18 Burst results for "Kernan Andrew Ross Sorkin"

"kernan andrew ross sorkin" Discussed on Squawk Pod

Squawk Pod

08:13 min | Last month

"kernan andrew ross sorkin" Discussed on Squawk Pod

"Some states are better than others for homeowners but some in congress are hoping for a change the garden. State's josh gottheimer new jersey and new york and places like that are not gaining. People were losing people net net other states those stories and a lot more. We're back at the box office. Finally and we're still in an unappetizing place with infrastructure patties. Eating sausage don't like watching it being made. It's monday june. Twenty eight twenty twenty one. Squawk pod begins right now. Stab back you buy in three two one. Good morning everybody. Welcome to squawk box here on cnbc. I'm becky quick along with joe. Kernan andrew ross sorkin. And we're going to start this morning with the markets after last week's strong gains for stocks. The s&p notched its best week since february. The dow had its best week since march and the nasdaq had. Its best week since april. Let's tell you about the story of the weekend. The store in washington we'll see whether it impacts markets president biden backtracking over the weekend. Try to save the bipartisan infrastructure agreement. He said earlier this week that he'd refused to sign the deal unless it came with a reconciliation package that included spending for issues like climate change. Childcare has their and education of that drew backlash from republicans who were negotiating this deal. Those included senator rob portman. Who said they were blindsided by the comments that link the two bills now. On saturday president released a lengthy statement walking back that comment and reiterating full support for the deal and response senator. Portman said he was glad the bills were de linked and the infrastructure. Bill could move forward. He said there had been good faith from both sides throughout the negotiation. So i dunno guys well it seems like maybe we gotta deal good piece in the journal. about what it means. President were shetty. Is the news story or the editorial i read. This is president shetty backtracks on the optics of the whole thing but that they shouldn't republicans Shouldn't be fooled that you know that if you support the first thing you're definitely going to get a big Second bill because manson's already on board he said i to roundabouts. You're right about portman in the hostage tape. I didn't i hadn't really realized that he was like you know when even when he looked over at him he was trying hard. How do you not smile. And say yeah and shake your head when the president is putting his hand on your shoulder but this reminds me of a lawful lot done up the united states congress. We actually work. We've got five parks. Do my big question after reading this. Okay so biden says that. He won't veto at. He won't ignore it if it gets to him. But nancy pelosi said last week. that Move on it unless you have it. So if you don't get it through either one of these you can still say that. He's sticking with his word and it's not going to get to their desks thin. That's and i didn't see any commentary over the weekend from pelosi or or schumer more sausage more sausage being made though no. But i mean just the back and forth of this. This is pretty public sausage. At this point. I mean at by friday afternoon. People were like wait a second. This is a disaster. I is why he came up with. President came out and spoke on saturday very unusual to issue that statement coming out on saturday. I made some comments about sausage. That i that i do regret because I didn't mean applied only toss. I like patties watching it. Being made links like pizza sausage. in fact it'd be easier. Okay bubba probably be easier to mention the sausage. I don't like then the sign. Shrimp blood shrimp yak. That's a bill. Murray moved to bullet sausage. You'd like all sausage sorkin any sauces. It also suggests love it you like links patties more now links links links. What about genetic mcmuffin though. That's pretty that sausage is pretty good. Is it not hungry. I'm trying. i'm trying to be good these days but yeah i'm trying to be trying to be trying to be good but the way sausages made less donuts. What is it stuffed into. Is that and i don't want to know about the casing. What is the casing intestine. I mean do they wash that real good. How do you do. They rinse eating breakfast. Yeah eating sausage to know these things reduce which one the number of. It's rupert murdoch. I admit it in ten point on the wall street journal but it's still murdoch so no but you're still admitting that you're reading the physical newspaper but that's a separate totally do when you go to a restaurant. Are you happy with taking the picture on your phone. And like trying to scroll through our they. Don't you ask for the frigging menu to look at. Don't you do or not i. I haven't circumstance where they've had an option yet. I haven't had the option. They'll bring him to you. Yes yes most of the places are now bringing back. i haven't been to last most of the restaurants. Have you come out and and you know but if you come out to new jersey here it is. The number of jobless benefit recipients is falling faster and missouri and the twenty one other states cancelling the enhanced extended payments suggesting that ending. The aid could push more people to take their day. If you do peop- pay people more to stay at home. They are smart people and they might say you know what. There's a new series on. Netflix is coming out and i'd rather do that than go. Dig ditches somewhere tally. You're not finding disagreement here on that issue. You've been agreeing way too much recently. Sorkin way too much. I think you may have to rethink your positions. No are you forty. What are you forty two now. Forty three then. You have got a birthday recently. What in someone's birthday is coming up to forty four years young but yes you're forty four. You are coming around my friend and you got going around. You got some smart people in your family your son. You're back semi backs. But little alex keeping of the sorkin families. Yes it. he's he's he's reading those propublica articles saying yes. That's what i'm gonna do really interesting story here. Shares of intel era therapeutics are. What's the word we should use up. Fifty two percent soaring doesn't really cut. It doesn't Speaking of cutting it this is a crisper company and it announced positive data from a clinical study of an experimental gene editing treatment at particular study involved treatment of a disease it causes buildup of damaging abnormal proteins amyloid proteins. But not the kind. You think of alzheimer's It's it's a really bad disease called trans thyroid. Eaten amyloidosis the if you this first time with one of the first times. You've seen an intravenous. Infusion of this compound edits a human gene and it prevents the production of this protein. Amazing liver cells to see how they can do this with so many other rare genetic than any type of this is a a hereditary disease so there is a an abnormal gene. A normal gene product at this is blocking so intel. You by the way is working with regenerate regeneron on the development. There's other gene editing stocks that are also on the rise and the ark genomic revolution. Etf hold some of these and that is up as well. Crisper and talia. Edita's are all held in that. I mean as recently as a year ago some people would tell you. It'd be ten years before you can really start to use crisper and humans but i think science is moving.

nancy pelosi monday june Netflix Portman rob portman friday afternoon Fifty two percent congress last week new york two bills saturday forty four years pelosi forty two new jersey twenty one Murray washington forty
"kernan andrew ross sorkin" Discussed on Squawk Pod

Squawk Pod

08:06 min | Last month

"kernan andrew ross sorkin" Discussed on Squawk Pod

"Stop before it by a crowd of retail investors. This time around. They have a new moniker. Amc apes who are they. Why do they believe in this trade agenda from their own retailer ranks. I'll consider myself a leader of the as best wreck. Consider myself an eight trae collins. Host of youtube trays trades fresh off his own interview. With the amc ceo to all the apes out there. Welcome back to trace rates coming down here again to give guys the second interview for atom. Aaron nearly four hundred thousand views and a couple of hours later trae collins is here with his tank on the meam stock momentum. Reject predict the volatility. Either up or down either direction for amc stock what. I'd say it's a better odds lottery ticket that you've got doing something else. It's june fourth twenty twenty one. The apes are rising past the popcorn. This bonus squawk 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. We've got a lot of talk about and it is Got three three letters. Amc yesterday the company sold an additional eleven point five million shares. We told you about that during the show but the price tag they ended up getting for all of at five hundred eighty seven million dollars and then last night. Mcc atom aaron sat down with trae collins. Who's the owner of the trays trae channel on youtube. He's one of the the. Amc apes collins has more than two hundred eighty thousand subscribers and many of them own amc stock among the topics they discussed. Aaron argued that millions of shares was in the best interests of. Amc's future take a look if you are a tool to go find value creating opportunities for showers. We can do that if we're not art this tool. Then you're tying our hands behind our back you'll make it just that much harder for us to land some of these attractive opportunities benefit at american making the case directly to shareholders and this is a new phenomena effectively telling shareholders. You need to give the right or the access to be able to sell more shares. That would happen in twenty twenty two. This goes back to an explanation. Explains what we talked about on the program yesterday about that and hold investor connect idea. Which is he needs these folks to give him authorisation. They're out of shares. The shares can be sold to the public as of now so they can't raise additional money that they are asking for five hundred million additional shed digital shares. The interestingly you remember two days ago. I'd said one of the reasons they were doing this. Because they were out of shares one of those shares are i thought they were out of shares and i think the market but they were shares. Was these these shares that they ended up selling that we're supposed to be used for their incentive plan for employees that had been put to the side so they've actively said you know what we're not gonna do that and he made actually a great case on youtube to the shareholders. Saying we're in it with you. We're not taking anything here. But now you gotta give us more access and trae shares that we're going to go for the employees be replenished by the five hundred million unclear. I don't think that that's what they would necessarily be used for. He's that was not the argument that he was making. We'll see but and they wouldn't be paid in twenty twenty one so there is no incentive program into one of course the incentive programs to keep is to keep the company a alive and be the share price higher because all of these What was it beneficiaries reacting positively to the previous stocks because it was giving him some money and it was up in the low seventies. They announced this. And you know. We're not really sure when i mean it could be From time to time we may sell that knocked it down at all the way down fifty and they they hit that bid quick as they could even get fifty fifty is not six seventy two if they were in the market buying a selling at about nine thirty ten yesterday. That was the plan which was from the time. And you know when we were talking about like oh knows when they you know maybe they get some good prices. Here good was done. Did that was smart to be offered. It was it was and they get to retire billion dollars of debt and everything else. But it's just funny the way and you know that the pushback that we get from. I had to look up. I thought it was dirty. But it's not it's just. We thought on crypto we do on. Amc we do fudd on tests we got more fud which is if you don't know your uncertainty uncertainty and doubt is that how do we instill it both ways on the table that like and the people that don't like it we're we're we're just fudd mass difference from this and maybe two thousand back then. Everybody accused of being cheerleaders. We'll get we'll get into armies depends depends on whether these people with crypto that or the stock. They got probably half of them. Don't even have around lot in this. And yet they are ready to tweet nonstop force. Well we're gonna have an opportunity to talk to the leader of the apes trae collins. Who did that interview. He has half a million people. You know watching youtube videos where he sits there and he goes through the technicals of why he thinks. The stock is going up or down or the sort of short squeeze dynamic. I mean he and this is you know we talk about. The retail investor trae collins is representing the retail investor. We've got a lot of questions for him. Obviously this stock but also the larger happening to might not have been a great precedent for all these people to think it can be done again again again because you remember the professional investors. Everyone's head hurts worthless. There's no reason to be going into this This equity of bankrupt company all those people that did that. Now that it's coming out are going to do very very well. And they think this is gonna repeat itself again. And maybe there isn't here. Value hurts have inherent value. Maybe i spoke to trae last night at length and commissioning to hear what he has to say but i don't i think the interesting thing that i learned is in a way this is. I don't think this is a fundamental investor philosophy. I think if the traitor philosophy. And i think you'll hear that i don't know if that'll change the dynamic of how you think that. That's why we're called cutters constantly because we kept making that case all day yesterday about gambling versus the and. Nobody's but i think this is a and sit around and say this makes no sense on analysis. This is completely insane and for the trade wise. No no but i'm saying why be long. What's the rationale. all i'm saying is that i don't think that they thought happened before. So they think it can happen again right. I mean the same a game. What's the rationale there. I guess you can see it. But what is it for amc. Exactly i. but i'm saying is. I don't think that there is irrational. Then it's the greater fool. No but that's what i'm saying. It's a traitor traitor technologists that and so think. There's an element of that people you got to be. Nimble i guess very very nimble who who who's left holding the who presumably would be left. That's the i don't know how many billions of dollars of questions that will be worth thinking about. You know we were talking about. How options has that commodities represent some speculation. These are options on am. See that a lot of people have so. That's even the second riv- you're doubling your logarithms. Your maybe you're doubling down on the specs. You're speculating on a speculative underlying next on squawk pod you'll hear from twenty-three-year-old retail investor leading the group or troupe of ape says it were trae collins. I truly do believe that the mental value basie would be somewhere in that twenty to twenty five dollars raise. But that's half of where it is today. We'll be right back. Invest like a pro access. Cnbc's livestreams around the globe. Paralleled access to see nbc. Experts actionable investor inside and ideas. Start your free trial today at cnbc dot com slash pro. You're.

