WEBVTT - Bloomberg Businessweek Weekend-December 5, 2020 0:00:00.880 --> 0:00:06.480 This is Bloomberg Business Week with Carol Masser from Bloomberg Radio. Hi, 0:00:06.519 --> 0:00:09.160 I'm Carol Masser. Welcome to the weekend edition of Bloomberg 0:00:09.160 --> 0:00:11.680 Business Week Week thirty eight. Working from home still for 0:00:11.720 --> 0:00:14.240 so many I was back at the office, And this 0:00:14.320 --> 0:00:17.360 week we've got a special edition of Bloomberg Business Week 0:00:17.600 --> 0:00:21.680 we reveal the Bloomberg Fifty List. Now, covid are reckoning 0:00:21.720 --> 0:00:23.919 on race and a U S election made compiling the 0:00:23.920 --> 0:00:27.440 fourth annual Bloomberg Fifty easier in some ways as many 0:00:27.480 --> 0:00:31.240 people are doing notable things, but harder and others because again, 0:00:31.680 --> 0:00:34.839 many people were doing notable things, so many people standing 0:00:34.840 --> 0:00:38.279 out in this remarkable and very challenging year. With that 0:00:38.320 --> 0:00:40.400 in mind, coming up this hour, we'll find out how 0:00:40.440 --> 0:00:43.120 that list of fifty was compiled, and then we're gonna 0:00:43.120 --> 0:00:46.120 take you to our virtual reveal celebration of these individuals 0:00:46.320 --> 0:00:49.080 held this week at Bloomberg headquarters in New York City, 0:00:49.360 --> 0:00:51.760 and that included a conversation with an alum of last 0:00:51.800 --> 0:00:55.160 year's B fifty list, Chipotle Mexican Grill chairman and CEO 0:00:55.280 --> 0:00:59.200 Brian Nicol, plus Managing Director of the International Monetary Fund, 0:00:59.280 --> 0:01:03.680 Christalina Giava, a champion of relief during the pandemic. We 0:01:03.760 --> 0:01:07.000 begin though this hour with how the Bloomberg fifty comes together. 0:01:07.080 --> 0:01:08.840 For that, we had to check in with the editor 0:01:08.840 --> 0:01:12.880 in charge of pulling together the B fifty list, Brett Beagan. Basically, 0:01:12.880 --> 0:01:17.240 what happens is in the summer, so somewhere early on 0:01:17.280 --> 0:01:19.880 in the second well, I guess in the spring. It'd 0:01:19.880 --> 0:01:22.479 say early on in the second quarter. I started sending 0:01:22.480 --> 0:01:25.840 annoying emails out to a lot of reporters, hundreds and 0:01:25.920 --> 0:01:30.000 hundreds of reporters basically around the world, saying, you know 0:01:30.080 --> 0:01:33.840 who in your area of coverage is really standing out, 0:01:34.440 --> 0:01:36.800 and do we think that that person or that group 0:01:36.920 --> 0:01:39.959 is going to be standing outcome December. It's it's sort 0:01:39.959 --> 0:01:43.760 of a hard calculation in a normal year. Then throw 0:01:43.880 --> 0:01:46.880 COVID and an election and everything else on top of it. 0:01:47.000 --> 0:01:49.440 That's right. Yeah, it's a miracle. We got to Carol, 0:01:49.560 --> 0:01:51.920 you did get to fifty, and it's an amazing list. 0:01:51.960 --> 0:01:54.880 I think it's really representative of the type of year 0:01:55.040 --> 0:01:57.640 we had. Um talked to us about the categories, Right, 0:01:57.680 --> 0:02:00.560 you have business, you have politics. You do break it down, Yeah, 0:02:00.640 --> 0:02:03.880 we break it down into five categories. So we have business, 0:02:04.480 --> 0:02:09.200 as you said, politics, entertainment, finance, and then science and 0:02:09.240 --> 0:02:13.440 technology we kind of uh lump together into one category 0:02:13.760 --> 0:02:15.720 that was a big one this year. And there's one 0:02:15.800 --> 0:02:17.600 name that no doubt about it. I bet from the 0:02:17.639 --> 0:02:19.320 get go you're like, yeah, he's going to be on 0:02:19.360 --> 0:02:21.040 this list. You know who I'm talking about. I think 0:02:21.040 --> 0:02:24.760 you're talking about Dr Fauci. I'm not if I'm not mistaken. Yeah, 0:02:24.800 --> 0:02:28.440 there are certain people every year that are sort of 0:02:28.480 --> 0:02:32.080 no brainers for this list, and uh he seemed like 0:02:32.160 --> 0:02:36.120 one of them. And um, you know in any given year, 0:02:36.160 --> 0:02:38.120 there's always like one