Speaker 1: This is Bloomberg Business Week Inside from the reporters and
Speaker 1: editors who bring you America's most trusted business magazine, plus
Speaker 1: global business finance and tech news as it happens. Bloomberg
Speaker 1: Business Week with Carol Messier and Bloomberg Quick Takes Tim
Speaker 1: Stinovic on Bloomberg Radio. Hi, everyone, welcome to the weekend
Speaker 1: edition of Bloomberg Business Week. A lot going on this
Speaker 1: past week, second quarter earnings starting to roll out in
Speaker 1: full force, Fed Chair j Powell taking the debate over
Speaker 1: inflation to Capitol Hill. And we've got a batch of CEOs, Tim,
Speaker 1: the CEOs of raytheon Carnival and aerial investments all on tap.
Speaker 1: Plus the billionaire space Race reaches new heights literally, Virgin
Speaker 1: Galactic founder Richard at Branson makes a successful test flight,
Speaker 1: and Jeff Bezos, well he's up next. Washington Post space
Speaker 1: reporter Christian Davenport talks all about these so called space
Speaker 1: barons and the burgeoning market for space tourism. You're gonna
Speaker 1: be on the ground watching Jeff Bass go up into
Speaker 1: air Tuesday, nine am. That's when it's planned for. You know,
Speaker 1: these are rockets, though, so there could be delays wind
Speaker 1: that sort of thing. All right, fingers crossed, it all
Speaker 1: works out for everyone, including you. We're also going to
Speaker 1: take a close look at the business of betting on
Speaker 1: e s g A b InBev on the heels of
Speaker 1: signing a record ten point one billion dollar sustainability linked
Speaker 1: revolving credit facility. We're gonna hear from the company's CFO
Speaker 1: and chief sustainability officer. And the Republican Party remains fracture
Speaker 1: months after the impeachment of former President Donald Trump. Why
Speaker 1: a rising star in the GOP may pay a steep
Speaker 1: price for his vote to oust the commander in chief.
Speaker 1: It was one of our most read stories this week.
Speaker 1: All of that to come. We begin with this week's
Speaker 1: cover story in the magazine, which also happened to be
Speaker 1: a Bloomberg Big Take. This week, it's about the future
Speaker 1: for the drug company that's become a household name during
Speaker 1: the pandemic. We're talking about Maderna and what is moderna
Speaker 1: second act. Bob land Grath, healthcare reporter at Bloomberg News,
Speaker 1: also Bloomberg Business Week editor Joel Weber. They joined us
Speaker 1: to talk all about the rise of the newest player
Speaker 1: in big pharma. Actually, remember that exact conversation with Bob
Speaker 1: about a year and a half ago, and and he
Speaker 1: was like, so there's this company called Maderna that has
Speaker 1: this technology. It's going to be really interesting to see
Speaker 1: if it works. So here we are, Um and Bob,
Speaker 1: let's just bring you in. You know, like the what
Speaker 1: we set out here to do was to say, look
Speaker 1: like Maderna has been one of the big heroes of
Speaker 1: the pandemic, and if you can solve COVID nineteen, what
Speaker 1: else do they have? And what else does what else
Speaker 1: is mRNA capable of? So what are they working on?
Speaker 1: Ethcacy has definitely done to demonstrated very powerfully for vaccines
Speaker 1: and so now they're working on a whole host of
Speaker 1: other vaccines. There's like about fifty or more viruses discovered
Speaker 1: the last forty years, only tiny handful of vaccines. You know.
Speaker 1: Maderna thinks the technology, which is kind of modular and
Speaker 1: fast moving, can be you know, make vaccines to a
Speaker 1: lot of them. They're working on a food Vacciney're working
Speaker 1: on several of the respiratories viruses. They ultimately want to
Speaker 1: combine it to one kind of super booster that you
Speaker 1: might get like once a year and that deal with
Speaker 1: the whole host of like you know, fall winter type
Speaker 1: respiratory viruses. They're working on long term little kind of
Speaker 1: HIV and even starting to think some early trials in
Speaker 1: cancer vaccines, which has been a long promising but very
Speaker 1: difficult area. But we've got a hundred billion questions for
Speaker 1: you about that. I mean, this company hit a hundred
Speaker 1: billion dollar market cap. The expectations on it are incredibly
Speaker 1: high in terms of what Maderna can do. Can this
Speaker 1: messenger rn a technology science really translate to a lot
Speaker 1: of different vaccines ultimately or do we still not quite know. Well,
Speaker 1: we're going to have to wait and see. There's something
Speaker 1: only testing a lot of things. You know. One of
Speaker 1: the things we talked about the story is though they're
Speaker 1: certainly pursuing booster shots, we may need him at least
Speaker 1: a third booster shot at some point. It's you know,
Speaker 1: not at all clear how big. You know, the market
Speaker 1: for COVID nineteen is going to be sort of in
Speaker 1: a long term, so there is going to be pressure
Speaker 1: for them to come up with other things and new
Speaker 1: things and not be dependent on you know, an endless
Speaker 1: market for COVID nineteen boosters. And the other thing going
Speaker 1: on is that now everyone else knows, every other drug
Speaker 1: company the world knows it's this. This technology can really work,
Speaker 1: you know, at least in the infectius vaccinary. And they're
Speaker 1: all pursuing an all kind of all trying to come
Speaker 1: up with, like, you know, new or better versions of
Speaker 1: m RNA. So you spent some time at one of
Speaker 1: the production facilities for Moderna outside of Boston. It's a
Speaker 1: former Polaroid factory. What is the competitive advantage that the
Speaker 1: company has now that every other biotech company knows that
Speaker 1: m RNA has been so successful, at least when it
Speaker 1: comes to coronavirus. But the basic competitive advantage they have
Speaker 1: is they've done it. They've done a success and the
Speaker 1: only other companies that's achieved that level of success is
Speaker 1: obviously fiser BioNTech. But not every m r and A
Speaker 1: vaccine has worked as well. There's a third one that
Speaker 1: has tried, cure vact. Its trials came out a few
Speaker 1: weeks ago and it was only four eight percent effective.
Speaker 1: You can't just put it in our m RNA vaccine
Speaker 1: and have it automatically work. You've got to make the
Speaker 1: right choices and then it can work, you know, do
Speaker 1: a powerful menia spot. They are one of the two
Speaker 1: companies with real experience that doing this in a large
Speaker 1: scale now. And you know their production that you know,
Speaker 1: they haven't match Fiser, which has just been listening incredible,
Speaker 1: you know, vaccine producing Juggernauts. They haven't matched Fiser BioNTech,
Speaker 1: but and they haven't had big problems that kind of
Speaker 1: more or less made their numbers, which is impressive for
Speaker 1: a company that hadn't really made until last Yearly they
Speaker 1: had a plant off a small plant, but it was
Speaker 1: basically kind of like a pilot plant. Never made a
Speaker 1: hundred thousand doses of anything in a year, and now
Speaker 1: they're talking about as a billion doses, so that quite
Speaker 1: a scale. You've followed obviously, you know that little story
Speaker 1: in staid at the beginning where we sat next to
Speaker 1: each other in that conference from all those months ago,
Speaker 1: and you were like, so Maderna in person, that was
Speaker 1: it was in the before times, just just before everything changed.
Speaker 1: I'm curious because you've written about maderna weekend week out
Speaker 1: over the past year, and then you got to do
Speaker 1: a story like this and speak to the CEO and
Speaker 1: everything else. I'm wondering what did you learn while you
Speaker 1: were working on this story, how they did this? And
Speaker 1: you know, it's still a very small company relatives of
Speaker 1: what they've done. They like they were up to dred
Speaker 1: people nowaday. You know, they were like eight hundred of
Speaker 1: the Star last year, so they get all this relatively
Speaker 1: small number of people, which is, you know, it's impressive.
Speaker 1: They were able to to make this many doses, you know,
Speaker 1: with a few contractors and all this istant government funding,
Speaker 1: and that was significant. But until last year, until the
Speaker 1: pandemic came along, it was a startup company. There was
Speaker 1: a well funded startup, but you know, most of its
Speaker 1: about most of its parts were early trials. It wasn't
Speaker 1: planning to get anything on the market, you know, even
Speaker 1: if things went well for a few years. So it
Speaker 1: was like, you know, rather, you know, impressive scale and
Speaker 1: they certainly have big ambitions. That was Bloomberg News healthcare
Speaker 1: reporter Bob langrath in the editor of Bloomberg Business Week,
Speaker 1: Joe Webber on our Moderna cover story the company's vaccine Carol.
Speaker 1: It's proven among the most effective so far in preventing
Speaker 1: COVID and is now working on its next m R
Speaker 1: and a breakthrough. Cann't pull it off. I don't know.
Speaker 1: Lots of expectations and hope certainly from the company, but
Speaker 1: time will tell. Still ahead, three chief executives from three
Speaker 1: different sectors. We're talking aerospace and defense with Raytheon's Greg Hayes.
Speaker 1: We're setting sale with Arnold Donald of Carnival, who just
Speaker 1: is getting ships back out to sea from US ports
Speaker 1: and coming up next market recovery and potentially a looming
Speaker 1: correction and the risk reward of wider market access with
Speaker 1: John Rodgers, the co CEO of Real Investments. You're listening
Speaker 1: to Bloomberg Business Week. This is Bloomberg. This is Bloomberg
Speaker 1: Business Week with Carol Messer and Bloomberg Quick Takes. Tim
Speaker 1: Stinnoby from Bloomberg Radio, the next guest is well known
Speaker 1: to our audience and definitely the investment world. He's also
Speaker 1: on the board of Nike, McDonald's and The New York Times.
Speaker 1: He's also a powerful voice when it comes to racism
Speaker 1: and inequalities. Tim, we're talking about John Rogers, the chairman,
Speaker 1: co CEO and chief investment officer of our Real Investments.
