WEBVTT - Ukraine Call Summary, Impeachment Inquiry, & GBF 0:00:02.640 --> 0:00:05.320 Welcome to the Bloomberg Penel podcast. I'm Paul swing you 0:00:05.360 --> 0:00:07.640 along with my co host Lisa Brahma Waits. Each day 0:00:07.720 --> 0:00:10.240 we bring you the most noteworthy and useful interviews for 0:00:10.280 --> 0:00:12.520 you and your money. Whether at the grocery store or 0:00:12.560 --> 0:00:15.480 the trading floor. Find a Bloomberg Penl podcast on Apple 0:00:15.520 --> 0:00:17.960 podcast or wherever you listen to podcasts, as well as 0:00:17.960 --> 0:00:21.919 at Bloomberg dot com. Let's dive deeper into those headlines. 0:00:21.920 --> 0:00:24.920 When we get the rough transcript of the president's call 0:00:25.000 --> 0:00:27.880 with the Ukraine. We welcome Alex Wayne, Bloomberg News based 0:00:27.880 --> 0:00:30.240 in Washington, d C. Alex, thanks so much for joining us. 0:00:30.440 --> 0:00:32.599 Just give us your kind of initial response to kind 0:00:32.600 --> 0:00:35.519 of what we're seeing here across the tape. Well, this uh, 0:00:35.600 --> 0:00:40.279 this transcript uh really supports the allegations that have been 0:00:40.280 --> 0:00:44.720 made that the President pressured Ukraine to investigate a political rival, 0:00:44.800 --> 0:00:48.239 Joe Biden. The President brought up Biden this phone call, 0:00:48.360 --> 0:00:51.879 mentioned his name repeatedly, and asked to uk for the 0:00:51.920 --> 0:00:56.040 new Ukrainian president to reopen a an investigation that had 0:00:56.080 --> 0:01:01.880 gone dormant um back in or so uh, involving a 0:01:01.960 --> 0:01:05.720 company tied to Joe Biden's son hunter Biden. So, is 0:01:05.760 --> 0:01:08.920 there any sense, Alex that there was a threat of 0:01:09.040 --> 0:01:14.480 withholding aid to Ukraine unless these this investigation did proceed. 0:01:14.880 --> 0:01:18.760 That there's no explicit threat like that in documented in 0:01:18.880 --> 0:01:21.080 this phone call. But but let's back up just a 0:01:21.160 --> 0:01:24.839 step before this call. According to people familiar with the matter, 0:01:25.480 --> 0:01:28.960 the President froze that that military age Ukraine had happened 0:01:29.240 --> 0:01:32.520 at least a week before the call. Uh now now 0:01:32.640 --> 0:01:35.080 that the President of Ukraine gives no indication in the 0:01:35.160 --> 0:01:37.800 call that he's aware the age has been frozen. At 0:01:37.840 --> 0:01:40.640 one point he early in the call, he thanks President 0:01:40.640 --> 0:01:44.360 Trump for US support for Ukraine and says he's uh, 0:01:44.400 --> 0:01:47.360 he's almost ready to buy more Javelin anti tank missile 0:01:47.360 --> 0:01:51.000 systems from the United States. The President responds by saying, 0:01:51.080 --> 0:01:52.680 I would like you to do us a favor, though, 0:01:52.760 --> 0:01:54.680 because our country has been through a lot in Ukraine 0:01:54.680 --> 0:01:58.040 knows a lot about it, and he then asks Zelensky 0:01:58.160 --> 0:02:01.440 to locate this d N the server that was hacked 0:02:01.640 --> 0:02:05.720 during campaign. We're not sure what the President was getting 0:02:05.720 --> 0:02:09.400 at there, um, but that then leads into a conversation 0:02:09.440 --> 0:02:13.560 about other investigations Ukraine could conduct on the President's behalfs 0:02:13.600 --> 0:02:17.359 including uh, including the Joe Biden probe. Yeah. Right now 0:02:17.400 --> 0:02:21.160 we're looking at SMP right now, the SMP trading lower, 0:02:21.520 --> 0:02:25.720 sharply lower on the heels of this transcript release. I'm 0:02:25.760 --> 0:02:29.680 just wondering, based on what we've heard, based on the law, 0:02:30.080 --> 0:02:33.520 is what's in the transcript enough to give further ammunition 0:02:33.600 --> 0:02:36.160 to the Democrats and their impeachment push, or is this 0:02:36.200 --> 0:02:42.040 sort of edifying for President Trump that he didn't necessarily verbatim, 0:02:42.080 --> 0:02:46.880 threatened to withhold aid in return for further investigation. So, so, 0:02:47.040 --> 0:02:50.280 impeachment is more of a political process than a legal process. 