or two people who you think, 0:02:38.120 --> 0:02:39.920 oh they'll they'll definitely wind up on the list. But 0:02:39.960 --> 0:02:43.400 this year we were pretty certain about that. Um, so, 0:02:43.480 --> 0:02:45.240 yeah he's on the list. He talked to us. Um, 0:02:45.280 --> 0:02:48.680 you know, there's fifty entries and we do so longer 0:02:49.200 --> 0:02:51.840 in the magazine, do longer profile features on ten of them. 0:02:51.840 --> 0:02:54.359 He was one of them. Um, he spoke with our 0:02:54.520 --> 0:02:58.440 Michelle Fake Cortes. Um, she was our internal one of 0:02:58.480 --> 0:03:02.000 our internal go to voice constantly on COVID. That's right, 0:03:02.080 --> 0:03:05.400 that's right, and um he talked to her. Uh we 0:03:05.480 --> 0:03:07.400 tried to so in a normal year. Also, we do 0:03:07.440 --> 0:03:09.640 a lot of these interviews, maybe in early November, and 0:03:09.680 --> 0:03:12.680 we kind of have a nice easy landing when it 0:03:12.680 --> 0:03:15.480 comes to our deadlines. But because of the election this 0:03:15.560 --> 0:03:18.520 year as well on top of COVID, we Um wanted 0:03:18.560 --> 0:03:20.359 these interviews to be as fresh as possible. So she 0:03:20.440 --> 0:03:23.320 talked to him really recently. Um, politics, let's go there. 0:03:23.440 --> 0:03:27.680 I mean, what a year? Uh so crazy? Um, we 0:03:27.760 --> 0:03:31.240 do have a president elect. Um, but we still have 0:03:31.280 --> 0:03:33.840 a president at least as of this recording, who's still 0:03:33.840 --> 0:03:36.920 fighting at the election outcome? Politics, How did you guys 0:03:36.920 --> 0:03:38.520 approach it in terms of who you thought were some 0:03:38.560 --> 0:03:41.800 of the standout voices and had to be on this list. Yeah, 0:03:41.840 --> 0:03:45.240 I mean we take a pretty expansive view of what 0:03:45.280 --> 0:03:48.080 we consider politics. So we have everyone from actually the 0:03:48.160 --> 0:03:51.480 Chief Justice on this list, John Roberts, who in the 0:03:51.520 --> 0:03:55.400 session that ended in July was in the majority of 0:03:55.440 --> 0:03:57.360 the time, which is the most he's ever been in 0:03:57.400 --> 0:04:01.160 the majority. Surprising, right, yes, surprise ing. Obviously things are 0:04:01.160 --> 0:04:05.040 about to change with Amy Coney Barrett's arrival. Um. We 0:04:05.200 --> 0:04:09.040 also looked to the founders of Black Lives Matter. We 0:04:09.040 --> 0:04:12.400 actually interviewed all three of them. Rebecca Greenfield. UM talked 0:04:12.400 --> 0:04:16.040 to the three of them for UM their take on, 0:04:16.360 --> 0:04:19.000 you know, a year in which we saw upwards depending 0:04:19.000 --> 0:04:21.599 on the estimate, of twenty six million people taking part 0:04:21.720 --> 0:04:25.120 in Black Lives Matter protests. So we talked to them 0:04:25.200 --> 0:04:28.160 and uh. We also did an interview with and I'm 0:04:28.480 --> 0:04:29.960 I'm going to do my best with His name is 0:04:30.080 --> 0:04:33.800 vit Lana skana Skaya. I've been I've been working on 0:04:33.839 --> 0:04:37.440 that one, Carol. So she is the opposition leader who 0:04:37.520 --> 0:04:43.000 is currently in Lithuania fighting against Lukashanko in Belarus, and 0:04:43.040 --> 0:04:46.960 she's got a fascinating story. Basically was um, you know, 0:04:47.160 --> 0:04:49.919 stay at home mom and her husband was sort of 0:04:50.000 --> 0:04:54.560 running and then lo and behold that's uh. She finds 0:04:54.560 --> 0:04:58.560 herself basically having to sub in for him and saying, okay, 0:04:58.560 --> 0:05:00.560 well I'll do it, and then more and more people 0:05:00.560 --> 0:05:03.440 start coming to her rallies. Upwards of sixty people come 0:05:03.480 --> 0:05:06.240 to hear her speak, and now she is the principal 0:05:06.240 --> 0:05:11.000 opposition figure in Belarus. So that UM really politics. We 0:05:11.040 --> 0:05:14.239 go all over for that and some great contributions also 0:05:14.360 --> 0:05:17.120 from the Mid East and from Africa. This year really 0:05:17.160 --> 0:05:19.000 was a political year like no other, not just in 0:05:19.040 --> 0:05:23.240 