Speaker 1: He spoke with Carrol and New York Deputy Bureau Chief
Speaker 1: Shartilla Brandtley about the benefits of business diversity, also his
Speaker 1: unique assessment of current market conditions. Check it out. I'm
Speaker 1: optimistic in this recovery is going to surprise people by
Speaker 1: strong it is. Now. Again, the downside is the recovery
Speaker 1: is so strong that it's going to force interest rates
Speaker 1: higher and inflation higher. So we have to be careful
Speaker 1: about companies that are gonna be susceptible to higher rates.
Speaker 1: But when you mentioned real estate real estate services companies,
Speaker 1: we like j l L, we like cbr E. We
Speaker 1: think those companies are gonna benefit from all the transactions
Speaker 1: as people restructure their real estate going forward. So things
Speaker 1: that are going to benefit from transition to a new economy,
Speaker 1: higher inflationary economy, those are the kind of small and
Speaker 1: midsized companies they were looking at and working onto the arial.
Speaker 1: Even as we see the return to office efforts not
Speaker 1: be as I guess accelerated as maybe some CEOs would
Speaker 1: like to see at this time. You know, it has
Speaker 1: been a sluggish here, at least here in America. But
Speaker 1: as we've done our worldwide checks, it's been remarkable how
Speaker 1: many of the European countries and Asian countries. You know,
Speaker 1: people have been eager to get the back to work,
Speaker 1: and people are filling up their office spaces. Here in America,
Speaker 1: maybe we'll go to three and four day weeks in
Speaker 1: the beginning and people will be slow to totally come
Speaker 1: back to normal. But I think you know, Americans were missing,
Speaker 1: our colleagues, were missing our friends. Business owners know that
Speaker 1: you need people in the office to be able to
Speaker 1: interact and inspire each other, share ideas, express different opinions,
Speaker 1: and move your companies forward. So eventually, over time, I
Speaker 1: think you can get back to more normality. Now, maybe
Speaker 1: people won't travel as much now that we've proven that
Speaker 1: we can do meetings by zoom, and so I would
Speaker 1: be a little cautious around some of the traditional hotels,
Speaker 1: traditional airlines. That people will still travel for entertainment and vacations,
Speaker 1: but I think there'll be a lot less business travel
Speaker 1: that is maybe permanent because of the extraordinary technology and
Speaker 1: things that we've gotten used to as a society. You
Speaker 1: did mention spacts. We had that headline the SPAC merger
Speaker 1: with space for momentous threatened by an SEC fine, whether
Speaker 1: it's meme stocks. How do you, as someone who has
Speaker 1: been investing in the market for a long time. You
Speaker 1: know that we see increasingly disruption. You see traditional fintech,
Speaker 1: traditional technology companies and also traditional banking companies. Financial companies
Speaker 1: increasingly gobble up some of these fin techs or at
Speaker 1: least look at them much more closely. How will they
Speaker 1: ultimately impact our universe or financially universe longer term? I
Speaker 1: think you will, you know, continue to see more and
Speaker 1: more mergers as time goes on. You know, one of
Speaker 1: our favorite stocks is Lazard, their traditional investment banker. They're
Speaker 1: really really good at putting deals together, and kN Jacobs,
Speaker 1: their CEO, is terrific and the team's terrific. So I
Speaker 1: think you're going to continue to see m and A.
Speaker 1: I know right now there's this push that maybe people
Speaker 1: are fearful in certain industries of too much consolidation and
Speaker 1: too much scale. But I just think over time rationality
Speaker 1: will come back, because you know, in this new society,
Speaker 1: with all the things going on digitally, there's just so
Speaker 1: many ways for companies to compete with each other effectively.
Speaker 1: And there are there are exceptions, of course, you know,
Speaker 1: the facebooks of the world and some of those giant
Speaker 1: companies that have become these huge unicorns. Well, maybe they
Speaker 1: need to be reined in on certain ways, but I
Speaker 1: think ultimately the vast majority of transactions will have to
Speaker 1: continue to occur because you need to have these need
Speaker 1: to have scale to compete with the giants. It would
Speaker 1: be unfair if the smaller and mid sized companies can't
Speaker 1: have M and A and have to compete a smaller
Speaker 1: companies against these huge, huge, monolithic giant companies that are
Speaker 1: out there in today's economy. If I can follow meme stocks,
Speaker 1: I mean, how often does somebody come up to you
Speaker 1: or you're at a social gathering on the weekend and
Speaker 1: someone's like, all right, John, what do you make of
Speaker 1: these meme stocks? Well, you know it's interesting. Um, we
Speaker 1: do get some of those calls. And you know the
Speaker 1: guy that's uh, you know, always brings my pizza from
Speaker 1: Geno's Pizza here in Chicago to my house. He's always
Speaker 1: asking about different stocks and what's happening with the meme stocks,
Speaker 1: and in particular, of course, everyone wants to talk about
Speaker 1: bitcoin and whether it's time to invest, and that they
Speaker 1: did they miss it or not miss it. But and
Speaker 1: then again, that's always a sign when you just have
Speaker 1: sort of average Americans who are doing great work in
Speaker 1: their day jobs deciding they want to be stock pickers
Speaker 1: and follow trends at the peak. Again, it's always a
Speaker 1: sign that you're getting toward the top, you know. And
Speaker 1: and I think those are signs that we really are there.
Speaker 1: And as you know, Joe Kennedy always said when he
Speaker 1: realized that we were the great depression was coming, it
Speaker 1: was time to get out of the market. In the
Speaker 1: twenties when the shoeshine boy was giving stock tips to him, uh,
Speaker 1: and he realized that was the time for him to
Speaker 1: move out of the markets. Well, let's talk about financial
Speaker 1: literacy and how that plays into alleviating your concerns. Well,
Speaker 1: you know, I think we need to continue to do
Speaker 1: more and more. We have just scratched the service when
Speaker 1: it comes to financial literacy. During the Obama administration, I
Speaker 1: had the privilege to be able to be able to
Speaker 1: chair his Council and Financial Capability for Young Americans, and
Speaker 1: we talked to the President about how can we get
Speaker 1: more financial institutions to partner with urban public schools to
Speaker 1: teach kids about the market, give kids real dollars to
Speaker 1: invest in real stocks. Be role models for young people
Speaker 1: of color to get engaged in the financial services sectors
Speaker 1: career choices. So I think we have a long way
Speaker 1: to go because this is so critically important. You know,
Speaker 1: African Americans get exposed to the markets at young ages.
Speaker 1: You know, we know the wealth gap in this country
Speaker 1: has gotten larger and larger. We've fallen further behind because
Speaker 1: of the historical discrimination that we faced in this country.
Speaker 1: So the way to catch up is to get folks
Speaker 1: involved in the best parts of the economy where the
Speaker 1: wealth and jobs are being created today, and learning about
Speaker 1: the magic of compound interest and getting comfortable in equities
Speaker 1: because we all know when you get a job now
Speaker 1: you have to be your own money manager with your
Speaker 1: four own K plan. So financial literacy is more important
Speaker 1: in this country than ever, John, How do we get there?
Speaker 1: The reason I ask is I actually came across a
Speaker 1: Federal Reserve paper that was done by our researcher about
Speaker 1: ten years ago. I think talking about the importance of
Speaker 1: financial literacy, I think about someone like you know, Wren Buffett,
Speaker 1: who talked about compound interests like knew it when he
Speaker 1: was at a young age. We have been talking about
Speaker 1: the importance of financial literacy across society for a long time,
Speaker 1: and I wonder, how do we really move the needle
Speaker 1: on this, because I agree that this is something that
Speaker 1: unlocks kind of the financial is the key that kind
Speaker 1: of unlocks financial wealth for more Americans, and certainly for
Speaker 1: Black America in you know, I think one of the
Speaker 1: things I talked about all the time. You know, my
Speaker 1: father bought stocks for me every birthday and every Christmas
Speaker 1: after I was twelve years old, and I got exposed
Speaker 1: to the markets at an early age and loved it.
Speaker 1: You know, there's a program in New York, New York
Speaker 1: City Rise that is doing that with young people, getting
Speaker 1: kids into five twenty nine programs that you know, right
Speaker 1: in kindergarten and on the way and at the Aerial
Speaker 1: Community Academy that's now twenty five years old. We give
Speaker 1: kids real money to invest in real stocks and they
Speaker 1: get to see the money grow from kindergarten through eighth grade.
Speaker 1: And I think that's just so important. You've got to
Speaker 1: get exposure, you know, get your hands a little dirty
Speaker 1: with the markets, learning how to do the research, seeing
Speaker 1: the inevitable ups and downs, but seeing how markets steadily
Speaker 1: climb even after you have some ups and downs. That
Speaker 1: was John Rogers, the chairman, co CEO and chief Investment
Speaker 1: Officer of Oriel Investments, and our thanks to Bloomberg Shartia
Speaker 1: Brantley as well. We talked about a lot of things,
Speaker 1: so if you want to hear the entire conversation, check
Speaker 1: it out on our podcast feed at Bloomberg dot com.
Speaker 1: Still ahead on Bloomberg Business Week, the aerospace and defense industry.
Speaker 1: It's of course an essential component a the US economy.
Speaker 1: It's people who actually make stuff. Our next guest is
Speaker 1: right in the middle of the latest advances in everything
Speaker 1: from airliners to missiles, and it's Raytheon Technology CEO Greg
Speaker 1: Hayes in the latest installment of our business Week talk series.
Speaker 1: This is Bloomberg Broadcasting from the financial capital of the World,
Speaker 1: Bloomberg Eleve in Frio in New York, to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg one oh six one to San Francisco,
Speaker 1: Bloomberg nine sixty to the country Sirius XM Chado one
Speaker 1: nine team and around the globe the Bloomberg Business app
Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Business Week.