0:02:50.680 --> 0:02:53.079 The Constitution says the president can impeach for high crimes 0:02:53.080 --> 0:02:55.440 and misdemeanors, but leaves it to Congress to decide what 0:02:55.560 --> 0:02:57.880 those are. Uh. So, I don't I don't know if 0:02:57.919 --> 0:03:00.600 the President violated a law. Here. We y're told that 0:03:00.639 --> 0:03:04.960 the Department of Justice conducted an investigation um into whether 0:03:05.480 --> 0:03:09.480 the President violated campaign finance law by soliciting the President 0:03:09.480 --> 0:03:12.919 of Ukraine's help investigating Joe Biden, and do o J 0:03:13.120 --> 0:03:15.919 determined that he didn't. Uh. But we're also told that 0:03:15.960 --> 0:03:18.280 at the time d o J conducted this investigation, they 0:03:18.320 --> 0:03:21.560 were not aware that the president had frozen military aid 0:03:21.560 --> 0:03:25.120 to Ukraine head of a call. UM, So I you know, 0:03:25.240 --> 0:03:28.520 I would say this is squarely within the realm of 0:03:28.639 --> 0:03:32.639 things that Congress would scrutinize. Uh. One of the Commerce's 0:03:32.720 --> 0:03:35.760 highest responsibilities is to conduct over stud of the executive branch. 0:03:36.320 --> 0:03:39.240 And UH. I think if any president had having had 0:03:39.400 --> 0:03:42.280 behaved like this in a phone call with a foreign leader, UM, 0:03:42.560 --> 0:03:48.280 it would very well rise the level of investigation by Congress. 0:03:48.320 --> 0:03:51.160 So is it the sense here? You know? The next steps? 0:03:51.200 --> 0:03:52.920 I guess it's probably the question we have the president. 0:03:52.960 --> 0:03:55.480 I believe it's going to have a press Commerce today 0:03:55.920 --> 0:04:00.000 at four pm Eastern. UH. Any expectations here about the 0:04:00.040 --> 0:04:03.000 tax team might take, well, he's been he's been very 0:04:03.000 --> 0:04:06.920 defensive so far about his call with Lensky. He's called 0:04:06.920 --> 0:04:09.520 it a perfect call. So he did nothing wrong. I 0:04:09.520 --> 0:04:12.040 don't know why he calls it a perfect call given 0:04:12.280 --> 0:04:14.760 what is right here on on the page that I'm 0:04:14.760 --> 0:04:17.080 looking at, showing that he he asked a foreign leader 0:04:17.080 --> 0:04:20.520 to investigate a political arrival. That's that's not a normal 0:04:20.560 --> 0:04:22.800 thing for a president to ask of a of a 0:04:22.839 --> 0:04:25.440 foreign a foreign leader. Actually, Alex, that's what I wanted 0:04:25.440 --> 0:04:27.280 to ask you, I mean, is there a president for this? 0:04:27.760 --> 0:04:29.840 I've never heard of one. I've I've never heard of 0:04:29.920 --> 0:04:32.640 something like this happening before. I'm not aware of a 0:04:33.360 --> 0:04:36.799 previous president, at least in modern US history, Uh, asking 0:04:36.839 --> 0:04:40.400 a foreign leader to get involved in a U S election. 0:04:41.640 --> 0:04:44.040 So one of the issues that that Tim O'Brien Bloomberg 0:04:44.040 --> 0:04:47.200 opinion columnists put in a column yesterday was the big 0:04:47.200 --> 0:04:50.200 issue is to focus on the fact that don't focus 0:04:50.279 --> 0:04:53.599 necessarily on whether there was a quid pro quo asked 0:04:53.640 --> 0:04:56.040 by President Trump, focused more on the fact that the 0:04:56.200 --> 0:04:59.160 call was made to ask a foreign government to interfere 0:04:59.760 --> 0:05:02.320 in an election, and that in and of itself, is 0:05:03.040 --> 0:05:06.840 uh an impeachable or could could support an impeachment process. 0:05:07.200 --> 0:05:10.440 Is that the thinking within Washington? Or does the quid 0:05:10.440 --> 0:05:13.760 pro quel really need to be proven? Uh? No, I 0:05:13.800 --> 0:05:17.120 think I think Democrats definitely feel like there doesn't have 0:05:17.200 --> 0:05:20.200 to be a quid per quoil, that that's simply inviting 0:05:20.320 --> 0:05:23.960 or or asking a foreign leader to to get involved 0:05:24.000 --> 0:05:27.360 in in an election. Um is enough on its face, 0:05:27.440 --> 0:05:30.040 but but let's also let's also kind of you know, 0:05:30.080 --> 0:05:31.840 you could almost you can almost say that the quid 0:05:31.839 --> 0:05:35.520 per quota is already established. The Ukraine is dependent on 0:05:35.640 --> 0:05:38.480 American military aid. If the President of the United States 0:05:38.560 --> 0:05:40.920 calls up the president of Ukraine and asked him to 0:05:40.960 --> 0:05:43.880 do something, there is a there is even if he 0:05:43.920 --> 0:05:47.560 doesn't make the threat explicit, there is an implication that 0:05:47.800 --> 0:05:50.919 US aid maybe at risk if the Ukrainian president doesn't 0:05:50.960 --> 0:05:53.080 agree to do whatever the American President is asking me 0:05:53.120 --> 0:05:56.440 to do. So, so the quid pro quo is there. 