the US, but globally um business. I'm going to highlight 0:05:23.240 --> 0:05:26.000 one because we talked about him and his company so 0:05:26.080 --> 0:05:28.760 much on air John Foley of Peloton like it was 0:05:28.800 --> 0:05:33.320 one of the stay at home work from home winners. Yeah, 0:05:33.480 --> 0:05:35.039 I mean, I actually just want on you to see 0:05:35.040 --> 0:05:36.520 how long it might take to get a bike in 0:05:36.560 --> 0:05:38.960 there now upwards of four I think they were saying 0:05:38.960 --> 0:05:41.240 four to eight weeks for bikes. So they've had some 0:05:41.640 --> 0:05:45.440 you know, supply chain issues. But he's a great example 0:05:46.000 --> 0:05:49.640 of a business that on you know, maybe on March one, 0:05:49.800 --> 0:05:52.080 they're they're doing well, they're happy with how things are going, 0:05:52.120 --> 0:05:54.880 and by April one, it's like whoa, you know, what's 0:05:54.880 --> 0:05:56.839 happened here? And how do we how do we profit 0:05:56.880 --> 0:05:58.880 from this? And how do we not only look to 0:05:58.920 --> 0:06:01.400 the current moment, but what do we do when this 0:06:01.560 --> 0:06:03.680 you know, not going would hopefully end soon and people 0:06:03.680 --> 0:06:05.640 can return to their normal lives, Like how do we 0:06:05.680 --> 0:06:08.520 continue that growth? So the story of Peloton this year 0:06:08.600 --> 0:06:11.440 is is pretty fascinating. It's funny in a year where 0:06:11.440 --> 0:06:13.800 we couldn't see a lot of sports, they're more more 0:06:13.839 --> 0:06:16.400 people from sports on this list than ever before. And 0:06:16.440 --> 0:06:18.800 that's because yeah, this is kind of world. But that's 0:06:18.839 --> 0:06:22.360 because in this absence, basically a lot of them decided 0:06:22.480 --> 0:06:26.480 to become really proactive to either help with COVID or 0:06:26.920 --> 0:06:29.720 the fight for racial justice. That was Features editor and 0:06:29.760 --> 0:06:32.120 the editor in charge of pulling together the B fifty list, 0:06:32.240 --> 0:06:34.160 Brett Beak, and check out the cover story on B 0:06:34.279 --> 0:06:36.719 fifty all the write ups on each member of the 0:06:36.760 --> 0:06:39.360 list in this week's issue of the magazine. It's online, 0:06:39.360 --> 0:06:42.000 on news stands and on the Bloomberg Coming Up shares 0:06:42.000 --> 0:06:44.320 the Chipotle Mexican grill Man. They are up around four 0:06:44.400 --> 0:06:47.800 hundred since he was named CEO. We will check in 0:06:47.839 --> 0:06:50.680 with the Chipotle CEO, Brian Nicol as we continue our 0:06:50.680 --> 0:06:53.760 special coverage of the B fifty that's next to Bloomberg 0:06:53.800 --> 0:07:02.600 Business Week. This is Bloomberg is Bloomberg Business Week with 0:07:02.640 --> 0:07:06.880 Pierrol Masser from Bloomberg Radio. This week, it's all about 0:07:06.920 --> 0:07:09.680 the Bloomberg fifty, the people who were shaping in the 0:07:09.720 --> 0:07:14.680 most unexpected ways, from real estate to banking, manufacturing to entertainment, retail, 0:07:14.760 --> 0:07:18.080 to finance, politics to media. And to celebrate the list 0:07:18.160 --> 0:07:20.320 this year, we tapped an a lum of last year's 0:07:20.360 --> 0:07:22.720 B fifty list who continued to make a mark on 0:07:22.880 --> 0:07:26.600 his companies in this difficult year. We're talking about Brian Nicol, 0:07:26.720 --> 0:07:30.000 chairman and CEO of Chipotle Mexican Grill. If anyone knows 0:07:30.000 --> 0:07:33.320 about how to bounce back from crisis, multiple crises, in fact, 0:07:33.480 --> 0:07:36.160 that's this CEO we started with, going back to when 0:07:36.200 --> 0:07:41.040 he took over. The very first step was where our 0:07:41.080 --> 0:07:44.640 customers you know, uh, what are their thoughts, feelings, trust, 0:07:44.920 --> 0:07:50.640 level of engagement, you know, um belief systems. So you know, 0:07:50.680 --> 0:07:53.640 step one for me was understanding that and then also 0:07:53.680 --> 0:07:56.960 the other piece two was understanding where employees were. You know, 0:07:57.000 --> 0:08:01.440 our company, our experience is