35 Burst results for "World Bank"
Australian leader seeks conciliation in dispute with China
"If you enjoy a glass of wine every now and then. You've likely tried a bottle from australia at some point the. Us is a big market for aussie vintners. So is china but now china shops wanting to carry australian wine face higher costs much higher. The chinese government has announced new taras on australian wine imports as high as a two hundred twelve percent tax on every bottle. It is a major blow to australia's wine industry as the world bank. A hillier reports. China is pointing the finger at australia and says the country is dumping wine into its market causing the chinese wine industry to crash. Australia says that's not true. Still because of the spike and fees the wine trade between the two countries has come to a grinding halt. The level of the tariffs essentially closes a market for experts. Say it will be virtually impossible for steinbeck's orders to send bottle bought into china for the foreseeable future tony lane. Ceo of australian grape and wine says people's livelihoods are already being threatened of the twenty four hundred australian wine producers who export to china eight hundred of them sell exclusively to the people's republic that now the markets that aren't still domestically they've set the businesses up puglia round the toronto market. And now. we're the next older will come. There's a lot of guess uncertainty. In fear and confusion james robson of ross hill. Weinstein is feeling the pressure. This is terrible news. He told abc news australia. That nearly twenty percent of his product exports to china where his customers usually place big orders in october to prepare for chinese new year. And we haven't done any of that this year because obviously that texting right. It's just not sustainable alley entry level one these ten dollars and that's gonna make it thirty. Even the big players in australia's wine industry are taking a hit shares in the largest one treasury. Wine estates plunged eleven percent when the tariffs were announced. But they'll be okay. Tony battling says because they can sell to other countries mainly europe the us and other parts of asia still under thirty five million liters of wine that is now going to be looking for a high finding new markets and forming new business relationships is tough though especially during a global pandemic and battling says those other markets won't be able to make up for the loss of business with china we got hundred seventy markets resulted. Even if i only christ bought fifteen percent that would still live. It's seven hundred million dollars in the red site. Clearly showtime Visit occasion is not going to work. Experts say the wind tariffs are not just about reds and whites relations between australia and china soured earlier. This year after australia called for an investigation into china's handling of the coronavirus pandemic since then china has slapped tariffs and restrictions on a number of australian exports including barley beef seafood and sugar agriculture minister. David little proud told sky news australia. That he's looking for clarification from china. Is that it is retribution. Rather than any specific issue that any whether it be one or the other commodities produced the trade war appears to be here to stay. China's commerce ministry said today the tariffs could last between four and nine months at this point. Tony battling of australian grape and wine says he doesn't see a clear path forward normally you can resolve economic disputes through negotiation. But with you can't get to the table. You can't get both parties in the same room or on the same telephone. You kinda negotiate in the meantime battling hopes australian producers won't have to sell their wines under market value just to keep the lights on
James D. Wolfensohn, Who Led the World Bank for 10 Years, Dies at 86
"Who served as the president of the World Bank for 10 years has died. Wolfensohn worked on Wall Street for many years and was also chairman of Carnegie Hall. He was 86 years old. I'm Jackie Quinn. AP News CORONAVIRUS
The Great Remittance Mystery
"Remittances the money that migrants people living and working abroad sent to their countries of origin, and there are as many as two hundred and seventy million people around the world in that situation, sending money to their families because of that remittances have become a vital source of financing for many developing countries the sums of money are huge. In fact, the amount of money sent in remittances is greater than the sum of all investments made by foreign companies in developing countries combined, and it is more than tripled the amount of aid that governments provide those. Countries. So when the coronavirus pandemic took hold on economies went into lockdown, no one was surprised when the World Bank predicted a twenty percent drop in remittances for this year, the lines after woman massive layoffs particularly in the US has the largest number of migrants and the World Bank warned of dire consequences for some developing economies that rely heavily on the cash that those workers send back home but nearly eight months in that correction has not happened remittances. This year have been steady, and in some cases, they have actually risen remittances to Mexico for example, jumped nine point four percent in the first eight months of the year it is. A mystery. Mystery, we love mysteries at the indicator. So. The break hired is that remittances are flying high even luke global growth circling the drain Hattie Hirsch cracks the case with a little help. Support for this podcast and the following message come from each trade you want to invest your money, but there's one problem you're not sure where to begin. Luckily, there's e-trade who offers more than just trading each rates simplifies investing without the financial jargon and has the people to offer guidance and support to make your money work hard for you. For more information visit each trae dot com slash NPR, e-trade securities see member Finra SIPC. Laura Karen is a specialist in development economics and a consultant at the World Bank. She's also reading for Doctor Economics at Columbia University. Welcome Laura. Thank you so much for having me a pleasure and I should say that I came across your research in a story and one of my favorite daily emails the conversation and you cited this staggering number in twenty nineteen migrants sent a record five, hundred, fifty, four, billion dollars back to their countries of origin, and that's up twenty percent in three years compared to two, thousand sixteen. So what's behind that jump? There's a couple of factors that are behind that. So one of them is in the last few years, we've seen healthy growth in popular destination countries. So part of it can be attributed to growth in the United States and also increasing flows coming from the Gulf Cooperation, Council countries and from Russia as well. So what you're saying is that because these economies are doing very well or happened how did you very well? During that periods, it means that there's more money being paid to these migrant workers, more migrant workers earning money, which means they're able to send more money home exactly and another big push that's causing this increase in remittances and I'm speculating a little bit here but let me draw from some of my other research, which is highlighted the boom in the use of mobile money and online or digital finance providers. So it's getting easier and easier to. Send money home digitally in one of the reasons for this is the penetration of smartphones right about that exactly right smartphones or even you know feature phones are getting more and more common around the world and our unlocking these digital and online finance solutions which are making it cheaper and easier than ever before to send money across countries and back home to migrant worker families. How would families have done that I would migrant workers have got that money? Back in the past then before we had digital technology, there's a lot of different ways traditional wire transfers but as well informal channels. So for example, a migrant worker might take cash home when they visit home for a holiday or to see their family and those are really hard to measure. So it's not until recently that we've gotten a good idea of how big these floods really are as some of these things are starting to come to light. So it it it may be. That's. The data is just skewed by the fact that there wasn't so much transparency in the past because of the informality of these transfers whereas now there's much more transparency because it's so digital and therefore easy to track. It's still something that is notoriously difficult to measure, but it's getting easier and easier as things move into the digital world. So, fast forward to earlier this year the global reaction to the spread of, Covid, nineteen, we had lockdown social distancing layoffs, plummeting growth numbers, bankruptcies, more layoffs, massive declines in household income from many workers, and yet remittances stay steady and in some cases even rise I mean, that's kind of mystery. How is that? Right? So the first reason is that migrant workers are often essential workers in their destination countries. So they're not necessarily losing their jobs as much as we might expect, and in some countries like in France in Spain and Germany qualified migrants who were not allowed to work in certain. Sectors before especially essential sectors like doctors or nurses are now being allowed to work in those sectors as part of the pandemic response use mentioned in the story that altruism on behalf of my coworkers might have something to do with this. Can you talk a bit about that? So a lot of migration research in the past has pointed out that one of the main reasons migrants move to another country to work is in search of better opportunities for themselves but also for their families and to be able to provide for their families and it's been established in the kind of migration literature that. Remittances tend to rise when things are bad at home. So you would expect remittances to fall when things go badly but instead they rise and that really gets to the heart of what migration is about. It's about providing for their families as best as possible even though they're struggling in their destination, countries are presumed that. The government stimulus right where people got in some cases more money than they would otherwise earns ripe especially in the United States with the unemployment benefit supplements I'm assuming that that stimulus would have had some effect on this. Is that correct? Exactly. So some migrants have been benefiting from these government stimulus for one example in California even. Migrants were allowed to receive stimulus checks and some researchers have linked to an increase in remittances especially to their families in. Mexico. So this extra stimulus spending is also being translated back home
World Bank approves $12B to finance virus vaccines, care
"Bank has approved $12 billion in financing to help developing countries by and distribute Corona virus tests and treatments and vaccines. The bank says the aim is to support the vaccination of up to a billion people. And to signal the researchers and pharmaceutical companies that people living in poor countries need access to safe and effective covert 19 vaccines. The bank says it's pandemic response program's reach about 111 countries.
World Bank approves $12B to finance virus vaccines, care
"The World Bank has approved a twelve billion dollar package in financing to help developing countries buy and distribute coronavirus vaccines tests and treatments the initiative aims to support the vaccination of up to one billion people the multi billion dollar fund is part of a wider World Bank group package of up to one hundred sixty billion to help developing countries fight the cobit nineteen pandemic the group's president David Malpass says the plan is to extend and expand a far struck approach to address because of the emergency so the developing countries have banned and equal access to vaccines I'm Charles Taylor this month
World Bank approves $12B to finance virus vaccines, care
"The World Bank has approved a twelve billion dollar package in financing to help developing countries buy and distribute coronavirus vaccines tests and treatments the initiative aims to support the vaccination of up to one billion people the multi billion dollar fund is part of a wider World Bank group package of up to one hundred sixty billion to help developing countries fight the cobit nineteen pandemic the group's president David Malpass says the plan is to extend and expand a far struck approach to address because of the emergency so the developing countries have banned and equal access to vaccines I'm Charles Taylor this month
Eli Lilly Covid-19 antibody treatment trial paused, experts say that's normal
"Candidate, a treatment being cooked up by Eli Lilly hit a snag a phase three trial for Eli Lilly's monoclonal Antibody Cove. It 19 treatment is on pause because of a potential safety concern. It's unclear what that concern is. Eli Lilly's antibody treatment is similar to what President Trump received. Except his was made by Regeneron and not Eli Lilly. ABC is Alex Stone. Separately, the World Bank says it's approved $12
Stillbirth rate rises dramatically during pandemic
"Nearly. Two million babies are still born every year or one every sixteen seconds a figure that could worsen due to the covid nineteen pandemic according to a new U. N.. report. Most stillbirths or eighty four percent occur in low income countries but high income nations face this challenge. Losing a child at birth or during pregnancy is a devastating tragedy for a family said Henrietta four executive director of the UN Children's fund UNICEF. Many of these deaths could have been prevented with high quality monitoring, proper ante, natal care under skilled birth attendant she added. UNICEF issued the report alongside the World Health Organization who the World Bank Group and the U. N. Department of Economic and Social Affairs. The partners warned that a reduction in health services due to covid nineteen could cause nearly two hundred thousand additional stillbirths over a twelve month period.
Up to 150 million could join extreme poor, World Bank says
"World banks is up to 150 million people could slip into extreme poverty living on less than $2 a day. It could come as soon as late next year, depending on how badly economies shrink during the pandemic. More than three quarters of the new extreme poor are expected to be in middle income countries like India, Nigeria in Indonesia. Money will be more educated urban residents, meaning cities will see an increase in the kind of poverty traditionally rooted in Rural areas.
Coronavirus Has Thrown Around 100 Million People Into Extreme Poverty, World Bank Estimates
"Next year, the World Bank says up the 150 million people could slip into extreme poverty living on less than a dollar 90 a day. Just depending on how badly economies shrink during the covert pandemic. The bank's new outlook is even grimmer than before. More than three quarters of the people entering extreme poverty are expected to be in the middle income countries such as India, Nigeria in Indonesia. Many will be more educated urban residents, meaning cities will see an increase in the kind of poverty traditionally rooted in rural areas. Most of the new extreme poor will be in South Asia and sub Saharan Africa.
Up to 150 million could join extreme poor, World Bank says
"Bank says upto 150 million people could slip into extreme poverty living on less than a dollar in 90 cents a day by late next year, depending on how badly economies shrink during the pandemic. The bank's new outlook is even grimmer than before. More than three quarters of the people entering extreme poverty are expected to be in middle income countries such as India. Nigeria in Indonesia, and many will be more educated urban residents, meaning cities will see an increase in the kind of poverty traditionally rooted in rural areas.
