20 Burst results for "Jim Yong Kim"
"jim yong kim" Discussed on The Dave Chang Show
"I'm at a point now where i think restaurants are completely unnecessary. If people really care about it people should stop corner restaurants. I don't know i well it would be bad for you. Love you love eating well. We didn't talk like my food yet but but <hes> <hes> i i have to say you know if you look at at at the future of like jobs what were the jobs ops can be well. You know there's a lot of a lot of manufacturing jobs are gonna go away right so so bangladesh has the most efficient lowest cost garment industry in the world but they're buying robots man. You know wrangler dishes are buying robots. They're called so bus right. They're buying robots and i'm not saying it's going to take it over quickly. I think maybe the you know. The garment industry might have a run in africa. I'm not sure <hes> but you you have to think where are the jobs gonna come from and i think tourism which of course i includes restaurants is going to be a big generator of jobs in the future so tourism awesome is about eleven twelve percent of the global economy and tourism is a great a part of the economy because it's so job rich manufacturing is not job rich anymore right so i you know restaurants. I think are really important and i forget his name. David from brazil right heights or hurts i. I can't remember what he's doing. When we were amazing were at and he's the one who did the work training chefs in poor communities. It transformed the way the handle food taught up. He gave a talk at mad. When in your <hes> i think that's i think it's great and again. That's what david's doing right. This doesn't have to be what you do but but my my fear really is what you said. <hes> <hes> if robots are taking manufacturing jobs <hes>. I don't know i know what's going to happen. Robots are gonna take the culinary jumps. That's just it's a guarantee. I mean one hundred percent guarantee every time i walk into an in and out and i see someone chopping the potatoes fresh for the french fries. I'm like well that motions pretty easy to replicate yeah and all this movement four war like a sustainable living wage all the all these things that i am everyone's passionate about i'm like well. There are also what's going to eliminate jobs and dan. I'm actually trying to grapple with what the future looks like when you have maybe three to four robots in the kitchen yeah i don't i don't even i don't even what to think but i see it happening. Already have some restaurants that are automated and then so you know it in the in the in the history of <hes> <hes> of <hes> the industrial economy right there the luddites were an actual group of people right so the lights were the ones who formed <hes> to try tried to <hes> <hes> take apart the the weaving machines right so they they thought that <hes> <hes> these machines did the weaving for you. We're going to just wipe out all the jobs offs and literally went into factories like damage the big weaving machines of course the lights were wrong and what happened is with every new generation. You create a new set of jobs so that that's what countries like the u._s. And the you know the the the most advanced european countries have to think about is our workforce prepared for the jobs of the future and and you know there are lots of different views so jack ma friend of mine who who started alibaba jack jack says is that you know got. My grandfather worked six days a week eighteen hours a day or sixteen hours a day and he felt very busy. I work five days a week eight hours. A day and i feel very busy. My kids are going to work three days a week. Three hours a day and they're gonna feel very busy and i i you say jack. Your kids aren't going to have to work at all but but but you know he feels that not only a robot's going to take over muscle based work. They're going to take over all intellectual work. They're going to be smart. I mean think about radiology the the field of radiology right so it's already to the point where artificial intelligence systems are better than the best radiologists in terms of generating a list of what something could be because you know the best radiologist will have an in in his or her mind all the cases. They've seen plus all the cases. They've studied whereas a._i. System will have all the cases that have ever been recorded and then we'll be able to compare what they're seeing on the current <hes> a x ray or a memory or whatever so already those kinds of intellectual interactivities are going to be taken over but you know at first when i heard the stuff i'd say oh my god. All the jobs are gonna be gone but what we're what we're finding out is that there are a lot of jobs it will still still require human beings and that more than anything else are likely be new jobs that are being created so in the in a restaurant you may not have the same chopping or dicing whatever jobs but there may be new jobs you know you could you know there. There are in the airports right you just go to the ipad and i don't know i think people still will go for wonderful experience with waiters and waitresses and in in tablecloths in the like. I have a but but you know i mean again. Tourism tourism is one of the great great hopes for developing countries that they're still beautiful places where people want to go and and <hes> if if we can create tourism industry it brings in foreign exchange. It creates a lot of jobs bali. I have you been to bali. I have not so bali used to be the poorest place the poorest area in indonesia and and then thirty five forty years ago the world bank came in and built some basic infrastructure an airport roads <hes> and then the foundations for a tourist tourist industry and now it's the most it's the most well off region in all of indonesia and they're not trying to recreate that in other parts of indonesia. That's a great hope nope and i i had this amazing experience of of meeting with thirty generation bali natives right so their parents started out cleaning hotel rooms <hes> <hes> i mean their grandparents cleaning hotel rooms their parents had better jobs managers and they went off to school in singapore and other parts got their undergraduate degrees stories and we're doing. We're trying to copy david chang man they were they were they were trying to sell me. You know the buns with with the pork belly thinking about how take the experience of bali and turn it into a real entrepreneur so crazy. I do have to sort of sum it up and get you out of here. You love jiro and the the idea of sort of being shocking in japanese concept of craftsperson asked personal perfection through craft and i don't know how it all worked out but the hope that i have where where they will be a robust culinary job market is craft will have to come back yeah i. I completely wheatley. Agree craft will have to come back and it will be applied to so many different kinds of things <hes> in the world and so you know i. I think i told told you about this. <hes> <hes> when one of my very close friends in the world of the you know the minister of finance world girl who was the deputy prime minister finance minister of japan mr taro aso he he was so kind to me and <hes> he i was sitting next to his wife very early on in my tenure and she said anything in japan that special that you'd like to do and i said yes. I'd like to eat it sure does so. This acquire should euro as she cracked up. She said really that's. How do you know about euro and i said i've seen this movie. It's amazing. I admire it so much and so he said oh okay so the the deputy prime minister could friend gerald. Let's go eat there right and so the next time i came back we went and we walked in. There was a nobody in the entire place so what the deputy prime minister comes. It's just you know it it it. It cleared out and so normally right. It's twenty pieces issue. Sit down twenty the minute. You're gone on reality minutes so we had sasha me. We had sake we had oh my gosh zero made sushi himself and i was through translator having this conversation with him and he he was he was surprised that you know that that someone like me. You know so for him. I'm just as sort of global. Something knew all these details about about his life and it gets back to the start of the conversation. Dave the start of why. I wanted to meet you right because thing in what you brought to move your determination you're like at the time and i'll use your words crazed commitment to a certain standard right. That's what every everybody should commit to <hes> you know. Don't don't make yourself crazy unhappy about it right but that the commitment to doing something in the most outstanding possible way. I think that's what makes the korean golfers good. I think that's what pick your food good. I think that's what you know. Gerald food good and it. It's that level of commitment <hes> that we have to nurture in. Everybody and i think if you don't have health care if you have a terrible legislation you have every right to resent the world for not giving you the opportunity to be able to do whatever it is that you find is your passion and and we have to prevent that by every i just would say everybody pay attention. Don't think that just because you know paul farmer. Jose andres do it a certain way. That's what you have to pay attention. What's happening in the world. Climate change is real. These problems of water and food are very real the task of giving everyone opportunity providing riding in energy and transport the basic things that people need to be able to compete in the world. Those things are real. Pay attention. Do something that you really really love right but you know it's time for you to be a citizen now. I know there's new language woke and all the stuff and i and i read this stuff and i listened listen to it. I don't know what these young people are talking about what that means. It's almost like it's. It's a fashion right and for me. It's never been a fashion because this stuff his hard man to do what you did. Face the reality of living in cambodia. That's stuff is hard and and if you feel like your work because you know all the language or you you know you're on top of things that you're using the right words man s so damn superficial right dig into it find out you know what what the real issues of the world are and then attack it with a kind of energy and commitment that you've had you give me credit. I don't even know what i'd do it. What <hes> <hes> anyway. I feel like we could talk forever really appreciate you coming on and let's get you fed. Thanks dave. I'm so glad you're doing this and i just want to say on behalf of all the crew american agencies in the world man we're so proud of you.
