23 Burst results for "Katie Kramer"

"katie kramer" Discussed on Squawk Pod

Squawk Pod

02:39 min | 4 months ago

"katie kramer" Discussed on Squawk Pod

"It's great to have you on the program again. This extraordinary book. And i want to start here. I want to start in two thousand six because you talk in the book about having an almost eureka moment in terms of realization and. I think that there's still some people in this country that haven't had that realization. I wanted to understand what brought you to this place in two thousand funded. The gates foundation and started traveling to africa in seen only the lack of electricity but how the weather is getting tougher for the farmers there and that led me to learn about climate. I haven't spent time on it. But i was kind of horrified to learn that over time. It's just going to get worse. And worse. and the sources of the missions are are very very broad and so that in a brought me in to think about actually do a ted talk in two thousand ten five years before. I did the pandemic talk in the book. You warn that. The economic damage caused by climate change will likely be as bad as having a covert sized pandemic every decade. What do you think the role of business should be in solving this business you know. Businesses are paid to think ahead and They consumers will be looking at the carbon footprint of the companies. They buy from They will be looking for business to be part of the dialogue about shifting these systems around and so climate climate is big the younger generation. I think their energy already very high. But i see that going up Even in a bipartisan way and so measuring Footprint being open about that and being willing to devote resources to getting those numbers down over time i think no matter what business you're in that that will deserve a lot of attention but can the problem be solved if big businesses and microsoft and apple and google and others have have announced very ambitious plans. But they are all idiosyncratic mean. They're doing it on their own. Can it work. Everybody's doing it on their own or does it effectively require regulation and laws over time. You'll you'll have regulations that will drive the market for green products

Katie kramer today Bill gates one nineteen thirties
‘I feel betrayed’ — Ken Langone blasts Trump and Capitol rioters, vows to support Biden

Squawk Pod

01:11 min | 5 months ago

‘I feel betrayed’ — Ken Langone blasts Trump and Capitol rioters, vows to support Biden

"Katie kramer today on our podcast. Ken langone in an extended interview. The famed investor and home depot co-founder weighs in on crisis in the capital feel. the trade. Last wednesday was disgraced. It should never have happened in this country. And if it doesn't break every america's heart something's wrong it breaks my heart. In spite of civil unrest he certain about one thing or i care about is one thing january twentieth. Biden's go to be sworn in as president. And i'm going to work my ass off anyway i can. If he's a great suggestion. President we all went. Landon speaks out as the patron of a major new york hospital and a product to the city's public schools. What are we going to start as a nation to realize double to be eaten alive by our foreign competitors for one basic reason. Public education in america is disaster. And i've said years ago. What are we gonna fit. And he's got a message for the one percent we need to put. The greater good of the country. Had a philosophical beliefs are on our own aspirin. You want to spend more money. You know what i'm saying is let's pay more taxes. Everybody i know that's a feels the same way. It's

Katie Kramer Ken Langone Home Depot Co America Biden Landon New York
Unpacking Palantirs Public Debut: CEO Alex Karp

Squawk Pod

19:51 min | 9 months ago

Unpacking Palantirs Public Debut: CEO Alex Karp

"This is squawk pod I'm CNBC producer Katie Kramer today on our podcast. unpacking Pailin, tear the high profile highly secretive software company has operated quietly for seventeen years and it's finally on the public markets. And -ticipant I I think for maybe the past ten years CEO Elon on why it it took. So long my lawyers will shoot me what I can tell you is we are very very focused on building software a longtime before other people building and how he expects to become profitable with a small, but mighty and mighty controversial of customers. Well, how can you have the Super Valuable Company? They're only a hundred and twenty-five customers to which I respond. Yeah. But one, hundred, twenty, five most. Interesting institutions in the world I would ask people who are watching this to make a list of the institutions they admire in the world, and then roughly figure out if they're using pounder that interview plus the politics behind listing journalist Joanne Lipman fits a company that is very, very closely aligned with the trump administration. There's a huge question here about what happens if trump does not win the presidency it's Thursday October first October twenty twenty the year is still twenty twenty squawk pot begins right now. Good morning and welcome the squawk box right here on CNBC. I'm Andrew Ross Sorkin along with Joe Kernan Becky off today. Today on the PODCAST volunteer goes public analytics company that is usually described as secretive debuted yesterday the direct listening selling new shares on the New York Stock Exchange covered live on CNBC how tears for trading why secretive well here is named after magical orb and Lord of the Rings. But in seventeen year history, it hadn't made much public volunteer received early funding from the venture arm of the CIA and provide software products designed to crunch numbers. One of these programs is called Gotham and it's for government clients. Who Need to organize an understand massive amounts of data. So surveillance predictive policing, possibly rooting out potential terrorism threats, Pailin tear works with US Army Navy Department of Homeland Security and it's working with health and human services to help track the spread of Corona virus case data that we just recorded. We can immediately narrow into emerging hotspot counties, notable backers of talent tear include investor, and Co founder Peter Thiel who has gotten attention for his conservative politics and support of president trump in the two thousand, sixteen campaign. Evening. I'm Peter Thiel I'm not a politician, but neither is donald trump as well as his work technology companies. He was facebook's first big investor other pollen tear backers include wall streeters like Hanlon and Stanley Druckenmiller when talent tear filed paperwork with the SEC to pursue publising listing earlier this year it's called the swan event is finally got a sense of the books turns out pollen tear had never turned a profit and. A, huge chunk of its revenue came from its three biggest clients which are anonymous in the first six months of twenty twenty. It's revenue of nearly half a billion dollars a big jump from the year before this was addressed by pollen tear CEO, Alex Carp investor roadshow, which true to carbs personality, and true to the weirdness of twenty twenty was virtual and started on cross country skis. Welcome to Powell, tears investor day. We're very proud to have you here. Carp is an Orthodox for a CEO. He has amazing curly hair. He uses the modifier super allot super cool and speaking to potential investors. He made the pitch for the importance of Pailin tears purpose. This way of looking at the world war literally savior situation and in many cases Save Your Life Allen to has moved beyond. Just government clients fifty-three percent of its customers are in the private sector big name businesses who use a software program called foundry include Airbus Merck Ferrari and United Airlines but it's work for governments here and others around the world stuck to its reputation allentown faced criticism from privacy groups and for its work with the US Customs and border. Patrol. Tracking immigrants at the border. But Carp in the company not backed off in. That s one filing the leader of this highly valuable tech uniform said, Pailin tears work is different in his view software missions to keep safe may have become controversial but companies built on advertising dollars are commonplace and carp took aim at big tech culture directly writing quote our company was founded in Silicon Valley. But we seem to share fewer and fewer of the technology sectors, values and commitments. Helen tear moved its corporate headquarters to Denver and its shares headed to Wall Street. If you think, we are going to change our internal culture drastically if you think we're going to work with regimes that are not allied with the US enter abusing human rights if you think. that. That the future is going to be a super rosie place where the past ways of supplying software are going to work because enterprises and governments do not need to be reformed you should not invest in pounder. Andrew. Ross Sorkin has interviewed Alex Carpet number of times. This conversation was reported Wednesday yesterday right after the first trade for here on the New York. Stock Exchange. We've had lots of conversations over the years. This has been probably one of the most highly anticipated offerings or listings in a very long time. Almost every year that we would talk in Davos I would invariably ask you are you going to go public? Are you gonNA list and invariably you wouldn't. So let's start with why now? Well, first of all, thank you for having me and I and I really would like to thank all the pound tyrians who stuck with us and built this company and our investors you're stuck with us and you know over the years we've been skeptical about listing and for lots of reasons, we really needed to build our products. With enough protection so that we would be ready to launch them into the public space. And we built we built out PG government and foundry product and and built a way to maintain them so that we wouldn't have to scale the number of people and. You know we've reached a base where where our company's very significant and we believe being in the public space will help us with our clients and help us grow and quite frankly I believe the people apparently who built this company over seventeen years. Deserved a access to liquidity. So we we decided this would be great time for us and so far. It's been a really interesting process and and our clients are embracing it. So it's a really good time for us and I'm very, very grateful. Outlets. The single biggest question that investors ask about this company is seventeen years in while you know may have an operating profit, the company unto itself is still not profitable. So so walk us through what the path to profitability looks like. Well, you know we build these products years before people build them, and that takes money and what you see in the cove it pandemic crisis is we had built this way of going to market with foundry, which would allow us to literally supply an enterprise with a completely new stack of products within six hours and maintain them. And what you saw when we did that is we grew the company forty, nine, percent, forty, nine percent off of a seven, forty, three base and the divergence between expenses and in growth is dramatic. And we're just going to be very very focused on on an invigorating, our software offering. But when you're growing forty-nine percent off of a seven forty base. I think that's a pretty strong indication of what the future could hold and we're super proud of that and I think you're seeing that people are taking a look at our financials and our our company is often been used viewed as complex and. Needing explanation both moral and financial but it turns out our financials are quite simple and you look at this dramatic growth with flat lining expenses and I think that gives investors comfort and it certainly makes me feel as. Co Founder and CEO that we made the right decision to invest heavily over well over a decade in building software, the way other people don't to build it and you see the results do you think the profitability is at twenty twenty, two, proposition twenty, twenty, three proposition can I put you on that? Well, you you can push me but of course, my lawyers will shoot me I can tell you what I can tell you is we are very very focused on building software a time before other people building, supplying it and I think that are year I. First Half of the year growth will be reflective of the future and if I'm right. That will answer all of your interesting questions and we'll be interviewing. You'll be interviewing me again maybe not a Davos but virtually, and we'll see how we do. Confident confident we'll do well. Alex, one of the other questions people ask is how to comp your company meaning what are the comparable should this be considered a technology company as SAS company or should this could be considered a much more traditional consulting company? Can you speak to that? Well I think what the investors are seeing is they're asking the question at this point they used to ask is this is this a company that built software for the government and how do they build it? Of course we always sold this as a license. Then they saw our margins of the first half of the year round eighty percent. So I think the real debate now is. Move significantly away from is this software services because although people think we're very smart, we're not smart enough to get eighty percent margins off of a services company. The question then is, how do you comp it and honestly I think that's something investors will have to figure out. We're not focused on that we're focused on we are going to be the most important software company in the world. And people will figure out what valued over a long period of time and we're very comfortable with investors toying around it could be like this. It could be like that. We are going to deliver the best software. With the morals most efficient way of delivering it investors will decide what's that. What's that were is worth to them and I think you'll find a number of years that will be a consensus. Palette. Here is a truly special software company that is arguably the most important software company in the world. Alex has everybody knows You have contracts with various government agencies, obviously and some of the bluest of the blue chip companies in America today, but it's a concentrated list of about one hundred and twenty-five companies. About Twenty eight percent of the revenue actually comes from three of those clients unto themselves. Two thirds of the revenue comes from the top twenty. How much of a risk does that pose on one side but also when you think about the opportunity on the other, if we're having a conversation like this in in twelve or twenty, four months, how much do you want that list to increase in size or do you just want to keep that group effectively and a effectively raise the margin or cost for those clients? And grow that business. Well, we want to do all the we're going to do all of the above. So interesting about our client list people people ask, well, how can you have the super? Valuable Company they're only one hundred and twenty-five customers to which I respond but one hundred and twenty-five most interesting institutions in the world. These aren't just any institutions. The literally, I would ask people who are watching this to make. A list of the institutions they admire in the world and then roughly figure out if they're using, we don't go out and advertise our product, but I would say the list of our clients is the single most impressive institutions in the world I've ever seen we. So we want to keep these clients. Also investors will of noticing in the one that well over ninety percent of our growth in the first half of the. Year came from our existing clients. What does that mean our existing clients? The most important clients in the world are really happy that's what it means. So of course, we're going to expand those really happy clients who happen to be the coolest people on the planet, and then we've built this product which has gotten very little attention called Apollo Apollo allows us to maintain and deliver software to any number of clients with essentially. Not growing our our force apparent and force at all. So we're planning now that we have Apollo to grow the number of super cool customers all over the world, and we can do it without raising our headcount, and so what you're going to see is we're going to continue building with our clients why they're the most interesting clients in the world and they clearly based on our numbers like us and some of us. We are going to expand our client base. Why? Because now with Apollo, we can deliver the whole stack in six hours. I don't think any other company I've ever seen in the world can do that, and we can do with efficiencies that I don't know any other companies going to do because we can do this with a small number of people sitting in our office that we have maintaining, updating and providing them with new products we built. So they don't have the Frankenstein monster that takes two years to build and has to be maintained with either human hours like in the government contracting case or by purchasing new product or compensating sales people or behind. It people you don't even talking to you can actually buy one stack. So we are going to increase revenue with current customers, get new customers and continue our march. Alex how easier heart is because I know you've talked about trying to keep things in in terms of the platform if you will how he's your heart it for four clients to leave in terms of the churn. Well, as I mentioned, ninety, five percent of our revenue comes from existing customers. So customers, obviously if a customer wants to leave they, can I think the main reason our customers stay besides the fact that the output is very significant as they look at this product, we supply foundry the average customers paying less than six million dollars and they compare it to buying twenty products paying ongoing licensing. Fees. You can't get out of or building something over years, and the last thing they compare it to is we're not delivering a roadmap. Most people are living roadmap of what are you going to get in a year we're delivering a product after six hours so customers can leave. But what you see in the numbers is they by and large don't, and it's not because of my charming personality. Alex well, let me ask you a different question. We've had lots of fascinating geopolitical and philosophical questions about the role of technology and Pailin tear itself as well as the approaches silicon valley has taken. I'm curious in terms of risks how you think about this Amnesty International as you know, criticized, the company recently for its role of working with ice. How much of that does that pose a risk to the larger business? Especially, the corporate business at a time when we have corporations at taking both political positions and also being oftentimes being socially at activist. To Your Business Well, look the fact that we take positions that are sometimes controversial can cost. US clients. But it also gets us. Clients because when we talked to a client and we say look we're going to work with you. We're not gonNA walk away just because the winds change and this is super important especially to our government clients if you're supplying special forces and army and the US, those clients have to know that they will not be left on the battlefield. Because a because Silicon Valley has decided they don't like the warfighter. So of course that costs revenue many of our decisions of cost US revenue we only work in certain countries we've walked away from work because if human rights issues we've said, we disagree with very prominent human rights organizations and we engage in dialogue but also by the way is a reason why I Think people who are watching this may consider investing or not investing. We are not going to stand up here and say we're for everybody we're not going to pretend, and by the way we're going to try avoid jargon. We will actually tell you what we think it's not going to be created by fifty media people it may have to be carried by a couple. Of Lawyers but one of the unique things about power tears, we actually say things and we actually stick to them and that's something not everyone likes but many of our customers do and by the way I think it is a reason why ninety five percent of our revenue comes from customers because when we tell them, we're going to deliver we are going to deliver. Alex. One of the other questions now you all republic company. But as you know, you have three tiers of stock classes of shares that is and to some degree there have been critics who said, this is effectively a private company masquerading as a public company. Can you speak to the decision to structure the shares the way that they are structured and how governance experts and folks should think about that I think it's important for government experts to look and make an deliver opinion but I would also ask them to consider the environment we live in pound tear has been in silicon valley up till recently for seventeen years and in silicon. Valley. Defending the. warfighter providing our troops with technology that allowed them to come home is very controversial. I do not believe a company like ours that makes really consequential decisions for government clients and non-government clients could be run without an F. share structure and I understand there's criticisms investors look and say, well, why should talent you're having F. structure? What is my? What is my what? What can I do if? I don't agree with them. The primary reason why we fought for an structure and we asked investors to buy into it was we need to be able to go to our especially our Intel and defense clients and say, we will not just blow with the wind. And does shares for a company like ours gives us a unique ability to have long-term commitments to the most important clients in the world, both commercial and government, and that's why I believe they're super important, and I also again would encourage people if that's not something you're comfortable with there are many shares to buy. We don't have to buy challenge your shares. You should buy shares knowing that these shares reflect our views. Alex we've often had these conversations in Davos where globalization has ruled the roost but as you know so well, the world seems to be shifting to a globalized world, a splinter net if you will. How do you think long term that will affect the business of here We made this decision, which is actually a secret only because no one believes it's true which is that we didn't solve the problem of fighting terrorism. We solve the problem of doing data protection and fighting terrorism, and the architecture we built both PG and for foundry will allow a super set to work with subsets, which means if the world's splinters and every country has its own jurisdictions, it's GonNa be very hard for normal software companies because they're not built to do that but it's going to be very good for Palette here and finally Alex. Decision five years from now today. How would you measure success? Here, what would be the metrics which measure it? We know they're there obviously financial metrics but I'll tell you Powell cheer has recruited and retained I believe the most interesting most talented most ethical people I've ever met and we work I've interacted with thousands of institutions and in five years when meet I think he'll say to me. Wow, that wasn't just you saying that because it was the right thing to say it's actually true. And the products that will build over that period we'll we'll. We'll be unique and they will tilt the course of history. In favor of things that are good and noble. And will not avoid the complexity that's necessary to do that outlets. Carpool. You lots of luck and we do look forward to having that conversation hopefully in five years. But hopefully sooner than that. Thanks so much Alex.

