1 00:00:02,640 --> 00:00:05,320 Speaker 1: Welcome to the Bloomberg Panel podcast. I'm Paul swing you. 2 00:00:05,360 --> 00:00:07,680 Speaker 1: Along with my co host Lisa Brahma Waits. Each day 3 00:00:07,720 --> 00:00:10,240 Speaker 1: we bring you the most noteworthy and useful interviews for 4 00:00:10,280 --> 00:00:12,520 Speaker 1: you and your money. Whether at the grocery store or 5 00:00:12,560 --> 00:00:15,480 Speaker 1: the trading floor, find a Bloomberg penl podcast on Apple 6 00:00:15,520 --> 00:00:17,960 Speaker 1: podcast or wherever you listen to podcasts, as well as 7 00:00:17,960 --> 00:00:22,800 Speaker 1: at Bloomberg dot com. People are talking about the big 8 00:00:22,920 --> 00:00:27,200 Speaker 1: earnings recession. We have, of course, data, particularly having to 9 00:00:27,240 --> 00:00:29,159 Speaker 1: do with the housing market in the United States, that 10 00:00:29,200 --> 00:00:32,400 Speaker 1: has been weaker than some people would like to see. 11 00:00:32,440 --> 00:00:36,760 Speaker 1: The question is does this indicate a broader slowdown or 12 00:00:36,960 --> 00:00:41,360 Speaker 1: is this just a seasonal blip that will recover later 13 00:00:41,400 --> 00:00:43,279 Speaker 1: in the year. Joining us now to talk about that, 14 00:00:43,320 --> 00:00:46,800 Speaker 1: Matt Forrester b and y Melon's Lockwood chief investment Officer. 15 00:00:46,880 --> 00:00:49,280 Speaker 1: Joining us here in our Bloomberg Intta Active Broker Studios. 16 00:00:49,320 --> 00:00:54,240 Speaker 1: Matt Wonderful having here as all. So let's start there. 17 00:00:54,320 --> 00:00:57,480 Speaker 1: It seems like stock markets are looking through a lot 18 00:00:57,520 --> 00:01:04,440 Speaker 1: of the less positive data. Bond markets maybe not so much. Right, So, uh, 19 00:01:04,480 --> 00:01:07,080 Speaker 1: we're markets are in this sort of hurry up and 20 00:01:07,160 --> 00:01:09,160 Speaker 1: wait you a moment. I mean, I know you have 21 00:01:09,240 --> 00:01:10,880 Speaker 1: small children. I know when I'm trying to get out 22 00:01:10,959 --> 00:01:13,440 Speaker 1: the house, I've got they've got to go get their socks, 23 00:01:13,440 --> 00:01:16,520 Speaker 1: they get their shoes, if you get their coat. Markets 24 00:01:16,520 --> 00:01:20,039 Speaker 1: are markets are, you know, are worried about these things. 25 00:01:20,040 --> 00:01:23,440 Speaker 1: But we're waiting for decisions around China and whether g 26 00:01:23,600 --> 00:01:25,360 Speaker 1: and Trump are going to come to an agreement and 27 00:01:25,400 --> 00:01:29,200 Speaker 1: how substance that agreement will be. We're waiting for a 28 00:01:29,240 --> 00:01:33,080 Speaker 1: deal on Brexit. We're waiting on a deal in North Korea. UM. 29 00:01:33,400 --> 00:01:36,160 Speaker 1: We're waiting on the FOMC next week. We're waiting for 30 00:01:36,200 --> 00:01:38,080 Speaker 1: a mule of report. There's all kinds of things that 31 00:01:38,120 --> 00:01:41,000 Speaker 1: markets are thinking about, UM, and I think one of 32 00:01:41,040 --> 00:01:44,119 Speaker 1: the most interesting ones is whether or not we're that's 33 00:01:44,160 --> 00:01:46,560 Speaker 1: how we're assessing this data that's coming out of the 34 00:01:46,640 --> 00:01:50,200 Speaker 1: first quarter. And you know what these things look like. 35 00:01:50,600 --> 00:01:54,840 Speaker 1: So we've seen seasonality. One of your economists wrote about 36 00:01:54,840 --> 00:01:56,960 Speaker 1: this in a March fourth piece. A couple of weeks ago, 37 00:01:57,000 --> 00:02:00,639 Speaker 1: Elena Siltate wrote about, Yeah, so let a road about 38 00:02:00,680 --> 00:02:05,559 Speaker 1: how UM the US GDP data is showing this residual 39 00:02:05,640 --> 00:02:08,840 Speaker 1: seasonality and sort of a data artifact that seems to 40 00:02:08,880 --> 00:02:13,640 Speaker 1: have been with us from almost the recession period, the 41 00:02:13,639 --> 00:02:17,919 Speaker 1: Great Recession, and we're also seeing that in corporate earning statements. 42 00:02:17,919 --> 00:02:20,440 Speaker 1: So if you look at analysts estimates of what's going 43 00:02:20,440 --> 00:02:24,079 Speaker 1: to occur, so every first quarter, with the exception of 44 00:02:24,480 --> 00:02:27,480 Speaker 1: eighteen where we're reacting to a tax cut, for the 45 00:02:27,560 --> 00:02:30,440 Speaker 1: last number of years, we've seen first quarter tad a 46 00:02:30,560 --> 00:02:33,080 Speaker 1: really weaken up in terms of analysts expectations for what 47 00:02:33,120 --> 00:02:35,799 Speaker 1: we're gonna happen, and then as the year went forward, 48 00:02:35,960 --> 00:02:38,239 Speaker 1: we had, you know, pickups in that as the year 49 00:02:38,280 --> 00:02:41,079 Speaker 1: went on. So I think those are really interesting and 50 00:02:41,120 --> 00:02:44,000 Speaker 1: it seems to me like markets are looking through a 51 00:02:44,040 --> 00:02:46,480 Speaker 1: lot of these things, and of course they're probably also 52 00:02:46,560 --> 00:02:51,480 Speaker 1: expecting relatively positive results from some of these bigger issues 53 00:02:51,560 --> 00:02:54,560 Speaker 1: they're facing. The trade deal, for example, I think we've 54 00:02:54,560 --> 00:02:57,919 Speaker 1: priced in some amount of eventual deal that we think 55 00:02:57,919 --> 00:03:00,320 Speaker 1: we might get. Whether that's a month or two months, knows, 56 00:03:00,440 --> 00:03:03,160 Speaker 1: but um, it looks like the markets are thinking rather 57 00:03:03,240 --> 00:03:07,760 Speaker 1: positively about how these will eventually have outcomes in for markets. 