"jim yong kim" Discussed on The Dave Chang Show
"I would say pretty much turmoil now. That was what was it was october thirteenth twenty eleven that was that long ago oh my god matching right and i think the the best thing i did for you was introduced you to send people so you know marshall goldsmith who became your coach the most famous leadership coach in the world he. Why did you yeah. He didn't need a new that was us. You still keep in touch with yeah yeah bill hellman you know great great guy who's the g._m. Saw all the things that was going on in my life and all the problems and he really did try to help me out and there was a lot of tough stuff going on and i didn't think there was any way out and jim just sort of made sure that there was contact and communicating and introduced me to marshall and he was your executive. She was my coach and i was not not prepared for the marshalls metallic. I've been seeing a psychiatrist and getting therapy all of these things things but i was not ready for what you are introducing whatever let's just do this and get it done and i actually have never thank you enough right right or or even marshall and marshall would be very happy to hear this. I very grateful and thankful for doing that because i don't know where i'd be that didn't happen if i actually didn't get on that plane right and all of these things were just sort of raises edge of a decision and i can't believe when i just think about it i was like wow off because marshall really in his own way made me grow up as a business person right and i don't know what would you say marshal's like what he what does he do because it's not like a traditional business coach when i was at dartmouth i met marshall and marshall was teaching at the tuck school. The business and marshall has coached like all the great c._e._o.'s he's coached allan mulally when he was at forty coached all the walmarts and so he is the the man dan in leadership coaching and i asked him if he'd coach me and he did and you know as usually charges a lot of money just because that's that's what that's what the folks in that world do. They charged me nothing and he continues to coach me today and it's the most fundamental lesson in leadership. Which is if you're not ready. If you don't don't have the humility to hear how people experience you right between your eyes rick directly between your eyes and then commit to humbly going forward asking for help and getting better then you're going to have trouble as a leader. You know you've got to start with humility to take the feedback rights three sixty session. There's a whole bunch of really famous ceos who've gone through the marshall goldsmith three sixty session and they all have just these terrible stories about how unbelievably humiliating was because when you hear mark marshall has this wonderful way of getting information from people either that you report to that that report you in he he di personalizes all that but he presents it to you in a way that you think oh my god. They weren't supposed to see that. I was thinking that but nobody was supposed to see that so you see it directly how other people see you and then you gotta make the decision. I going to get better. Am i not going to get better and if i'm gonna get better than it's gonna require another act of humility and it's <hes> the processes has made we remember right dave. You're not allowed to say no but or contradict him right cursing cursing spine but if you contradict him because he says it's not about arguing with you you're just going to have to listen you have to put money on the table and then that money goes to your favorite charity right so <hes> leadership is lots of people say stuff leaderships about humility ability and it was really interesting to your conversation with a lot of it was about management leadership riot because that's what happens what happens is the minute. You stepped into into this other role. It's all about people l. about how you manage people how you talk to people how people respond to you and i was like the early part of my career. I spent all my time trying trying to deliver these healthcare programs in the slums of peru in haiti and in the russian prison system. That's what i was doing just doing that stuff but then soon as you move from that it's it's really about how you inspire and lead people and you gotta keep getting the feedback. That's just the hard part of it. You gotta keep digging into the deepest depths of how you're feeling and then how that translates to other people and that's the most difficult active humility that i can imagine imagine it was very very hard and like he was having your pro bono client and then you ask marshall and i was just shocked that any of this was happening opening you work very hard to make sure it happened and i became like next pro bono and there's no way i could afford it marshall and i had no idea who he was and then you go to these meetings and you see all these men and women titans of industry like what and then you in a room and you know what i own some restaurants gyms you know saving the poverty crisis in the world and it was funny to see almost every single person when you do these order you know the you do with these group dinners to have the same prop right right which was shock and you know the the other problem is that when you're in top of an organization the flow of information to you gets really really cut off you just don't hear honest feedback and also there's nobody to talk to about what i should do next so that the groups upset marshall formed of ceo's who have been coached by him. You know remember we hosted some of them at the world bank group great now and that's still a community that i i that i rely on today was the right word. There's a lot of sort of snake oil in in that whole world now with marshall. Marshall is a totally different kind of approach to it all together. I try to explain to people what i learned for marshall and when i could get his ear and basically was things that i already knew about myself that i was shitty communicator. I was not responsible enough for my actions but there was a discrepancy between what i knew and what i acted upon but just because i knew it didn't mean i did it and most importantly i learned. I was a total fucking astle. Really what martial does he gets these c._e._o.'s when no one ever says anything negative about is no problem telling you people hate your guts well he. He's you know the way the way marcia would say at as he takes high performing people and helps them performance much higher level. You were pretty high-performing can let me just go back. Though there's a lot of talk about korean parents. You've talked about it on on these podcasts as well but i just wanna. I say i think korean american kids in korean-american. Young people should give their parents break right so what. What were they really saying. My dad said the same thing to me as a story. I've told many times but you know. I was really interested in politics. My mother was a philosopher. I was just i remember watching the speeches of martin luther king. I mean i'm that old. I mean so so i i saw that stuff and so i was really interested in politics and my father was a dentist my mother philosopher right the first semester that i came back from brian. I transferred abroad so it was as in my sophomore year my dad sets a study and he expected biology or something like that and i said i'm going to study philosophy and political science and i'm going to become a politician and he literally pulled the car over to the side of the road and said look when you finish your residency. You can study anything right now. You know the funny thing is when i tell this story to an american audience everybody cracks up when i tell the story to an audience of older korean-americans nobody laughs man. They just shake their heads and said he he was right right and he'd say things to look. He was a waiter at patricia murphy's in new york city in the early nineteen fifties right he came here. He was in dental school but he didn't have any money so hit away tables at night and so he felt like look. I know what this country's like and he would. He would talk like this is. If you think that someone money's gonna pay you a chinaman to listen to what you think about politics and philosophy. You're crazy. Go medical school. Get a degree then. When you come out you can do anything you want and so father died fairly early. He was fifty seven but he saw me get into this m._v._p. Program where i was going to study anthropology and and for him he was so proud he said that's okay because you're gonna get your medical degree. You can literally do anything you want but i don't want the world to be able to take stuff away from you so why would they. Why would your parents think that because during the war and i'm in the process of a long the process of writing a book about the experience of my parents and they were both refugees and they were living in a time when anything could be taken away from them at any time so the sense so do something stable that they can't take away from you. That's pretty real. I you know you talk to. Many of my mentors at harvard. Medical school were jewish now in their seventies and eighties and they said look that's exactly what our parents told us because they also felt that at any given time antisemitism could raise its head. They can take everything everything away from you so go and get something in can take away from you so i would say i'm so glad that comedians are doing well now making fun of asian parents but have you know nineteen fifty five nineteen fifty to nineteen fifty was the postwar period career was one of the poorest countries in the world. They were so poor in the world. Bank didn't give them alone until sixty two because up until sixty two they said korea's hopeless. There's no way that the republic of korea will ever be able to pay back alone there too. Poor the two hundred it's only the agricultural area and so you gotta think about your parents from a mindset of time when the country was so poor that couldn't even can get a world bank loan. I think about this more now because i'm a dad and i obviously have at times a strange relationship with my own man dan because i've also entered the restaurant business business that he never wanted to be an he wanted to be a pro golfer all these things and i think now about you know unfavorable rebel stories i have with my dad and a lot of which is stuff that i've talked to my shrink about over the years and i've had harbored a lotta anger and i still do but when i just sort of get to that edge of being just very very upset. I always have to remind myself like a week later my man. I didn't lose lose anyone to a war. Absolutely you know like yeah. I can't even imagine i never thought i have never asked asked my dad what it was like to come out of the korean war yeah 'cause. I just can't do it because it would just be too much. Sorrow yeah and i was like man. What's wrong with me. Your dad's a great man. How many restaurants do you own an eight or nine restaurants in washington but it was a lot of restaurants right and so here he was thinking about the problems he had getting raw materials right. I mean he probably had to negotiate everything that he was doing his way and with people who didn't want him to be successful right with people who use competing with and then <hes> the car wash right. He's still goes out. I understand and he's still like wash his car a mini. Maybe not now what he did to over did well you know well into his later years and the experience was my mother was a was a refugee and she lost her her mother during the war she's thirteen and her you know her youngest sister was just a baby and so they had to literally be taken a truck to inchon harbor and they went down to cadeau to get away from the war and my father escaped by himself the age of nineteen middle of the night he knew one of the border crossing guards so he he came him by himself. <hes> over the border and somehow got himself into dental school. There was only one don't school at the time <hes> university school and those memories is. I think he always feared that we weren't we weren't experiencing enough hardship to be tough enough to survive in this world you guys talk about <hes> growing up in different parts i from my perspective david you and around the park had it so easy. 'cause you grew up in cosmopolitan. Cities grew up in a small town in iowa right and you can imagine that is to tell people well so what was it like growing up in iowa well. My father was a dentist. My mother was educated. We were good students. I played football basketball. That's my that's my favorite every store. Would you go back to the football team but it green guy career quarterback and football team and graduated nineteen seventy eight. That's what i would tell everyone right. Did you know dr kim quarterback of the football team in iowa okay. I wish i could take credit for but we had longest. Losing streak in the nation doesn't matter matter data okay but you you were serious. I mean you were a serious football player right and i remember i remember thomas. Remember my older son when he was like twelve or thirteen thirteen. He was playing on the football team because he didn't have a lot of the other skills he was offensive. Linemen which you were right and you told told him try to go right before the quarterbacks hut so it's like you're sharing with him even when he was thirteen. Write these little secrets and you were you want underplay college football serious. I quit like day to no no but that's just what i did. I just didn't play golf and then unexpectedly. I guess i got good at football but i was also not good enough to be the next level and i think you wish dream..