Banksy loses EU trademark fight with greeting card company
"Bad news for everyone's favorite little spray painting. Scoundrel the Bart Simpson of Street Art World Bank see lost a two year long trademark battle this week after a greeting card company co-opted one of his most famous images the flower thrower despite his representatives successfully applied to trademark the image in two, thousand, fourteen, the greeting card company won their case by claiming banks he's. Choice to hide his identity as well as his choice to paint graffiti on other people's property without permission marred his ability to be identified as the unquestionable owner of his works banks. He brought notoriety to this trademark case last year when as a protest, he opened up a brick and mortar gift shop with the gag that you could only buy any of the items online from the shop. The store's name was gross domestic product and sold impractical items like disco balls made from police riot helmets the European Union's Intellectual Property Office claimed their decision this week that the gag shop demeaned the artists case solidifying the he's real motivation was not for the security of his work but to circumvent the
Lebanon's government steps down in wake of Beirut blast
"This week, Lebanon's government resigned amid mounting anger over the explosion that devastated parts of Beirut and left more than 200 people dead. The announcement was made on television on Monday evening, Courtney Is this an act of self sacrifice herself preservation. S o. I mean, the announcement was not what you would expect if a prime minister actually came out and berated Lebanon's ruling a political leader for fostering and promoting corruption. And said, You know, we tried to do our best but way we can't. We can't fight it. Um, and it's it's interesting because he's only been in that position. For what about eight months now he's only been in there this year. So I the the problem is You know, the president has asked the government to stay in a caretaker capacity while new government is formed. So the we're still going to see these same people running the government for most likely for awhile, because the way that they form a government there is if it's anything like what they went through last year in 2019 It's going to take months while they while they the Parliament determines who is going to be a new prime minister. But the issue is even with a new government thes. These underlying problems of corruption are going to still Be there. The issues that the people in Lebanon have with their government didn't start with this horrific explosion. Last explosions last week they began last year last October. Lebanon's currency began just losing value dramatically losing value and protests began Then since then, their currencies lost about 70% of its value. Poverty is soaring. The World Bank is projecting that more than half of the country's population will be considered poor by the end of this year. And and the explosions at the port. This is devastating explosion. Only exacerbated that, as did Corona virus. So the people there are desperate for good leadership, and the reality is the way that the government is set up. There's going to be a parliaments goingto have to appoint a new prime minister. But there's going to be delays. There's going to be gridlock and doing that. And the new government is not going to be going to see some end the systemic corruption that the people are are desperate to see end and to see some real leadership in their country. In what world is the international community have to play here? No. There were concerns about eight coming in tow Lebanon and that aid being misused. But according to the Economist, 11 these currency has lost 80% of its value since October. Inflation is at 90%. As Courtney said, people are deeply in trouble. So what's the path ahead? Absolutely, You know, the international community has a huge role to play potentially, you know, we saw in the kind of immediate aftermath when these protests could have began. You know, against the corruption and mismanagement and just incompetence. Really. Of the Lebanese government. We saw even you know thousands of of Lebanese signing a petition literally asking France to basically reimpose the mandate and take over control of the country for the next 10 years. Right, Remember, you know, France used to have the mandate over Lebanon and run things. The idea that people would essentially beg for a return to colonial era rule is just is such a stark Kind of clarifying moment to realize just how bad things have gotten Lebanon and you know the international community we saw we saw the French president Emmanuel Macron. Come, Teo, the streets of Beirut and walk around and people were literally saying, Please help us. Please help us so France, in particular, has a huge role to play here in terms of how they help aid how they help work with the government to form potentially new structures, But but we'll see what happens. A lot of this depends on what the government and the political players, including Hezbollah do inside Lebanon.
A broken system, a broken city: Beirut
"In Beirut yesterday countless people began the painful work of fixing homes devastated by a massive explosion on Tuesday. One woman who'd mlk posted a video of her mother-in-law playing the piano as others swept up broken glass. The music is bittersweet, the city is reeling. The moment of the blast no one was quite sure what had happened there was a deep bass sound for seven or eight seconds there was a rumbling. and. We thought it was a localized explosion, maybe a gas main that had blown up across the street or a car bomb in the neighborhood. Greg Carlstrom is our Middle East correspondent. I A cafe. everyone, of course, left the cafe and started making their way home and it was only on the way back down towards the three Indian towards the ports that I started to realize the scale of the damage. There was, of course, broken glass everywhere carpeting, all of the streets all at the sidewalks pass through an intersection where there were several women sitting in the median holding cloth scraps of fabric bleeding from the head they'd obviously been hit by glass. And every building that you pass by not only the windows blown out but the aluminum window frames blown off. So. You realize that this was not a localized incident, but rather something that had affected the entire city center. The blast was felt as far away as Cyprus it registered as an earthquake in Jordan. It had come from the port of Beirut or something had set off an explosion of staggering size sending up a white mushroom cloud then a vast bloom of orange smoke. Yesterday the government placed a number of court officials under house arrest and again investigation. Declared a two weeks state of emergency. Residents are still coming to grips with the shock of the blast. Felt like it went inside us like a best our soul the way. I saw something bright and I lost my hearing for few seconds. An explosion just went out. The human toll of the explosion has been catastrophic the death toll officially more than one hundred so far, and that number continues to grow as rescue workers find victims who were buried in the rubble more than five thousand people injured by the blast and many of them had to go into a hospital system that was already stretched thin. We've had a spike in corona virus cases in Lebanon over the past few weeks, some hospitals themselves were damaged by the explosion hospital Saint George Hospital across the street from where I live. was so badly damaged that it had to halt operations and when I went by the hospital, you saw patients some of them still wearing their hospital gowns with intravenous lines in their arms bloodied from flying debris and shrapnel for nurses were killed. Fifteen patients on respirators died when the machines failed the other immediate impact is according to officials in Lebanon about three hundred thousand people were left homeless by the explosion. About five percent of the population of the entire country and what do we know so far about what caused the explosion? It seems to be the result of unbelievable negligence even on the scale of the perennially negligent Lebanese government back in two thousand thirteen customs officials in Lebanon confiscated the cargo of a Russian ownership that was traveling to Mozambique. The cargo was two, thousand, seven, hundred, fifty tons of ammonium nitrate, which is highly explosive chemical that is used mostly to make either fertilizers or explosives from mining and quarrying and other industrial uses. So this material was confiscated, it was put in a warehouse at the port and for six or seven years it just south there there was some talk of maybe exporting the stuff for giving it to the army to use but this required approval from the Lebanese judiciary that approval never came you've had officials at the ports and with insecurity agencies who warned this was tantamount to keeping a giant bomb on the doorstep of the country's capital. Those warnings went unheeded and of course, tragically on Tuesday it all exploded but I mean what kind of government would ignore warnings about tons and tons and tons of explosive material just sitting in a city centre the Lebanese government would it's almost par for the course for Lebanon's political class. This is the government that for more than a decade could not agree on a budget. This is the government that for almost thirty years allowed the same central banker to run the Central Bank Lubin, and to run effectively state-sanctioned Ponzi scheme to defend the currency peg it's a country that created a political and economic model that was totally unsustainable. Invested hardly at all in basic services even in good times, Lebanon can't provide twenty four hour electricity routinely struggles to pick up the trash piles up in the streets. It is a perennially negligent government and this is of course, a catastrophic example of that but it's of a piece with the behavior of this government over the past thirty years. So this is a population economy that was suffering quite a bit even before the blast it was the country has been slipping into a profound economic crisis since October the the currency. Lebanese. Pound which for decades has been pegged to the dollar. Began to break away from that since October? It's lost about eighty percent of its value on the black market which has contributed to runaway inflation in a country that imports almost everything from food and fuel to consumer goods. So, inflation running around eighty percent right now and for food around two hundred percent prices have become astronomical this summer we've had fuel shortages that have caused blackouts in Beirut normally three hours a day stretch as long as twenty hours a day this summer and the backup generators that people rely on to provide electricity when the state cannot those are either burning out from overuse or running out of fuel just one crisis after another point. which has led to widespread poverty in the country the the official figures the government thinks around half the country is now below the poverty line that could rise as high as seventy five percent. By the end of the year, there's been a spike in petty crime driven simply desperation. There was one man who was caught on TV robbing a pharmacy for diapers another man who robbed someone at knifepoint on the streets and a once busy part of town, and then came back to apologize for doing it and said, he he needed the money to his family. So it sounds a a years long problem has gotten really quite a lot worse very recently mean why hasn't the government been able to sort of keep things from getting so much worse? The current government was installed in January meant to be a technocratic government that would tackle this economic crisis and negotiate a rescue agreement with the IMF but. Six or seven months later it's made almost no progress. The negotiations with the IMF have really stalled at this point they've had about twenty rounds of talks. But is not even really negotiating with the IMF yet it's still negotiating with itself. You have the cabinet on one side. And the parliament on the other backed up by the banking sector. which are having this very arcane dispute about the scale of the losses in Lebanon's financial sector about how bankrupt the country is effectively. And so you have this surreal situation where instead of Lebanon negotiating with the IMF Lebanon is negotiating with Lebanon. The Fund has told Lebanon that talks are not going to advance unless there's an agreement on the size of the losses or if the cabinet pushes through a few meaningful reform of capital controls, law changes to the electricity sector things like that. Neither of these things have happened and there are increasing calls for the government to step down. Do you think that's the way forward I? Mean, what do you think should be done here to to bring Lebanon back to? A functional state though the problem is if this government steps down what replaces this government and a lot of the pressure on the government right now is is coming from the traditional powerbrokers in Lebanon the sectarian X. warlords who have divvied up power in this country for decades since the end of the civil war in one, thousand, nine, hundred, ninety, this power sharing agreement they have it was designed to keep the peace and prevent a return to conflict after the war. But it's been captured by the. Hands up power based on sect, which runs a massive patronage network The World Bank estimates that it costs the country about nine percent of its GDP each year but if it were to step down without broader changes to the country's political system in this power, sharing system would simply be replaced by the same cast of characters who have ruined the country over the past thirty years. But that power sharing system was was there to to keep the peace to prevent a return to civil war, and that was the argument for years for decades when people in Lebanon would complain about the corruption and. The negligence and the inefficiency of their government, the response would be well at least this is better than a return to the bad old days even before what happened on. Tuesday even before the explosion though that argument was beginning to lose its weights with a lot of people here you have a younger generation of Lebanese who don't have the same memory of course of the civil war that their parents or their grandparents had, and so as the country slipped further and further into crisis over the past year, people have been more willing to to break away from this system than they were before. And I think the argument that well, there could be violence if the power-sharing system was stripped away after what happened on Tuesday after half of Beirut was destroyed by the incompetence of this government I think that argument is not going to carry with a lot of people.