five hundred million Cnbc twenty Aaron nbc fifty yesterday youtube Amc today five hundred eighty seven mill amc eleven point two days ago last night more than two hundred eighty t twenty-three-year-old five million shares three twenty five dollars
"kernan andrew ross sorkin" Discussed on Squawk Pod

Squawk Pod

07:56 min | 3 months ago

"kernan andrew ross sorkin" Discussed on Squawk Pod

"They were good an interesting story on the front page of today's wall street journal on a stock with the price. That's just too damn high berkshire hathaway class. A shares are trading at more than four hundred. Twenty one thousand dollars. The price is actually grown. So high that it's approaching the maximum number that can be stored in some exchange computers. Yesterday nasdaq temporarily suspended. Broadcasting prices of those shares over several popular data feeds its computers use a digital format. That can't count higher than four hundred twenty nine thousand and change. It's a thirty two bit measure old time computers. The nasdaq is actually rushing to finish an upgrade. Later this month that would fix the problem but exchange operator i x has also reported the same limitation of course. This is a problem that's unique to berkshire because the us stock with the second. Highest price is home. Builder n vr. It's trading only at about fifty one hundred dollars a share. Warren buffett as famously refused to execute a stock split signing birthday cards. To friends with the message. May you live until berkshire spritz but andrew. This is a little bit of a y. Two k problem that is specific only to berkshire at this point. I love that. May you live until the stocks. What's i'd point right after you've signed that -actly that's like no pick where or when you're gonna talk right. Just go there. So don't ever split the stock and you'll live forever. I guess new the stock version of hell is gonna freeze over coming up a huge lineup today among the highlights really the honest company. Ceo plus co founder. Jessica alba. here. I think it'd be in the nasdaq and you guys think that she's a fan. Do you think she's going to want to come out on the set and say i. I'd really like to meet job autograph. Probably not but before we get to that interview internet and marketing entrepreneur. Gary check his new project. With non fungible tokens and the bright new pixeleted future. Find it toward press for any business in the world to not issue an nfc t for everything they do because it's own to make logical sense the way having social and having website week logical sense. It's a trip in more ways than one. I'm pretty sure. I'm gonna live in the metaverse in. Vr put on my headset and walk around garage sales and find. Nfp's all coming up on scott. Welcome back disqualified entrepreneur. Gary vasicek has a lot of jobs. That book say right now is not every person was destined. He runs an advertising digital branding company. He was an early youtuber with his wine. Tv videos a decade ago from new jersey wind chop and he hosted us for preview of his newest project. I'm gary and this is what i'm doing. I'm rolling by. Nfc project which is focusing on human traits admire in character form focusing on access community creativity and really trying to create a blueprint of projects. That will work both for the people buying it and the people cre- the friends is an nfc collection launching today. One of a kind digital art backed by specific blockchain technology. Think of it as a collectible and think of it as a token that can create access so far most people have been focusing on the art. Part right you've seen the big headlines people sixty nine million dollars thing things of that nature. Alternative investments are why sotheby's and christie's existed for two hundred years antiques. I just think this generation twenty thirty forty year olds are not interested in buying a teacup from sixteen forty seven old europe. I think they're more interested in buying pop culture. Gary was in a house in california overlooking the ocean and heads down on drawing cartoon after cartoon tigers bulls snakes goats all sorts of animal doodles to make ten thousand plus tokens the actual art that are for sale as part of the v. friends and if t collection i an entire ecosystem of characters for example. Hang out hawk. One hundred twenty five of these are going to be individuals who are able to be part of a hangout. A zoom whatever. I put the video. Technology layer on top of. Is this the next big digital innovation ownership but with extras ownership but on the blockchain not in a frame on the wall. Why does everybody under care about how many followers they have. And that's a whole insecurity thing that we gotta talk about. But why why will it matter. Because digital assets and ftc's will become the currency of communication. Gary vein check is great at looking forward. He was an early investor in a few little companies like facebook. Twitter uber coin base and with that track record. He says this is it. Non fungible tokens have staying power. I'm pretty sure. I'm gonna live in the metaverse in. Vr put on my headset and walk around garage sales and find nfc's he spoke to. Joe kernan andrew. Ross sorkin and becky quick on our tv broadcast today. Joe. we'll take it away beyond. That sounds kind of wacky at first blush right can you. Can you start at the beginning and go over at fourth air vini anytime smart. People think something i'm doing is wacky on first blush. I know i'm doing something really important to break down. First and foremost it is a a platform that as a smart contract underneath it. It gives every single kherson of the ten thousand two hundred fifty five token holders eight ticket to a three or super conference that also announcing called be con- think of it as south by southwest meets. Domino's means rolling loud comic con a huge conference so where where people been missing. An app teas and continue to. Miss is smart contract. This isn't about me putting out a piece of art. Even though i've been doodling for a long time even though this is also the beginning of me standing up an intellectual property that i'm going to be building the rest of my career. What i'm trying to be was bringing enormous value underneath the contract including five hundred fifty five gift goats my brand that actually when you buy that can registered to the site and a minimum of six times a year over three years. You're getting a surprise physical gift in the mail. What i've done is pretty rigorous tremendous off chain value. While using the on chain dynamics the ethereal is involved. That's the with a non-custodial wallet. That's how you can do it. There's gonna be a dutch auction for most of these and you have any idea what one of these would cost for stars. Can you just estimate it and where it could go You know the the majority of tokens are going started. Re in dutch option down two point. Five and one of the chapter. Because right now there's frenzy and hysteria. We have way too many people putting out projects and overspending. I think we're seeing a lot of dynamics of the market and seventeen definitely this crowd if they remember. This is so easy for this crowd. This internet nineteen ninety nine breezy high on the overall technology way too many people grabbing going for chance loom. It's marked an april two thousand. This crowd watching knows collapsed but meanwhile in that lapsed was ebay amazon and multiple when people said oh the internet.

Gary vasicek Twenty one thousand dollars facebook california Jessica alba Gary Twitter Gary vein ebay Five Joe kernan andrew Joe two hundred years more than four hundred ten thousand One hundred twenty thirty forty year new jersey europe ten thousand plus tokens
"kernan andrew ross sorkin" Discussed on Squawk Pod