News in Brief 3 June 2019
"This is the news in brief from the United Nations pregnant women are putting their lives and their babies at risk because of catastrophic and prohibitive healthcare costs before during and after childbirth UNICEF executive director, Henrietta, four said on Monday. Her comments, a company, a new report, highlighting, how few of the world's poorest pregnant women have a doctor, nurse or midwife at their side, when they need them, according to the UN children's fund more than five million families across Africa Asia, Latin America, and the Caribbean spent at least forty percent of their food household expenses for the entire year just on maternal health services, and it says that eight hundred women die every day from complications while yet. More mothers live with debilitating outcomes compared with most rich countries where a skilled birth attendant is present at almost all deliveries. The tiny drops significantly in least developed countries, the Eunice f- research shows these states include Somalia where professionals are present. In less than one in ten births and south Sudan, where only one in five deliveries is assisted to chat now where the killing of reporter. Oh, bed Nang butner brings to nineteen number of journalists killed around the world, so far in two thousand nineteen Mr. noncombatant, who was forty two worked for public broadcaster. Tele chad. He was fatally wounded when the military convoy he was with hit a landmine which also killed four soldiers late last month. He was reportedly traveling to the northern side of Lake Chad to cover the aftermath of an attack on army positions by Patna extremists. In a statement condemning the attack director, general of UNESCO ultra as ULA appealed for better safety for journalists in conflict situations, including the Lake Chad region. And for safety protocols to be fully respected. And finally, an original take on the issue of sustainability an art exhibition that's been inspired by the twenty thirty gender and the seventeen goals that the international community adopted in twenty fifteen installed temporarily in the UN palace of nations by the mission of Canada. Awakening features deceptively complicated works by Canadian ended digital artists. One of them is a large photograph of a huge open Coppermine with a seemingly beautiful turquoise lake at the bottom, it's actually a toxic tailing pond. That's full of chemicals and other mining byproducts as Tara Pont from the candidate council for the arts explains, what strikes you in this work is that it's, it's beautiful to look at it. You see color, variation, you see texture. But when you realize what you're looking at in this case, a copper mine in Utah. You also realize that this is the impact of man scraping away at the natural landscape for its own purposes. Ios and that gorgeous pool of green is in fact, tailing pond. So not really so beautiful. But rather dangerous to us accompanying the exhibition is a series of sei's underscoring the urgency of cheating each of these estate development goals. Composed by leading international figures, including UN deputy chief. I mean, Mohammed, and former head of the World Bank. Jim Yong Kim Daniel Johnson, UN news.
World Bank board elects U.S. Treasury's Malpass as next president
"In Washington David Mao past the treasury official nominated by President Trump to head the one hundred eighty nine nation. World Bank has won election to the post the World Bank says Malpass was approved unanimously by the banks twenty-five member board on Friday Malpass will begin a five year term next Tuesday, succeeding, Jim Yong, Kim and Obama administration pick who stepped down earlier this year three years before his
"jim yong kim" Discussed on 860AM The Answer
"Com. I'm Val deore. President Trump does wrapping up an address in front of an anti ISIS coalition at the State Department. The president in his speech last night defended his decision to withdraw US troops from Syria and great nations. Do not stay in wars forever. He and secretary of state Mike Pompeo, insisting on more help from other governments in the seventy nine member US led anti ISIS coalition in remarks in the last hour at the State Department. The president says that vanquish ISIS will never be allowed to return rest assured, we will do what it takes to defeat. Every ounce and every last person within. The ISIS madness. And defend our people from radical Islamic terrorism. The president crediting the Pentagon with the plan that has accomplished the swift conquest of territory, which ISIS had taken in Syria, and as we work to destroy remnants of ISIS. He says not denying the fact that ISIS evil in will always be considered a minutes also at townhall dot com. Meanwhile, the president feels pretty upbeat about last night's address it's been very well received the speech, I think has been very well received in some cases, incredibly well received. And I just want to thank all of those people that said such nice things about the job. We did last night published. Polls by CBS and CNN indicate the president speech received an immediate seventy six percents approval. The president speaking earlier at the announcement of David mouths to head the World Bank who thanked his supporters to knowledge all my friends and colleagues here, everyone, please. And especially secretary Mnuchin, Larry Kudlow and avant-garde Trump. Now current. The World Bank. Had Jim Yong Kim stepping down three years early. The nomination still has to be approved by the World Bank. On Wall Street..
"jim yong kim" Discussed on Slate Money
"Which is a large and important organization. But we Italy I think maybe less important than it used to be. So maybe that's part of what's going on here. But the president of the World Bank. Jim Yong Kim after having. Himself. We know mated in reelected to a second time early to make sure it happened in the abominate ministration to solidify his position and then having the well Bank, a nice big chunk of change from the Trump administration and from the US congress, and I am really setting the World Bank on what looks like a credible strategy, which you can either agree or disagree with. He was finally managed to bring the World Bank around to his way of thinking this one day ups and says, oh, you know, what I'm leaving. It's very odd. Yes. That that may or may not be some kind of of the pot shoe, which has yet to drop that would definitely rumors around December of two thousand sixteen that was like some kind of like mini scandal surrounding him for whatever reason is there is now this hind the fact Hume at the top of the World Bank, which is well nature abhors such thing. And the thing we've fascinates me about this is that when I'm mentally going down the list of like who kennel should or will be the next president of the well Bank. Pretty much every candidate. I can think of is woman. Yeah, we were just talking about this. 'cause I 'cause there's only ever been male presidents of the World Bank American man and now animals saying, that's probably almost definitely going to be a lady, right? Because it's as I said, it's not the most meaningful institution anymore not saying it's meaningless. But it's not that meaningful. So they'll throw woman at it. I think that's often. What happens? I mean, we have a woman in charge of the IMF nets definitely meaningful. Wait, can we back up? And can you to explain to me why the World Bank is or is not meaningful anymore? The World Bank used to. Most of it stuff like that the classic sort of post war. Big infrastructure product projects building dams in. You know, South Asia or something like that that would be the well bang. They would spend they would loan billions of dollars to governments. Who would then go around building, railways and roads and dams, and they would have a whole bunch of domain specific engineers and economists and stuff this is a good idea should Bill them there. And then they would build it. And they wouldn't you know place for the. Great. And then what happened with a lot of those countries? Basically just grew out of it. You know, the like China doesn't need well Bank funding anymore. It's china. So well, the World Bank more and more became impulsively alleviating in development institution concentrating, mostly on the poorest countries where they don't actually make a profit they still make profit to their lending official ending on which is the d-. But that is the amount of money that the ID lens out is small compared to the amount of money that is Kamara in international markets. So so the World Bank is mostly now important for the poorest countries in the World Health initiative, death, man, it's gonna run education initiatives, the x factor here is of course, as it always is lately,.
