WEBVTT - Airbnb CEO on Record Earnings and Cisco Shares Surge

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<v Speaker 1>Life from the Bloomberg Interactive Berger Studios. This is Bloomberg

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<v Speaker 1>day Break for Thursday, February sixteen. Coming up today, stocks

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<v Speaker 1>in Europe rise as earnings from Standard Chartered and Commerce

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<v Speaker 1>Bank beat estimates. Cisco's upbeat forecast has shares on the rise,

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<v Speaker 1>a new warning on the debt ceiling, the US could

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<v Speaker 1>risk a false by the summer, and China hits two

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<v Speaker 1>US companies with sanctions. It's life in prison for the

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<v Speaker 1>gunman in last May's Buffalo supermarket shooting, plus a shooting

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<v Speaker 1>and an ol Passo mall leaves one debt. I'm Milkauel Barter.

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<v Speaker 1>More ahead, I'm trying stash and sports. Easy win for

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<v Speaker 1>the Knicks in Atlanta, the Nets beat the Heath and

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<v Speaker 1>the Rangers one in Vancouver. That's all straight ahead on

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<v Speaker 1>Bloomberg day Break, The business news you need disturn your day,

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<v Speaker 1>and just one fifteen minute podcast each pointing on Apple, Spotify,

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<v Speaker 1>the Bloomberg Business Appen everywhere you get your podcasts. Good morning,

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<v Speaker 1>I'm Nathan Hagar and I'm Karen Moscow. Here are the

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<v Speaker 1>stories we're following today. Well, Karen, the rise in stocks

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<v Speaker 1>this morning follows solid earnings. Let's begin in Europe, where

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<v Speaker 1>shares of Standard Chartered are up more than one percent.

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<v Speaker 1>The London based lender announced a billion dollar buy back

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<v Speaker 1>and is forecasting higher returns. We spoke with the chief

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<v Speaker 1>financial officer, Andy Halford. The more we can drive the

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<v Speaker 1>profitability of the business, the more we'll get the business

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<v Speaker 1>back in the fairly valued and as I said, that

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<v Speaker 1>is what we are completely focused upon. What is fair value?

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<v Speaker 1>Time will tell, but we are driving the business performance.

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<v Speaker 1>Standard Chartered CFO Andy Halford says the bank is optimistic

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<v Speaker 1>on income growth for this year thanks to rising interest

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<v Speaker 1>rates and a brighter economic outlook. Well, Nathan Shares a

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<v Speaker 1>Commerce Bank Or up almost eight percent. In Frankfurt. The

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<v Speaker 1>German bank says it expects profits for this year to

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<v Speaker 1>be even higher than in two. And here's Commerce Bank

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<v Speaker 1>chief financial officer Bettina or lob and twenty two was

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<v Speaker 1>really really a strong year. I mean the last time

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<v Speaker 1>that we have showed a similar net income was out

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<v Speaker 1>within It is because of very strong revenues, clearly also

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<v Speaker 1>driven by the net interested in great environment, but also

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<v Speaker 1>because of a very disciplined cost management. And CFO Betina

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<v Speaker 1>or a Lab tells us Commerce Bank is planning a

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<v Speaker 1>dividend for the first time in four years. Like here

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<v Speaker 1>in the US, care and shares of Cisco are up

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<v Speaker 1>more than four percent. The computer networking companies giving an

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<v Speaker 1>upbeat forecast. Woodgin Hoe is a senior technology analyst at

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<v Speaker 1>Bloomberg Intelligence. Fantastic numbers all across the board and look

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<v Speaker 1>ciscoes part for the course for what I've seen in

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<v Speaker 1>the rest of networking. We saw ast of Networks beat

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<v Speaker 1>and raised last last week, as well as Juniper Networks

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<v Speaker 1>raised three guidance because demand for networking gear has been

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<v Speaker 1>resilient and Cisco is proving that to be the case.