really driven by our employees, 0:08:01.440 --> 0:08:03.320 so did they feel like they were on their front foot, 0:08:03.320 --> 0:08:06.160 that they feel like they're on their back foot because 0:08:06.640 --> 0:08:10.560 if their experiences, you know, one of defensive, I think 0:08:10.560 --> 0:08:13.520 our customer feels that it's a defensive experience as well. 0:08:13.920 --> 0:08:16.240 So we really spent a lot of time, frankly in 0:08:16.240 --> 0:08:19.960 the first couple of months diving into understanding both of 0:08:20.000 --> 0:08:24.840 those things, and frankly, that's what's driven our strategies UM 0:08:25.240 --> 0:08:28.720 from day one. Well, and it's interesting, what what did 0:08:28.720 --> 0:08:31.800 you maybe learn about those first two years in the 0:08:31.840 --> 0:08:33.840 company and dealing with that and then getting to the 0:08:33.880 --> 0:08:37.400 current crisis. And again the customer right was worried. Your 0:08:37.400 --> 0:08:40.800 employees were worried as well. Yeah. Yeah, So you know, 0:08:40.920 --> 0:08:43.319 look when we went back, you know, if you rewind 0:08:43.320 --> 0:08:46.800 the tapes here a couple of years ago, what consumers 0:08:46.800 --> 0:08:48.760 were saying to us, our customers were saying to us is, 0:08:49.320 --> 0:08:51.360 you know, you guys need to get back to talk 0:08:52.080 --> 0:08:56.160 what makes your special. Um, you know, remind me why 0:08:56.200 --> 0:08:59.320 I feel good about eating at Chipotle. And you know 0:08:59.360 --> 0:09:02.320 the answer was they felt good about eating chipol because 0:09:02.720 --> 0:09:07.880 it's real culinary, it's ingredients with integrity. Um. You know, 0:09:07.880 --> 0:09:10.600 we take a different approach to how we prepare and 0:09:10.600 --> 0:09:13.280 cook our food. Um. And so that was really what 0:09:13.520 --> 0:09:16.240 enabled strategy number one, which is around being more visible 0:09:16.720 --> 0:09:20.320 and you know, frankly more loved. And you know, we 0:09:20.360 --> 0:09:22.600 really set down that mission of just talking about what 0:09:22.679 --> 0:09:25.040 makes Chipole unique. The other thing that we knew we 0:09:25.040 --> 0:09:28.080 had to do was dial up our culture of safety 0:09:28.120 --> 0:09:33.760 and wellness. And you know, our employees they viewed the 0:09:33.840 --> 0:09:37.400 practices as more of an initiative, not an ongoing culture. 0:09:37.920 --> 0:09:41.560 And you know, in my opinion, it's like, look, we 0:09:41.600 --> 0:09:45.680 can only have employees working if they're healthy. So it 0:09:45.760 --> 0:09:48.920 sounds harsh, but we had to install a zero tolerance 0:09:48.960 --> 0:09:51.320 policy on this where if you don't do the wellness 0:09:51.400 --> 0:09:53.439 check and you're not honest on your wellness check, you 0:09:53.480 --> 0:09:57.000 will lose your job. Um, Like, we've got no tolerance 0:09:57.040 --> 0:09:59.480 for that. And so that was a tough you know, 0:09:59.480 --> 0:10:01.920 a couple of mounts because I got a lot of 0:10:01.920 --> 0:10:04.000 emails from people saying, like, I can't believe lost my 0:10:04.080 --> 0:10:07.680 job because I didn't do wellness checks. And you know, 0:10:07.760 --> 0:10:10.640 it was like, look, this is our culture. If you 0:10:10.640 --> 0:10:12.760 want to be a part of our company, that's what 0:10:12.800 --> 0:10:17.360 we do. And also, if you're not truthful, we've got 0:10:17.440 --> 0:10:20.640 two problems. One, we're a company of high integrity and too, 0:10:21.400 --> 0:10:23.600 you know, you're putting our company at risk when you're 0:10:23.640 --> 0:10:25.360 not truthful whether or not you have symptoms. You know, 0:10:25.400 --> 0:10:27.160 by the way, we have a program where you get 0:10:27.200 --> 0:10:30.640 paid sickly, so there's no incentive, you know, to not 0:10:30.679 --> 0:10:33.320 tell us the truth. So, you know, doing things like 0:10:33.400 --> 0:10:37.400 that that materially changed the culture. And unfortunately sometimes it 0:10:37.440 --> 0:10:41.600 takes a couple of stories being retold about we're really 0:10:41.640 --> 0:10:44.480 meaning