"jim yong kim" Discussed on KQED Radio
"The eighth of January is always to have you along. Everybody out of Beijing today comes this news. The trade talks going on over there have been extended for a third day. A Chinese official described them as constructive. President. Trump took time out from working on the speech. He's going to give tonight to tweet the negotiations were going very well all positive signs for that economy this economy and the global economy and the markets took them as such we wanted to get a sense of how the negotiations are playing with the Chinese public. So we got marketplace Jennifer pack on the phone from Shanghai. Hey, what's the what's the vibe over there about these trade talks? Because while there's lots of news over here. Business and economic news is largely about these talks, and what's going to happen. What's the sense out there on the streets of Shanghai? I would say not many people are talking about it. And that's down to two things one. There's a heavy level of censorship. About the topic here in China. But Secondly, the tariffs the counter tears that China has imposed on American products. They're not really hitting the pockets of consumers. So when you're talking about American beef, whiskey or even seafood being hit with ten or twenty five percent. Additional tariffs. Well, those items are not essential in the daily lives of Chinese people. They're being sold at premium supermarkets here at fancy malls. So they can either go without or if they really really want a good American stake. Sometimes they're not going to care about ten or twenty five percents additional tariff on them. So you know, what people here are really talking about retirement savings, medical care and also housing prices, well kind of like here, so so Kevin Hassett. The chairman of the council of economic advisers at the White House said the other day that he really thinks this trade war, such as it is is hurting the Chinese economy, and that's gonna force. She. Jinping, basically, tune the negotiating table. What's your sense? Well, that's certainly a nice narrative. But that's not really true. You know, China's economy is still growing just not as fast as it used to be and that's by design. Chinese leaders have said that the economy needs to slow down and have more quality growth, and it's been happening for the last few years, so people who are in the manufacturing sector. They've been feeling it. They're talking about stricter environmental controls. They've been forced to move into industrial zones. Their costs have gone up, but for the general population in China or even the streets of Shanghai, which is much wealthier city. People are not really aware of it. They're younger generation a lot of them are saying if I see something I want it. It's within my budget. I'm going to buy it. They're not really holding back at all. And we've been talking about apple sales. Right. That's been going down in China. You can't really see it on the streets. And actually the apple store during work. Our? Hours on a weekday. It was still pretty Pat Jennifer back in Shanghai, Jennifer. Thanks guy. There is a brand new help wanted sign up of the World Bank. Jim Yong Kim who became president of the World Bank back in two thousand twelve announced yesterday he is stepping down at the end of the month three years before his term is set to expire. So it was kind of surprise the World Bank is traditionally led by an American the International Monetary Fund goes to the Europeans. Currently it's Christine Lagarde of France. Marketplace's Tracey Samuelson explains how that convention came to be whether it's gonna hold this time and just why it matters both the World Bank and the IMF were created after the second World War. World Bank does well lots of things, but primarily it lends to poor and middle income countries often for development projects in healthcare or infrastructure things like that the IMF also lends to countries, but when they're in crisis. It's sometimes called the lender of last resort. Jacob character guard is with the Peterson's for international economics. He says the fact that the US leads. One Europeans the other. It is essentially a function of what the world looked like when the IMF and the World Bank were set up in the years after World War Two the world looks obviously very different. This is the moment where change might happen. Make loan Sagar currently at the Wilson center. Formerly at the IMF says, no matter who heads these organizations, the US is still going to be very influential. But there's a push for other countries to have a turn at the helm. So in part, it's up to the administration if they want to hang on to this role. They need to nominate a really terrific person that would garner. Support broadly around the world in Africa Asia and Latin America as well as in places like Europe, Japan and Canada tomboy key with the council on foreign relations Thor's competition for the Bank trying to relatively recently started a infrastructure Bank. Private capital is playing a larger role. The Bank is in a crowded space now, so it it does have a need to continue to reinvent itself. So that it's relevant and useful in this changed environment. He says for the Bank to be effective. The next leader will have to secure a broad global base of support. I'm Tracey Samuelson for marketplace. As I said, Wall Street and global markets were quite pleased. Thank you very much with the way. The trade news seems to be shaping up. We'll have the details when we do the numbers. going to be on TV tonight as I said.
"jim yong kim" Discussed on WNYC 93.9 FM
"The eighth of January good as always to have you along. Everybody out of Beijing today comes this news. The trade talks going on over there have been extended for a third day. A Chinese official described them as constructive. President. Trump took time out from working on the speech. He's going to give tonight to tweet that negotiations were going very well all positive signs for that economy this economy and the global economy and the markets took them as such we though wanted to get a sense of how the negotiations are playing with the Chinese public. So we got marketplace's Jennifer pack on the phone from Shanghai. He K. So look, what's the what's the vibe over there about these trade talks because while there's lots of news over here. Business and economic news is largely about these talks, and what's going to happen. What's the sense out there on the streets of Shanghai? I would say not many people are talking about it. And that's down to two things one. There's a heavy level of sensors. Ship about the topic here in China. But Secondly, the tariffs the counter tariffs that China has imposed on American products. They're not really hitting the pockets of consumers. So when you're talking about American beef, whiskey or even seafood being hit with ten or twenty five percent. Additional tariffs. Well, those items are not essential in the daily lives of Chinese people. They're being sold at premium supermarkets here at fancy malls. So they can either go without or if they really really want a good American stake. Sometimes they're not going to care about a ten or twenty five percent additional tariff on them. So you know, what people here are really talking about retirement savings, medical care and also housing prices. Well, I kind of like here. So so Kevin Hassett. The chairman of the council of economic advisers at the White House said the other day that he really thinks this trade war, such as it is is hurting the Chinese economy, and that's gonna force. She. Xi Jinping, basically, tune the negotiating table. What's your sense? Well, that's certainly a nice narrative. But that's not really true. You know, China's economy is still growing just not as fast as it used to be. And that's my design. Chinese leaders have said that the economy needs to slow down and have more quality growth, and it's been happening for the last few years, so people who are in the manufacturing sector. They've been feeling it. They're talking about stricter environmental controls. They've been forced to move into industrial zones. Their costs have gone up, but for the general population in China, or even the streets are Shanghai, which is much wealthier city. People are not really aware of it. They're younger generation a lot of them are saying if I see something I want it. It's within my budget. I'm going to buy it. They're not really holding back at all. And we've been talking about apple sales. Right. That's been going down in China. You can't really see it on the streets. And actually the apple store during work. Hours on a weekday. It was still pretty packed Jennifer back in Shanghai, Jennifer. Thanks guy. There is a brand new help wanted sign up of the World Bank. Jim Yong Kim who became president of the World Bank back in two thousand twelve announced yesterday he's stepping down at the end of the month three years before his term is set to expire. So it was kind of surprise the World Bank is traditionally led by an American the International Monetary Fund goes to the Europeans. Currently it's Christine Lagarde of France. Marketplace's Tracey Samuelson explains how that convention came to be whether it's going to hold this time and just why it matters both the World Bank and the IMF were created after the second World War the World Bank does well lots of things, but primarily it lends to poor and middle income countries often for development projects in healthcare or infrastructure things like that the IMF also lends to countries, but when they're in crisis. It's sometimes called the lender of last resort. Jacob Kirkegaard is with the Peterson's shoot for international economics. He says the fact that the US leads. One Europeans the other. It is essentially a function of what the world looked like when the IMF and the World Bank were set up in the years after World War Two the world looks very different. This is the moment where change might happen. Make Lund Sagar currently at the Wilson center. Formerly at the IMF says, no matter who has these organizations the US is still going to be very influential. But there's a push for other countries to have a turn at the helm. So in part, it's up to the administration if they wanna hang on to this role. They need to nominate a really terrific person that would garner. Support broadly around the world in Africa Asia and Latin America as well as in places like Europe, Japan and Canada tomboy with the council on foreign relations Thurs competition for the Bank China relatively recently started a infrastructure Bank. Private capital is playing a larger role. The Bank is in a crowded space now, so it it does have a need to continue to reinvent itself. So that it's relevant and useful in this changed environment. He says for the Bank to be effective. The next leader will have to secure a broad global base of support. I'm Tracey Samuelson for marketplace. As I said, Wall Street and global markets were quite pleased. Thank you very much with the way. The trade news seems to be shaping up. We'll have the details when we do the numbers. The president's going to be on TV tonight as.