Alex United States Silicon Valley Davos Twenty Twenty Donald Trump Andrew Ross Sorkin Carp New York Cnbc Powell Joanne Lipman Peter Thiel Gotham Us Army Navy Department Of Hom
"katie kramer" Discussed on Squawk Pod

Squawk Pod

02:32 min | 1 year ago

"katie kramer" Discussed on Squawk Pod

"Major airlines now ramping up enforcement of new rules, requiring passengers to wear face coverings on planes are Philibeaux. Live in Chicago this evening with the very latest Phil. What's the story? Got Those rules that the airline set in place most of them anywhere from three to four weeks ago, and the overwhelming majority of passengers do wear masks, both in the airport and on planes, but increasingly their complaints that some passengers have said you know what I'm not GonNa wear when I'm in the middle of a flight, even though it's required by the airline, so what you have right now or the airlines putting more pressure on the passengers to wear face masks. They're not putting pressure there. Outright requiring it, the crew say again the. The vast majority of the passengers are wearing the Maso. Here's what's going on. You have to wear your mass ticketing boarding in-flight. Basically from the minute you get to the airport to the minute you leave the airport. Noncompliance is reported internally. So if you're on a flight and you decide, you're not gonNA, wear it. They're going to tell the home. Office and the next thing trying to book a ticket. You're probably on the restricted travel list, which means you won't be able to fly now. Most airports around the United States they are asking. Asking passengers to wear those masks though we talked to the people who've been at major airports whether it's O'hare wordy, etc, they say look. There's probably about ten percent of the people walking around the airport. Who are not wearing masks right now. All of this comes as more people are flying, because you take a look at the airline index the number of passengers this last week, three point one million. That's an increase of twenty four point seven percent compared to last week finally take a look at shares of American and united. We could. Could really put any of the airlines up here. It's been a very turbulent month to say the least for these guys, but all of them now Scott are saying we are requiring masks when you come on board, the bigger issue that these airlines are facing passengers. We'll see when they fly when they land and they to the gate, people aren't practicing social distancing. It's just like before. Get up and get out of that plane and everybody goes into the I'll fill. The airlines say they're requiring it. What happens if passengers don't comply? Well you won't get on the flight first of all. Almost every airline is saying you have to have it when you're boarding the flight so a when when you go through ticketing, you shouldn't be almost all of them. Require it. They all are requiring it when you're boarding. And then let's say you wear it, and then you get on board and you're like you know what this is for the birds. They will say something, and they will probably ask you two or three times. If you refuse to do it, they're not going to sit there and fight you on this. They'll simply phone it into the. The Home Office and the next time you go to book a ticket. They may say you know what Scott you are not following the rules, so you're not able to that ticket.

Scott Wapner Phil Sarah Nelson CNBC Chicago Dr Marino NBC Dr Scott Gottlieb Covid United States Katie Kramer New York Home Office Congress Association of flight producer Federal Government Dr James. molyneaux
Robert Smith, Vista Equity Partners; PPP & Minority-Owned Businesses

Squawk Pod

04:29 min | 1 year ago

Robert Smith, Vista Equity Partners; PPP & Minority-Owned Businesses

"For businesses around the world today isn't a restart it's a rethink that's why they're partnering with. Ibm retailers are keeping their systems up as millions of orders move online. Paul centers are using IBM Watson to manage an influx of customer questions with a I and solutions built on the IBM cloud are helping doctors care for patients remotely today. We're rethinking how business moves forward. Let's put smart work visit. Ibm DOT com slash thing to learn more this squad pod? I'm CNBC producer. Katie Kramer Today on our podcast private equity giant and richest African American billionaire Robert Smith on getting loans to entrepreneurs or capital is be driven. Frankly into this small businesses hands in probably give them a little more flexibility in terms of hobbies and and how to leverage technology for digital future. But I think we should think about what are the most effective ways for us to educate our population to drive forward into you know into the teacher of opportunity plus when reopening is on the Menu Cameron Mitchell restaurants founder and CEO laid off thousands of workers. Now he's opening doors again. I think we're going to survive but it's GonNa be a while before we get the hospital. It's Monday may twenty Fifth Happy Memorial Day squad. Pat Begins Right now Robert. F Smith is the founder Chairman and CEO of Vista Equity which has fifty seven billion dollars in investment capital. Vista is the fifth largest enterprise software company in the world as well and overseas more than sixty portfolio companies that employ more than seventy thousand people around the world. Smith is also the first African American to sign the giving pledge and he was recently awarded the Carnegie Medal of Philanthropy. He's on many lists as the wealthiest black American and lately. He's been working directly with the White House on the roll out of the paycheck protection program and how to get the loans in the hands of the most in need especially minority owned business. Pp was designed to rescue mainstream. According to the small business administration more than four million loans have been approved so far totaling more than five hundred billion dollars. Here's Andrew Ross Sorkin with billionaire businessman and Philanthropist Robert F Smith. You had worked with the White House on this program and so I just ask you to start by giving it a grade. Do you believe the money's getting where it needs to go. You know be first Tron of the P P P I think was challenge to get to the the small businesses small medium businesses a second charter for being a lot more effective But one of the things we discovered. Angela's US not discussed is that there is a frankly banking desert's in a lot of the communities about seventy percent of the African American community. Actually don't have a branch bank and so we've been working with a they treasury you know senator Sector MNUCHIN and Senator Schumer in Pelosi Dachsie work on building capacity and what I saw the capillary banking systems which are the community development financial institutions and a minority depository institutions building out the Pasadena to get these dollars into the hands of these small businesses which are essential to our communities so what are those capillary banks. Look like who you to right. If you are a small business owner this morning listening to you this morning. Where did you go go? Go to get that money then. So there's a bad a little over a thousand of these days. Cdfi's and the India is and these banks typically are in the communities there mainly in what we call targeted communities Unfortunately a lot of the larger banks don't bank those organizations those businesses any longer and is about ninety four percent or so of the African American businesses are so proprietorships and don't have banking relationships. And so what we've been doing is is enabling. Technically enabling got some wonderful teams have been ebeling these businesses they interface with the transit system at the and you can go to number places. There's national bankers dot org goes National Action Network. We've been worked black churches. Our Fair share A number of organizations that we've been working with to enable these banks to be able to processed loans and we just probably about ninety billion dollars or so left in the second of AP and I think it's essential if these small urban businesses African American Latin next businesses get Get their share This stimulus capitals of really frankly Repair some of the economic damage that this covert virus

Robert F Smith IBM Founder Chairman And Ceo Of Vi White House Ibm Watson Cameron Mitchell Restaurants Andrew Ross Sorkin Founder And Ceo United States African American Community Paul Katie Kramer National Action Network Cnbc Business Owner Cdfi Pasadena
"katie kramer" Discussed on Squawk Pod

Squawk Pod

11:37 min | 1 year ago

"katie kramer" Discussed on Squawk Pod

"The IBM cloud is the cloud. That's open that secure. That's built for business. It's also the cloud that's leading the way but don't take our word for it. Chuck Gardner Peer Insights to see why customers rate IBM cloud of AWS. Google cloud and Microsoft Azure over the last twelve months as of February twenty eighth twenty twenty. Ibm Let's put smart to work. Gartner peer insights reviews constitute the subjective opinions of individual end users based on their own experiences. And do not represent the views of Gartner or its affiliates I NBC producer. Katie Kramer. One of the voices behind the CNBC podcast squawk pot. In these times of uncertainty. We want to make sure we're bringing you our listeners. As much information as possible as quickly as we can. That's why we're sharing with you now a CNBC special report markets in turmoil listening. I'm Sarah is on day. One hundred twenty one at the Verona virus crisis the infection rate in the United States. Just hit the one million. Mark have been in collaboration with other people in industry. Three of the world's biggest healthcare. Ceo's speaking out tonight vaccine. We need to ensure broad access populations tonight where we stand on the possibility of new treatments. Vaccines and testing plus staff need to be taken. What's really happening inside? America's be and how worried you need to be it will be a long road back to recovery and CNBC's exclusive survey of top economists. When will the great American economy beyond solid ground again and angels saluting America this? Cnbc special report markets in turmoil starts right now. Here's Sara Eisen we start tonight with a first look at tomorrow. Us Stock Futures Right now are pointing to a higher open though it is early today on Wall Street. Stocks dropped the Dow snapped a four day winning streak. The Nasdaq was the weakest falling. Nearly one and a half percent big names like Apple Amazon alphabet and facebook leading the way. Lower three healthcare. Ceo's sounding off on the corona virus outbreak. And what they're doing to stop it. Let's get right to CNBC's farmer reporter. Meg with the latest MEG. Hey Sarah the amount of work going on in the pharmaceutical industry to try to stop Cova. Nineteen is unprecedented. And today we heard from Novartis Pfizer and Merck about where they all stand in the race to develop treatments and Vaccines Novartis is working on a number of approaches to developing drugs including running a placebo controlled trial of hydroxy chloroquine CEO. Dr Vossen are telling us today quote. There are a lot of studies reading out but the ones that matter are those gold standard studies until we see those placebo controlled trials. We won't really know if those drugs are working. Merck's CEO also join us on air today. That company working on both treatments and vaccines CEO. Ken Frazier saying the industry's challenge is to develop quote a safe vaccine with unprecedented speed and to manufacture and distributed at an unprecedented scale and on that front companies are already moving a record-breaking pace Pfizer. Ceo Albert. Birla telling me today. The company will quote start manufacturing. It's vaccine at risk so it will be ready to deploy if and hopefully when it proves to be safe and effective and there are also geopolitical questions being raised around the race drugs and Vaccines Dr Scott Gottlieb former Ethic Michener and Pfizer board member writing in the Wall Street Journal over the weekend the first nation to develop a vaccine for covert nineteen could have economic advantage as well as a tremendous public health achievement. Novartis is narrow. Simmons acknowledged the issues of nationalism. We're trying to take a very global perspective. Is there a hopeful? We can overcome some of the nationalism. That has happened in the past the H. One on one hand. Emmett where I was involved very heavily. There were moments where there was nationalism to hold vaccine supply. I think this is a moment. Where if we get get therapeutic or we gotta get vaccine. We need to ensure broad access to populations around the world. Now Pfizer's Birla told me the company will manufacture its vaccine in both the US and in Europe to supply those respective markets and. It's already started that work. If it's successful finds her says it'll have millions of doses of vaccine available by the end of this year and hundreds of millions in two thousand twenty one without would set a world record in time for Vaccine Development. The fastest in history was for mumps in one thousand nine hundred sixty seven four years from start to finish. That vaccine was developed by Dr Maurice Hillman at Merck and we asked Merck. Ceo Today about that twelve to eighteen months timeframe for vaccine. I wouldn't say it's too optimistic. What I would say is that Merck has a lot of experience as you said and getting vaccines across the finish line. The timeline that we're talking about is in fact shorter than any time line. That's ever occurred with a successful vaccine at the same time. I think everyone recognizes the urgency of this situation and we have to look at ways beyond sort of the customary ways of doing this but there is a certain amount of time that's inherit for example in doing clinical studies to ensure that a vaccine that you would use and millions if not billions of people is truly safe and effective and of course. These companies aren't alone. There are dozens of vaccine and drug trials ongoing. Some of the next results from Gilead expected this week. Sarah you mentioned the timeline. Meg and the fact that we could expect some results. As soon as this fall is the thinking that they would vaccinate the healthcare workers first and then the rest of the population. How would it look absolutely if something were far enough along where they were feeling comfortable with the safety and the efficacy it would definitely be the high risk groups that would receive a vaccine? I so as you said healthcare workers people on the front lines. People also talk about older folks. Those who are most vulnerable would be the first in line potentially for vaccine but that would be extremely fast to have that confidence in a vaccine MAG Terrell Meg. Thank you Dr. Anthony Fauci issuing a warning today at the Economic Club of Washington saying a second wave of the virus is a very real possibility but keeps me up at night is the emergence of brand new infection. Likely jumping species from an animal. That's respiratory born highly transmissible with a high degree of mobility and mortality and low and behold. That's what we are right now. So it's not going to disappear from the planet which means as we get into next season in my mind it's inevitable that we will have a return of the virus or maybe never even went away when it does how we handle. It will determine our fate. If by that time we have couldn't replace all of the countermeasures that you need to address this. We should do reasonably well. If we don't do that successfully we could be in for a bad fall in a bad winter. Let's bring in Dr Jeremy Faust. He has an emergency room physician at Boston's Brigham and Women's Hospital and teaches at Harvard medical school. Dr Faust. Good Evening Lou. Why is why are so many doctors first of all including Dr Fallacy so convinced that it's an inevitability in his words that this virus returns in the fall viruses are very seasonal seasonable. In terms of summer winter fall has to do with the environment around so we know that we all have the experience of a fall and winter being the season where you have flus so the fact that not every single human being on a planet has been exposed to this virus. Means that we expect it will level off to some degree over the summer and then it'll have a resurgence in the fall and winter. The question is how low can we possibly get this summer and fall as a starting point? What level are we beginning from the beginning from an ongoing crisis which very well could be the case or are we beginning from nothing which will be much better but the CDC director has also warned that it could coincide with the height of flu season? How do we prepare our hospitals? Prepare for the fall. One thing we absolutely have to do is to realize that when more patients come to us with critical illness we need to have the medications ready that we know work. Obviously right now. There's no proven drug that helps for Corona virus and we are waiting for one to show us any real benefit but there are things when patients need to be put on mechanical ventilators paralytic drugs and sedative medications and also antibiotics if there's bacterial infection in addition to the viral infections which we do commonly see and. I'm the one thing we could really do is to make sure that our drug shortages are dealt with now. The president has enormous power. There's been a lot of talk about the president's role can be with states and other arguments. This is one area where it's very clear. The president can use the defense production. Act to really amp up that pipeline. So that when we do have resurgence of any kind of illness related to this condition that we're ready to do everything we can on the front lines to help them. There are so many clinical trials going on right now. I hear about a new one every single day. What is the likelihood that come fall? We do have an effective either treatment or mix of treatments to help better manage this pandemic the thing. That's going to get through this as vaccine and as we all know that's not coming soon enough so the question is will any of these drugs actually play out in a real clinical trial with actual control groups and blinding. And all the things you need so that you know that the data that you're looking at not just noise. I think that we're probably going to find a few things that work a little bit. But I don't think that there's going to be a game changing medication in terms of taking this this this crisis and just making go away overnight. We know what that is. That's a vaccine when it when it's proven to be effective but medications that slowdown virus. It takes so long to get the right combination HIV AIDS. It took years and years of medications that we knew worked but we just didn't know how they work together and what combination and then. It took another medication class to kind of come in and save the day and that really changed the tide of the HIV issue in the nineties. We don't have that now and so i. We don't know it works second. We don't know what works together. So I'm I'm not optimistic. That will find a magic bullet that is on the level of accion. Not a magic bullet that will make this crisis. Feel any different. It might make a small difference in the meantime so many states are looking to reopen. Many of them have already done so. Are you comfortable with this? I would be very concerned about reopening right now. We're all very eager to get back to regular life. I definitely understand that right now. We're seeing something. That's unprecedented in American history. As far as I can tell and that.