58 00:03:07,760 --> 00:03:11,840 Speaker 1: So going forward into the second quarter, just to begin there, um, 59 00:03:12,639 --> 00:03:17,520 Speaker 1: looking through seasonality is great when the trend continues to hold, 60 00:03:17,840 --> 00:03:21,200 Speaker 1: So essentially markets hoping that this trend continues. As we 61 00:03:21,240 --> 00:03:23,960 Speaker 1: approach the second quarter, second half of the year, things 62 00:03:24,000 --> 00:03:26,840 Speaker 1: will resume pick up again, even without like the tax 63 00:03:26,840 --> 00:03:29,399 Speaker 1: cuts we had in two thousand eighteen, and and markets 64 00:03:29,400 --> 00:03:32,360 Speaker 1: will again really right. So I think we you know, 65 00:03:32,400 --> 00:03:35,120 Speaker 1: as you look throughout the year, it's clear that analysts 66 00:03:35,200 --> 00:03:38,680 Speaker 1: estimates are rising as the year progresses. We're also seeing 67 00:03:38,680 --> 00:03:41,040 Speaker 1: relatively strong top line growth. So we had almost six 68 00:03:41,080 --> 00:03:43,760 Speaker 1: percent in a revenue growth in the SMP five for 69 00:03:43,800 --> 00:03:46,680 Speaker 1: the fourth quarter. So some of this does seem to 70 00:03:46,720 --> 00:03:49,600 Speaker 1: be some amount of earnings estimates. It was pretty clear 71 00:03:49,600 --> 00:03:51,440 Speaker 1: that you could see we were not going to get 72 00:03:51,640 --> 00:03:55,080 Speaker 1: the type of earnings jolt that we got from ten. 73 00:03:55,120 --> 00:03:58,360 Speaker 1: That would be crazy to expect that again. Um, and 74 00:03:58,440 --> 00:04:01,120 Speaker 1: we've also had twenty dollars about off with w t I. 75 00:04:01,240 --> 00:04:05,040 Speaker 1: So remember what we went through this a little bit ine. 76 00:04:05,120 --> 00:04:08,080 Speaker 1: We had a much bigger decline in energy prices, but 77 00:04:08,600 --> 00:04:11,560 Speaker 1: the energy component of the SP five and earnings is 78 00:04:11,600 --> 00:04:14,320 Speaker 1: also declining, you know, and that's enough to cause you know, 79 00:04:14,360 --> 00:04:17,760 Speaker 1: a temporary slowdown in the earnings estimates. I have to wonder, Okay, 80 00:04:17,800 --> 00:04:19,880 Speaker 1: so you're talking about the equity markets looking through some 81 00:04:19,920 --> 00:04:22,760 Speaker 1: of the weaker than expected data, holding in. That's why 82 00:04:22,800 --> 00:04:26,440 Speaker 1: we're seeing this rally that is continuing. My question is 83 00:04:26,760 --> 00:04:29,040 Speaker 1: where do bonds fit into that picture, given the fact 84 00:04:29,040 --> 00:04:32,120 Speaker 1: that yields are now retracing any gains that we saw 85 00:04:32,160 --> 00:04:35,680 Speaker 1: in and you have some people saying that the federal 86 00:04:35,720 --> 00:04:38,600 Speaker 1: reserves next move will be a rate cut. Do you 87 00:04:38,640 --> 00:04:40,960 Speaker 1: think they are wrong? Do you think that stocks are 88 00:04:41,040 --> 00:04:43,720 Speaker 1: right and bonds are wrong? Right now? Um? Yes, so 89 00:04:43,839 --> 00:04:46,400 Speaker 1: I I think that's still up in the card. So 90 00:04:46,520 --> 00:04:48,440 Speaker 1: I think the question for us has been whether or 91 00:04:48,440 --> 00:04:51,960 Speaker 1: not the FED is actually changing policy or whether they're 92 00:04:52,000 --> 00:04:56,440 Speaker 1: changing communications strategy. The policy of being patient really hasn't 93 00:04:56,520 --> 00:04:59,440 Speaker 1: changed very much. The question is when is the FED 94 00:04:59,480 --> 00:05:02,240 Speaker 1: going to be in aition again and will that actually 95 00:05:02,279 --> 00:05:04,800 Speaker 1: occur in this cycle? And I think that's still relatively 96 00:05:04,800 --> 00:05:07,839 Speaker 1: an open question. Again, we're waiting, like the FED in 97 00:05:07,880 --> 00:05:10,080 Speaker 1: this data dependent mode, and I don't think we're gonna 98 00:05:10,160 --> 00:05:12,440 Speaker 1: know for a while. And I think the FED is 99 00:05:12,560 --> 00:05:17,360 Speaker 1: very aware of these data seasonality, data artifacts from UH 100 00:05:17,440 --> 00:05:19,640 Speaker 1: from the crisis and these last number of years, and 101 00:05:19,680 --> 00:05:23,280 Speaker 1: so they may take more time to assess whether or 102 00:05:23,320 --> 00:05:26,400 Speaker 1: not they're actually going to change policy at all. And 103 00:05:26,520 --> 00:05:29,840 Speaker 1: like always, you have to watch what the central banks do, uh, 104 00:05:29,880 --> 00:05:32,560 Speaker 1: and not what they say, you know, so you can 105 00:05:32,600 --> 00:05:34,840 Speaker 1: listen to them, but they're talking about a lot of 106 00:05:34,880 --> 00:05:38,479 Speaker 1: things that are helping them support markets and policy. Uh, 107 00:05:38,760 --> 00:05:40,600 Speaker 1: you know, the questions about how they're going to deal 108 00:05:40,640 --> 00:05:43,160 Speaker 1: with the balance sheet, how they might deal with an 109 00:05:43,200 --> 00:05:46,359 Speaker 1: inflation target going forward. All this is news to the 110 00:05:46,400 --> 00:05:50,360 Speaker 1: market because it sounds like there could be additional stimulus 111 00:05:50,360 --> 00:05:52,320 Speaker 1: coming to the markets at some point in time, and 112 00:05:52,320 --> 00:05:55,120 Speaker 1: they like that. Um, but uh, you know, you have 113 00:05:55,200 --> 00:05:58,280 Speaker 1: to watch again what they're actually doing and what policies 114 00:05:58,279 --> 00:06:00,280 Speaker 1: are actually being implemented in that has an Then do 115 00:06:00,680 --> 00:06:02,880 Speaker 1: you think that like markets are looking for additional stimulus 116 00:06:02,920 --> 00:06:04,839 Speaker 1: of the day to get strong, we could actually see 117 00:06:04,839 --> 00:06:07,880 Speaker 1: the other side. They flipped very quickly from hawk to dovish, 118 00:06:07,880 --> 00:06:10,920 Speaker 1: if you will. If they flip in that same sort 119 00:06:10,920 --> 00:06:13,080 Speaker 1: of pattern again, if the data really comes in strong, 120 00:06:13,560 --> 00:06:15,360 Speaker 1: bad news for markets. I agree that's gonna be a 121 00:06:15,440 --> 00:06:18,040 Speaker 1: risk for for equity markets if we get into that place. 