Speaker 1: The chairman and CEO of the second largest defense company
Speaker 1: in the United States. He is Greg Hayes of Raytheon Technologies. He,
Speaker 1: by the way, became CEO following the completion of a
Speaker 1: merger involving Raytheon and United Technologies aerospace business. That was
Speaker 1: back in April of last year, when the pandemic really
Speaker 1: tightened its grips on the country. He talked about completing
Speaker 1: the d F the latest installment of our business Week
Speaker 1: talk series. Timmy also talked about his companies recovering aerospace business,
Speaker 1: defense systems, and the impact of inflation on his entire operation.
Speaker 1: He had some interesting thoughts on that and some of
Speaker 1: the comments by FED chief J. Powell. Here's some of
Speaker 1: that conversation with Greg Hayes, CEO of Raytheon. You know,
Speaker 1: I asked that questions, you know several weeks ago when
Speaker 1: I first heard German Paul talk about the effect of
Speaker 1: transitory price increases. And my concern there is what is
Speaker 1: really transitory, because if you start to see inflation in labor,
Speaker 1: that's not transitory because labor costs don't go down. They
Speaker 1: may go up more slowly. But what we're seeing right
Speaker 1: now is a lot of a lot of cost pressure
Speaker 1: at the very low end of the labor scale, and
Speaker 1: I don't think that goes away now. Will that translate
Speaker 1: into higher prices across all of the economic spectrum, I
Speaker 1: don't know. But we're also we're seeing inflation in commodities
Speaker 1: in some of the raw materials as well. It's impacting
Speaker 1: what you guys are doing absolutely every day, and so
Speaker 1: I worry the transitory, especially with all of these deficits
Speaker 1: that we're talking to and the half trillion dollar deficits.
Speaker 1: We're pumping a lot of money into the economy. People
Speaker 1: are flush with cash and they're going to spend it.
Speaker 1: That's going to drive prices up. Are we going to
Speaker 1: get off of that drug soon? I don't think so.
Speaker 1: Would you go as so far to say that FED
Speaker 1: policy is wrong based on what you're seeing in terms
Speaker 1: of economic growth and momentum from your clients and customers, Well,
Speaker 1: I don't know that. I would say German pol is
Speaker 1: necessarily wrong. I think we have to think about not
Speaker 1: just FED policy monetary policy, but fiscal policy. That is,
Speaker 1: how much can we continue to borrow and burden the
Speaker 1: next generation and the generation after that with these huge
Speaker 1: deficits just to satisfy our desire to have faster growth today,
Speaker 1: is it better to have slower, steadier growth that is
Speaker 1: more sustainable And I think that's the that's the calculus
Speaker 1: we have to think about. There's it's not just monetary
Speaker 1: it's fiscal policy as well. I want to talk about
Speaker 1: commercial aerospace. I'm just curious are your executives you and
Speaker 1: I were talking to how much you were able to
Speaker 1: work at home? Right, you weren't flying around on planes?
Speaker 1: Planes are important to you and what you do, Um,
Speaker 1: what do you anticipate for business travel? What are your
Speaker 1: guys doing in terms of business travel? So interestingly, you
Speaker 1: know what, we just really resumed business travel within the
Speaker 1: last month or so. I've been out on the road,
Speaker 1: visiting factories, talking to folks on the on the front
Speaker 1: lines and the shops and in the in the engineering
Speaker 1: organizations around the company, and we're starting to see it
Speaker 1: pick up. But certainly business travel is forever changed. I
Speaker 1: would think because of Zoom, we don't go back to
Speaker 1: pre pandemic level. Again, if you think about commercial air traffic,
Speaker 1: about seventy commercial air traffic is um for leisure that
Speaker 1: has come back, and it's come back faster, stronger than
Speaker 1: I think anybody would have said. Now you can just
Speaker 1: you know, talk to Gary Kelly at Southwest or Doug
Speaker 1: Park or American Thirty percent of business travel is the question.
Speaker 1: And what we think is like half of that of
Speaker 1: the total is mandatory travel. That is, we've got to
Speaker 1: send our technicians out to visit our products, We've got
Speaker 1: to service our products. That's going to come back, and
Speaker 1: it will come back relatively quickly. You know. Will we
Speaker 1: still see big conventions in Las Vegas? Will we still
Speaker 1: see you get together for sales conventions? I think that
Speaker 1: will come back. But there's the other question. Will all
Speaker 1: of it come back? And how soon our own views
Speaker 1: who probably don't see a full recovery in business travel
Speaker 1: until there's a lot of deals going on. You guys
Speaker 1: just finished a big deal combining assets and combining with
Speaker 1: United Technologies assets, and then you took over as the
Speaker 1: CEO of it all. Uh, And that was just as
Speaker 1: the pandemic was getting going. How tough was it to
Speaker 1: get that deal done? You have to really step back
Speaker 1: and think, you t see, over the last couple of years,
Speaker 1: we had done a lot of M and A, but
Speaker 1: we really made a decision after we had purchased Rockwell
Speaker 1: Columns that we were going to split off into three businesses.
Speaker 1: As we were in the middle of that those three spins,
Speaker 1: Tom Kennedy was the chairman and CEO of Atheon, called
Speaker 1: me and said we should do a deal, which I
Speaker 1: thought was absolutely insane at the time, but but hey, hey,
Speaker 1: here you are here, we are um And it turned
Speaker 1: out and again the more time and I talked about it,
Speaker 1: the more sense it made. But the last four weeks
Speaker 1: before the deal closed, and we closed on April third
Speaker 1: of last year, we were working from home and the
Speaker 1: commercial airline industry was absolutely in the time. Did you
Speaker 1: have a moment we were like, oh my god, what
Speaker 1: what did we just do? Probably not because you thought
Speaker 1: it through and you're I think that, you know, there
Speaker 1: was there was a question because we had made some
Speaker 1: big commitments to share owners if we were to bring
Speaker 1: this company together. We said we're gonna return eighteen to
Speaker 1: twenty billion dollars of cash to share owners in the
Speaker 1: first three years after the merger. And it became very
Speaker 1: apparent that that was going to be tough to do,
Speaker 1: and so, you know, we quickly pivoted and said Okay,
Speaker 1: it's gonna take us four years, but we had faith
Speaker 1: that the commercial aerospace business was going to come back.
Speaker 1: We continue to pay a very good dividend. We continued
Speaker 1: to drive cash, and we took a lot of costs
Speaker 1: out of the business. And it was interesting. I always
Speaker 1: tell people, you know, let's not waste a good crisis.
Speaker 1: That was Greg Hayes, chairman and CEO of Raytheon Technologies.
Speaker 1: More of that conversation to be featured in our upcoming
Speaker 1: shows and also in the magazine you're listening to Bloomberg
Speaker 1: Business Week coming up next. Carnival Cruises just recently restarted
Speaker 1: cruising out of the US, even as the COVID delta
Speaker 1: variant causes global cases to rise. We've got a progress
Speaker 1: report and the company's push to return to normalcy. Yes,
Speaker 1: we've got quotations around that with CEO Arnold Donald. This
Speaker 1: is Bloomberg. You're listening to Bloomberg Business Week with Carol
Speaker 1: Messer and Bloomberg Quick Takes Tim Stinovic from Bloomberg Radio.
Speaker 1: Carnival recently launched a few ships in the US, including
Speaker 1: one this past week, but despite the sailing restarts in
Speaker 1: the U s ports its course is still full of
Speaker 1: pandemic related unknowns. To Tim, it drained two point two
Speaker 1: billion dollars in cash during the second quarter, and it's
Speaker 1: combined losses stemming from the coronavirus crisis Carol it now
Speaker 1: exceeds nine billion dollars. Still, the company remains hopeful of
Speaker 1: a swift for turn to profits if the world remains
Speaker 1: on course for a broader reopening. Right and it's Carnival
Speaker 1: in the entire cruise industry kind of facing the same situation.
Speaker 1: Carnival President CEO Arnold Donald joined us to talk about
Speaker 1: the path forward for the world's biggest cruise line. It
Speaker 1: is a phenomenally exciting, fulfilling feeling, not just because we
Speaker 1: get to welcome guests back on board our ships, but
Speaker 1: also because there's so many people who are dependent on
Speaker 1: cruise for their livelihood. You know, port workers, uber drivers,
Speaker 1: taxi drivers, the destinations around the world all have so
Speaker 1: many people depending on the industry and people providing provisions
Speaker 1: to the ships and servicing the ships. So it's a
Speaker 1: very exciting time to have guest operations once again out
Speaker 1: of the u S. How's it going so far with
Speaker 1: these ships that you have? And I know you've had
Speaker 1: ships going on over in Europe, so you know you
Speaker 1: you have some experience in how things go post pandemic.
Speaker 1: How about with the U S ship specifically, because I
Speaker 1: believe off the Galveston ship ssengers have already come off.
Speaker 1: How did it go with there any COVID cases, where
Speaker 1: there any concerns? You know, it's gone exceedingly well. The
Speaker 1: ships in Europe, as you pointed out, for our Costa
Speaker 1: and Out brands, have been saving sailing under different protocols
Speaker 1: because largely there are people are on vaccinated, so physical distancing,
Speaker 1: universal testing, additional medical screening, et cetera. So far here
Speaker 1: in the US, we've been sailing under the Conditional Sale
Speaker 1: Order issued by the Center for Disease Control, which focuses
Speaker 1: having most of the guests vaccinated and that allows for
Speaker 1: more open cruise, and they've gone very, very very well.