Ceo CNBC Merck United States Sarah IBM Pfizer cloud Gartner Dr Jeremy Faust Terrell Meg Ceo Albert president Novartis Google Katie Kramer Dr Maurice Hillman NBC Chuck Gardner
"katie kramer" Discussed on Squawk Pod

Squawk Pod

08:19 min | 1 year ago

"katie kramer" Discussed on Squawk Pod

"I'm CNBC producer. Katie Kramer Today on our podcast Treasury Secretary Steven Mnuchin on the paycheck protection program that was intended for small businesses but his inadvertently extended relief too much bigger players. I never expected in a million years that the Los Angeles Lakers which. I'm a big fan of the team but I'm not a big fan of the fact that they took four point six million dollar loan. I think that's outrageous and I'm glad they've returned it. The Coronavirus Task Force member explains how federal stimulus efforts are working and not working. How the government will review large loans before granting forgiveness and how this crisis is unlike ones that came before but businesses had nothing to do with this. This was not bad business. Decisions like in the financial crisis is not over levered real estate. The Treasury Secretary says this time around government crisis response should also be different class. Brown University President Christina Paxson on getting back to school this fall students are still learning. It may not be under ideal circumstances but during this pandemic nobody is working under ideal circumstances. It's Tuesday April. Twenty eight twenty twenty squad. Pod Begins Right now. Good morning everybody. Welcome to Squawk box here on CNBC. I'm becky quick along with Joe. Kernan Andrew Ross Sorkin the paycheck protection program or the PC resumed yesterday with a new influx of three hundred ten billion dollars from the federal government. That is intended for small businesses for more on this right. Now let's welcome Treasury Secretary Steven Mnuchin and Mister Secretary. Thank you for joining us today. Good morning it's good to be with you. It's good to talk to you. You know I was hoping we can start with a little bit of a dive into how you see this program. What's happened there has been a lot of outrage out? There as people found out that some big companies had applied things. Ruth's Chris Steak House shake shack autonation. Some of their car dealers getting money in this program and there have been some reports in the media about big banks putting those big customers first in line ahead. It's small businesses. I know that you've come out and said that this is really intended for small businesses. That don't have access to the public markets. But I just wondered if you've had a change in your thinking on how this should be used as as this whole situation evolved as the markets kinda firmed up a bit or if this was something that you thought from the very Gecko and you think some of these big companies. Big Banks are are in the wrong and we're bad actors in this situation. What how did this evolve? Let me first say I. I really think the program has been an incredible success. It's impacted over thirty million workers so far and by the time we get through this funding. I think it will have impacted over sixty million workers which as I've said before is about half the private workforce supporting small businesses that was always the president in Congress's intention and that's what we're delivering on. I think it is. It is unfortunate that there's a small number of companies that have created a lot of publicity that took loans. I think it was inappropriate for most of these companies. Take the loans It was clear. There was a certification We don't think they ever should have been allowed to we put out an Faq clarifying the certification in saying that if they paid back the loans in two weeks so that we could reprocess that money they would have no liability otherwise they would have liability. And I I must say I'm encouraged by the number of people that have paid them back. I never expected in a million years that the Los Angeles Lakers which. I'm a big fan of the team but I'm not a big fan of the fact that they took a four point six million dollar loan. I think that's outrageous and I'm glad they've returned it or they would have had liability and let me just say I'm GonNa be putting out an announcement this morning that for any loan over two million dollars the SBA will be doing a full review of that loan before. There is loan forgiveness so we will make sure that what was the intent for tax payers is fulfilled here but let me say again the program overwhelming success a million of the loan so far or for companies under ten people. What do you think the impact has been in terms of trying to keep people employed have? Have there been people who have gone and had to file for employment or do you think that this program has saved a lot of people from actually having to do that has kept them in their workplace. I think it saved a lot of people and I think for those people that are on unemployment. It's going to bring a lot of people back matter of fact we're having a small business event at the White House today. Where unlike the Lakers stories? We're going to hear some stories of great small businesses who this really saved their business and I can tell you you know the number of emails I get from people who send on the stories of a legitimate small business that was about to close their doors that is either keeping their people on her rehiring. People were businesses that had to close their doors because the no fault of their own. The city shutdown business is going to bring back those people so as we reopened these companies will have the liquidity to pay. Their workers occurs to me that not every part of the country is dealing with this equally. There are a lot of states that closed down later than others and they're obviously others that are opening up quite a bit earlier. Are Any of these funds going to be directed to the areas that are most hard hit to try and make sure that the businesses that maybe have been forced to close a couple of months already and could continue to see Along closure would would those businesses be prioritized? What we're absolutely working on that and and we want to make sure that this money is getting to where it should be and let me say. I'm I'm highly encouraged that the average loan size is coming down. Matter of fact the average loan size in the backlog was less than a hundred thousand I'm also encouraged. Were on a call every day where we have over a hundred. Cdfi's that are making loans. We think we're going to increase that to four hundred so particularly in communities that have been hardest hit that we make sure that they get that money and we're going to do what we need to do to make sure that everybody is treated fairly in this program. Mister Secretary what you tell people who say. Look some of these big companies. Maybe should or shouldn't have tried to get this money. But do you blame the banks. The banks that issued these loans to then given the rules that you at spelled out or were the rules themselves not clear enough. The rules were very clear but let me also say the certification was a certification by the borrower. And one of the things we did is we wanted to make it very easy. The banks were really middlemen here and the banks were were not required to do the diligence. I really felt the borrowers who made these certifications. Now there were some banks early on who put things up on their website and prioritize their customers. We immediately told them that was wrong. They took it down so you know I wanted to be very clear. It's the borrowers who who have criminal liability if if they made the certification and it's not true and as I said we're GonNa do a full audit of every loan over two million dollars. This was a program designed for small businesses. It was not a program that was designed for public companies that had liquidity again. The certification was very clear in saying that if people had other sources of liquidity. They could not take this loan. Mister Secretary what do you say about those larger companies that maybe were turning those loans but the true effective it is that they're gonNA continue to furlough employees to the degree that this is an employment for all program shake shack is not necessarily going to now put people back on the on the payrolls whereas had they had access to some of these loans if you felt that they were a properly eligible despite whatever liquidity think they might have they may decide as a business decision not to bring people back whereas a lot of the smaller companies who would have access to this would bring people back knowing that they'd get the loan ultimately forgiven and we keep people in their jobs again? Let me just be clear. The purpose of this program was not social welfare for big business. The purpose of this program was to help small business. That's as small business program and it was meant for small businesses that didn't have liquidity. Now there are a lot.

Mister Secretary Los Angeles Lakers CNBC Steven Mnuchin Kernan Andrew Ross Sorkin Coronavirus Task Force President Christina Paxson Katie Kramer Brown University SBA producer Ruth White House Gecko president becky
"katie kramer" Discussed on Squawk Pod

Squawk Pod

08:14 min | 1 year ago

"katie kramer" Discussed on Squawk Pod

"I I'M NBC producer. Katie Kramer one of the voices behind the CNBC podcast squawk pot. In these times of uncertainty. We WanNa make sure we're bringing you our listeners. As much information as possible as quickly as we can. That's why we're sharing with you now. See SPECIAL REPORT MARKETS IN TURMOIL. Listening good evening. I'm Scott Wapner. Today's Wall Street Rally Fizzles is the Dow finishes negative and on the one hundredth day of the corona virus crisis the city where it all began. Wuhan. China ends its lockdown. We started red hot and ended ice cold reversal stocks loose team this afternoon. A nine hundred point gain for the Dow evaporates. We're going to have to restart that economy with enough to restart a lot of systems that we shut down new information tonight. New York Governor Andrew CUOMO'S PLAN TO RESTART BUSINESS LONGER. It lasts the more disruption. There will be in the harder it will be to come back and the sobering reality of death. Illness and job cuts tonight. How three religious leaders are dealing with unprecedented fear and prices this CNBC special report markets in turmoil begins right now. Here's Scott Wapner good to have you with us yet again tonight. We do start this evening with a look at futures which right now are slightly lower in early trading. You could see after that big give back towards the close stocks did suffer a major reversal. I do mean major. The Dow is up nine hundred points at one point today. Sold off into the close to finish in the red a similar story for the SNP and the Nasdaq after big gains both finished the session lower. Shannon's Akasha is chief investment officer with Boston. Private Wealth Steve Weiss's founder and managing partner of Short Hills capital both. Cnbc contributor is good to see both this evening Shannon. I begin with you. What do you make of the big give back in the fact that we were up nine hundred closed? Negative profit taking this afternoon. That's clearly what was on the table if you look at the buys. Yesterday a lot of people are looking to to grab travel and tourism stocks a retail stocks. There was an enthusiasm there that we were going to come out of this and that the positive data that we saw of New York in particular over the weekend was going to extend and actually compress the duration of this curve. And so today. I think what you saw this afternoon was there have been a lot of investors who held this prior to corona virus. Who held these travel and tourism names who've hung on for a better exit point retail names the same thing and I think you saw that this afternoon. Steve Weiss what are the last couple of days? Tell us if anything about where this market is heading. I've been consistent with saying that. I think the bottom was in. I still believe that. The market really defies analysis traits more on emotion and more than words. It's more linked in my view to what governor Komo's saying because he's at Ground Zero. New York's been the most effective but I think the conversation now is turning to okay. What happens in the aftermath? We're taking for granted at this point to where at least comes into conscious that may be in a month. We'll go back to work but then what happens. People go back to work and does the virus come back. So that's what you're looking at right. Now that's what I was looking at. I think champs correct. I didn't get involved in travel stocks for obvious reasons that I was going to take profits this afternoon after an exceptionally strong day yesterday and the mark fouls pattern. It's risk Friday because you worry about really bad news over the weekend risk comes back on and then you take profits big money where he again. It's that kind of market Shannon. Do YOU AGREE WITH STEVE. Wife's that the bottom is in that we won't retest the lows. I don't think we can say that just yet. We're in this vacuum of information over the course of this week. We're looking just at virus data. We've got earning season starting next week. Scott and we're going to get some really great data about what companies are seeing in their businesses and some of that could be really dire news so I don't I can't say that just yet so we're waiting for earnings season to get more information. We'll see you guys on the halftime report. One day soon. Thank you so much in Secaucus. Kosheh Steve Weiss with us. Let's turn to Dr Scott Gottlieb now the former FDA commissioner and CNBC contributor adding a new title today officially joining Maryland Governor. Larry Hogan's Corona Virus Response Team Doctors. Good to see you. My Home State is in good hands this evening. Thank you let me talk to talk to you about the market clearly rallying yesterday and in some respects for the better part of today on these improving numbers specifically out of New York. Are you as optimistic as the market is suggesting well? The numbers are improving. We should acknowledge that. The numbers of New York that cities probably going to be entering plateau. They'll bounce around the top for some days and then they'll start to come down but by next week we might see the number of new cases. Starting to decline hospitalizations will contain increase for a couple of weeks but the new cases will start to decline. That's true of most of the north and the Northeast as well as Pacific northwest which has been declining over a longer period of time. I'm still in cases in the southeast Florida. Reaching fifteen thousand cases Louisiana sixteen thousand cases. The hot spots in both of those states. Miami in Florida New Orleans in Louisiana are doubling every two to four days right now so there's still rapid growth in cases in those two states and I still think Georgia and Texas remained question marks that you haven't seen acceleration in cases in those states. But they're still under testing and you see hospitalizations going up. There's still some concern so we're not out of the woods yet. But I think we're starting to see the light. At the end of the tunnel in terms of wetness epidemics. GonNa peak nationally and where we can start to contemplate releasing some of these really onerous population-based mitigation tactics and we've been following basically keeping people in their homes. We'll make that transition and may I think there's still a lot of uncertainty going forward. What happens in June and in what happens again in August and I'm not sure the market's really anticipating that I think that there's a lot more uncertainty around what the fall looks like when people are really starting to factor in right now. I'm wondering how you're thinking about the numbers themselves and if you think we can truly trust them. There are some alarming reports. Tonight that a lot of people are dying at home and not in the hospital. Therefore they're not being counted in the official numbers. What are your insights on that? I think most deaths in this country get reported and the closet delegates reported. I'd be very surprised if there is any kind of dramatic under reporting in the US. Right now it is. True that systems are overwhelmed is going to be under reporting on the margins at hospitals outside the hospital setting. We're clearly not diagnosing all the infections. There's a lot of infections happening in the community. That aren't making into official statistics. There was a study out in the British Medical Journal. Today saying that as many as four or five cases maybe eight symptomatic cases. That's high relative to other analyses but we also know that there's probably a lot of asymmetric infection that's occurring that we're not counting so the number of cases higher probably there are some deaths that aren't getting reported. There were some early desperately that weren't reported but by and large I think hospitalizations people who are infected in hospitalized and people who come to the infection I think those are by and large making it into the official statistics. That's why when we look at trying to track what the scope of an outbreak or epidemic in state the first thing to look at his hospitalizations because people who get hospitalized with the infection are going to get counted more reliably than people who are just diagnosed with infection and might be at home speaking of hospitalizations now half of where they were a week ago in New York the number of ICU trips are down. That significant can we for the first time. Doctors say that the curve is indeed flattening tonight. I think the curve is starting to flat and I don't think we're quite there yet but you fit a line to a curve and generally reliable when you do this kind of modeling and unless we really did something to pull back the measures that are now implemented which we're not GONNA do we're GonNa continue with the measures until we see a real trend unless we were to pull back right now. I think the trends are going.

CNBC Steve Weiss Scott Wapner New York official Katie Kramer Wuhan Shannon NBC British Medical Journal SNP governor Komo Dr Scott Gottlieb Illness producer Secaucus
"katie kramer" Discussed on Squawk Pod

Squawk Pod

09:09 min | 1 year ago

"katie kramer" Discussed on Squawk Pod

"I I'M NBC producer. Katie Kramer one of the voices behind the CNBC podcast squawk pot. In these times of uncertainty. We WanNa make sure we're bringing you our listeners. As much information as possible as quickly as we can. That's why we're sharing with you now. See Special report markets in turmoil. Listen and good evening everyone. I'm Tyler Mathisen on day. Ninety nine of the corona virus crisis stocks surging today all major indexes up seven percent but this virus has now killed more than ten thousand American. Wow what a market date star search if we're plateauing we're plateauing at a very high level. Trend trackers show signs of peak is near looking at a decline in GDP thirty percent. But it's clear the damage has been done and big risks remain as the crisis continues this is a CNBC special report markets in turmoil. Here's Tyler Mathisen and good evening once again after a major update for stocks. Let's start right now with a look at where the future stand remember. These futures are very volatile at this hour. And you can see that. The implied open tomorrow for all three of the major indexes is lower at this hour but that can change obviously in the blink of an eye. Let's talk about the Dow. The S&P Nasdaq. They were all way up today. All three indexes rising seven percent but each index. Don't forget this. How could you is still down big from those highs of just two and a half from their highs just two and a half about a couple of months ago the Nasdaq now. Nineteen point five percent below. Its I the S. and P. Five hundred twenty one point five percent off of its back in February and the Dow twenty three percent off the high from mid February. What does the optimism in the markets today J. P. Morgan's CEO Jamie Dimon warning shareholders in a letter about the economic impact? This virus will have diamond writes quote. We don't know exactly what the future will hold. But at a minimum we assume it will include a bad recession combined with some kind of financial stress similar to the global financial crisis of two thousand eight. Let's bring in CNBC. Contributor and halftime report traitor Surat city of Douglas Lane and associates and Kristina Hooper chief global market strategist with INVESCO. Welcome to both of you. Surat let me start with you. What kind of encouragement do you take from today? And the past several days now that that March twenty third bottom is a full two weeks behind us. I think what we're looking for. We got today was a little bit of good news the flattening of the curve. I think that's what investors were looking for. There was so much negative news that we were having of last couple of weeks and as we go into the next couple of weeks we know the news is not gonNa be good. We know that earnings are going to come out in a pretty disappointing way in guidance is going to be pretty dismal so I think what we needed was to say okay. We've got to crisis here humanitarian crisis and a financial crisis. We know that we can get through the financial crisis but we needed something and we got a little bit of it today but we need more. We need a therapeutic. We need a vaccine and I think the markets Kinda took a breather on the positive. But I think we've got a long way to go and Christina. What are your thoughts here? Is this a bottom in the market that we can trust or potentially a false bottom Arabia's? He's not going to move right. The reality of you need and how how Working Polity Working Committee talked. Not on the last several weeks. We've got monetary policy. We got this tossing United States and get news about actually being lowered here telling us three man that was seen off your nation for conference not looking to be slope shirtless rather jacket. But we do have pencil for Nice Christina. Thank you very much Surat. Let's turn to what you mentioned just a moment ago. And that is that in just a few days we're going to start to see some earnings numbers coming out of American and global corporations. What do you expect to hear here? And maybe even more tellingly. What do you expect to hear? By Way of commentary guidance. I think a couple of things one is water company seeing on the ground in terms of demand and then I think the important thing that everybody's going to be focused on cash flow and balance sheet. And how we're GONNA companies survive of the next couple of quarters when they know for the first time that revenue drops so drastically and I think those are the key things to watch for us to get a bottom of this market Sarah. Thank you very much Kristina Hooper. Thank you throughout this. That said and Kristina. Hooper joining us. Tonight well a short time ago. President trump once again warned Americans that about the difficult times that lie ahead. We're going to have a rough week. We're going to have maybe a little more than a week and but this tremendous light at the end of that tunnel. We say getting back to normal. We mean something very different from what we're going through right now because right. Now we are in a very intense mitigation. When we get back to normal we will go back gradually to the point where we can function as a society. But you're absolutely right. I mean if you WANNA get to pre corona virus that might not ever happen the sense of the fact that the threat is there. But I believe with the therapies that will becoming online with the fact that I feel confident that over a period of time. We will get a good vaccine that we will never have to get back to where we are right back now so that means getting back to normal. Then we'll get back to normal. I think we can get more than back to normal from an economic Sam would actually be better but more than back to normal but I I would agree that Would love to see a vaccine but immediately would love to see a therapeutic. And I think we're getting very close but we also heard today from New York Governor Andrew Cuomo at his daily briefing offering some glimmer of hope that his State may too soon turned the corner. Total number of hospitalizations or down the ICU. Admissions down and daily intimations down. Those are all good signs and again would suggest a possible flattening of the curve. Well earlier today. President trump did hold a call with the CEOS of four big biotech companies hoping to smooth the way for a treatment for the virus. May Terrell is with US tonight. Meg what can you tell us? Height? However we understand it wasn't just president but also the vice president the Commissioner of the FDA Dr Steven Hahn and others from the White House on this call there were executives from four major biotech companies on this call as well the CEOS from Amgen genentech which is a part of Roche a Gilead and the chief scientific officer and Co founder of regeneration. Now all of these companies are working on different therapies. Four Kovic nine thousand nine hundred and some of them have repurpose drugs that they're testing for them. Including Ron and rochas genetic testing rheumatoid arthritis drugs severest patients to try to tamp down the lung inflammation that you see in those cases. Gilead of course has the antiviral drug Desa Vir for which were waiting. The initial data in just a few weeks and Amazon has just launched a project as well so all of these companies in the midst of this saying that we're hearing from the call that the president expressed his appreciation for the progress that they're made in promised that the government would be a helpful partner for them and also hearing that the company's thanked the president for directing the administration to cut the red tape to help facilitate getting these drugs through the process and potentially out to market. Well Dr Scott Gottlieb know something about that is the former FDA commissioner and he joins US tonight. Dr Gotlib. Thanks for joining us. You wrote about this and the Wall Street Journal just yesterday. Op Ed piece where you said. This is the headline on the peace. Antivirals and antibody therapies are showing promise the FDA needs to step up its pace. How can the FDA.

president CNBC Kristina Hooper Tyler Mathisen FDA Surat United States trump Katie Kramer NBC Wall Street Journal Desa Vir Dr Scott Gottlieb Jamie Dimon producer US
Paul Tudor Jones — who called the 1987 crash — says don’t think of coronavirus as a ‘pandemic Godzilla'

Squawk Pod

01:00 min | 1 year ago

Paul Tudor Jones — who called the 1987 crash — says don’t think of coronavirus as a ‘pandemic Godzilla'

"This clock pod. I'm CNBC producer. Katie Kramer on our podcast. Today Paul Tudor Jones. We got to be careful. Not To myth. Fowler is this into the pandemic Godzilla because we can beat this thing. We're going to squash it and send it back to the oblivion that crawled out of the Hedge Fund Titan and philanthropist was the first money manager to tell CNBC that he was concerned about the corona virus back in January today. How he feels about his future telling abilities water damn mess contending with the unprecedented shock of a pandemic to the economy. Investors can take heart that we've counteracted this existential shock with the greatest fiscal monetary. Bazooka it's not even a bazooka. It's more like a nuclear bomb and the rocky road. I'm much more nervous about the loss of life that could come with a fifteen or twenty percent unemployment rate. Then I am at the loss of light comes with CD.