0:05:56.839 --> 0:06:03.000 It's implied even without the President explicitly threatening the Ukrainian president. So, Alex, 0:06:03.040 --> 0:06:06.039 what's the next step here? Well, the next step is 0:06:06.080 --> 0:06:07.920 that there's there's going to be a lot of work 0:06:07.960 --> 0:06:10.480 on on the on in the House of Representatives by 0:06:10.560 --> 0:06:14.720 multiple committees um to to apparently as symbol a case 0:06:14.760 --> 0:06:20.280 for impeachment of of the president. Any support by Republicans 0:06:20.400 --> 0:06:24.000 there is none so far, but uh, you know, at 0:06:24.040 --> 0:06:26.680 least at least one Republican, Mitt Romney of of Utah 0:06:26.720 --> 0:06:31.320 Senter Mitt Romney of Utah has has raised some concerns 0:06:31.360 --> 0:06:33.800 about what happened in this phone call with the President 0:06:33.800 --> 0:06:36.440 of Ukraine UH and has said he would reserve judgment 0:06:36.480 --> 0:06:40.680 on on any consequences until after the facts had were gathered, 0:06:40.720 --> 0:06:43.440 and so we're we're gathering those facts now. We we 0:06:43.560 --> 0:06:45.480 think that by the end of the week will also 0:06:46.040 --> 0:06:50.599 have uh this whistleblower complaint. Uh. An intelligence community whistle 0:06:50.760 --> 0:06:54.760 whistle blower made a complaint to the Inspector General for 0:06:54.800 --> 0:06:58.920 the Intelligence community based on in part this call between 0:06:59.040 --> 0:07:03.040 Trump and the press of Ukraine as well as other events. 0:07:03.720 --> 0:07:06.880 UH and uh and and that complaint has been demanded 0:07:06.880 --> 0:07:10.840 by by Democrats in Congress. Alex Wayne, thank you so much, 0:07:10.840 --> 0:07:27.760 alex Wayne. White House reporter based in Washington, d C. 0:07:27.760 --> 0:07:32.000 Certainly there is a lot of interest in President Trump's 0:07:32.000 --> 0:07:35.440 phone call with Ukraine, at the transcript of which was released. 0:07:35.600 --> 0:07:38.200 Joining us now to discuss Justin sink Bloomberg News, White 0:07:38.200 --> 0:07:41.760 House reporter, Justin. Have have we gotten any responses yet 0:07:41.920 --> 0:07:45.760 from either the White House Republicans or Democrats? Uh, in 0:07:45.840 --> 0:07:49.120 the wake of the release of this transcript. Yeah. So, 0:07:49.600 --> 0:07:53.000 I think obviously a lot of Democratic lawmakers are expressed 0:07:53.000 --> 0:07:56.720 and outrage over what they see is the President acting 0:07:56.720 --> 0:08:01.000 inappropriately by asking Ukraine to participate in this investigation of 0:08:01.480 --> 0:08:05.920 Joe Biden. The President his allies, though, have kind of 0:08:05.960 --> 0:08:09.440 insisted throughout this process that the President didn't do anything wrong. 0:08:09.560 --> 0:08:14.640 They say, uh, that it's normal operating procedure or within 0:08:14.680 --> 0:08:18.800 the bounds of acceptability for the president to um push 0:08:18.840 --> 0:08:22.600 for an investigation when there's possible wrongdoing. And they make 0:08:22.640 --> 0:08:25.880 the argument that the five page transcript shows that the 0:08:25.880 --> 0:08:30.600 President didn't necessarily link his freezing of foreign aid or 0:08:30.640 --> 0:08:34.960 even foreign aide generally with the buying investigation, although he 0:08:35.080 --> 0:08:38.160 does discuss both topics on the on the call and 0:08:38.240 --> 0:08:41.040 Justin's isn't you know, isn't simply the fact that the 0:08:41.280 --> 0:08:44.080 president asked the President Trump asked the leader of a 0:08:44.080 --> 0:08:47.640 foreign nation to potentially interfere in a U S election. 