17 Burst results for "Tim Stenkovic"

"tim stankovic" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:10 min | 1 year ago

"tim stankovic" Discussed on Bloomberg Radio New York

"The Bloomberg business out and Bloomberg radio dot com. This is Bloomberg Business Week? Yeah. This Bloomberg Business Week on this Monday. I'm Carol. Master Michael host Tim Stankovic is off coming up. It's the chart of the day song the day for a lot of pressure, and I don't have an assist from Tim, but I'm just going to muddle my way through. Dave is going to be up in just a minute right now, though, Let's go back to Charlie Pelt. Maybe get an assist from Charlie, Pal. Like, Can you give me like, you know some clues or happen to help out I've got I've got this. Carol, I've got this. Here's what's going on a number of developing stories this afternoon. Let's recap we said, if you're just joining us Facebook, winning the dismissal of two Antitrust cases filed by the federal government and a coalition of states When a judge threw out the lawsuit. Shares of the Social Media platform are higher. Facebook now has a trillion dollar market cap. FB FACEBOOK Up Now by 4.5% A record 3 56 91 antitrust Investigators at the Justice Department have stepped up scrutiny of Google's digital and market practices in recent months. This, according to sources. It shows the Biden administration is actively pursuing a probe that started under former president Trump parent company Alphabet Shares of alphabet down by just about 2/10 of 1%. We're looking at a mixed market right now. 28 minutes to go with the Dow down 1 86 down 5/10 of 1% s and P. NASDAQ could see records there s and P up seven A game of 2/10 of 1%. NASDAQ Up 1 35 up by about 9/10 of 1% After lagging behind the reopening trade last week. Tech companies outperforming today 10 Year Yield 1.48% Gold down 1/10 of 1% 17 79 the ounce West Texas intermediate crude down 1.5% 70 to 92 a barrel. Oil has declined amid expectations of an upcoming supply increase from OPEC producers at a time when the delta variant is threatening a recovery and demand already underway. West Texas n. Immediate crude down 1.5% medical experts continue to warn unvaccinated Americans about the delta variant Dr Joshua SARS Sharpstein is vice dean. At the Johns Hopkins Bloomberg School of Public Health. He was interviewed.

Tim Stankovic Google 4.5% Tim Carol Charlie Pelt OPEC 1.5% Facebook Dave 10 Year FB FACEBOOK 1.48% Charlie 28 minutes 1/10 Johns Hopkins Bloomberg School 70 Trump
"tim stankovic" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:05 min | 1 year ago

"tim stankovic" Discussed on Bloomberg Radio New York

"Tim Stankovic of Bloomberg. Quick tick plenty ahead in our second hour of the weekend edition of Bloomberg Business Week, including Pellet on stepping into the corporate wellness world. Yes, indeed. Plus a Royal Princess Diana v. Kumari, Um you are on her home country of India and managing through the pandemic and get ready to pay more for your lobster this summer. We're going to hear from the founder and CEO of Get Maine Lobster. You've already had a lobster roll. I've had my first summer lobster, Not a lobster roll, though. Oh, I thought you were guilty. The whole McGill good for you. It was yummy. First up this hour, the international covered story in Bloomberg Business Week magazine this week. It is about something that we were all mesmerized by for one week back in March, when global shipping came to a halt when he ever given got stuck in the Suez Canal. How it happened, Tim Bloomberg's Kit Shalal at a team of reporters to get the inside story and tell this cinematic tale he joined us, along with the business Week editor Joel Weber. One of the things that we learned was that the captain actually Got conflicting information and and what? How did that transpire? According to the reporting that you guys were able to get What we do know about what happened on the bridge when the ship crashed. There was a chaotic situation. He's these pilots had boarded the ship Egyptian pilots whose job it is to steer giant ships through the canal. Facebook, mainly in Arabic and on the bridge also was the captain who is an Indian gentleman and his crewmen who who spoke mainly in English, and there was this situation where there are disputes emerged about Whether it was too windy to enter, And then once they were inside the canal, how to keep the ship on a straight kill, and the argument became quite forceful and the pilot threatened to leave. And while all this was while this is going on, but they lost control of the vessel and it crashed. So what? What about now? Because I think, as Joel said, and I think people were obsessed with this story for six days and then so many people. Like we do with with big stories. I think as consumers we move on, and I think people really surprised to find and I've been really surprised to find that Hey, the status of the ever given right now it's kind of still up in the air. Yeah, I think most people just assume the ship had sailed out about this business. But No, it was it was seized shortly afterwards. It never left the Suez Canal. It's in fact, still there because the Egyptian government is seeking a billion dollars or so in compensation from the shipowner. And really the only leverage for the Egyptian authorities had with the ship itself. So they refused to let it leave. And the crew and the captain far themselves almost as pawns in this in this big money game. And they're still there. Just this week. It looks like there's going to be a settlement that they've reached a tentative settlement, and the crew and captain will be hoping they can leave in the next few weeks. But you know there There are stories of sailors who have been stranded on vessels in the series canal over legal disputes and stay there for years. So it's a really bad situation for the crew in particular. Well, what's interesting is and you really showed a lot of light. Kit on this is that there's a lot of parties involved in these massive ships. There's the owner of the ship. There's companies that provide the people who are on the ship. And then you've got the Egyptian pilots who come on and help it through the canal. And there's a lot of finger pointing. It sounds like at this point, because from what I understand in your reporting to Those pilots were bickering while they were going through the canal and they were bickering when they came off the ship as well. Yeah, Modern shipping is really complicated. Things get messy whenever there's legal dispute because you've got the owner of the ship, the crew of the ship, the owners of the cargo. There was 17,000 containers on board the ship. Holding things like Nike shoes and Lenovo laptops. You've got the insurers involved. Ultimately, you're going to pay the bill got the Egyptian government. All the different parties have different interests. And it gets really complicated. My other favorite scene in the story is the court scene that that went down and what can you tell us about what transpired there? It was this amazing day in a court in Australia, which is almost exclusively for shipping dispute that happened in the canal, and we just we were. We were fortunate to happen to be there. When the ship owner suddenly pulled out a new legal strategy. Until that point, the conversations had been very civil and looked like they were working towards a settlement. When we were in court battle changed and they suddenly played there. That wild card, which was to say it wasn't half full. This crash, the Egyptian authorities in Egyptian pilots bear some of the blame. We have this audio from the bridge that proves it. Um It was actually was very dramatic, important, very tense. And it was a remarkable scene. The ship's kit are getting bigger. The Suez Canal is so important to global trade. I was so surprised after reading this that this hasn't happened many times in the past. To me seems just like a matter of time until this happens again, considering that while the ships are getting bigger So here's an interesting thing the day before the canal was completed in the 19th century just before they were about to hold the first ceremonial blade Taylor of vessels along it. They have an incident the night before, and a ship got stuck and blocked the canal. And it took them all night to free it. You know, it's a It's a narrow channel 200 M wide in places that sounds like a lot wasn't container ship so enormous. There's not a lot of rooms and in a way it is amazing. This hasn't happened before. 50 ships going through each and every day, and it really is only a matter of time before one of the really big ones get stuck again. That's Bloomberg's Kitchell along with business Week editor Joel Weber. You're listening to Bloomberg Business Week still to come. Demand for its products surged while everyone was working at home. And now that people are heading back to the office peloton is.

Tim Stankovic Joel Weber Joel Australia 19th century India six days Lenovo Bloomberg Suez Canal 17,000 containers 50 ships Nike Get Maine Lobster English Tim Bloomberg Egyptian this week Kit Shalal Facebook
"tim stankovic" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:32 min | 1 year ago

"tim stankovic" Discussed on Bloomberg Radio New York

"Uh and looking for also best Locations. Business space. If I talk about micro here here, I thought we have we went through. I think a surplus over of officers space. Uh, because it has to do with the with the with the demographic with the planning. What have you But I think, but that's also has the benefit of reducing the cost per square meter, which is also encouraging tenant to move in and Looking also for more of the smart cities, I would say or smart offices. That's where the technology is, is being upgraded and has more sustainable and well being. A location for for the employee to to move in. So basically, uh, this locations missed offices. Will remain as a high flying J. College foreign workers are so important to guitar. We know that are you hopeful in terms of, you know, immigration policies. Are you counting on that really changing demographics to help also fill those buildings in the demand there? We'll definitely and we've seen. We've seen a change in the only on the other policies for Immigrants to move in and to give them more of of leverage to the to the business here in terms of the doing, business or residency. Definitely. That's that's helping certain cities, certain location within within the state of Qatar and And we've seen that going toward the the the right the right way. So to speak, Bruce, I know Gateway cities are certainly you know on your radar, and you still see strengthen Gateway cities. Is there anything to the argument that some of the secondary cities because of companies that do offer now as a perk kind of flexible working that there will we will see more investment going into the secondary or tertiary cities. Look, Look, all of them are all of the above are good. There are smaller cities that are highly attractive. Nashville, Austin, um, where people want to be in their growing, But just to put in perspective, we're building a major complex in downtown natural office. Residential retail. Big mixed use development. But it has 400,000 square feet of office. Um, we ourselves own 60 million square feet of space in New York City, so it's just the quantum's and, as Rob said earlier to get the people and as a college said to get the amount of numbers You need to be in these big cities so Facebook, Google and many of the tech companies are in New York City, because it's the only place that they can get the mass of talent, and that's not to say that naturalism can be important. But it's just It's just the quantum's are different. Bruce will I have you? I want to talk a little bit about retail. Specifically, you guys have big exposure you by GDP back in 2018 the timing on that. Did it cause you pause. Certainly over the pandemic year Look, we started buying it in 2000 and nine We bought it four times or parts of it. And the last part we completely in 18 so but, yeah, look, Retail was not great when they shut down your business, and it goes to zero for a couple of months. It's not. It's not fun. But if you take it today, numbers are coming back strong if you have a great centers in great cities. People are strong and actually sales and many of them are above where they were pre pandemic. So retails sales are coming back. And yes, there was a little bit of a pause. But those that are well financed, lived through these periods of time, and we're all trained to do that in the real estate business that was shake colleague, chairman of Qatari Diar That's the Qatari real estate investment company, also Bruce Flatt, CEO Brookfield Asset Management and Rob Speyer. President, CEO of Tishman Speyer here, that entire panel just go to Bloomberg live dot com. Well, that's gonna wrap up the first hour of the weekend edition of Bloomberg Business Week from Bloomberg Radio. I'm Tim Stankovic and I'm Carol Master coming up in our next hour, Saletan working out deals in the corporate wellness space, an Indian princess on the pandemics impact on her home country, plus the cinematic tale of real world drama that captured our attention. We've got the inside story of ever given. It's the massive ship. Of course, they got stuck in the Suez Canal and cause global shipping to come to a halt earlier. This year. It's got to be one of my favorite stories in the magazine this week. It is a deep dive. Totally speaking of diving. How about going diving for lobsters? All the rage, which you believe during the pandemic, who knew we're going to talk to the founder and CEO of Get Me.