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<v Speaker 1>Bloomberg Intelligence senior analyst woodgin hosts Cisco's forecasting sales this

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<v Speaker 1>quarter will rise at least eleven percent. Well as good

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<v Speaker 1>as a Cisco gains are this morning, Nathan, they don't

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<v Speaker 1>compare to the performance of Airbnb. Yesterday, the stocks stored

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<v Speaker 1>more than cent after a record year in an outlook

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<v Speaker 1>that beat estimates. We spoke with CEO Brian Chesky. We're

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<v Speaker 1>seeing more recovery short term stays. We're seeing more people

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<v Speaker 1>go to cities, and we're seeing more people cross borders

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<v Speaker 1>between urban a cross border. That was around eight percent

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<v Speaker 1>of our ninth book before the pandemic. So it's really

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<v Speaker 1>more a matter of a recovery of the old ways

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<v Speaker 1>of traveling and a real sustainability of the new ways,

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<v Speaker 1>like including people staying longer and traveling more to places.

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<v Speaker 1>Brian Chesky says Airbnb had its highest number of active

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<v Speaker 1>bookers ever last quarter. Here more of our interview with

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<v Speaker 1>the Airbnb CEO coming up shortly on Bloomberg Daybreak. Well, Karen,

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<v Speaker 1>we have some headlines on US China relations this morning.

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<v Speaker 1>There's word Beijing is sanctioning both Lockheed Martin and a

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<v Speaker 1>subsidiary of raytheon technologies. China says it's over those US

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<v Speaker 1>companies participation in arms sales to Taiwan. The Chinese government

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<v Speaker 1>will band trade with Lockheed and raytheon missiles and defense. Well. Meantime,

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<v Speaker 1>in Washington, the fight over spending in the dead ceilings

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<v Speaker 1>starting to intensify. The Congressional Budget Office says the government

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<v Speaker 1>could default as soon as July if Congress fails to

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<v Speaker 1>raise the debt ceiling. Democratic Senator Ben Carden says he's

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<v Speaker 1>all for cutting the deficit, but not by cutting entitlements. Well,

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<v Speaker 1>we need to do is have an agreement between Democrats

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<v Speaker 1>and Republicans. What the appropriation bills are going to contain,

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<v Speaker 1>the capsule that spending, as to how we're going to

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<v Speaker 1>pay for it, Does it include so security and Medicare cuts? Now?

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<v Speaker 1>Maryland Senator Ben Carden spoke with Our Washington corresponded Joe

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<v Speaker 1>Matthew on Bloomberg Sound on Catch the show weekdays at

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<v Speaker 1>five pm Eastern on Bloomberg Radio or listen on demand

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<v Speaker 1>wherever you get your podcasts. Meantime, Karen, President Biden is

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<v Speaker 1>heaping praise on an unlikely figure. He's sending kind words

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<v Speaker 1>to Elon Musk for an offer to open open up

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<v Speaker 1>Tesla's supercharger network to e V rivals. Bloomberg said, Baxter

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<v Speaker 1>has the story. The President says it is a big deal,

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<v Speaker 1>Biden saying, and building the U S e V charging network,

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<v Speaker 1>we have to ensured that as many charges work for

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<v Speaker 1>as many drivers as possible. So as part of the agreement,

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<v Speaker 1>at least hundred of Tesla's charging stations across the US

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<v Speaker 1>will be available to all e V users by the

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<v Speaker 1>end of it will include at least thirty five hundred

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<v Speaker 1>of Tesla supercharger stations, which will tend to be near

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<v Speaker 1>highways in San Francisco. I'm at Baxter Bloomberg Daybreak. All right,

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<v Speaker 1>and thanks. Well, there's more news out of Tesla this morning.

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<v Speaker 1>We're learning the company has fired dozens of workers at

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<v Speaker 1>its factory in Buffalo, New York. The move comes a

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<v Speaker 1>day after employees there announced a union campaign, as according

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<v Speaker 1>to a complaint file, but the National Labor Relations Board

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<v Speaker 1>it accuses Tesla of retaliating for union activity. We've been

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<v Speaker 1>telling you about a slew of companies slashing jobs this year,

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<v Speaker 1>from big banks to big tech. But today it looks

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<v Speaker 1>like fidelities bucking the trend. It's hiring. We get the

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<v Speaker 1>story from Bloomberg's Doug Krisner. The asset manager is looking

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<v Speaker 1>to fill about four thousand new roles by mid year

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<v Speaker 1>as rivals reduce their ranks. The additional positions will focus