0:08:47.720 --> 0:08:51.360 Isn't that in and of itself? Uh problematic and maybe 0:08:51.360 --> 0:08:55.000 even enough to support impeachment. I mean, that's certainly the 0:08:55.080 --> 0:08:57.600 argument that the critics of the president are making today 0:08:57.640 --> 0:09:01.760 and that uh, you know, Democrats, including Hillary Clinton, have 0:09:02.760 --> 0:09:07.719 set our grounds for impeachment. Now, the President says and 0:09:07.800 --> 0:09:12.120 has defended himself by arguing that there was possible misconduct 0:09:12.200 --> 0:09:15.160 by by Joe Biden that hasn't been sort of substantiated. 0:09:15.240 --> 0:09:18.680 All of our reporting indicates that, uh, Joe Biden made 0:09:18.679 --> 0:09:23.319 the call to to get rid of a prosecutor in Ukraine. Uh, 0:09:23.480 --> 0:09:27.000 not based on his son's financial interests, but based on 0:09:27.080 --> 0:09:31.240 the policy within the Obama administration. But but the White 0:09:31.240 --> 0:09:33.560 House is going to make the argument that that this 0:09:33.720 --> 0:09:36.640 was just sort of, uh an attempt by this White 0:09:36.679 --> 0:09:39.720 House to to address possible corruption. Have we already think 0:09:39.760 --> 0:09:44.520 from Republican leaders. Republican leaders so far have have sort 0:09:44.520 --> 0:09:47.480 of downplayed the police this and are are making the 0:09:47.520 --> 0:09:51.439 argument that Democrats are sort of singularly focused on impeaching 0:09:51.480 --> 0:09:54.960 the president. It's it's a very similar um approach to 0:09:55.000 --> 0:09:58.200 what we heard in the aftermath of the Mala report 0:09:58.280 --> 0:10:01.280 coming out, where again the President engaged in some conduct 0:10:01.360 --> 0:10:04.800 that um was certainly outside the sort of norms that 0:10:04.880 --> 0:10:08.439 we we expect, but didn't rise the level of illegality. 0:10:08.520 --> 0:10:11.920 And so they're making the areament that Democrats are uh 0:10:12.000 --> 0:10:15.680 pushing too hard for this impeachment issue. So justin many 0:10:15.679 --> 0:10:19.079 observers have suggested that the more damning piece of evidence 0:10:19.120 --> 0:10:23.000 maybe the whistleblowers report per se, is there sense of 0:10:23.240 --> 0:10:26.000 when if that will be released and will be releasing 0:10:26.000 --> 0:10:29.720 its entirety, Yeah, so we're not entirely sure when the 0:10:29.800 --> 0:10:32.240 public will get a chance to look at or if 0:10:32.240 --> 0:10:33.520 the politic will get a chance to look at this 0:10:33.520 --> 0:10:37.200 whistle blower report. But there is an expectation that the Congress, 0:10:37.200 --> 0:10:40.440 which is holding hearings tomorrow on this issue, will will 0:10:40.520 --> 0:10:42.880 at least in a classified setting, be able to review 0:10:43.440 --> 0:10:45.800 uh some if not all, of the whistle blower report. 0:10:45.880 --> 0:10:49.360 So we we may get additional details that can help 0:10:49.440 --> 0:10:53.319 give a bigger picture of what the Trump White House 0:10:53.360 --> 0:10:54.760 was up to and what the president was up to 0:10:55.520 --> 0:10:59.360 beyond this this specific called transcript as soon as tomorrow. 0:10:59.760 --> 0:11:02.200 Just and is there any precedent that we can look 0:11:02.280 --> 0:11:06.800 to in terms of how the president's phone call went 0:11:07.160 --> 0:11:10.240 or didn't go according to the way it should have 0:11:10.360 --> 0:11:13.360 I mean, in other words, uh, does the law or 0:11:13.800 --> 0:11:19.240 precedent offer any guidance for us. So another interesting kind 0:11:19.240 --> 0:11:22.000 of piece of information that came out today is that 0:11:22.040 --> 0:11:27.520 the Justice Department, because of this whistleblower um flagging concern 0:11:27.559 --> 0:11:29.760 over the call, did do a legal review of it 0:11:29.840 --> 0:11:33.600 to see if if President Trump had violated campaign finance law, 0:11:34.840 --> 0:11:38.160 as as he encouraged them to look into into Joe Biden. 