Squawk Pod

08:11 min | 3 months ago

"kernan andrew ross sorkin" Discussed on Squawk Pod

"Some fifteen million doses of the vaccine more than twenty two percent of americans are now fully vaccinated against the virus. Nearly fifty percent of people over the age of eighteen have received at least one dose of any vaccine pfizer and madonna. Do their maxine two shots several weeks apart and those two companies are far ahead in terms of distribution more than eighty and ninety million doses compared to about seven million from j. and j. This news broke today. Wall squawk box was on the air with angers. Joe kernan andrew. Ross sorkin and melissa will kick it off with andrew to give you a little bit more color. The report is framing this as a recommendation that the federal government is going to make this recommendation to states which will have which will be able to make their own decision about what to do but government itself will stop administering this vaccine at all federally run vaccination sites the federal officials expected the state officials will take that as a strong signal to do the same but of course this raising lots of questions about that vaccine. We should tell you that. So far at nearly seven million people have taken that johnson johnson vaccine roughly nine million more doses are being shipped out to states as we speak so considered a setback setback in the nation effort when it comes to his and everything else. It's going to raise more questions. You saw the news. Johnson johnson was the batch that they can use it was not manufacturing. Then you've got the similar clotting issues with with with astra zeneca over in europe with with that vaccine where the numbers of that have been administered. stirred are huge millions. And you're talking about ten twelve. Eighteen clotting incidents that are concerning. Because it certainly doesn't look like it's just background but they decided over there that the benefits of not getting cove it outweighed the risks and with johnson and johnson. Recently you've also had a couple of instances where they weren't clotting incidents but they were adverse reactions in a handful of people and you had actual discrete locations that stopped administering the jay from. I think it was kind of like the allergic and a flak the situation with j. so not an isolated incident but this obviously what would be the most concerned. But you're talking about really set what you said it under seven million administered and did you say six and you said six cases of a rare cases a of what seems to be very rare situation nonetheless. When you start to think about the idea that we're we're jabbing three four million people a day and clearly to make the numbers to get rid of this as quickly as possible and to end this pandemic taking those vaccines j. Vaccine out of circulation of course is going to be a huge setback to those types of numbers and the type of success rates that we were looking for It's also gonna put put more pressure. Of course in the supply chain of pfizer and madonna given that those are going to be now kind of interesting kind of interesting that the new technology the untested technology that everyone sort of raised eyebrows. What are you. What are you using a mess. Darnay technology that madonna adviser pioneered. These other ones astra zeneca and johnson and johnson. These are the more established at least for now people thought. And maybe you get a better t. cell response with some of those. They thought initially there was. You know people were. I think you know at least questioning the mess. Darnay delivery system more than some of the classic ways of doing it and just weird that some of the problems are with the the old Linebacker if you wanna call them pros now. The dow that's amazing down the hundred sixty points just to put a little more color on this. All six recipients That had problems were women. Between the ages of eighteen and forty eight years. Old one woman died in a second woman in nebraska has been hospitalized in critical condition and it is those cases that have created this concern by federal authorities and that appears to be a why at least for now. The government is putting the pause button. if not more than that and we'll see on this j. backseat but as c. Or a futures are going to session lows. We saw a tick lower and features as we saw johnson johnson shares move lower moderna shares are actually higher. Perhaps in the back of this but andrews. you had mentioned. there's a couple of impacts here. In terms of the vaccine rollout largely in how taking that johnson johnson vaccine out of the mix will impact the speed of the roll out at also. You know what role this news plays. And vaccine hesitancy for the people who were already on the fence about getting vaccinated. What sort of impact will this have of their decision to get vaccinated or not. Include be a setback for the reopening on any level here. And so we're seeing a little bit You know in the features. We're looking at the reopening trades the cruise lines for instance are trading lower. Ross watching the airlines and of course the futures as they start to take lower here in. Jj such a great reputation corporate reputation and it was a one dose so there were people that said i i'd i'd i'd like to get the no one could people you get whatever you could. I don't know. I think maybe some people would have astra zeneca. Maybe i'd say maybe i'll hold off and do a pfizer john j. but it's This is this is a setback for Obviously for the whole program but for j. j. in particular such a you know establish the in all the way back to the way. The company handled a previous problems. Way back in the past. Remember the kids in college. Study how they handled the tylenol recall on the phone with us. Dr kavita patel. Nbc medical contributor. And a fellow at the brookings institution. And i know it's early and it's great to have you because you you actually are practicing physician. So the ad no a vector that j. j. is using has been used on a lot of different vaccines in the past dr patel so a lot of people took solace in that that it had been a tried and true method. Is this surprising that this is happening with with this particular Vaccine covid vaccine. It is surprising. And just as we're getting an emerging team. Fda issued a brief statement with more details later today six cases that there scrutinizing which seems similar in detail looking at further detail to cases that we've seen similar to astra zeneca where it mimics kind of what we what we call heparin induced from inside a pina which is just a complicated kind of clotting mechanism that has not seen with to your point. Kind of the virus vector vaccines. I will say this. It's it's shocking and hard to believe that there is such a strong link of causality that these vaccines cause these class. But you know again. I guess i would only to people who've had the j. and j. vaccine the only solace i would tell you is that the six cases it appears still trying to work through details but it appears that these plots we're seeing you know early and so this is something that I i know that. I actually have patients scheduled to date to get the vaccine but were pausing all around the country and i. It's gonna be hard as we see more supply visor and madonna to walk this back. If you look at what's happened in the rest of the world with astrazeneca this is. This is a devastating blow to the j. and j. vaccine to.

Ross sorkin melissa europe andrew today two companies nebraska j. six more than twenty two percent Joe kernan andrew Ross andrews Nearly fifty percent astra j. j. about seven million kavita two shots six cases
"kernan andrew ross sorkin" Discussed on Squawk Pod

Squawk Pod

09:17 min | 7 months ago

"kernan andrew ross sorkin" Discussed on Squawk Pod

"Development between chinese companies in the. Us is only part of the larger tech story in china. Late in two thousand twenty. China joined the us in europe in a global big tech reckoning when it released series of proposals to rein in the chinese fintech sector new rules on how online leaders could operate and the government increased scrutiny on players like ten cents at jd dot com in an effort to curb anti competitive behaviour. Then china effectively blocked would become the largest ipo ever. A public listing. The chinese fintech aunt group shortly thereafter china's markets regulator opened antitrust probe into e commerce giant alibaba aunt groups largest shareholder and one of the most valuable tech firms in the world amid all this chinese officials had met jack. Ma co founder of ant group and co founder and former chairman of alibaba. He's still one of companies largest shareholders. He's china's biggest business. Celebrity enriches tech tycoon. He's regarded globally as a symbol of china's success up until recently he was a pretty visible character. Even starring as a judge on a popular reality show. But jack ma hasn't been seen publicly two months. We're all starting to wonder where he's gone back in october. A financial forum in shanghai mom spoke out against chinese regulators claiming they're conservative approach hindering innovation. He envisions a different financial system for china. Global onlookers are growing more and more concerned at the chinese communist party would rather those visions remain unrealised. Here's becky quick. joining us. Right now is leeland. Miller china beige book international. Ceo and leland. Obviously it's just speculation at this point but it does come after. Some clearly heightened tensions between jack ma alibaba and chinese regulators. Yeah i mean the question right now is whether jack is is managing a very low profile for his own good or whether he's been brought in a dark room in his having new terms of alibaba dictate to him. A nobody knows nobody will know until till the government comes out with a statement <hes>. I think right now you know. Jack is sort of muttering himself. Oops and it's oops on some of the things he's done in recent months in terms of antagonizing government regulators but this is something that the alibaba ecosystem has been something that has been antagonizing state banks and the state run financial system for years and years. So it's it's not altogether surprising that he's he's become under more pressure right now and he has a target on his back now that he's been completely vulnerable. You're not talking about the retail side of alibaba. You're talking about the financial side what they've been doing. And why don't you explain that a little bit to people why it's such a threat to the chinese banking system. This is a point that <hes>. That i've made years ago when alibaba. Cbs's guest commentator for the alibaba ipo in two thousand fourteen and everyone was talking about spectacular. This company is and it's true. It's spectacular innovative companies. But the is alibaba's not one company. It's actually two companies <hes>. It is a retail firm. Which is a chinese national champion. I think that's what people think of when eight when they think of alibaba most of the time. But it's also a giant financial firm and it has been innovating behind the scenes of chinese finance for years whether it's <hes> on my mutual funds whether it's e payments these are systems that have been beating the tar out of the state banking system. Alibaba for yle was allowed through you. It's it's mutual fund to to offer these very very high rates where the state banking system couldn't and over time china beige book. You can see that. There's been migration deposit flight from the state banks over the alibaba system. So jack has got an enormous number of people who really dislike him inside the chinese banking system and this is a problem that happens in beijing step in and they'd regulate the alibaba are force them to bring the rates down but this has been a tension not for months but for years. So so this is this. Is jack finding himself. Boehner and having lot of enemies on the inside leland. Just in terms of of what that means for the chinese population. I mean it's it's a good thing. It's it's helped so many people in china who wouldn't have been able to get loans otherwise wouldn't have been able to do some of those things so i have a hard time thinking that that in itself has been the biggest problem or why the communist party might down on him <hes>. But you know some of the things that he said very recently have been incredibly antagonistic. Just in terms of things you're not allowed to say in china that he said right in one rule is you don't antagonize the chinese communist party and expect good things to happen but but look wall. What alibaba has been doing been innovative. It's been good for chinese consumers and households and the chinese economy keep in mind the vested interests that are affected by this. You have these technocrats. Bureaucrats have the bankers who have watched their their fiefdom less and less important over time. and so even. If this is good for china writ large. This is a real question. Mark to where the banking system falls in this new world order now. If jack had his way he was sweep the banking system aside and replace it so it may be good for china. But it's not good for a lot of party. People who are in the top of the power chain which means that jack better tread carefully at this point. It's raised a lot of questions about what this means for international companies trying to do business in china whether they be tech companies or something else but we also have at the same time the nyse announcing that it is not going to move forward with its plans to deliver those three. Chinese companies says it did this after having discussions with regulators. But you've got to think it's it's got more to do with who's going to be in the oval office come january twentieth a biden administration versus a trump administration. What what does the setup for just in terms of the us relationship with china. Yeah look i don't think biden particularly wants to touch this issue so he's keeping his hands off it but this is really about inattention by the trump team. I mean they put a rule in place and they sort of went off and pay no attention. You know certain certain agencies like treasury behind the scenes hoping to weaken this. And and that's what they did and so if you don't if you put out a bunch of rules and then you don't fall through on them. You're going to have a lot of questions over how they should be interpreted and at this point. They're so little clarity on what the administration was asking for. And what the executive orders called for and and what executive orders in the pipeline. That these <hes>. That nyse in and a bunch of other financial entities basically said. We don't understand what's going on here and we're not going to implement them and they got soft backing behind the scenes from treasury not to implement them and so here you are. Everything is sort of falling apart in terms of some of these latest trump moves in the last days of the trump administration. Bring them back to what investors might be looking for. Is this a situation. Where manufacturing companies anybody. Who's making things that they're selling <hes>. Either from china or to china. How is this going to play out. You have any ideas. I think that the biden administration has come in with severe restraints in terms of what they can do. They want to use political chits. They have on domestic issues. They they know that biden has had years and years and years of being called week on china when he was vice president. And so they're not gonna be able to do any heavy lifting on the china side particularly in the early days. So i think that from this standpoint biden wants to sort of he won't be able to pointing back he doesn't want to do a whole lot. And so you know you're going to be on a glide path at least until he gets both staff in you know three to six months from now but in terms of investment with china. This really has to play out. The chinese are certainly gonna come in and try to have a honeymoon. Period with a biden administration promising kinds of climate goodies. The question is who are going. To policymakers. That are gonna be in charge of china policy for for for the biden administration. And are they going to have authority within his realm in order to push back congress for certainly be at their backs but but this is some this issues. These china issues. That i think biden would like to ignore for as long as possible in his first six months. There are a lot of china hawks in congress. That would probably make that pretty difficult to ask. What what should we be watching. What are the key points or the key events. A lot of it has to whether whether cova continues to to suck all the oxygen out of the room you know code will be will be issue number one. But you're right on congress you're gonna you know you have some very fire. Republicans you also some fire. Democrats who who are who are who are quite animated on the china issue. There's a bipartisan agreement. Right now that china needs to be dealt with rather rather tough fashion. So i think that you're going to have a lot of pressure from congress. Which is why i think biden wants to have nothing to do with it. He's gonna let some a lot of some of the trump stuff glide he's gonna want to avoid the issue as much as possible. It's going to become harder and harder. As the beijing olympics comes into sight year and a half from now <hes>. There is going to be a lot of push both domestically internationally to boycott the olympics <hes>. A year plus from now and this is going to become extremely hot topic not yet but later this year and so i think he's got a pass for at least a few months but later this year. I think it's going to get a lot lot lot tougher on the environment on china again. I can't believe the olympics in beijing are only a year and a half or so away. A leland it's good to talk to you. We will see him

china alibaba Katie kramer Miller jack blackstone green jp morgan berkshire amazon healthcare venture jamie diamond Kernan andrew ross sorkin hong kong yoon leland office of foreign assets us treasury nyse jack foreign ministry becky biden administration
"kernan andrew ross sorkin" Discussed on Squawk Pod