UN chief: World 'at the breaking point' due to inequalities
"U N Secretary General Antonio Gutierrez, delivering the Nelson Mandela annual lecture where he made a sweeping call to end the global inequalities that sparked this year's a massive anti racism protests and have been further exposed by the Corona virus pandemic. Gutierrez says that Cove in 19 has been likened to an X ray revealing fractures in the fragile skeleton of the societies We have built. The speech took aim at racism, as well as the vast inequality of wealth. Gutierrez says the world's 26 26 richest people hold as much wealth as half the global population. He also says developing countries and especially African nations are underrepresented underrepresented. At the levels of power at places like the World Bank and the U. N. Security
Norah ODonnell, anchor of the CBS Evening News
"Today O'Donnell joins us on skin from the couch. She is the anchor and managing editor of the CBS Evening News, making her the third woman ever to so anger, a network evening broadcasts before taking the helm of the evening news. She was the CO host of CBS this morning for seven years norad. Thank you for joining us welcome skin from the couch. Thank you for having me, so we're GONNA. Start off with Skim your resume for us. Will I went to Georgetown University I was Law Sophy Major? I was interested in a lot of different things in college so I had internships at always worked and worked at a law firm I. worked at the World Bank, and and then I injured ABC News and I think you know journalism really was what was the right fit for me? Just a deep curiosity about the news, deep curiosity about world events and people have to graduating from college I got a job at National Journal on a publication, a called the hotline, which was the original kind of aggregate her of news before the Huffington. Post and others got into the business of aggregating news. Even like you guys in some way, remember it well, and that also was like a crash course in politics, too, because we would. Sum Up every Senate and House race across the country, all the polling who all the key consultants were, so that really was a great crash course in politics, and then I got hired at NBC and MSNBC when I was twenty five years old to be you know it was one of the youngest correspondents at NBC history, and had a great career at NBC and had three kids, and then we all work on intelligent news underwear like personal services contracts. All of us have anywhere from two to five year contracts. In, so you know in each of those contracts, come up! You have an opportunity to reevaluate your next step and CBS came to me with an incredible offer to be. The chief White House correspondent for Obama's last term, and to be the substitute anchor for face, the nation, and I had always been ambitious about wanting to anchor a Sunday broadcast I love politics, and so to be able to substitute for the legendary Bob Schieffer at thought. This is really an an excellent opportunity, so. and. CBS. News and then Kinda. The rest is history should I keep going? No, that was perfect so something you definitely don't know I. and turned at MVP when I was nineteen in the specials unit, and I was like my first week on the internships. Let's say day two or three in you opt into the office. And you're the first professional famous news anchor I ever seen in person and I literally I stopped breathing I was so excited all I wanted to do is to be a news anchor at the time, and I was so nervous, and when you walked out of the room I asked one of the producers. What is she liked you work with her I will never. Never forget their like she's the best of the best, and I was like what makes her so good. And they said that she always does her homework and I think about that a lot and I'm curious. What is something that you your fans and people like us your big fans? What does the thing that we don't know about you that we can't Google? What I wasn't as good about doing my homework in college. And I did just fine at Georgetown. But I do I think certainly a professional that is dry. Always did know my homework because I do believe that preparation builds confidence and confidence build success, and so for me, you know certainly early on my career as a young correspondent with so many famous people at NBC legendary careers. My confidence wasn't a tie, and so I thought how can I be the smartest person in the room and no more than anybody else and. You know I just really did my homework. I really worked really hard to make sure I knew everything. The thing that people may not know about me. You Know I. Guess would be that I'm from a military family. You know I mean that certainly is my resume, but it's the one thing I mentioned because you know I remember in covering certainly the wars in Afghanistan and Iraq after nine eleven, a lot of people would say on television and Mike Barnicle on morning. Joe would say this a lot that Oh, no less than one percent of people have someone in the military who didn't understand these wars, but I grew up in the military. My father was drafted during the Vietnam War. State for thirty years I lived overseas and so I really do have a deep appreciation for those who serve my sister-in-law surgeon in the army and so I do have a really keen sense of the sacrifice that many people go through, and I do in some ways I almost wish that it was mandatory almost like in Israel that we had to sir because. I think you know certainly the discipline that they have is unlike anything I've seen those who sir. Let's actually start with that because I think it's fascinating talking about how you grew up and living overseas. How did this love of news and growing up with that military background kind of come together for you? You know I think one of the. First crystallized for me in some ways when Elena, Nachman Ost, who is still the vice president of talent at NBC? News said to me when I met her. When I was twenty five years old, and she said you know we like hiring correspondents who have from a military background, because they're very flexible and adaptable. They don't complain about being sent to different cities or states or around. Around the world they can talk to anybody because they've sort of been put in that situation where they have to be totally adaptable. Moment's notice
Global GDP could plummet by 7% due to pandemic, OECD warns
"To be worried about a second wave of the virus as it the first way wasn't bad enough the organization for economic cooperation says a second wave of covert nineteen could decrease global economic growth by more than seven percent this year the organization says lockdowns and travel restrictions have caused a steep decline in business activity around the world even without a second wave the World Bank projects of five percent contraction in global economic growth
The European Commissions approach to blockchain
"Hello and welcome to inch blocks urine. Decadent podcast to blockchain ans- mark contracts. I'm will eat. Scuff your host for this week's podcast. We be discussing the European Commission approach to blockchain. And I'm very pleased to have Peters Zilkha this head of unit digitalization Blockchain Digital Single Market Directorate at the European Commission Peteris. You've got a lot of titles. Many thank you many. Thanks for joining us today. Could you please give us a brief introduction on yourself? I'm glad to I mean I'm a lawyer by background. I have the JD degree from University of Southern California before they had a political science degree. And though I've never really practiced their California state bar for almost thirty years now and since Two Thousand and five Florence. My Country Latvia joined the European Union. I've been ahead of unit in the European Commission and digital innovation. Blockchain is what I've been working on and you could say to US sometimes perhaps over used term but It's a little bit my passion. I've been interested in walk chain and tech since about two thousand and twelve so perhaps not at the very beginning but at least relatively early for the public service this is also why I'm The original co chair of the Fintech Task Force. I have my second Co-chair coming from the financial services side. And then I'm from digital single market and I mean in both these areas I'm working in legislation and policy in funding infrastructure and research and managing it as well as working with with stakeholders and international cooperation. So it's an interesting bunch of things to work on. I'm glad to be doing it well. As you sitting the key term as passion because you're effectively getting the job of three other men so very impressive So Peter is As it is customary here at Inter blocks. Could you please explain our listeners? What is blockchain? And how does it work? Well glad to try. This is one of these things. It's a little bit of a communications challenge and exercise. But I mean I would say that. It's simply a growing list of records of blocks In a ledger that are linked utilizing cryptography and generally managed by peer to peer network adhering to a protocol for communication between the nodes and then validation of the new blocks that perhaps gets already a little little technical some listeners. But I would say. It's a way of validating transactions and data in an immutable in permanent way. So that you can be sure that they haven't been tampered with and that you don't have double spending of a value and that you can transfer data along with that value. That's the way that we see it and I think it's also important because some people are I think most of all sometimes negative that they say Blockchain is something that's bad because let's say uses a lot of energy if they take the original crew for work and everything that doesn't do that is is not blockchain. I mean we take a very wide view. I mean distributed Ledger Technologies Hash graphs tangle on these types of blockchain inspire technologies is is blockchain for us. I mean we're not trying to freeze history in two thousand and nine. When the BITCOIN paper was Was published or at some other point. It's developing technology and I would say what is really important is the element of decentralization which is not black and white. It is a gradient going from something which may not exist of completely centralized to something which also may not exist of being completely decentralized but actually allowing a degree of decentralization That a single database or even some federated databases. Don't don't allow so. This is where I think it gets exciting and where it makes it possible for a diverse group of actors to work together while preserving their autonomy. Excellent really loved that. I'm element of your definition of. It's a gradient of decentralisation incidents that's a spot on now could you introduce to us all the different bodies within the European Commission you have the digital innovation in Boston you need. And other bodies within your commission that are here to research enable and further development of blockchain in the EEG perhaps give us an overview where we'll do some deep dive in in some of the sure. I mean starting with with my unit. We're kind of the policy leaders on blockchain as a technology. But we're not. We're not the programmers as I said. I'm a I'm a lawyer and a political. Scientists have other colleagues are engineers but were more economists lawyers people looking at digital policy and in my unit we have the e U Blockchain Observatory in Forum which is a think tank working for us that has a whole set of reports and videos and regular workshops which used to be physical in at least right. Now they're virtually cited We also have the European blockchain partnership that my unit runs. This is twenty nine. Different countries twenty-seven all twenty seven e. You member states and Norway and Liechtenstein. Who are building a European blockchain services infrastructure together. I mean actually building an infrastructure. This piloting this is not testing. We're putting public services on the blockchain justified. We had quite a filtering to see which cases were justified to utilize the blockchain. And this is also something you could call a regulatory sandbox because while the countries and us are working together we obviously have to look at European Union legislation. We have to look at national legislation. Most likely you don't find anything. We're blockchain is prohibited. But you certainly don't find many cases where it specifically allowed though. You're getting some legislation in France in multi in other countries. It's specifically see a root for blockchain Roxanne legally And then we also collaborate with the International Association of Trusted blockchain applications as stakeholders organization I myself I'm in the OECD Policy Expert Advisory Board on Blockchain so we collaborate with OCD with the United Nations and others and In Not Buzz. International position of trusted blockchain applications a global governmental advisory board but also in the OECD activities. In the other activities. We probably would participate in the spring meetings of the World Bank and International Monetary Fund. This year I spoke myself in the IMF Fintech roundtable last year. Also you have the collaboration in the Fintech Task Force as I said from our side digital single market I gave a basic description on the other side. You have the financial markets colleagues the call as coming from research in Salon with the financial markets colleagues. Were collaborating on the digital assets possible legislation we just closed the public consultation on digital assets. Hearing what the stakeholders with the community has to say and in another context of the Digital Services Act which is a updating of ECOMMERCE along with addressing the platforms. We are seeing how perhaps smart contract so we have to do something to ensure that there is not any fragmentation of different requirements smart contracts across the digital single market and the twenty-seven member states. Something that we want to want to avoid
"world bank" Discussed on Squawk Pod
"Spent ten years in my life studying their banking system their financial system. And now how they operate. I'm looking at China's grand strategy and I've spent a lot lot of my own capital in time dealing with some of the most ridiculous issues that are in the marketplace. It is insane that. US Tax payers are backing the World Bank to lend money to a country again. That's advanced as China. The World Bank is supposed to be lending to poor nations that have aggrieved populations populations that have vulnerable populations and we're trying to help lift people up out of poverty. China's got more millionaires around the world. That almost anyone and they are a ravaged ravid consumer of many of the world's top brands and as we all know the largest strategic military competitor in the world that the US has and for some reason we keep keep giving them billions of dollars. Hey Easy I want to thank you for your today. It's good to see you good to see opiates stranger and today Republican Congressman Anthony Gonzalez of Ohio joined US ahead of the hearing scheduled this afternoon. That's on his new. Bill called the ACCOUNTABILITY FOR WORLD BANK LOANS TO CHINA ACT. Let's talk about what you think is happening here. Hi Why. Why do you think that China's still continuing to get loans from the World Bank even though it clearly doesn't meet the guidelines that have been laid out well one of China's strategies development goals also is to essentially influence in some ways take over many of our international institutions? And I think they've done an incredible job at the World Bank. Frankly what they have done internationally or nationally not just in the. US is basically forced people to make a trade and save you want access to our markets which are enormous. You have to play by our rules. And as part of that what that is staying in the World Bank as a member of that can draw loans to me it makes no sense whatsoever why the US tax payer should be backing subsidized discounted rates to the Chinese government so that they can continue their development model which is unbelievably oppressive but also damaging to our economy and our country. How serious do you? I think the United States is your your fellow lawmakers in terms of pulling back holding from pulling back support for the World Bank if this continues well the one something that I think is helpful is that we're getting strong. Leadership from the administration on the China issue specifically and it has bipartisan support. Your even Chuck Schumer support certain things so right now. We introduced our bill a couple of weeks ago. And we're just rounding up co-sponsors. I suspect that we'll be able to turn this into a bipartisan initiative. Time will tell. Things are odd in Congress these days but But having said that I am optimistic at because I haven't heard much pushback at all on on the fundamentals of the bill and and frankly I think the World Bank issue is one. That's it's just not on a lot of people's radar came onto my radar as I started researching ways inside of the Financial Services Committee to push back on Chinese influence and this was the most obvious one and the most glaring being whole That we had in our system and so we went for it and I think others will jump on board as well congressman. I'm glad to hear you say that. This seems like this sort of bill that Elizabeth Warren and president trump could agree on. Are you in your private conversations optimistic that there will be that bipartisan support. Because without that it's it's dead on arrival. Yeah I am now. We did have an interesting fight in the committee on the sandbank with respect to China and I was a little disappointed that some of my colleagues on the other side of the aisle while weren't more enthusiastic about putting some provisions in there but this is a different issue and I think this is more obvious issue and so by the World Bank's own rules. China was supposed to graduate years ago that the limit is sixty nine hundred dollars in gross national income China's near ten thousand today day. There's no reason why they shouldn't graduate of. But they've influenced the World Bank to such a degree from an HR standpoint but also just politically they haven't graduated and so I think we need to make sure that they do. Here's what I don't understand. I mean this seems like such a clear cut case. These are the rules. According to the rules they shouldn't be getting these these loans. How complicated is it to clear that up and and for those who are defending this? What what is their argument? Well so there's a second provision which says that on top of the gross national income threshold they have to have developed markets and sophisticated markets in China saying. Hey wait a minute are markets. Aren't sophisticated enough. We can't graduate now. I think that's a horrible argument. Considering the fact that they have two different development banks that compete directly with the World Bank not to mention how develop their economy so they pass the the data threshold of sixty nine hundred mark. But they also pass in my estimation on the sophistication Margaret gets it's laughable that they would try to make that argument but they have support in the international community inside the World Bank for just that I don't think it's crazy. What what will it mean if they can no longer get loans? What will I UH-HUH SO money's fungible right and so if they can draw discounted rates from the World Bank that means that they can deploy capital elsewhere? And so what this would do I believe is it would cut off a particular capital source. That is it that they acquire at a discounted rate enforce them in some ways to play by the rules of the national order. In addition they use their status at the World Bank at to influence the WTO. And so. I think you'd have fallen effects. Not just at the World Bank but also so inside of the WTO that to get them again to play by the rules that they've agreed to themselves which they keep breaking. I want to buy some futures on you. You know about at this guy. He's a slot receiver. He's the art. The Ohio State University Number One all PAC ten Indianapolis close close dictate. Yeah Yeah sorry all big ten. Sorry I meant Picton I I was just looking at it I am and then you go to the Patriots after the colts spellcheck like not very nice because you were very long. But he said he said if this I'm going to Stanford Business School which and then you did that. Bill Belichick was the first person I told was retiring from the NFL. He cut me brought me in and actually had a smile on my face. Smile honestly coach. I'm injured I'm going to go back to school staffers. Good Lord. I love talking sports on this show. And so so you see Ohio state last night. North Carolina thirty points. I had Ohio state twenty dollars. Anyway we gotta go congressman. Then we'll have you on again. Thank you the salt of the Earth Mid West. Ohio's you're not from Ohio. A lot to learn. I think you have them remedial thank you next. Robots are they coming to take our jobs away. The founder of a firm that educates workers on artificial intelligence says maybe in in order to Ethically and constructively use machines and use machine learning. We'd better learn the technology squats. We'll be right back SH- finally today. Robots by twenty twenty to fifty four percent of all employees will lead reskilling or significant retraining. Just to do their jobs. That's according to the world. Economic for so many companies are investing in educating their workforce force on these job skills things like cloud computing web development. And it's not just in Silicon Valley. Amazon is retraining. One hundred thousand employees across fulfillment centers and stores. It paps Kmart is training its workforce in cloud. McDonald's is testing a in the drive through. Today we heard from the founder of one company capitalizing on the need for education Here's Becky quick jobs. Friday is tomorrow and the numbers are expected to show unemployment keeping steady at a healthy rate but more and more new tech like ai is disrupting disrupting industries and the workforce so how can companies stay competitive and keep up. Our next guest says that the answer is simple by learning joining us right now is emery Sassari. She is the founder and CEO of Ama- side. Emory thanks for coming in today. Thank you so much for having me tell. People what Amazon is. Emmerson is an artificial intelligence software company. We provide learning ecosystems systems for universities and business to help people upscale and stay current. Why do we need that right now? We need to constantly as you know. We're an industry four point oh Late.