122 00:06:18,080 --> 00:06:19,920 Speaker 1: And the question again would be how many I mean, 123 00:06:19,960 --> 00:06:22,000 Speaker 1: if it's a rate hike or two, which I think 124 00:06:22,000 --> 00:06:24,760 Speaker 1: would be the kind of consensus estimate or where we're 125 00:06:24,800 --> 00:06:27,279 Speaker 1: going now. I mean that I mean one later in 126 00:06:28,080 --> 00:06:30,960 Speaker 1: maybe one. I don't know that that's a giant deal, 127 00:06:31,800 --> 00:06:34,880 Speaker 1: but I think the overall question of whether the fete 128 00:06:34,960 --> 00:06:36,560 Speaker 1: is actually done here is going to be a real 129 00:06:36,640 --> 00:06:39,720 Speaker 1: question as we go forward. In Matt Forrester, we love 130 00:06:39,760 --> 00:06:42,120 Speaker 1: having you, Thank you so much for being here. Matt 131 00:06:42,200 --> 00:06:46,680 Speaker 1: Forrester is at B and Y Melon's Lockwood, chief investment officer, 132 00:06:46,800 --> 00:06:50,960 Speaker 1: talking about that weaker data that frankly stock investors are 133 00:06:51,040 --> 00:07:09,640 Speaker 1: looking through. Lisa Abram woids here. Paul Sweeney, my coast 134 00:07:09,640 --> 00:07:12,800 Speaker 1: and colleague off today. I am joined by the great 135 00:07:12,880 --> 00:07:18,880 Speaker 1: Vince Signarella, a resident trader, storyteller and extraordinary market watcher 136 00:07:19,000 --> 00:07:22,680 Speaker 1: here at Bloomberg LP very much onto the forefront of 137 00:07:22,680 --> 00:07:26,000 Speaker 1: people's minds. This week has been Boeing shares down another 138 00:07:26,040 --> 00:07:28,240 Speaker 1: one and a half percent after the f a A 139 00:07:28,520 --> 00:07:31,160 Speaker 1: joined in with all of the other nations around the 140 00:07:31,200 --> 00:07:35,239 Speaker 1: world that have ordered a stop to the seven thirty 141 00:07:35,320 --> 00:07:39,520 Speaker 1: seven Max jet and saying to Boeing, you know, honestly, no, 142 00:07:39,720 --> 00:07:41,520 Speaker 1: these needs to be taken out a circulation while we 143 00:07:41,560 --> 00:07:45,680 Speaker 1: figure out what to do about the problem. Joining us 144 00:07:45,680 --> 00:07:49,400 Speaker 1: now Benedict Cambell. He is Bloomberg Senior editor covering company 145 00:07:49,480 --> 00:07:52,160 Speaker 1: news and Benedict, can you just give us the latest 146 00:07:52,200 --> 00:07:55,680 Speaker 1: with respect to the investigation into the second fatal crash 147 00:07:55,880 --> 00:07:58,480 Speaker 1: of the seventh thirty seven jet. So there is a 148 00:07:58,480 --> 00:08:00,720 Speaker 1: picture that is emerging thanks to some of the data 149 00:08:00,760 --> 00:08:05,200 Speaker 1: that's becoming available. In principle, we now have the black boxes, 150 00:08:05,760 --> 00:08:08,120 Speaker 1: the flight record and the and the UM and the 151 00:08:08,200 --> 00:08:11,320 Speaker 1: voice recorder that are in Paris being read out. We 152 00:08:11,360 --> 00:08:13,680 Speaker 1: don't have the results of those yet, but that will 153 00:08:13,760 --> 00:08:17,160 Speaker 1: give us arguably the most conclusive evidence. But we have 154 00:08:17,520 --> 00:08:20,280 Speaker 1: a couple of other pieces that are starting to put 155 00:08:20,320 --> 00:08:25,480 Speaker 1: together a picture. We heard overnight that authorities on the ground, 156 00:08:25,760 --> 00:08:28,560 Speaker 1: the sort of such and rescued recovery crew on the 157 00:08:28,600 --> 00:08:32,840 Speaker 1: ground found a small device essentially no bigger than a screw. 158 00:08:33,240 --> 00:08:36,120 Speaker 1: But it was an interesting component because it showed that 159 00:08:36,200 --> 00:08:39,560 Speaker 1: the trim on the plane had been raised to lower 160 00:08:39,600 --> 00:08:42,280 Speaker 1: the plane's nose, and that showed that it was actually 161 00:08:42,320 --> 00:08:45,559 Speaker 1: at the wrong angle. Again note of caution, this is 162 00:08:45,600 --> 00:08:48,160 Speaker 1: a plane that came down an incredibly high speeds, so 163 00:08:48,200 --> 00:08:52,480 Speaker 1: it could have been somehow caused by the impact. But 164 00:08:52,600 --> 00:08:54,920 Speaker 1: again that is one piece of evidence that shows that 165 00:08:55,400 --> 00:08:58,800 Speaker 1: principally everything went wrong with this flight. Very early on, 166 00:08:58,840 --> 00:09:01,000 Speaker 1: there was a report over night as well that a 167 00:09:01,160 --> 00:09:04,679 Speaker 1: panicky voice from the cockpit showed that the pilot struggled 168 00:09:04,720 --> 00:09:07,360 Speaker 1: to keep the plane under control. So there is this picture, 169 00:09:07,400 --> 00:09:11,000 Speaker 1: as I said, emerging of a of a trip that 170 00:09:11,280 --> 00:09:14,480 Speaker 1: really went horribly