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<v Speaker 1>on customer service and technology. Two was a year of

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<v Speaker 1>record hiring for Boston based Fidelity, bringing its head count

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<v Speaker 1>to sixty eight thousand. Other big investment firms have been

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<v Speaker 1>trimming staff given economic uncertainty and softer financial markets. Last month,

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<v Speaker 1>Blackrock announced plans to cut five hundred jobs, or two

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<v Speaker 1>and a half percent of its global workforce, and earlier

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<v Speaker 1>this month we reported Alliance Bernstein eliminated more than a

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<v Speaker 1>hundred jobs in New York. I'm Doug Prisoner, Bloomberg Daybreak.

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<v Speaker 1>Thanks Doug. Futures are flat this morning, SMP futures are

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<v Speaker 1>down a point down, futures down eight, NASTAC futures down

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<v Speaker 1>two points. Straight ahead, your latest local headlines and a

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<v Speaker 1>check of sports. This is Bloomberg. It is fifty eight

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<v Speaker 1>degrees in New York. We're gonna have some showers this afternoon.

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<v Speaker 1>Another mile day on tap with highs in the low sixties.

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<v Speaker 1>This evening will get down to the mid fifties, but

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<v Speaker 1>temperatures will rise overnight. Time now to take a look

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<v Speaker 1>at some of the other stories making news in New

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<v Speaker 1>York and around the world with Bloomberg's Michael bar Good morning, Michael,

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<v Speaker 1>Good morning. Nathan, a white supremacist who killed ten black

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<v Speaker 1>people at a Buffalo supermarket, has been sentenced to life

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<v Speaker 1>in prison. Before Peyton Gender's sentencing, relatives of his victims

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<v Speaker 1>expressed the pain and rage over his racist attack, and

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<v Speaker 1>Genderan was sentenced by Judge Susan Egan there is no

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<v Speaker 1>place for you, or you're ignorant, hateful and evil ideologies

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<v Speaker 1>in a civilized society. New York Governor Kathy Hokel. Justice

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<v Speaker 1>has been done, and I hope that the families will

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<v Speaker 1>find peace and comfort in the knowledge that this person

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<v Speaker 1>never again walked the streets of this earth to do

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<v Speaker 1>harm to others as he did to their loved ones.

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<v Speaker 1>Yesterday's sentencing was disrupted briefly when a man in the

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<v Speaker 1>court rushed at general and was quickly restrained. The man

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<v Speaker 1>will not be charged. Meanwhile, Governor Okele suffered a set

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<v Speaker 1>back after the State Senate turned thumbs down on her

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<v Speaker 1>pick to leave the State Court of Appeals. After weeks

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<v Speaker 1>of intra party fighting, Senate Democrats held a floor vote

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<v Speaker 1>on the nomination of Judge Hector Lassalle, sal would have

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<v Speaker 1>been the first hispanding individual to head the top court.

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<v Speaker 1>A judge ordered that the sixty two year old driver

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<v Speaker 1>of a U haul truck that barreled through a New

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<v Speaker 1>York City neighborhood, killing one person and injuring eight others,

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<v Speaker 1>will have to undergo a psychiatric evaluation while in custody.

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<v Speaker 1>Wang Sore, who was charged with the murder and attempted

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<v Speaker 1>murder in the connection with Monday's deadly rampage. Made his

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<v Speaker 1>first court appearance in Brooklyn. The judge ordered him to

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<v Speaker 1>remain in custody without bail. El Paso, Texas police say

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<v Speaker 1>one person was killed and three others were wounded in

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<v Speaker 1>a shooting at a shopping mall. Police saying that two

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<v Speaker 1>suspects are in custody. El Paso Mayor Oscar Leezer says

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<v Speaker 1>an off duty officer was working at an establishment within

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<v Speaker 1>the mall. They off d the police officer there was there,

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<v Speaker 1>you know, did the job and the job that he's

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<v Speaker 1>trained to do day in and day out. It is

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<v Speaker 1>the same shopping complex where twenty three people were killed

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<v Speaker 1>in twenty nine at a walmart by a gunman. A

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<v Speaker 1>black Hawk helica here from the Tennessee National Guard crash

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<v Speaker 1>yesterday in Alabama, killing two crew members. The chopper on

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<v Speaker 1>a training exercise crash in the community of Harvest along

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<v Speaker 1>a state highway. Global News twenty four hours a day,

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<v Speaker 1>powered by more than twenty seven hundred journalist and analysts

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<v Speaker 1>in over one twenty countries. Michael Barr and this is Bloomberg, Nathan.