"world bank" Discussed on Squawk Pod
"You. We could look at our strategy and saying we're we're really defining what Omni channel means for our health as an example. So we're pretty excited about the innovation that We have underway and in is I compare where we are today to where we were five seven ten years ago you know innovation has now become part of our DNA and you know that becomes the first part of it and then a strong execution is what brings all that life. So you know. We're we're very confident we're very excited about you. Know about the future. You know one of the questions. That often is asked as you know you. You do this. Big Mega deal. You know. There's a lot of excitement and one year later you know. Is that excitement still there. Because now oh you get different view of of what's there the complexity of what you're trying to do and I tell you that there's more excitement today than there was a year ago because the opportunities in front of us you bring up a good point though. There are always going to be things that you hadn't considered once you actually are dealing with putting together. What's what's been the thing that surprised you the most? You know what Becky the thing. I'll tell you the thing that I have been most pleased and proud of doing engagement survey with our colleagues. Every year we had a quarter quarter of a million of our colleagues this past summer participate in the survey and almost ninety percent of them understood. Our purpose are committed mid to their role in helping people on their path to better health. It's a great foundation with which to work off the fact that we've got these engaged. Employees employs that are proud of the journey that we're on and are committed to being a part of the solution. Doing their part in being part of that solution. Really smarter than you thought you know what Becky there's is you think about things that are really worth doing you know often. They're they're not that easy. And you know but again for the reason that I mentioned. We've got a very engaged workforce. We're working extremely well together. As is one organization. We're GONNA get done there. I WanNa thank you very much for joining us today. It's really a pleasure to see great to be here thanks. Here's a chance to remind you that squawk box is a three hour morning show on CNBC and here on Squawk Pod we create the best moments conversation and even breaking news like today about CEO Shuffle. All right we've got some breaking news right now. Let's get to fill Abo-. He joins us with more Phil. Becky we've got a leadership change coming at United Airlines the company announcing that CEO. Oscar Oscar Munoz Munoz. Excuse me we'll be turning over the job. As chief executive officer effective in Maimuna will be stepping down as CEO who we'll be elevated to the position of executive chairman replacing Munoz effective next May president. Scott Kirby Kirby was brought over to united from American Airlines back in two thousand and sixteen with the mandate to improve the performance of the airline to make it more profitable particularly here in North America where it was trailing its competitors just a few minutes ago both moon does and Kirby sent out a video message announcing the transition to employees plays at United. Here's what they had to say. This is meant to be a very seamless transition until May of two thousand twenty Scott and I will continue and our same roles. Doing the thing that you've seen US do before specifically from my perspective on our customer culture and importantly for you our employees we have an incredibly strong position and incredibly bright the future ahead and personally excited to spend even more time out with all of you listening to you sharing your enthusiasm for the future And together building the best airline in the history of aviation. If you're not familiar with the airline industry or with United Airlines. You might be saying well. Who is Scott Kirby the end? Why is he going to become CEO? Starting next May as I mentioned Kirby was brought to united in two thousand sixteen but the back story behind Kirby is from two thousand six to two thousand sixteen. He was the top lieutenant for Doug Parker as they turned America West into US Air US air into into American Airlines and they really racked up impressive performance. That's why mundos brought Kirby over in two thousand sixteen since then United's been on a pretty nice roll especially here in the last couple of years. So again Scott. Kirby the architect of the company's rebound he will move from president to CEO Effective Next Bay. Oscar Munoz will move from CEO to executive chairman. The Chairman of the Board of directors. Currently Jane Garvey. She will be leaving the board inmate guys back to you. I guess that's the biggest question. I mean Oscar Munoz has been on a bit of a role. I guess why now. Because he's only five years. Well look at it from the perspective of if you are the United Board of directors. You've got Scott Kirby who is. He's not the only reason that United's done well. But he's a big factor behind it. Rumors have been swirling in the airline industry that American Airlines which has been struggling this year. The stock is down. Twenty six percent rumors have been swirling that perhaps American might be interested in bringing Scott Kirby back to American Airlines. Now we put this question to the spokespeople at United and they say no. This was a case of the board and Oscar Munoz saying it's time for this transition to make it a smooth transition. This settles it for where Kirby goes I mean is. There's nothing nothing about this. So right right right and now look you know. I'm I'm sure there will be people who say look you know. American didn't reach out to cut Scott Kirby we don't know that America was going to hire Scott Kirby the numbers speak for themselves over the last couple of years united is performing much better than and it did in the past. And if you're not American maybe you're a different airline at some point you might be saying. WHO's the best person out there for us to straighten things out? If we're not doing well investors taking a look at it they're gonNA say United's up fifty percent over the last two years and Americans down fifty percent. We we like Oscar. Wh Why is he leaving and I think in obvious question that's going to get ask is is this health related and I know I mentioned that because I had a serious health care of years ago we asked that question. It is not health related. I think to an extent Oscar Munoz will look at this transition as a chance to do something very few executives. Really get a chance to do have a smooth transition -sition and perhaps take a bit of a victory lap. I mean this company guys. This was a clown. Car of ineptitude when Oscar Munoz took over. We've never seen it was time. You know. Well look I mean. They had a federal probe where they were trying to influence the New York port authority by adding to she some employees who miserable to fly that airline also lot in the last doctor Dow incident where he was dragged off a plane. You had a flight attendant telling a passenger to put their dog up and compartment and the dog died who was one bad move after another and they for a longtime guys they were known as a sleeping giant in the airline industry. They couldn't get they were the gang. That couldn't shoot straight and so as a result the trailed in providence building customer service etc.. Muna's has hit his stride. It seems like to me. And you even see him goofing around in some of the latest things with the Star Wars doing like he he looks more comfortably. Looks more relax. It seems like everything's going his way. There is no doubt that Oscar Munoz will go down when he leaves his CEO provided nothing weird happens over over the next six months he will go down as a fantastic. CEO For United Airlines in the last couple of years. There's look in the beginning all the way up through the dollars. Today it's been great. They struggle they struggle righted. The ship will be next coming up on squawk pot no no sense whatsoever. Why the US tax payer should be backing subsidized? Discounted rates to the Chinese government congressman pushing back on the World Bank and China's relationship. That's next problems. It's human nature to hate problems. But why is that after after all problems inspire us to mend things. Ben Things make things better. That's why so many people work with. Ibm On everything from city. Traffic ethic to ocean plastic new schools to new energy flight delays to food safety smart loves problems. Ibm Let's put.