Tim Stankovic Google New York City 2018 Nashville Facebook Bruce Bruce Flatt Carol Master Rob Speyer Brookfield Asset Management Rob Suez Canal J. College This year Saletan Austin Qatar 2000 today
"tim stankovic" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:17 min | 1 year ago

"tim stankovic" Discussed on Bloomberg Radio New York

"Master along with Tim Stankovic in our interactive brokers studio. Among our most read stories on the Bloomberg one about the individual who for almost three decades, quietly shuffled around one of the world's biggest fortunes. And he basically had a chief priority, and that is keeping his fabulously wealthy bosses out of the headlines. It's Michael Larson and Sophie Alexander, Anders Melon and Tom Maloney have a deep dive into what exactly is going on with the money manager. Sophie Alexander, a reporter for Bloomberg News, joins us on the phone from New York City, Sophie Great to have you back with us on the program take us into the big change, at least in terms of name that we saw recently when it comes to the family office. Yes. Just this morning, They changed the name for the umbrella organization, the parent organization from Bill and Melinda Gates Investments to Cascade Asset Management Company. And so that's just the latest rebranding we've seen the last time they changed. The name was back in 2014 when they actually added Melinda's name. And before that it was just Bill Gates Investments. So tell us a bit more about this this individual in the office because I think We know these people are wealthy. We know somebody's managing their money yet. We really didn't know a lot beyond Cascade investments being the name of it. Right, exactly, And that's exactly what they wanted. Their whole mission done. Street exactly end up until now, Of course, when everyone's talking about it in light of not only divorced, but the New York Times reporting about the work environment that Larson created and and Anders and I talked to, and former employees Who all asked to remain anonymous because there's a culture of Indus at the company, But what we've heard is that you know, it's a very generic saving office. Um, nothing that you see. There would suggest that it's the Money manager for one of the richest or if not the richest person in the world at some points in the timeline, Um and you know, Larson kept things discreet. And, uh, that was his Chief objective What about returns, though I mean the idea is to have wealth grow. Right. I think that there's this kind. There's this thinking that you know, the richest people in the world can hire the best money managers, and so then they should probably be getting to the greatest returns. Um, but actually in family offices more generally, there's sort of a culture of preserving wealth, not necessarily growing it, you know. Delegates is worth more than $140 billion. It's not that he necessarily need more money, and in fact, they're trying to give it all the way. So you know, making more of that would be pretty difficult would make that go pretty difficult to do. So what we found from people familiar, and some from some public records is bad. The return since 2000 and one on the average annual returns were about 8.5%, which beats S and P by about 1% point over that time, okay. And like you say the wealth preservation on a chunk of money is really, really important, especially for someone. Are individuals who are looking to give it away. What's interesting is too, though we nonetheless so if you'd like to know kind of where they're doing it. I thought that was kind of interesting. I was a little surprised about the amount of land That they own. That's right there. They are the largest individual private farmland owners in the U. S. They have about 270 acres of land. 270,000 right. 270,000 acres Okay. 170,000 acres that the important distinction. And tell us a bit more about it. I mean, it's it's farmland specifically. What else do they do? I think there's currency commodities. What else? Yeah, There's some of the basics and then they also have almost half of the Four Seasons Hotel brand, which they brought up in 2000 and seven and then a lot of their public companies. Are very, you know, sort of. Companies that don't necessarily always make the headlines. They're not the you know Microsoft counterparts like Amazon or Facebook or anything like that. In fact, they had a mandate to stay out of text. So we're talking more like Hearing code, the tractor company, Canadian National Railway Republic Services Inc. Which is a garbage company. Um and so, you know, as we say in the story, these are companies that are rooted in the physical world of making, moving and selling goods and cleaning things up. And you also know which I find really interesting that they're not necessarily connected to their charitable work, which a lot of it has focused on disease eradication around the world and also increasingly on climate change. Right. Exactly So the investments they make aren't necessarily reflective of that. The ultimately because are sort of different. You know, they're trying to make more money, Not crazy amount, more money, and the foundation is trying to give it away. And, you know, make the world a better place. But that's the other thing we heard from former employees that you know. Working for a company that was ultimately making money for the Gates Foundation, you know, felt like a a noble cause Well, and what's interesting, too, As we know, one of their major issues has been certainly climate change. And yet there are investments in oil and gas companies, right? Right. So, uh, Bill Gates said in his book that in 2019, she divested from those companies and that the foundation did the same. They still happen. Fucking bonds and the foundation trust. And then what Cascade also does is it farms out some of the money to other money managers, and they don't necessarily have control over what they're investing. So there are some conflict there, but still discusses it in his book, Sophie just got about 2025 seconds here. What was more interesting learning about the man Michael Larson a little bit and find out what you could or about finding What about the gates Investments just quickly. I think the investments were interesting, but I also think it's interesting to learn about the character who has been in those life for almost three decades. Almost as long as he and Melinda we're married. This guy has been around for a very long time. Have fascinating insight, right? Yeah, And the big question is what happens next?.

Tim Stankovic Michael Larson Tom Maloney 2014 Amazon Microsoft Sophie Alexander New York City Anders Melon 2019 Bill Gates Facebook Melinda Canadian National Railway Repu Sophie Anders Cascade Asset Management Compa Gates Foundation 270,000 270,000 acres
"tim stankovic" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:25 min | 1 year ago

"tim stankovic" Discussed on Bloomberg Radio New York

"To buy a home, so there's a little bit lag between the rise in years and the impact on the broader economy. Occidental Petroleum shares they are advancing right now by 4.7%. Occidental Petroleum has declared a force measures the cold shuts in Permian Oil. Occidental, by the way, will be reporting after the closing bell. Among some of the other oil names. Exxon Mobil up 3.2% b p up 6% Eo ji Resources up 4.4% high in their natural up 3.5% stocks Now lower s and P down a point. I'm Charlie public. That's a Bloomberg business Flash. You're listening to Bloomberg Business Week with Carol Measure, and Bloomberg Quick takes Tim Stenkovic on Bloomberg radio. There, you're listening to believe our business. We kill Mass along with Tim Stankovic Impossible foods cutting. It suggested retail prices by 20% of US grocery stores. This move seen as key by the company's president, Tim to get people to try the brain and keep on coming back. That's me. That's you all disclosure £2 over the weekend £2.2 pounds, All right, so let's get into it. And let's see what he has to say. Impossible Foods. President Dennis Woodside is with us. Joining us on the phone in Menlo Park, California, Dennis by the way, former CEO of Drop Box was the CEO of Motorola Mobility put in charge of leading its transition after its acquisition by Google. Denis. So nice to have you here with us. How are you and tell us about this strategy? What was the catalyst? Well, first of all, thanks for having me and Tim. Thanks for being a customer. Catalyst. Look, you know our mission is to completely replace animals and your diet and for us to do that we have to produce a product that tastes great. We have that. Have you priced right and people consumers very price sensitive when it comes to their meat on the means that they purchased in grocery stores. We've scaled so quickly. Over the last year we've gone from 200 grocery stores over 17,000. We've been able to get a lot of efficiencies and our supply chain and driver costs down. So we're way past those costs onto our consumers in the form of 20% price decrease. We don't think this will be our last. We have to compete with animal animal products were to do that. So when will it be as cheap as ground beef? Well, if you think about what we what we do, we take plants and we turn them directly into me and what the animal does the animals kind of an intermediary that that requires all lot more land. A lot of water, a lot of labor. A lot of transportation, oil gas to move. Cows around that sort of thing. So in theory, our product should be much lower price than think cows over time, But it just takes time First optimized the supply chain to scale up. You know, animal based meat today is less than 1% of the total meat consumed in the U. S. But that's gonna change pretty rapidly. And as that does the cost for the whole industry, including us will come down and we'll be able to compete much more aggressively. Unpriced timeline wise, though, is there Are you thinking? You know, in years that you can count on one hand or or is this like a decades long? Absolutely absolutely. Absolutely years that you can count on one hand. There are portions of our product now or elements of our product now that are are at the cost of the cow. But there's a lot of there's a lot of processing costs and transportation costs, packaging all those things. That we have not yet fully optimized and they take that they take time and scale to get right. So the packaging what? What the actual product shows up in her shelf that's expensive. But as you get bigger that those costs come down so that I was gonna ask you, Is it just a case of when you're selling more? Dennis? The math just changes When you're selling more product. The cost go down is that what it comes down to, or is it? Is it a case of being able to squeeze even more costs out of the current systems? It's a little boat. So what we do. What we've been able to do over the last year is go back to our suppliers on negotiate better prices because we're driving a big part of their growth. We've also been able to get better utilization out of our factory. So we're running three shifts a day instead of two. On. You advertise that fixed cost of the factory over more products, and that allows you to take your take your price down over time. We don't see that stopping. That's just going to continue. I'm carries to Dennis. Have you guys done some focus groups with customers? You're just like it's too expensive right now. It just I can't do it. I want to do but I can't. So people So first of all over 80% of people who are trying impossible for the first time they're coming. They're meat eaters. So so they are. They are substituting. Impossible for for all kinds of meat products, not just ground beef. What? What am lonely when they try it the number one thing that they say they love about the product is taste it taste just like beef at the same nutritional profile Steve the one thing that they say that they don't like It's not just the price. That is absolutely a barrier to repeat and repeat, purchase and frequency of purchase, But we get the price right. You know that's a pretty pretty obvious level to poll toe to grow our volume and continue to scale. How did the habits of how people are eating this type of product? How did they change or have they changed during the pandemic? Well, you know, so a year ago, we weren't even available in retail. And when the pandemic hit, we realized that retailer we were available in 200 stores. We realized that we needed to scale up really quickly and What we noticed was that consumers were were flocking to plant based products. They.