Squawk Pod

07:45 min | 8 months ago

"kernan andrew ross sorkin" Discussed on Squawk Pod

"It's the great migration. Florida is hotter than ever for tax breaks. Goldman sachs is the latest financial player to consider a move to the sunshine state. Don't people have some patriotic duty to their own cities. a little bit is just. It's monday. December seventh two thousand twenty squawk begins right him. Good morning everybody. Welcome to squawk box here on cnbc. I'm becky quick along with joe. Kernan andrew ross sorkin andrew. Okay let's talk about some of these. Ipo's coming up this week airbnb. Planning to increase its ipo price range aiming for a potential forty two billion dollar valuation. Now there are also reports that jordache expected price at the high end or above increased range. Both ipo's will bring a flood of stock market debut and let's picker joins us now with the latest. And all of it leslie. Hey good morning andrew two multibillion-dollar. Ipo's coming to market this week. Door dash set to make its debut on wednesday followed by airbnb on thursday. It's important to underscore the rarity of this level of issuance in a single week excluding specs were expecting to see more than seven billion dollars worth of. Ipo's this week since the start of twenty fourteen. Only three other weeks have surpassed that kind of volume most recently in mid september. There was a big week of software. Debuts when snowflake unity jay frog went public raising a combined eight billion dollars before that the only weeks that saw greater issuance was in may of twenty nine thousand nine when uber went public and then september twenty fourteen when alibaba went public. Now woods different this time around. Is that the billions of dollars in new. Stock is coming weeks before the end of the year when most institutional investors lock in their performance for incentive fee purposes. That's when it becomes imperative for them to beat their benchmark and their benchmark is say the nasdaq. They're looking at gains of about forty percent. Beat that could drive. Demand as ipo's can of course be a source of alpha with the day one pop but it could also cause investors who are already ahead to sit. These deals out to avoid any last-minute risk-taking because that pop is all but guaranteed considering airbnb endured dash of both up their price ranges. it appears that they're receiving greater than expected demand at this stage in the game. Guys so leslie. I mean the funny part about some of these companies including everybody wanted to do at one point. A direct listing Is just i mean. Obviously they also need need and want to raise money but in this environment. It seems like you gotta you gotta raise the money. I think that's right. You have to raise the money in this environment. Especially if you're businesses potentially impacted by the next few months and who knows what's come with regard to to shutdown orders and the like and. I was thinking about this too yesterday. As i was kind of wrapping my head around this hit. I do wonder because with the direct listing. you don't necessarily get that same amount of interest from a listing at the end of the year that you might get with a traditional ipo. because it's the institutional investors that get allocation at the stock at what they hope would be a price that would be poised to pop on the first day of trading. So if you have a direct listing you don't really have that kind of incentive structure as you would with a traditional ipo. at the end of the year. i don't know if that actually change the calculus but it's certainly something that could be a tailwind further. Ipo in a traditional ipo process. Lizzy pinker great. Thank you knew. stay at home. Orders going into effect in california people in the southern part of the state as well as much of the san francisco bay area and other spots won't be allowed to gather with anyone. Outside their household supermarkets can only operate at twenty percent capacity and restaurants hair salons and playgrounds must shut down the new orders or rekindling debate from the spring about what should be allowed to stay open when the virus surges. Now when he joined us on friday new york times columnist. Tom friedman in on that question with this response we set up. It's crazy debate that it was mass or job you know mass or school mass or football and it never should have been that. It shouldn't mask for school mask for restaurant. Mass for jobs and people want to And and you know we talked about this. I was very early on thing we have to. We have to balance lies. In lively tear folk restrictions in eleven counties in southern california were triggered. When i see you capacity fell below fifteen percent goldman sachs considering planning to go to florida and create a new hub there for its asset management arm according to a bloomberg story and saying that executives have been scouting rotate locations in south florida. Speaking local officials and exploring tax advantages. The report says goldman is also looking at dallas where it's been expanding as well manhattan of course has the most office space available since two thousand and one other investment firms have been increasing their presence in florida including blackstone synod l. and elliott management. So you're starting to see the move potentially unclear exactly how how much of a tax benefit they were. Get because the headquarters would still be new york. So there'd be some some but potentially they could move some of that and then the other issues that arguably and i've heard this before a lot of the clients especially in the some of the wealthiest people in america are moving to florida in part for taxes so but but it does mean that people are more mobile than they used to be that that is one hundred percents for ten years ago. I didn't believe people whereas mobile. And i don't think they were. Today i think the mobility of different story. Well covance showed us if the nasdaq moved to texas. I'm headed to florida. I'm telling you guys can come if you want a wall or our not now by five no place but you're not going to texas. I love taxes. I love android like you. I love taxes. So i would never go to florida taste on any type of facts and i mean it's nice down there nights golf courses Nice weather actually. I just honestly. I was sent home. Stay where you are. I was sent a sweatshirt just recently. Put it on. Because i deleted for me you guys. You're doing that one day. I hope there's no four letter words on the sweatshirt For free you in there. The white people are feeling did what did it. Where'd you mike. Can you just took my mic off new york nowhere. But we'll see we'll see his. Don't people have some patriotic duty to their own. A little bit is just yes. Moved around a lot yeah. I wouldn't mind my money going into new jersey next on squawk pond a cova vaccine maybe on the way but who will be the first in line dr scott gottlieb former head of the fda giving americans a shot in the reality is going to have to make hard decisions. We're going to be rationing this for the next two to three months this. Nbc podcast is brought to you by t rowe price offering investment products and services supported by rigorous research to help advisors and their clients reach their investing goals. This is strategic investing since nineteen. Thirty seven. t. rowe price invest with confidence. This is squawk pie. good morning. What back to squawk box right here on. Cnbc andros organ along with becky..

becky quick sorkin andrew jordache Ipo Goldman sachs leslie andrew ross Kernan Lizzy pinker cnbc alibaba florida joe andrew Florida Tom friedman
"kernan andrew ross sorkin" Discussed on Squawk Pod

Squawk Pod

07:52 min | 11 months ago

"kernan andrew ross sorkin" Discussed on Squawk Pod

"Dr Scott Gottlieb, we are seeing pretty sharp take care of the United States now whether or not that's opposed Labor Day bound sports the beginning of an uptrend heading into the fall. It's unclear right now deal or no deal media mogul expedia and ICY Chairman Barry diller on the TIKTOK. Oracle. Bite. Dan's government situation Komo deal. So I don't know that it means much of anything at the moment. The whole thing is a crock and lucky for joe another spiked seltzer for him to try Coca Cola aims to release its first hard seltzer in the first half of twenty. Twenty one. They're light and I like all flavors. It's Tuesday September Twenty Second Twenty Twenty squad pad begins right now. Good morning everybody welcome the Squawk box here on CNBC I'm becky quick along with Joe Kernan Andrew Ross Sorkin, and we're GONNA start with the markets this morning after yesterday's Big selloff on wall. Street the Dow was down by almost a thousand points at one point during the session but close the day down by just five hundred, ten points. That's the good news is a decline of about one point eight percent. The S. also fell by more than one percent. It made a recovery as well, and then if you were watching the Nasdaq that was a bit of a miracle comeback, it closed down by just A tenth of a percent after a late day rally guys, this has been pretty interesting watching the course of what's happened over the last month we are talking about down month potentially for the markets as we get deeper into this month, we have looked at four sessions in a row that we've been down for both the SNP and the Nasdaq, that's the longest losing streak we've seen since all the way back to March. But again, if you're looking at some of these numbers, you're just talking about the lowest levels for the Dow since August and the lowest levels for the SNP and the Nasdaq since late July. We had month after month. Context month after. Month I think we had April May June July August all up. Aren't they or close to it yesterday stocks only go up they only go up not in September September's important month but always kind of typically week month. But in an election year with an incumbent it, it can take on added significance yesterday the Nasdaq I looked at it. It almost came back three hundred points I'll quiet when I find look almost two hundred, the Nasdaq can. Move Man I mean that that can move that can be you know we can see it down four or five hundred points, and then it's down you know fifteen points and like what I bet that the Nasdaq closed higher today I have no idea it's up now and that's a pretty good moo seventy points compared to the others but that could you could look at it mid morning and it could be totally different and then the rest of the. It's not the tail at this point seems I get kind of the of the dog you know Anyway. Especially, because those big tech stocks makeup such a huge percentage of the overall. SNP. Market. Cap Caplis of. These things in the leadership two moves. Yeah. For All of these things. Made a pretty impressive comeback rally yesterday too crazy risk off yesterday though a gold that's supposed to go what Bitcoin is supposed to go up on things like that happen and it it's weird I it just seems like that's where you'd start. We're thinking about it's just money you know what I mean it's just Zero percent and I I was digging into the Dow yesterday because the Dow was so weak at one point I started looking through Dow components to see which ones were the weakest at any given point Dow the Dow Component Dow was under significant pressure. It was down by more than six percent but then he saw declines of more than five percent for for stocks like Caterpillar you know it was the industrial names that were really getting punished Chevron and and and that could be traced back to this idea of if there is a second lockdown the. That, maybe that's something that people start worrying about. Those were the ones that are expected to be recovery stocks as the economy continues to improve, and those were the ones that really faced a lot of pressure yesterday at least among the Dow stocks. Coca Cola CEO, James Quincy Tells CNBC that the company plans to release its first hard seltzer in the United States in the first half of next year. This is the first update on the product since it was first announced back in July. Here's what Quincy told. Kramer last night on mad money. We're GONNA follow the. Consumer. y'All days people much more regimented about the category, State, stadium, and there wasn't so much lowering up by consumers of mixing matching categories and think these innovations we've seen including hot Celta are trained to the consumer looking for new things. Coca. Cola plans to release the hard seltzer the to- Chico brand that had acquired back in two thousand seventeen. It will be the first time. The Coke has had a presence in the US alcoholic beverage market since it sold its wind business in the early nineteen eighties and guys I have yet to try any of these hard seltzer. Taking, people taking these storms I know you're into Joe love him yeah. I really have enough. Liked their light and I. Like all flavors I decided I've been. Mostly, White Cli- Andrew, you can get a little variety twelve pack. You can get a comes with the brass. I'm. Do. You guys remember Zima do you remember Zima? That's a beer. That's a better filling beer this. Look here's even sit Lewis Clear. It doesn't matter. It was heavy and fill it tasted like a big Karbi beer. This is no this is I haven't tried any of this. Does it taste like Bartelson, James? No God no. I wouldn't be caught dead with wine cooler. Becky. Here's what it tastes like. Okay. You Go from drinking soda and then you say, wow, this artificial sweetener might kill me quicker than sugar. So you're saying I'm not GONNA do that. Okay. So then you start drinking the the Poland springs lime or the raspberry lime or the And then that you get used to that and it's great just add a little bit of our gateway go up. It's like a it's like a Poland Springs Seltzer. Lime Seltzer with just a little alcoholic perfect. You can have a couple of for movie was your gateway. Gateway drug for this. Yes. That was my gateway and actually that's true about Andrew. Because we remember we ask them as one vice and he goes well, I don't WanNa really admit to it on national TV but I do during sparkling water that was your Vice Sarkin that was remember but then he's actually been drinking Dick De. Is Bad for your teeth. Is. It went t thirteen on. With a Straw. Drinking with a straw if you care about your teeth a paper Straw to in your. Environment. Your teeth of the. Metal. Straw then I guess this is reusable Straw. This was a big culture shift because you know the beer beer is just it's just too heavy. You know. Those first six go down. So smooth you know what I mean and Why laughing. Coming up on Squawk pod. The U. K. is working to ward off a second wave and America is heading into flu season I. think that there is a real risk that we're GONNA see rising cases towards the end of this year. Now, that said, I do not believe that we're going to reach back to certainly a national stay at home order Dr Scott Gottlieb when we get back. Takes conviction to see beyond the turmoil in today's markets. That's PG the investment management business of Prudential with a legacy of risk management discipline and investment experience through thirty market cycles. PJ is prepared for today's challenges. P Jim Brings long-term perspective and deep expertise across public and private markets globally outlast today's uncertainty with PG find out more at PGE DOT com. That's PG I am DOT com..