"world bank" Discussed on Squawk Pod
"Squawk Pod to CEO Stories. CVS Health's leader. Larry Merlo we have an opportunity. Putting the consumer at the center of our strategy to transform the way healthcare is delivered in our country trick and United Airlines announcing a change at the top. This was a clown. Car of ineptitude when Oscar Munoz took over hedge fund manager Kyle Bass says China doesn't need loans from the World Bank the largest strategic military competitor in the world that the US has we keep giving them billions of dollars. It's crazy and artificial intelligence change. The workforce workforce we have to use machines and use algorithms not only to learn but to conduct this. I'm CNBC producer. Katie Kramer it's Thursday first day December. Fifth Two Thousand Nineteen Squawk Pod figgins right now three one good morning everybody welcomed Squawk box here on CNBC. We are live from the Nasdaq market site in Times Square. I'm becky quick. Along with Joe Kernan. Andrew is off today but filling in Tom Farley. He's the CEO of far point acquisition group former president of the NYSE and CNBC contributor. Good Morning Tom. Good morning first up today on the PODCAST. CVS Health the drugstore. Giant is one year into its merger with Aetna creating a one hundred ninety five billion dollar healthcare company. That's the eighth largest in the fortune. Five hundred although it runs more than nine thousand stores the new CVS CVS health is no longer just retail. It's also a pharmacy benefits manager. One of the nation's largest insurers and runs a burgeoning chain of healthcare clinics and as is so often the case with the big companies. CBS has held talks with an activist. Investor starboard value has taken a stake in the company. We'll talk about all that. Here's Larry Merlo and yes he started as is a pharmacist. CEO OF CVS health. Larry it's great to see you right to be here becky. So where are you just over a year end you know what has been a terrific year. The Integration Gratien of the two companies has gone very. Well I in many respects. Were ahead of schedule. On many of the integration activities and as a result the synergy dollars associated associated with integration is ahead of plan and at the same time we begun. The transformation journey were bringing innovative products and services to market The most visible side of that the health clubs They've gotten off to a great start in Houston and we've laid a solid foundation for growth in in the years to come in The credit for this goes to our three three hundred thousand colleagues. They're absolutely committed to our vision or strategy and they're working hard to bring it to life. Where are you ahead of expectations? In terms of in terms of the combination factors factors into what the there were many many synergy activities in terms of combining the companies as it relates to the back office pharmacy programs and priorities. And those are the things that have garnered A lot of momentum and ahead of ahead of plan there and again. We're excited with With what's happening with the health clubs and in some of the other products that That we have in pilot and In the response we're getting from our customers. The stock over the course of the year has is not performed strongly but you have picked up pretty sharply over the last nine months and if we compared to what's been happening with walgreens shares. It's a much different story. They've been under quite a bit of pressure as there's been concerns concerns about what's happening in the pharmacy so it does look from that relative perspective like you guys made the right move by pivoting. What have you heard from starboard when they came in what? What are the conversations that they've started? Well Becky I'm not gonNA comment on market speculation. What I will say is we have a regular dialogue with our investors? We certainly appreciate Their their input and You know in their feedback and look I think. Investors see the momentum in the business. We've had three consecutive quarters where we've where we beat expectations and they're seeing tangible signs of our vision coming to life with things like the health ups and you know we had an investor. Yesterday in early June we laid out our strategy and more important the path forward over the next three years and the stock spin up about forty percent since that meeting. Larry when I I look at your stock your trading more with the AETNA purchase your trading more like a united healthcare trading as as opposed to a drugstore company. How should investors at home think about your company and how to value well Tom? We are a healthcare company. Today that journey began many years ago and we celebrated five years. Here's this past September of eliminating the sale of tobacco. was there with you. I was on the Stock Exchange for third. We rang the bell. It was it was a great day and at a day day that made us all proud was fun and we look back. You know five years ago. It was absolutely the right decision. It's open doors for partnership for acquisitions. Obviously Asleep the pinnacle of that is the acquisition and We are healthcare company today and and we have an opportunity putting the consumer at the center of our strategy you to transform the way healthcare is delivered in our country of of CVS moved very quickly in terms of saying they weren't going to sell tobacco. I remember at the time that was a little bit of a controversial move although so it has seemed to pay dividends for. Cvs what do you think about. What's happening with vaping right now becky? It's a great question and I can remember the question we got back then was well. Will you carry the e cigarettes and yeah I remember going into A A retail establishment that was selling the products and and I saw the device vice with the Hello Kitty logo in the bubble gum flavored liquid. And you know it it absolutely raise the question in terms of we'll wait a minute. What are we doing here and five years later we see what has happened? post the tobacco announcement. We started a campaign. We are working with community partners. Be the first create the first tobacco free generation. We've made a lot of progress. We have more than two hundred college and university campuses that are tobacco free today as a result of that program. But you vaping is taking us backwards you see some of the statistics vaping up more than seventy percent with school aged children and I saw some stats recently. That more within seventy percent of high school students that are vaping will turn to tobacco upon graduation. So we've got a reverse try to really the tough one you know. Why because as an anti nanny stater I'm just drawn to wanting to regulate vaping and I feel like my like I'm going against this is different for yeah? This is totally your kids. That's what I mean marketing to kids and become a nanny state. That's like a one exception into the role in Ken. langone man Bloomberg. I know. But you're right it's like we would just get off the nicotine from the delivery system of the cigarette and now when you were found a new delivery system for nicotine flavors like Cotton Candy. It's just Joe. The challenge in in the problem is. We're we're seeing it play out you know with some of the tragedies that have been you know unfortunately well publicized as you know we don't know the longitude no effect of these products and and and if something has to be done Larry as an investor I'd think about that move to eliminate tobacco products. I think it was courageous. I like the deal. The last six or nine months have been fabulous abuse But yet the stock is down over five year periods. So talk to us about the Amazon risk. Talk to us about the risks of the business and as an investor as we think about your say that like every sentence that's amazing what's as an investor. That's weird anyway. Okay go ahead. Sorry where how should I think about the business for a year from now or two years. Well Tom you'd think about with the customer. The consumer at the center of our strategy we spent a lot of time with our customers What are their needs? What are they frustrated with? How do we bring solutions? That in maybe set another way. How do we make sure we're not leaving? Any white space to be disrupted by other forms of competition. And you've seen a number of things in terms of You you know the the elements of how do we make You Know How do we redefine convenience and you can think of some of the things that we're doing Omni channel has you know is is a term that is probably over used to some degree bed you know in some respects.
"world bank" Discussed on Bloomberg Radio New York
"Flash politics, policy, power and law continues. All right, Greg. Thank you. We are. Live from the Bloomberg interactive brokers studio yesterday, the president nominated David Malpass, a critic of the World Bank to run the World Bank for more on all of this. We're joined now by Andrew my ADA, a he is a Bloomberg news global economy reporter, he joins us from our Bloomberg ninety nine one studios in Washington DC and Andrew Bloomberg talked to David mouth pass this morning. What did he say about his plans? Yeah. It was interesting. He sounding more like he's going to be a renovator at the World Bank rather than a wrecking ball as some of his earlier comments suggested he said, he's a big believer in the World Bank's mission of reducing poverty around the world. He did say that under him the World Bank would cut lending to China. But he pointed out that this was already underway because reforms it agreed to. And he said that he and he said that he would like the Bank to sort of refocus on its core mission of lifting living standards around the world. So he did not sound like somebody who will be going in there kind of swinging sledgehammer around now slash and burn kinda guy. Okay. Well, let's just be clear to we said that the president nominated Malpass to run the World Bank. But this is not a Senate confirmed thing this is a he nominates him to the board of the World Bank. And then the board has to approve Malpass. Yeah. It's sort of a Byzantine process. But basically the way the works is the World Bank's executive board which represents the one hundred and eighty nine member countries run a search, and you know, any country gets nominate whoever they want the whittle it down to a shortlist and they're aiming to have a president in place by the spring meetings here wash. Just remind us how big is the World Bank. Now, how big is portfolio? It's pretty big. I mean, I think it employs around fifteen thousand people I might be off by by few hundred buddy committed nearly sixty four billion in loans last year. So it's certainly the biggest and most influential of the multilateral development banks, and again, they're giving loans to emerging markets and developing countries around the world are any countries. Criticizing malpass. You know, it's interesting. Nobody has come out. Nobody official government official has come out and said, look, we don't like this guy. You know, we don't think that he's supportive enough of international cooperation, some experts have said that, you know, the things he said in the past such as questioning globalism such as making some pretty blunt attacks on China should disqualify him. But we're not seeing any sort of concerted opposition to him. And you know, I think if if you're in a European capital right now, I mean who really has the time or the energy to have a fight with the with the Trump administration over this. The other factor is the IMF is traditionally headed by a European and the World Bank is traditionally headed by an American and if Europe somehow opposes Malpass, I think that they may be worth there. They would be giving up. There will be breaking that gentleman's agreement and the. Process. How long is the term of the World Bank president typically is five years, and there was some controversy because the previous Bank president split early. Yeah. That's right. So Jim Kim was nominated by President Obama in two thousand twelve as public health expert as former head of Dharma Dartmouth College. He came in. He shook things up actually quite a bit. He tried to kind of whittled down the size of the World Bank. And then he got reappointed I believe it was in two thousand sixteen or twenty seventeen for five years. So a lot of that actually created a lot of relief because I think a lot of people. Who are worried that the World Bank would have to be in this position of having somebody appointed by the Trump administration. They didn't have to worry about that. Because Kim was going to be there for five years. And then last month he abruptly said he would resign and join a firm in the private sector. Okay. So he put in a decent amount of time. He didn't you? One of the quick question on the funding for the World Bank. And and I believe the IMF it does take a congressional authorization to for the for the US contribution. And I forget how much that is the correct me if I'm wrong, but what I'm getting to is there are there any members of congress. Or the president who who are talking about cutting US funding to the World Bank or at the IMF. What you're absolutely right. I mean, congress has to approve US funding for both institutions the shareholders of the World Bank last year agreed to a thirteen billion dollar capital increase and a lot of times people kind of assume that the Bank already has that money that is not the case. And let me tell you. There are people inside the World Bank. Sweating right now about how to get that through congress. When to bring it forward to congress. I think that there still needs to be some work done internally there to figure out how they're going to sell that. But the president has an opposed that publicly yet he has not opposed that it's really interesting. I mean, he's attacked NATO. He's attacked the WTO. He has not directly attacked the World Bank, Ivanka Trump quite favorable to the World Bank. There's a fun there for women entrepreneurs that she actually champion. So it's interesting Donald Trump has not attacked the World Bank directly. You'll be watching it for us. Thank you, Andrew. My Bloomberg news global economy reporter, let's get back to Pat Carroll now for a check on the latest world and national headlines, Pat. Thanks, peter. The top democrat working on a border security deal to avoid another government shutdown says progress is being made but negotiations may go into the weekend. House appropriations chair Nita Lowey says lawmakers on a house Senate panel are acting in good faith, but may not be able to finish work by Friday. The Senate Judiciary committee is voting this hour William bars nomination for attorney general democratic whip. Dick Durbin says he's opposed because bar has not pledged to reveal the results of the Muller probe into Russia's interference in two thousand sixteen election. I believe the more inquiry. The investigation should be made available to the public and transparent. We should know at the end of the day. Whether they're finding some evidence that exonerates the president art reach a different conclusion. President Trump's choice to lead the world. Thank says the development lender should follow through on a commitment to lend less to China. David Malpass spoke to Bloomberg about his nomination. China is a is the world's second largest economy has ample resources in private sector markets. And so one of the things the world can help do is help China. Find a way that is not dependent on on multilateral organizations. One of our goals is to leave more resources for poorer countries that actually need the capital and can't get it. Elsewhere now pass has portrayed the World Bank has too big and inefficient democratic politicians are now waiting on the Virginia legislative black caucus to respond to the latest developments threatening to bring down the state's top three elected officials. Global news twenty four hours a day on air and tick tock on Twitter powered by.
"world bank" Discussed on Bloomberg Radio New York
"You're listening to politics policy and power on Bloomberg radio. I'm Peter Barnes with June Grasso gone. The Trump administration is considering senior US official David Malpass and Mark green to lead the World Bank to maintain the tradition of placing an American at the helm sources tell Bloomberg joining us as Andrew data. Bloomberg news. Global economy reporter he is coming to us from our ninety nine one studios in Washington DC, Andrew tell us about the preliminary list of nominees the White House has. Yeah. That's right June. So the Trump administration is considering a number of candidates. They're having to do this because Jim Yong Kim resigned recently is head of the World Bank. And as you mentioned under sort of an unspoken understanding with Europe, an American heads, the World Bank European heads math and David Malpass. Here's a treasury undersecretary for international affairs is as we understand on the preliminary list as Ray Washburn who was a fundraiser for President Trump during his election campaign as well as Mark green who's head of US. And Dina Powell as we understand. I think is also named that's being floated she was in the White House deputy national security adviser to the president. About the World Bank its mission. How big is it? How much does it? Invest in the world. Yeah. So the the World Bank still pretty big. I mean, it was created during the second World War to fund the reconstruction of Europe over time, it's kind of evolved into a lender for poor and developing countries its mission now is to eradicate extreme poverty around the world. There has been some evidence that that extreme poverty actually has me falling and invest about sixty four billion dollars a year. Anywhere from from small countries in Africa to major emerging markets like China, so Andrew there's an informal agreement. An American runs the World Bank and a European runs. The International Monetary Fund. Is there any pressure right now to change that and have a European run the World Bank? I think that there is pressure. Among emerging markets countries like China, India, Brazil, the bricks basically to make the World Bank. More Representative of the shifting power in the global economy. You know, the the China and India some point the center probably going to surpass America in terms of just a pure size of air economy. So there's a lot of people inside the Bank who think it's time for someone from one of those emerging markets to lead the World Bank. Now, I think one of the complications is also really not a lot of appetite right now. Among some of these countries to get into a public fight with President Trump. I think if he nominates somebody that the other. Other countries. Don't find to agree judice? I think that he could probably get them through. We haven't heard the president talked very much about the World Bank. If at all, I haven't heard very much from anybody administration about the World Bank. What does how does he administration feel about the Bank? Does it want to push any reforms? They're make any make any other changes. Yeah. It's a it's an interesting question. I think that they have been kind of all over the place to be honest on the World Bank and the IMF on one hand they've been very critical of the World Bank, for example, as I mentioned, the World Bank lends to China, you know, I think Trump administration officials have said look, I mean, China's economy's pretty big. I mean, it can burrow on capital markets itself. Why is it a development Bank? That's supposed to be erotic aiding extreme poverty lending to this very large capable economy. I think it's a fair point. So but on the other hand they did approve a thirteen billion dollar capital increase for the World Bank last year. So the president has been very critical of multilateral institutions NATO, the UN he has an America first foreign policy doctrine, he's generally not very supportive of the idea of quote unquote, sending American money abroad to to to help other other countries. So I think that his general. Kind of hit brand doesn't really mesh very well with the Royal Bank. But you're right. He hasn't really targeted any really specific way to this point Andrew. So what's the time line here for choosing a new president? So the board of the World Bank. The executive board will make a decision. We'll have the final say they have given countries until March fourteenth to nominate a candidate. It is expected that the Trump administration will nominate a candidate. If there are multiple candidates than the board will narrow it down to three. And then, you know, if if there's a shortlist of three there will be sort of an open campaign stage probably not much longer than a month. And they're aiming to choose the president by the April spring meetings of the World Bank. Andrew, thanks. That's Bloomberg news global economy reporter, Andrew my ADA. You're listening to Bloomberg politics policy and power on Bloomberg radio coming up. How.