Tim Stenkovic Tim Stankovic Exxon Mobil £2 Steve 4.7% 20% Motorola Mobility Denis Tim Google Drop Box 200 stores Carol Measure 4.4% two 3.2% U. S. Occidental 200 grocery stores
"tim stankovic" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:52 min | 1 year ago

"tim stankovic" Discussed on Bloomberg Radio New York

"A record close right now the S and P is a 38 62 now pushing her. They're up. 267 points up 9/10 of 1% NASDAQ Up 120 That is a gain of just about 9/10 of 1% 10 year. Yield. 1.13% Now Gold is down. 2.3% 17 92 the ounce silver Tumbling 2.1% West Texas intermediate crude up now by 1%. 56 26 for barrel of West Texas intermediate crude Netflix shares up more than 3% on news that the company's raising the price of its service in Japan, bolstering revenue in an increasingly key market for the streaming giant, Re capping as some P pushing higher up 32 right now up 9/10 of 1%. I'm Charlie fella that there's a Bloomberg business Flash. Yes, indeed. Thank you so much. There's your market, said it. Carol Master Tim Stankovic in our interactive brokers studio. Let's bring in the team. Let's set the Business Week agenda on this Thursday. My quickie with US international economics and policy correspondent at Bloomberg News on the phone in New York City, Dave Wilson stocks that are Bloomberg News on the remote access from New Jersey. We're going to get a bit more on that rally in just a moment. We've got some interesting questions for Dave. In the meantime, now, Mike, it's your day It's Thursday. It's weekly jobless. Yeah, it's not very exciting this week. We did have don't understand Mickey. It's a little bit of an improvement, but it's sort of like saying one teams up 49 to nothing and they give up a field goal. I mean, we went to 779,000 initial jobless claims from 812 So, Yeah, it's an improvement, but we're still more than 100,000 above where we were at the worst part of the great recession. This is still in labor market. That's in a lot of pain, and people are still losing their jobs and filing for benefits. We always caution that the number itself may not be completely accurate because of father double counting, but it is still a very big number, and it is still a problem for the labor economy. Mike does offer any sort of preview for how you may be thinking differently about tomorrow's numbers that we're expecting. Now, this is last week, the jobs numbers were come out. You know the job surveys taken the week that includes the 12th and claims were elevated then, but we've had some other better news since then, including both of the Iast EMS, the manufacturing and services. Suggests that hiring picked up in January and also the ADP numbers were much higher than anticipated that none of those air particularly good predictors of accurate number, but it has caused economists to raise their forecasts. 200,000 jobs We also have a seasonal effect. They're in November and December. You hire a lot of retail workers and truck drivers on they may or may not come off the payrolls this month if they were actually there because of the Forbid firing, so it's gonna be a little bit of a hard report to read. We're gonna talkto Carla get Donna tomorrow, but he's already got a preview out of the jobs report said the job's decoder decay, meaning we're going to see that divergent track in tomorrow's employment report. All right, Dave Wilson, You've been so patient Come on it on Today's rally. What a different week. It is. Yeah, really is I mean, you know what's interesting today may be the most telling sign of how much strength there is this stocks right now, you know, you look at the worst performers on the day and the S and P 500. You see a couple of chip bankers. They had results out late yesterday. Qualcomm. About 9% biggest drop in the S and P 500 not far behind Corvo down more than 5.5%. And yet when you turn to the Philadelphia Semiconductor Index, it's actually higher. It's just that kind of a day mean 10 of the 11 main industry groups in the S and P 500 or up the one exception being materials. And there you had a couple of disappointing results, namely, out of International paper and air products and chemicals. So there's certainly some cases in which companies haven't delivered. But then the flip side, you know, you look at the likes of PayPal and eBay. Their shares were up close to 7% in the wake of their results from late yesterday. People liked what they saw there, and there are few other examples like that. Russell 2000, totally outperforming other indexes that we're looking at right now, Um, Dave earlier this week. If I recall, there was a chart that you sent focused for your chart of the day on the Russell 2000 losses being seen is just a start. Yeah, well, what's going on here? How things sort of work out? You know, nobody's perfect, I guess. But one thing you could say is that what we're seeing today is Maurin line with what we saw late last year and early this year. You know, now, with Russell up almost 2%, you know, look at 2020. I mean, it's up 11.5%. And that's you know, close to four times as much as the S and P 500. So you know, we have seen that kind of shift. If nothing else. It's a pause the last few days and today it seems to be coming back on here. Yeah, small cap, so You know, really playing catch up after a few years of underperformance if you go back a ways, Michael Key final thoughts when you look at that, as you said, we're getting some data points that maybe start to think or make us think that things were getting better. And I put that out there with the context of the president trying to put through another covered relief package. Do we still need it? Based on the statistics? You're seeing Yes, Definitely. We have another when you look at the nun, seasonally adjusted numbers another million people filing for jobless claims this week or this last week and Those people are still probably going to be out of work from the middle of March and in the middle of March. The extended unemployment benefits run out, so we still need a lot of help for the economy, and they're all kinds of industries, particularly in the service industries. Where jobs have just gone away. So people are gonna be without work for a long time and the economy is going to be struggling, will see growth rates on a percentage basis, but they're strong, but we'll be way off where we should be in terms of GDP on in terms of output for quite some time. All right. Good. Leave it on that note. You guys. Thank you so much really appreciate it. Or Michael McKee International economics and policy correspondent at Bloomberg News on the phone in New York City Day. Wilson's gonna be back in a bit later on with his new chart of the day and his stock of the day he stocks editor. At Bloomberg News. So how's your day Been going? It's been going well, but even talking about we've been talking about a lot. You know, I'm excited. Tonto speak Torun Friends at Bloomberg Business Week. Pat Rig near We had him on the show on Quick. Take this story so fun and Joel Webber's gonna be joining us, of course, mortar Business Week editor. It's all it's this'll story does such a good job of like, you know, weaving everything that happened in the last 10 days together right and also contextualizing it when it comes to market history and how this is different from what we saw in the nineties, right? That explains how it kind of came to be. I mean, I really loved it. It's like because I do think feel like the last couple of weeks. The last week we've been all You know, racing to understand the platforms, the chat rooms. You know what's been going on. What? How come the platforms had problems and then the clearing houses and like he really puts it all together beautifully. And there's of course, the terms that have dunk stocks. Then you know, 10 days we can ask him about, but that too. Yeah, it has a chicken tender. Connection. I'm just gonna put that out there. What else we've got? Bill Bratton coming up. Former and my C in Boston Police commissioner, Former chief of the L. A Police department will talk security at the big game. The Super Bowl. It is this week. Normally we would be at radio row or we might be at radio row Do too, But I know it's virtual kiddo this year. Oh, yeah, well, that's gonna happen, Okay. We'll have to wait till next year to do that. Exactly exactly, especially when it's in a more in place like Florida. All right, let's get to the Bloomberg Business Week by the day to them..

Dave Wilson Bloomberg News Bloomberg Mike Russell New York City Carol Master Tim Stankovic editor Netflix Charlie Bill Bratton Qualcomm West Texas Iast EMS US International paper Philadelphia Semiconductor Ind
"tim stankovic" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:56 min | 1 year ago