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<v Speaker 1>Thank you, Michael time for the Bloomberg Sports Update Frontier

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<v Speaker 1>by Tri State AUTI. Good morning John Stonshower, Good morning

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<v Speaker 1>Nathan and next at the All Star Break thirty three

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<v Speaker 1>and twenty seven and impressive seventeen and twelve on the

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<v Speaker 1>road in Atlanta. They won one oh one, went up

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<v Speaker 1>by twenty in the first quarter, never looked back. Julius

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<v Speaker 1>Randall now headed to Sunday's All Star Game in Utah.

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<v Speaker 1>He scored twenty five points. Jalen Brunson could still be

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<v Speaker 1>an injury replacement, should find out today. He scored twenty

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<v Speaker 1>four other knicks and double figures. Nixon in sixth place

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<v Speaker 1>in the East. They're a half game ahead of seventh

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<v Speaker 1>place Miami, who lost in Brooklyn and the Nets one

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<v Speaker 1>sixteen one o five mckel Bridges, where the Nets just

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<v Speaker 1>got of the have a durrant trade, obliterated his previous

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<v Speaker 1>career high. Had never before scored more than thirty four points.

0:10:05.880 --> 0:10:08.920
<v Speaker 1>Bridges went for forty five. He scored fifteen neck points

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<v Speaker 1>in a row in the fourth quarter, sixth straight wind

0:10:11.480 --> 0:10:13.760
<v Speaker 1>with the Ranger and six four at Vancouver. Para goals

0:10:13.800 --> 0:10:16.440
<v Speaker 1>were both any piner and and Meeking's advantage at the

0:10:16.480 --> 0:10:19.240
<v Speaker 1>Yankees acquired Frankie Mantas from Open last a lot, he

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<v Speaker 1>did not pitch well for the Yanks, and now it

0:10:21.679 --> 0:10:24.120
<v Speaker 1>appears he will not pitch at all for them. In

0:10:25.240 --> 0:10:28.960
<v Speaker 1>is Mantas the shoulders surgery. At Texas Rangers spring training,

0:10:29.040 --> 0:10:32.800
<v Speaker 1>Jacob deGrom already has an injury tightness in his left side.

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<v Speaker 1>Mets fan likely chuckling about that when de Gram left

0:10:36.360 --> 0:10:39.280
<v Speaker 1>the Mets, Justin Verlander joined them. This is actually my

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<v Speaker 1>first spring training with the brand new team since uh

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<v Speaker 1>two five. Um, you know, I got train to Houston

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<v Speaker 1>in the middle of the season, so uh, this is

0:10:50.320 --> 0:10:52.920
<v Speaker 1>like the first day of new school for me, um,

0:10:52.960 --> 0:10:55.280
<v Speaker 1>which comes with a lot of opportunity and just getting

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<v Speaker 1>to meet a lot of guys and them get to

0:10:57.120 --> 0:11:00.040
<v Speaker 1>know MEMI gets him Verlander a co Mets ace with

0:11:00.120 --> 0:11:03.480
<v Speaker 1>fellow veteran that Jersey John Sparsh. I want Bloomberg Sports

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<v Speaker 1>live from coast to coast, from New York to San Francisco,

0:11:10.040 --> 0:11:13.920
<v Speaker 1>Boston to Washington, d C. Nationwide on Sirius Examp, a

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<v Speaker 1>Bloomberg business app, and Bloomberg dot Com. This is Bloomberg Daybreak.

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<v Speaker 1>Good morning. I'm Nathan Hagar as the Fed continues to

0:11:22.720 --> 0:11:27.520
<v Speaker 1>tighten and COVID stimulus withers, consumers keep spending on travel.