Speaker 1: We just got the net promoter scores back from the
Speaker 1: guests and it's the highest scores we've had and quite
Speaker 1: some time. Unlike a lot of the other folks sailing,
Speaker 1: we had a lot of people on our ship. We
Speaker 1: had over twenty six guests on one ship over on another.
Speaker 1: We've already into our second week of cruising those ships
Speaker 1: with even more guests on board, and the experience has
Speaker 1: just been found tastic and it's it's a very rewarding
Speaker 1: feeling to finally be get back out s c UM,
Speaker 1: exceeding guest expectations and and just developing lifelong memories for people. Arnold,
Speaker 1: give us an idea about demand right now, because twenty
Speaker 1: nineteen was a record year in terms of bookings. Where
Speaker 1: are you right now? Where we are right now is
Speaker 1: what we've told you back in June between quarters were
Speaker 1: publicly traded companies, so we can only say so much.
Speaker 1: But at that time we indicated that our bookings second
Speaker 1: half of twenty two were well in excess of twenty nineteens,
Speaker 1: kind of record bookings the same point in time and
Speaker 1: right now, it's hard to talk a lot about occupancy
Speaker 1: and whatnot because of all the rules and regulations and
Speaker 1: restrictions and what have you, and some things we self
Speaker 1: impose on ourselves, for example in Europe, where we've absolutely
Speaker 1: reduced the number because of the additional protocols in place
Speaker 1: for those vaccinated cruises. But to make a long story short,
Speaker 1: demand is robust. We have plenty of demand um we're
Speaker 1: bringing the ships just in um a few at a time.
Speaker 1: We have a weight eighty five shifts in total. Today's
Speaker 1: sailing in the US, we've had three. We're about to
Speaker 1: launch uh News sailing as you mentioned a Breeze, which
Speaker 1: will be our fourth one, and then we'll have three
Speaker 1: ships in Seattle later this month, and then July one
Speaker 1: Mardi Gras Carnival uh so, our newer ship and just
Speaker 1: an unbelievably fatulous ship with the first roller coaster s
Speaker 1: c first roller coaster at sea. Can you give us
Speaker 1: an idea of pricing power that you have right now?
Speaker 1: Considering demand is so strong and look this, I'm asking
Speaker 1: this question the context of the inflation data that we
Speaker 1: got earlier this week. People are getting back out there,
Speaker 1: companies are raising prices because demand is so high. What
Speaker 1: is your pricing power right now? Yeah, well, pricing is strong,
Speaker 1: there's no question about it. You know, there's far more
Speaker 1: demand then there are cabins available, especially here in the
Speaker 1: US with the sail as we have. So pricing is
Speaker 1: strong and we expected to continue to be strong, not
Speaker 1: only because we're the best vacation experience there is, but
Speaker 1: we're the best vacation value there is even were strong
Speaker 1: or pricing compared to equide on land base vacation. And
Speaker 1: so we're expecting a robust environment and demand, which the
Speaker 1: so robust environment for pricing, especially with the staggered introduction
Speaker 1: of ships coming back in, which is going to happen
Speaker 1: you know over time is destinations begin to open again.
Speaker 1: So you know what's interesting too is I have to
Speaker 1: wonder Arnold, you know, you came in after some crises
Speaker 1: at the ship really righted the company. I do wonder
Speaker 1: how difficult though it is um to kind of assess
Speaker 1: your outlook for this industry, especially you know, we talk
Speaker 1: every day about the delta variant and the increases that
Speaker 1: we're seeing once again, right, and you have different rules
Speaker 1: and regulations. We've had a headline Canada to lift the
Speaker 1: ban on large cruise ships as of ANI member. First,
Speaker 1: how difficult is it to assess the outlook and get
Speaker 1: get ahold of the business, especially when once again we
Speaker 1: have something like the delta variant. Well, I think so
Speaker 1: several comments. First, everyone should get vaccinated. Is the best
Speaker 1: way to protect themselves and those that they love. So
Speaker 1: everyone should try to get a vaccination and loss they
Speaker 1: have a medical reason are deep religious belief uh to
Speaker 1: not other than that they should get vaccinated. Heaven said
Speaker 1: that there will be other variants. There's a delta varian,
Speaker 1: will be other variants. And what we have to do
Speaker 1: is learn as a society of all how to live
Speaker 1: with this virus and the various variants that can come.
Speaker 1: And the best way to do that is to take
Speaker 1: the advanced medical um knowledge that exists and take advantage
Speaker 1: of it. So vaccinations now later there's also advanced treatments
Speaker 1: if if someone does happen to contract of virus and
Speaker 1: having challenges with it and so and then the other
Speaker 1: measures we need to take. If there's a variant that
Speaker 1: shows up which hasn't happened yet, uh, that is threatening
Speaker 1: to those who are vaccinated, Uh, then we'll have to
Speaker 1: return the protocols of mask wearing and physical distancing and
Speaker 1: things we've learned until the medicine catch us up, you know,
Speaker 1: with that particular variant. So keep in mind we've dealt
Speaker 1: with viruses for decades. Um. The cruise industrants had to
Speaker 1: deal with ebola and zekea and sars and mers and
Speaker 1: and the world has had to uh. And now in
Speaker 1: the world is getting a grip on this particular virus
Speaker 1: and plot us to all the scientists and technologists and
Speaker 1: all the people, the first responders, everyone that has gotten
Speaker 1: us have gotten us to this point, which is a
Speaker 1: phenomenal thing. From something that we didn't even understand fifteen
Speaker 1: months ago, to multiple vaccines, advanced treatments, you know, known
Speaker 1: protocols to mitigate spread, and if we act responsibly, we
Speaker 1: can manage this. We are talking with Arnold Donald, of course,
Speaker 1: the CEO of Carnival. Hey, Arnaldo, let me push a
Speaker 1: little bit on the delta variant. I mean, how does
Speaker 1: the delta variant at all impact your restart, especially here
Speaker 1: in the United States? As we said, Carnival Breeze going
Speaker 1: out UH shortly later this afternoon. Um, does it. Are
Speaker 1: you seeing any impact on bookings or any cancelations as
Speaker 1: a result of that? I know we have not. We
Speaker 1: have not seen a major impact. Again, I think the
Speaker 1: scientists around the world are pretty much aligned around the
Speaker 1: fact that being vaccinated UH prevents two things. One is
Speaker 1: possibility of contracting a virus, but then if you do
Speaker 1: contract it, um probability that you have any serious effects
Speaker 1: from it. It also appears and there's a little more
Speaker 1: debate around this, but the scientists seemed to agree that
Speaker 1: it also mitigates the spread of the virus. That if
Speaker 1: you have it, you have less of a viral load
Speaker 1: and so your propensity to transmit is a little bit less.
Speaker 1: So we have not seen a big impact from it. Obviously,
Speaker 1: it will impact access to destinations, you know, places where
Speaker 1: people aren't vaccinated yet are are just not enough of
Speaker 1: the population is so it can slow down progress that way,
Speaker 1: and then we're gonna pay close attention. But as we
Speaker 1: always do, will follow you know, the authorities around the world.
Speaker 1: We have to be in compliance everywhere, and will follow
Speaker 1: the good council from the leading medical um UH scientists
Speaker 1: and and and personnel that we work with constantly. Hey, Arnold,
Speaker 1: you've seen a lot of economic cycles, and I think
Speaker 1: we're trying to assess in our conversations with everybody here
Speaker 1: at Bloomberg and on air uh, what is the economic outlook.
Speaker 1: You'll hear from one airline ceo says things are gangbusters,
Speaker 1: things are going you know, really really strong. We hear
Speaker 1: from the FED chief, were here from FED members uh
Speaker 1: that you know, the FED chief reminding us once again
Speaker 1: that listen you know, it's gonna take time to get
Speaker 1: back to where we were pre pandemic, which is why
Speaker 1: he's still supportive of some of the measures that the
Speaker 1: FED has taken during the crisis. How do you see it, um,
Speaker 1: Is the economy going gangbusters getting closer? Is it going
Speaker 1: to be for a little bit and then calm down?
Speaker 1: How would you describe it? You know, I'm not an
Speaker 1: economists pronounct cator extraordinaire or anything, but my experience right
Speaker 1: now is the economy is strong. That's kind of a
Speaker 1: president and CEO Arnold Donald. We've talked with him Tim
Speaker 1: several times throughout the pandemic. If you want to hear
Speaker 1: that full conversation, though, feel free to check out our
Speaker 1: podcast feed. And that wraps up the first hour of
Speaker 1: the weekend edition of Bloomberg Business Week from Bloomberg Radio.
Speaker 1: I'm Carol Masser and I'm Jim Stanback. Coming up in
Speaker 1: our next hour, the billionaires are reaching for the stars.
Speaker 1: Richard Branson test flight into space, Well that one was
Speaker 1: a success. Jeff Bezos is up next, and Elon Musk,
Speaker 1: well he's not that far behind. We're going to talk
Speaker 1: space tourism with the author of space. Baron's Christian Davenport
Speaker 1: plus E s G is a key focus at A
Speaker 1: b in Bev, and the world's biggest beer maker is
Speaker 1: putting its money where its mouth is after a record
Speaker 1: breaking sustainability link loan. We'll hear from the company's CFO
Speaker 1: and chief sustainability officer. And up next, a popular Republican
Speaker 1: congressman has made himself a mighty big enemy former President
Speaker 1: Donald Trump. He's going for a third term. His re
Speaker 1: election is going to be a big test for the
Speaker 1: Republican Party. Can you make it through the primary exactly?