"tim stankovic" Discussed on Bloomberg Radio New York

"Of just about 1%. I'm Charlie Pelant. That is a Bloomberg business Flash. Wow thing. Thank you Moving. I got a few moves. I know you'll like shaking all over Bloomberg Business week. Movers and shakers shaken, not stirred on Bloomberg Radio. All right, let's take a little bit of a look into the markets. Carol Master Longer Tim Stankovic. We both just feel like I'm exhausted. It was like a sigh of relief at the market closed just now. It's dying like There's after hours there. Forget on. They're off to the races. Exactly. Charlie Bell it breaking down Tim the numbers. We definitely finished off our highs of the session, but nonetheless gains across the board s and P 500. Definitely a risk on trade. More so 362 names of the index higher today. 142. You're looking at the industry group. Yeah, I'm seeing a lot of green on the screen Financials leading the pack of 1.92% worst performing the laggards. Real estate. Still up 3/10 of a percent. Yeah, Interesting. All right. So let's bring in Bloomberg News Cross as a reporter, Sarah Pond, Zach, who I have to say her reporting on Gamestop and kind of Our big story of the week. She has just been spot on. Sarah. Come on in on the trade today. Where do you want to go? Thank you. We'll just like you guys. I'm very glad that the market has closed right Doctor feel we can let out a sigh of relief been exhausting. It's hard to know where to look. But today we saw a complete reversal of what we saw yesterday or not the complete reversal because Still, it has reversed what we saw yesterday. But you said the opposite. So, for example, today if you look at the Golden Sachs basket of your most shorted stocks, so these air is an equally weighted down to the 50 most shorted stocks on the Russell 3000. Down 7.7% today after a game 9% yesterday. Meanwhile, on the flip side of that, if you look at Anita that trace under the ticker is easy I apiece so it s actually tracked Popular Lawn hedge fund position. Very It was higher by 3.2% so well outpacing the market, whereas the S and P 501 take 1%. So we saw a bounce back in the broader market today, but Really many of these means that we have been talking about always love coming under pressure, Unbelievable volatility and you look at am you today Down 56%. If I pull up Gamestop, for example, down 36% after falling 70% or so out of time. Feasible volatility halt throughout the day after ship Gamestop traded above $500 a share earlier this morning in the pre market trade, whereas they closed at $215 Sheriff, so Volatility that we're seeing just continued. Well, I just want to point out the vics down 20% Today we were up 61% yesterday, closing at 37. Closing at just below 30 today, So you know, it's exactly what you're talking about. Sorry. A ton of volatility that we're seeing. But I am more interested. I mean, I'm interesting game stop no doubt about it, but I am interested in kind of the underlying fundamentals of our trade. And what is it? That's really you know, investors trading on. Is it the virus? Is it concerned about earnings? Is it concerned about the economic outlook? What is it? I'll be honest, It's very hard to tell. And especially in our business. It's very tempting to wanna pit might what the market does on whatever it may be, Yes, absolutely investors that we speak with. They're still talking about the vaccine. Roll out. They're still talking about the efficacy rates. They're still talking about the prospects for In us down the line on on the physical side. But at the same time, what we've seen lately has really just dominated the story, and I'll give you a sense of the type of volume that we're still seeing and markets today, Whereas I'm talking on the option side of the trade, you look a call option Volume yesterday was an all time record. Almost 38 million call options traded today We still saw Already two million call option strange so betting that stocks will go higher and that looks to me like that is the third highest on record. So we're still seeing remarkable numbers and remarkable volume, particularly in the option market, too. Okay, so let's end with a little bit more games. Stop because I can't get enough of it Closed down 44% the first decline in six days, Sarah Is this story starting to end, wiping at 10.7 billion in market value. Details, details, details. Carol Look, We don't know the straight up answer to that yet, but if there's anything we've learned the past couple of days, it's that Crowd that had been very involved in treating Gamestop and and C F C. There are vocal crowd. They're not going to go away quickly or quietly. We know there are lawsuits against Robin Hood right now. Robin Hood has also told if users that it may be closing from at risk position than some options that were supposed to expire tomorrow. They're going to be sick to closing transactions on Lee. That's for Gamestop and AMC. So I don't know if you were hoping that my answer 10 would be that this is coming to an end. And we're all gonna be able to sleep soundly this weekend, But I'm not sure that I'm actually very concerned for you being able to get some rest because you've been doing since sleep working. Yeah, I know. I was like, I kind of feel bad. I was sort of like, Oh, I'm bringing things breathing a sigh of relief. I mean, concept must be exhausted. Had a lot of coffee today. Okay. Good stuff. Good stuff. All right, Sarah. Thank you so much really appreciate. I just want to mention visas at the stocks up about 1.6% me after hours also Outside an $8 billion, buy back, beating top and bottom lines among the lease also out and they're seeing their 2021 adjusted GPS growth at high single digit and that stocks up about 1% me after hours so limited earnings flow. This is Bloomberg. All right, Dave, You're hot..

Gamestop Sarah Pond Bloomberg Bloomberg Radio Bloomberg News Cross Robin Hood Charlie Pelant Carol Look Tim Stankovic vics Carol Master Charlie Bell Golden Sachs Anita Dave reporter Russell Lee
"tim stankovic" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:27 min | 1 year ago

"tim stankovic" Discussed on Bloomberg Radio New York

"Tim Stankovic and our interactive brokers studio in New York City. We are awaiting earnings from Facebook. They should be out. In just a few minutes. Time will break him down as soon as they cross the Bloomberg terminal. We've also got apple to gum, probably the bottom of the hour and then test the two will be watching for that in the next 60 minutes, So we'll break down those numbers as they come. Having said that, Charlie breaking down those major equity averages, Tim and we finished just off our lows of the session. But this is the biggest drop in the S and P since the month of October, So you know, we did see more than 2% decline to those major after 2.6% Carol when it comes to the S and P 500 Book As Charlie mentioned the NASDAQ Down 2.6% the Dow Down more than 2%. Yeah, and major industry groups, all 11 of them in the S and P were down energy fared the best. But still with the decline of 1.3% bottom of the pack. Communication services doesn't allow this companies that we've seen that have been out there front and center that was down almost 3.9% as a whole, So a bit of a big drag. They're on the trade. Let's bring in Sara Pontiac Bloomberg News Cross as that reporter Sarah Pond, Zach on the phone, Sir, We are waiting big earnings, and as soon as they cross, we may interrupt you to bring them But what's jumping out for you, kiddo? Today was a day where it was really difficult to know where to look. And, for example, will point out there is an E T F that track hedge funds favorite stock called G V. I P. That's the ticker that the trees under Stay down 4.3% the worst taste in September. So the understanding year from some traders that the pressure that we're seeing on the stock market may actually be de grossing by hedge funds because they're not only getting hit on the short side of their trade. Many of the hedge fund darlings are getting hit on the long side of the trade to and on the flip side. It's just so striking because you see the stock market have one of its worst days in months. And yet you look at some of the most active stocks today and those that many of the reddit forums and dark twists and those of the like are playing in and see today at more than 300% Jooss. 480% n a 252%. I mean, there's countless stocks that I could run through right now and just found out the unbelievable numbers and It's an individual story at the same time, yet the broader market is falling. I mean, go ahead. Co owner could say that AMC trade with front to mention earlier. I mean, that is just crazy. Yeah, and I wondered, you know you can't see the future, Sara. But based on your reporting, I mean, How long do you expect us to continue play out Because the volatility that we're seeing in the meteoric rise that we're seeing these parabolic moves over the last three days. This is like kind of the norm. Look, it's really difficult to know. And for days now we were professional investors say that this has as soon it has the hands Ooh. Now we heard it honestly, for months now ever since midsummer, for the most part, And yet it hasn't It at the same time of day. If you go into the chat rooms, they certainly don't believe that it's the end of today. We saw record call option going to and I know that we just got Facebook self under back to you. Yeah, exactly. You didn't have to complete enough to finish up so quickly, way are watching. You know, we've got striker Lam research. They're crossing with some of their earnings. Just taking a quick look. We are waiting for the big ones on that seems have betrayed their Facebook actually just crossing as we speak and let's go toe fourth quarter revenue 28.7 billion Tim. That compares with an estimate of 26.41 billion. That's a beat. That is a beat, and I'm going to just go right to the after hours trading to see what Kind of trade. We're seeing the stock. Initially a bump up right now it's down about 8/10 of a percent. Let's go through some of the other numbers we've got. Let me just get to it. The active users in the fourth quarter, which is always something that investors watch really closely beat estimates a 2.8 billion estimates were 2.76 billion. The company's earnings earnings per share a beat there as well for the fourth quarter. $3.83.88 versus estimates of $3.22 and the board authorizing repurchases of up to an additional $25 billion. That's a huge buy back. Saying that they saw some tell into the advertising business in the second half of 2020. They say we continue to face significant uncertainty. Listen, this is what we want to find out about to what these companies. These big companies they're seeing in terms of the environment. What kind of visibility? What kind of transfer? You know what? What are they saying about what 2021 is looking like and look. Some important context here is that Facebook shares have dropped about 3.4% since the company's last earnings report in October. Over that same period of time, the S and P 500 Communications Services index has gone. 11% and the overall is to be 513%. So it's seriously underperformed on and you know, maybe the executive sees it as an opportunity down now about 3.5% in the after hours, fourth quarter. I think you mentioned on the fourth quarter monthly active users. 2.8 billion versus an estimate of 2.76 billion Fourth quarter daily Active users 1.84 billion versus 1.83, so pretty much in line just slightly above but again fourth quarter revenue. That was a beat and the DPS number a beat as well. And a big buy back. Yeah, and I do. I do think that you know, investors get concerned when they see language like this. The company's seeing more significant ad targeting headwinds in 2021 Remember that spat that Facebook has with Apple correct and that's an issue. Yeah, exactly. Facebook, also seeing its first quarter second quarter growth rate in revenue stable, modestly modestly fan Star. Excuse me. Let me get it out. Sarah. Thank you so much. Sorry that you got squeezed a little bit yours. It all okay? Thank you. You are listening to Bloomberg Radio. Let's get to Dave Wilson and his stock of the day and let me just mention Forgive me. Dave Tesla just crossing with our fourth quarter Justin GPS 80 cents. That's a miss folks. The estimate on the street was for a buck three. So quick check on what test was doing here in the after hours and let's see what kind of trade we're seeing. And Tesla's. It's right now down about 1.6%, Dave. Just quickly. What your stock is. It's actually won. The Sarah just mentioned costs. Its maker of headphones, a stereo speakers founded 1953 went public in 1959. The ticker is its name spelled K. O S S. This was a company that last year fell in terms of market value as low as 6.1 million with an M. Hours. No surprise, really sells a decline in each of the last four fiscal years on in the first quarter that ended in September, the company posted annual losses three times along the way. Yet what's happened this week as the amateur traders have rushed to buy cause was up 80% on Monday up 67% yesterday when Forrest Stool sports founder Dave Portnoy's showed himself buying on a live stream video and today Cost was up. 480% know that gave you can have 55% postmark it to that well they ago and that company with a $6.1 million market value now valued at $430 Million just goes to show you how things can change. And obviously, some people are making some big money here on quickly. All right, Dave. Thank you so much. Really appreciate it right now. Facebook is down 14% me after hours and we've got tested down more than 5%. Let's get a quick check on while the national News over to Nancy Lions in D. C. Hey, Nancy. Hey, Carol. President Biden says the U. S has put off addressing climate change for too long. Today, he signed more executive orders this time to combat the crisis when we think of climate change..