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<v Speaker 1>That's the message coming from AIRB and B, which posted

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<v Speaker 1>some of its best earnings ever this week. The CEO

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<v Speaker 1>Brian Chesky sat down with Bloomberg's Emily Chang to talk

0:11:37.880 --> 0:11:40.800
<v Speaker 1>about the growth and how Airbnb is preparing for a

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<v Speaker 1>possible economic downturn. Let's listen in to part of that conversation. Now,

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<v Speaker 1>travels robust, but let's talk about the color. Are you

0:11:49.280 --> 0:11:52.960
<v Speaker 1>seeing signs of people making trade offs? Ten days turns

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<v Speaker 1>into seven days, A hundred dollars a night turns into

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<v Speaker 1>sevent You know, it's funny, Emily. We are not seeing

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<v Speaker 1>um any like any like measurable slowdown. What we said

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<v Speaker 1>in our Q one outlook is we're expecting pretty steady growth.

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<v Speaker 1>Now we are expecting a little bit more accelerated growth

0:12:11.520 --> 0:12:15.360
<v Speaker 1>in short term stays, but that's that's more of a recovery.

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<v Speaker 1>We're seeing more recovery short term stags. We're seeing more

0:12:18.000 --> 0:12:21.080
<v Speaker 1>people go to cities, and we're seeing more people cross borders,

0:12:21.120 --> 0:12:23.800
<v Speaker 1>between urban and cross border. That was around eight percent

0:12:23.840 --> 0:12:26.400
<v Speaker 1>of our night's book before the pandemic. So it's really

0:12:26.440 --> 0:12:28.640
<v Speaker 1>more a matter of a recovery of the old ways

0:12:28.640 --> 0:12:31.520
<v Speaker 1>of traveling and a real sustainability of the new ways,

0:12:31.559 --> 0:12:34.240
<v Speaker 1>like including people staying longer and traveling to more to places.

0:12:34.640 --> 0:12:37.880
<v Speaker 1>Dave steveson your CFO said yesterday on the call, this

0:12:38.040 --> 0:12:42.360
<v Speaker 1>is growth mode now, not necessarily profit maximization mode. When

0:12:42.360 --> 0:12:45.080
<v Speaker 1>it is growth mode actually look like And there's something

0:12:45.200 --> 0:12:48.320
<v Speaker 1>kind of interesting that I've learned in Silken Valley. I

0:12:48.360 --> 0:12:50.520
<v Speaker 1>think there's this really like simple way of thinking. You're

0:12:50.559 --> 0:12:53.600
<v Speaker 1>either in growth mode or profitability mode. And what I've

0:12:53.679 --> 0:12:57.319
<v Speaker 1>learned since the pandemic is as we've gotten more profitable,

0:12:57.360 --> 0:12:59.679
<v Speaker 1>we also got more efficient. And as we've got more

0:12:59.679 --> 0:13:01.760
<v Speaker 1>EFFICI shint, we got more focused, we were able to

0:13:01.760 --> 0:13:04.840
<v Speaker 1>grow faster. So we're gonna continue to do both. But

0:13:04.920 --> 0:13:07.719
<v Speaker 1>we are focused on three priorities this year. Number one,

0:13:07.760 --> 0:13:10.559
<v Speaker 1>we want to perfect the core service, and we are

0:13:10.679 --> 0:13:13.000
<v Speaker 1>listening out all the different things that people want to

0:13:13.000 --> 0:13:15.000
<v Speaker 1>be better at BnB and we're trying to systematically fix

0:13:15.040 --> 0:13:16.920
<v Speaker 1>them one at a time. Then we need when to

0:13:16.960 --> 0:13:19.320
<v Speaker 1>make sure we have enough host If people are watching

0:13:19.320 --> 0:13:22.120
<v Speaker 1>on TV, they probably have travel their banb or know

0:13:22.240 --> 0:13:24.199
<v Speaker 1>someone who has. I want people to say the same

0:13:24.200 --> 0:13:26.240
<v Speaker 1>thing about hosting. They know somebody who is a host

0:13:26.400 --> 0:13:29.800
<v Speaker 1>because it's so mainstream and so popular. And along the way,

0:13:30.040 --> 0:13:33.600
<v Speaker 1>we're actually laying the foundation for us to extend beyond