"world bank" Discussed on Bloomberg Radio New York
"Dot com slash tax global news twenty four hours a day on air and at tick tock on Twitter, powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. I'm Susanna Palmer. This is Bloomberg. You're listening to politics policy and power on Bloomberg radio. I'm Peter Barnes with June Grasso Joan the Trump administration is considering senior US official David Malpass and Mark green to lead the World Bank to maintain the tradition of placing an American at the helm sources tell Bloomberg joining us as Andrew Majeida, Bloomberg news global economy reporter, he is coming to us from our ninety nine one studios in Washington DC, Andrew tell us about the preliminary list of nominees the White House has. Yeah. That's right June. So the Trump administration is considering a number of candidates. They're having to do this because Jim Yong Kim resigned recently as head of the World Bank. And as you mentioned under sort of an unspoken understanding with Europe, an American heads the World Bank European heads, the math and David Malpass. Here's a treasury undersecretary for international affairs is as we understand on the preliminary list as. Is Ray Washburn who was a fundraiser for President Trump during his election campaign as well as Mark green who's head of US ID and Dina Powell as we understand. I think is also name that's being floated she was in the White House. Use a deputy national security adviser to the president. About the World Bank its mission. How big is it? How much does it? Invest in the world. Yeah. So the the World Bank still pretty big. I mean, it was created during the second World War to fund the reconstruction of Europe over time, it's kind of evolved into a lender for poor and developing countries its mission now is to radically eight extreme poverty around the world. There has been some evidence that that extreme poverty actually has me falling and invest about sixty four billion dollars a year. Anywhere from from small countries in Africa to major emerging markets like China, so Andrew there's an informal agreement. An American runs the World Bank and a European runs. The International Monetary Fund. Is there any pressure right now to change that and have a European run the World Bank? I think that there is pressure. Among emerging markets countries like China, India, Brazil, the bricks basically to make the World Bank. More Representative of the shifting power in the global economy, the the China and India some point this century are probably going to surpass America in terms of just a pure size of Eric Connie. So there's a lot of people inside the Bank who think it's time for someone from one of those emerging markets to lead the World Bank. Now, I think one of the complications is also really not a lot of appetite right now. Among some of these countries to get into a public fight with President Trump. I think if he nominate somebody that the other. Other countries. Don't find too. Agreed. Yes. I think that he could probably get through. You know, we haven't heard the president talk very much about the World Bank. If at all, I haven't heard very much from anybody administration about the World Bank. What does how does he ministration feel about the Bank? Does it want to push any reforms? They're make any make any other changes. Yeah. It's a it's an interesting question. I think that they have been kind of all over the place to be honest on the World Bank and the IMF on one hand they've been very critical of the World Bank, for example, as I mentioned, the World Bank lends to China, you know, I think Trump administration officials have said look, I mean, China's economy is pretty big. I mean, it can borrow on capital markets itself. Why is it of element Bank? That's supposed to be a Radic aiding extreme poverty lending to this very large capable economy. I think it's a fair point. So but on the other hand they did approve a thirteen billion dollar capital increase for the World Bank last year. So the president has been very critical of multilateral institutions NATO the UN. He has an America first foreign policy doctrine, he's generally not very supportive of the idea of quote unquote, sending American money abroad to to to help other other countries. So I think that his general kind of hit brand doesn't really mesh very well with the Royal Bank. But you're right. He hasn't really targeted any really specific way to this point Andrew. So what's the time line here for choosing a new president? So the board of the World Bank. The executive board will make a decision. We'll have the final say they have given countries until March fourteenth to nominate a candidate. It is expected that the Trump administration will nominate a candidate. If there are multiple candidates than the board will narrow it down to three. And then, you know, if if there's a shortlist of three there will be sort of an open campaign stage probably not much longer than a month. And they're aiming to. Choose the president by the April spring meetings of the World Bank. Andrew, thanks. That's Bloomberg news global economy reporter Andromeda. You're listening to Bloomberg politics policy and power.
"world bank" Discussed on Freakonomics
"So we're going to use this in the World Bank group. We're going to capture all of these great examples, and we've totally reorganized the Bank to do just that we now have what we call global practices, and their charge is look all over the world and find out how specific countries have had success utilizing these insights that come from psychology. And so in doing that, we hope that they will then take these examples and then adapt them for the local context one his anthropologist. Of course, you can imagine I'm going to insist that we respect local context, but we feel that we can make tremendous progress. If we capture these ideas and bring them to poor countries. But also, we're looking internally because our strong assumption is an automatic thinking, you socially, influenced thinking and mental models affect the way we assess project, so we actually did a study of our own staff, and we can we cream in the yes skin. And the and the minimum wage and ask them to use the same set of data. Of course, we adapted it to talk about the skin cream, and we had them assess whether skin cream A or B as better for skin rashes, and then using exactly the same data. But in the different context, we asked them to assess whether the minimum wage increase or decrease poverty rates, and they did much better and getting the right answer because there was based on the data that was clearly a right answer for both of these questions that it much better with a skin cream than they did with the minimum wage because of course, our staff came in with preconceived notions of mental models about the importance of minimum wages. So what were you going to do? Specifically inside the Bank is try to figure out ways. We can get them to do what? Daniel Karman called slow thinking, it can we get them to be more deliberative to be more focused on the mechanics of a particular project or particular intervention to really consider data first before they jump to a conclusion. Can we keep leaders like me? To keep their mouth shut, for example to not influenced socially where a group ends up landing on a particular decision. The report notes that the private sector has already adopted a lot of these behavioral approaches because and I'll quote win failure affects the profit making bottom line product designers begin to pay close attention to how humans actually think in decides. So Dr Kim why is it taken nonprofits, including the development sector, certainly so long to buy in you think that it's simply the absence of the market, and the needs that exist within the market is it the downplaying of ROI within the nonprofit sector is it a philosophical point. I think market forces are critical here. And sometimes people say, well, you know, the private sector does everything better. And I don't know that that's really the case so much is that the private sector entities that did it poorly. No longer exist. Right because they go out of business and public sector. Entities can stay in business for a very long time. A no matter how poor their performances, and so this is part of what I've been obsessed with for about the past twenty years. I've been I've been trying to understand in the absence of market forces. How can you improve execution? How can you raise temperature? So that people really focus on improving execution because in the public sector. Not only do we tolerate poor execution but often, unfortunately, we celebrate poor execution poor execution sometimes for people as a symbol of the fact that you're public and not private sector. Now, I do not at all think that the private sector does it all correctly. But the folks who do it, right? And if you were to go to Ogilvie or any of the big public relations companies, and and give them this. I mean, I think they would laugh at us in the sense that they have been utilizing these insights, very aggressively for a very long time, and in the public sector, there are some really great examples of having used this before one example comes from an institution that I used to be part of our school of public health. You know, they very. Consciously tried to get the notion of a designated driver into sitcoms in Hollywood. And once they got it into sitcoms..
"world bank" Discussed on Freakonomics
"You were active. I've read in the fifty years is enough movement that campaign to to shut the Bank as well as the IMF contending. They did more harm than good. That's the report. At least that I've read a tell me if that report is true. How true it is? And what led to your evolution in thinking about an institution like the World Bank? Well, it's it's true. And there's actually good evidence that it was true. I was one of the editors on. A book it's entitled dying for growth, a global inequality in the health of the poor. And it basically was critique of the approach that many of the international financial institutions had taken to health. And at the time what we are arguing was that an overly narrow focus on growth of GDP was really not the approach that we thought would lead to the kind of results that everyone seemed to want to have. In other words, there were arguments that you should restrict social spending, including on health and education. And so what we were arguing is that we should focus on more than just GDP growth, and we should really try to take a much more nuanced view of what are the factors that are important in lifting people out of poverty, and that's really the direction that the World Bank has gone major way in the last twenty years. And so I'm very glad we lost. The fifty years is enough argument because the institution is very different now than it was before. And I think that's what a made it possible for me to. Lead the institution. The ideas have changed, and partly and this is what you guys have done so beautifully in both freakonomics and super freakonomics as you've actually made hypotheses, but then you've looked at the data. So the data now are overwhelming in that investments in health and education, for example, are critical aspects of gross strategy. Larry Summers published a paper just a year ago showing that in low and middle income countries. Fully twenty five percent of economic growth experience between two thousand and two thousand eleven was due to better health outcomes. So we don't at this institution. And we have not for a long time thought about health and education is simply expenditures, we now think of them as fundamental investments in human capital that will lead to growth and so the institution itself. And this is what's great about the World Bank group, the institution itself has really looked at the data really looked at the evidence carefully. And we've shifted a great deal. Okay. So the World Bank released a world development report. Titled mind society and behavior, which after mitt does not sound right off the bat like a World Bank report from the past for sure, and it argues for really new view point or new mindset for attacking poverty. So if you could begin Dr Kim just tell me the background were you behind this who was behind it? And what was the impetus? Well, it was it came out of a pretty straightforward discussion that cost you Busu arch. Economists himself originally from India, but a celebrated professor of economics development economics at Cornell from years, and he and I were just sitting down one day, and we started talking about behavioral economics. So we started talking about some of the work that I had become fascinated with when I was Dartmouth about things like willpower, and grit and how they had an impact on success in life and development. And so, you know, he he suggested one day that we that we just take this on. And so. That's how that's how it came to pass. It was a recognition that we really needed a rethink of where we were going with development strategy. And we also wanted to bring into the discourse of the World Bank group, these thinkers who have been so influential in academia, but had been much less influential inside the World Bank interesting. Yeah. As I read the.