0:11:38.440 --> 0:11:42.320 The Justice Department ultimately concluded that there was not um 0:11:43.400 --> 0:11:45.240 that the president didn't break the law. That they didn't 0:11:45.280 --> 0:11:50.680 see anything necessarily improper, but um senior administration who official 0:11:50.720 --> 0:11:53.200 told us that that that that did not include a 0:11:53.240 --> 0:11:57.080 consideration of the freezing of Youkran's aid. And so I 0:11:57.120 --> 0:11:59.400 think a lot of critics of the White House are 0:11:59.400 --> 0:12:01.760 also going to pot not that the Justice foreman is, 0:12:01.840 --> 0:12:05.240 of course um run by Attorney General Barr, who has 0:12:05.320 --> 0:12:08.679 mentioned in this transcript and who is a close political 0:12:08.679 --> 0:12:12.199 ally of the president. Justin what's the sense of next 0:12:12.240 --> 0:12:16.120 steps here? Yeah, So I think we're looking at two 0:12:16.120 --> 0:12:18.760 big kind of events on the very short term horizon. 0:12:18.840 --> 0:12:21.920 One is the President is actually meeting with the Ukrainian 0:12:21.920 --> 0:12:25.400 president later this afternoon, so I'm sure he's going to 0:12:25.440 --> 0:12:29.040 feel questions and talk about this then, and especially at 0:12:29.080 --> 0:12:32.080 a press conference schedule for four pm at the end 0:12:32.120 --> 0:12:34.840 of the United Nations later this afternoon. So we're going 0:12:34.880 --> 0:12:37.640 to hear a lot from the President later today as 0:12:37.640 --> 0:12:39.800 he tries to explain his actions. And then, of course 0:12:39.800 --> 0:12:42.960 we've got these congressional hearings going forward on the next 0:12:42.960 --> 0:12:46.000 couple of days, where we're more information, particularly from the 0:12:46.480 --> 0:12:48.680 mouth of the whistleblower, may might start to come out. 0:12:49.200 --> 0:12:52.200 Justin if we look at the market response. Initially, there 0:12:52.360 --> 0:12:55.200 was a leg lower in the SMP and NASDAC that 0:12:55.280 --> 0:12:58.160 has bounced back since. So basically, people in the market 0:12:58.240 --> 0:13:00.040 seem to be suggesting this is not that big of 0:13:00.080 --> 0:13:02.040 a deal, or at least it doesn't move the needle 0:13:02.360 --> 0:13:06.959 materially more toward impeachment. Does that cohere with what people 0:13:06.960 --> 0:13:09.800 who you speak with seem to think. Yeah, I mean, 0:13:10.000 --> 0:13:12.760 I think that there's obviously a lot of political attention 0:13:12.760 --> 0:13:17.040 on this entire controversy, but the basic math hasn't changed 0:13:17.080 --> 0:13:20.920 here in Washington, which is the Republicans continue to control, uh, 0:13:21.240 --> 0:13:23.719 the United States Senate, and that there's nowhere near the 0:13:23.800 --> 0:13:26.320 votes that you would need to actually remove Donald Trump 0:13:26.360 --> 0:13:29.280 from office. So while Democrats might want to sort of 0:13:29.320 --> 0:13:31.480 send a political message that they find this behavior to 0:13:31.480 --> 0:13:35.000 be unacceptable, uh, something that would actually remove the president 0:13:35.040 --> 0:13:40.280 from office and thereby potentially change policy and impact markets 0:13:41.000 --> 0:13:44.160 is not something that that seems likely at this point, 0:13:44.880 --> 0:13:47.240 Justine think thanks so much for joining us. Justin sink 0:13:47.280 --> 0:13:50.079 as a Bloomberg News White House reporter giving us the 0:13:50.160 --> 0:13:53.720 latest reporting on the call summary that was made public 0:13:53.800 --> 0:13:56.760 between the of the call between President Trump and the 0:13:56.760 --> 0:14:17.400 President of the Ukraine. We are broadcasting Alive from the 0:14:17.480 --> 0:14:20.680 Bloomberg Global Business Forum here in New York City at 0:14:20.720 --> 0:14:25.240 the Plaza Hotel, hob nobbing with the world's leaders, frankly 0:14:25.480 --> 0:14:28.240 as well as the leaders of the major corporations as 0:14:28.240 --> 0:14:31.720 well as the largest asset management and managers in the world. 