Speaker 1: That's the question. This is Bloomberg. This is Bloomberg Business
Speaker 1: Week inside from the reporters and editors who bring you
Speaker 1: America's most trusted business magazine plus global business, finance and
Speaker 1: tech news as it happened. Sloomberg Business Week with Carol
Speaker 1: Messer and Bloomberg Quick Takes Tim Stinovik on Bloomberg Radio. Hi,
Speaker 1: I'm Carol Masser and I'm Tim st Plenny a head
Speaker 1: in our second hour of the weekend edition of Bloomberg
Speaker 1: Business Week, including the right for commercial control of the
Speaker 1: Cosmos between some of the world's richest men, and a
Speaker 1: B InBev's big money commitment to e s G plus
Speaker 1: the Quest for the Holy Grail in terms of closing
Speaker 1: America's wealth gaps. We're going to explore that topic with
Speaker 1: Operation Hope founder and CEO John Hope Bryant Always Loft
Speaker 1: checking in with him first up this hour and this
Speaker 1: week's issue of the magazine. One of our most hit
Speaker 1: stories on the terminal this week, this one about the
Speaker 1: NFL player turn lawmaker that was a rising star in
Speaker 1: the Republican Party tim until he wasn't here to explain
Speaker 1: is Bloomberg Business Week national correspondent Josh Green and the
Speaker 1: editor of the magazine, Joel Weber. I think what's really
Speaker 1: interesting about Josh's story is there were people pre January
Speaker 1: six who who really kind of looked like the future
Speaker 1: of the of the GOP right, and and Gonzalez was
Speaker 1: one of those. And now he finds himself in a
Speaker 1: very difficult role of being a kind of once future
Speaker 1: leader of GOP, potentially a rising star. But my by
Speaker 1: what has become from the Trump supporting GOP uh and
Speaker 1: and Josh's bring you in a little bit to to
Speaker 1: talk about that. What what has been his his tactic
Speaker 1: to date, and and how does that put him um
Speaker 1: with his constituents? You know, I mean what's passing about
Speaker 1: Gonzalez is that he is every He embodied everything the
Speaker 1: Republican Party has wanted itself to be for the last
Speaker 1: twenty five years. Uh, he's young, he has the son
Speaker 1: of a Cuban immigrant, he was the first round draft
Speaker 1: pick of the Indianpolis called. He's got a business school degree.
Speaker 1: You know, serious young hip, all that kind of stuff.
Speaker 1: Clearly marked as a rising star. And then Trump came
Speaker 1: along and and Gonzalez became one of the ten people
Speaker 1: who had voted who voted to impeach him, and practically
Speaker 1: overnight that sort of eclipsed everything else there is about
Speaker 1: Anthony Gonzalez and the reason I picked this race. As
Speaker 1: as somebody said earlier, he's not as prominent as Liz Cheney,
Speaker 1: who also voted doing peach Trump and has made that
Speaker 1: the entire centerpiece of her political life. Uh. He's just
Speaker 1: a guy who who voted on his conscious voted in
Speaker 1: peace Trump, but is still a conservative congressman with what
Speaker 1: he thinks is a successful record. So what it sets
Speaker 1: up is this wonderful test case. It's almost like a
Speaker 1: laboratory experiment and whether a serious Republican conservative can get
Speaker 1: reelected after voting for Donald Trump. And and what what's
Speaker 1: so interesting about this is that it's not just Republicans.
Speaker 1: The Democrats too are fascinated by this race because we
Speaker 1: think it's going to be a sort of a gauge
Speaker 1: about how strong Trump's influence continues to be. One of
Speaker 1: my consultants, i quote in peace, likened it to groundhog Day.
Speaker 1: That you know, if if if the Trump challenger to
Speaker 1: Gonzalez's wins, then we know it's gonna be another season
Speaker 1: of Trump dominating Republican Party. But if Gonzalez manages to
Speaker 1: hold onto his seat, then maybe spring has arrived and
Speaker 1: we've begun to move beyond Donald Trump and who's he
Speaker 1: gonna be intershowed down with who's the lukie at their faces?
Speaker 1: So his main challenge has got named Max Miller, who
Speaker 1: is a former Trump aide um from the local area.
Speaker 1: Immediately one Trump's endorsement as soon as he jumped in
Speaker 1: the race. Because Trump, as we all know, revels in
Speaker 1: punishing his enemies, especially Republicans, and has gone after Gonzalas
Speaker 1: with a vengeance. His first big rally Trump's post election
Speaker 1: at the end of June, he flew to Ohio, right
Speaker 1: outside gonzalez district, to trash him and tell Republicans to
Speaker 1: vote against him. So that's a bit of a millstone
Speaker 1: if you're a Republican congressman running for re election. But
Speaker 1: that's what Gonzalez has to deal with. I love that
Speaker 1: you write in your story that he Gonzalez appears to
Speaker 1: have a healthy relationship with his own political mortality. So
Speaker 1: he understands. He's a football player. Sometimes you win, sometimes
Speaker 1: you lose. Sometimes you're gonna play and be a star player,
Speaker 1: and sometimes you're gonna have another career after it tell
Speaker 1: us a little bit about his his kind of approach. YEA, well,
Speaker 1: I mean, what's what's been so I think disconcerting to
Speaker 1: a lot of you know, Republicans and just just sort
Speaker 1: of Americans general. I think is is the the number
Speaker 1: of Republicans who have kind of truckles to Trump and
Speaker 1: gone along with, you know, whatever the conspiracy theory or
Speaker 1: why is that that he's sort of pushing. One name
Speaker 1: that gets mentioned a lot as South Carolina Senator Lindsey Graham,
Speaker 1: who who sort of reinvents himself according to whatever politics necessitates,
Speaker 1: and Gonzalez is adamant that he's not going to do that. Um.
Speaker 1: And I think the impeachment vote backs that up. But
Speaker 1: as he put it to me, I mean, he was
Speaker 1: a first round draft pick with a great NFL career going.
Speaker 1: Uh he tore up his knee, that that career ended abruptly,
Speaker 1: but he was able to reinvent himself, went to business school,
Speaker 1: got elected as a congressman. So he doesn't fear his
Speaker 1: own political mortality and quite the way I think a
Speaker 1: lot of other UH politicians do. And that makes him
Speaker 1: interesting because he's willing to kind of speak the truth,
Speaker 1: stand up for what he believes in, and let the
Speaker 1: chips fall where they may. You also make the point, Josh,
Speaker 1: that he's set out to do and he's actually getting
Speaker 1: done exactly what he set out to do, from infrastructure
Speaker 1: to to COVID relief to vaccines. And also he's had
Speaker 1: a pretty good couple of quarters of fundraising, so he's
Speaker 1: been pretty successful thus far. Yeah. I mean the other
Speaker 1: fast thing think about this is like back in the
Speaker 1: times before Trump, Um, you know, congressman used to get
Speaker 1: measured from reelection on hey did you do what your
Speaker 1: campaigned and and said you had set out to do
Speaker 1: the two two big components of of Gonzalaz's last race,
Speaker 1: where he said, look, we want to produce vaccine and
Speaker 1: distribute to everybody who wants it. That's obviously happening now.
Speaker 1: And I want to push for a big bipartisan infrastructure bill. Uh,
Speaker 1: you know, And and a couple of weeks ago, Biden
Speaker 1: came out and announced big bipartisan infrastructure agreement the Gonzalas
Speaker 1: had had a hand in negotiating. So, you know, by
Speaker 1: the old measure of whether or not you're you're an
Speaker 1: effective congressman, Gonzalas has a really good case to make,
Speaker 1: and he is a believer. Not everybody is, but he
Speaker 1: is a believer that that will still count for something
Speaker 1: with the Republican voters when primary time comes next spring.
Speaker 1: That was Bloomberg Business Week National correspondent Josh Green, also
Speaker 1: our editor Joel Webber. Josh is also the author of
Speaker 1: Devil's Bargain, Steve Bannon, Donald Trump and the National Uprising.
Speaker 1: Just gonna say anything that Josh Wright gotta read it,
Speaker 1: gotta read as must read. You're listening to Bloomberg Business Week,
Speaker 1: coming up part of my conversation with a b InBev
Speaker 1: CFO and its chief sustainability officer about the world's biggest
Speaker 1: beer maker leaning big time into E s G. You're
Speaker 1: listening to Bloomberg. This is Bloomberg Business Week with Carol
Speaker 1: Masser and Bloomberg Quick Takes Tim Stenovik from Bloomberg Radio.
Speaker 1: The world's biggest beer company has taken out the largest
Speaker 1: sustainability link loan in history, a b InBev signing at
Speaker 1: ten point one billion dollar revolving credit facility with an
Speaker 1: initial five year term that may be extended by an
Speaker 1: additional two The loan incentivizes improvement in four key performance areas.
Speaker 1: It's water efficiency, plastic recycling, renewable energy sourcing, and reduction
Speaker 1: of greenhouse gas emissions. They're all aimed at helping the
Speaker 1: brewery achieve its sustainability goals. So with that in mind,
Speaker 1: this week, I caught up with A b in Bev
Speaker 1: Chief financial Officer Fernando Tannenbaum, a chief sustainability officer Esgy
Speaker 1: Barsonas from the Bloomberg Sustainable Business Summit, both optimistic about
Speaker 1: business and their lofty E s G goals. It's been
Speaker 1: a very interesting period for us. Probably if you go
Speaker 1: back like March and April last year, it was a
Speaker 1: period of a lot of uncertainty. But it's fair to
Speaker 1: say since made the business is being quite a strong,
Speaker 1: a lot of momentum, very good underlying demand, and the
Speaker 1: momentum has been kept throughout the second half of last
Speaker 1: year and and so far we continue to be excited
Speaker 1: about the prospects going forward. So it sounds like we
Speaker 1: were drinking a lot during the pandemic and we're continuing
Speaker 1: to do that post pandemic. Yes, beer continued to be
Speaker 1: quite strong, so so people people of Er and Pontinual
Speaker 1: before and after the pandemic. Here here as Gate come
Speaker 1: on in on this because one of the things that
Speaker 1: we talked about a lot during the pandemic is sustainability
Speaker 1: and also um supply chains right the difficulties. How is
Speaker 1: it looking for you guys? Are you able to keep
Speaker 1: up with demand and get what you need? As Finanic
Speaker 1: said last year, we really focused on supporting frontline workers
Speaker 1: as well as our supply chain, our communities and customers
Speaker 1: and um you know, we provided over three million bottles
Speaker 1: of hand scientizers, three million face shields. We helped build
Speaker 1: six health care facilities around the world from Brazil to Mexico,
Speaker 1: and um, you know, we were able to remotely support
Speaker 1: our farmers as well and really kept the buying centers
Speaker 1: open so that we can ensure that farmer cash flow
Speaker 1: and supply security. So, um, you know, we're gear for
Speaker 1: a fast recovery and we see that around the world.