"jim yong kim" Discussed on KFI AM 640
"Four hour newsroom man on parole has been arrested in the murders of three men at a bowling alley in Torrance. Police chief Yves Irvine's has the shooting Friday nights started with a small fight which turned into a bigger fight at some point an individual who has already inside of the location pulled out a handgun and began shooting into the crowd. Four other men were hurt in the shooting. Irvine says it's unknown at the shooter knew the people killed her mind says the shooter is on parole for assault with a deadly weapon that weapon being a firearm. He was released in twenty seventeen the school district and teacher's union had met again in hopes of avoiding a strike. We were surprised today that the district came in with with so little to offer. So unless something changes pretty significantly. There will be a strike in the city of LA union president Alex Caputo pearls teachers are prepared to walk out starting Thursday. The district says the union rejected a new proposal that would have added almost a thousand more teachers counselors, nurses. Librarians Caputo Pearl says one of the main problems is the positions offered works out to less than one new staff person per school both sides, we'll be back at the bargaining table Wednesday. And then in West Hollywood has died in the apartment of a big political donor. Another man was found dead in the same apartment a year and a half ago. The coroner's office ruled the first death and accidental drug overdose. Neighbors say men dropped by Ed bucks apartment all night late night. Visitors very generally like after eleven pm. It's an activist was Hollywood are calling for bucks to be prosecuted. An Uber driver in Michigan charged with killing six people in between fares as pleaded guilty ABC's. Ryan burrow, says Jason Dalton was in the middle of jury selection yesterday when he surprised the court Dalton was charged with six counts of murder and two counts of attempted murder admitting to shooting eight people in three locations in and around Kalamazoo in two thousand sixteen Dalton initially telling police a devil figure on the Uber app was controlling him on the day of the killings. Ammann's lawyer had planned to use that as a defense, but we recently withdrew an insanity. Plea supreme court Justice Ruth, Bader Ginsburg is missed oral arguments for the first time in more than twenty five years. So she recovers from cancer surgery Burke spent four days in the hospital last month after surgeons in New York performed a procedure to cut out cancerous tissue in her lung. The court said last month that doctors found no evidence of any remaining disease plan, no further treatment ABC's. Karen Travers says the eighty five year old Ginsburg still planned to participate in class cases yesterday by reading the briefs filings and transcripts from home. The president of the world. Bank says he's resigning at the end of January. Jim Yong Kim will lead the job nearly three years before his term was set to expire. These says he plans to join a firm that will focus on increasing infrastructure investments in developing countries and a federal trial has begun in San Francisco over the Trump administration's decision to add a citizenship question to the twenty twenty census judge is scheduled to hear a week of testimony those suing claim the question would lead to an undercount that would jeopardize federal funding and the state's representation in congress.
"jim yong kim" Discussed on WAFS Biz 1190
"The first day of trade talks with the US in Beijing. That's according to people familiar with the matter and a photo. Same by Bloomberg is the top economic advisor to Chinese president Xi Jinping king previous negotiations in Washington that produced the president that President Trump them rejected. China had previously said that talks would be led by a low ranking official from the ministry of commerce. President Trump is to address the US nation later ahead of a trip to the Mexican border as part of this dry for wolf funding. The White House says he's going to make those on the frontlines of national security and the humanitarian crisis precise statehouse haven't been released the president's demand for five billion dollars for his wall has led to a partial government shutdown in Washington. This way to govern. This the table caused damage to millions of people unless I get my way, it's not what the constitution says elections have some consequences. The president couldn't pass his wall when the Republicans control the house and the Senate because they knew it was a bad idea. The White House says former fed communist Nelly Leon has withdrawn from consideration for position on the fed board. She was nominated by the Trump administration last year, but the Senate didn't act she and other Trump picks including Randy calls, Richard Clarita, and Michelle Berman not any dovish policy views, I raise in has been given fully Liang's withdrawal. Bank president Jim Yong Kim has unexpectedly resigned more than threes ahead of schedule as the Trump administration questions the global lenders purpose chemistry to statement to staff saying the opportunity to return to the private sector is away. He saves to make the largest impact on issues closest to him. Thank climate change changing infrastructure needs in developing countries. Judge has ordered actor Kevin Spacey to stay away for a man who accused him of sexual assault in two thousand sixteen spicy appeared in court. On Nantucket island off the coast of Massachusetts, charged with indecent assault and battery of the Ben eighteen year old a pre trial hearing has been set for March the Oscar winning actor faces a series of sexual assault and harassment allegations all of which he denies global news twenty four hours a.
The World Bank pledges $1 billion in aid to Indonesia
"Bank has pledged up to one billion dollars for relief and reconstruction to Indonesia to help recover from the September. Twentieth. Earthquake and soon NAMI with more on this story. Here's John Clements. Indonesia was rocked by the twin disasters claimed an estimated two thousand lives. In making the announcement World Bank. President Jim Yong Kim called Indonesians a compassionate people. We at the World Bank group of very happy to be able to meet that compassion by announcing that we will be able to respond to the government's request for up to one billion dollars to supplement rehabilitation and reconstruction efforts and to bolster long term resilience institute away. See and Lombok, I'm
"jim yong kim" Discussed on Bloomberg Radio New York
"The basis points. Give an opportunity in a line in the sand Marcus and away like literally a racehorse Ferrari six percents ST microelectronics done three and an eighth percent feet down over three percent. There is no doubt about it. The bond markets are leading the descent of the equity markets and in Europe. We've when is in one point seven percent lower in the stock six hundred London dime. One and a half percent to burn spread still flirting with three hundred basis points level here at this this morning. Let's also drill down on some stocks to watch them single stocks to watch this morning. Bloomberg's Imia stocks editor Paul Jarvis is joining us in our London studio Manus, so we're looking at tech stocks this after the NASDAQ fell more than four percent in yesterday's session. Yes. Paul how you doing? I'm very busy morning, obviously, the sex through the look of the sectors this morning, actually, not the worst performer out there. It was yesterday mind so over two day period, certainly take is going to be at the bottom of that list. It is one of the worst performing sectors down about two percent this morning. But if you look at all of the sectors that are going badly. They're all growth and cyclicals tech industry autos, all these sectors are being hit very much on the basis that they are becoming less attractive less attractive as yields rice. And also as worries over the global economy spot fuels fuel concerns over their own growth. Look at all the sectors that outperforming they're all down Oviously, but not not down as much as most utilities media telecoms all sectors. Look investors, typically run to in times of trouble looking for safe havens, so. Really, this is this is the way the markets are setting up to this morning. I'm looking at BMW done two and a half percent on the open one point seven percent lower taxes, lower making a smaller loss that BMW going for a monumental historic moment. Control of brilliance in China. This is by producing in China to sell in China to circum navigate tariffs or the risk thereof. Yeah. That's right. And I think on a normal on a normal day for the markets. You would expect BMW shares to be rising on a day. Like today. Clearly, they're just getting caught up with everything else is going on out there as I mentioned to you autos is one of the worst performing sectors. It's down nearly two and a half percent. So the folio seeing and BMW shares quick look at what they're doing this morning. Down about less than two percent. So in fact, a slide out performance and really that reflects what is actually I think the markets consider to be a positive move for them. Generally in doing this deal in China. Now, there are a lot of European stocks rising today so far pulled but one of them is buyer, essentially, we've got the story out overnight, and it's moving the stock price. It's that stock now rising by run about six and a half percent. Six percent to bits of news Adam Barr. In fact, the first one overnight they wanna ruling in the US, which potentially could be a positive for them in their battle. You'll remember that they had there's been claims that their roundup weed killer was a product they brought in from the acquisition Monsanto that there have been claims that this causes cancer that that has weighed very heavily on the share price. There was a ruling in San Francisco last night that really played in a potentially indicated. There was some good news for them on that front. That's partly reflected in the share price this morning. Moore also hearing they're considering a sale of the animal health business in the aftermath of off demands Monsanto acquisition. So a double dose potentially of good news boil which is reflected in a very strong, performance stocks. I think trading in Germany now up about six percent, Paul. Thank you very much. That's Paul Jarvis. Watch another red headline. This is a German story dialogue semiconductor writing twenty nine percent. This is on the news that there's a deal with Apple's. So we are seeing logic ratchet higher up twenty seven percent on us that there is a deal with Appalachia liquid more detail on that story. Of course, we will bring that to you. I mean, not that right, of course in the tax sector and we understand apple assigned to deal with dialog semiconductor to license UK chips. Sorry to license. The UK chip designers power management technology and acquire certain assets, including three hundred staff pies, tag, Markus three hundred million and another three hundred million on delivery over the next few years, yet dialogue stocks are jumping the most since two thousand two so we're seeing a real Paul pay for this stock higher. Let's also rush through our other top stories modest because there's plenty to talk about this morning. According to the US Treasury Secretary, for instance, yesterday's rout on Wall Street was just a correction and not a reflection of a wider systemic issues. Steven Mnuchin comments at the IMF annual meeting symbolically, Indonesia, come as fresh concern about the trade war with China has in part sparked that broad stock market selloff investors concerned that the trade war means American companies may not be able to deliver the runaway growth in the third quarter earning season that has bolstered equities. So far this year. And the US president has stepped up his attack on the Federal Reserve just hours after the west Wall Street sell-off since February here ride in Pennsylvania for a campaign valley. He told reporters that the central Bank is wrong to raise rates. I think the fed has gone crazy. A lot of things. But I think the fed has gone. The fed has gone crazy. The president of the United States repeatedly criticized the fed saying he's a lo Chi low rate kind of guy. Meanwhile, IMF chief casino gal says the world economy is strong. But the benefits of growth are not being shed properly. She's told the annual meeting hosted by the fund and the World Bank in lead that China has been letting the UN fluctuates currency and trade wars are detrimental to all of you echoed by the World Bank. President Jim Yong Kim who says that nations need to brace for worsening trade disputes. We're trying to do everything we can to build resilience in these economies to whatever direction the trade disputes tend to go all the countries that are intrigue sample under the influence and are part of the supply chains of China. For example, we have to think hard about what they need to do now to prepare for worsening trade tensions. So yes, we're very concerned, and we're working with every single one of our countries to prepare them in case it gets worse. So that was. The World Bank. President Jim Yong Kim. Also, speaking over in Bali with the UK any you officials say a Brexit is within reach by next Wednesday. But the ease negotiator says trying to avoid a heart border in Arnold is still the major sticking point is this that there will be an administrative procedure that don't exist today for goods traveling to Northern Ireland from the rest of the UK. She took agreement is within reach. If we have the negotiations on the seventeenth of October. That is why we are interested in maximizing northerly a withdrawal and minimizing the cost of withdrawal for your companies. That was the chief Brexit negotiator. Michelle. Donnie, now, let's get you some more headlines from around the world has Bloomberg's the guarantee. Good morning. Good morning, Markus. One of the strongest have storms hit the US has flooded towns ripped up trees and torn down buildings..