wrong early on, and that is part 171 00:09:14,520 --> 00:09:16,720 Speaker 1: of the evidence that prompted the f a A to 172 00:09:16,800 --> 00:09:21,160 Speaker 1: finally respond late this week. Benedict, does this take um 173 00:09:21,280 --> 00:09:23,160 Speaker 1: or is this part of the story or does this 174 00:09:23,240 --> 00:09:26,720 Speaker 1: take the software conversation off the table? Are they moving 175 00:09:26,720 --> 00:09:28,800 Speaker 1: in a different direction. I don't think it takes the 176 00:09:28,840 --> 00:09:31,719 Speaker 1: software conversation off the table. Just to remind people, there 177 00:09:31,800 --> 00:09:34,760 Speaker 1: is that piece of software in this plane that helps 178 00:09:34,840 --> 00:09:38,319 Speaker 1: stabilize the aircraft. Has to do with the new engines 179 00:09:38,360 --> 00:09:41,200 Speaker 1: on the plane that are slightly bigger, slightly heavy, and 180 00:09:41,240 --> 00:09:43,680 Speaker 1: that changed sort of the the center of gravity of 181 00:09:43,679 --> 00:09:46,240 Speaker 1: the jets. So to counter that, they introduced the software. 182 00:09:46,520 --> 00:09:49,239 Speaker 1: But there seems to be a case where the software 183 00:09:49,440 --> 00:09:52,480 Speaker 1: and the pilot didn't sort of interact perfectly. So this 184 00:09:52,559 --> 00:09:55,400 Speaker 1: is still something that is being investigated at the moment, 185 00:09:55,640 --> 00:09:59,640 Speaker 1: certainly not off the table. Whatever happens. Boeing has a 186 00:09:59,800 --> 00:10:02,280 Speaker 1: very a keen interest in finding as much evidence as 187 00:10:02,360 --> 00:10:04,640 Speaker 1: quickly as possible, because the last thing they want is 188 00:10:04,720 --> 00:10:08,200 Speaker 1: some sort of inconclusive evidence or no evidence whatsoever, and 189 00:10:08,240 --> 00:10:11,360 Speaker 1: that's where the flight recorder will be helpful. We have 190 00:10:11,440 --> 00:10:14,840 Speaker 1: a first image of this flight recorder. It looks badly mangled, 191 00:10:15,080 --> 00:10:19,559 Speaker 1: but broadly intact. These are very sort of fortified UM 192 00:10:19,720 --> 00:10:22,800 Speaker 1: devices and hopefully the b e A, which is the 193 00:10:22,840 --> 00:10:25,400 Speaker 1: French authority, they will be able to give a read out. 194 00:10:25,640 --> 00:10:29,080 Speaker 1: They've managed to do this under very difficult circumstances of 195 00:10:29,360 --> 00:10:32,559 Speaker 1: recorders that have been submerged in some cases for years, 196 00:10:32,800 --> 00:10:34,760 Speaker 1: and they still manage to get the full data. So 197 00:10:35,040 --> 00:10:36,719 Speaker 1: hopes so high they'll be able to do the same 198 00:10:36,720 --> 00:10:40,760 Speaker 1: thing here Benedict twenty Here, I'm just wondering, have Airbus 199 00:10:40,880 --> 00:10:45,280 Speaker 1: and the big Chinese aircraft manufacturer have they really been 200 00:10:45,320 --> 00:10:48,840 Speaker 1: aggressively trying to pursue business and get away, uh some 201 00:10:48,840 --> 00:10:52,240 Speaker 1: some sort of competitive advantage from Boeing here. The short 202 00:10:52,280 --> 00:10:55,360 Speaker 1: answer is no, aggressive is probably not sort of what 203 00:10:55,400 --> 00:10:56,800 Speaker 1: they're trying to be right now. There's sort of this 204 00:10:56,920 --> 00:10:59,240 Speaker 1: unwritten rule in aviation that if if there is a 205 00:10:59,280 --> 00:11:03,000 Speaker 1: tragedy on on one company, the others try to sort 206 00:11:03,000 --> 00:11:06,760 Speaker 1: of keep a very low profile UM. But you can 207 00:11:06,840 --> 00:11:10,520 Speaker 1: imagine that behind the scenes they will probably start to 208 00:11:10,520 --> 00:11:13,520 Speaker 1: position themselves. We have had some airlines say we're not 209 00:11:13,559 --> 00:11:16,040 Speaker 1: sure about this order book anymore. How they will wiggle 210 00:11:16,040 --> 00:11:18,760 Speaker 1: out of it as another question, but that might potentially 211 00:11:18,800 --> 00:11:21,760 Speaker 1: open some business for US and the Chinese, which will 212 00:11:21,880 --> 00:11:24,640 Speaker 1: create a very interesting dynamic. Benedict Cambell, thank you so 213 00:11:24,720 --> 00:11:27,840 Speaker 1: much for being with us. Benedicto Cambell, Senior Bloomberg Senior 214 00:11:27,920 --> 00:11:32,080 Speaker 1: editor for Company News, joining us with Boeing shares down 215 00:11:32,160 --> 00:11:49,959 Speaker 1: one and a half percent, Lisa brom woids here. Vince 216 00:11:50,000 --> 00:11:53,360 Speaker 1: Signarella joining me today. Paul Sweeney is on a well 217 00:11:53,400 --> 00:11:58,000 Speaker 1: deserved vacation. The pound is gaining a little of versus 218 00:11:58,040 --> 00:12:01,920 Speaker 1: the dollar today after sinking yesterday. It has been Brexit week, 219 00:12:02,160 --> 00:12:05,439 Speaker 1: and joining us to discuss is none other than Marian Harkin, 220 00:12:05,520 --> 00:12:10,080 Speaker 1: a European Union parliament member representing Ireland. UH. She joins 221 00:12:10,160 --> 00:12:13,440 Speaker 1: us here in our Bloombergadder Active Broker Studios in New York. Marian, 222 00:12:13,640 --> 00:12:15,640 Speaker 1: thank you so much for being with us here today. 