Speaker 1: But in terms of your supply chain, what you need
Speaker 1: as get you get what you want, you're able to
Speaker 1: access it and maybe at a higher cost maybe not. Yeah, absolutely,
Speaker 1: you know, for a global company, were really able to
Speaker 1: leverage our local networks around the world. So the teams
Speaker 1: on the ground are supplantine teams for cubment teams have
Speaker 1: been working nonstoff throughout the pandemic. And yes, this is
Speaker 1: about resilience for us and the business continuity as much
Speaker 1: as it is about our you know, community resilience as well.
Speaker 1: So definitely onto the fast recovery. All right, Well, it's
Speaker 1: good to hear optimism. And I gotta tell you guys
Speaker 1: all caught our attention earlier this year when you did
Speaker 1: that record debt deal, a ten point one billion dollar
Speaker 1: debt facility. It was a sustainability linked loan UH the
Speaker 1: largest ever and it's in a year where we're seeing
Speaker 1: a lot more momentum on this front. The ethical debt
Speaker 1: market now worth over three trillion dollars. I'm going to
Speaker 1: cut to the chase. Whose idea was it? How did
Speaker 1: this kind of come to be at a b in
Speaker 1: bed and Carol it was It was actually a natural
Speaker 1: process because Sustina beat it has been part of our
Speaker 1: company kind of forever. I remember when I joined the
Speaker 1: d I seventeen years ago. I was visiting the plants
Speaker 1: and I was talking to the plant manager and he
Speaker 1: was really excited. He was reducing what the asumption. And
Speaker 1: then I will talk to another people on the another
Speaker 1: person on the plant, and they were very excited. They
Speaker 1: were out of our our ways. They were using like
Speaker 1: and I would come back year after year and these
Speaker 1: numbers were always improving. Then it became then ninety nine,
Speaker 1: and then we're talking nine nine point whatever. So it
Speaker 1: kind of it's part of our DNA. Even before the
Speaker 1: words sustained that did, it was out there and it
Speaker 1: was really important, so it was always always with us.
Speaker 1: On the other hand, UH, after some years we start
Speaker 1: seeing more and more noise or more good noise on
Speaker 1: the on the financial markets about sustainability, but it was
Speaker 1: not very clear what it is or what it was
Speaker 1: and what it could qualify a sustainability or not. So,
Speaker 1: even though we were doing a lot of work internally,
Speaker 1: we're not necessarily comfortable to be behind some of these
Speaker 1: instruments before the market was matu enough. So at the
Speaker 1: beginning of this year, we felt the moment was right.
Speaker 1: We felt that the moment was right for us to
Speaker 1: be behind this instrument. But having said that that it's
Speaker 1: too a lot to go. The market is touring, but
Speaker 1: that it's to a lot of progress is made, that
Speaker 1: it's to a lot of improvements. But we definitely feel
Speaker 1: that now we have momentum and now we felt that
Speaker 1: given our size and our scale, we need to be
Speaker 1: on the forefront of these initiatives. Well, it definitely pushes
Speaker 1: the needle. As you come on in on this conversation,
Speaker 1: what were some of the conversations. I'm always curious about
Speaker 1: the back and forth between strategy type individual senior executives
Speaker 1: like yourself and the financial side of the house, which
Speaker 1: is increasingly involved in strategy. Yeah, it really happened very naturally,
Speaker 1: I would say, and I will even give the credit
Speaker 1: to Fernando's team because it was them that that approached us,
Speaker 1: that said, you know, you guys are doing a lot
Speaker 1: of great work. You know, we are looking into renewing
Speaker 1: our revolving credit facility. How do we move forward and
Speaker 1: really understanding what this sustainable finance options are out there? Um,
Speaker 1: So it was really the natural evil for us. You know,
Speaker 1: I always like to say that sustainability is the ultimate
Speaker 1: design brief, right, so that's how we design our business.
Speaker 1: You know, these for us are really good operating practices
Speaker 1: just to create that resilience across our business. So it
Speaker 1: was really an old brainer to think about. You know,
Speaker 1: here are the key days that we track and and
Speaker 1: and monitor over time, why not really reinforce that message
Speaker 1: internally and externally as well? And um, you know, continue
Speaker 1: to learn from the developments in the market. I really
Speaker 1: um am encouraged is a sustainability professional to see how
Speaker 1: um you know, the pandemic has accentuated the materiality of
Speaker 1: E S G. And I think this is just the beginning.
Speaker 1: And you know, um, this really will allow the companies
Speaker 1: to put on a long term head and really think
Speaker 1: about resilience into the future. Tell me how it works though,
Speaker 1: and talk to me about accountability. We do so much reporting.
Speaker 1: I know you guys put out a sustainability report like
Speaker 1: so you guys have specific um metrics and pricing mechanism,
Speaker 1: right that incentivizes improvement in four areas and that tracks
Speaker 1: with your overall sustainability goal is that you've set. So
Speaker 1: either one of you, I don't know, as you want
Speaker 1: to start, tell me about these goals. How did you decide?
Speaker 1: How do you keep track of it and tell the
Speaker 1: world here's what we're doing. Yeah, absolutely, So these goals,
Speaker 1: you know Ben asked them back in two thousand and eight. Team,
Speaker 1: there are two sustainability goals, um and you know, we
Speaker 1: really wanted to look at our entire value chain and
Speaker 1: and think about, you know, what are the touchpoints, where's
Speaker 1: our risk, where does our impact really lie? And how
Speaker 1: do we build programs taking in an outward view approach
Speaker 1: and how we show up in the world right and
Speaker 1: and our role in society as well. So you know,
Speaker 1: when you think about water efficiency, or you think about
Speaker 1: recycled content and packaging, or you knowable electricity sourcing, these
Speaker 1: are really material to our business as we continue to
Speaker 1: to build a you know, a big business for the
Speaker 1: next time of plus here. So, um, those were our
Speaker 1: sustainability goals that we were already on track to delivering
Speaker 1: the set of public commitments that you know what I
Speaker 1: think are the most ambitious set of public commitment that
Speaker 1: we really put out there. They allow us to remain
Speaker 1: competitive and deferentiated and ambitious in the market. And um,
Speaker 1: you know, we translated those into the metrics with the
Speaker 1: Treasury team. That's as g barsonas she officially takes over
Speaker 1: as a b in Bed's Chief sustainability Officer. That happening
Speaker 1: on August one, along with Fernando Tannenbaum, chief financial officer
Speaker 1: at a by in Bed up next to Bloomberg business
Speaker 1: Week John Hopebryant, he's the founder chairman at the of
Speaker 1: the Atlanta based global nonprofit Operation Hope. We talked with
Speaker 1: him about the push to close that wealthcame. This is
Speaker 1: Bloomberg broadcasting from the financial capital of the World, Bloomberg
Speaker 1: Eleve in Frio in New York to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg one O six one does San Francisco,
Speaker 1: Bloomberg nine sixty to the country, Sirius XM Chado one
Speaker 1: nine team and around the globe, the Bloomberg Business app
Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Business Week,
Speaker 1: so everyone, let me read from an article by our
Speaker 1: researcher at the US Federal Reserve. This was back in
Speaker 1: two thousand two. Financial literacy training as integral to many
Speaker 1: initiatives designed to increase the rate of saving among middle
Speaker 1: and lower income households. Tim, We've been talking about financial
Speaker 1: literacy for a long long time. Yeah, we really have.
Speaker 1: Our next guest not only sees financial literacy as key
Speaker 1: to closing society's financial and wealth gaps, but also envisions
Speaker 1: in economic windfall as more underserved communities gained market access
Speaker 1: and knowledge. Great to have back with us on Bloomberg
Speaker 1: Business Week. John Hope Bryant. He's founder, chairman and CEO
Speaker 1: of a global nonprofit Operation Hope. We talked with him
Speaker 1: on why the concept of financial literacy is both essential
Speaker 1: and misunderstood. Financial literacy has been viewed as a brochure
Speaker 1: or website or or you know, talking about you know,
Speaker 1: compatent interests. That's not what it is at all. Um.
Speaker 1: What we're saying is that this is my friend Doug
Speaker 1: Miller and the CEO of the number one fortune company
Speaker 1: in America, Walmart, give my coach here. We're seeing a
Speaker 1: very powerful signal that this is about business, this is
Speaker 1: about the economy. You know, the comedy Los Swordian fifty
Speaker 1: billion dollars last year because of financial illiteracy, discrimination gainst
Speaker 1: blacks alone cost the economy cording the City group sixteen
Speaker 1: trellion dollars with the team and lost GDP yes in
Speaker 1: the last twenty years alone. And we just knocked it
Speaker 1: off right now. You pick up a trillion dollars a
Speaker 1: year in additional revenue just by uh letting blacks into
Speaker 1: the economy in a fully in robusts way, in a
Speaker 1: hand up match another handout matter. And so we would
Speaker 1: believe the color is not black or white as any race,
Speaker 1: or rare or blue as in politics, but in green,
Speaker 1: the color of US currency and increasing GDP and it's
Speaker 1: fortune to the fortune lost at the bottom of this pyramid.