Joe Kernan Andrew Ross Sorkin Second Twenty Twenty United States SNP Dr Scott Gottlieb Coca Cola James Quincy becky Dow Poland Springs Seltzer Barry diller Dan Chico Komo expedia flu
"kernan andrew ross sorkin" Discussed on Squawk Pod

Squawk Pod

01:42 min | 11 months ago

"kernan andrew ross sorkin" Discussed on Squawk Pod

"Happy hour at the Kernin's I just want to give a plug to something. That's the greatest invention in recent history and that is this spiked alter CNBC producer Katie. Kramer. It's Wednesday September ninth twenty. Twenty squawk begins right now. Good Morning. Everybody. Welcome to Squawk box here on NBC I'm Becky quick along with Joe Kernan, Andrew Ross Sorkin, and we are watching the markets this morning. I up today on the PODCAST Market Madness Wall Street looking to bounce back from a technology led sell off that pushed the Nasdaq Composite Index into correction territory.

Andrew Ross Sorkin CNBC Joe Kernan Kramer Katie NBC Becky producer
"kernan andrew ross sorkin" Discussed on Squawk Pod

Squawk Pod

07:19 min | 1 year ago

"kernan andrew ross sorkin" Discussed on Squawk Pod

"Giant procter and gamble doubling down on its efforts to combat racism chief communications officer. Jones, we think we are going to be part of the solution by studying the great example that we've been setting taking action, whereas needed in very clear in the standards have been walking the talk and Chicago Air, Lory lightfoot on getting her city and others past the. The coronavirus crisis. We're going to be challenged like every region across the country that we see this as mission critical that we really have no choice but to make these investments particularly in the investments in our workforce, and our people, those stories plus working from home. We home is on a beach eight twelve month, Barbados welcome stamp. It's Friday July tenth twenty twenty. It's also Friday with you know what that means that I'm in love squawk box begins right now. Good morning, everybody, happy Friday and welcome to Squawk box here on. CNBC becky quick along with Joe. Kernan Andrew Ross Sorkin. I I'll on today's podcast companies combating bias many American. Corporations are taking a closer look at their impact on employees and customers when it comes to issues of diversity and inclusion one of the most visible examples, the stop hate for profit campaign, encouraging advertisers to boycott facebook amid calls for the social media giant to better moderate racist content. We've discussed this initiative at length here on squawk. SQUAWK pod check out Wednesday's episode for our most recent conversation with one of the campaign's organizers, but one of facebook's and Google's biggest advertisers has remained uninvolved in the boycott. That's proctor and gamble the consumer-goods Giant that owns household brands like Gillette. Bounty tied down vicks crest. The list goes on, but while fellow consumer giants like Pepsico Coca Cola and Unilever have pulled or paused their advertising. Advertising with facebook being Jay has not even though PNG has a history of calling out big tech platforms about this very issue in twenty nineteen, the company spoke out against digital media platforms. SUGGESTING PNG could move its aunt. Dollars to services do a better job at keeping their platforms free of offensive content, and they weren't kidding. In two thousand, seventeen and eighteen proctor and gamble had boycotted. Boycotted Youtube for over a year after its ads showed up next to terrorist content, so why his PSG remained on sidelines in this boycott, the company's strategy has instead been to double down on its own approach to combat racism with ads like the look and the talk about conversations. Black parents have with their children in this country. The talk actually won an emmy a few years ago. You were not pretty slow blood. Beautiful period. Okay. I'll never forget that. This week proctor and gamble released another short video choice encouraging white Americans to speak up and stand up against racial bias as well as the Hashtag. Let's talk about bias fostering conversation about race between strangers. Everyone has bias as might be uncomfortable. Can you imagine that officer having his knee on a white woman's neck like that for ten minutes it all starts with biased. Each video is a powerful watch. Damon Jones chief communications officer at proctor and gamble joined squawk box this morning to discuss the strategy. Here's Andrew, Ross Sorkin Damn Good morning to you. The morning before we get into some before we get into some of the details, just just tell us how this came about and I'm curious about what kind of debate there may or may not have been inside the company about how to approach this. Will for years we've been using our voice and position as a leading advertiser to spark these constructive conversation on race and unbiased. You know back in twenty fourteen. We launched a campaign called like a girl to talk about gender bias and twenty seven be launched a campaign all the talk that really shine the light on the conversations that black mothers were having with their children. Children to prepare them last year, bid on a campaign called the load, and recently with the choice we wanted to catalyze even more conversation, giving all that was happening in the world so we know that a lot of the core evil that we're facing right now. Racism sexism than up over. They all start with biased and we can't tackle these problems until we begin. Begin to talk about them, so the challenge is always. How do you do that in an accurate way? How do you do that in a way? That really brings people voices by invite them into really become part of solution. That's our objective with the talk about bias campaign. You know it's an important message, but we're. We're living in contentious time, and amid what some people. People might describe a cancel culture and I. Don't know if you remember when starbucks many years ago, put together their race together program, which immediately drew criticism despite I think it's well intentioned, and my question to you is how you think about that sort of a mix in terms of how you approach this issue, and what kind of feedback you've gotten us for. Sure well I think what we know because we're all about serving consumers, consumers want to know the values behind the brands they buy everyday and as we consider these types of programs, we do it in a fear and accurate in a respectful manner, and we're very clear on our goals, and we want a society that fosters great public discourse, even when we disagree, so we bring multiple views to the table, and we handle those using a very responsible way were clear on the objectives were clear on the outcomes, and we acknowledged that eight. Not everyone's a disagree, but we want everyone to come to the table, bringing their lived experience, but also bringing perspective that are beyond. Beyond their own, so what we did talk about bias. Perish Rangers together right. People who were different have different lived experiences, White, black gay shrink all these dimensions of diversity, and we said let's talk about these things right and sometimes disagree sometimes you'll get a little hurt, but that's the proper process of learning. We've actually taken that same process within the wall to P. and G. writes. The were walking the talk when it comes to bringing people together and getting through some of those difficult conversations at the end of the day. It's not about a popularity contest, but it's about getting to the culture of respect and understanding that we all want to live in. And then the other questions, guys. How do you think about this? In terms of branding? I know that may sound crass, but that's There is a branding element to all of this. Historically people so PNG would sell a product. This is selling a brand and there really is no I. mean there is an overarching brand, but you have lots of brands underneath the umbrella if you will. We do well, and the answer is a little bit of both their time. Will we've chosen to speak out using one of our brands, a secret or examples brand that's been very vocal about gender equality ride doing a lot of work with the US limits, national soccer team or an example there are times when other rancid have gotten in what we've done with talk about bias is we used the brand of procter and gamble because we really want to make sure that that message is clear. Clear that there's not another distraction. Sometimes people feel that the message to commercial people feel like you're doing this to Celso on. That's not why we're doing it. We're doing it because we really want a better society, so those are careful measured decisions that we take a again with the goal of making sure that that message been cut through an their measure on a very old way, but in a way that really has the impact of really changing minds, hearts and leading people to Action. The other question I was GonNa ask you though with advertising and I don't know how much you've been.

gamble facebook Kernan Andrew Ross Sorkin chief communications officer Damon Jones procter Barbados CNBC vicks crest Gillette Lory lightfoot Youtube Celso Chicago Rangers Pepsico Coca Cola officer US soccer Unilever
"kernan andrew ross sorkin" Discussed on Squawk Pod