223 00:12:15,720 --> 00:12:19,680 Speaker 1: To be here happy Patrick's today. UM, I wanted to 224 00:12:19,720 --> 00:12:23,240 Speaker 1: start with why is it so difficult for Teresa May 225 00:12:23,280 --> 00:12:27,200 Speaker 1: to get through her plan? Well? The withdrawal agreement has 226 00:12:27,280 --> 00:12:32,640 Speaker 1: three parts, citizens rights, the divorce settlement, the money and 227 00:12:32,720 --> 00:12:35,960 Speaker 1: the big issue, the Irish backstop. Now what is the 228 00:12:36,000 --> 00:12:41,920 Speaker 1: Irish backstop? The Irish backstop? It's that the all of 229 00:12:42,000 --> 00:12:47,199 Speaker 1: the UK, including Northern Ireland, would remain in a customs 230 00:12:47,360 --> 00:12:52,720 Speaker 1: union with the EU, but that furthermore, the North violent 231 00:12:53,160 --> 00:12:59,800 Speaker 1: would have regulatory alignment with the South. So that me 232 00:13:01,240 --> 00:13:04,520 Speaker 1: that that will be in place until a trade deal 233 00:13:05,080 --> 00:13:09,760 Speaker 1: is done, which would negage the need for any such agreement. 234 00:13:10,040 --> 00:13:13,520 Speaker 1: But of course what the British are afraid of is 235 00:13:13,559 --> 00:13:17,080 Speaker 1: that maybe that trade deal won't be done, maybe it 236 00:13:17,160 --> 00:13:20,880 Speaker 1: won't be sufficient, that the backstop will never be needed. 237 00:13:21,000 --> 00:13:24,880 Speaker 1: The backstop is merely an insurance policy. Nobody wants to 238 00:13:24,960 --> 00:13:28,840 Speaker 1: use it, not the EU, not the UK, not Ireland, 239 00:13:29,080 --> 00:13:33,679 Speaker 1: but it's there to preserve the Good Friday Agreement and 240 00:13:33,880 --> 00:13:37,320 Speaker 1: no hardening of the arch border. And that's the difficulty 241 00:13:37,400 --> 00:13:41,040 Speaker 1: Trees and May has. But as you say, it's in 242 00:13:41,440 --> 00:13:45,560 Speaker 1: everyone's best interest to get a trade deal through. It 243 00:13:45,600 --> 00:13:48,560 Speaker 1: seems unrealistic that the backs that would be there indefinitely 244 00:13:48,640 --> 00:13:51,680 Speaker 1: that that this, It seems that the fear of never 245 00:13:51,760 --> 00:13:54,560 Speaker 1: having a trade deal, or or an acceptable trade deal 246 00:13:54,960 --> 00:13:59,920 Speaker 1: is superfluous. I mean, I agree. Now, a trade deal 247 00:14:00,160 --> 00:14:03,439 Speaker 1: is never easy and it takes time, and that's one 248 00:14:03,440 --> 00:14:07,600 Speaker 1: of the issues because the withdrawal agreement is in place 249 00:14:07,840 --> 00:14:11,720 Speaker 1: until the end of December, so it's not a lot 250 00:14:11,760 --> 00:14:14,160 Speaker 1: of time. But of course there could be an extension 251 00:14:14,440 --> 00:14:17,280 Speaker 1: if it's needed. But there is this fear that it 252 00:14:17,360 --> 00:14:21,400 Speaker 1: may not be sufficient. But everybody is intent on ensuring 253 00:14:21,880 --> 00:14:26,800 Speaker 1: it's sufficient. But these things are never simple, and therefore 254 00:14:27,160 --> 00:14:30,480 Speaker 1: many of the hard Brexiteers do not want to find 255 00:14:30,520 --> 00:14:35,520 Speaker 1: themselves in this position. Are we closer today to a 256 00:14:35,840 --> 00:14:38,600 Speaker 1: second referendum on Brexit than we were a week ago? 257 00:14:40,040 --> 00:14:43,800 Speaker 1: I don't think so, and I'll tell you why. I 258 00:14:43,840 --> 00:14:48,440 Speaker 1: think Theresa May might just get her deal true next week. 259 00:14:48,720 --> 00:14:52,640 Speaker 1: I think there's a real possibility there because people's backs 260 00:14:52,680 --> 00:14:57,680 Speaker 1: are to the wall a second referendum. Labor is will 261 00:14:57,720 --> 00:15:01,080 Speaker 1: he won't he want a yes another day No? And 262 00:15:01,320 --> 00:15:06,560 Speaker 1: instinctively Jeremy Corbyn does not want a second referendum. He's 263 00:15:06,600 --> 00:15:11,760 Speaker 1: a Brexit here really. So there's the Conservatives are split 264 00:15:12,160 --> 00:15:14,760 Speaker 1: and it's I think it's going to be very difficult, 265 00:15:14,880 --> 00:15:18,480 Speaker 1: if not impossible, to get sufficient people in the House 266 00:15:18,520 --> 00:15:21,000 Speaker 1: of Commons to vote for that. A lot of people 267 00:15:21,040 --> 00:15:24,560 Speaker 1: want it, but we're not looking at a majority. And 268 00:15:25,200 --> 00:15:28,600 Speaker 1: to me, the best chance at this stage is that 269 00:15:28,720 --> 00:15:32,880 Speaker 1: May's deal might squeak at next week, So walk us 270 00:15:32,880 --> 00:15:35,880 Speaker 1: through that a little bit, suppose, and then that's penciled 271 00:15:35,920 --> 00:15:38,120 Speaker 1: in for Tuesday. I should save this vote. If the 272 00:15:38,200 --> 00:15:40,600 Speaker 1: vote gets through, if you go third times a charm 273 00:15:41,080 --> 00:15:44,640 Speaker 1: and gets her deal through, what's the next step, Well, 274 00:15:44,920 --> 00:15:49,440 Speaker 1: just how I should get through the Attorney General Jeffrey Cox, 275 00:15:49,680 --> 00:15:53,920 Speaker 1: whose advice really led to her deal in thrown out 276 00:15:54,160 --> 00:15:58,680 Speaker 1: this week, is looking at it again. The d u 277 00:15:58,760 --> 00:16:02,800 Speaker 1: P I believe are around London this weekend. A lot 278 00:16:02,880 --> 00:16:05,960 Speaker 1: of people are talking and remember this the heart Brexit 279 00:16:06,040 --> 00:16:11,000 Speaker 1: hears know that if May's deal is not accepted next 280 00:16:11,040 --> 00:16:17,080 Speaker 1: week then they are looking at perhaps an indefinite suspension 281 00:16:17,320 --> 00:16:21,600 Speaker 1: of Article fifty, and that's the last thing they want. 282 00:16:22,080 --> 00:16:26,520 Speaker 1: They may be prepared to accept this brexit. It's not 283 00:16:26,720 --> 00:16:29,760 Speaker 1: what they want, but it might be the least worst option. 