Speaker 1: So me and the Doug Millan got a range of
Speaker 1: CEOs A bout Jack, the CEO of Disney Company, Brian
Speaker 1: when your hand CEO Bank of American Rosman Brower, CEO
Speaker 1: of Walgreens, Ed Bashon, CEO Delta Airlines, Roger Goodell and
Speaker 1: Adam Silver, Commissioner of the f and n b A South.
Speaker 1: It's kind of Academy Tony Rest for the billionaire on
Speaker 1: the Atlanta Hawks guy books together to talk about five
Speaker 1: things leadership at the top, making a business issue. So
Speaker 1: embed this into your business plan, carel so it's not
Speaker 1: no longer just public affairs or community relations are nice
Speaker 1: team to do. This is like health wellness, what's ten
Speaker 1: years ago. It's like the health care system was twenty
Speaker 1: years ago. This is what the right to vote was
Speaker 1: in the nineteen sixties. It's essential to the function of
Speaker 1: the fundamental function and functioning of an economy and a democracy,
Speaker 1: and commit to it for a year. No go ahead.
Speaker 1: I'm sorry, no, no, it's not prescriptive. I don't anybody
Speaker 1: to say what is it? It is is actually what
Speaker 1: it isn't not prescriptive. Where for some companies like Dealthy Airlines,
Speaker 1: is coaching operation hope coaching all eighty thousand employees and
Speaker 1: financial resiliency because they took out a billion dollars and
Speaker 1: four one K loans in loan um. It's it's helping
Speaker 1: Walmart employees. It's helping the employees of KK are owned
Speaker 1: subsidiary companies in some k since its banks. We just
Speaker 1: had a new group of US Bank and Truant Bank
Speaker 1: and others. First Rison just joint Sevan Deer Bank, and
Speaker 1: they're looking at how do you get more customers from
Speaker 1: the bottom of the pyramid. Well, you gotta get a
Speaker 1: bank out of the no business, Carol and back into
Speaker 1: the f business. And we do that by raising credit
Speaker 1: scores fifty four points in six months, hundred and two
Speaker 1: and twenty four months. That just creates that's emerging market.
Speaker 1: Like you're literally taking people, um, who we're struggling and
Speaker 1: you you're pushing it into the middle class by making
Speaker 1: them bankable. And so for every company it's different, but
Speaker 1: all the companies are finding you over the ways. Black
Speaker 1: Rock is focusing on their retirement community, which happens to
Speaker 1: be their primary business. Master Card will be dealing with
Speaker 1: the digital economy. Um, you know, Time magazine is involved,
Speaker 1: next Door is involved, the credit scoring company is involved.
Speaker 1: This is the group reannounced two weeks ago. Well, and
Speaker 1: let me just ask you because when you said that
Speaker 1: City group, now are discrimination against black Blacks have cost
Speaker 1: six trillion dollars in gdpeak and after the last twenty years.
Speaker 1: If anything gets people's attention, forgive me if it sounds
Speaker 1: cold and catalysts, but it's often where the money, like
Speaker 1: follow the money, and it's it's remarkable to me how
Speaker 1: long it's you know, taken for this to happen in
Speaker 1: this last minute, you know, why is it that again,
Speaker 1: it's taken these well like, well known companies to kind
Speaker 1: of jump on board, especially when you see the impact
Speaker 1: socially of course, but also financially. So companies in the
Speaker 1: twenty century integrated the South. People don't know this. It
Speaker 1: wasn't government leaders, it was companies in the South because
Speaker 1: it was hurt American on the wallet because black had
Speaker 1: the same green as white. But we're not coming in
Speaker 1: their businesses anymore. Likewise, I think today they're seeing that
Speaker 1: there's not enough to be five year old college educated
Speaker 1: white men to grow to the economy in the next
Speaker 1: fifty years. For the next thirty years, you need all
Speaker 1: of us. And put another way, curl my witch, friend,
Speaker 1: beat my my, we're friends to be better, it's only
Speaker 1: to stay rich. We're all in this thing together. That's
Speaker 1: Operation Hope founder chairman and CEO John O'Brien on making
Speaker 1: free enterprise work for everyone. By the way, he also
Speaker 1: heads up the Promise Homes company that's one of the
Speaker 1: largest minority controlled owners of institutional quality, single family residential
Speaker 1: rental property. Right here in the US. You're listening to
Speaker 1: Bloomberg Business Week. Coming up next, the world's richest stake
Speaker 1: their claim to the final frontier. Branson, Bezos and Musk
Speaker 1: are pouring billions into the resurrection of the American space program.
Speaker 1: We explore the world of the space barons and expansion
Speaker 1: of commercial travel into the Cosmos. Will do that with
Speaker 1: someone who's been following NASA and Space for a long time,
Speaker 1: writer Christian Davenport. This is Bloomberg. You're listening to Bloomberg
Speaker 1: Business Week with Carol Messer and Bloomberg Quick Takes Tim
Speaker 1: Stinovik from Bloomberg Radio. Last weekend, one giant step for
Speaker 1: space tourism as billionaire Richard Branson took a long away
Speaker 1: to time flight to space alongside five of his Virgin
Speaker 1: Galactic employees. Now, Branson's trip to space really bolstering the
Speaker 1: company's plans to debut tourism trips next year. This coming week,
Speaker 1: it's another billionaire's turn, with Amazon founder Jeff Bezos poised
Speaker 1: to make history Tuesday aboard what would be the world's
Speaker 1: first unpiloted suborbital flight with an all civilian crew. We'll
Speaker 1: cover it live on Bloomberg. You're gonna be on the ground.
Speaker 1: I'm going to be in the desert of West Texas
Speaker 1: watching this all play out right there, Carol, aren't you excited?
Speaker 1: I'm really excited. I can't wait. I'm like jumping up
Speaker 1: and down. It's a front row seat. Can I carry
Speaker 1: you bagags? Can you can come? All right? Before we
Speaker 1: get there, we're going to hear from Christian Davenport. He's
Speaker 1: reporter at the Washington Post. He's covered nass on the
Speaker 1: space industry for a long time. He's also author of
Speaker 1: The Space Baron's Elon Musk, Jeff Bezos and the Quest
Speaker 1: to Colonize the Cosmos. He discussed the promising future of
Speaker 1: commercial space travel after offering a firsthand account of Richard
Speaker 1: Branson's wild ride. Beautiful day in Spaceport America and the
Speaker 1: desert of New Mexico where they've built this gleaming facility,
Speaker 1: this million all our taxpayer funded facility, and you know,
Speaker 1: it was typical Richard Branson and Virgin Galactic with like,
Speaker 1: you know, a band and a celebratory party. Atmosphere is
Speaker 1: really sort of almost like it was very festive. But
Speaker 1: at the same time, you're watching this and it's nerve
Speaker 1: wracking and it's tense because you know, there are human
Speaker 1: beings on board and anytime you're you know, shooting humans
Speaker 1: off into space, it's inherently risky. And so I'm not
Speaker 1: gonna lie. I mean, I was holding my breath. I
Speaker 1: think a lot of people were, um, you know, given
Speaker 1: the fact also the Virgin Galactic had a fatal accident
Speaker 1: in thankfully you know, uh it went it seemed like
Speaker 1: it went perfectly well. And you know, it's interesting that
Speaker 1: you say that the party atmosphere. I'm a daughter of
Speaker 1: an engineer Bloomberg listeners know this involved in the early
Speaker 1: space race and we all got up early and it
Speaker 1: was nerve wracking because you know, my dad would say,
Speaker 1: you know, there's so many different systems coming from so
Speaker 1: many different contractors on these things, at least from the
Speaker 1: government's perspective, that so many things could put stentially go wrong.
Speaker 1: Although they obviously were really careful to make sure the
Speaker 1: systems weren't and then they had backup systems. But it
Speaker 1: is interesting to see how it's become almost like watching
Speaker 1: a movie to some extent, A lot of people like
Speaker 1: to romanticize space flight, and there's a lot of hype
Speaker 1: and a lot of enthusiasm because you've got these billionaires with,
Speaker 1: you know, Elon Musk and Jeff Bezos and Richard Branson,
Speaker 1: and it does sort of seem like the movies. But
Speaker 1: as you and your family know that this is it's
Speaker 1: incredibly difficult, it's incredibly risky. A million things have to
Speaker 1: go right. This is a suborbital space trip. It's going
Speaker 1: just up to the edge of space and coming back down.
Speaker 1: You sound like Jeff Bezos for a moment, right, Right's Elon,
Speaker 1: because Elon, he's going to orbit, you know, so it's
Speaker 1: like that much. You know, he's going Mark twenty five
Speaker 1: and Richard's going Mark three. So it's still maybe not
Speaker 1: quite as dangerous, but still it's dangerous. So next up
Speaker 1: is what Jeff Bezos? Right, Yeah, And on Tuesday the
Speaker 1: on July twenty at the anniversary of the Apollo moon landing,
Speaker 1: and he announced that you know, some time ago, and
Speaker 1: then you know, Richard kind of beat him to the punch.
Speaker 1: He said he wasn't you know. Richard was going to
Speaker 1: go on a later flight for later the summer, early
Speaker 1: in the fall, and then all of a sudden moved
Speaker 1: up his flight, you know, which obviously it angered Jeff
Speaker 1: and the people of Blue Origin, who, as you were
Speaker 1: alluding to, sort of saying, well, they're not quite going
Speaker 1: up as high as we're going and are you know,
Speaker 1: windows are bigger, and it's on a rocket as opposed
Speaker 1: to a space plane. But you know, it's just sort
Speaker 1: of extraordinary that you have Blue Origin, Jeff Company, which
Speaker 1: was founded in two thousand and Virgin Galactic, which was
Speaker 1: founded in two thousand four, So all these years ago,
Speaker 1: and then the founders go to space within you know,
Speaker 1: just a few days of each other. I mean, that's
Speaker 1: just wild. You know, these guys from the book you wrote,
Speaker 1: uh and you've talked with them. You know, what is
Speaker 1: it that we need to understand about Richard Branson, Well,
Speaker 1: he wants to open up space to more and more people.
