe they seem to like it there and the and the swim would certainly sharpen your appetite you'd better. Hurry. The tide leaf in six minutes. A thinly. Veiled jibe at the broadcasters. Current management said he was lucky to be working at the BBC when decisions were taken by people actually had made programs and paid tribute to this co stars and producer John Howard. Davies who directed the first six episodes of Monty python's flying circus. I'm proud that. We are up there with porridge and only fools ABC fab and Blackadder in the office and the thick of it. He told the radio times Fawlty towers co writer, Connie booth told them who's who's married to Cleese at the time. She played Polly on the show. It's unique in being that it's a farce with a the plot surprises in precision that require it requires a lot of style. It doesn't hurt that the star of the show is a six foot five comedic genius. If he was shorter. I can't imagine how it would would have worked Richard Curtis, and Ben Elton's historical sitcom Blackadder starring rowing Atkinson was fourth on the list. And only fools and heros, featuring Peckham wheeler-dealers. The Trotter family was named six best sitcom Fawlty towers was also named the best British to come all time in a survey of comedians and comedy writers back in two thousand seventeen so. Yeah. It's it's one of the funniest shows of all time. If you don't have like if you don't have the top five of all of these on DVD, then you're really missing out because it is just the cream of the crowd. There's no question about it. But man, Fawlty towers, you have a favorite episode. God. I mean, they started they start off with such a a boom where it's the one where he thinks he's a millionaire. I it's the very fertile. Yeah. Yeah. Yeah. A millionaire guy who is a millionaire. He's mistreating and. My favorite. We get a break here. My favorite the first of all the Germans is one of the greatest episodes of all time when he bangs his head and don't mention the war. And then he starts doing the walk and all that stuff. That's hilarious. But my favorite is. When the the the kitchen, the the the chef is in love with Manuel, and he gets drunk and can't make dinner big critics there. So he runs out to get duck member he goes to a restaurant in town to get to bring a duck back and the car breaks down. And he grabs a tree branch and starts beating the hell out of the car telling you that one of the funniest things I've ever seen in my life. And then the very end of the episode when it's now Duckie took the wrong plan. He took the wrong tray, and he pulls the lid off the tray, and it's like a cake, and he Rica's into if there's a duck like in there he goes ducks off and that's the enemy. Genius. All right. Great is a pretty Cup of all time in any country. It's one of the greatest all time to take a break. We come back. We get the news and then Lindsey Cochran great moments in vinyl is gonna join us citing..

Fawlty towers Basil Fawlty Connie booth John Cleese Alan Partridge Davies writer Nick Gilio Manuel Steve Coogan Britain ABC Lindsey Cochran BBC Richard Curtis Peckham France Rica John Howard
"howard davies" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:48 min | 2 years ago