Facebook Sarah Pond Bloomberg Carol Dave Tim Stankovic apple executive Charlie New York City Sara Pontiac Bloomberg reddit Lam research Nancy Lions AMC Sara
"tim stankovic" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:30 min | 1 year ago

"tim stankovic" Discussed on Bloomberg Radio New York

"But we we've also talked about, you know, we just did. It's just a story in the magazine about Minnesota. Specifically right. They figured out testing on a grand scale. But you know, we've talked with so many different doctors and members. The medical community and our reporting team that you each state is kind of doing their own thing. And as a result, you know, there are some states that are doing better, but a lot of state they're having that is struggling with this. Also, they're financially struggling because of the pandemic. So the idea of kind of finding the resources to do it right? I think could be tricky. Yeah, And then the challenge with the United States is just that fact. We are the United States. It's been difficult to have sort of this federal response because each state is given the right to do what it wants. And that's why we've seen a lot of issues with vaccine rollout. It works working back. In some in some states that it is another states. Look, I'm optimistic. It's Friday's crossed and look what to teach a change, Right? Exactly. Thank you. David Bailey, right there. Listen, you have a good weekend. I know you're gonna head out, but we'll see you on Tuesday. It's gonna be a long weekend. And, yeah, I hope everyone gets some rest. Yeah, you take care. Thanks. All right. Tim Stankovic. Bloomberg? Quick. Take Michael, who's here at Bloomberg Business Week. Let's get a check, though. On some of your top business stories, those closing numbers on Wall Street a lot going on. Hey, Charlie paella, although they're losing week first, Luke Using week for 2021 stocks fell by the most in more than a week after Wells Fargo drag down the banking sector in the wake of disappointing fourth quarter results. Stocks lower across the board today, Let's get right to the numbers with the S and P Down 27.

United States Minnesota Bloomberg Charlie paella Tim Stankovic David Bailey Wells Fargo Michael
"tim stankovic" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:34 min | 1 year ago

"tim stankovic" Discussed on Bloomberg Radio New York

"Excuse Bloomberg Business Week. You are listening to Bloomberg Business Week. It's Tuesday. Carroll, Master Longer Tim Stankovic and our interactive brokers studio. We're gonna get back to the dean of Boston University School of Public Health. Friend of the show. Dr Sandra, Go Lay out. We're gonna continue talking about Cove in 19 in the vaccine, including a story of Mecca Tell you what it is, but it's the second most red on the Bloomberg. You brought it to my attention yet it speaks to hesitancy about the vaccine. And this is not gonna help. It all know exactly. We'll get to that in just a moment. First up back to Charlie Pellet, your top business stories when he got Charlie. What? I got his earnings after the bell coming up KB home. We'll have it for you. Is that breaks right here on Bloomberg Radio up 8/10 of 1% right now. On shares of the homebuilder Stocks Trading higher right now. Benchmark Treasury note yields lingering a 10 month highs as investors mall the prospects of the economic recovery and the vaccine rollout of topic We're discussing right here on Bloomberg Business Week. Right to the numbers. Now with the S and P advancing 5 to 38 04 up by 1/10 of 1% best level of the day we had the S and P up 11 up by just about 3/10 of 1% The Dow Up 68 up two tents right down. NASDAQ up 41 for the NASDAQ composite Index up 3/10 of 1% NASDAQ 100 Index Just turning around up now, by 1/10 of 1% doubt, transports up 1.4%. Russell 2000 up by 1.5% Tender up 3 30 seconds 10 Year Yield 1.13% Now Gold is up $12 an ounce up 7/10 of 1% of 18 56 and West Texas Intermediate Crude 53 24 barrel of wt I up today by 1.8%. The Trump administration is encouraging states to widen access to covert 19 vaccines is part of an effort to speed up a stumbling immunization campaign. Health officials are pushing states to expand the shots availability to anyone older than 65, regardless of underlying conditions. Speed up is welcome news for Dr Amos Adalja, senior scholar of the Johns Hopkins Center for Health Security Way have to change the entire pace of how we're vaccinating. We have to start to bring in mass vaccinations. We've gotta find ways to be innovative with the constraints that we know that there's a supply chain issue. There's a cold chain issue. There is the fact that you have to have people have wait 15 minutes after they've been vaccinated in order to Make sure they don't have an allergic reaction. We've got to find a better way to do that. And at the same time we still have to continue to test trace and isolate and math testing, getting people to use the home test. All of that still has to be going on at the same time as we're vaccinating. And of course, we'll have more on the topic coming up in just a.

Bloomberg Bloomberg Radio Charlie Pellet Boston University School of Pu allergic Dr Sandra Johns Hopkins Center for Healt Tim Stankovic Carroll Dr Amos Adalja Cove senior scholar West Texas Intermediate Russell
"tim stankovic" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:12 min | 1 year ago

"tim stankovic" Discussed on Bloomberg Radio New York

"It's complicated. Well, we know why, but we've got some helpful thoughts from pursuits. Food editor Kate Crater to get you through it. And what do you get when you bring two beers, Blue Nile and Botswana together? We kick off this hour with a story in the current issue of Bloomberg Business Week by Bloomberg Economics editor Peter Coy. He writes about a company's responsibility to multiple stakeholders. You know, like the things he s G. Investors care about. What Peter found out is that there's a backlash against prioritizing anything other than profits. Here's more from Peter, who joined Bloomberg. Quick, Take anger Tim Stenbeck and me. It's certainly true that GSG investing is on the rise. There's a survey by Deloitte found it. Something like 26% of professional manage assets in the U. S had esteem mandates. As of 2018 versus only 11% in 2012. That's a pretty rapid increase. And said, if engendering a backlash, and we're seeing it in the Trump administration, three different agencies of taking shots at SD and different ways on the final months of Trump's Term in office. Now, Biden may try to reverse some of them. Not all but in any case of represents obviously the Trump administration doing this because they're feeling some heat. And that's probably coming mostly from corporate America that is resisting some of the SD mandates. So we in corporate America. Where is the backlash coming from? Because I thought, Yes, she was all the rage right now. Well, that's it. I mean, it's true. It's It's a mixed picture. I think that's a fair point. There are a lot of companies. They're totally on board with the S G. But in some cases, they just don't like being pinned down if they want to have sort of the fragment do it their way anyway. To give you some examples. The most stringent restrictions on the str coming from the Labor Department, which makes a certain amount of sense because the Labor Department is in charge of pensions, and naturally, pensioners are vulnerable to bad investing. And they rely on that money for the retirement. They really don't directly have anything to say over where the money is invested, so the Labor Department bends over backwards to say that Money should be invested on Lee. According to Pecuniary considerations. Money, not es G that es speak abuse on Lee is a To exactly equal investments from a profitability point of view. Yes, you could be the tiebreaker and they expect that to be a rare situation. So it's interesting. There's a lot in your story. Peter, a cynical take on the USDA is that it's a way for CEOs and boards to avoid accountability. If profits come in below expectations that can point to some wind farm as an explanation, like Hey, Did the right thing, but it hurt profits, right? Yeah. So I have a quote in the article from a woman in a barn. Ali Chowdhry. Who's that UCL in London. Kind of on this point. Saying You don't want yes. G to be sort of a get out of jail free card for Cos you know, you just wave your hands and say Oh, you know, we're answered about multiple stakeholders, Not just shareholders. Well, you know, I think about Jamie Diamond right at the business of the Business Roundtable. And of course of J. P. Morgan, like you know, when he made that statement about Listen, companies have to have multiple stakeholders. You think everybody's like, Yeah. Its shareholders, its employees that your community it's a lot of things that we need to think about. But I do wonder, you know, ultimately, if you're a publicly held company, right, ultimately, you still answer to your shareholders. Yeah, well, Carol, this is such a deep dish, and we could talk about it all day long, because there's so many nuances here. But there is that argument. But then the argument of the sea people is look Shareholders could collectively decide that they want some objective. Other than just making money. They collectively want to do something about climate change, for example, and the argument would be fine. If that's what they vote. They choose a board of directors that wants that if they Voting proxies for that kind of thing. Then there is certainly entitled to So it is Milton Friedman right here, right. The social responsibility of business is to increase its profits. That's what I'm saying is like there is it's a very clean storyline, the Milton Friedman one. What I'm getting at is that there's a lot of ambiguity in corporate law. And maybe that's not an entirely bad thing. Maybe we need to learn to live with a certain amount of ambiguity. And I tell the story of going back to barn Alley shot reciting, Uh, 18th century play called Servant of two Masters servant named Truffle. Dino, who somehow manages to buy scrambling, left and right, served two different masters and fairly able to as well. Peter story something to chat about, virtually, perhaps with friends and family over this holiday weekend again, That was Bloomberg Economics editor Peter Coy, who joined Bloomberg Quick, Take anger Tim Stankovic and me Coming up Our world is about multiple stakeholders this year and being more inclusive. That includes building trust between the black and medical communities more with the CEO of the impact network that's coming up..