Cnbc Paul Tudor Jones Hedge Fund Titan Katie Kramer Fowler Producer
"katie kramer" Discussed on Squawk Pod

Squawk Pod

08:58 min | 1 year ago

"katie kramer" Discussed on Squawk Pod

"Squawk pod. The Corona virus is shaking the world. The president is planning a stimulus and the markets are all over the place. We were sitting at all time highs on February nineteenth. We've come down nineteen trading days the Saudi Russian split CNBC Contributor Halima craft on. What's at stake in an all out oil price war there? We're getting to that type of situation where the Russians are essentially saying. We're going to target sale. We want Shelter Rollover I. This could be extended downturn in twenty twenty thirty seven years of market drama experience Ariel investments chairman John Rogers. We're there eighty-seven buying bargains during that crisis. We were there in two thousand eight early. Two thousand nine buying bargains. We think this is the opportunity to buy those stories. Plus what's a hoped-for recovery without some alphabet soup? Is this a you? Recovery is at a lower case fee or an upper case fate. I'm CNBC producer. Katie Kramer. It's Tuesday march tenth. Twenty twenty squad. Pod Begins Right now becky by in three two one good morning everybody. Welcome to Squawk box here on. Cnbc we're live from the Nasdaq market site in Times Square. I'm becky quick along with Joe. Kernan and Andrew Ross Sorkin. Our Guest House is Joe. Terranova from verdicts investment partners. He's also a CNBC contributor. And it's great to see you here. This morning Becky I step on the pod market turmoil again today Tuesday. Us stock markets are pointing to something a rebound after a two thousand point drop Monday. The steepest single-day declines the two thousand eight financial crisis and historic decimation of oil prices. The Dow S and P and Nasdaq each fell more than seven percent. Monday and the speed of the decline kicked in circuit breakers a literal halt to the markets just as the trading again. Here's what that sounded like on the floor of the New York Stock Exchange live on. Cnbc up there you see See the cessation in Texas circuit breaker whom the bell tolls trigger. That was the first time since. Nineteen ninety-seven that circuit breakers kicked in an effort to slow down some of the panicked selling the garden variety corrections twelve and we got a pandemic. What what's what's a decent We're about maybe towards got an additional eighteen or nineteen percent yesterday. Ah Eighteen or nineteen you once again. If it goes from Europe a thousand a day you will once again be the call of the bottom you will be. I'll be right there and I wouldn't be surprised but it's just consensus. It's just it's just a feeling that everyone has at the same time that you express that's all it is and that many times. That is a contrarian indicator but I don't know what do you more to go or well. I understand the focus on the equities market. It's right Connotes going to default Treasury Yields Treasury yields they're zero yields have been the leading indicators where equities are going. I think yesterday we got four. We got down to thirty one points yesterday. Okay we are now back to seventy two basis points which is exactly where we were on Friday so that is a very indicator and treasury yields have been leading the equities market and all risk assets since the middle of January if you go back to January fourteenth January thirty first while the equities market wasn't concerned about the corona virus and potential spreads the United States. What was telegraphed at that? Point Treasury yields that were melting. Lower financials at that point topped out. I think the first place that you have to identify if you're going to see stability and I like what I saw yesterday from yields. It's the velocity of these moves. That's been so shocking to kind of watch all time highs on February nineteenth. We've come down. Nineteen trading days twelve trading day. So there's been five instances on Becky's point in terms of velocity where you've experienced during the course of one week a decline of greater than ten percent. Obviously the largest one was. You were down eighteen percent from October. Sixth the Vo Eight to October Tenth of Oh Eight. The other instances obviously or eighty seven two thousand and two thousand one. You lost eleven percent in the last week of February so the question becomes everyone believes in Aviv recovery. And if you look back. At all these instances all these instances there is a recovery. You have to identify you have to identify is it. Is it a lower case fee or an upper case fate? And that's the question so I I saw some nuts yesterday at least in some industries where people are asking. Is this a you recovery for these particular industries where there's a big fear factor so the u? Recovery really only happened after two thousand two thousand one because you had the DOT com bubble burst cruise ships again anytime soon but you had the DOT com bubble burst. Then you have the experience of nine eleven and then you had that you recovery. That's multi years to recover eighty-seven it took two years to recover and an OA. It took five years to recover the experience. I think most people are trying to identify with right now. Is December of two thousand eighteen? That's okay five months to recover so markets are moving much faster. I think we're getting acclimated to a different type of marketplace. And let's understand this biological in nature but let me ask you. We've never experienced. Ask You this the question that we yesterday that I still don't know the answer to which is what do you think? The markets think in terms of duration and extent scale of the problem here in terms not necessarily of the health scare unto itself which is real but the fear factor and how many people are not going to either be going to work. You're going to restaurants getting on the plane and you know markets discount. Things that you're saying here is what we've been talking about for three weeks winning but we haven't but I would argue that up until the past week. There was a view that somehow it was not gonNA come here in some meaningful way. We'll see an escalation in the number of cases that are reported here in the United States where I see an escalation on desensitized to that but I think for the investor at home. There's an interesting perspective here of how you have to treat this because it is happening so fast you have to have the Warren Buffett mentality and treat all of this as a passive investment. Let me explain what I mean by that. If you're invested in private equity right now are you seeing? Is it visible to you? What's going on in your investments? It's not if I said to you Andrew. Your House is going to decline ten percent over the next week and then in the following three months could go down another ten percent. And you're GONNA say Joel. I'm going to sell my house so I think the investor at home has to understand this intrigue it passively and I think we're becoming more financially literate that we're getting to that place. The markets get emotional and we emotional. What's our total number of cases? Everybody that walks by me. I think Scott now I mean I want I don't want anyone coming via there's five hundred out of opted all of my freakish sort of Dan's washing and pure rally. Have you seen video of toilet paper? What's what's the toilet paper. Things run out of other things that make do with food waters. Some you know toilet paper. That's the because there were shortages in Japan because we watched it play out. In case instance. All right I'll figure something out. President trump now says he's going to be meeting with Senate and House Republicans today. The ones that aren't self porn TND to discuss a possible tax relief. Measure in response to the corona virus. We're seeing the Senate is going to be meeting with house. Republicans Mitch McConnell Everybody and discussing possible payroll tax cut or relief substantial relief very substantial relief. That's a big. That's a big number We're also going to be talking about hourly wage earners getting Help so that they can be in a position. Where the not gonNA ever miss a Paycheck Wall Street Journal reports Peter Navarro and Jared Kushner pushing for a payroll tax cut. Now while Larry Kudlow and Treasury Secretary Manucher calling for targeted measures aimed at helping workers without sick leave and businesses facing virus related disruption and latter camp payroll tax. Doesn't help anybody. Who is not getting paid? Because they're staying home because they're suddenly their tips have disappeared or anything else. But that's how I make Jason for making that case says so they tried. They did this back when when he was advising. President Obama. Wish it had done more. Maybe all of these things I mean. I still think that we're going to have a conversation about bailouts of industries. That hasn't even begun yet. But I think you're GONNA get targeted.

Cnbc United States president Becky Senate Joe John Rogers Europe Treasury Ariel Wall Street Journal Katie Kramer chairman Larry Kudlow Texas Warren Buffett
"katie kramer" Discussed on Squawk Pod

Squawk Pod

08:49 min | 1 year ago

"katie kramer" Discussed on Squawk Pod

"Squawk Pod Wall Street weathered its worst day in two years but Mohammed Al Arian urges investors to show restraint. Continue to resist as hot as that is simply because it has worked in the park shipping pains the head of the port of Los Angeles Gauges fall out as the corona virus spreads. What we're seeing right now is forty cancelled sailings and that would amount to about twenty five percent of our normal shift calls during this time post lunar and Warren Buffett one of the world's most famous investors on when you know. It's too risky to jump in your often quoted as saying that you don't know swimming naked. Goes you get the sense with a high tide right now? There's a lot of skinny dog allowing people to borrow money on much weaker terms than we were five years ago. You can hear more of Becky. Quicks thoughts only on this podcast. He's pretty biblical when it comes to how he views the world. I'm CNBC producer. Katie Kramer. It's Tuesday February. Twenty Fifth Twenty twenty. Squawk pod begins right now becky by in three two one good morning everyone welcome to squawk box on CNBC. We are live from the Nasdaq market site in Times Square. I'm becky quick. Along with joker and Andrew Ross Sorkin our guest host is Surat Sethi from Douglas. Lane and associates could see this morning. Glad to have you with US first up on today's podcast coming back from a rough trading day Wall Street woke up with a black eye. This Tuesday morning. Maybe a couple black eyes this morning. That was after Wall Street's biggest one day loss in two years. The Dow Jones Industrial Average saw its worst day since February of two thousand eighteen the S. and P. Five hundred same deal. Monday was the second worst day for that index ever the aggregate market loss on Monday totaled nine hundred twenty seven billion dollars pushing both the Dow and the into negative territory for twenty twenty about a month after the initial corona virus. Outbreak Mohamed El area and told us that he would advise resisting the temptation to buy the initial coronavirus dip. That was back on February third. The corner virus is different. It is big is going to paralyze. China is going to cascade who are the global economy and importantly it cannot be counted as I just noted by Central Bank policies. So I think we should pay more attention to this and we who try and resist inclination to buy the dip joining us down the Squawk newsline is Mohammed Al Area `alliance Chief Economic Advisor Muhammad Reflecting. Back on those comments. They were present at the time. There's still a lot. We don't know about this virus. What what would you tell people at this point in terms of the stock market? How would they continue to resist as hot as that is to simply by the dip because it has worked in the past as you say becky uncertainty three? I'm these one is the short-term uncertainties. How quickly can we contain this virus? How quickly can be verse? Economic Effects. Second longer-term uncertainty? What does it do to China to element process? What does it do to the process of globalization and finally there's a whole host of uncertainties related to initial conditions? The global economy wasn't in a great place to begin with and mock. It had been decoupled in terms of valuations Fundamental so I think a lot of uncertainties out there. I understand the clinician to buy on the dip. I understand that the cost of this resistance. What market is to bounce up? Because that's what it's been conditioned to do but I stress this is different. Everything comes down to price though. Correct mom I mean I would assume there would be some point. Would you say it's Okay. To Buy on the dip. Is that ten percent. Pullback fifteen percent pullback is there a point where you say okay there there has to be some value here now if Richard Panik levels of course I mean you know valuations matter a great deal remember? The the consensus recommendation was not only buy on the dip. But by the markets that have lack by emerging markets. So let's look what has happened since the highs We are in the US. We all five percent ten percent so yes they'll come a time not only to buy the dip but the coming time to the markets that have lacked just not at these valuations yet Muhammad. What I mean this is your such difficult things to track your an incredible economist. But we're all trying to figure out now with epidemiology as of this virus. What countries are doing behind the scenes with the political implications are? How do you try and some this upper you stay out of it and say it's too complicated right now no I? I do a lot of a lot of research. I talked to a lot of people. I'm the medical profession. Would caution you tell you. We don't quite understand this virus yet. There's lots of uncertainties I look at the economics. We having discussed skating economic. Stop US asked. Will he go on holiday to Italy again? Now he's GonNa wait so we're GONNA have a lot of risk aversion on the part of economic actors It's GonNa take time Becky. So yes. There's so many uncertainties and what you've got to do is collect data and try to put a picture together and that picture very murky right now. Who the World Health Organization is still saying right now? This is not a pandemic but when you have outbreaks that were watching in Italy Iran in South Korea and now the the threat level in Korea has been raised to read. What does that mean do? Do you think there should be a situation where we are shutting down travel between countries. And that's that's the globalization question And that question is out that we we've already issued a travel alert on career today. So you know people are thinking about about this. It is D- globalization shock and unlike an economics financial sutton stock economics sudden stops. A hot spot. I've seen it because I worked on small developing countries. Where these things happen. They don't tend to happen in the second largest economy in the world so this is consequential And it's we're GONNA LEARN A lot. I would just caution so much uncertainty right now. That if you'RE GONNA buy this dip make sure you focus on companies with very strong balance sheets a business model. That's robust enough to Global Recession and the related to move quickly. You know there are companies that are going to make sense that are gonNA get hit like others. But don't deserve to be hit but selective game is not going out and buying the indices and especially not the indices into multiple economy economies. When you look forward what are some of the things you're looking for is indications? That things are stabilizing. We're going to get better. Well what are a couple of things that we should look for that that we haven't seen yet so first understanding. What exactly is this virus? And how do you contain it We haven't gotten there yet. So Basic Medical Inflammation secondly the confidence of people to engage look at China. The government is ordering people back to work and we're getting twenty to thirty percent of the people turning up so massive risk aversion because this is unknown the behavioral scientists will tell you that when you shock us with something that takes us out of a comfort zone. It takes time to get back to normal activity so the second thing I'm GonNa look at it and then the third thing I'm GonNa go cat is how much damage have. We created two companies that were vulnerable. WanNa thank you for your time. We always appreciate talking to you and we will see you again very soon. Thank you becky. Some breaking news just in from Mastercard. The company says that Chief Product Officer. Michael me back is going to become the new. Ceo Next January first the Currency Agyei bound is going to be transitioning to the role of executive chairman at that time. Of course we should point out during. Oj's tenure that stock has increased more than fourteen fold prior to assuming the CEO role me box going to become the president of Mastercard. And that's going to be happening on March first. All of this comes of course. Just a day after mastercard warned that its revenue could take a two to three percent. Hit this quarter because of the corona virus. Some of the things that they talked about in that released last night That concerned the markets is not only a slowdown in terms of cross-border Travel that's taking place but also cross-border e-commerce people being afraid to even buy things and have it shipped here as well. You know you know the story of the stories in amazing storage. I mean his own personal stories in amazing story. But what's happened mastercard? Over these years is an amazing.