0:14:31.800 --> 0:14:36.120 Among them Dylan Play a chief executive officer of Temasek International, 0:14:36.400 --> 0:14:40.200 which manages two thirty five billion dollars, and we actually 0:14:40.240 --> 0:14:42.360 had an opportunity to sit down and speak with him. 0:14:42.400 --> 0:14:44.400 Let's take a listen. We want to start with the 0:14:44.400 --> 0:14:47.160 theme of the Global Business Forum, which is sustainability. And 0:14:47.160 --> 0:14:50.640 I'm wondering how much you have shifted your investments with 0:14:50.840 --> 0:14:53.560 E s G sorts of parameters to sustainability in mind. 0:14:54.120 --> 0:14:56.880 So this is a journey that we've started. We started 0:14:56.920 --> 0:14:59.480 about three years ago and now we're looking at it 0:14:59.520 --> 0:15:02.160 in a very listic manner. There are three parts to it. 0:15:02.320 --> 0:15:04.600 I would say first is, uh, we're put in place 0:15:04.600 --> 0:15:07.200 at E s G framework for each of the investments 0:15:07.200 --> 0:15:09.160 that we're looking at right now from the time that 0:15:09.200 --> 0:15:11.600 we it first come to the pipeline to evaluation to 0:15:11.640 --> 0:15:14.800 eventual execution. And it's very clear in our minds. Unless 0:15:14.840 --> 0:15:16.760 it passes in the e s G framework. Where either 0:15:16.840 --> 0:15:20.000 we've identified problems that can be resolved or the company 0:15:20.120 --> 0:15:22.640 is largely in line with the framework, we won't proceed 0:15:22.680 --> 0:15:25.760 with investment. Now we have six hundred investments intomastic, so 0:15:25.840 --> 0:15:29.200 we're now extending the framework into our existing investments so 0:15:29.240 --> 0:15:31.920 that we see improvement and whatever we can do with 0:15:31.960 --> 0:15:34.880 respect to e s G factors. The third element has 0:15:34.920 --> 0:15:38.160 to do with what we're trying to do for sustainable 0:15:38.680 --> 0:15:42.920 investments that include sustainable living for example, alternative proteins, anything 0:15:42.920 --> 0:15:45.560 to do with water efficiency, to look at resource efficiency. 0:15:46.360 --> 0:15:49.520 The second is to consider the issue of the carbonization. 0:15:50.040 --> 0:15:52.400 How we can go about reducing the cuboon footprints of 0:15:52.400 --> 0:15:55.240 the companies that we control, reduce our own cuboon footprint, 0:15:55.520 --> 0:15:57.480 trying to see how we can influence companies in which 0:15:57.480 --> 0:16:00.880 we are minority shareholdings to think about reducing their carbon footprint. 0:16:01.200 --> 0:16:04.920 Would review towards seeing how our corvered footprint for the 0:16:05.040 --> 0:16:08.680 entire portfolio can be halved by twenty And the final 0:16:08.720 --> 0:16:11.920 thing is to look at sustainable solutions. That includes things 0:16:12.000 --> 0:16:15.440 like environmental entering. Solutions which are relevant in the context 0:16:15.440 --> 0:16:18.920 of Asia, include sustainable finance because so much what Asia 0:16:18.960 --> 0:16:23.080 needs infrastructure and the and there's always a tension between 0:16:23.120 --> 0:16:26.440 affordability and what you need to do for climate change. 0:16:26.800 --> 0:16:29.480 And so we think that the key part of this 0:16:29.640 --> 0:16:31.160 is to make sure that there is a form of 0:16:31.160 --> 0:16:34.360 blended finance. It's brought to to the needs of the region. 0:16:34.760 --> 0:16:36.720 And we are looking now to see how we can 0:16:36.960 --> 0:16:39.920 plate that. So the companies that you've invested in, how 0:16:40.120 --> 0:16:43.560 typically how receptive other management teams and the boards to 0:16:43.760 --> 0:16:46.240 some of the your sustainability and and e s g 0:16:46.360 --> 0:16:49.800 in initiatives. Increasingly so because I think they see the 0:16:49.800 --> 0:16:52.880 winds of change. Uh their customers are asking for it. 0:16:53.160 --> 0:16:55.880 They have to look at their production methods to see 0:16:55.880 --> 0:16:58.320 whether it's in line with what their customers will expect 0:16:58.320 --> 0:17:00.920 them to do. Uh. So most of them realize that 0:17:00.960 --> 0:17:03.000 they have to start their journey, some of them further 0:17:03.040 --> 0:17:05.520 along the process. Some are of obviously thinking about how 0:17:05.560 --> 0:17:08.200 best approach it. So I think these days we find 0:17:08.200 --> 0:17:09.760 it as we talked to him about this, as much 0:17:09.760 --> 0:17:11.920 as you talked to about you know, their business strategies 