business on this zero tolerance approach to the wellness 0:10:44.480 --> 0:10:47.840 and food safety as well as then you know, reminding 0:10:47.840 --> 0:10:51.720 our consumers why they loved Chipotle was at the forefront 0:10:51.720 --> 0:10:55.320 of what were really instituted day one, and that just 0:10:55.360 --> 0:10:57.280 got us back to running great restaurants again. You know. 0:10:57.280 --> 0:10:59.520 It was like, look, if we know we have healthy 0:10:59.559 --> 0:11:02.400 employee is we know we're practicing the right protocols, we 0:11:02.440 --> 0:11:06.240 can focus on making delicious guacamole, terrific chicken, you know, 0:11:06.559 --> 0:11:11.040 the rice correctly, and every detail matters in our business. So, 0:11:11.679 --> 0:11:14.840 you know, this was a crazy year, disruptive, it was 0:11:14.960 --> 0:11:17.480 an upsetting you as you well know you guys, you 0:11:17.559 --> 0:11:20.040 do your very purpose driven. I mean it's really in 0:11:20.080 --> 0:11:22.880 the DNA of your company. How have you as an 0:11:22.960 --> 0:11:28.600 organization and as a company kind of demonstrated that. Yeah, Look, 0:11:28.720 --> 0:11:31.520 you know, I think I'm really proud of how our 0:11:31.679 --> 0:11:34.880 company has done that. Um. I think we've been tested 0:11:34.960 --> 0:11:37.560 numerous times and whether or not we were going to 0:11:37.600 --> 0:11:40.800 be true to our values and our purpose. Um and 0:11:40.840 --> 0:11:43.800 I think we've stepped up and done that in every way. 0:11:43.880 --> 0:11:47.319 You know. So, whether it was when the pandemic hit, um, 0:11:47.360 --> 0:11:48.600 you know, I had a lot of employees that were 0:11:48.600 --> 0:11:53.040 worried they're gonna lose their job and then when they realize, 0:11:53.120 --> 0:11:56.480 you know what, we've got a really healthy balance sheet. Fortunately, 0:11:56.640 --> 0:11:58.360 we are an essential business. We're gonna be able to 0:11:58.440 --> 0:12:01.160 continue to operate now, only you're not losing your job. 0:12:01.240 --> 0:12:03.480 We're gonna, you know, because I know other people in 0:12:03.520 --> 0:12:05.760 your family probably have been impacted. We're going to increase 0:12:05.800 --> 0:12:11.439 wages for temporary and we honored first quarter bonuses because look, 0:12:11.559 --> 0:12:14.080 January and February, the guys were doing an unbelievable job. 0:12:14.480 --> 0:12:17.840 March hit and it wiped out would have been their bonus, 0:12:17.960 --> 0:12:20.120 and that just wasn't the right thing to do. And 0:12:20.280 --> 0:12:22.320 you know, fortunately we were in a position to do it, 0:12:22.440 --> 0:12:24.880 so we did it. And uh, you know, it was 0:12:24.920 --> 0:12:27.600 those types of examples that you know, I think we 0:12:27.679 --> 0:12:30.480 stepped up with our values and making those decisions consistent 0:12:30.520 --> 0:12:32.840 with our values time and time again. And you know, 0:12:33.080 --> 0:12:34.680 I don't know if you've seen our Round Up for 0:12:34.720 --> 0:12:38.400 Real Change program that we've instituted as well, but you know, 0:12:38.720 --> 0:12:42.680 we did that because we wanted to participate aid on 0:12:42.720 --> 0:12:46.000 a bigger level on these various causes that are important, 0:12:46.040 --> 0:12:48.960 from historically black colleges all the way to the farm 0:12:49.040 --> 0:12:51.520 Link program that we're doing right now, what I was 0:12:51.520 --> 0:12:53.240 going to ask you more specifically about some of the 0:12:53.320 --> 0:12:56.680 investments you guys did in your people that have benefited 0:12:56.720 --> 0:13:00.920 the organization. And also you were is thing on digital 0:13:00.920 --> 0:13:02.800 when you hit the ground when you took over the 0:13:02.800 --> 0:13:06.679 CEO spot. But you really, you know, ampted it up 0:13:07.080 --> 0:13:10.240 big time in terms of what was going on in 0:13:10.240 --> 0:13:12.199 the pandemic and reaching your customer. Talked to us a 0:13:12.200 --> 0:13:15.640 little bit about that. Yeah, you know, Uh, look, one 0:13:15.679 --> 0:13:19.439 of the things that was fortunate is we made one 0:13:19.480 --> 0:13:24.400 of the early decisions to go very aggressive into digital access. 