"jim yong kim" Discussed on Bloomberg Radio New York
"For math and obsessive personality made him a trading phenomenon and ultimately led to his downfall. Based on hundreds of interviews with unprecedented. Access to the people involved the fix from Wiley and Bloomberg press pulls bent curtain on the live or scandal. Available now in print and e. Book format. The IMF managing director Christine Lagarde says the world's economy is strong. But not strong enough. My colleague Rishaad Salamat is in Bali for the IMF World Bank meeting rish. Good to see it's been a was. So this lady has the ability to really influence sentiment. What else does she said this morning? Absolutely. About trade and trade wars. She's talking about the strength of the global economy just mentioned making that headline by saying that it's strong. But that's not quite strong enough strong enough to perhaps be able to withstand a trade weren't a currency will now seemingly she was making comments about the civil side of things and duked about China in effect being in the right suggesting that the you or the R&_B is singing depreciate, the depreciation is taking place not because there's a will fool policy in place baps is a policy of benign neglect. If if anything to see the just go down, but thing that actually, but it's really about is dollar strings. Wonderment Vichy's pointing to that as being a central pillar of what we're seeing in terms of the weakness for the global economy or in other words, not being strong enough. Now, the other thing we could really jeopardise things through things derailed. What's going on is the possibility of a trade war? And she repeated an old refrain which many others that actually also had. We certainly hope that we don't move in either direction of trade war, all currency war. It would be detrimental on both accounts for all participants would also be. Not so. Innocent bystanders if I may use the phrase that we used a lot during the financial crisis. The also the will bind president Jim Yong Kim. He was gifted well before Christine Lagarde suggesting that it was actually emerging markets which could bear the brunt of any trade war. Which of course, they all say a lose lose for everyone. We just have our guest host standing by Reshad listening to our conversation. He basically has Lombardo Goldman Sachs's view that equity markets don't unfurled at these levels of bombed us they say full five percent. What is the fed conversation? We you aren't embody. How concerned are the leaders of banking and finance about what the fed is doing? There's a real dichotomy those who from more developed countries can understand what's going on and see Babs limited effects on their own economies. From what the fed is day has been. Of course, there is increasing those those spreads and that's putting a bit of strain on currency markets energy, sending various of the majors down. Conversely, what that does is quite often allow the monetary authorities in those various nations a little bit more wiggle room to be raising the Sabari now Jimmy. Jong Kim talking to renew again. This is what he was saying. It's in any case will the fed is doing is perhaps more damaging for emerging markets in this part of the world that that's the conversation and on top of that would go markets reeling off the giants made by President Trump, of course, which is going to be a major part of your next conversation. At reshad. Great to.
"jim yong kim" Discussed on Recode Decode
"Tell us about how they do things, but then take the problems that we face. Go, go with us, you know, to the poorest countries, you know, take a look at these different problems. And when I go there. Start flat. My mind starts flashing because you know all these problems that I deal with every day. I don't think we'll could that work for that because that would prevent. I went to Hong Joe division of his Alibaba, and we had like ten ideas. They came out of that one meet area, and he is Jack is great. I'm here. He was one of the first time in my and he's Jack things education. Yeah. And he's focusing on educating principles in the principles of schools in management, which is probably exactly right for for for many of the schools, especially in China anyway, that we'd love to have people here just sitting with us and we have financing, we when I walked in the door when we walked in the door in April, I mean July of twenty twelve. We were thirty five billion. We just got a capital increase. Nobody thought we'd get it. But you know, we had forked so hard to reform this. We're gonna sation that we're now edging toward hundred billion a year, but that's not nearly enough. We wanna use that money to have transformative impact. And we just we, we're not used to thinking so. Far out of the box, the Google. Akerson our bitcoin. For example, those kind of things you have to start thinking about right, or I took this right coin. Our first reaction to things is, you know, one is it, can it be helpful to developing countries in two? Are there dangers for developing countries that we need to help them deal with? And so you know, at first a lot of these crypto currencies, at least the experts told me, I'll not all of them, but a lot of them were more like Ponzi schemes. I said that and that keeps coming back to haunt me, but what that led to as we started looking chain? Yeah, we started looking at blockchain industry legend technology, and it turns out that there's so many applications and the first application that we put in places we, we, we sell bonds in other words, we need to raise money on the capital markets. And so we did the first blockchain bought in history and it was pretty simple. It's just using distributed ledger technology to take care of all the paperwork. Now they're huge companies that do that paperwork for you, which adds to the cost of the bond, and so doing it through distributed ledger technique. Reduced our cost dramatically. Now, the companies that do that, we're not happy about it, but what a great application. And so we're going to keep doing that. We're going to keep looking at what are the specific aspects that we can put to use right now to make things work better. But you know, we need to be disrupted, we, it's very hard for us to disrupt ourselves. Exactly right. About foreign ministers. They're just not going to disrupt themselves education's educational. I, it's hard. It's very hard. So the Bank, the World Bank, we now need to be disrupted as well. At the same time, there were Bank is sort of been known as lecturing to people across. You know what I mean? Absolutely. And so there's not a two way discussion going on. It's interesting my great friend and predecessor who's just was one of the great World Bank president. Jim Wolfensohn told me that when you walked in the door nineteen ninety-five, every single vice president was white male. Now we're as diverse as half female. We're from all over the world, but that's what it was. And there was a strong sense back then that it was former colonial officers coming to let you people. Yeah, and so I've really worked hard to try to change that. I, I speak Spanish. And so in Latin America, they've had an especially difficult relationship with the World Bank, but I spent fifteen years working in this Lum's of Lima, Peru, I speak Spanish. And so I'm now..