"howard davies" Discussed on Bloomberg Radio New York

"That's a Bloomberg business flash. Tom and Paul. Thank you so much pulse. Fenian chunky thrilled that you were this morning. A lot going on. It's a turbulent day is. Guess how I'd put it. Joining us now for a substantial time, we are thrilled to bring you Geoffrey Yu of UBS, he's usually with us like in the Londoner mid morning or so and revealed drag amount of his cocoon at UBS this late in the day. Jeff, Bloomberg talks about a Europe is constrained. And that's gonna come up with the meeting today, the backdrop this folks is always CD economic growth markdowns to three point three percent. Global Turkey negative one point eight percent and on and on. How slow is slow right now. Geoffrey you. Well, it's a moving target ready right now. So I think the official full cost Susan what people really expect Europe to grow not exactly in line either in a nutshell resigned one point one for this year, probably one point three for next year. We'll take anything above one. What are the degrees of freedom that Mario Draghi has into the meeting to me? They're not only limited becoming ever more limited by the day. Yeah. By the day. And also there's a ticking clock to the countdown for his departure right now that simple be something. He didn't have to deal with two or three years ago, and some success can do it's can be interesting as well. But he'll always say the creates the conditions for the government to enact structural reform. Not being pitch seven years going to be the pitch for the next next seven years old long knows right? Well, Jeffrey, we've had a wonderful debate today, sir. Howard Davies joined us one of the giants of economics, obviously with Royal Bank of Scotland Alan Ruskin was on Deutsche Bank. Now, we have Yuan from UBS in the field that I'm hearing is this is evolving enrolling on moment by moment. What is the thing? You're watching into the second week of March. Well, domestically of course is a Brexit author leaving next Tuesday. We've just had the results or lack of results in from southern ago around legal changes to the back backstops are that could influence things next week when the vote is wholesome the fallout from any PCP decision. Now this week is going to match up, and you know, as the MDC size or something. I'm looking at to Beijing all they're going to announce a date for summit to sign off on the deal. Again, that's being talked about a while. We just need to feel it or some sort of sentiment is holding holding wells right now on my dad, but I think we need some more. Good news coming through on the risk frontier supplement, what is more mixed news on the economic front. So Jeff you mentioned in terms of the European zone. Economic growth. You would take anything over one percent. What is the risk that we slide or the European areas? Slides into recession anytime soon. So you know that giving disability. We're seeing extending outside of Europe. Which is what you're exposed to be less concerned about that. I think the general view is China stabilizing emerging knock at the state lies in US has stabilize that actually is enough to you. I think at least on the eternal prevent Europe from slipping into recession, and that can get close to what the question is one is not get enough. Right. We need to get Jason cropper, Grayson well sensation back to talk about has to come internally. We cannot say your to rely on external conditions all the time. And he sees range is that going to happen. I think that's what has been. Do you through a business cycle? We're talking five to seven years. If the noise is too loud signal, then that may result in valuation on gaps. We take advantage of that tactic me. Right. But again, those are just adjustments on the side try to ignore the noise. Take trade. For example, does trait matter that much to either China or US in the grand scheme of things. China's trying to move up the value chain away from traits with consumption US is always being a consumption prison economy. Right. We extrordinary set of Chinese interviews yesterday Lissouba's economy, even talking about a communist party, really attention. With president Xi alone UBS has such a heritage of China analysis. What is the UBS view on the future for presidency? Well, I think there were two things to consider. I think on the political side. This is where the scrutiny has being how he manages not short short-term trade relationship with a long-term geostrategic relationship with the US you'll face domestic and external pressure on that. So politically, this is going to be a long running domestically. However on the economic side, I think this is whether short-term so because there's talk it's we've we've had that needs to be the legitimacy argument coming through his legitimacy the policies, and that just comes from improving the lives of the Chinese people. He needs to own that as well. So the mandate. Listen, you know, the mandate we saw yesterday was extraordinarily about pulse. Weenie moving back to what I saw ten years ago, which is employee every warm body a single solution is employees everyone out there. What did you ever going to differ? You continue with us. He is with can I say the old name? Sure, the Union Bank of what's all of the other acquisitions, they make your ES UBS UBS today. Jeff have UBS we'll continue with this. That is a wonderful thing curve. I haven't talked much about the yield curve steepening out, but it really isn't broken through been remarkably stable here as we've seen this low volatility environment, we need to say. Thank you to all of Bloomberg's Cam increase in Damian Sessa are forgiving us wisdom as well. We continue with Geoffrey you, you must stay with us on economics finance investment Brexit. This is Bloomberg. This is a Bloomberg market minute. Stock futures are little change to lower with the opening bell straight ahead this morning, and some p futures down to NASDAQ futures down one Dow futures down nineteen NYMEX crude is lower by about one percent at fifty six dollars a barrel. ADP reported today that private employers created one hundred eighty three thousand jobs last month, a little shy of communist projections. The US trade deficit widened in two thousand eighteen to a ten year high of six hundred and twenty one billion dollars bucking president Donald Trump's pledges to reduce it as tax cuts boosted domestic demand for imports while the strong dollar and retaliatory tariffs weighed on exports Carlos goal. The former chairman of Nissan has been freed on bail released from jail in Tokyo after posting bail of eight point nine million dollars gone has been held since November on allegations of financial misdeeds. The executive denies the allegations s and p futures down one point Gina Cervetti. Bloombergradio? Why.

UBS Bloomberg Europe US Geoffrey Yu Jeff China president Fenian Mario Draghi MDC ADP Tom Beijing Jason cropper Donald Trump Jeffrey wells Howard Davies
"howard davies" Discussed on The Bugle

The Bugle

01:54 min | 4 years ago

"howard davies" Discussed on The Bugle

"Matt horne faces by a crocodile and saw north that was one of the most incredible pieces of footage i think i'm saying i genuinely what should have been high before we go to sleep it's the most is to him think of a man deeply uncomfortable with his own homophobia telling immediately to crocodile however all heterosexual marriages in australia now been instantly annulled as a result of this legislation because mitchell become come possibly stan can well unfortunately they do stand agha as the christian conservative couple who threatened to dissolve their match in the eyes of the law and found out that apparently that is not allowed is loveless marriage still legal or is that now that we're going to be next on the statute books on i think i think loveless marriage is almost compulsory one i think he are there i think you know what you want is a one of those long distance relationships where you live together if grown apart big killing news adams the value of bitcoin which i still don't understand and never will sincerely hope adult that way the pretend currency has blasted through the fifteen thousand dollar mark it's it's part of a wreck hold breaking digital currency a surge now and if your all cryptocurrency correspondent hit on a beautiful basically correct me if i'm wrong but people used to be dumped in palms and all barbecued for this kind of schick mind is the blockchain's definitely witchcraft and has been likened dante's inferno by the chairman of the royal bank of scotland as their howard davies who suggested it should be seen as an apocalyptic decay of our idea of currency right so basically we've got two songs of the apocalypse in one podcast loss tinsley area.

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