Squawk Pod

03:00 min | 1 year ago

"kernan andrew ross sorkin" Discussed on Squawk Pod

"We observe June team alongside millions of other Americans. It's a one hundred fifty five year old holiday commemorating the day enslaved African Americans learned of their freedom on this day June nineteenth in eighteen sixty five major. General Gordon Granger of the Union army arrived in Galveston Texas and informed the enslaved black population that the civil war had ended, and slavery had been abolished eighteen, sixty five. That's over two years after president. Lincoln's emancipation proclamation took effect. Texas on the other confederate states ignored the proclamation, and in doing so submitted enslaved African Americans to thirty extra months of uncompensated labor and inhumane treatment this. This day the day honoring the reinstatement of freedom that should have never been taken away the day that freedom was lawful, and yet still withheld represents many Americans, the difference between the ideals of the American dream and the reality for black people in this country, the June team holiday has largely been observed by the US black population wall, and efforts to make June Tiv a national holiday have fallen short in Congress as twenty twenty, though forty seven states and the District of Columbia have all passed legislation recognizing June Tepe as either a state holiday or a day of observance this year. Corporate America is also making president. Several large companies are honoring the day as a paid holiday for employees, Google. Uber General Motors Ford J. P. Morgan Nike and others are observing team today CNBC reporter Gene Wells reported today from once center of Commerce. That's also marking this special day. All the dockworkers at all twenty nine West Coast ports, including here at the largest largest port complex in the country are taking an eight hour work stoppage today for June teeth and up at the port of Oakland, where the local is seventy five percent black. They are going to have a a march and a caravan as local President Trent. Willis says there is systemic racism at times still even within the Union we've had <hes> incidents of hanging nooses. That we sense addressed. And just just here and there we've had some some evidence of systemic racism. Showing its ugly head. Here, where we work every day, Corporate America is all in on this saying that June teeth will be paid permanent holiday including target, which will pay working employees, today, time and a half. Other companies are still open, but canceling meetings like Amazon, which will offer workers, a variety of opportunities online to reflect on the day and GM where in many plants the work will continue, they will stop for eight minutes and forty six seconds in recognition of the death of George. Floyd one note about the ports guys in this union dockworkers are allowed one work stoppage a month. They are all happening to take it together today

US Galveston Texas president Kernan Andrew Ross Sorkin Shopowner Vanita Cooper Christie Melissa Bradley Gordon Granger CNBC Uber General Motors Google Blackie District of Columbia America Congress Joe Union army
"kernan andrew ross sorkin" Discussed on Squawk Pod

Squawk Pod

08:19 min | 1 year ago

"kernan andrew ross sorkin" 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
"kernan andrew ross sorkin" Discussed on Squawk Pod

Squawk Pod

08:25 min | 1 year ago

"kernan andrew ross sorkin" Discussed on Squawk Pod

"I'm CNBC producer. Katie Kramer Today on our the multi trillion dollar effort to shore up the US economy. Got a few more numbers after the. House passed. Additional CORONA VIRUS RELIEF. Spending Congressman. Kevin Brady joins us. Here's no question. We have poured a lot of cash into the economic side of this virus challenge. None of that is free and remember Rim desa fear. Galliano's potential corona virus treatment gave us so much hope just last week about the celebration may have been premature will not improve the outcome of covered patients and in fact I think the Monterey was similar to untreated and a little bit higher. Actually it's Friday April Twenty Four Twenty Twenty. Swapan begins right now. Good morning everybody. Welcome to Squawk box here on. Cnbc JOE is live from the Nasdaq market site in Times Square. I'm becky quick. Along with Joe Kernan Andrew Ross Sorkin Andraos ended overview. Thanks becky. We're GONNA give you an update now on the pandemic numbers global cases have now two point seven million with eight hundred sixty nine thousand in the United States. The death toll in the. Us is nearing fifty thousand. Now New York cases hit two hundred and sixty three thousand and New Jersey is now at one hundred thousand Georgia. We'll begin reopening some businesses. That's GonNa Happen Today. That state has the twelfth most confirmed cases though with more than twenty one thousand Becky Andrew. Thank you and other pandemic news yesterday. New York Governor Andrew Cuomo shared early results from a study of three thousand people that said one in five New York City residents tested positive for Kovic Nineteen. Antibodies that means as many as two point. Seven million New Yorkers may have already encountered the virus survived and never knew it. The State Health Commissioner acknowledged the questions about the reliability of antibody test but said. New York's test was reliable enough to determine immunity and guys that's just based on the number of residents in New York City. That's eight million residents. But you've got to remember their twelve million people who go to work there every day including all of us which really makes you wonder how big this actually is. A two point seven million dollars statewide. That twenty percent was New York City but we just did UMASS. We said two point. Seven million twice just now global confirm cases two point seven million possible. New York state cases. Two point seven million. So what is the real global number? I mean we have no idea somewhere between two point. Seven million at two point seven gazillion. I think I mean it's really This test if you could find this out I would go in a heartbeat for this the antibodies. That would change really. We're GONNA get it really refined Daria. Believe I think I think I don't know I think it's much I think it's much but yeah I think it's much higher but I don't know if it's really twenty percent. I mean that big me think that seems incredibly high to me. That's I know you know what I remember that we are the epicenter. New York City is the epicenter for the entire world right now times square anyway exactly time but once again do the mortality on that. I did it yesterday. Point four nine which is five times worse than the worst Flus and this is with shutting down the global economy. So it's it's nasty and five times worse but it could have been a lot lers seems like anyway this new justice. Meg was doing some great reporting on on this yesterday and listen to her closely so I don't know what the thing in Kramer has pointed out three times. China has said that doesn't work. We need to wait to see the trial here but make points out. I don't think there was a control group on the trial here so in week. We're not gonNA know everything we need to know about Gilead and air but this shares dropped a lot yesterday but then came back at least a little bit and then went back down again after graph documents. That shouldn't have actually been have come out yet. Viewed by the F. T. showed some disappointing results for the Drug Rim Desa Vir. The documents were briefly posted online by the by the W. H. O. Have since been removed and it referred to a Chinese clinical trial. The drug. That was stopped early. They didn't get enough patients but the did not improve that was shown not to improve the outcome of covet patients. And in fact I think the mortality rate was similar to untreated and a little bit higher and also some significant side Effects Gilead said the documents are an inappropriate characterization of the study. They're inconclusive. Because as I said the study was terminated early as a result of low enrollment so I don't know how much we know. We need to see much more about severe to see whether or not it worked a little bit on a bowl but not as well as the antibodies in combination with an antibody drug. But I don't know we'll see Gilead Gillian's response on this was. This was too early to tell. The results were inconclusive. But they did say that. The data seemed to indicate that there was an improving trend at least when it was used very early in patients. And I I guess to me that Kinda. Raise the question if it's if it's used early that's great but you don't know if these were people who were just going to get better anyway if it was done early. Who really take a turn for the worse that we worry about. How do you save them? It disrupts viral replication. So if you've already gotten to the point where it's starting to you're having that immune response in your lungs because the virus is already there. It's already a lot. You can imagine that if it's already your immune system that's causing the problems then disrupting viral. Replication is not going to be as effective as it would have been if you did that right at the beginning of the disease so hot. I don't know how you do it on the really sick people that need seems like you'd have to do it on anyone potentially even had it to have an effect so it's like a catch twenty two before we launch into our first guest of today's episode a small interruption. This story is a big one. Remember last week last Friday. Podcast title even read rooting for 'em Desa fear. That's how promising Gilead drug seemed to Wall Street and beyond throughout the lows and lower lows of this pandemic Joe. Becky and Andrew had been watching drug developments closely like most of us but Joe in particular has science knowledge that you might not have noticed. That's because frequently forgotten fact. Not by him Joe. Kernan has a master's degree in molecular biology from MIT. So when you hear him dip into the science lexicon with pharmacy doctors like in this next segment. That's why here's Becky kicking off a conversation about the rim desa fear news and possible other Cova Treatments with former FDA commissioner Scotland Dot. I guess this just really shows the desperation to hope that one of these treatments will will work to improve things. But what are you thinking? Now that we've heard this back and forth. Well Look I. Don't think this changes the calculus that much on this drug. We always thought that this this drug worked. It was going to be weekly active. It wasn't a home run drug. That could be something that could provide benefit to certain patients always thought that the drug worked. It'd probably be most effective in early disease. Not late disease here. It was being tested in patients with more advanced disease. The trial only rolled about half the targeted population of patients that it sought to enroll because they just ran out of patience in China as the epidemic there. They weren't able to continue enrolling in this trial. Now just say it's really unfortunate. The way the Chinese handled this Gilead went through great lengths to get this drug into that country to stand up these trials in the setting of their epidemic. There the Chinese would not forthcoming about making this information available back to the company or regulators here in the US that can inform decision making so it's unfortunate outcome after really. What was I think reported as heroic effort on the part of Gilead to get that drug into the into the country? The bottom line is we're going to have trials that read out in May They're going to give a more definitive answer about this drug so we're going to know very soon whether or not this drugs working what the treatment effect is in the meantime people are looking for just about any sort of cure of all kinds of things that have been passed around over the counter. Type of prescriptions. That people are trying even some other things that you need a prescription for that are off.

Becky Andrew Joe Kernan Andrew Ross Sorkin New York City New York United States CNBC Four Twenty Twenty Drug Rim Desa Vir Rim desa Katie Kramer China Commissioner Kevin Brady Monterey Congressman Governor Andrew Cuomo Galliano New Jersey producer
"kernan andrew ross sorkin" Discussed on Squawk Pod