Peter Coy Bloomberg Bloomberg Economics Labor Department editor Milton Friedman Botswana Food editor Blue Nile Bloomberg Quick Trump America Deloitte Kate Crater G. Investors Tim Stenbeck barn Alley Lee GSG
"tim stankovic" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:36 min | 1 year ago

"tim stankovic" Discussed on Bloomberg Radio New York

"Charlie Pellet. We begin with a headline from the Bloomberg Professional Service. President Trump is defying Congress and has vetoed the bipartisan defense policy bill. The president calling the policy bill quote. Gift to China and Russia. REPEATING President Trump defies Congress on Vito's the bipartisan defense policy bill Now let's head right over to the first word breaking news desk for today's afternoon call Here is Bill Moloney. And good afternoon Charlie US stocks in the green right now, with the Dow currently up 222 points, that city's gain a team all NASDAQ climbs by 19 3 U. S A 10 Year old that 0.9 of 5% gold is up. 10 and transports gained 85 points Among the main 11 SP sectors. Only real estate and tech were in the red and leaders to the upside. The Dow Goldman Sachs, JP Morgan and it Disney, while sales force and Microsoft led to the downside after earnings, paychecks, reverse 3% gains and in other news The CDC said that more than one million people in the U. S have gone vaccine doses wrapping things up, Nikola Fellas, Muchas 11% after losing an order from Republic Services live from the first to break the news desk. Combo Maloney, Charlie. Okay, we think very much Bill. Have a happy Hodel dandy here. Live breaking news over your Bloomberg time. Squawk ask you, you a wk on your terminal and Charlie Philip, That is a Bloomberg business Flash. Thank you so much. Charlie Pellet. This is Bloomberg Business Week on this Wednesday. Carol Massar, along with Bloomberg Quick, Take anchor Tim Stankovic. And this week in the upcoming issue of Bloomberg Business Week. Limburg Business Week. Economics editor Peter Coy gives us something to think about when it comes to a company's responsibility to multiple stakeholders and taking into account things like ES G factors. When it comes to business and investing decisions. Bottom line, he says, backlash against prioritizing anything other than profit. So let's get into it with Peter. He joins us on the phone in New Jersey. I'm so glad you were able to come back today because we Touched upon the story. Tim and I with you yesterday and then got interrupted by. I believe President elect. I got Biden. We got Biden. So tell us about this story. I think it's a really thoughtful one. Specially when I feel like there's been Peter so much momentum so much conversation about a company has to think about multiple stakeholders. So take it away. Yeah, well, it's certainly true that Yes, G investing is on the rise. There's a survey by Deloitte found that something like 26% of professional manage assets in the U. S had esteem mandates as a 2018. Versus only 11% in 2012. That's a pretty rapid increase and said, it's engendering a backlash and we're seeing it in the Trump administration. Three different agencies of Taking shots at SD and different ways on the final months of Trump's term in office. Now, Biden may try to reverse some of them. Not all but In any case and represents obviously the trump of miseries in doing this, because they're feeling some heat, and that's probably coming mostly from corporate America that is resisting some of the SD mandates. So when corporate America where is the backlash coming from because I thought, Yes, she was all the rage right now. Well, that's it. I mean, it's true. It's It's a mixed picture. I think that's a fair point. There are a lot of companies they're totally on board. With the S G. But in some cases, they just don't like being pinned down. If they want to have sort of freedom and do it their way Anyway. T give you some examples. The most serene geant restrictions on the str coming from the Labor Department, which makes a certain amount of sense because the Labor Department is in charge of pensions, and naturally, pensioners are vulnerable to bad investing. And they rely on that money for the retirement. They really don't directly have anything to say over where the money is invested. So the labor Department who bends over backwards to say that Money should be invested on Lee. According to Pecuniary considerations. Money on not es G that es speak abuse on Lea visit To exactly equal investments from a profitability. Point of view. Yes, do you could be the tiebreaker and they expect that to be a rare situation, So it's interesting. There's a line your story. Peter, A cynical take on the USDA is that it's a way for CEOs and boards to avoid accountability. If profits come in below expectations that can point to some wind farm as an explanation, like Hey, Did the right thing, but it hurt profits, right? Yeah. So I have a quote in the article from a woman in a barn. Ali Chowdhry. Who's that UCL in London. Kind of on this point. Saying You don't want yes. G to be sort of a get out of jail free card for Cos you know, just wave your hands and say Oh, you know, we're answered about multiple stakeholders, Not just shareholders. Well, you know, I think about Jamie Diamond right at the business of the Business Roundtable and of course of J. P. Morgan, like you know, when he made that statement about Listen, companies have to have multiple stakeholders. You think everybody's like, Yeah, it's shareholders, its employees. It's your community. It's a lot of things that we need to think about. But I do wonder. You know, Ultimately, if you're a publicly held company, right, ultimately, you still answer to your shareholders. Yeah, well, Carol, this is such a deep tissue. We could talk about it all day long, because there's so many nuances here. But there is that argument. But then the argument of the sea people is look, shareholders could collectively decide. That they want some objective other than just making money, they collectively we want to do something about climate change, for example, and the argument would be fine. If that's what they vote. They choose a board of directors that wants that if they From voting proxies for that kind of thing, then burn certainly entitled to So is his Milton Friedman. Right here, right? The social responsibility of business is to increase its profits. That's what I'm saying is like there is it's a very clean storyline, the Milton Friedman one. What I'm getting at is that there's a lot of ambiguity in corporate law. And maybe that's not an entirely bad thing. Maybe we need to learn to live with a certain amount of ambiguity. And I tell the story of going back to Barn Alley Chowdhry, citing, uh, 18th century play called Servant of two Masters, the servant named Truffle Dino, who somehow manages to buy scrambling, left and right, served two different masters and fairly able to as.

Peter Coy Bloomberg President Trump Charlie Pellet Biden president Bloomberg Professional Service Tim Stankovic Carol Massar Milton Friedman Labor Department Congress J. P. Morgan Bill Moloney Bloomberg Quick SP US America Charlie Philip NASDAQ
"tim stankovic" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:40 min | 1 year ago

"tim stankovic" Discussed on Bloomberg Radio New York

"Bug World Headquarters. I'm Charlie Pellet NASDAQ At a record as some he pushing higher stocks regaining his investors appeared to look past the possibility of a delay in pandemic aid. After President Trump demanded changes to the package Congress approved this week the S and P is up 19 points right now, off session highs but close to it up by 5/10 of 1% s and P for the year up 14.7% to put that in context. NASDAQ Up 43% Now advancing today by 250 points up by 8/10 of 1% Tender down 12 30 seconds 10 Year Yield creeping up 2.95% Hold up 6/10 of 1% 18 72 the ounce under Rally for crude west Texas Intermediate up 2.5% Now 48 18 a barrel. I'm Charlie Pellet. That is your Bloomberg business Flash. All right, Charlie, Much appreciated. You are listening to Bloomberg business. We carol Massar along with Bloomberg. Quick. Take anchor Tim Stankovic. And this was definitely what I like to call a wait. What moment People who know me know I do this all like, Wait, What? On. I'm guessing it had many Democrats saying, Wasn't this what we suggested? Months ago? We're talking about President Trump's surprise attack Last night, we got the news, Tim on basically saying, Wait a minute. I'm not comfortable with this $600 that that's what's to go toe like a lot of Republican lawmakers were really surprised, too. That's what this is what I want to get into, like, were they you know, like what was happening here. Let's bring in Bloomberg News. White House correspondent Jordan Fabian on the phone from Washington, D. C. Said Jordan, Where were you in? That headline crossed? Well, I was just sitting in my home office wrapping up some oxidant. That's what you thought that right? Exactly. Dinner's coming soon. Not that fast. That's what the president put is video on Twitter. Unbelievable. Um, So what do we first of all do this really truly catch Republicans all on surprise. Our vice president should say the House GOP to hold a call it three PM about the next steps on stimulus, the headline just crossing where they completely caught off guard. Yeah, it's my knowledge. This took even people on the president's 17 by surprise. I mean, you have Treasury Secretary Steve Mnuchin, who is the president's chief negotiator on this package. Praising the bill just hours before the president croutons video on those two that many of the president's speech senior advisers are out of town right now for the holidays, so White House kind of been staff. You know, President by himself off the meeting with some of these conservatives from the house and from outside have been egging him on on this effort to overturn the election. And it's possible that this stimulus package and their objections to it came up in those meetings as well and influence the president. So what's the likely outcome here? Jordan? I mean, what what happens next? What happens now? That's the $900 billion question right And it's hard to know because the president really hasn't said if he's going to veto this or not, So we're all kind of waiting to hear if he intends to follow through. On his threat. Tol not sign this bill. He hasn't really given us any indication yet, but you know, there's a key deadlines coming of your unemployment benefits. Extended benefits are expiring on Monday. And benefits and the funding for the federal government is also expiring on Monday, and that's a key part of this package to. So you have all these deadlines coming up, not to mention all the Americans who have been just eager to have this aid for months now. I don't even know what to ask you because I feel like I'm just kind of blown away by this. What's interesting is this is largely what Democrats were pushing for months ago, right? A larger individual payment. Yes, And this speaks to the fact that the president himself Wasn't really personally involved in these negotiations, and he could have if you wanted to $1000 checks. You could have raised this at any point during the talks, and he didn't and he sort of left. His negotiators agree to the $600 amounts. And then, after the pious, fully cooked, he comes out and says, Well, I don't think this is enough. A Zara's stimulus checks go so Not really how the negotiation process is supposed to work if they believe so could the government gets shut down in a couple days? Yes, The President doesn't sign this. This measure it's possible in the government funding would lapse on December 28th. And if there's not some kind of short term stopgap, or you know, this building has become laws and there would be a partial shutdown of government agencies. Which is OK. So what would that mean for the fight against the pandemic? That's really good question. It kind of depends on what the administration's guidance is whether they can detonate that maybe is emergency function allowed to continue, But you know, as we've seen, even under those circumstances when you're certain functions are able to go ahead during shutdown, it's not quite fully staffed. Yeah, There's a lot of people who aren't working are not allowed to work so it could ask complications to the process, which is already I would say, you know, suffering frozen pickups. It started the vaccine distribution goes. So is there a realistic chance that that the American people could actually see better benefits here from this stimulus, and I'm not just talking about these direct payments I'm talking about other elements of it is well because it's not just these direct payments that Will or will not happen, depending on the president does. Yeah, so you can you bring up a good point, Which is that There's been this almost myopic focus on the direct checks. And while that's important, that still has a lot more in it, which is money for school. Reopening money for vaccine distribution has expanded on the plant benefits. We're talking about loans for airlines and small.