"jim yong kim" Discussed on Recode Decode
"We love to participate, right, and it stayed of Centric is the their work is days early warning century. So they're building systems. You've seen all the news about tech, the tech lash in terms of the facts on the elections and things like that. Is this a way for tech to start to clots way back? I mean, because I mean the change the world image of tech is always. So we're changing the world gender role when in fact, they were just selling toilet paper or whatever or getting data, so they can send you the right shoes to wear things like that and collecting an enormous amount of data that many countries are worried about the privacy issues and and things like that because they're using it. And so there's always been distrust of tech way back from one laptop child, everything that they were trying to sell software when you start to reach out to tech leaders, how do you think about that? Well. Again, I said, I, I've been very pleasantly surprised that that tech leaders are not spending every day thinking and digging deeply into hell. They're tech can be applicable to the Central African Republic, then I'm doing, but they're not to quit for that. They don't have people who know how to do that. And partly, you know, we think it's been. It's been a partly our fault. We haven't spent much time out there and we should be because again, if you if you're assuming that agriculture light industry too heavy industry is not going to happen in most parts of the world, we should be out there thinking what's going to be the the path of growth for for these countries then what are they have to prepare for? And so this is why I now I'm going out there twice in a month, and then we have our own people are going out there on a regular basis because we have to have this conversation so far everyone has told us that they'd like to be able to have an impact. We'll see who serious. You know, in this case, both Lincoln and Airbnb have been very serious, very serious about engaging. And Microsoft, Amazon and Google now have been very serious as well, but it's got to be different before there was this illusion that if rich people are generous and gives some of their money, trying found problems will still do exist. And you've got marks foundation. Now you've Jeff Bezos foundation each hitting a different area, but I found they largely wanna run things themselves. The these foundations are important. I mean, you know, the Gates Foundation changed my life and we've got a, we've got a grant early on that allowed us to tackle drug-resistant TV. Nobody else would have funded that. So I'm forever grateful to the Gates Foundation gates finishing his actually in so many things that we're doing because they're really trying to understand the whole problem. I, I know less about the other foundations, but I, you know, I know Bill and Melinda and they're really trying to get their heads around the whole problem. So this is not about charity for them. They're trying to solve the problem which is great, which is their nature, but but not not everyone's like that, you know. So for so many generous people, it starts out being about their generosity and it can't be. It's gotta be solving the problem. And I think tech people are going to be better at that. They're going to be good at that. If I tell them it's not about just you giving more and more to charity. It's about you engage. Aging with us to try to solve the problem and then use your financing a strategically as you can to get at what might solve the problem. Right. And so I hope they move into this. But what we know is that if we approach them and just appeal to their kindness, generosity, then they do it for they'll get bored if we engage them with seemingly intractable problems and say, do you think your technology can help us solve this problem that could be that could be much more productive? That's talking about your wishlist then what would you like if you had to go through these companies? What would you like from them? What would Google you know for any of these companies? I would like them to succumbed people to us. I liked it for them to pay the salaries and then send their best people just to come and sit with us and learn about how we do things..
"jim yong kim" Discussed on Recode Decode
"Today explained on apple podcasts ditch or wherever you listen to. Podcast. Thanks, Sean, thanks care. We're here with Jim, Yong Kim is the president of the World Bank group. We've talked a lot of issues including how tech and help development. But one of the things we're talking about is human capital because most people think that there isn't that's not doesn't matter anymore that it's not going to matter less and less and you were talking about working less and things like that. But one of the programs that you're announcing is the famine action mechanism, which is the that we're talking about sort of high tech jobs during the house. When famine still exists around the globe and these solutions, it seems again in another intractable problem that doesn't seem to go. I talk about that where it is and what the newest initiatives are. You know, I'm a medical doctor apologists, and so when I came in here, I had to really intensively study macroeconomics and finance, especially to to the areas and you know, and also transport and and I t I had studied these things because we do all of them. And so I kept asking what everyone else thought. I think we're stupid questions. Why can't we do this? Why can't we do that? And so when he Bulla happened in Guinea Liberia and Sierra Leone, eleven thousand people died, but it's really only the infectious disease docks. You know how close we were to having a global disaster. I mean, we were just lucky that it didn't go to Karachi or Delhi, or you know, and that they stopped it when it got to Lagos in jury. I mean, it was a million dollars a case to stop it in Nigeria, but thank God for the US CDC and for the Nigerian government, they got ready because if it had spread quickly in Lagos, we would have been looking at very different. And so I kept asking, why did we have to wait eight months before the money flowed? Why are we waiting for the kindness of strangers? There should be some kind of mechanism. And so I asked the insurance companies the the big, the reinsurance companies, the insurance companies that ensure other insurance companies I asked their CEO's. I said, well, why don't we have pandemic insurance? And you know, with kind of a smile on their face, though said, well, you know, Jim, if you can, if you can find out the annual incidence of any problem, we can ensure anything because we just. Can we get a number? We go to the capital markets and say, hey, here's how here's the likely that we think this happening and therefore you put your capital, it'll be at risk. You can lose it all, but we think it's about of this much chance. And because of that, we'll pay you this much interest. And so we started pandemic insurance. So we now we have a pandemic facility that has a big chunk of money that will automatically release and when epidemic gets to a certain level and we even further and got a chunk of cash that will, that's protecting the bond. And so in other words, if it doesn't quite reach the threshold, but it's still serious, the cash will release and immediately gets in In on these these things. in Congo the the first outbreak in Congo we released within weeks literally a million dollars a case which is kind of now what we think it takes to to put one of these things out each pre case, right? That's what it took in Syria, and that's what it took in DRC. You know, from before we waited and waited and waited until it got bad. Same thing happens with famine, the response to famine. You know what the government's tell us is what of course we're going to respond to fem, but until the emaciated children appear on television when it's really hard to raise the interest which is just so crazy, the United Nations are five stages of famine. United Nations doesn't call feminine until reaches the fifth stage, but it's the first stage where you've got to really take it on. And so the the question we asked was, can the question I asked was damage it can we do famine insurance, and so we were thinking about financial, innovate, innovations, but it turned out that because we were asking the questions they said, well, what's really key is. Getting information early. And so we reached out to Amazon, Google and Microsoft, and they said, hey, we'd love to work with you on this..
"jim yong kim" Discussed on Recode Decode
"We're here with Jim, Yong Kim. He's the president of the World Bank group. We've just been talking about work and you just visited Silicon Valley. You know, this is the thing I bang on them a lot like what are you gonna do about it. And the only reason I do is because I know them and I can't make government do it. I want it says government in a second. But talk a little bit about your trip there. You just were there and you're talking about a bunch of initiatives that you're doing. Talk about what that was like. The two companies spent the most time with Lincoln and Airbnb around jobs around Jeff CEO, Jeff, we at Lincoln has been a an incredible partner for us. He he learned about the work I did from a book about Paul farmer, the guy started the organization with and and so he's been trying to bring these ideas in what we've learned though. Is that just about every tech person? I know if you ask them, would you like your technology to be applicable in the funding poverty? The all say, yes, but then the other thing we've learned. Unless you start thinking about the applications in poor countries, very early on, it's going to go in a direction and it may or may not, but most likely not very applicable in developing countries. And so for Lincoln, it's the stuff we're doing with them, so cool because it turns out that they have so much information on the kinds of skills that are needed. The kinds of skills that are present in any given country and where the skills are moving that we're now going to use this country by country to help planners. And mostly it's going to be ministers of finance and others plan for how they can get a better match between the skills they have and the skills they need. And also what kind of skills training they need to do with our group that is in charge of the Middle Eastern North Africa. They just did a very simple thing and they said, okay, so where are the skilled people from that region going? And where are the skilled people in the region coming from that in itself. Was just so interesting for us. They had the just getting a sense for that, so they're what we're doing with them is extremely exciting for me because of their leadership. Jeff's leadership, their commitment to it. I think we're going to have an impact very soon doing what precisely. So this is specifically for understanding what is the skill mix in your country? What are the skills that are needed in your country, and what can you do to actually improve skills and prepare your workforce to to be able to fill those needs? Right. The other thing though, too, is that within Africa, people are going to be moving around. And so if we find that there's an overabundance of skills in one area and the need for them in another, we can do this matching the should work Airbnb. Again, Joe Gibbs has been really passionate about this. It's complicated because you know when you have a disruptive technological innovation like this, every individual country has to figure out how they're going to regulate it. Right? And so we're working on with the countries to help them make sure that this has been official to them. But you know, tourism is an. Extremely labor intensive, and and when you go from a, you know, they've been able to set up shop in places like Soweto in South Africa. And so when neighborhoods then become place destinations for tourism and the people from those destinations can tell their story and then make an income. I, it's actually not just from experiences for other. The other things they're doing is right. So they provide the experiences, but then you know, they become a business owners and they start hiring people, and you know, we, we think that tourism has to be a huge growth industry, Chinese tourism. They're more Chinese tourists than any other tourists in the world. And right now, it's relatively limited. EMMY Chinese. People still are putting lots of money into savings. You know, the, we, we look at a country savings rates. How much do people save the US? It's like a negative fear. Yeah, people are in debt China, it's still forty percents, and part of it's because they're saving because they don't think that..