284 00:16:30,120 --> 00:16:32,800 Speaker 1: And people's backs are to the wall on this, and 285 00:16:33,080 --> 00:16:37,040 Speaker 1: for those who really want Brexit, this may be their 286 00:16:37,120 --> 00:16:41,160 Speaker 1: last opportunity to guarantee it, so they might take it 287 00:16:41,480 --> 00:16:44,360 Speaker 1: despite the fact that they have said time and time 288 00:16:44,400 --> 00:16:47,240 Speaker 1: again it's not acceptable right now. Do you get the 289 00:16:47,320 --> 00:16:50,360 Speaker 1: sense that Brussels that the European Commission wants to be 290 00:16:50,400 --> 00:16:53,120 Speaker 1: dealing with Theresa May and only Theresa May, and not 291 00:16:53,240 --> 00:16:59,320 Speaker 1: a potential successor here? I think so, um, I think Brussels. 292 00:16:59,600 --> 00:17:03,080 Speaker 1: I was air this week in Strasbourg. A lot of 293 00:17:04,359 --> 00:17:08,440 Speaker 1: speeches were made and people were putting their positions forward. 294 00:17:08,760 --> 00:17:13,400 Speaker 1: There's a certain level of impatience that's probably heading towards frustration, 295 00:17:13,760 --> 00:17:17,159 Speaker 1: but nonetheless there's a lid on't and I think people 296 00:17:17,320 --> 00:17:21,399 Speaker 1: still hope that Treesa May can finally do this. But 297 00:17:22,080 --> 00:17:26,240 Speaker 1: Barney was very clear this week he said the negotiations 298 00:17:26,240 --> 00:17:30,919 Speaker 1: are over, it's done, and talking about any extension of 299 00:17:30,960 --> 00:17:34,640 Speaker 1: the deal again, it was very clear from senior figures 300 00:17:34,640 --> 00:17:40,000 Speaker 1: that only if the British have a plan will the 301 00:17:40,080 --> 00:17:45,400 Speaker 1: EU consider an extension. But perhaps to me, the statement 302 00:17:45,480 --> 00:17:49,080 Speaker 1: from the European Commission that really says where it's at 303 00:17:49,119 --> 00:17:53,040 Speaker 1: at the moment is this, And they've said there are 304 00:17:53,080 --> 00:17:57,320 Speaker 1: two ways for the UK to leave the European Union, 305 00:17:58,040 --> 00:18:02,119 Speaker 1: with a deal or with actually deal. The European Commission 306 00:18:02,440 --> 00:18:05,760 Speaker 1: is ready for either. So that tells you where the 307 00:18:05,800 --> 00:18:08,600 Speaker 1: EU is at at the moment. So the EU is 308 00:18:08,720 --> 00:18:11,399 Speaker 1: very prepared for a hard Brexit if if this deal 309 00:18:11,720 --> 00:18:14,520 Speaker 1: perhaps should fall by the way side. Look, nobody can 310 00:18:14,560 --> 00:18:17,760 Speaker 1: be prepared for a hard Brexit as such. I mean 311 00:18:17,840 --> 00:18:20,240 Speaker 1: this week, for example, we put through a lot of 312 00:18:20,280 --> 00:18:25,160 Speaker 1: contingency legislation. I put through legislation on the fact that 313 00:18:25,320 --> 00:18:28,480 Speaker 1: if people have moved from the UK to Europe or 314 00:18:28,560 --> 00:18:33,080 Speaker 1: vice versa, that their social security coordination is in order 315 00:18:33,359 --> 00:18:37,880 Speaker 1: that citizens won't close out. There was contingency legislation put 316 00:18:37,960 --> 00:18:43,960 Speaker 1: through on aviation, on many many other issues. But that's 317 00:18:44,160 --> 00:18:48,840 Speaker 1: that's bottom that's bottom line stuff that is not anything extra, 318 00:18:49,119 --> 00:18:55,160 Speaker 1: and definitely business and markets would react with horror if 319 00:18:55,480 --> 00:18:58,399 Speaker 1: if there was a hard Brexit. So we're as prepared 320 00:18:58,440 --> 00:19:01,360 Speaker 1: as we can be. Arian Harkin, thank you so much 321 00:19:01,359 --> 00:19:04,440 Speaker 1: for being with us, and again, happy St Patrick's Day. 322 00:19:04,640 --> 00:19:06,640 Speaker 1: I imagine that your trip here will be a bit 323 00:19:06,640 --> 00:19:10,080 Speaker 1: of a reprieve from the Brexit experience, if not for 324 00:19:10,200 --> 00:19:12,720 Speaker 1: just maybe a couple of hours. Yes, at least you 325 00:19:12,720 --> 00:19:14,800 Speaker 1: can talk to taxi drivers here and they don't talk 326 00:19:14,880 --> 00:19:18,159 Speaker 1: ramatically ask you about Brexitt. We're trying to change that. 327 00:19:18,400 --> 00:19:22,639 Speaker 1: Marian Harkin, European Union Parliament member representing Ireland. Joining us 328 00:19:22,640 --> 00:19:29,520 Speaker 1: here in our eleven three OH studios in New York, 329 00:19:39,560 --> 00:19:42,919 Speaker 1: the tragedy in New Zealand has rocked the world. At 330 00:19:42,960 --> 00:19:47,600 Speaker 1: least forty nine people massacred at a mosque by a 331 00:19:47,680 --> 00:19:53,120 Speaker 1: gunman with extreme views, white supremacist views. Of course, this 332 00:19:53,200 --> 00:19:57,320 Speaker 1: is absolutely a humanitarian tragedy. There is a business side 333 00:19:57,320 --> 00:19:59,000 Speaker 1: to it. We are going to dig into it. There 334 00:19:59,080 --> 00:20:02,679 Speaker 1: is no good transition and from human tragedy to the 335 00:20:02,800 --> 00:20:06,200 Speaker 1: business base case. And yet we do want to focus 336 00:20:06,320 --> 00:20:10,639 Speaker 1: on Facebook and its role as the perpetrator live streamed 337 00:20:11,040 --> 00:20:16,720 Speaker 1: this horrible tragedy on Facebook and YouTube. Facebook shares down 338 00:20:16,840 --> 00:20:19,560 Speaker 1: nearly three percent. Joining us here in our eleven three 