Becky Mastercard China US Fifth Twenty twenty CNBC Mohammed Al Arian Warren Buffett Los Angeles Gauges Katie Kramer Ceo Richard Panik Muhammad World Health Organization Mohammed Al Italy
"katie kramer" Discussed on Squawk Pod

Squawk Pod

08:47 min | 1 year ago

"katie kramer" Discussed on Squawk Pod

"This. CNBC podcast is brought to you by TD. ameritrade investing isn't one-size-fits-all. Every investor has a unique style. That's why TD ameritrade offers. Oh I two different mobile APPS. There's TD ameritrade mobile which lets you manage your portfolio streamline. Simplicity or thinker Swim Mobile. which gives you tools? You need need for more. Advanced Trades and in-depth analysis visit td Ameritrade dot com slash APPs to find the one. That's right for you once again. That's TD AMERITRADE DOT com slash APPs members ABC. Welcome back to Squawk at The World Economic Forum was founded fifty years ago established on the premise. That business should serve all stakeholders meaning. Employees Toyota is customers communities and yes shareholders. But it's not just for CEOS previous attendees have included His Royal Highness Prince William Bonneau now President Donald Trump and Jane Goodall. Who's conversation with Andrew? Ross Sorkin is in Monday. sparkplug shameless this year. President Trump delivered the opening address. The trump taking the stage for special congratulations on your fiftieth year hosting the annual meeting of the World Economic Forum truly amazing achievement. And he's just one of around three thousand people at this conference. An elite three thousand. It's a star studded crowd and a breathtaking backdrop. But what goes on behind the Glamour while I'm here at CNBC's headquarters which is a New Jersey if y Katie creamer. You're usual. Host is in Switzerland and with the anchors and a very special production. She will be taking us behind the scenes and sounds of Davos twenty twenty this whole week. Hi this is Katie Kramer from the World Economic Forum in Davos Switzerland just to tell you a little bit about. What squawk box does when we're on site here in Davos? We're on the roof of the Congress Center which is where all the action happens of the forty nine year old World Economic Forum every day and we broadcast our live. US morning show here in the middle of the day between gene about noon and three PM. Beautiful Setting in Davos we have snow. Capped out behind US evergreen trees. It's freezing and we're doing it all outside so I will bring you a little bit of context and a little bit of information from Becky. Quick and Joe Kernan who had had a long day a long day in the Alpine Colt speaking of that long day when the broadcast ended the team wasn't even finished. They stayed late for this podcast. Which means four plus hours without a break longer than your average commercial and yup no bathroom earnings Joe Becky and Katie debriefed conversation with Carlisle? Group CO founder. David Rubenstein if you listen closely you can hear the Alpine wind behind them mm-hmm but you won't hear Andrew. He left the show mid broadcast to host a panel and deliver even more once in a year content for CNBC's viewers you you podcast listeners. And his near times deal book readers. I think what's actually funny is the themes that the World Economic Forum puts out is is being the important themes for the week are not the things that people actually end up talking about when they're not sitting on the panels in front of the stage in front of the group here Corporate Responsibility. I feel like we've touched etched on that in some places today but really so much of what we ended up talking about is the global economy. How that's going and how things probably are going to improve this year? Just just based on the idea that the top two economies in the world China and the United States in reverse order are are are now seeming to get along much better than that creates less friction among so how many of the other countries that are each of their spheres. which are so reliant on how those two countries do in terms of their own growth if China and the United States can get along the little better and clear up the outlook not only for other countries but other companies as well that could portend a much better for the year ahead came in this morning? First thing I said to everyone one in the tenth was it's my fervent. Wish that this entire form here could get back to being what it's supposed to be an and economic forum. I want to talk about business. I WanNa talk about innovation. I WanNA talk about technology. I WanNa talk about competition. I WanNa talk about all these things that get lost in the woke. Es Sustainability sort of obsession that millennials or whomever you WANNA blame it on. I mean that Davos has always always been whatever the flavor Du jour is it was in an income inequality from all the guys come bringing their corporate jets here. So they've always been tone deaf and always been high-minded minded in sanctimonious and once again. I thought that's what I was pleasantly surprised right from the get-go that everyone wanted to talk about the United States economy and what the global economy economy might be able to learn from the way we've differentiated in distinguish ourselves and in the United States. So I was pleasantly surprised and it didn't even mind for hours today. Today and president trump addressed the did and was well received and it's a far cry from two years ago when he still had the star power. But but I think I think there are a lot of question marks about whether it was going to work in an even Andrew acknowledged that in hindsight now it was a pretty good reception because it just is what it is. The United United States is the strongest economy in the envy of the world. Right right one question David Rubenstein just because we had him on for a few minutes and he's obviously a global investor and works with companies all over for the world who is in a unique position to understand how the American economy is being perceived globally. Did you get any messages from him. Particularly about optimism from global companies or concerns in global companies. He isn't willing to draw a line between trump and what's happening in the United States is for whatever reason season the. US economy is where it is right now whether it's trump or whether it was set up from said that some of them I don't WanNA trumpet. I'M NOT GONNA trumpet. Trump the actually said that but he also said look a lot of president. Trump's policies are responsible. Yes that we have are in David. I know him and grudgingly he. He's saying those things but it has to be acknowledged that he did and and the one thing he did acknowledge businesses good for for From Carlisle and for others. Now no we heard about riding a horse. Just you got to know window. Slow it down and get off and I mean I think that's in the back of everyone's mind because it just seems like it seems like it's too good to be true right now at this expanse of which worries me too because generally generally when we come to Davos and we hear a lot of people saying great things in quick succession after that there's always some sort of the economy or stock market that takes place around. There's IT gets right. Usually account or enter indicator can. There's a lot of optimism that we've heard here so here so far But they're they're there are real reasons for it and kind of Po Point back to corporate profits to plans that economies have to the removal of some big overhangs. That have been with us For the last year or longer you're those are the type of things that people are feeling pretty good about right now here. Here's Joe kicking off. The conversation with David Rubenstein the Carlisle Group Co founder and Co Executive Kim Chairman. You're a journalist in an interviewer. I want you to interview or being becky here now. What okay now? The only problem is you have real world experience a lot of things. Do you have to totally forget everything you know in the real world to be effective journalists because I have to no. I don't think so you just have to use your common sense. Good judgment little kidding. None of us. I know of ever done anything but this anyway is the state of the king. We're going to interview you again. But we can. It can be a free happy happy interview. It can be a free exchange. Let's do it that way. So we've had Paul Tudor Jones and Ray Dally. Oh with the Plethora of issues that they say with the future whether it's debt or whether it's income inequality where are we really think objectively well as dizzy dean. The famous pitcher said you know. It's it's not really bragging if you actually deliver and so yes. There's some bragging about the economy but the economy's in really good shape so people who aren't happy with the president. They may not agree that some some of his policies work but some of these policies seem to be working. So I'm not saying I'm a supporter or detractor it is. I'm just saying that the policy seem to be working the US economies in reasonably good shape. Who who would have predicted a year ago that we'd be where we are today? Nobody would have probably so the economy's doing pretty well. They never stay strong for a long time. You never know but right now i. I don't see any prospect of a recession in twenty twenty and I also think unemployment's GonNa stay low. Interest.

US President Donald Trump Davos David Rubenstein TD ameritrade president CNBC Andrew Joe Becky ABC Switzerland Congress Center Toyota New Jersey Katie Kramer Ross Sorkin TD. CO founder
"katie kramer" Discussed on Squawk Pod

Squawk Pod

09:37 min | 1 year ago

"katie kramer" Discussed on Squawk Pod

"This CNBC podcast is brought to you by TD. AMERITRADE investing isn't one-size-fits-all every investor has a unique style. That's why TD Ameritrade our trade offers two different mobile APPs there's TD AMERITRADE mobile. Which lets you manage your portfolio with streamlined? Simplicity or thinker. Swim Mobile. which gives you tools as you need for more advanced trades an in-depth analysis visit td ameritrade dot com slash APPs to find the one? That's right for you once again. That's TD AMERITRADE AMERITRADE DOT com slash member SIPC bringing show musically this squawk pod the daily podcast brought to hugh by the team behind squawk box control to CNBC's essential morning show every day. Get the best stories. Debate and analysis from the biggest names in business and politics today on Squawk pod a timeless interview with conservationist and activist Jane Goodall from Twenty One thousand nine hundred World Economic Forum in Davos Switzerland. Let's go wrong they think. This is a disconnect between this clever into lay and love and compassion the human caused and Andrew Ross sorkin reflection election on that interview one year later just as this year's global conference gets underway. But it's very rare we're I'm sort of starstruck and I was genuinely starstruck by Jane Goodall that conversation exclusive to this podcast. I'm CNBC producer. Katie Kramer it's Monday January twentieth. Twenty twenty squad begins right after this this. CNBC podcast is brought to you by TD. AMERITRADE investing isn't one-size-fits-all every investor has a unique style. That's why TD AMERITRADE offers two different mobile APPs there's TD ameritrade mobile which lets you manage your portfolio with streamlined. Simplicity or thinker Swim Mobile Noble. which gives you tools? You need for more. Advanced Trades and in-depth analysis visit td Ameritrade dot com slash APPs to find the one. That's right for you once again. That's TD AMERITRADE DOT com slash APPs members ABC. This squad on today's episode. The World Economic Forum in Davos for forty plus years the world's leaders in business and politics had convened in the Swiss Alps for a whirlwind four days of meetings interviews panels and performances Andrew. Have you packed yet for Davos pact. That's actually this. After this project I caught up with Andrew just just before we both boarded a flight commercial to this year's World Economic Forum so Davos is the home of the World Economic Forum which has a long history. This is a group group that started in about nineteen seventy-one so almost fifty years of this global event for people who've never been there before. How would you describe it? What could you expect to see in terms of our our coverage this is the super bowl for business and policy leaders probably the greatest density of CEO's and government leaders in one place all traipsing through the snow together over the course of three or four days and a lot of the business leaders are engaging engaging conversations that are maybe a little bit different than what they're doing from a day to day basis we have a lot of discussions about about capitalism a lot of discussions about environmentalism mm-hmm about poverty around the world What kinds of conversations do you expect to hear? I think the single biggest topic you're going to hear about out this year is the idea of sustainability and. I know that is almost a cliche at this point. And it's a topic that's been addressed before Davos in really started To some degree at Davos however there is going to be a sea change in the way businesses operate and that real cost when when it comes to sustainability. You're looking at companies like Microsoft already that are charging their individual units for their carbon use. And I think you're gonNA see that in a very material way across the board so much of this is actually being led by Europe and some of the disclosure rules. And I think you're GonNa you start to see more and more disclosure around carbon emissions the cost of those emissions what companies are doing on. Es G. and it's just it's the the topic that is being talked about in the boardroom. Is it strange to talk about that. At a at a Swiss ski resort that people have to fly and in some cases take helicopters to get to. What's tell me about that? Disconnect people love to poke fun at Davos and think of it as you know speed dating and over Champagne. And everybody's flying there. I have never been fond of the argument that everybody should swim to Davos or otherwise. They're hypocrites if you really think about how. The dialogue and businesses changed around stakeholders and shareholders and purpose. And all of these things that have taken place place over the last twenty or thirty years they started Indaba. And so you know you can laugh if you want. But I I think that actually really the most meet some of the most meaningful decisions that are happening at the intersection of business and policy are happening there over the years. Joe Becky and Andrew have interviewed the likes of Bano J. P. Morgan Chase CEO Jamie Dimon His Royal Highness. Prince William the Secretary General Role of NATO and so many more but a consensus favorite for the squawk box behind the scenes team Andrews conversation with conservationist Jane Goodall at last year's event. Here's what Andrew told me about that interview a year later. Can we talk about what might have been my favorite interview that we did last year and that is with eighty five year old soon to be eighty six year old. Jane Goodall Maybe one of my most favorite interviews of my career. Oh that's awesome. I think definitely my most favorite image age. Somebody took a picture of me kissing. Jane's on head. Who took that picture Andrew? I think you did I did. Hey I think you did anyway. it's it's just it's an indelible image. I have long been a great admirer of Jane Goodall. Integrate I've had a great love affair with gorillas and monkeys and The environment and and being able to spend time with her and Talk to her about her own journey and how she sees the world today was really quite something. It was a very charming interaction. Action that you had with her I think that doesn't happen very often. When you're interviewing people especially the CEOS of the business leaders that we talked to in Davos you the other piece of it is? It's very rare and maybe I'm completely jaded but it's very rare. We're sort of starstruck and I was genuinely genuinely starstruck. Buy Jingle Jingle Bells raised about two hundred and fifty million dollars for her foundation for conservation work and environmental concerns and also also education about our planet and about The way we coexist with animals and I thought that message was actually really fascinating leading to bring to a meeting of the global elite. You know I think that what she does. She adds a sense sense of humanity empathy to a conversation among business leaders. That oftentimes missing that piece. Okay this is awesome. Thank you appreciate it. If you want to see that photo Andrew mentioned I wanNA kiss you. I'm telling you I've I'm GONNA catch you. We tweeted it out today with a link to this podcast follow us at squawk. CNBC anyway. The interview you're about to hear took place the same week as the launch of the Jane Goodall Legacy Foundation its purpose is to safeguard Goodell's lifetime work in conservation of animal habitats and the environment pretty fitting for what is sure to be a theme in Davos all those this year and the theme of few squawk pod episodes over the past week sustainability since launch. Jane Goodall Legacy Foundation has supported nearly five thousand projects and protected nearly two thousand acres of habitat around the world. Speaking of world travels. We learned a lot about Jane's life during that Twenty Nineteen Davos interview view including about Mr H. Her traveling companion. A toy stuffed primate brought a little something special to well. Mr H has been my travelling. MM companion for twenty eight years. He's been moved me to sixty four countries. Let includes North Korea he symbolizes the indomitable human spirit here on squawk. This conversation warms our hearts again and again. I hope you love it as much as we do. We have a very special guest. I I have to say selfishly. Actually I am thrilled to have this guest with us. Jane Goodall is here. Thank you for being here. You have now. Launched the Jane Goodall Legacy Foundation. Tell us what that's about. Well you you know. Ever since nineteen eighty six when I realized that the forests for going to numbers were dropping all the problems facing the chimp and soon after that began to understand the plight of so many of the African people living in and around forests who are cripplingly. Poor they don't have good health. Health education facilities and so raising money ended elephant program first of all around the bay area.

Jane Goodall Davos TD AMERITRADE Jane Goodall Legacy Foundation Andrew Ross sorkin CNBC Davos Switzerland Jane CEO Europe Swiss Alps ABC Microsoft Katie Kramer hugh North Korea
"katie kramer" Discussed on Squawk Pod