0:13:24.440 --> 0:13:26.839 And that actually came out of that consumer study I 0:13:26.880 --> 0:13:28.480 talked about earlier, which is a lot of our younger 0:13:28.480 --> 0:13:30.960 consumers were saying, he's I love Chipole, but why can't 0:13:31.000 --> 0:13:35.200 I have more access um specifically digital access. And so 0:13:35.240 --> 0:13:38.520 we went full tilt on putting in that digital experience. 0:13:39.080 --> 0:13:42.600 And uh, you know, luckily we finished implementing all of 0:13:42.600 --> 0:13:47.439 that in December of nineteen and then you know, March 0:13:47.480 --> 0:13:51.160 of twenty happens, and you know, our digital business went 0:13:51.240 --> 0:13:53.800 from like five percent of sales to about twenty percent 0:13:53.880 --> 0:13:57.720 of sales around January February. Than covid. Yeah, then Covid 0:13:57.800 --> 0:14:00.480 hit became eighty percent of our business, any percent of 0:14:00.480 --> 0:14:03.960 our business, and now it is about fifty of our business. UM, 0:14:04.040 --> 0:14:06.280 So you know it's a it's going to be a 0:14:06.360 --> 0:14:09.560 two and a half billion dollar business this year, UM, 0:14:09.600 --> 0:14:12.720 which is pretty amazing. Um. You just didn you just 0:14:12.800 --> 0:14:16.959 open your first digital store to completely digital We did. Yeah, 0:14:17.040 --> 0:14:20.240 we did in Highland Falls, New York. And you know, 0:14:20.280 --> 0:14:21.800 I'm happy to say that's off to a really good 0:14:21.840 --> 0:14:25.040 start too. So you know, there's definitely demand. And the 0:14:25.080 --> 0:14:27.160 thing I love about that Highland Falls store is if 0:14:27.200 --> 0:14:29.680 we didn't have a digital only restaurant, we probably wouldn't 0:14:29.680 --> 0:14:32.200 be in that trade area. So many brands understanding that 0:14:32.320 --> 0:14:35.480 customers and their communities demanding more of them going forward. 0:14:35.480 --> 0:14:38.600 That's Brian Nicol, chairman and CEO of Chipotle Mexican Grill. 0:14:39.040 --> 0:14:41.320 You're listening to Bloomberg Business Week coming up. She is 0:14:41.320 --> 0:14:44.360 the first international monetary fund. She from an emerging market. 0:14:44.600 --> 0:14:48.440 We have done in in a couple of months, so 0:14:48.560 --> 0:14:52.440 much and so fuss that we really don't have dressed 0:14:52.800 --> 0:14:55.400 will hear from the I m F Managing Director Krystelina 0:14:55.440 --> 0:15:02.720 Gorgieva managing through the crisis. This is Bloomberg. This is 0:15:02.720 --> 0:15:07.200 Bloomberg Business Week with Garrol Masser from Bloomberg Radio. It's 0:15:07.200 --> 0:15:10.040 a special issue and a special week at Bloomberg Business Week, 0:15:10.040 --> 0:15:12.520 as we highlighted the Bloomberg fifty, the people who were 0:15:12.520 --> 0:15:15.560 shaping this year in the most unexpected ways from all 0:15:15.720 --> 0:15:18.400 walks of life, and a big one on that list 0:15:18.480 --> 0:15:22.640 the Managing Director of the International Monetary Fund, Krystallina Gorgieva. 0:15:23.080 --> 0:15:25.720 She's a Bulgarian economist with a doctorate from the country's 0:15:25.760 --> 0:15:30.200 Karl Marks Higher Institute of Economics. Since the coronavirus pandemic began, 0:15:30.600 --> 0:15:32.960 the i m F has increased lending to member nations 0:15:32.960 --> 0:15:37.400 by fifty percent to two hundred seventy billion dollars. Through grants, 0:15:37.400 --> 0:15:39.480 the fund has helped twenty nine of the poorest member 0:15:39.560 --> 0:15:43.520 nations cover their I m F loan payments, and Georgieva 0:15:43.600 --> 0:15:46.680 is raising money from rich nations for more relief. Bloomberg 0:15:46.680 --> 0:15:48.800 Business Week editor Joe Webber sat down with the i 0:15:48.960 --> 0:15:52.920 m F chief for more and I contended that I 0:15:53.000 --> 0:15:57.720 came through this year feeling very proud of the staff 0:15:57.760 --> 0:16:02.040 of the UH. We have done in in a couple 0:16:02.120 --> 0:16:06.800 of months, so much and so fast that we really 