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"tim stankovic" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:34 min | 1 year ago

"tim stankovic" Discussed on Bloomberg Radio New York

"Of Bloomberg Business Week. Week, 40 working from home. Still, For many, it was a week with another reality check as virus cases, hospitalizations and deaths rose to record levels in some places, and his vaccine distribution began and then hit some snags Progress overall, but with a lot of work to be done when it comes to both Cove in 19 and our economy, this was all on our mind with our conversations this week, including one with Dr Steven Corwin, president, CEO of New York Presbyterian Hospital. Who was at the center of New York's coronavirus crisis last spring. He provided some perspective on today's cases. We'll also hear from the Carlyle Group's David Rubenstein on his conversations with Jeff Bezos, Ruth Bader Ginsburg, Oprah and more. It's all in his book. How to Lead Also speaking of books. How about the best business books of 2020? Here's a hint. They're not all business books. We start, though, with this week's cover story about the urban exodus that's happening as a result of working from home and how the pandemic migration could reshape the American economy. For more Bloomberg. Quick Take anchor Tim Stankovic and I talked with Know Abou Higher Finance reporter at Bloomberg News and Bloomberg Business Week editor Jill Weber. We've been watching this trend just evolved throughout the pandemic, and it started with people, you know, basically the urban exodus people leaving cities and going to the suburbs or or the country and then Instead of renting some of those places people started buying, and then you know the employers started to catch up with with it eventually, and that's really kind of the new element. And I think the one that really distinguishes no story has been. You know, the shift was at first, it was just the real estate implications. But now It's about the pay implications and no is reporting. Actually, senators honest on a company Redfin, the real estate company, and they actually almost become the vehicle for the story. So no it tell us about this trend and what we've learned through Redfin. Yeah, well, I think you really you really captured it? I mean, this is this is a trend in HR policy right now. We've we've We've had this massive experiment in working from home, and I think a lot of companies I found that it works for people. Um, it's not perfect. There are for sure, Some drawbacks. But Aziz we've gone through the month cos I think responding to what they're hearing from their workforces. Have realized that they can allow for a much greater amount of remote work. Um, when the pandemics finally over, and that's forced them to really reckon with Policies and how you how you actually make this work in a way that the fair and reasonable for your business and really, it's just opened up a giant can of worms because you know the cost of labor and Cost of living just very so radically across the US that, um, you could create situations where you know someone moved from the Bay area, too. Phoenix or Atlanta. They on they carried their salary with them. They just, um you create a situation where Um, you were paying way above market Essentially. Okay, So the Redfin thing that's so interesting, though, is that once people sort of moved out, uh in the company had to grapple with us, and they were actually proactive, I think and having a plan basically. Um, and basically realized that in order to implement this, they needed to have some version of like a localized pay policy, right? So so tell us about how they actually went about implementing that. Yeah. So on some levels, like companies have been doing this for years, right? It's just, um, like they thought about. Well, if we open Ah, new office in a new city. What do we pay people? What's interesting is that that Redfin and I think a lot of other companies you know, had to do this on a mass scale. So what Reddington did is they got a bunch of data on cost of labor and cost of living. They're real estate company. They're in the home brokerage business, so they're pretty attuned to this stuff, and I have a lot of in house data. But they got external data as well to try and craft the policy of what's fair, and you know the day to inform their decisions. But there are a lot of judgment calls at the end of the day and You know they're still tweaking and trying to make sure um you know their policy works for their people, and that they can continue to recruit and retain the best people because at the end of the day, that's that's really what this is about. For her cos is You know, there's even with unemployment where it is today, there for certain kinds of jobs there still and insatiable appetite in demand for people and, um You know those companies compete for talent. They want to make sure they're paying the right amount in the markets where those people want to be. Know whether there's something you exploring the peace. The economic duplications of this the idea that people are leaving higher cost areas moving to areas that aren't is expensive and with that, of course, if they're leaving a city or a state with them goes tax base with them goes spending in that local economy. What is the long term implications of this migration? Well, I don't think we know. Yeah, is the short and short, non answer, But, um, it certainly doesn't seem like it's going to be helpful for high cost places like New York and San Francisco as they you know, as the whole country tries to Dig itself out of the economic implications of the pandemic. I mean, it's not helpful when you have high earners and leave. Your city but at the same by, you know, at the same time, like we just don't know what that at this point how extensive this is gonna be. And there are some real Benefit to, um, living and being near where the action is where there are other people in your industry. And, um you know, that could be a draw for people that come back to some of these high cost places. That was our cover story this week in the magazine that was no Abou Higher finance reporter at Bloomberg News, along with Bloomberg Business Week. Editor Jill Weber joining Bloomberg, Quick, take anchor Tim Stankovic and me working from home and that is something we have talked so much about this year because of the pandemic and coming up in the next hour. Keep in mind. We're going to hear more about working from home, its impact on our lives and our brains. Microsoft is keeping track of that..

Um Bloomberg Redfin Bloomberg News New York Tim Stankovic Jill Weber reporter editor Carlyle Group New York Presbyterian Hospital David Rubenstein Dr Steven Corwin Jeff Bezos US Ruth Bader Ginsburg Microsoft Aziz
"tim stankovic" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:02 min | 1 year ago

"tim stankovic" Discussed on Bloomberg Radio New York

"3/10 of 1% Right now, 47 72 a barrel re capping as skimpy little change down a point. I'm Charlie Pellet. That is a Bloomberg business Flash. It is indeed. All right, Charlie really appreciate that. You are listening to Bloomberg business. We carol Massar Longer. Tim Stankovic, A Bloomberg quick take and our top headline. Certainly at this. Our top story, Tim, the Fed. Saying it will continue to support the economy through massive monetary stimulus until it sees quote substantial further progress in employment and inflation. So they're watching this and I'm assuming they're gonna get a lot of questions. Jay Powell will indeed on all of this. Let's do some analysis and let's talk about this because keep in mind in just about 17 minutes time At the bottom of the hour, we will hear from Jay Powell, chairman of the Federal Reserve his comments in of course. That press conference with reporters after today's decision, So let's bring in France Istanbul, She is global chief economist head of macro economic strategy at Manulife Investment Management. She's on the phone. In Toronto. Steven Skanky back with US also chief economic advisor at Kill Point, Former U S Treasury and White House National Security Council staff member he's based in Washington, D. C and I believe that's where he is on the phone on this fed Wednesday. Steve let me start with you so fed maintaining its bond buys just watching looking for the economy to see some improvement. What's key for you in terms of this decision. Well, it's not surprising that the Fed didn't change any of its policy stance. There was a little bit of expectation that they might say something about the composition of their bond by But you know, on net there was nothing. There was nothing for them to gain by doing that. So, so they just held it steady. Obviously, the the economic environment is is particularly complicated with the vaccine rolling out, but yet at the same time Record rates of infection, hospitalizations, mortality. I think what was most interesting that to me, though, was the adjustment in their economic projections, even with all the swirl that's going on in this quarter and weak economic news. On retail sales coming even just today they did reduce they did improve the projection for changing real TTP for 2020 overall. Taking it from minus 3.7% for the year toe minus 2.4% that's actually quite encouraging on. Likewise for 2021 2022. They also improved their rough. They're projected estimates. Well, it's interesting and Neil Data of Renaissance Macro, emailing me and saying, You know the bond market gets because, he said to the Fed, marking of growth in each of the next two years, marked down unemployment and marked up core inflation. The bond market selling off because it gets that positive growth story. Francis, come on in on this is that also what is jumping out at you or or something else? You're just jumping out of me. We got a the end of the news on fiscal or getting a physical package that looks like it's done done. Today. We get a said that basically does nothing and marks up growth and inflation and all we got was a 3.5 days of point jump in the 10 years to 94 basis points. Yes, The bond market knows things are a little bit better now than they were before. But the bottom pieces also staring down three months of data that is going to quickly deteriorate a central bank. That is whether they do it now or next month, going to have to extend weighted average maturity and the possibility that there are you know, ongoing turbulence created by the disappearance of 13 3 programs. I look at this bond market. We can kind of look at the daily charge. But it's telling you the same thing, which is that we're still stuck in a recessionary environment. Even if you throw a massive fiscal package and a more hawkish than expected Fed statement, you're still only getting the 94 basis points and that's the biggest message I can read in the last 15 minutes. Well, Francis. What more could could the Fed do here? I mean, we're looking at the forecast. It shows that five of 17 officials see a rate hike happening during 2023. The median forecast showing that rates are going to mean be at near zero levels through 2023. What more can the Fed do to stimulate the economy? Defend. Can't do much to stimulate the economy at all, but they can reduce the possibility of tail right. They could make sure that we don't encourage a great chance from righted a period when the economy goes through a double death. And in fact, we should be doing this now. Power is going to get away with this, just like the guard did last week, just a little bit of an increase in Neil's. That's totally something that the entire economy and financial system can deal with. But if we start to see race move above that 1% and we get more nervous, more of that reflation trade coming in then we might be heading into a period where those tail risk. Hard to become higher probability we don't rely on the Fed should boost employment. You could lower rates as much as you want. I'm not going to a movie theater. But when you can do is make sure that doesn't create a filing of that that creates a credit event. I think Powell's gonna have to come in here in about 12 minutes and mean pretty heavily here or else he's gonna have to direct, the New York said to start buying the stag Night Dicker, but they have been in the last week herself. Your friend says she kicked us exactly where I want to go. Steve, come on in back on this conversation. I mean, what do you want to hear from power? What would you be asking him and I do think about do we need to really start thinking about this is the last Fed meeting of this year than the first one of next year will be just after the bite administration gets into the White House. We've already talked about a lot of collaboration expected between Pal and Yellen and the economic team. Of Joe Biden. But what is it that you would want to ask Powell and what are you expecting? Come January. Well what I'd really like to ask him, but but I'm sure he won't answer at at all is how does he look forward to the partnership with the new Treasury secretary of his old friend Janet Yellen and What types of things are are they thinking about? You know, they're gonna have some big challenges coming ahead. The disadvantage. Labor groups, some specific industries that air Facing insolvency and credit issues that liquidity won't really solve. And what do they do when they can't get this sort of fiscal stimulus that they really need to have? And how is all that going to work together? I think it's premature for him to tip his hand on that, But we'll see if any of the questioning can tease any of that out that that's the big challenge to do much right now is the No games for the Fed. Better better to be reserved. Keep quiet. See how things behave on. If they need to do something before the end of January. Obviously, they could do that. But but for right now, just just lay low and act confident and give give markets a positive signals..