Squawk Pod

08:59 min | 1 year ago

"kernan andrew ross sorkin" Discussed on Squawk Pod

"The presses. Bob What's happened mint. My criticism was never of the cars. Mike criticism was always of the way. He l'enfant was reading the company and revenge of the Robo Call. Receivers averse are at once. You put it on. Your phone is going to stop these calls from ring and our answer go to work they start talking back to the scammers wasting their time fed up with spammers. The company company that built a business on shutting them down those stories plus a headline making royal move. Didn't we fight a war so that we didn't have to care what the royal family was doing as much I'm I'm CNBC producer. Katie Kramer. It's Thursday January ninth twenty twenty. Squawk pod begins right now by three two one good morning everyone welcome to squawk box here on. CNBC we are live from the Nasdaq market site in Times Square. I'm becky quick along Joe Kernan Andrew Ross sorkin update now on the conflict in Iran president trump pulling back from further military action after Wren's missile strike on basis that has. US troops caused no casualties but he told him ran he would further tighten US sanctions. Here's what he said about the decision to kill rounds top commander. In recent days he was planning new attacks on American targets. It's but we stopped him. Solomon his hands were drenched in both American and Iranian blood. He should have been terminated. You long ago yesterday. Cabinet secretaries and other officials held briefings for all five hundred thirty five members of Congress reviews though Mixed Democrats criticized debriefings. The things in the justification for the US strike most Republicans praised officials in the president for the strike and the presentation. But Senator Mike Lee was one of at least two Republicans and who had a different view. The briefing lasted only seventy five minutes on our briefers left. This however is not the biggest problem I have with the briefing which I would add was probably the worst briefing of seen at least on a military issue in the nine years I've served in the United States Senate what I found so distressing about that briefing was that one of the messages we receive from the briefers was do not debate. Do not discuss the issue of the appropriateness of further Miller military intervention against Iran. And if you do you'll be emboldening. Iran House Speaker Initially Pelosi said the house will vote today on a war powers resolution that would limit the president's military actions on Iran actually saw a couple of senators last night on on Bret Baier Bret Baier show and Tom Cotton and Tim Kaine and actually they talked about that. Tom Cotton need extra talking about Mike. Lees it. It was like night and day and it's pointed out that Mike Lee and Rand Paul are. There's Republicans are saying one thing in those two guys are completely Taylor. Jerry Libertarian. And they're in their own grouping almost all left for the most part. Tom Cotton say Rand Paul or Mike earlier on the left. They're just less. I'm saying they're in their own group on the right there in a group of two people on the left. They're in their own left their way right. So you said left matching left Libertarian. We know Rand Paul but Tom Cotton. The WHO has I said is is we always. We had his military record. Pretty you admiral. What the deal is there there? Every president since two thousand and one has has been operating under that agreement. Congress said yes you can take action against the Taliban. It's now been nineteen years. And that's why Libertarians are particularly incensed. They think there needs to be another vote. aww right what else. Nothing okay and I think they want more straightforward information about exactly what was going on the week I mean. I think there's still a a question mark because there hasn't been a full explanation of all of it. It's not it shouldn't have happened especially doesn't matter anyway because the Senate four senators to turn and there's only two percent it depends on whether you think you need a clear evidence that there's something imminent coming or that his actions over the past twenty years warrant the action itself with that except for one piece of it. which is that? If you'RE GONNA publicly say there's something intimate then you effectively active. We have to say what the imminent thing is. You could also have made the argument which I don't think it's actually a bad argument. which is this is just a bad guy and we had them well not just that but once you make the argument argument that there's something imminent then you have to show up with what's eminent? He just unclear what that we had just finished. Casing the embassy for weeks to figure out its vulnerabilities to get does the factions that attack. And you know an embassy is US territory that's the United States on. US territory right. There is enough so and and he's there what do you think he's there. He's planning at Christmas party. Well he's over there. He's still there in Baghdad. Planning something else. Have the president of the administration articulating. And tell you exactly. Obviously what are you going to do. I'm not telling you what he's GonNa give you our our all our CIA intelligence. You'd be the last person I'd give that well. Since you're part of the industry the twitter is planning to test new features that would allow users to limit who can reply to their tweets Interesting the move. There's an effort to lessen harassment on twitter and was unveiled in a presentation at the consumer electronics. Show anyone who can who can reply to you the control that better than I see. Some of the people are following me now and I don't like to know I'd like to know I I don't and there are people who write things. That aren't the nicest things but the feedback is valuable. Don't you think no I do like being able to gauge to some extent. Also think that you're not getting a true read of the population when you're just basing it on twitter stuff one metric stuff stuff the trends in the things I see on twitter. No I they. They're so over the top so wrong about almost ninety nine percent of what goes on in the world. That's people you don't book in yesterday's podcast. We brought you analysis from CNBC's NBC's wealth reporter Robert Frank About Carlos Gone Justice. Money and extractions. You can check it out in your feed. It should be the episode just before today's as Robert Art and I were wrapping up our conversation about the ousted and now fugitive Nissan leader. CNBC contributor and CNBC's former chief international correspondent Michelle Caruso. Cabrera was settling in for a one on one with Carlos Ghosn himself. It was one of his first interview since his arrest in two thousand eighteen and the first with an American news organization. The Beirut press conference before that interview lasted over two hours but Goan wasn't finished not nearly Michelle was still in Beirut today when she joined squawk box talks to recap our big interview Michelle. Good Morning Joe yes. Carlos Goan managed to orchestrate an international cloak and dagger escape even. No he was under house. Arrest couldn't use the Internet couldn't speak with close associates including his wife so I started by asking. How did you do it by myself myself? Obviously with the help of some people that go to know but as you know I'm not going to develop this because I'm going to expose them and you can imagine and I'm not gonNA take any risk with people who have really dare to give me help into how to leave Japan without creating any trouble. which which was a case but tell me you're stuck in a box for several hours right breathing through air holes? What is that like? I'm not going to confirm or say anything I tell you that it's obviously you know you got lots of anxiety when you are are in a period where you are translating out of the country but you're not still out of reach but when you go through an experience Greens like mine. I've been arrested in nineteen off November. Two thousand eighteen and been through very very tough times with the a lot of adventure would say you somehow your ability to feel the situation in which you are. is diminished. Because you protect yourself by numbing your nomin yourself so I would say that it's it would be fair to say that between November nineteen two two thousand eighteen up to thirty December. Two thousand nine hundred nine when I arrived to Beirut was a little bit of a period where it's kind of branches in my life. I thought that I I wasn't a completely different way. I was feeding completely different the and somehow.

US president Tom Cotton CNBC Iran Mike criticism Senator Mike Lee Rand Paul twitter United States Senate Beirut Congress Joe Kernan Andrew Ross sorkin Bob What Michelle Caruso Katie Kramer Bret Baier Bret Baier
"kernan andrew ross sorkin" Discussed on Squawk Pod

Squawk Pod

08:15 min | 1 year ago

"kernan andrew ross sorkin" Discussed on Squawk Pod

"Along with Joe Kernan Andrew. Ross sorkin first up today a an update on US tensions with Iran. Over the weekend the Iranians vowed to take revenge on the United States for killing. Tehran's top military general in an airstrike last week and secretary of Estate Mike Pompeo joined meet the press on Sunday to discuss retaliation. The American people should know that we have prepared for this that we are ready and that the president we'll take every action necessary to respond or on decide to escalate. President trump commented on retaliation over the weekend as well tweeting that should Iran take reciprocal action. The United States would strike quickly and fully back and perhaps in a disproportionate manner later today. A high stakes meeting between the US and Iraq with the Iraqi Iraqi Prime Minister expected to ask American military forces to leave his country in the wake of the attack on the Iranian leader. Semaine Baghdad for now or bringing you. Today's conversation tation on Squawk box with Michelle Caruso Cabrera she's CNBC contributor and she spent years as CNBC's chief international correspondent. Here's Andrew's kicking off. You're right now to talk more about all of this end. Particularly the market reaction seemed to see contributor. Michelle Caruso Cabrera. We have good morning. Good morning it's nice to see you. We've watched oil oil prices and you see a little bit of reaction this morning in the markets but not much. Is that right in terms of oil. Yeah so if you go back and look at when Iran Ron attack the Saudi Aramco oilfields. You gotta move but it actually. Wasn't that big in fact when you go back and look at that event and realized how much slack black the US could pick up as a result of that attack. I wonder if that wasn't one of the factors that played into the president's mind when he decided whether or not they're going to do this attack because ten fifteen years ago you would say gosh if we do this. What's going to happen with oil prices? Now they do this and I think maybe the Iranian attack on Saudi Aramco oilfields ultimately may have backfired on them. They took down. What half a capacity and all the lousy ten percent I mean that's nothing and so fast forward and now you have a president who thinks he's got more room when it comes to the production came back quickly and Saudi Arabia book? But is is that what did it or is it that we replace it and there really is a difference than there was ten years ago out. There's definitely a so we can step up and it's the Straits of for move being closed. Doesn't I still think that would be a very big deal. And don't don't misunderstand me. I don't think we did this because different other oil. But it's different DOC. All the calculations are completely different. I was thinking you know. The market's down today on market went up twelve weeks street in a row so I don't see this as a huge move who've I think because ultimately talk of War I estimate is probably overblown. The Iranians don't have the capacity the capability. It doesn't have capacity or the capability remember. They were putting down protests for two months over the economy and more than one hundred people died as as a result of of of them wanting them down is still in the region. You understand why the markets they're pulled back. Why Saudi Aramco pull back on on this news to Because even though many of those countries are enemies of Iran they are now waiting to see if any of the retribution takes place on their soil. Yes if Saudi Aramco's attacked again again. It definitely hurts the Saudis right. It hurts US less so absolutely that should go down. I would also add though I mean. It's done nothing but go down since its IPO. Because it was a really a sham. It's a BS. I walked through the permutations which you see the Iranians attacking us or are our interests and and how that plays itself out. I nobody knows no I know. But I'm I'm just curious as somebody who spent a Lotta time in so I've only been to Iraq once and I've been to Iran runs right. I'll say this that when I see what happened with with General Sulejmani. He's in charge of the Kids Forces for twenty years. What do we know about organizations that? Have the same person in charge for two decades. What we know about their succession planning? It's probably not very good. The number one and the number two guy are dead. Now what's happening behind the scenes. I don't know for a fact but what I assume is everybody's trying to climb over the spoils. There's probably ten different people who want that job and they're all fighting for what is a lot of economic power in Iran because that's why the Iranian Revolutionary Guard is so loyal to the supreme leader. Because he handed economic kits to all these people right so the internally. What's happening in Iran? I'm sure is incredibly political and interesting at the same time. I think they're going to take a considered approach about what they're going to do next and they don't have the capacity to conventional war. What I would be worried about is some? I'm kind of cyber attack. Nothing vicious something that takes down a power grid. God forbid the water supply. Who knows? I mean there's evidence that I think. Two thousand thirteen fourteen that the Iranian cyber war criminals had gotten into ride New York too. Damn that was here right. They weren't able to actually release any water because they had been taken off line. At that moment I remember when sixty three dollars would have been. Wow we're down to sixty three dollars on oil and it used to didn't take much to get it to one hundred right. We get incredibly acclimated to wherever we've been for the past six eight ten months and for some reason we thought fifty was we. I didn't think we'd ever think fifty was the normal price again again for a while when we were up at eighty ninety so sixty three is not a huge damper to global growth. That's what that's what we need to think about. Isn't it at this point if it's not not a really if we don't have a full fledged war the financial markets mostly are going to be concerned with what happens with oil right. Is that where we all all right. That's and the dynamics of oil have changed dramatically because we're now producers of sixty three just doesn't that's not even four four dollars a gallon is it. Maybe we're just getting close but I'm old enough to remember when I was paying a dollar a gallon. I remember less than that. I'm I'm I'm just trying to understand the going back to not just the cyber issue. Yeah but thinking about US embassies about Israel thing about other proxy either states dates or places and then what happens afterwards because to me. That's the bigger issue as the escalation in terms of destabilization in the Middle East. Right right and therefore they do and I know we're not really we're talking about the cost of oil. Were at the second. But I think there's sort of a larger issue no or you think it's just straight oils the only economic I mean we're on CNBC purview. From which I look at it. Is there destabilization in the Middle East. Absolutely but it's been going on since I mean for decades and decades and decades. It's right when you go back to nine hundred fifty. Three Roosevelt overthrew the elected leader of Iran We can't go back and undo all that I think what you point out though is that. US interest aren't necessarily aligned with all the countries that are there and that has been pretty clear. I think to Saudi Arabia recently to that just because they've had problems with Iran it doesn't mean the. US is going to step in and it wasn't until the US embassy was attacked that the president took the steps and really went after these issues. Sometimes you you may be in a situation where your our interests align other times you may not going to see more and more that our interests with Saudi Arabia are less aligned. Because we don't need them as much as we used to the breaking news du Jour on Boeing the companies considering plans to raise more debt. That's according to the Wall Street Journal. That would help bolster finances that have been strained. And by the grounding of the seven thirty seven Max and separately Boeing in the. FAA confirmed yesterday that they're reviewing a wiring issue that could potentially because short-circuit on 'em caste system and anything that happens with that and this isn't a lot of information because that's a wiring issue. That involves a couple of bundles wiring bundles. That are too close together. I don't know what it rolls or anything but it's a looking.