Squawk Pod

08:20 min | 1 year ago

"katie kramer" Discussed on Squawk Pod

"News Dylan Byers on. Who spending what where and how? It's impacting our democracy. Twitter was exerting too much much influence on the political process and Tesla's year in review vanity. Fair's Bethany McLean on the company's Teflon leader. I was thinking about that. March Wang quote reports parts of my death have been greatly exaggerated right. That should be musk's theme so those stories and many more on today's podcast I'm NBC producer. Katie Kramer it's Wednesday December eighteenth. The two thousand Nineteen Squawk pod begins right now Hubei and three two one good morning everybody. Welcome to Squawk box here on. CNBC NBC. We are live from the Nasdaq market site in Times Square. I'm becky quick along with Joe. Kernan and Andrew. Ross sorkin first up on the podcast today. The House of Representatives. This is getting set for a vote on whether to impeach the president last night. President trump sent a scathing letter to house speaker. Nancy Pelosi demanding that she quote immediately cease this impeachment impeachment fantasy ahead of this historic vote. We do have the results of a new CNBC. All America Economic Survey with questions on Peach Mint and the president's handling of the economy. Steve Policeman Leeson has the details on that. Good Morning. Good Morning Becky the nation is solidly split on the issue of impeachment is. The House moves towards the vote today. The all America Economic Survey Finds Forty four percent founded the public police. Congress should impeach president trump forty-five percent do not the poll of eight hundred Americans conducted last week as margin of error plus or minus three and a half percent. The split comes as a result of a deep partisan. Divide seventy eight percent Democrats favor. Appeasement eighty-three percent of Republicans oppose it. Independence oppose it by a forty six wchs to forty one percent margin some Americans though say they could change their mind. Four percent of those. who favoured appeasement are open minded or say they are as six percent of those who opposes so adding adding eleven percent who are on shore and you come up with one in five? Americans put all those three together could potentially be swayed on the issue. What's that foreign in sixty seven so those are separate? Oh four percent of those. Thank you for asking that. Sometimes I never know if they're Understandable these church with four percent of those who favor impeachment say say they could change their mind. Six percent of those votes could change in my than the eleven percent unsure. Set up to one in five Americans say they could potentially swayed on the now president trump's jumpsuit and overall approval ratings rebounded from a hit they took from the start of the impeachment process back in September. These numbers are astonishing. Forty nine percent of the public approves the president trump sadly the economy while forty percent disapprove. And that's a sharp rebound from the September survey which was taken you remember. Just as the impeachment process began the the president's economic approval numbers fell underwater for the first time forty nine percent disapproved job the president is doing overall and forty percent approve. It's still a net negative live of nine on the approval number but well improved from the net negative sixteen September. What's interesting about the Polish Americans? Making a distinction thirteen percent Stanton Moore Democrats and twelve percent more independence like the job the president's doing on the economy and they like the jobs doing overall kind of go back to September. What happened tendency timber to hurt some of his? I've been thinking about this a lot because you know I've been doing this for a long time. Sometimes you want to be on the news and maybe sometimes you don't. We came out with this poll or we went into the field just as the Democrats said they were going to the president. So what we picked up in this years ago three years ago the most recent Oh left. I'm sorry I get why we call it. The Old America survey though which was thirteen years years ago. You've told me that nobody could believe we were interviewing anybody but rich people and Wall Street. It's all in there but this is all American. Do with athletes. That's why we call it that the distinction that they make what happened to answer. The biggest question is that it was a visceral reaction where the president's economic approval numbers huge it and we said there was nothing going on with the guys if you don't mind very quickly that the the overall approval numbers they don't change very much. Watch this forty percent a Republican pollster. Yesterday we have a Republican. Democratic pollster said for as volatile presidency as this is the stability of the improvers. Disapproval is one of the most astonishing thing is it gets back to the idea of people digging trenches as versus the other base. And you. Don't you did not have that kind of stability in the in the Obama presidency. That's the only place that you see stability though it. It's interesting because you people are just so dead set on their beliefs on this entrenched there again. It's the tribalism playing out. It is fascinating becky. How narrow narrow the window is to get those majorities? If you notice there is not a majority pitchman. There's a dead split at forty four forty five in five Americans. Americans are in play here. We cannot underestimate the effect of that to sixty six on that Friday. And if that were to be the jobs number the for the two sixty six job number on Friday that that were to be reversed that command. Even the mainstream media picked up those numbers and that that was such a there are some wage gains and headlines gone and the economy is a three and a half which brought a fifty year lows with. You're gonNA hit the headlines. Joe Is absolutely right and jobs. Numbers have good headlines. The stock doc the shot for for a country. We're only like fifty or fifty. Five percent of the public owned stocks. The extent to which the stock market influences their views on the economy. Fifty fifty is that the six percent in the poll again. I'm jumping the gun on tomorrow. They see see those headlines and it sinks into their three percent for the about what they view on the economy and it also sinks into their views on how much they should spend I for the holidays tomorrow. Tomorrow's tomorrow thank you. We work has reportedly secured a financial lifeline. This time from Goldman Sachs. The bank said to be giving the struggling office sharing company a new line line of credit worth nearly one point. Eight billion dollars. Now this is part of soft bank's bailout four. We work. That was announced in October. Should say some some of this though is secured in a way that my understanding of it puts Goldman at the top of the stack in terms of in terms of getting the buildings in terms of as a creditor women because remember we were doing on the buildings on some of them. I thought I thought Adam Newman but but but I think that what you're talking about here is I think it's actually. I don't know the specifics of how it's detailed but in terms of the credit stack they go. I heard you become the I don't know by the way. Maybe maybe there's some guarantee against Softbank itself. I don't know but what I was gonNA suggest is unless you unless you fundamentally think that we work worth zero. You'd be an underlying business there that you would get there's gotta be assets related really. That's what I wonder. What are the assets? If it's not the buildings that it's it's a good question. It's a very good question. But somebody's believing something here because one point eight billion dollars not nothing. That's why I wonder if you're right about Softbank. Bank guaranteed lillies. CEO's firing back at presidential candidate. Elizabeth Warren the senator released a survey on Monday. That found eighty three percent of pharmacies did not have lillies cheaper. Insulin and in some cases pharmacists did not inform customers that a cheaper version was available. Oh speaking with Jim Cramer on mad Monday. I'm Ed many yesterday. Lily See David. rix disputed the senators accusation. That drugmaker failed on. Its pledge to provide patients with lower priced insulin. That's not sit so it's only one hundred of them will look. I haven't read the details of the report. I read their press release. I can tell you what the facts are today. Many policymakers encouraged us to just lower the price of insulin. We did that. We launched a half price of our best selling product act but only one out of four Americans with party coverage and in commercial coverage next year. We'll have access to this. This doesn't show that we didn't try. We did try. You can order this product today from your pharmacy. This shows what's broken in the rest of the pharmaceutical system..

president trump Bethany McLean CNBC Twitter Democrats Hubei Dylan Byers Joe Tesla Katie Kramer House of Representatives Nancy Pelosi Wang musk Times Square Softbank Steve Policeman Leeson
"katie kramer" Discussed on Squawk Pod

Squawk Pod

08:15 min | 1 year ago

"katie kramer" Discussed on Squawk Pod

"Squawk Pod to CEO Stories. CVS Health's leader. Larry Merlo we have an opportunity. Putting the consumer at the center of our strategy to transform the way healthcare is delivered in our country trick and United Airlines announcing a change at the top. This was a clown. Car of ineptitude when Oscar Munoz took over hedge fund manager Kyle Bass says China doesn't need loans from the World Bank the largest strategic military competitor in the world that the US has we keep giving them billions of dollars. It's crazy and artificial intelligence change. The workforce workforce we have to use machines and use algorithms not only to learn but to conduct this. I'm CNBC producer. Katie Kramer it's Thursday first day December. Fifth Two Thousand Nineteen Squawk Pod figgins right now three one good morning everybody welcomed Squawk box here on CNBC. We are live from the Nasdaq market site in Times Square. I'm becky quick. Along with Joe Kernan. Andrew is off today but filling in Tom Farley. He's the CEO of far point acquisition group former president of the NYSE and CNBC contributor. Good Morning Tom. Good morning first up today on the PODCAST. CVS Health the drugstore. Giant is one year into its merger with Aetna creating a one hundred ninety five billion dollar healthcare company. That's the eighth largest in the fortune. Five hundred although it runs more than nine thousand stores the new CVS CVS health is no longer just retail. It's also a pharmacy benefits manager. One of the nation's largest insurers and runs a burgeoning chain of healthcare clinics and as is so often the case with the big companies. CBS has held talks with an activist. Investor starboard value has taken a stake in the company. We'll talk about all that. Here's Larry Merlo and yes he started as is a pharmacist. CEO OF CVS health. Larry it's great to see you right to be here becky. So where are you just over a year end you know what has been a terrific year. The Integration Gratien of the two companies has gone very. Well I in many respects. Were ahead of schedule. On many of the integration activities and as a result the synergy dollars associated associated with integration is ahead of plan and at the same time we begun. The transformation journey were bringing innovative products and services to market The most visible side of that the health clubs They've gotten off to a great start in Houston and we've laid a solid foundation for growth in in the years to come in The credit for this goes to our three three hundred thousand colleagues. They're absolutely committed to our vision or strategy and they're working hard to bring it to life. Where are you ahead of expectations? In terms of in terms of the combination factors factors into what the there were many many synergy activities in terms of combining the companies as it relates to the back office pharmacy programs and priorities. And those are the things that have garnered A lot of momentum and ahead of ahead of plan there and again. We're excited with With what's happening with the health clubs and in some of the other products that That we have in pilot and In the response we're getting from our customers. The stock over the course of the year has is not performed strongly but you have picked up pretty sharply over the last nine months and if we compared to what's been happening with walgreens shares. It's a much different story. They've been under quite a bit of pressure as there's been concerns concerns about what's happening in the pharmacy so it does look from that relative perspective like you guys made the right move by pivoting. What have you heard from starboard when they came in what? What are the conversations that they've started? Well Becky I'm not gonNA comment on market speculation. What I will say is we have a regular dialogue with our investors? We certainly appreciate Their their input and You know in their feedback and look I think. Investors see the momentum in the business. We've had three consecutive quarters where we've where we beat expectations and they're seeing tangible signs of our vision coming to life with things like the health ups and you know we had an investor. Yesterday in early June we laid out our strategy and more important the path forward over the next three years and the stock spin up about forty percent since that meeting. Larry when I I look at your stock your trading more with the AETNA purchase your trading more like a united healthcare trading as as opposed to a drugstore company. How should investors at home think about your company and how to value well Tom? We are a healthcare company. Today that journey began many years ago and we celebrated five years. Here's this past September of eliminating the sale of tobacco. was there with you. I was on the Stock Exchange for third. We rang the bell. It was it was a great day and at a day day that made us all proud was fun and we look back. You know five years ago. It was absolutely the right decision. It's open doors for partnership for acquisitions. Obviously Asleep the pinnacle of that is the acquisition and We are healthcare company today and and we have an opportunity putting the consumer at the center of our strategy you to transform the way healthcare is delivered in our country of of CVS moved very quickly in terms of saying they weren't going to sell tobacco. I remember at the time that was a little bit of a controversial move although so it has seemed to pay dividends for. Cvs what do you think about. What's happening with vaping right now becky? It's a great question and I can remember the question we got back then was well. Will you carry the e cigarettes and yeah I remember going into A A retail establishment that was selling the products and and I saw the device vice with the Hello Kitty logo in the bubble gum flavored liquid. And you know it it absolutely raise the question in terms of we'll wait a minute. What are we doing here and five years later we see what has happened? post the tobacco announcement. We started a campaign. We are working with community partners. Be the first create the first tobacco free generation. We've made a lot of progress. We have more than two hundred college and university campuses that are tobacco free today as a result of that program. But you vaping is taking us backwards you see some of the statistics vaping up more than seventy percent with school aged children and I saw some stats recently. That more within seventy percent of high school students that are vaping will turn to tobacco upon graduation. So we've got a reverse try to really the tough one you know. Why because as an anti nanny stater I'm just drawn to wanting to regulate vaping and I feel like my like I'm going against this is different for yeah? This is totally your kids. That's what I mean marketing to kids and become a nanny state. That's like a one exception into the role in Ken. langone man Bloomberg. I know. But you're right it's like we would just get off the nicotine from the delivery system of the cigarette and now when you were found a new delivery system for nicotine flavors like Cotton Candy. It's just Joe. The challenge in in the problem is. We're we're seeing it play out you know with some of the tragedies that have been you know unfortunately well publicized as you know we don't know the longitude no effect of these products and and and if something has to be done Larry as an investor I'd think about that move to eliminate tobacco products. I think it was courageous. I like the deal. The last six or nine months have been fabulous abuse But yet the stock is down over five year periods. So talk to us about the Amazon risk. Talk to us about the risks of the business and as an investor as we think about your say that like every sentence that's amazing what's as an investor. That's weird anyway. Okay go ahead. Sorry where how should I think about the business for a year from now or two years. Well Tom you'd think about with the customer. The consumer at the center of our strategy we spent a lot of time with our customers What are their needs? What are they frustrated with? How do we bring solutions? That in maybe set another way. How do we make sure we're not leaving? Any white space to be disrupted by other forms of competition. And you've seen a number of things in terms of You you know the the elements of how do we make You Know How do we redefine convenience and you can think of some of the things that we're doing Omni channel has you know is is a term that is probably over used to some degree bed you know in some respects.

Larry Merlo CVS Health Becky Tom Farley CNBC Joe Kernan CEO Stories Oscar Munoz Aetna Katie Kramer United Airlines Kyle Bass World Bank AETNA US CBS walgreens
"katie kramer" Discussed on Squawk Pod

Squawk Pod

03:22 min | 1 year ago

"katie kramer" Discussed on Squawk Pod

"Pivotal moments into his career nervous rational person from unloading company company trucks as a teenager to sitting at the head of that same company. And as of this coming January leading. America's CEOS we're not trying to make a political statement here. We're we're just trying to help create a safer environment I'm CNBC producer. Katie Kramer. It's Thursday November twenty eighth nineteen spot. pod Begins Right now. These are the sounds of holiday shoppers at Walmart. The largest retailer in America bringing in almost four hundred billion million dollars in sales last year. It's also the biggest private employer more than a million and a half Americans work at a Walmart recently. Becky quick sat down with the company's leader Delaware Maryland. Ellen okay. That's just one two three four. Five McMillan's job is enormous. Think of those one point five million workers they call the associates and twenty one consecutive quarters of sales growth in Walmart stores. That's a streak. That Wall Street hopes will continue. And as you'll hear from Macmillan in this interview and in past comments he's made that will remind you of his job description. It only grows walmart has been thrust into the center of the debate on gun control in America following a deadly shooting shooting at one of its stores in August. A gunman walked into a crowded El Paso Walmart on a Saturday morning and killed twenty two people that location has only just reopened. Now the shooting shooting and policy changes since have made the job of CEO of the country's biggest retailer. A role of national importance will bring you all of this exclusively I beckon. Hi Katie I in this episode of Squawk Pod. Let's catch up with becky quick. Let's talk about Walmart. The biggest retailer in terms of sales in the US one of the biggest biggest employers in the entire world And run by a guy named Doug Macmillan yet. What cracks me up about Walmart is right around the turn of the century they hired and more people than anybody on the planet with the exception of the US government or the Red Army in China? That's still the case today They are a massive employer. They are massive in terms of their reach. I think about ten percent of. US retail sales are just walmart so ten percent overall US retail sales walmart. Doug Macmillan melon is a guy who started there when he was a teenager started working in one of their supply distributions warehouses. And he's been there ever since but he's done just about everything there. We are just getting news of some significant management changes at Walmart. Doug Macmillan has been named to succeed Mike do as president and CEO. This is effective defense. I you had all the stuff going on in Mexico last year with alleged bribery. You've had poor worker relations and then you had this Ohio Walmart recently. Which announced a food drive for its own workers? You can't deny becky that Walmart has been for deserved or not. The subject of a lot of men. How long when you've been covering Walmart is a company? I used to cover retail for the Wall Street Journal I started back in the Nineteen Ninety S. I think it was one thousand nine hundred ninety nine. It's crazy to think about the largest retailer in the world then kind of rebooting itself and deciding that it's going to create a whole new way that it's good.

Walmart El Paso Walmart Doug Macmillan Becky America US Katie Kramer Wall Street Journal CNBC Nineteen Ninety Katie I US government McMillan Ellen Delaware
"katie kramer" Discussed on Squawk Pod

Squawk Pod

08:21 min | 1 year ago

"katie kramer" Discussed on Squawk Pod

"What kind of Tech Company does the world need today? One that applies smart technologies at scale with purpose and expertise. Not just for some but for all with a I- blockchain and quantum technology. IBM IS PARTNERING WITH CLIENTS TO DEVELOP SMART scalable technologies that help businesses his work better together. Let's expect more from technology. Let's put smart to work visit. IBM DOT COM slash smart to learn more bringing in show musically. This squad pod the daily podcast brought to you by the team behind squawk box control to CNBC's essential morning show every day. Get the best stories. Debate and analysis from the biggest names in business and politics are coming today on Squawk pod breaking news in brokerages Charles Schwab in talks to acquire. Td Ameritrade markups together when this company exists it's going to be ninety billion dollar company. Political critical pollster Frank Luntz on the highlights from Wednesday night's democratic debate and his bolt call for twenty twenty. Well let's be clear. There is no front runner and Washington and Silicon Valley. Allie meet again recode. Swisher is not impressed by the president's relationship with Apple CEO. Tim Cook Bromance. That's not trying to use that. When president trump called him Tim Apple? It shouldn't point it out. It's you know he's saying something awkward. I'm CNBC producer. Katie Kramer it's Thursday November Twenty First Twenty Nineteen Squawk pod begins right now. Spent thank if you buy one. Good morning everyone. Welcome to Squawk box here on. CNBC we are live from the Nasdaq market site. In Times Square becky quick along with Joe Kernan and Andrew. Ross sorkin first up today a story. Becky broke just minutes before squawk box went to air. At six o'clock this morning Charles Schwab the largest publicly traded discount broker is reportedly in talks to buy the second largest publicly traded discount broker. Td Ameritrade this is part of an ongoing disruption in the brokerage industry. Here's here's a refresher. When trading stocks retail investors basically individuals investing for themselves and not for an organization pay a commission or fee to the broker or Ebro Grinch who completes the trade on their behalf? Of course it's not as great a deal for the investors as companies that collect those fees and have consequently faced pressure to reduce them and reduce them. They have J. P. Morgan Chase unveiled a free trading APP in August and within two months all the other major brokerages had followed suit or at least announced plans to follow suit. Td Ameritrade and Charles Schwab among them. But here's the RUB. The commission's contribute to the revenue of the brokerages who collect them and eliminating that revenue stream has worried shareholders golders. At any rate. The industry is changing. Here's Becky with today's story. Charles Schwab Corporation and talks by. Td Ameritrade and a deal could be announced as early today that move if it happens would consolidate an industry. That's been going through massive disruption calls to Schwab and td Ameritrade have not been returned but obviously the entire complex flex seems to be moving on this joining us to talk more about this as Mike Santoli and Mike. What do you think obviously blockbuster Bosox being up tells you that the market believes CBS? This area is crowded too much capacity and there's great synergies in a deal for cutting costs. I think that the going zero commissions was a sign that the the competition for retail assets had gotten to that. Also it's not just in commissions right. I mean the whole industry is going to very low fee exchange traded funds these these these kind of software based advisory services where it's a very low fee to all that stuff has been constant pressure. And I do think that you had Ameritrade take the biggest hit it really. In total market cap from Zero Commission move much more leverage to the trading business. It's been an industry. That's gotten rolled up a lot over the past decades but this this would be a real step up in that activity because you had had a bit of a low. And it's interesting you mentioned e-trade being down on each raiders vacillated about potentially being a seller being in place. It's been considered a potential target and Schwab Ameritrade obviously would be to the obvious buyers potentially coming from one of the and in fact Ameritrade typically viewed as a acquirer In fact maybe that's why some of the valuation was a little bit depressed because they just did by Scott Trade and it's unclear if they were going to continue to be a buyer. Also one interesting thing about this. This is both companies still have kind of the founder families with ownership. This is the first generation of this industry. It's never been passed down really so it's it's sort of a fascinating Joe talked about that earlier. Just about how this industry came out of nowhere. And he's going to the market together. Yeah when this company exists it's going to be ninety billion dollar company for how long how long how long are we going to beat about. I know I know but I I just think that there's a lot of it's GonNa come out of this value of three children and assets of restaurants that you can glean some kind of whatever and that's that's the day better than some I mean they would do some serious rationalization yes and there's parts of this business. I think they're culturally very different. And do you think they've gone head to head in an aggressive way to be either back end operations service of registered investment advisers which is basically the fastest growing part until the questions I'd ask are do you think that. What kind of savings do you think can really ring out of combined company like this and then in terms of is is back in technology? I think it's a marketing dollars. The Marketing Donald is going to be a big money cost of account. Acquisition is one the leading costs and technologies probably the leading costs so put them together. Combining headquarters remember. I mean. Td Ameritrade right you had td. Bought Waterhouse Ameritrade thinker Swim. There were all it was really a fragment so people know the playbook in terms of putting these companies together rationalizing trying to retain all the customers and getting the kind of picking the best operations that you have among the two companies so I do think I don't know the magnitude I haven't seen the estimates but the market is telling telling you the efficient and you think this is a response to Fintech effectively. It's a response to yeah to the to the Robin Hood. Venture capital. Subsidized is businesses. That are now pressuring these other guys to consolidate I think that's the most recent catalyst but even the development of those Robin Hoods and the Fintech businesses says just reflect the fact that retail finance has become software I mean even if you look at at Merrill Lynch what they've been doing with their human an advisory is skewing NAM upscale. And make sure you know for all of David Salomons efforts at Goldman Sachs to try to get some sticky money in there which is what then Marcus businesses all about. Why doesn't it traditional play? I'm not I'm not suggesting that go by. TD AMERITRADE and jump into this situation. But you'd think that all of these players would therefore be up for grabs for some of the classic sort of old school not beyond the realm at all right There's a huge chunk of all of the integrated brokers like Mike Marrow. Where eight is basically merrill edge it would right they call it where they kind of shunt you into a automated on a call center type right and so you know it's not incompatible with something like you know I think for Goldman Nicotine? It looked. We had the infrastructure. We have all the all the exchange memberships we had the back end. We can do ourselves into a digital bank that raised more than one hundred million dollars from investors including movie Studio Star. A Leonardo DiCaprio has run into some trouble. This morning joins US right now. It seems he dot com bank report. Who something what? What's going on you so this is? This is the bank that tried to be the. I green socially conscious online digital bank. It's right for men but we can talk about that in a moment so it was created about five years ago and they have this business model where you pay what you want to you. And your deposits are going to be you know. fossil-fuel-free guaranteed all these things and they had some momentum apparently and what we heard. I essentially that they ran into trouble so this year. The funding situation is not quite the risk appetite from VCE investors. Not Quite what. It was a year ago and right and so now that their series Z. is basically up in the air and they fired fifteen percent of their staffers. They've stiff some vendors and these are all signs of financial distress to me personally green. You don't mean green. You mean woke.