0:17:11.960 --> 0:17:14.960 and so on, We're getting a more receptive audience with 0:17:15.080 --> 0:17:18.320 these companies right now. UM, I want to shift gears 0:17:18.320 --> 0:17:20.800 a little bit, because we've heard a lot about the 0:17:20.840 --> 0:17:24.359 groundswell of cash just pouring into a lot of markets 0:17:24.359 --> 0:17:27.520 and particularly private markets around the world in time. Second, 0:17:27.520 --> 0:17:29.240 I know has been involved in that. I mean you 0:17:29.280 --> 0:17:31.439 have to be as you seek out bigger returns. How 0:17:31.480 --> 0:17:34.360 concerned are you about some of the evaluations that you're 0:17:34.359 --> 0:17:36.320 seeing in markets today? So I think the first thing 0:17:36.320 --> 0:17:38.080 we have to bear in mind we're in a low inflation, 0:17:38.440 --> 0:17:41.880 lower interest rate, lower growth, lower return environment. So your 0:17:41.920 --> 0:17:46.800 traditional instruments for returns, for example, fixed income and so on, 0:17:46.840 --> 0:17:48.399 I'm not going to give you the same returns that 0:17:48.480 --> 0:17:50.760 you're you're used to. So more and more money is 0:17:50.760 --> 0:17:53.119 going to alternatives. Sopping wealth funds are shifting more of 0:17:53.119 --> 0:17:55.280 all of the capital in terms of as an allocation 0:17:55.359 --> 0:17:59.280 to alternatives. So there is a lot of capital looking 0:17:59.320 --> 0:18:03.000 for real and two returns. Now there may be too 0:18:03.040 --> 0:18:05.520 much capital out there looking at the same range of 0:18:05.560 --> 0:18:08.159 investments that we're looking at um And are we going 0:18:08.200 --> 0:18:12.400 to reduce our investment return framework? Monswers No. Uh, does 0:18:12.440 --> 0:18:14.040 that mean there's gonna be very difficult for us to 0:18:14.080 --> 0:18:16.119 source investments that we need to see to get a 0:18:16.119 --> 0:18:19.920 better returned answers Yes, so valuations are a key part 0:18:19.960 --> 0:18:22.720 to that, and we're more than prepared to walk away. 0:18:22.760 --> 0:18:24.520 We feel it doesn't mean a return fessial for the 0:18:24.560 --> 0:18:26.879 long term. So give us the sense of kind of 0:18:26.920 --> 0:18:28.560 the environment out there. I know you you guys are 0:18:28.680 --> 0:18:32.800 invested very aggressively around the Asia. Given the trade tensions 0:18:32.800 --> 0:18:35.160 that we continue to see between the US and China. 0:18:35.480 --> 0:18:37.960 What are you seeing in in your part of the world, 0:18:38.119 --> 0:18:40.880 in some of the opportunities that you're looking at. So 0:18:41.040 --> 0:18:43.040 the number one destination for our capital in the last 0:18:43.040 --> 0:18:46.760 five years has been United States. Number two destinations China. 0:18:47.400 --> 0:18:50.760 So the US China issue, it's not exactly a friendly 0:18:50.800 --> 0:18:53.480 one to US um but look, we have to take 0:18:53.480 --> 0:18:55.320 the wall as it is. You know, we have to 0:18:55.400 --> 0:18:59.040 find our way through the difficulties that that the current 0:18:59.040 --> 0:19:03.160 relationship puts forward to all of us as investors, and 0:19:03.200 --> 0:19:05.280 we have to find a way in which we can 0:19:05.320 --> 0:19:08.639 continue to look for good investments in the areas that 0:19:08.680 --> 0:19:11.000 we are focused on, whether they be in the United 0:19:11.040 --> 0:19:12.920 States or where do they be in China? All for 0:19:13.000 --> 0:19:15.480 that ment, in Europe and India and elsewhere. What's the 0:19:15.600 --> 0:19:18.919 one area that you've been adding your adding to your 0:19:18.920 --> 0:19:22.879 allocation The most technology. So maybe I'll put it this way. 0:19:22.920 --> 0:19:26.680 We have five focus areas. Technology is one life sciences, biotech, 0:19:26.760 --> 0:19:32.159 the second financial services, non bankings, The third to insurance, fintech, payments, 0:19:32.200 --> 0:19:35.800 asset management, consumer because it's such a big thing with 0:19:36.280 --> 0:19:39.160 rising affluence is the fourth and the fifth actually which 0:19:39.160 --> 0:19:42.000 is the most recent and the most exciting. First is 0:19:42.080 --> 