339 00:20:19,560 --> 00:20:21,919 Speaker 1: OH Studios is Garrett to Vank, who covers technology for 340 00:20:22,000 --> 00:20:24,639 Speaker 1: us at Bloomberg. Garrett, can you give us a sense 341 00:20:24,720 --> 00:20:27,320 Speaker 1: of how much of Facebook's share decline is due to 342 00:20:28,119 --> 00:20:33,120 Speaker 1: their ability or lack thereof, of monitoring and quickly responding 343 00:20:33,200 --> 00:20:36,520 Speaker 1: to something as horrific as this versus some of the 344 00:20:36,520 --> 00:20:39,320 Speaker 1: turnover that we've seen just into the upper management there. Yeah, 345 00:20:39,320 --> 00:20:41,480 Speaker 1: I mean, I think when you're seen with attacks such 346 00:20:41,480 --> 00:20:44,160 Speaker 1: as this one, I mean Facebook, YouTube, other Internet platforms, 347 00:20:44,160 --> 00:20:47,919 Speaker 1: they're intrinsically part of how these things happen nowadays. This 348 00:20:48,200 --> 00:20:51,080 Speaker 1: attacker clearly had what you know, what is probably best 349 00:20:51,119 --> 00:20:54,880 Speaker 1: called a social media's outreach strategy, right They had been 350 00:20:54,880 --> 00:20:57,399 Speaker 1: posting a little bit on Twitter hinting about some of 351 00:20:57,440 --> 00:20:59,840 Speaker 1: these actions, and then when they went out and did it, 352 00:21:00,040 --> 00:21:02,400 Speaker 1: they went and posted in certain you know, alt right, 353 00:21:02,520 --> 00:21:05,159 Speaker 1: far right communities around the world to sort of, you know, 354 00:21:05,520 --> 00:21:09,280 Speaker 1: gain traction, gain support. There was a manifesto that very 355 00:21:09,280 --> 00:21:12,120 Speaker 1: clearly was focused on, you know, had had a lot 356 00:21:12,119 --> 00:21:14,800 Speaker 1: of information to sort of you know, get out there 357 00:21:15,080 --> 00:21:17,040 Speaker 1: for people to kind of be talking about it, to 358 00:21:17,080 --> 00:21:20,160 Speaker 1: be sharing these ideas and memes, trying to analyze them. 359 00:21:20,160 --> 00:21:22,560 Speaker 1: That's the whole point of what happened here. And then 360 00:21:22,600 --> 00:21:24,159 Speaker 1: at the end of the day when they actually went 361 00:21:24,240 --> 00:21:27,119 Speaker 1: to do the attack, they went live on Facebook. And 362 00:21:27,160 --> 00:21:29,240 Speaker 1: so I think the share reaction is because there might 363 00:21:29,240 --> 00:21:31,919 Speaker 1: be some concern from the investor community that you know, 364 00:21:32,000 --> 00:21:35,760 Speaker 1: either through regulation or through self regulation, the companies will 365 00:21:35,800 --> 00:21:38,640 Speaker 1: stop allowing live streaming, which is a product that they 366 00:21:38,840 --> 00:21:40,640 Speaker 1: have had for a couple of years now and has 367 00:21:40,680 --> 00:21:43,480 Speaker 1: been you know, a big sorce of engagement and and 368 00:21:43,480 --> 00:21:47,760 Speaker 1: and and from Facebook's perspective important part of future growth. 369 00:21:48,560 --> 00:21:50,560 Speaker 1: You mentioned regulation. I mean this has been a big 370 00:21:50,560 --> 00:21:54,840 Speaker 1: push for some presidential candidates, Elizabeth Warrant specifically wanting to 371 00:21:55,040 --> 00:21:57,680 Speaker 1: break up some technology companies. You see, Yes, you think 372 00:21:57,680 --> 00:22:00,560 Speaker 1: you see a spillover from this from Facebook into other 373 00:22:00,720 --> 00:22:03,080 Speaker 1: other places of technology. Yeah, And I want to I 374 00:22:03,119 --> 00:22:04,760 Speaker 1: know we're talking about Facebook, but I do want to 375 00:22:04,760 --> 00:22:07,920 Speaker 1: say that, you know, YouTube also is a big part 376 00:22:07,920 --> 00:22:10,720 Speaker 1: of what happened here. Because the video was live on Facebook, 377 00:22:10,960 --> 00:22:13,600 Speaker 1: it was quickly taken down, you know, not immediately, but 378 00:22:13,680 --> 00:22:16,639 Speaker 1: still quite quickly, I think after about seventeen or eighteen 379 00:22:16,640 --> 00:22:19,000 Speaker 1: minutes or so, but it had been recorded by other 380 00:22:19,040 --> 00:22:21,880 Speaker 1: people and then started being reposted on YouTube, and so 381 00:22:22,400 --> 00:22:25,480 Speaker 1: YouTube is kind of the distribution method for a lot 382 00:22:25,480 --> 00:22:27,920 Speaker 1: of this content. When it comes to regulation, I mean 383 00:22:27,960 --> 00:22:30,040 Speaker 1: I have to sort of say that as a reporter 384 00:22:30,160 --> 00:22:31,520 Speaker 1: covering this for the last couple of years, I've become 385 00:22:31,520 --> 00:22:34,359 Speaker 1: a little bit cynical because we've been talking about regulation 386 00:22:34,400 --> 00:22:37,119 Speaker 1: time and time again. And although some countries do have 387 00:22:37,160 --> 00:22:39,879 Speaker 1: some regulation, For example, in Germany, there are rules about 388 00:22:39,880 --> 00:22:42,280 Speaker 1: what you can and can't post about you know, Holocaust 389 00:22:42,320 --> 00:22:45,840 Speaker 1: related content and you know, anti Semitic related content in 390 00:22:45,880 --> 00:22:48,080 Speaker 1: the US and other sort of you know, major major 391 00:22:48,200 --> 00:22:50,760 Speaker 1: places where these companies are actually based. We haven't seen 392 00:22:50,800 --> 00:22:53,840 Speaker 1: any strict regulation changes. I guess that there's a question 393 00:22:54,040 --> 00:22:57,440 Speaker 1: of what is the correct approach to regulating some of 394 00:22:57,480 --> 00:23:01,760 Speaker 