Ameritrade Charles Schwab Schwab Ameritrade CNBC Charles Schwab Corporation Becky IBM Joe Kernan twenty twenty Tim Cook Frank Luntz Silicon Valley e-trade Robin Hood Katie Kramer
"katie kramer" Discussed on Squawk Pod

Squawk Pod

08:41 min | 1 year ago

"katie kramer" Discussed on Squawk Pod

"What kind of Tech Company does the world need today? One that applies smart technologies at scale with purpose and expertise. Not just for some but for all with a I- blockchain and quantum technology. IBM IS PARTNERING WITH CLIENTS TO DEVELOP SMART scalable technologies that help businesses his work better together. Let's expect more from technology. Let's put smart to work visit. IBM DOT COM slash smart to learn more bringing in show musically. This squad pod the daily podcast brought to you by the team behind squawk box control to CNBC's essential morning show every day. Get the best stories. Debate and analysis and the biggest names in business and politics are coming to enact today on Squawk pod and Amazon gets ready for a fight with the Pentagon over a lucrative cloud contract. You think goes on. Does everything above board. All the time tech veteran Tim Armstrong on the directness activeness of direct advertising online targeting is so sophisticated. What do I get? Why do I get it? When do I get it? Last Taylor Swift tells music execs. You need to calm home down and let her play her greatest hits. There's so much bad blood between these two I'm CNBC producer. Katie Kramer it's Friday November Fifteenth Twenty Nineteen Squawk. pod Begins Right now by three two one. Good morning everybody. Welcome to squawk on. CNBC we're live from the Nasdaq market site. In Times I'm square. I'm becky quick along with Joe and Andrew Ross. Sorkin first up today on the podcast cloud wars Amazon strikes back over. The Jed by Amazon says that it is challenging the Pentagon's Award of cloud contract. That could be worth up to ten billion dollars to Microsoft. It's accusing the government of what it calls. Deficiencies sees errors and unmistakable bias during the bidding process. Amazon machine is the front runner for the defense contract. which is known as Jedi back in August? President Trump said that Amazon's Amazon's bid for the contract was under review after complaints by other companies. It was later awarded to Microsoft Amazon. said it would have been challenging for a US agency to to be objective in the contract process after the president disparaged Amazon and CEO. Jeff Bezos at a news conference today and South Korea Defense Secretary Marquess rejected any suggestion of bias. In that decision I have not heard that recent claim by whoever made it with regard to the competition Second can as you know. I recused myself from involvement on the competition but I am confident that it was conducted freely and fairly without any type of outside influence as as I mentioned. He removed himself from reviewing the deal because his son works for IBM which also bid for that contract view have looked into what both probably looked in. It's a very long drawn out story that was initiated by Oracle and it was thirteen months ago and Microsoft thirteen months ago could not have gotten it. But but they've almost got to the highest level of security now cert- sick they've also designed some that's supposedly really good. There's also a lot of criticism about the revolving door nature sure of Amazon's relationship with the Defense Department which IBM and Oracle both were squawking about any of that trump cover even if he did do it. Because of this. It definitely cannot prove the conundrum here the entire that we shouldn't be even having a conversation about welcome how a political process right corrupted these government contracts. And unfortunately that's where we are at. We've talked about it on the show before. There's this book speechwriter Ryder where he gets the phone call. We're maddest gets a phone call literally from the President and the President says on the phone how. How do we screw Amazon out of this? That's not there you think that. If if Jeff Bezos didn't want any appearance of any any of these problems do you think it was a good idea to buy the post in the first place vanity I as a vanity project. Actually if you're a shareholder of Amazon you could make the argument if you wanted to that. The purchase of the Washington Post has made Amazon's life more complicated. Now at the same time you can make the reverse argument demint. You could make the reverse argument that this is actually given Amazon more power more sway and more influence so I could make. I could argue this both ways in the same way magic magic that the president will argue the Pentagon. There's so much going in to discount. Saadi is you know F- tier and they're they've got fifteen percent market share Amazon's four whatever it is and there. We know how far try and how many strides they're making valid points. It would be much cleaner or if we didn't have to deal with the appearance of the other things that the Pentagon decided. They're going to get a single contract they're all fragmented so there's all these legacy guys like or corn IBM IBM. They're all getting getting a piece of the pie so they're going to. Suddenly they designed this whole thing around Amazon because of all the Amazon employees that are now or vice versa all the revolving evolving so that could stink to high heaven. You think Amazon does everything aboard all the time you you did you get talking points. Last night. I did not get talking. Points just knew what I was going to be up against. I knew I knew what the knee jerk reaction was. Egypt reacted to even have a conversation. I'm just saying that that Microsoft is a great company and just say Oh immediately that they cheated because president because trump eight. That's not fair to Microsoft's there's there's nothing that suggests that the president by by the twitter about his own hatred for not but why do you think it's and why did they. Why did they go to the core the not go to the GAO where they can freeze this and not even getting Elon? Musk you would be much better off if you weren't making all these he's comments and why did they go to the court not to the jail. Gao We've got allow the implementation of this immediately in the court. You know that this it's already. He starts Microsoft word. He started doing it. Why didn't they go to jail if they could lock it the? Gao Is truly independent to that gives them more. It gives them more time to get their act together. Look Microsoft has made great strides in the past thirteen. Look I agree I agree. I'm not on the Dell. That's all I'm taking making it and I don't think he deserves it. He's really steering humor. Something that's not what this is about all look. Is it possible to push back against the mainstream of everything that goes on with this guy. Can't this is a voice in the wilderness as an impossible just we pro quo. This is actually a true business issue for for all of the things we're always talking about conflicts of interest and how people are trist should be staying above board trying to avoid even the economy. Also conundrum is you have it now with this contract you had around look at the interview with making about some trust issues making doesn't want these things to be political. People Make Endeavour. He wants people to think that he is not doing anything that he's using. His mind is brain to make the right decisions and yet well then why go after comcast after saying he thought it was perfectly fine. They could've the president but the point is even if he was completely within his rights to do that because the president is out there tames when we when we when we get changed the perception we get pressure from our government. For our guys use Boeing and over in Europe all those countries. Yeah pressure people to use Airbus. Don't you just live in the real world and know that you're never going to know what goes on behind the same argument with Powell right. Does it make it much more difficult for Jay Powell to be making decisions when the president saying something and it looks like he's caving to his influence it would just be easier if there wasn't so much noise you just live in the real world and be happy where unemployment is or the markets are for more on what it was on his calling unmistakable bias. WE'RE GONNA turn to Ed Lee New York Times media reporter and a CNBC contributor. And now it's GonNa be against one that's fine for not afraid Is here my point here. The side of the. You're you're always on with the New Year so you're always on the side of right outsider. So and democracy in the darkness and all that crap in Truth and truth hit and look you're together you're over. Here's all I'm going to say. We saw this morning and we we sort of going to say that for thirteen. The reason that Microsoft.

Amazon president Microsoft CNBC IBM Pentagon Jeff Bezos President Trump Taylor Swift Jay Powell Airbus Boeing Gao Katie Kramer Washington Post Tim Armstrong
Boeing splitting CEO and chairman roles

Squawk Pod

08:11 min | 1 year ago

Boeing splitting CEO and chairman roles

"On Swap pod Boeing owing speaks out hiding. It was a set of engineering decisions. That ended up being wrong. Boeing Chairman David Calhoun in an exclusive interview amid mounting pressure. The aftermath of two seven three seven Max crashes has put on the company this airplane will will fly it will be safe as well as the CEO. He is going to experience experience in his first period. One of the most difficult situations any CEO. That I've ever known has lived through and exclusive to this podcast. CNBC'S CNBC's auto and aviation reporter Phil above the narrative completely got away from them anchors on today's squawk box are Joe Kernan becky quick and CNBC contributor Surat Sethi joins as has guest host your host on this podcast that's me CNBC producer. Katie Kramer it's Tuesday November fifth. Two Thousand Nineteen Squad begins right now. So what's your process to hold people accountable to make sure this doesn't can happen again. Senator First of all my company and I are are accountable. I believe that accountability starts with with me My board took some recent actions regarding my position which I fully support and will allow me to focus even more on on safety so every action takes tried to focus on safety that was bowing CEO. Dennis Muilenburg and Florida Senator Rick. Scott during last week's blistering questioning joining of the airplane manufacturers leader on Capitol Hill one month ago Boeing's board stripped Lindbergh at his chairman title in the wake of months of criticism. Boeing grounded the entire fleet of jets. Let's call seven three seven Max. Following two deadly crashes one late last year and one in March of Twenty nineteen today for the first time we hear. From the new chairman of Boeing Blackstone. Executive Dave Calhoun. I caught up with my colleague film about Polo. Thank you Why don't you introduce yourself? I am Filipo. I cover aviation listen and the airlines for CNBC. And I've been doing it for twenty years. How long have you been covering the Boeing Company? Twenty Years Twenty years of watching this company company grow Go through some challenging times and this is clearly the most challenging time. They've gone through so. Tell me about that. The last eight months the headlines for Boeing have been really grim. Well anytime you have a plane crash. It's bad news and I know that's maybe we'll be listening to the same well Duh. Of course it's bad news but it's not just that there was a plane crash It was two of them very short period of time between them that led to the grounding of the seven thirty seven Max and had to put this into some perspective for people the seven thirty seven is the bread and butter for this company It is the cash flow generator. And so when you are effectively effectively saying we're not delivering any of these. You're cutting off. The cash pipeline for Boeing Commercial Airplanes It is a massively important story. Sorry one that everybody has a feeling about it. emotionally Whether they're in the industry or if it's somebody who who flies only occasionally people have A real concern about whether or not these planes which are so popular Are they safe. Will they be safe in the future so today on the show we had David Calhoun. Who is the new non-executive Chairman of Boeing directors? But I but very active. It's pretty clear from his interviewees active. Tell me about the scope of Calhoun job now. And what makes him qualified to lead Boeing during chapter. He's been on the board since two thousand nine and he also has a history going back to his time with GE when he was CEO of Ge Infrastructure Working Ge jet engines He's familiar with the aviation the airline business and he's also familiar with the challenges that go along with running a a large industrial. Austria company like Boeing and essentially. Now that he is non executive chairman that title used to belong to Dennis Muilenburg. And the Board has said. We're going to split your titled. Dennis is going to be. CEO Run day to day activities. The broader questions for the company vision where they're going so forth. That will go to Dave Calhoun L.. Who and when we talked to Dave Calhoun he made it very clear? We want Dennis Muilenburg to focus on getting the Max back in service that is that is the main job really the only job that matters right now for him. I'm sure he's doing some other things as well. I mean it's not like he's in a vacuum But the Max is all encompassing right now. Why why is he speaking out now a month? After kind of taking the reins of Boeing. Will I think the narrative got away from them last week. When Dennis Momberg was on Capitol Hill It was a brutal brutal couple of days. I mean you had senators and representatives outright saying you have no business being CEO. You have no business getting the compensation in that you get. If you had any decency you would step down. You would do more than simply say we're working on this. Is Anybody at Boeing taking a cut or working for free to try to rectify this problem. Like the Japanese do congressman. My board conduct a comprehensive review. That so you're saying you're not giving giving up any compensation at all your continue to work and make thirty million dollars a year after this horrific two accidents that caused all these people's relatives took go to disappear to die. You're not taking a cut in pay. It all began. Our board will make those terminate. You're not accountable. Then you're saying the boards accountable. I went in Quebec. And kind of underlying Steve Cohen of Tennessee. In the second day of my Lindbergh's yeah in front of the House. We talked with them afterwards in the hallway. I mean he's disgusted rested instead. I'm disgusted at at this entire situation here and that he is getting paid what he's getting paid. Which is roughly twenty three million dollars last year so it was wild because Representative Cohen was asking question? Are you taking a pay cut. Is Somebody going to take some financial responsibility for this and mullet Bergara sort of during the headlights. Absolutely and You could fault Boeing for not being better prepared for that question. Look I've covered enough of these over the years on Capitol Hill when a CEO goes in front of a committee especially Leanna safety related matter. I mean that is almost a guaranteed question. Look if you would fault Boeing for anything last week. It's the fact that they didn't anticipate that. This question streams coming because they could've nipped in the bud much quicker by having Dennis Muilenburg even in his opening remarks say I understand what's going on. I understand that I shouldn't be getting the compensation or at least all of the compensation That I received last year That would've short-circuited a lot of this discussion. Instead he said Ed That's not for me. That's for the board decide really came off looking very poor for the company and for him to stand by Joe Three to one his mic. It's it's time for our newsmaker. The morning Boeing Chairman Dave Calhoun the Dow component is you know separated at CEO and chairman roles amid the seven thirty seven Max crisis naming. Calhoun Muniz chairman on October eleventh. Relatively quiet since then in terms of on camera interviews this morning. He's speaking out in a squawk box exclusive. Dave joins us now with their own Philibeaux. Oh global headquarters Phil Good Morning. Good Morning Mr Galvin. Who Good Morning Joe? Joe And I know you guys have a number of questions for Dave and Dave. Let's let's begin first off if you and I were talking before you came out here. Big Question right off. The Bat is about the compensation for Dennis Muilenburg. This came up on Capitol Hill. You have some news regarding and how that's going to be changing correct. Yeah I do of course it was sort of obvious to everyone that was uncomfortable question for Dennis. Dennis doesn't like to speak in behalf behalf of board activities anyway. Dennis called me Saturday morning at ten o'clock with the purpose of suggesting that he Not Take any compensation for two thousand nineteen as in the form of bonuses which is of course most of your compensation it

Boeing Company Dennis Muilenburg CEO Dave Calhoun Boeing Chairman Cnbc Dennis David Calhoun Boeing Blackstone Calhoun Muniz Dave Calhoun L Ceo Of Ge Infrastructure Worki Phil Good Non-Executive Chairman Representative Cohen Executive Chairman Dennis Momberg
"katie kramer" Discussed on Squawk Pod