"world bank" Discussed on Freakonomics
"Okay. So here's the best part of the story. It wasn't just the Jim Yong Kim knew that president. Obama's mother had written a dissertation that was related to his development work. And then went and got it in order to prepare for his meeting with the president. That's not the way it happened. I was so fascinated by president Bomba dating back to two thousand and four that I actually bought her unpublished thesis of from the university of Michigan archives, and faithfully read the whole thing long before actually I went into that interview with president Vaughn. But let me say this the more you hear from kin the less surprised, you are anything. He's accomplished. And now he is taking the World Bank in very different direction, which will hear about. But first, let's begin at the beginning. My name is Jim Yong Kim. I'm the president of the World Bank group and our organization last year lent and provided grants of about sixty five billion dollars. And our mission is to end extreme poverty in the world. And to boost what we call shared prosperity, which is a notion that focuses on ensuring that the bottom forty percent of any developing countries shares in whatever economic growth, there is so World Bank is fairly impressive. I understand that your childhood dream is an immigrant kid than Iowa where your father was a dentistry. Professor that your dream was to be quarterback for the Minnesota. Vikings are Chicago Bears. So I'm sorry that didn't work. How are you? Okay. With where you wound up. I'm very happy with the way it worked out. But you know, that was in the middle of Iowa. Boy, the greatest thing you could ever become is a professional athlete for one of those teams in. So I was fully part of that culture. And I actually played a quarterback from high school football. Team. And although some people are impressed with that. I then also have to admit that our high school football team at the longest losing streak in the nation when I was quarterback. Okay. So that's still a record of some sort of your test. It's record it. Sure. Jim was also the chair of the department of global health and social medicine at Harvard Medical School. He's earned a MacArthur genius fellowship. And for the last three years. He has served as the president of Dartmouth College. I should also mention that after emigrating to this country from create h five Jim went on to become the president of his high school class the quarterback of the football team the point guard of the basketball team. I just found out. He is a five handicap in golf. I'm a little resentful about that last item. But he does it all becoming an MD. And then an anthropologist was not Kim's original plan. Well, let me tell you the story. Stephen, you know, my mother is a philosopher she's still alive still working on her writing and very involved in in her work on East Asian philosophy. And my father was a dentist. You know? Dentists are extremely practical people. And so I had these two influences in my life and one day, I came home from school, and this was a Brown one of my first semesters Brown and my father picked me up from the airport, which is about thirty miles from our hometown in Iowa. And he said, so Jim what he want to study? And I said, well, I think I'd like to study politics and philosophy. I think I'd like to become a politician. And so he slowly pulled the car over to the side of the road. Look back at me. And he said, look, Jim when you finish your, internship and residency you can do anything you want. So I have had this very practical. Author who said look, you know, you're an Asian in this country. No one's going to give you anything. And if you think you're going to make it as a politician, you better think again, you can do that. But first and foremost get a skill where you actually can help people. Now, let's go back when you were in nonprofits or NGOs, or whatever form they were in where you're trying to bring health care and bring, you know, deliver all different kinds of necessary and often very primary healthcare too, especially poor places around the world, you were not a fan of the World Bank..
"world bank" Discussed on The mindbodygreen Podcast
"And you know, my my outreach is looking at the global impact of the messaging. So I spoke last year at the World Bank. That was simulcast to fifty locations around the world about the simple steps that we can take that can help reduce the global burden of this situation Alzheimer's disease, for example, and that is cutting as we mentioned we've got to have lower levels of sugar in the diet and increase the again, dietary fiber and dietary fat, those are just three bullet points. I mean, we have many bullet points from home assisting to exercise you name it. But if I can get that simple message to the biggest audience possible. I think that's important. And let's be very very clear that these same recommendations have leveraged across the. Platform of all chronic degenerative conditions, including diabetes, coronary arteries, and to a significant Greek even cancer just based upon a couple of parameters dietary sugar dietary fat and lack of dietary fiber so talk about segue away from the science gratitude purpose what role do gratitude in purpose play in brain health and implement it all these things, you know, there's the art and science to everything I look at. Here's all the science gratitude and purposes a little bit of art, but there's also science starting to support. Our mindset our belief system. I think you're listening should know that we just transitioned. I feel it that we've just ended a a a different level. Feels good. So. What's happening, you know, beyond? The the fact that inflammation, damages your brain cells damages the lining of your blood vessels, increasing crisper vascular events. Why inflammation is is so detrimental is because it actually changes the wiring of your brain, the higher levels of inflammation that are chemicals of information floating around in your bloodstream right now compromise the connection between your brain's amid Ella a primitive brain area and a more sophisticated area, the prefrontal cortex, which is really a unique characteristic of your being human that and the opposable thumb really differentiate us from other primates, and certainly other other animals as well. And it's that prefrontal cortex that allows us to experience. Gratitude empathy compassion understanding the implications of our activities in terms of future consequence as opposed to. When we're locked into the amid Gelo, where we're really based in terms of immediate gratification and impulsive behavior as an example, somebody says something to you that you don't like and either you respond immediately or you send out a negative tweet. I mean, that's what you could do as opposed to taking a deep breath and thinking about it and maybe getting back to that person. Tomorrow planning for the future is a prefrontal cortex function planning for the future in terms of the climate our actions today, what is how's that going to the the globe tomorrow and our children? So I think it's quite clear that we are developing society that functions from a more primitive brain center that we're all about immediate gratification. I want that product to be airdropped into my backyard this afternoon, I'm not even going to wait for prime and get it tomorrow. I want I I want my MTV the dire straits song. Yeah. But we want things. Now, we want to satisfy our sweet tooth I wanna eat sugar. Now, the problem with all this is the more. We do it through. What is called neuro plasticity the more these pathways connectedness to our primitive brain centers, become indelible and our mission moving forward is to distance ourselves from that level of brain control and seeing the world through those eyes and reestablish connection to our more human parts of the brain that let me care about you. And you care about me, the Dalai Lama said that to be happy practice compassion to make others happy practice, compassion. So it's good for me. And it's good for you. So if you were to prescribe a non diet related exercise for the prefrontal cortex without be compassion or something many things acting compassionately doing things. Things that demonstrate care for another person a putting a dollar in the tip jar..
"world bank" Discussed on World News Analysis
"Welcome back. This is today. I'm joing for the first time China has to named a top fifty business friendly country. According to the World Bank's doing business report over the past five years. China's rankings improved fifty spots camping to number forty six of nine one hundred ninety countries the World Bank evaluates, the country's business environment from ten perspectives, including trade taxes, business start-ups and access to learn Sen. electrically the report funds China to be one of the most improved economies for business environment for more on those. We're now joined on the line by Edward Leman, managing director of Liman Lee. And she affirm good evening doctor laments for joining us Grevy jarring greater on show. So what do you make the measures that China has been has taken to improve its business environment? I think it's a tremendous shot me are I think it's a tremendous accolade per trying to to move up. So drastically in this very important, quote unquote, report card that's given out a about one hundred ninety jurisdictions and about the ease of doing business in within these different jurisdictions based on the metrics, you talked about which were which are important for for businesses starting up and operating in in particular jurisdiction. So for China to move up so many rankings in such a short period of time. I think is is a tremendous better in the camp to the government here and to those of us who work and live and do business in China. So you've been doing business in China for like several decades. So based on your own experience. Have you felt the Kenges over the past years? You know, I certainly have. I mean what I look at..
"world bank" Discussed on World News Analysis
"And so we really have to do something about in and weapon is instrument is the is the fiscal policy. So I think overall China's debt held by the government percentage of the. Quite moderate. So there's room for increasing the the the death level for the central governments. I think it's likely that cynical views of you know, these measures time to stimulate economy. I think what's different from the previous fiscal policies s that these measures are most likely I think to improve people's quote them. I've improved the infant structures within the city. I think the softer side of construction within this as opposed to remake pay in infrastructure investments, like highways railroads as we have time pass. It's a different kind of stimulus package, and and a hope these measures will at least pop-up economy of it. The meeting send message to offer support for the private economy and stock market, but what kind of support do the property colonies need from the government. I think they are. They are a lot because of you know, for so many factors. Trump them stand out wines, the very challenging access to capital to banking loan simply because most of the, you know, actions are controlled by the state owned banks, and they tend to be centralize the decision-making mechanism and tend to lead to more concentrated, you know, loans to some of the essays and very large private companies. So massive are large number of the private companies have very difficult time to access defending. This is one of the I would say one of the biggest problems of the economy right now, the second part if you can actually the private business. Are facing increasing pressure of growing tough, one of the reasons and supply-side government has successfully managed to cut down the overcapacity of some of these. But those companies control the Moore materials, let's say like a steel like toll like some of this fundamental, you know, resources to once that's over capacities cut down. That's a good thing. But it also means inflated price for this room chores, which will be you know, the cost item for a lot of the private businesses. So they are facing a growing cost factor and that were that into gather you see private businesses are are facing normal challenges in order to make their life easier. I think they first and most immediate policy could be reduced. Significant tax burdens, I'll those businesses. So then they can survive over this period of time and listen for the stock market meetings at China will try to stimulate dynamism in stock market. What are in the policy makers to a box share buybacks were lower stamp duty. What kind of reforms are really urgently needed in this stock market while you know, in my view, I always believed that the they the government does not have to do to do anything to manage up the stock index that's not the wisest choice, and they they resources could be allocated to far more useful and effective areas. What the government needs to do is really to maintain a clean to wipeouts corruption wipeout the fraud to you know, have a have. A proper law enforcement on the stock market as to be a good judge to be a good police rather than to you know, get into the game and trying to to stimulate the the stock market. I don't think that's the wisest choice. The government can make John Coon professor was university of international business and economics and Winston one managing director of shift stone Group Ltd speaking with my colleague, John coming up Jonah edges up in World Bank business friendly rankings. You're listening to today's stay with us. As get speaker with the day. I feel very grateful for providing jump for me communicate of the world and China's progress in China, the compliments and also China, which cultural heritage, and of course, China's desire to integrated into the international community. I believe today. Open the window as well as built bridge between people in China and the world..
"world bank" Discussed on Recode Decode
"Tell us about how they do things, but then take the problems that we face. Go, go with us, you know, to the poorest countries, you know, take a look at these different problems. And when I go there. Start flat. My mind starts flashing because you know all these problems that I deal with every day. I don't think we'll could that work for that because that would prevent. I went to Hong Joe division of his Alibaba, and we had like ten ideas. They came out of that one meet area, and he is Jack is great. I'm here. He was one of the first time in my and he's Jack things education. Yeah. And he's focusing on educating principles in the principles of schools in management, which is probably exactly right for for for many of the schools, especially in China anyway, that we'd love to have people here just sitting with us and we have financing, we when I walked in the door when we walked in the door in April, I mean July of twenty twelve. We were thirty five billion. We just got a capital increase. Nobody thought we'd get it. But you know, we had forked so hard to reform this. We're gonna sation that we're now edging toward hundred billion a year, but that's not nearly enough. We wanna use that money to have transformative impact. And we just we, we're not used to thinking so. Far out of the box, the Google. Akerson our bitcoin. For example, those kind of things you have to start thinking about right, or I took this right coin. Our first reaction to things is, you know, one is it, can it be helpful to developing countries in two? Are there dangers for developing countries that we need to help them deal with? And so you know, at first a lot of these crypto currencies, at least the experts told me, I'll not all of them, but a lot of them were more like Ponzi schemes. I said that and that keeps coming back to haunt me, but what that led to as we started looking chain? Yeah, we started looking at blockchain industry legend technology, and it turns out that there's so many applications and the first application that we put in places we, we, we sell bonds in other words, we need to raise money on the capital markets. And so we did the first blockchain bought in history and it was pretty simple. It's just using distributed ledger technology to take care of all the paperwork. Now they're huge companies that do that paperwork for you, which adds to the cost of the bond, and so doing it through distributed ledger technique. Reduced our cost dramatically. Now, the companies that do that, we're not happy about it, but what a great application. And so we're going to keep doing that. We're going to keep looking at what are the specific aspects that we can put to use right now to make things work better. But you know, we need to be disrupted, we, it's very hard for us to disrupt ourselves. Exactly right. About foreign ministers. They're just not going to disrupt themselves education's educational. I, it's hard. It's very hard. So the Bank, the World Bank, we now need to be disrupted as well. At the same time, there were Bank is sort of been known as lecturing to people across. You know what I mean? Absolutely. And so there's not a two way discussion going on. It's interesting my great friend and predecessor who's just was one of the great World Bank president. Jim Wolfensohn told me that when you walked in the door nineteen ninety-five, every single vice president was white male. Now we're as diverse as half female. We're from all over the world, but that's what it was. And there was a strong sense back then that it was former colonial officers coming to let you people. Yeah, and so I've really worked hard to try to change that. I, I speak Spanish. And so in Latin America, they've had an especially difficult relationship with the World Bank, but I spent fifteen years working in this Lum's of Lima, Peru, I speak Spanish. And so I'm now..