0:16:06.840 --> 0:16:10.360 don't have precedent in our history. We have provided financial 0:16:10.400 --> 0:16:18.080 support to eighty three countries. But most importantly, we moved 0:16:18.680 --> 0:16:25.560 out of the traditional or talk orthodoxy on what we're 0:16:25.560 --> 0:16:33.240 supposed to say, which is when you're in trouble, tighten up. UM. 0:16:33.320 --> 0:16:39.720 My best line probably during this crisis is two policy 0:16:39.800 --> 0:16:46.800 makers spent, keep the receipts, but spent. And I don't 0:16:46.840 --> 0:16:49.480 think there are many cases in the history of the 0:16:49.520 --> 0:16:53.720 fund when the managing director would be appearing two countries 0:16:53.760 --> 0:17:01.239 to spend more. Uh. The year, of course, is finishing 0:17:01.400 --> 0:17:07.800 with the brighter light. Vaccines are coming. But I have 0:17:07.960 --> 0:17:13.080 no doubt that one is not going to be a 0:17:13.200 --> 0:17:17.040 simple and easy year either. So let's talk about that. 0:17:17.119 --> 0:17:20.640 Let's look ahead. What are you most concerned about as 0:17:20.680 --> 0:17:23.359 you look ahead? You mentioned the vaccine there's some hope there, 0:17:23.440 --> 0:17:26.359 but what are the areas of that looks like you know, 0:17:27.040 --> 0:17:29.600 any potential problems that you want the world to be 0:17:29.640 --> 0:17:36.280 aware of. But the the most important policy issue next 0:17:36.359 --> 0:17:40.119 year is going to be vaccines. Vaccines policy would be 0:17:40.160 --> 0:17:44.000 at at the heart of economic policy. I worry about 0:17:44.080 --> 0:17:48.439 two things. The first one is that we get carried 0:17:48.480 --> 0:17:55.920 away vaccines are not imagic one. You do not have 0:17:56.160 --> 0:18:00.960 them to waigh all the impact of the pandemic. They 0:18:01.000 --> 0:18:06.200 will be scarring and we will have to manage through 0:18:06.720 --> 0:18:12.320 a not the simplest of years. There will be structural shift. 0:18:13.280 --> 0:18:17.520 We are saying to policymakers. Do not withdraw support prematurely, 0:18:18.640 --> 0:18:24.560 but eventually there has to be withdrawal of this support. 0:18:25.720 --> 0:18:31.400 And the risk of doing it either too fast or 0:18:31.440 --> 0:18:36.080 without thinking of how you cushion the transition for firms 0:18:36.200 --> 0:18:42.520 and workers is absolutely there. My second worry that we 0:18:42.640 --> 0:18:50.399 will miss an opportunity for transformation. One can be a 0:18:50.560 --> 0:18:55.800 fantastic year for the future of the world. On two counts. 0:18:56.160 --> 0:19:03.240 Climate action, we can boost public investments to accelerate a 0:19:03.320 --> 0:19:13.680 transition to the new climity economy, generate jobs, accelerate private investments, 0:19:14.760 --> 0:19:18.080 and do two things at the same time, deal with 0:19:18.119 --> 0:19:22.159 the COVID crisis and prevent the other crisis from hitting. 0:19:23.000 --> 0:19:27.439 The second is even more important, and it is dealing 0:19:27.480 --> 0:19:32.880 with inequalities after pandemic. In the past, we have seen 0:19:32.960 --> 0:19:39.399 that in evidence inequality goes up the risk of inequalities 0:19:39.440 --> 0:19:45.000 within countries like a tale of two cities, as Deckens 0:19:45.040 --> 0:19:51.879 wrote it, and inequalities across countries is very high, and 0:19:52.000 --> 0:19:57.320 policy makers ought to zero on that. I would be 0:19:57.440 --> 0:20:01.080 very frank to alert people that there is some space 0:20:01.119 --> 0:20:06.880 for more progressive taxation and certainly more space for creatively 0:20:07.320 --> 0:20:12.080 using public money to help people to help them selves. 