Squawk Pod

11:36 min | 1 year ago

"katie kramer" Discussed on Squawk Pod

"Bring in show musically this squad pod the daily podcast brought to you by the team behind squawk box control too CNBC's essential morning show every day get the best stories debate and analysis from the biggest names in business and politics are coming to enact today White House visor Larry cudlow you're not troubled by any of it just so we're clear there is nothing the president has done with respect to that phone call the administration's top on the economy weighs in on the impeachment inquiry Arianna Huffington Day sixty seconds before you go to your phone sixty seconds Joe takeover of time she used to carry around four smartphones. Now she's all about the unplug plus Joe Becky Andrew Binge on Netflix says quarterly earnings and a bit more everybody's taking bolts rosie shows are crazy those stories and more I'm CNBC producer? Katie Kramer it's Thursday October Seventeenth Twenty Nineteen swath pot begins right now becky by in three two one kilcooley good morning everybody welcome to Squawk box here on CNBC we are live from the aspect market site in Times Square I'm becky quick along with Joe Kernan and Andrew Ross Sorkin the EU and the UK saying they have reached a draft brexit deal obviously much more come on this but villa marks is standing by he's got more on the situation right now what can you tell us the executive Brian Inspect your opinion in the European Commission they have agreed with the UK that they would like to see this move forward in about an hour's time we'll have European leaders arriving. Hey inside Lindsey you council for their relatively the meeting Brexit top of the agenda Boris Johnson likely to talk to them to make his pitch to say we now have an agreement please can you endorse it and if those twenty-seven other heads of state eight say they're happy with it they will move on and potentially we could see the British parliament voting on it as soon as Saturday the challenge there remains though for prime minister bars he doesn't have a clear majority so if this small Irish party that's so often proven to be a thorn in the prime minister side decide as they've said again this morning they're not happy with the way the deal is timed out we could see that majority vanish and once again without parliamentary approval in Westminster four any agreement is going to be incredibly challenging for this process to end by October thirty first which right now is the current deadline a again junker as you mentioned in support of this he's saying that he's going to recommend that the twenty-seven EU nations actually endorsed that deal during the summit later today Boris Johnson making some positive tweets about this to saying it's a great new deal but you're right to bring up this concern that he doesn't necessarily have the votes in parliament just yet when do you think we'll have a better idea of this quickly this vote counting take place so the challenges is over the next forty eight hours while you've got this meeting going on here in Brussels is the prime minister's team back in Downing Street and in Westminster trying to see whether they can guarantee not only all of the inside the Conservative Party not only twenty one further votes from former Conservative Party members they kicked out last month also this ten subset of the D. at this Northern Irish policy and then potentially they also need some of the Labor opposition party members to vote in favor of the deal some of them telling me though they would only do that if approval of this deal was attached to a second confirmation referendum where essentially you'd see a second referendum pitching this deal against another option which remained inside the EU that could drag on for many months and Boris Johnson's insistence he would leave October thirty first might again we challenge on that front what would the response be if if if there was such a movement passed in parliament demanding a second referendum on clear in terms of what would be the time line around that they've often said many of European leaders like to see the UK stay inside European Union serve a referendum delivered that might be something that would be music to Emmanuel macron's is for instance the French president in terms of what happens this Saturday element legislation that already exists means that if a deal wasn't concluded by today the parliament was happy with then they would force the prime minister ask for an extension too late January we could see another four months delay to brexit process he might turn around and say to the European counterparts here the other leaders quite a bit shorter I think they're almost there give me another few weeks that's seeping got the technical details source it out and I'll try and get my parliament back onside thank you very much netflix earnings beat the street internationals describe growth beat expectations but the stats were all positive domestic subscriber additions were thirty five percent below estimates and it warned that quarter earnings revenue subscriber growth would all fall short of analysts estimates citing pricing changes and increased competition Disney Apple and CNBC the parent company NBC Universal All launching their own streaming services netflix CEO Reed Hastings says stream wars are noisy and could create modest and the company has spent a decade competing with other content providers. Netflix says it's going to take bold swings in their words when it comes to content good but won't take every other company is still the leader when it comes to content spending and is projected to spend about eighteen billion dollars in twenty twenty I mean everybody's taking bolts these shows are crazy some of them the watch just takes me back to thinking you know the writers really are the unsung heroes and I am it boggles the mind some of the stuff that they come to plot twists and everything that Just that you are not able to be prized by anything anymore it never be stunned I thought like wild wild west is really good and you don't back in the day yeah absolutely right and that's the that was the movie rain on on the yeah but I thought it was I mean we're still ourselves by saying you hanging every time that but they they would to a painting an old west type painting and come back and everything will be fine but now they have it where when they're doing it for Netflix they have these massive cliffhangers at the end so that you just allow capitalism in crisis again on the podcast we do this allot America's economic system was challenged yesterday by a key voice in Silicon Valley Mark Benny off the billionaire co founder of salesforce capitalism is dead we need a new capitalism we didn't a new sustainable fair and more equitable capitalist We need a capitalism that values not just shareholders but as important stakeholders that was salesforce Mark Benny off on CNBC yesterday joining us right westbound Davis partner at highland capital you think capitalism is dead Sir I think capitalism has a little ways to go count on it for a little bit longer waters capitalism uh-huh unto itself I think it speaks to free markets and the ability to make informed conscious decisions about where you're going in the market speak itself it's an open supply it's an open demand and prices settle in on where if you're right then what do we do about all these polls suggest that millennials especially and I think even maybe broadly broader the nat believe that capitalism doesn't work anymore well I'm not gonNA debates we're seeing it it's a constant refrain if you're right what do you think has to change yeah I'm not sure the believe it doesn't work as much as Alexei doesn't work in fact if you ask some of the millennialism not she'll define what capitalism is before they say it doesn't work but I think the concern that you finding out of most of these things that companies are getting a men's power and that's where the concern comes out of so this thing not that it doesn't work as an institution but it's threatening to them as an institution and so when when mark banning off says that today prophets are the table stakes he actually makes a slightly different argument by the way guys then the business roundtable basically says you have to do the prophets part that is like the table stakes piece these other constituent parts are necessary but that's like a second hey good you need to make sure you can stay open you gotta stay open and we've talked CEO's Today I'm thinking of the CEO of Ebay who actually was nailing it a lot on the purpose element and some of the the other constituent parts but wasn't nailing some of the numbers and he's gone and so our shareholder I mean the it clearly at some point prophets or essential world that I'm in rarely I mean really if ever we backing a company that's profitable from the get-go always the company's driving to its profit huge that's a big part of what we think about so somebody that looks at the changing the world we have a company here in New York freshly that will sell probably forty or fifty million meals this year to consumer I mean he she's feeding America changing eating habits these giving convenient good tasting food he is a mission guy I mean if all the way and that's powerful because it wraps around not only management team in the company but consumers buy into that in a meaningful way to I wouldn't be taking a lot of advice on on too many lives subjects millennial polls probably GonNa leave the conversation there thank you you could see you tease will be next coming up on Squawk pod White House advisor Larry cudlow defense the President and the economy here at home I think the domestic economy is in very good shape we're not immune joe but I think we are still the international driver what kind of Tech Company does the world need today one that applies smart technologies at scale with purpose and expertise not just for some but for Oh with A. I. Blockchain and quantum technology IBM is partnering with Clients to Develop Smart scalable technologies that help this is work better together let's expect more from technology let's put smart to work visit IBM DOT com slash smart to learn more along with becky quick and Andrew Ross sorkin Larry cudlow the National Economic Council Director and our former CNBC colleague joined squawks this morning too that's the health of the economy the mysteries of deep state and the questions around a certain letter between presidents here's Joe Kernan starting off today's been awhile Mr referred to as a globalist but at this point do we have a domestic economy that can continue to outperform and we have for years admittedly but it seems more more important in more more true now than maybe in the past that we really need to look.

CNBC Joe Becky Andrew Netflix UK Boris Johnson Arianna Huffington Larry cudlow White House Joe president EU producer Andrew Ross Sorkin Katie Kramer European Commission Brian executive Joe Kernan
"katie kramer" Discussed on Squawk Pod

Squawk Pod

08:44 min | 1 year ago

"katie kramer" Discussed on Squawk Pod

"Off we are hiring pilots were hiring flight attendants hiring groundstaff for hiring off added Gore's companies and facebook is in the middle of US election drama again it's complicated a former federal election commissioner as in they're gonNa let the political process the arbiter of truth and falsity we've got those stories and more like finding the perfect do they at bed bath and beyond this weekend you get me want to go bad bath and beyond see if we're looking for a waited waited one I'm CNBC producer. Katie Kramer Thurs a ocober tenth twenty nineteen Squawk pod begins right now becky by three to one the warning everybody welcome to squad appear on CNBC we are live from the Nasdaq market site in Times Square. I'm becky quick along with Joe Kernan Andrew Ross Sorkin China is again I today on the podcast as two key events were getting underway while squawk box was on the air the latest round of trade talks between the US China in Washington and the sold out NBA priests season game between the Brooklyn Nets and the Lakers and Shanghai a tale of two arenas here's Andrew with the news breaking overnight that underscores the challenges American corporations ace when working in China's apple now removing an APP from its APP store that Hong Kong protesters had used to track police movements the APP is called H. k. map live it was rejected by apple earlier this month but then allowed to go on the service last week Apple said they verified with authorities of course Hong Kong authorities you say that the APP had been used to target an ambush police in threaten public safety after apple removed the APPS and protesters said they make quote visit it's Hong on store we talked about this a bit yesterday on the show but this is a new development of them taking it off the service and then the secondary pieces you know when other authorities go to apple in the United States for example and I'm thinking of ways and sheriffs and others have already done so instead to Google stop putting this on the way service apple stopped taking the service there are other APPs by the way in the United States and in Europe where you can see where police and other people are how it's being used I don't know but interesting yeah I just interesting that every step is going to be so much more closely monitored from any corporation and and I think getting forced to choose sides and so is this is just a political issue right here I mean is this China is this the que- The question mark is product to this specific issue. I don't know enough about it in in the situation I don't know if there were police that we're targeted but it certainly seems the situation where you'd like to hear more if we had v8 in Seattle again or something like that would we be mad if apple shutdown an APP that allowed those protesters I got no I'd like to see I'd like to see them do it and I will say the difference with weights are stationed when you're speeding and you're trying to look ways is on made the argument that by knowing where the police are it actually slows people down it actually reduces were never legal reduces speeding rather than you know I don't know if that's true or not WanNa get it over to Kayla Tallahassee who has some details and maybe some news well it's hard to know Andrew because every hour it changed his talks with Chinese principles led by Vice for me Leo who will still take place today despite what I'm told more difficult and tense conversations among lower level negotiators this week but it's the format of the talks how long they will last which is very important in Chinese diplomacy that's being most closely watched right now the south China Morning Post last night reported the China will leave tonight signaling displeasure and frustration to the US White House negotiators were caught unaware of that news spokesman saying there was no change in the schedule and senior administration officials telling me the US still believed there was a big dinner planned Thursday and that the vice premier was going to be departing Friday evening but an hour later a principal from the about the situation was fluid and whether talks extent to Friday was still an open question that may be summoned the Chinese delegation could leave or that the round could indeed and early but that was still an open question media reports today show a couple olive branches that the US may offer to change that one green-lighting license for always suppliers and to rolling out an already agreed currency deal a senior administration official tells me the president still hasn't made up his mind how he will proceed He's going to based on how negotiations today but here's how he responded when asked about a deal publicly yesterday I told that the president she said you know this I'd be like fifty fifty deal because a fifty fifty deal you're like up there we're down here so fifty fifty it doesn't work you gotta have a little balanced this has to be a better deal from our standpoint and I think they fully understand it as Chinese officials have said any deal would need to put the two countries on equal footing it would need to treat them equally it would need to be a win win situation but clearly becky with the president is describing is not that we'll see how toxic oh behind closed doors will bring the latest as we have it Kayla maybe the most important point for the markets right now is just what you said about the fluidity of the situation things changing so quickly which may be why we're now seeing the futures relatively flat compared to what we'd seen earlier in the trading session yet things changing relatively quickly and the Chinese officials not shy about using press outlets to telegraph exactly how they feel an exactly what they plan to do and how they could throw a wrench in these talks and how the markets could respond that's a very clear message that they're trying to send to the White House into the president will see if it lands Kayla thank you for joining us right now for more on all of this is China Beige book in national CEO Leland Miller and Leland these are some of the most complicated things to try and discern even if you have sources close in Washington you don't know what the other side is thinking and the sides could be changing their minds pretty rapidly to how what kind of how do you read the tea leaves how do you play this mind game that's taking place the most important part of the he leaves right now is just figuring out what's white noise and the reality is almost everything you're hearing right now is white noise the fact that the deputies beating didn't accomplish anything no surprise around you know maybe it's that may look there were some really bad news from the Chinese perspective earlier this week whether you're talking about sanctions blacklists these is being pulled away the Chinese have reason to try to show their displeasure with this but all the nitty gritty is GonNa Happen today and tomorrow in the trade room and they have a lot happens if well look you know anything can happen but if they cancelled tomorrow it's not because of what happened in the deputies meeting it's because they don't get what they want today and I have a feeling they're gonNA get a little more substance than they think today one of the seasons there's been no progress so far is that the administration hasn't formally put a December punt on the table and they've been unwilling to talk about a pullback of the September tariffs these are in play right now we've got October the important now markets are looking at this enormous bellwether the White House isn't what do you think just about how the NBA situation playing out. How apple has now pulled this that that the Chinese said the Hong Kong protesters were using trap police there I mean that to me shows a whole new world and trying to deal American companies trying to deal and operate in China on the one hand it shows that look Dick Decoupling or even moving towards directions going to have serious repercussions for Corporate America this is a new card or this guardsmen being played on a daily for the last forty years and for the most part we have not taken notice of it that is exactly it but I think a an issue try that sort of goes on you know that's not what people are paying attention to now I think people are going to put the big picture together and there's going to be a concerted America pushback decoupling go go back to my ah we've been we've been in this marriage sorta with China symbiotic.

apple China US Hong Kong CNBC Times Square facebook Seattle Gore Katie Kramer Joe Kernan Andrew Ross Sorkin commissioner producer Hong NBA becky Dick Decoupling
Introducing Squawk Pod

Squawk Pod

02:52 min | 1 year ago

Introducing Squawk Pod

"I'm becky quick. I'm Andrew Ross Sorkin. I'm Joe Kernan and you're listening. The SQUAWK pod ends great. Thanks now what they're going to get a high. You can't use squawk box the most powerful business show on the planet and now it's a podcast. PR TO CBC control to bring in show musically coming the becky and three this is squawk pod brought to you by the team behind squawk box. I'm CNBC producer. Katie Kramer daily are anchors producers and crew will bring are you the best stories debate and analysis from the biggest names and business and politics joining us right now is Berkshire hathaway chairman and CEO Warren Buffett and J. P. Morgan Chase chairman and CEO Jamie Amy Diamond joining us by the company CEO Ginny Rometty joining us on the IPO Day Uber Dark House for shy. We are joined this morning by Melinda Gates. Mr President are are you with us. I am with you. Jill great to have you on. Thank you doing Joe Becky Andrew as they discussed the moments that matter setting the agenda for the Business Day Joe Kernan have been here forever. I am one of the CO anchors of squawk box which has evolved into. I think the best thing on TV at least in the morning maybe all day long. I'm becky quick and I've been with squawk box for fifteen years. I've been working with Joe that whole time been sitting next to Andrew for almost eight years at this point for me. squawk box is breakfast with most interesting people in the world. These are the people who are coming up with the next ideas in business the next ideas and finance next ideas and how we should be running this country. It's a privilege to get to talk to them every day. It's more entertaining than any other morning show but you actually might get some useful information. Squad cod is everything everything. TV viewers expect more three hour morning. Show plus behind the scenes content from the production team curated in a thirty minute podcast. Hey Andrew it's Katy. Can you hear me how are are you good morning. DC yet my name is MAG. I'm the tech this is Angela Syndrome. I am the production system for Squawk box and we're just about to get our next guest onset. Is it a two way conversation. Power Pauses on podcast workout. Pregnant Policies Work Related Andrew. It'd be much better at this much more tech savvy craziest show in the world now you get it in your ears to get the smartest takes and analysis from our TV show in your podcast feed every day subscribed squawk pot apple podcasts spotify stitcher or your favorite podcast APP follow us on twitter at squawk. CNBC and start listening. We are clear thanks guys. I'm David favor join me crawl into me a and Jim Cramer for the opening bell our of C._N._B._C. squawk on the street the podcast subscribe for free wherever you listen and you can always catch us live weekdays at Nine A._M. Eastern C._N._B._C.

Joe Becky Andrew Katie Kramer Joe Kernan Andrew Ross Sorkin Chairman And Ceo Cnbc JOE CBC Melinda Gates Berkshire Hathaway Jim Cramer Ceo Ginny Rometty Warren Buffett Mr President Katy Twitter Jill DC Angela Syndrome