Fed Jay Powell Tim Stankovic Bloomberg Charlie Pellet Neil Data Francis Steve carol Massar Toronto Janet Yellen US Joe Biden France Istanbul chief economist Steven Skanky
"tim stankovic" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:36 min | 1 year ago

"tim stankovic" Discussed on Bloomberg Radio New York

"Name is Dave wasn't worried. Well, just what do you think you're doing? Day We'll go for a price on welfare Authority. Dave, who days Alright from crazy I pose and Lulu Lemon to the stock of the day we go Stone Ax day. What's up with that? It's a company that runs electronic markets for commodities, currencies, bonds and stocks. They were founded 1924. They were called International FC Stone before name change this past July. The new name like to a new ticker s and E X star. Next shares have risen six of the past seven years. They've advances Bunch of 33% this year set a record just yesterday. Even so, stone actually basically been ignored by analysts. Data compiled by Bloomberg shows. Jeffries is the only securities from covering the company. This meant Jeffries was the only firm to weigh in on stone exes. Fiscal fourth quarter earnings, which came out late yesterday. The company came up short earnings for the quarter, or 18% lower than Jeffries estimate, even though revenue beat the firm's projection that stone except results were hurt by an increase in bed debts among clients, especially in the energy business, now put it all together. The company shares suffered their biggest loss since March. They fell almost 13%. Dave, What do you think? When you see that stock has only one company covering it. One brokerage covering it. Well, you mean you kind of have to understand where the company's coming from? I suppose, because you know a lot of times. If the business is relatively stable, and they're not borrowing money, doing a lot of business with investment bankers, maybe it is just not a lot of incentive. For analysts to cover them. But, yeah, that's the company's been growing by deals. They bought this company called Gain Capital, which moved them in the currency markets not long ago, and that's when the name change happened more or less. So, you know, maybe just the analyst is missing it. You never know. Yeah, Exactly. So the small cap, you know, guys, this is the kind of opportunities they look for, right? Yeah, They're only so many analysts. Yeah, exactly did to cover like a massive universe when it comes to public companies, Dave Wilson. Thank you so much. Bloomberg sex comma State Wilson with his stock of the day. Today. Yeah. What a day. I mean, just the last couple of days in terms of market momentum, just interesting in terms of the new offerings, Right? Yeah. The new offerings and sort of the case shaped recovery that we've been talking about for a long time, right? All this new money. But then so many people struggling to the gaps. Let's hope we get that that aid package. I'm going to send you on your way. We'll see you tomorrow. Good to have you here. Tim Stankovic, a Bloomberg Quick take. All right, let's get to roll. The National news for that. It's over to Ed Baxter in San Francisco head.

International FC Stone Jeffries Dave analyst Bloomberg Stone Ax State Wilson Lulu Lemon Tim Stankovic Ed Baxter Gain Capital San Francisco
"tim stankovic" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:48 min | 1 year ago

"tim stankovic" Discussed on Bloomberg Radio New York

"Quick Take This is a Bloomberg business. Blam Blumberg World Hank Waters. I'm Charlie Pellets. Stocks dropped Bonds climb amid a stimulus standoff Shares of a air TNT our Air A B and B's. Urging now up 119% the S and P is down. Three drop their of 1/10 of 1% the Dow lower by 52 down 2/10 of 1% as stack up 57 again of 5/10 of 1% 10 Year Yield 100.91% We have got gold down 2/10 of 1% 18 30 60 ounce West Texas intermediate crude up 3.1% 46 92 a barrel re capping stocks mixed S and P down three, a drop of 1/10 of 1%. I'm Charlie Pellet that there's a Bloomberg business Flash. All right, Charlie, Thank you so much. You're listening to Bloomberg Business week. We want to get to this week's US cover story. It's remarks. It's about untangling Child care in America. It's written by Cynthia Koons. She's Bloomberg News. US Healthcare Reporter, she reports on how the U. S childcare crisis. It's tortured parents and the economy. She and liver Business Week editor Jill Weber joining Bloomberg. Quick, take anger Tim Stankovic and me Joel in New York, Cynthia on the phone in New Jersey, Joe, this is increasingly an important story, and it really was made even more important by 2020. It's a personal one. Yeah, Anybody use a parent just knows what I'm talking about. And, you know, it's been one of the stories up in pandemic. Really? And, um, you know, when Cynthia and the team started talking about it, you know, we started with this idea of like Really? It's been AH, story about Mom's of the pandemic. You know that this has been that's been the group that's been just crushed in in September. We saw The workforce numbers, and we just saw women leave the work force right as schools were reopening and kids were staying remote, and basically, families were forced with this decision. Does Mom keep the job? Or does Mom watch the kids and that has incredible economic implications for the country? And I think it's Cynthia's going toe to talk about. You know, In many ways, this is just a reflection of this longstanding thing that we've known of. How broken child care is in the U. S compared to other countries. So, Cynthia, dig into this with me as you started to reporting this story, you know? What did you What did you learn? Well, you know, it's interesting. I thought we were in a childcare crisis before covered. So what happened during cold? It just really underscored all the weakness in our system. And I think the thing is also about what we describe this child care, right? I think most people think of that a 0 to 5 years old and then after that you're in the system, but you're really not a lot of places that are working on universal child care. We're also looking at summer care after care before care, because even our school system when it's fully functioning doesn't match a workday but like still said there were 865,000 women who left the workforce in September, so it was very clear in that moment in time when schools didn't reopen. At this situation was just not tenable anymore. The spring A lot of people left their jobs, partly because their jobs disappeared. But I think by the fall people who are reassessing what they could basically do with Children at home and a lot of for a lot of women. That meant not working. There was also a leaning and McKenzie study over the summer and then their study over quarter, I think was a quarter of women. Children under age 10. We're considering either taking a lever quitting, so this has been a really big problem for women. And I think what's most interesting is that when you look around the world at wealthy countries, even countries that aren't necessarily as wealthy as our own. There's a lot more money spent on childcare in early education. And so we took this moment to explore what's feasible from a policy perspective. What could the U s be doing to maybe come like Back with a stronger, you know foundation for working mothers after this crisis subsides. What could we be doing Because, as you write in your story, a skimpy global had a report out. And they said that the U. S. Could add $1.6 Trillion to GDP if women entered in state in the workforce at a rate similar toe, how it is in Norway. A country that has government subsidized daycare. So what could the U. S learned from Norway? The really interesting thing is, I think there's a perception here that investing in early education and child care is really expensive and sure it is, but as a proportion of GDP countries like Norway, when you look at the data, so we're investing about 1% of GDP. We do spend money on early education for Children of low income families. But in countries like Norway and Sweden, where they're subsidizing everyone's child care, they're only spending about 2% of GDP, So it's not as though they're extending some extraordinary proportion of their GDP on this And one of the interesting things that kind of best practices is making this available to everybody, but also making people pay so that it's not necessarily free for everybody. So if you're at a higher end of the income spectrum you were paying into the system, But you're still getting something that's equivalent to someone who can't afford to pay for that. That's a leveling factor in some of the research that's come out so far about what universal pre schools Theo And a lot of the program's going on in the U. S. We've seen could use like Portland just past the universal pre K for threes and fours, But it wasn't easy. Cynthia and there it is kind of the liberal bastion of America. I feel like and yet they had a hard time. Yeah, well, there are multiple groups pushing to get this done. They had different ideas, and they became together in the end. But there was sort of this, You know, split decision about what they wanted to do, and they different perspective on it, And they were also attitude among voters. But I just spoke to one volunteer who encountered volunteers to I mean voters who are saying, you know, Children should be at home with their parents. But to be fair. In the end, the vote was 64% and Steve are so was pretty substantial, and I think it speaks to something that people said to me was. We should do valid initiative. Bring this to the people because people want this and legislators are legislators might not be getting this done. But here's the thing. Those were threes and forest programs very critical for early education, Very critical component talker, but they're still 0 to 3. That's the most expansive. And then you still have after care. You still have summer. So states like Massachusetts. They're working on something potentially there, you know, in early stages, trying to get something proposed for this coming legislative session, But what I talked to somebody is working on it. Her team is let's get here to 13. Let's stop saying it's fine for parents to spend all summer cobbling together care and like most parents know you're lucky if you find a campus open from 9 to 4, and you're basically scrambling to figure out before Karen after care or your kid's school ended tight 18 and obviously no one stop of comedies that so let's think about Childcare for the whole child and the childhood all the way up to say age 13 and that you know some of the thinking that's going on within the United States right now. And you know you mentioned it seems like it's more on a local level than the federal one. But is there any any hope that you know the incoming Biden administration might try and take a bigger swing at something here and said they just got about 35 seconds. Yet. So Biden. Here's how this on their platform, they had a $775 Billion.10 year plan for Universal pre K for the reason force. It'll mean a lot have centered on their side. I think that's going to be a big contributing factor here. The Congress got behind Universal preschool back under Nixon. It was mixing. You vetoed it. Would definitely possible to get a bipartisan coalition. So yes, with this administration, we could be changed, but it's going to take a lot of ground up work to get there. And it sounds like we need private public partnership. We need maybe governments giving incentives and company stepping up and doing more plans. I mean, bottom line, right? Yeah, cos cos No, they need to do that. And they're willing. Yeah, that's really positive to great stuff. Great Cover story. Great remarks. Thank you so much. Cynthia Koons, US Healthcare reporter at Bloomberg News on the phone from New Jersey. Joe Weber, editor of Bloomberg Business Week, he's at Bloomberg headquarter. But he was catching up with us on one of our access lines here in around our studios. All right, You are listening to Bloomberg Business Week. It's important. It's this article made my blood boil. Yeah,.

Cynthia Koons Bloomberg Bloomberg News United States Joe Weber Norway America New Jersey U. S Charlie Pellets editor Charlie Pellet Charlie Hank Waters West Texas Biden Reporter Massachusetts New York