0:20:12.960 --> 0:20:17.840 We work very closely with US. US is our largest shareholder, 0:20:18.640 --> 0:20:25.080 and we are particularly close to our membership at the 0:20:25.200 --> 0:20:29.119 time of crisis. That's Crystallina Gorgieva, Managing Director of the 0:20:29.119 --> 0:20:32.800 International Monetary Fund. This year, Gorgeva has hired two female 0:20:32.800 --> 0:20:35.560 department heads to replace men, raising the women share to 0:20:35.720 --> 0:20:38.520 forty eight of twenty. The i m F has also 0:20:38.560 --> 0:20:41.399 started a YouTube channel with videos on topics such as 0:20:41.400 --> 0:20:45.000 how to compile macro economic statistics, improve central bank law, 0:20:45.080 --> 0:20:48.640 and use fintech to contribute to financial inclusion. You're listening 0:20:48.640 --> 0:20:51.080 to Bloomberg Business Week. Our coverage at the Bloomberg fifty 0:20:51.080 --> 0:21:01.359 continues with the ones to watch. This is Bloomberg. This 0:21:01.960 --> 0:21:05.840 is Bloomberg Business Week with cairol Mazer from Bloomberg Radio. 0:21:06.200 --> 0:21:08.760 Our coverage of the Bloomberg fifty continues, and when we 0:21:08.800 --> 0:21:11.480 pull together this year's list, we also take a look 0:21:11.480 --> 0:21:14.680 back at some notable lums of past b fifty lists 0:21:14.760 --> 0:21:17.960 that included former Georgia House Minority Leader Stacy Abrams. She 0:21:18.040 --> 0:21:20.440 definitely stood out for lenning up people to go out 0:21:20.480 --> 0:21:23.880 and vote in this year's presidential election. Also Jose Andress, 0:21:24.080 --> 0:21:26.880 founder of World Central Kitchen making sure people got fed 0:21:27.000 --> 0:21:30.359 during the pandemic, also fed chief J Powell and Cathy Woods, 0:21:30.359 --> 0:21:33.240 CEO of Our Investment Again. Check out the magazine for 0:21:33.240 --> 0:21:35.400 more on the reasons why. We also like to give 0:21:35.400 --> 0:21:37.600 your heads up on some people we know you'll want 0:21:37.640 --> 0:21:40.679 to keep an eye on this coming year. It's what 0:21:40.720 --> 0:21:43.280 we call the ones to watch. Bloomberg fifty editor Brett 0:21:43.280 --> 0:21:46.840 Began is back with fashion designer Tia Audiola, writer and 0:21:46.880 --> 0:21:50.040 publisher of Notes on the Crisis, Nathan Tankus, and chef 0:21:50.040 --> 0:21:53.600 and author Kwamie on You watch a See if you could? 0:21:53.640 --> 0:21:55.520 Will start with you just walk us through what the 0:21:55.560 --> 0:22:03.000 pandemic has been like. Oh god, um, it started off 0:22:03.040 --> 0:22:06.840 pretty rough for me personally. I'm just going to be honest. Um. 0:22:07.080 --> 0:22:10.040 I I left New York right at the beginning of 0:22:10.040 --> 0:22:13.000 the pandemic. So in March I went to Nigeria thinking, 0:22:13.119 --> 0:22:14.800 you know, I don't know what's going on. I'm going 0:22:14.840 --> 0:22:17.919 to go back to my family for like two weeks 0:22:18.000 --> 0:22:19.720 come back to New York, but then I got stuck 0:22:19.760 --> 0:22:23.760 there and they closed the airport indefinitely. And you know, 0:22:24.080 --> 0:22:27.480 my brand is based here, my studios here, my team's here, 0:22:28.440 --> 0:22:31.359 and so I sort of solved for the first two weeks. 0:22:31.400 --> 0:22:33.680 And my mom was kind of like, you're a designer, 0:22:33.800 --> 0:22:37.640 like designed something for the pandemic. And so I started 0:22:37.680 --> 0:22:42.560 looking back at like my umpasion history references and like 0:22:42.920 --> 0:22:46.880 what face masks were looking like during that time period, 0:22:47.720 --> 0:22:50.560 and I sort of just started coming up with some 0:22:50.720 --> 0:22:56.399 face mask ideas and like put them out on social media. Um, 0:22:56.440 --> 0:22:58.720 and people reacted really well to them. They sort of 0:22:58.720 --> 0:23:01.520 went viral, and just sort of figured out other ways 0:23:01.640 --> 0:23:04.760 to be of help and of use during the pandemic. 0:23:04.880 --> 0:23:08.040 So I had a ton of contests where I had 0:23:08.119 --> 0:23:12.399 my audience tag family members who are nurses, doctors and 0:23:12.520 --> 0:23:17.919 sent them, um face masks, professional medical face masks that 0:23:18.000 --> 0:23:20.399 work kind of looked kind of cool that they would 0:23:20.400 --> 0:23:24.960 like want to wear for twenty four hours. Um. So yeah, 0:23:25.000 --> 0:23:27.800 I would say my main thing during the pandemic has 0:23:27.800 --> 0:23:31.520 been working on face masks and just like long term plans, 0:23:31.640 --> 0:23:37.480