0:19:45.720 agribios Sciences. Gives an example of agri bios sciences. So 0:19:45.800 --> 0:19:49.040 for example, you know we're investing in possible foods, you know, 0:19:49.119 --> 0:19:52.119 so alternative proteins. I think you all know about it 0:19:52.160 --> 0:19:55.000 beyond me. Well, we chose impossible foods of a beyond 0:19:55.280 --> 0:19:57.639 time will tell. We'll probably that we be be two witness 0:19:57.680 --> 0:20:01.359 maybe more. Um that we looking at ways in which 0:20:01.800 --> 0:20:04.960 we look at vertical farming, uban farming, look at ways 0:20:04.960 --> 0:20:08.160 in which that could be substitutes for hubicides pesticides where 0:20:08.200 --> 0:20:10.719 less chemicals can be used. So just real quick, here, 0:20:10.760 --> 0:20:14.480 is there any area completely avoiding right now? Well, I 0:20:14.520 --> 0:20:18.200 don't think we're going to be investing fossil fuels as 0:20:18.240 --> 0:20:21.359 you continue path to sustainability. Yeah, and ergo, that's why 0:20:21.520 --> 0:20:24.280 I'm sure you're at this conference. Delon Pila, Thank you 0:20:24.320 --> 0:20:27.240 so much, for joining us CEO of Timasak International, giving 0:20:27.400 --> 0:20:31.480 his thoughts on his the global investment of Tamasak and 0:20:31.520 --> 0:20:33.840 some of the investments and sustainability and E s G 0:20:34.000 --> 0:20:36.840 and and how that factors into their investments. Indeed, thank 0:20:36.880 --> 0:20:39.520 you so much, thank you for having me. That was 0:20:39.560 --> 0:20:42.600 delon Play. We spoke to him earlier this morning, CEO 0:20:42.640 --> 0:20:46.080 of Timasak International, some very interesting commentary here as we're 0:20:46.080 --> 0:20:48.760 here at the Bloomberg Global Business Form Conference here in 0:20:48.800 --> 0:21:05.440 New York. Right now, it's shift focus to We Work. 0:21:05.480 --> 0:21:08.560 It lost its chief executive officer and co founder Adam Newman. 0:21:09.119 --> 0:21:11.800 It's bonds, it does not have stocks because it has 0:21:11.800 --> 0:21:14.080 not been able to do it's initial public offering at 0:21:14.119 --> 0:21:15.439 the value that it would like to do it or 0:21:15.440 --> 0:21:20.800 anywhere close. Bonds trading down significantly as we look ahead 0:21:20.920 --> 0:21:23.440 to the future share of Ada. Bloomberg opinion columnist joining 0:21:23.520 --> 0:21:27.440 us in our interactive broker studios, Shira, how much does 0:21:27.480 --> 0:21:31.480 the departure of Adam Newman really change the landscape for 0:21:31.560 --> 0:21:35.440 We Work? I mean it doesn't. Look it does change things, right, 0:21:36.200 --> 0:21:39.800 because he was one element, a significant element of both 0:21:39.880 --> 0:21:45.199 We Work success and ultimately it's um kind of self 0:21:45.280 --> 0:21:51.480 dealing and bad management, oversight and business model. So changing 0:21:51.520 --> 0:21:55.600 horses does matter. But at the same time, everybody who 0:21:55.840 --> 0:21:58.080 enabled We Work to get to the point where it 0:21:58.160 --> 0:22:01.320 is today is still there. That includes Newman himself. He 0:22:01.600 --> 0:22:05.240 is a significant shareholder, remains a significant shareholder. He's going 0:22:05.320 --> 0:22:07.680 to be on the board, right He's a non executive chairman. 0:22:08.119 --> 0:22:11.320 All the investors are still there, the bankers, the lawyers, 0:22:12.280 --> 0:22:15.040 all the executives. The company is now being run by 0:22:15.080 --> 0:22:19.080 these two insiders. So We Work has a lot of 0:22:19.160 --> 0:22:22.159 questions to answer about both its business model and the 0:22:22.200 --> 0:22:26.679 structure of the company, and that's being those decisions are 0:22:26.680 --> 0:22:28.480 being made by more or less the same people who 0:22:28.480 --> 0:22:31.040 were there all along. So sure, one of the key 0:22:31.200 --> 0:22:34.720 figures for me is Masa Yoshi san of soft Bank. 0:22:34.920 --> 0:22:38.159 Um is there any sense of how committed he and 0:22:38.240 --> 0:22:41.199 the fund is to this company given some of the 0:22:41.240 --> 0:22:43.679 term ra what we've seen. I think that's a key question, 0:22:43.720 --> 0:22:45.640