1: this type of behavior. Because Facebook has uh deployed a 395 00:23:01,800 --> 00:23:05,520 Speaker 1: thousand plus person team to try to figure this out, 396 00:23:05,960 --> 00:23:08,119 Speaker 1: I just have to wonder. I mean, could it be 397 00:23:08,200 --> 00:23:11,080 Speaker 1: the other way around that that Facebook and other tech 398 00:23:11,119 --> 00:23:15,440 Speaker 1: giants cooperate with local authorities to pin down people who 399 00:23:15,480 --> 00:23:18,320 Speaker 1: are trying to use these as you know, these platforms 400 00:23:18,520 --> 00:23:22,720 Speaker 1: with social media strategies to perpetuate hate and violence. I mean, 401 00:23:22,800 --> 00:23:25,320 Speaker 1: I think that Facebook and the other platforms are already 402 00:23:25,400 --> 00:23:28,560 Speaker 1: doing that. I mean they they have had instance in 403 00:23:28,600 --> 00:23:30,639 Speaker 1: the past where people say they're going to go and 404 00:23:30,680 --> 00:23:32,320 Speaker 1: do something, and then they went and did it, and 405 00:23:32,320 --> 00:23:34,840 Speaker 1: people say, why didn't you tell anyone about this? Why 406 00:23:34,840 --> 00:23:38,040 Speaker 1: didn't you report this? And there are places, you know, 407 00:23:38,080 --> 00:23:41,120 Speaker 1: there are times where Facebook will report things. They'll even 408 00:23:41,160 --> 00:23:43,560 Speaker 1: report um, you know, if someone is threatening to harm 409 00:23:43,600 --> 00:23:46,520 Speaker 1: themselves or to kill themselves. They will report that to 410 00:23:46,800 --> 00:23:49,280 Speaker 1: local law enforcement, which obviously opens up a whole new 411 00:23:49,320 --> 00:23:52,720 Speaker 1: bag of questions about this tech company's private company, you know, 412 00:23:52,800 --> 00:23:57,480 Speaker 1: a a corporation's role in society and safety and health 413 00:23:57,520 --> 00:24:00,400 Speaker 1: and law enforcement that brings in the big brother. I mean, 414 00:24:00,440 --> 00:24:04,280 Speaker 1: is it Is it possible, though, that the technology is 415 00:24:04,359 --> 00:24:08,000 Speaker 1: just not there to monitor this technology? I mean, you know, 416 00:24:08,160 --> 00:24:11,480 Speaker 1: we we in this business have editors, generally speaking, before 417 00:24:11,520 --> 00:24:14,720 Speaker 1: we can publish something. When you're talking about live streaming, 418 00:24:14,920 --> 00:24:16,879 Speaker 1: it's it's out there as soon as somebody wants it 419 00:24:16,920 --> 00:24:19,879 Speaker 1: out there. There's no no filter. So live streaming, the 420 00:24:19,960 --> 00:24:22,159 Speaker 1: question is should we just ban it or not? Because 421 00:24:22,359 --> 00:24:23,920 Speaker 1: at the end of the day, if you're gonna have it, 422 00:24:23,920 --> 00:24:25,560 Speaker 1: it's going to go out there and no filter, there's 423 00:24:25,600 --> 00:24:28,520 Speaker 1: not really any great way to stop it. But what 424 00:24:28,680 --> 00:24:31,600 Speaker 1: I think is a major question that I'm asking today 425 00:24:31,720 --> 00:24:34,120 Speaker 1: is why was this video continually allowed to be reposted? 426 00:24:34,119 --> 00:24:35,960 Speaker 1: Even now? A colleague of Mindset, they were able to 427 00:24:36,000 --> 00:24:38,960 Speaker 1: find it on YouTube through a few minutes of searching, 428 00:24:38,960 --> 00:24:41,280 Speaker 1: and that's because people are constantly trying to repost it 429 00:24:41,320 --> 00:24:44,160 Speaker 1: and it's being taken down. But Google has thrown more 430 00:24:44,200 --> 00:24:47,040 Speaker 1: than one thousand people, thousands of people I think the 431 00:24:47,119 --> 00:24:49,639 Speaker 1: last number was ten thousand people that they've hired to 432 00:24:49,680 --> 00:24:52,160 Speaker 1: moderate content. They have the greatest minds in the business 433 00:24:52,200 --> 00:24:54,760 Speaker 1: when it comes to algorithms and recognizing videos like this, 434 00:24:55,200 --> 00:24:57,320 Speaker 1: and they have been able to do a pretty good 435 00:24:57,359 --> 00:25:00,880 Speaker 1: job of keeping copyrighted copyright in fringe videos from even 436 00:25:01,000 --> 00:25:02,960 Speaker 1: finding their way onto the platform. If I want to 437 00:25:03,000 --> 00:25:05,439 Speaker 1: post a popular song, they don't even let me upload it. 438 00:25:05,640 --> 00:25:08,359 Speaker 1: The algorithm recognize it before it even gets the public. 439 00:25:08,400 --> 00:25:10,480 Speaker 1: So why in this case, when we all knew what 440 00:25:10,520 --> 00:25:12,960 Speaker 1: the video was, have they not been able to stop 441 00:25:12,960 --> 00:25:15,240 Speaker 1: it from being uploaded in the first place. Garrett Devink, 442 00:25:15,280 --> 00:25:17,560 Speaker 1: thank you so much for being with us. Garrett Devink 443 00:25:17,720 --> 00:25:20,639 Speaker 1: covers technology at Bloomberg, joining us at our in our 444 00:25:20,720 --> 00:25:24,359 Speaker 1: interactive broker studios. Thanks for listening to the Bloomberg P 445 00:25:24,440 --> 00:25:27,000 Speaker 1: and L podcast. You can subscribe and listen to interviews 446 00:25:27,000 --> 00:25:30,800 Speaker 1: at Apple Podcasts or whatever podcast platform you prefer. Paul Sweeney, 447 00:25:30,880 --> 00:25:33,440 Speaker 1: I'm on Twitter at pt Sweeney. I'm Lisa abram Woy. 448 00:25:33,480 --> 00:25:36,080 Speaker 1: It's I'm on Twitter at Lisa abram Woyits one before 449 00:25:36,119 --> 00:25:39,280 Speaker 1: the podcast. You can always catch us worldwide on Bloomberg Radio.