Iran United States Saudi Aramco president Saudi Arabia CNBC Michelle Caruso Cabrera Joe Kernan Andrew Iraq Middle East Baghdad Mike Pompeo Boeing Ross sorkin Wall Street Journal Tehran Iranian Revolutionary Guard trump
"kernan andrew ross sorkin" Discussed on Squawk Pod

Squawk Pod

08:57 min | 1 year ago

"kernan andrew ross sorkin" Discussed on Squawk Pod

"With China John Hope Bryant talks tough but I'd say China dog respect when I stop Bein you stop building so watch your tone but the Financial Literacy entrepreneur has some tough for America to bully pop you in the face plus Joe Becky and Andrew on Boeing's leadership and the latest facebook feud though this week which one we we have a lot of the conversations I'm CNBC producer Katie Kramer it's Monday October Fourteenth Twenty Nineteen Squawk pod begins frightening thank you bye and three one good morning everyone welcome to Squawk box here on NBC we are live from the Nasdaq market site in Times Square Air I'm becky quick along with Joe Kernan Andrew Ross sorkin first up today on the pod Boeing has stripped CEO Dennis Muilenburg of his role as chairman. The company said the action was taken to allow Berg to focus on returning the grounded seven three seven Max jet to service the Max Fleet has been grounded since March when the second of two deadly crash Filipo joins us with the latest of this I think they decision here I think it's huge decision Andrew because for the longest time I would get questions from people where they'd say why isn't the board done something about either Dennis Muilenburg being chairman and CEO or other kinds of executive shake ups well on Friday the board met in a meeting held without Dennis Burke and they decided you know what you're going to split these two jobs you're gonNA worry about the day to day operations he has lost the chairman title he remained EEO The new not executive chairman for Boeing is David Calhoun. Now he's been on the Boeing board since two thousand nine so he's got a long tenure with the company he also has some vast experience when it comes to aviation one time ran GE aviation so for Dennis Muilenburg this sets up a fourth quarter that begins with him Louis using the chairman title and he's got a lot of hurdles that the company needs to clear over the next two and a half months first of all they've got to return the Max to service they are sticking with their agents that they expect the Max to be returned to service at least in some countries around the world in the fourth quarter they have to also maintain Max production which is currently at forty two per month reportedly there may be some tension between Calhoun and Muhlenberg over whether or not they should change that production level and then there's a congressional hearing that Dennis Muilenburg will be at on October thirtieth you can bet that not only will he be grilled by senators or representatives it's a it's a house hearing so it'll be representatives who will be talking to them at that hearing but there's going to be a lot of questions about the oversight at Boeing so that is going to be the most important flash point if you will so for Dennis Muilenburg now that he ceo only the idea is that he concentrates on the day to day operation and getting the Max back in the air and and getting the production ramped up next year while David Calhoun and the board concentrate on broader business for the company overall fill in I'm not trying to spend this one way or the other but to me my takeaway actually was in a backwards way this was a sign of confidence. it's in Mullen Berg and actually creates a new not a honeymoon period but probably gives him at least another twelve months got the company back on track which is to say there was a lot of you out there that was even more skeptical about potential future at the company and had an and that by doing this it by default creates gives demonstrates that the board actually is confident in him still being there I think the base yeah I think I think you have a pretty good read on that I do not get a sense Andrew from talking with people at Boeing that this is a case where the board he's like he is not the man to run this company certainly not the man to get this this this plane back in the air and I don't think they wanna change the leader of the company in terms of day to day rations at such a critical juncture now there are some questions about whether Kevin mcallister who runs Boeing Commercial Airline airplanes whether or not he it'd be removed from his job or there should be some leadership shakeup there but they've already made a number of moves in the in the C. Suite if in terms of responsibilities etc and right now the feeling is Dennis Muilenburg is the person to get us through this crisis it now we want to revisit that at some point down the road that's a different question there was some reporting over the we can that's just this decision was made in advance of a hearing that dense Mellberg's going to be again in Washington and that this was an effort to effectively get ahead of that to the extent if there was ever going to be a fair read on things I think that's a very fair read on things and I think if you look at not only this move Andrew but looking at the other moves that they made in terms of the safety committee the way that they're going to have more direct reports in terms of how the engineering is structured at the company they clearly are trying to make get obvious not only regulators but also to the people in Washington that they understand that things have to change it this company and they're making those steps the trouble facebook's digital currency project called libra because here's what happens Stripe Mastercard Visa Ebay have now and join pay pal in withdrawing from the coalition that back in that effort and joining us right now is Anthony Pellicano he is the CO founder and partner and Mortgage Creek digital assets good morning morning so the reason I mean there's a lot of that going on to unpack your but why is everybody dropping out and what does this really say both about the future of Libra and the Lord the issue of Crypto because I remember when Lieber was first announced price of Bitcoin went up price everything went up because it was view that billions of people would have digital wallets and it was going to be Ranger Yeah I think there's three key components here the first is there's a letter sent by two senators to a number of these companies that essentially said look we don't want you participating in this concerns if you move forward not only we're going to scrutinize your lieber related work we're also going to scrutinize the rest of your business obviously that's a lot of pressure to deal with isn't that it which people already considered to be virtual monopoly already effectively saying if you don't get out of this we're coming after you doesn't surprise me at all though I think most people think that this opens anyways it just happens in back rooms verbally but to put it in a letter and then posted on a website and literally says if you do this then we're going to death now or not I don't think so you think they'll still be Lebron libra then mo type way it's a small here's the sad part is they're basically going to kick out all the American companies right by pressuring there they call hot holders I'm I I must not be one because I don't even know how to pronounce it but you know when you talk about unforgeable value right you know and how digital gold Ripta I think to compare lieber to Bitcoin it's like libra bitcoin would be like antiques. Finish please when you start with that I know you're you're You're not listening you have no interest in you're actually going to say something before with with Bitcoin you got actual antique that Takes One hundred twenty years to me with Lebron got restoration hardware it's like they manufacture something that looks like it was old and it was like from a previous era it's not Digital Gold Senator Elizabeth Warren is taking on facebook's political ad policy that exempts politicians ads from being fact checked she challenged the policy by running fake news ads on the platform her ad contained the false claim that facebook CEO Mark Zuckerberg endorsed president trump's reelection bid then she says you might be thinking how could this possibly be true well it's not sorry the ad then accuses Zakar Berg of giving president trump free rein to lie on his platform the me the most interesting part about this story was the response from facebook which then compared their role with TV networks. and the FCC mandate effectively that you put on anything as long as it's Approved by a approved by the and all the networks ran the the trump and facebook ran the ad it was the same discussion about whether that Adam and CNN apparently thought that.

Dennis Muilenburg facebook Boeing Joe Kernan Andrew Ross sorkin chairman Dennis Burke chairman and CEO Joe Becky CEO John Hope Bryant Zakar Berg NBC CNBC executive chairman Max Fleet China GE aviation Financial Literacy entrepreneu America
"kernan andrew ross sorkin" Discussed on Squawk Pod

Squawk Pod

08:44 min | 1 year ago

"kernan andrew ross sorkin" 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
China Trade Talks And How The Markets Are Responding

Squawk Pod

08:06 min | 1 year ago

China Trade Talks And How The Markets Are Responding

"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 Hong Kong United States Cnbc Joe Kernan Andrew Ross Sorkin Times Square Hong NBA Seattle Brooklyn Nets Google Becky Europe Lakers Washington Dick Decoupling America
"kernan andrew ross sorkin" Discussed on MAD MONEY W/ JIM CRAMER

MAD MONEY W/ JIM CRAMER

01:37 min | 2 years ago

"kernan andrew ross sorkin" Discussed on MAD MONEY W/ JIM CRAMER

"I have a question tweet. Gramer Hashtag mad tweets sin Jim Email to to mad money at CNBC DOT COM or give us a call at one eight hundred seven four three CNBC they something head commend money duck CNBC DOT com hi everybody. I'm becky quick along with Joe Kernan Andrew Ross Sorkin welcomed the squawk pod from CNBC. That's right we are launching a podcast. Everyday squad brings you the best stories debate and analysis from the most powerful show in business news. You'll hear interviews reviews from our guests special behind the scenes content in the latest headlines. Everything you expect from squawk box in a podcast. Let us on. CNBC DOT COM slash podcast cats apple podcasts or on your favorite podcast APP subscribe to Squawk pod today. Let's face it over the last couple of months of vicious rotation out of the high flying. Mike foul faceoff for socks that I liked so much. The bad news is this whole group has been crushed mostly because the market lost its taste for turbocharged quo stories but knows evaluations that happens it. It happened multiple times a year but there's civilly the best in these cloud names have become a heck of a lot less expensive to the point where many of them are too enticing to ignore take. Twi- Leo Accompany it helps APP developers embed communications infrastructure into their own programs better connect with their customers. Remember this a customer driven company. If you've ever gotten a text message from AIRBNB or lift that was powered by Tulio now.

CNBC CNBC DOT Joe Kernan Andrew Ross Sorkin Jim Email AIRBNB becky Mike