"jim yong kim" Discussed on Recode Decode
"Those aspirants are going to go up and you know, we in a very nerdy way, we actually studied this. We said, well, what happens when you get access to the about why people? This is a big topic and I do want to get into some other announce that you're making. But this is to me the biggest topic going forward for the world in terms of what jobs are going to be in the future you guys are doing an initiative, correct. Explain sort of what you're doing around that. So every year we publish something called the world development report, and it takes on different issues. And so this year is the world Dumont reports on the future of work. And so what comes out of it is that look, it's not all doomsday in the sense that the rapid automation that's going to happen in. In the richest countries, especially the US and the UK will probably happen slower in developing countries. And so what's the percentage of jobs will be lost over the next decade or so? And you know, we estimate between five and twelve percent, but we also say that we actually don't know because things could happen very differently, and those jobs could go much more quick. There's a series of things. It's not just automating automation, robotics AI, artificial intelligence changes and driving in terms of transportation in healthcare delivery, and printing and manufacturing. It just goes, it integrates through the system and that people, I don't think understand even developed world and most of the people. Interestingly in Silicon Valley tend to say, well, it's like farming to manufacturing. It was better for everybody. How are you all looking at that? Because I, I know necessarily think it's going to be better. We don't know. We don't know where the jobs are going to be. So all over Africa, I talked to heads of state and and they they in the ministers of finance. Tell me we'll. You were born in Korea. We wanna go through the same thing. Create went through because South Korea, when I was born in nineteen Fifty-nine nine, South Korea, the World Bank would not give a loan to South Korea because they thought it was hopeless. They literally said, this is a basket case. It's hopeless. And you know, literacy was about twenty five percent. All of the industrial capacity, minerals were up in the northern half of Korea. It was. It was the sort of gentleman farmer part of Korea. So this this is an all agricultural economy. How on earth are they going to grow? So for fear that they would never be able to pay back alone World Bank wouldn't give them any. Right. And so what what did they do? They went from agriculture light manufacturing, you know, literally from human hair wigs to black and white TV's now to to silicon chips. But if you ask the Koreans, they'll tell you that path is probably now closed. And the question is, is it close to all of Africa? Well, you know, you don't see huge amounts of industrialization Africa, and yet every African head of state minister finance tells me. We're building an industrial park. It's going to be a special economic zone, and you know, it's, it almost feels cruel to tell them. I don't think that's going to happen. Therefore, if that's not going to happen, what are you going to do? Well, you with the internet connection, maybe your citizens could, you know, could go online and offer and be part of the service economy right cut if you have thirty five percent stunting. And one study in east Africa showed that in looking at grade school teachers, you know up to six green primary school teachers only third could pass the second grade competency examination, so and and the teachers teachers. Right? And so so this is this is all part of the sense of just enormous urgency. We're feeling right now to get on this task of trying to prepare these countries for what might come now, you know, China, so interesting to me because you've got the l. e. Baba's and the ten cents of the world, who for lack of a better word have kind of. Tuck access to capital. I mean, Jack says we can give up to one million renminbi which is about one hundred sixty thousand dollars and get it in your account in two seconds without ever meeting you without ever shaking your hand, so called KYC know your customer rules have completely changed..
"jim yong kim" Discussed on Recode Decode
"I grew up in Iowa places and then ended up going to medical school because my father didn't couldn't stand the idea that that I would study philosophy and political science and become a politician, which is what I really wanted to do and then did anthropology and then met guy my my lifelong friend named Paul farmer or all of our adult lives anyway. And we created this organization that began a working on healthcare programs in some of the poorest places Haiti in in the slum, subtract, yes, intractable places, tackling intractable problems and. The partners in health has just been hugely successful. And so I was doing health and education work on the ground forever. And then just these crazy jobs keping offered to me one was to be the head of HOV department at the World Health Organization. And then you know, we started a movement to treat HOV and it's hard to understand it back in the late nineteen. Ninety s when we had these miracle drugs just really extraordinary the highly active entrance row therapy. It was really the act up guys. It was. It was a very small number of people who said, now that we've put our bodies on the line and we've got these drugs. There's no way that we're going to let people say only the rich can have it. So it was them and partners in health, and literally a handful of others who were saying everyone in the world should get access to these drugs. So I went to the World Health Organization. The World Health Organization had been very much standing on the sidelines, not arguing for HIV treatment. I started a movement, they're called three by five to just accelerate Chevy treatment. Now twenty million Africans on HIV treatment. But you know the whole world including a lot of leaders in tech were saying, you know, HIV treatment Africa's not possible, and I kept going on saying, are you kidding me? There's twenty five million people living with HIV in Africa, if we let them all die because treatment is too complicated, we will always be remembered as a generation that did that right it. It's going to be that bad. And so the world change we had success. I left WHO. The folks at Dartmouth came along, asked me if I'd be interested in being, I'd never never thought about doing something like that for, but I thought, well, what an opportunity if I, if we can influence all these young people to think about poverty and to think about inequality, that would be great. It didn't take very long for me to realize that was actually not the job of being DARPA was fundraising and then and then three years later, Tim Geithner called me, and I went to. Him called me. I thought he was just trying to see if one of his friends kids might get into Dharma's. I had no idea that that was your second job, but I, and so here I am and I had known that the World Bank has changed. One of the great things about the World Bank is really data driven and it comes from my medical training and I know you have doctors in your family. You know, it hasn't been that long where we have done things only on the basis of evidence. There's still so many things we don't know, but we've the World Bank has really adopted that evidence based approach. And so for example, it's the World Bank's approach to health and education changed dramatically over the last twenty years because they realized that all the evidence suggests that more investment in health and education can lead to better economic growth. So you shouldn't think of it as to oppose things invest in roads to grow the economy, invest in people. When you can all the evidence suggests that it's the countries that invested in their people before which has been the focus of a lot of tech tech tech. Tech leaders all the money. So how many people work here now the world vein, you know, fifteen thousand permanent employees probably about. Under attack politically for for doing things, and it had has its ups and downs. What are you? What are the big challenges you face right now? Well, right now today is the specter of what's going to happen in the economy. So there are places that were worried about their countries like Turkey that have a lot of dollars and nominated made that there's also just tons of uncertainty..
"jim yong kim" Discussed on Bloomberg Radio New York
"Details. Citron research, founder, Andrew left. An activist short seller known among other things for calling beleaguered drug company. Valiant a quote. Pharmaceutical Enron is suing tesla and chairman Elon Musk for inflating the company's stock price. Tesla. Shares advance today up by about one tenth of one percent stocks mixed. The Dow up twenty one points up just about one tenth of one percent S and P five hundred index down ten down four tenths of one percent. Nasdaq fell seventy two down nine tenths of one percents. I'm Charlie Pellett. That's a Bloomberg business flash. Bloomberg best June Grasso continues. Now, we're going to get back to a conversation between David Rubenstein cofounder. The Carlisle group and hosted the Bloomberg television show peer to peer conversations and World Bank. President Jim Yong Kim here they continue a conversation about why Kim's parents returned to the US after emigrating to Korea. My father was a fully trained dentist and was a professor, but when he came back he had to complete the last two years of dental school again, so we were in Dallas. And he was a he was a dental student at the same time. I think we're working as a nurse in a hospital to make enough money. And then we went he finished his dental education at Baylor dental school in Dallas. And then for some reason that we're still trying to figure out we moved to Iowa we grew up in. At the time. You did not speak English. So when I came at the age of five, I didn't speak a word of English. So you moved to muscatine Iowa then in high school. This is what I couldn't understand. How did you manage to be the quarterback on the football team the point guard on the basketball team class president as well and also valedictorian was that hard to do or? Well. Before you get to impress with that our football team had the longest.