"world bank" Discussed on Recode Decode
"Today explained on apple podcasts ditch or wherever you listen to. Podcast. Thanks, Sean, thanks care. We're here with Jim, Yong Kim is the president of the World Bank group. We've talked a lot of issues including how tech and help development. But one of the things we're talking about is human capital because most people think that there isn't that's not doesn't matter anymore that it's not going to matter less and less and you were talking about working less and things like that. But one of the programs that you're announcing is the famine action mechanism, which is the that we're talking about sort of high tech jobs during the house. When famine still exists around the globe and these solutions, it seems again in another intractable problem that doesn't seem to go. I talk about that where it is and what the newest initiatives are. You know, I'm a medical doctor apologists, and so when I came in here, I had to really intensively study macroeconomics and finance, especially to to the areas and you know, and also transport and and I t I had studied these things because we do all of them. And so I kept asking what everyone else thought. I think we're stupid questions. Why can't we do this? Why can't we do that? And so when he Bulla happened in Guinea Liberia and Sierra Leone, eleven thousand people died, but it's really only the infectious disease docks. You know how close we were to having a global disaster. I mean, we were just lucky that it didn't go to Karachi or Delhi, or you know, and that they stopped it when it got to Lagos in jury. I mean, it was a million dollars a case to stop it in Nigeria, but thank God for the US CDC and for the Nigerian government, they got ready because if it had spread quickly in Lagos, we would have been looking at very different. And so I kept asking, why did we have to wait eight months before the money flowed? Why are we waiting for the kindness of strangers? There should be some kind of mechanism. And so I asked the insurance companies the the big, the reinsurance companies, the insurance companies that ensure other insurance companies I asked their CEO's. I said, well, why don't we have pandemic insurance? And you know, with kind of a smile on their face, though said, well, you know, Jim, if you can, if you can find out the annual incidence of any problem, we can ensure anything because we just. Can we get a number? We go to the capital markets and say, hey, here's how here's the likely that we think this happening and therefore you put your capital, it'll be at risk. You can lose it all, but we think it's about of this much chance. And because of that, we'll pay you this much interest. And so we started pandemic insurance. So we now we have a pandemic facility that has a big chunk of money that will automatically release and when epidemic gets to a certain level and we even further and got a chunk of cash that will, that's protecting the bond. And so in other words, if it doesn't quite reach the threshold, but it's still serious, the cash will release and immediately gets in In on these these things. in Congo the the first outbreak in Congo we released within weeks literally a million dollars a case which is kind of now what we think it takes to to put one of these things out each pre case, right? That's what it took in Syria, and that's what it took in DRC. You know, from before we waited and waited and waited until it got bad. Same thing happens with famine, the response to famine. You know what the government's tell us is what of course we're going to respond to fem, but until the emaciated children appear on television when it's really hard to raise the interest which is just so crazy, the United Nations are five stages of famine. United Nations doesn't call feminine until reaches the fifth stage, but it's the first stage where you've got to really take it on. And so the the question we asked was, can the question I asked was damage it can we do famine insurance, and so we were thinking about financial, innovate, innovations, but it turned out that because we were asking the questions they said, well, what's really key is. Getting information early. And so we reached out to Amazon, Google and Microsoft, and they said, hey, we'd love to work with you on this..
"world bank" Discussed on Recode Decode
"We're here with Jim, Yong Kim. He's the president of the World Bank group. We've just been talking about work and you just visited Silicon Valley. You know, this is the thing I bang on them a lot like what are you gonna do about it. And the only reason I do is because I know them and I can't make government do it. I want it says government in a second. But talk a little bit about your trip there. You just were there and you're talking about a bunch of initiatives that you're doing. Talk about what that was like. The two companies spent the most time with Lincoln and Airbnb around jobs around Jeff CEO, Jeff, we at Lincoln has been a an incredible partner for us. He he learned about the work I did from a book about Paul farmer, the guy started the organization with and and so he's been trying to bring these ideas in what we've learned though. Is that just about every tech person? I know if you ask them, would you like your technology to be applicable in the funding poverty? The all say, yes, but then the other thing we've learned. Unless you start thinking about the applications in poor countries, very early on, it's going to go in a direction and it may or may not, but most likely not very applicable in developing countries. And so for Lincoln, it's the stuff we're doing with them, so cool because it turns out that they have so much information on the kinds of skills that are needed. The kinds of skills that are present in any given country and where the skills are moving that we're now going to use this country by country to help planners. And mostly it's going to be ministers of finance and others plan for how they can get a better match between the skills they have and the skills they need. And also what kind of skills training they need to do with our group that is in charge of the Middle Eastern North Africa. They just did a very simple thing and they said, okay, so where are the skilled people from that region going? And where are the skilled people in the region coming from that in itself. Was just so interesting for us. They had the just getting a sense for that, so they're what we're doing with them is extremely exciting for me because of their leadership. Jeff's leadership, their commitment to it. I think we're going to have an impact very soon doing what precisely. So this is specifically for understanding what is the skill mix in your country? What are the skills that are needed in your country, and what can you do to actually improve skills and prepare your workforce to to be able to fill those needs? Right. The other thing though, too, is that within Africa, people are going to be moving around. And so if we find that there's an overabundance of skills in one area and the need for them in another, we can do this matching the should work Airbnb. Again, Joe Gibbs has been really passionate about this. It's complicated because you know when you have a disruptive technological innovation like this, every individual country has to figure out how they're going to regulate it. Right? And so we're working on with the countries to help them make sure that this has been official to them. But you know, tourism is an. Extremely labor intensive, and and when you go from a, you know, they've been able to set up shop in places like Soweto in South Africa. And so when neighborhoods then become place destinations for tourism and the people from those destinations can tell their story and then make an income. I, it's actually not just from experiences for other. The other things they're doing is right. So they provide the experiences, but then you know, they become a business owners and they start hiring people, and you know, we, we think that tourism has to be a huge growth industry, Chinese tourism. They're more Chinese tourists than any other tourists in the world. And right now, it's relatively limited. EMMY Chinese. People still are putting lots of money into savings. You know, the, we, we look at a country savings rates. How much do people save the US? It's like a negative fear. Yeah, people are in debt China, it's still forty percents, and part of it's because they're saving because they don't think that..
"world bank" Discussed on Recode Decode
"Those aspirants are going to go up and you know, we in a very nerdy way, we actually studied this. We said, well, what happens when you get access to the about why people? This is a big topic and I do want to get into some other announce that you're making. But this is to me the biggest topic going forward for the world in terms of what jobs are going to be in the future you guys are doing an initiative, correct. Explain sort of what you're doing around that. So every year we publish something called the world development report, and it takes on different issues. And so this year is the world Dumont reports on the future of work. And so what comes out of it is that look, it's not all doomsday in the sense that the rapid automation that's going to happen in. In the richest countries, especially the US and the UK will probably happen slower in developing countries. And so what's the percentage of jobs will be lost over the next decade or so? And you know, we estimate between five and twelve percent, but we also say that we actually don't know because things could happen very differently, and those jobs could go much more quick. There's a series of things. It's not just automating automation, robotics AI, artificial intelligence changes and driving in terms of transportation in healthcare delivery, and printing and manufacturing. It just goes, it integrates through the system and that people, I don't think understand even developed world and most of the people. Interestingly in Silicon Valley tend to say, well, it's like farming to manufacturing. It was better for everybody. How are you all looking at that? Because I, I know necessarily think it's going to be better. We don't know. We don't know where the jobs are going to be. So all over Africa, I talked to heads of state and and they they in the ministers of finance. Tell me we'll. You were born in Korea. We wanna go through the same thing. Create went through because South Korea, when I was born in nineteen Fifty-nine nine, South Korea, the World Bank would not give a loan to South Korea because they thought it was hopeless. They literally said, this is a basket case. It's hopeless. And you know, literacy was about twenty five percent. All of the industrial capacity, minerals were up in the northern half of Korea. It was. It was the sort of gentleman farmer part of Korea. So this this is an all agricultural economy. How on earth are they going to grow? So for fear that they would never be able to pay back alone World Bank wouldn't give them any. Right. And so what what did they do? They went from agriculture light manufacturing, you know, literally from human hair wigs to black and white TV's now to to silicon chips. But if you ask the Koreans, they'll tell you that path is probably now closed. And the question is, is it close to all of Africa? Well, you know, you don't see huge amounts of industrialization Africa, and yet every African head of state minister finance tells me. We're building an industrial park. It's going to be a special economic zone, and you know, it's, it almost feels cruel to tell them. I don't think that's going to happen. Therefore, if that's not going to happen, what are you going to do? Well, you with the internet connection, maybe your citizens could, you know, could go online and offer and be part of the service economy right cut if you have thirty five percent stunting. And one study in east Africa showed that in looking at grade school teachers, you know up to six green primary school teachers only third could pass the second grade competency examination, so and and the teachers teachers. Right? And so so this is this is all part of the sense of just enormous urgency. We're feeling right now to get on this task of trying to prepare these countries for what might come now, you know, China, so interesting to me because you've got the l. e. Baba's and the ten cents of the world, who for lack of a better word have kind of. Tuck access to capital. I mean, Jack says we can give up to one million renminbi which is about one hundred sixty thousand dollars and get it in your account in two seconds without ever meeting you without ever shaking your hand, so called KYC know your customer rules have completely changed..
"world bank" Discussed on Recode Decode
"I grew up in Iowa places and then ended up going to medical school because my father didn't couldn't stand the idea that that I would study philosophy and political science and become a politician, which is what I really wanted to do and then did anthropology and then met guy my my lifelong friend named Paul farmer or all of our adult lives anyway. And we created this organization that began a working on healthcare programs in some of the poorest places Haiti in in the slum, subtract, yes, intractable places, tackling intractable problems and. The partners in health has just been hugely successful. And so I was doing health and education work on the ground forever. And then just these crazy jobs keping offered to me one was to be the head of HOV department at the World Health Organization. And then you know, we started a movement to treat HOV and it's hard to understand it back in the late nineteen. Ninety s when we had these miracle drugs just really extraordinary the highly active entrance row therapy. It was really the act up guys. It was. It was a very small number of people who said, now that we've put our bodies on the line and we've got these drugs. There's no way that we're going to let people say only the rich can have it. So it was them and partners in health, and literally a handful of others who were saying everyone in the world should get access to these drugs. So I went to the World Health Organization. The World Health Organization had been very much standing on the sidelines, not arguing for HIV treatment. I started a movement, they're called three by five to just accelerate Chevy treatment. Now twenty million Africans on HIV treatment. But you know the whole world including a lot of leaders in tech were saying, you know, HIV treatment Africa's not possible, and I kept going on saying, are you kidding me? There's twenty five million people living with HIV in Africa, if we let them all die because treatment is too complicated, we will always be remembered as a generation that did that right it. It's going to be that bad. And so the world change we had success. I left WHO. The folks at Dartmouth came along, asked me if I'd be interested in being, I'd never never thought about doing something like that for, but I thought, well, what an opportunity if I, if we can influence all these young people to think about poverty and to think about inequality, that would be great. It didn't take very long for me to realize that was actually not the job of being DARPA was fundraising and then and then three years later, Tim Geithner called me, and I went to. Him called me. I thought he was just trying to see if one of his friends kids might get into Dharma's. I had no idea that that was your second job, but I, and so here I am and I had known that the World Bank has changed. One of the great things about the World Bank is really data driven and it comes from my medical training and I know you have doctors in your family. You know, it hasn't been that long where we have done things only on the basis of evidence. There's still so many things we don't know, but we've the World Bank has really adopted that evidence based approach. And so for example, it's the World Bank's approach to health and education changed dramatically over the last twenty years because they realized that all the evidence suggests that more investment in health and education can lead to better economic growth. So you shouldn't think of it as to oppose things invest in roads to grow the economy, invest in people. When you can all the evidence suggests that it's the countries that invested in their people before which has been the focus of a lot of tech tech tech. Tech leaders all the money. So how many people work here now the world vein, you know, fifteen thousand permanent employees probably about. Under attack politically for for doing things, and it had has its ups and downs. What are you? What are the big challenges you face right now? Well, right now today is the specter of what's going to happen in the economy. So there are places that were worried about their countries like Turkey that have a lot of dollars and nominated made that there's also just tons of uncertainty..