Speaker 1: I mean today there's something like five seventy people who
Speaker 1: have ever end to space, and he wants to open
Speaker 1: that up now, like you know, he's not opening it
Speaker 1: up for everyone just yet. It's still very expensive. We
Speaker 1: don't know how much tickets are going to costs when
Speaker 1: they reopened. But before they suspended ticket sales the flying
Speaker 1: version Galactic, they were two hundred and fifty thousand dollars.
Speaker 1: I think they'll come back on. You know, they've said
Speaker 1: it's going to be more expensive than that. Some analysts
Speaker 1: have estimated it could be as much as five hundred
Speaker 1: thousand dollars. So for like three or four minutes of weightlessness.
Speaker 1: I don't know that that's going to be in everyone's budget.
Speaker 1: But if they're able to fly more frequently, and they're
Speaker 1: working on already sort of a next generation spacecraft in
Speaker 1: a fleet and that, then maybe they can bring that
Speaker 1: down and send more people. We've talked about Richard Branson,
Speaker 1: We've talked about Jeff Bezos. He is up next. So
Speaker 1: what's the significance, Christian? I mean, I grew up in
Speaker 1: an environment where this was just so important. It was
Speaker 1: a it was a new world, you know, new space exploration,
Speaker 1: you know, going into the unknown and and finding out
Speaker 1: so much, and then it felt like it waned certainly
Speaker 1: here in the United States, and then now we're seeing
Speaker 1: the private sector really step up and push it. What's
Speaker 1: the significance of all of this. Yeah, I mean that's
Speaker 1: a great question because I think a lot of people
Speaker 1: look at these space tourism flights and there's a lot
Speaker 1: of wealthy people and they're like, you know, we've got
Speaker 1: problems here on Earth. Why are we spending all this
Speaker 1: money on space? But I think it's significant for a
Speaker 1: few reasons. One in terms of exploration and expanding our
Speaker 1: knowledge and you know, being able to go out, you know,
Speaker 1: deeper into space. If you start with space tourism, you know,
Speaker 1: Jeff Bezos and talks about you know, traditionally, I mean
Speaker 1: really before SpaceX came along, you know, you might have
Speaker 1: a rocket company or NASA, they might you know, launch
Speaker 1: twelve rockets a year, right, and that's just not very much.
Speaker 1: But if these businesses coming in with being much more efficient,
Speaker 1: are launching you know, twelve times a month and you
Speaker 1: know many many times a year, they get better, they
Speaker 1: get faster, cost comes down, they make space travel just
Speaker 1: more accessible. I mean not just for space tourism, but
Speaker 1: being able to get to the Moon and maybe even
Speaker 1: get to Mars, and you know, as you mentioned, like
Speaker 1: we went to the moon and last time we were
Speaker 1: there with nineteen seventy two and nobody's been back. And
Speaker 1: you know, I think NASA and the government has struggled.
Speaker 1: And you have one political you know, White White House
Speaker 1: comes in, they say we're going to the moon, and
Speaker 1: then another president comes into and now we've been to
Speaker 1: the moon, We're going to Mars. And then you know,
Speaker 1: then it's like we're back to the moon. They go nowhere,
Speaker 1: and now you've got these businessmen and they're just like, no,
Speaker 1: we gotta go, we gotta go now and trying to
Speaker 1: create a business case for it. And there is taxpayer
Speaker 1: money that goes into it as well. Should the public sector?
Speaker 1: Should government still be involved in all of this? Yeah,
Speaker 1: I mean that's a great question. So there's taxpayer money
Speaker 1: and going into some of it, like space X for example,
Speaker 1: you know, they have contracts with NASA to fly cargo
Speaker 1: and supplies to the International Space Station. They have a
Speaker 1: contract to fly NASA's astronauts to the International Space Station,
Speaker 1: and they've taken that money and yeah, I mean, they
Speaker 1: in turn have gone out and built the Falconine rocket
Speaker 1: and the Dragon spacecraft and they can use that for
Speaker 1: commercial purposes. If you have NASA, they say, that's great,
Speaker 1: that's what we wanted. We want to help build up
Speaker 1: the industry. Up until now, Blue Origin has been funded,
Speaker 1: you know, largely by Jeff Bezos his own personal fortune.
Speaker 1: He's trying to change that by winning some of these contracts.
Speaker 1: In fact, he's competing right now for a contract to
Speaker 1: build a spacecraft that would land on the Moon that
Speaker 1: actually SpaceX one and Jeff Bezos company Blue Origin is
Speaker 1: challenging that. But I think what you're seeing is, yes,
Speaker 1: you want these public private partnerships where NASA and the
Speaker 1: government is investing in them and getting something for it.
Speaker 1: You know, they're getting a service, whether it's you know,
Speaker 1: flying satellites to space or resupplying the space station or
Speaker 1: flying astronauts there. And then those companies turn around and
Speaker 1: invest that money in their own companies for a commercial purpose,
Speaker 1: you know, which should in the long run bring down
Speaker 1: the cost of the government meant while increasing their you know,
Speaker 1: the private sector's capability, which really has grown tremendously like
Speaker 1: in the last decade or so. Well, And I do
Speaker 1: wonder what's kind of cool about the billionaires who are
Speaker 1: involved in this, whether it's Elon, whether it's Richard, whether
Speaker 1: it's Jeff. I mean, these are individuals who definitely do
Speaker 1: it differently and think out of the box. If you
Speaker 1: think about the impact they have had on our world,
Speaker 1: and especially in terms of disrupting things, especially when I
Speaker 1: think about Ellen and even Jeff right, I mean, retail
Speaker 1: has been transformed, the class just you know, pick your thing,
Speaker 1: and I do wonder if it's these things. Ultimately, all
Speaker 1: of this space exploration, right We've all heard the stories
Speaker 1: about tang and about vel grow, and you know, I
Speaker 1: think it was either even tempera pedic beds, right, Like
Speaker 1: all of this came out of NASA research and so
Speaker 1: on and so forth. I mean, is there something above
Speaker 1: and beyond that if we all kind of just let
Speaker 1: our minds wander and open that the possibility by exploring space,
Speaker 1: you know what we might find that fits right in
Speaker 1: for like what Jeff talks about this and he says
Speaker 1: he wants to use space to open up sort of
Speaker 1: this new economic dynamism like we had with the advent
Speaker 1: of the Internet. But with the Internet, like that infrastructure
Speaker 1: was in place so that you know, Mark Zuckerbert could
Speaker 1: found Facebook from his dorm room, and Jeff could start
Speaker 1: Amazon because the infrastructure was there, like the phone lines
Speaker 1: had laid down, the cable, and there was this device
Speaker 1: called the credit card, and Jeff could take people's money,
Speaker 1: and there was the post office that could deliver the
Speaker 1: books um and so you could start an internet company
Speaker 1: from nothing. But you can't today really start a space company.
Speaker 1: The bar getting into access it's just too high. It's
Speaker 1: too difficult. The barriers to entry are too hard. And
Speaker 1: what they want to do is helped build that infrastructure
Speaker 1: so that some kid in his dorm room could start
Speaker 1: a space company. Our thanks to Washington Post space reporter
Speaker 1: Christian Davenport for joining us and once again I will
Speaker 1: be on the ground in West Texas covering Blue Origins
Speaker 1: flight with Jeff Bezos on board this Tuesday. It's a
Speaker 1: simulcast nine am Eastern Time, Bloomberg TV, Bloomberg Radio and
Speaker 1: quick take. I can't wait. I bet you can't wait.
Speaker 1: I can't wait. This is like the first time you've
Speaker 1: done something like this is the first time I've done
Speaker 1: something like this. I've never seen a rocket launch before.
Speaker 1: It's gonna be pretty cool and This is a rocket launch.
Speaker 1: This is a real rocket. This is not like what
Speaker 1: happened with Virgin Galactic and Richard Branson. This is not
Speaker 1: what what what you know, Blue Origin would call a
Speaker 1: high altitude space plane. We're not billionaires battling, We're not,
Speaker 1: but these are there's some distinctions between the crafts. Alright,
Speaker 1: looking forward to that coverage. And that wraps up the
Speaker 1: weekend edition to Bloomberg Business Week from Bloomberg Radio. Thanks
Speaker 1: so much for joining us. I'm Carol Masser and I'm
Speaker 1: Tim Stanovac. Could be sure to tune into our Bloomberg
Speaker 1: Business Week daily show Monday through Friday. It starts at
Speaker 1: two pm Wall Street Time on Bloomberg Radio. You can
Speaker 1: also watch our daily broadcast on YouTube just search Bloomberg
Speaker 1: Global News. Also check out our Bloomberg Business Week podcast.
Speaker 1: You can find that at Bloomberg dot com, Apple, or
Speaker 1: wherever you get your podcast. Bloomberg Business Week is available
Speaker 1: on newsstands now, at Bloomberg dot com and on the
Speaker 1: Boomberg Terminal. You can also see me at Bloomberg quick Take.
Speaker 1: It's available at Bloomberg dot com, slash qut and streaming
Speaker 1: platforms like Roku, Apple, TV, Samsung TV, and more have
Speaker 1: a great weekend. Stay safe everyone. Thanks for joining us.
Speaker 1: This is Bloomberg