0:13:33.640 --> 0:13:35.959
<v Speaker 1>our core business, and we're thinking about pretty expansive the

0:13:36.040 --> 0:13:38.560
<v Speaker 1>big ideas. So that's what we mean by growth mode,

0:13:38.679 --> 0:13:41.840
<v Speaker 1>that we are perfecting the core, making hosted mainstream, and

0:13:41.880 --> 0:13:44.040
<v Speaker 1>we're thinking about big ideas. But the cool thing is

0:13:44.080 --> 0:13:47.280
<v Speaker 1>that we can stay really lean, really disciplined, because I

0:13:47.320 --> 0:13:49.800
<v Speaker 1>don't think growth and profitabily have to be a major

0:13:49.840 --> 0:13:51.640
<v Speaker 1>trade off, and I hope that's what the lesson of

0:13:51.679 --> 0:13:55.560
<v Speaker 1>Airbnb is so long term stays. You mentioned grows Night's

0:13:55.600 --> 0:13:58.319
<v Speaker 1>book has that plateau. Do you think that's max at

0:13:58.320 --> 0:14:01.479
<v Speaker 1>this point, Let's think about up from a first principal standpoint,

0:14:01.800 --> 0:14:04.240
<v Speaker 1>why does that business even exist In the first place.

0:14:04.440 --> 0:14:08.360
<v Speaker 1>That business exists because there's a gap between people traveling

0:14:08.360 --> 0:14:11.600
<v Speaker 1>in a short term basis and people signing one year leases.

0:14:11.920 --> 0:14:15.880
<v Speaker 1>And that gap has increased as more people have gotten flexible.

0:14:16.200 --> 0:14:19.960
<v Speaker 1>You know, not everyone works remotely as flexible work of policies,

0:14:20.120 --> 0:14:22.360
<v Speaker 1>but a lot more people than before the pandemic. We're

0:14:22.360 --> 0:14:24.520
<v Speaker 1>seeing a lot more people want to travel for summer.

0:14:24.520 --> 0:14:26.840
<v Speaker 1>We're seeing a lot more people relocating. We're seeing a

0:14:26.920 --> 0:14:29.240
<v Speaker 1>lot more people that are kind of living different places

0:14:29.320 --> 0:14:31.200
<v Speaker 1>month to month. I think this is a very long

0:14:31.280 --> 0:14:34.280
<v Speaker 1>term trend. I think there was an initial like adoption

0:14:34.640 --> 0:14:38.640
<v Speaker 1>that was unique in its vertical nature during the pandemic.

0:14:39.040 --> 0:14:41.800
<v Speaker 1>I think it is normalizing, but over the course of

0:14:41.840 --> 0:14:43.920
<v Speaker 1>ten years, that's going to keep going up because people

0:14:43.920 --> 0:14:46.960
<v Speaker 1>are gonna continue to get more flexible. Still, you've got

0:14:47.200 --> 0:14:51.360
<v Speaker 1>inflation layoffs happening almost everywhere but Airbnb, and I wonder

0:14:51.400 --> 0:14:54.560
<v Speaker 1>if this catches up, Like, what are you worried about

0:14:54.600 --> 0:14:57.400
<v Speaker 1>when you see a tough few years ahead for the

0:14:57.440 --> 0:15:01.560
<v Speaker 1>global economy. I certainly were about, um, you know our

0:15:01.600 --> 0:15:03.720
<v Speaker 1>host I mean a lot of them live at or

0:15:03.720 --> 0:15:06.800
<v Speaker 1>below meeting income and everybody is an incredibly important way

0:15:06.840 --> 0:15:08.400
<v Speaker 1>for them to make money. And I think therapy be

0:15:08.480 --> 0:15:10.440
<v Speaker 1>can be a way for more people to become a host.

0:15:10.760 --> 0:15:13.800
<v Speaker 1>As far as our employees, though, you know, we did

0:15:13.880 --> 0:15:17.040
<v Speaker 1>make some hard choices, but here's a stat We have

0:15:17.160 --> 0:15:20.000
<v Speaker 1>five percent fewer employees than before the pandemic and we

0:15:20.040 --> 0:15:25.280
<v Speaker 1>have more revenue. So we're extremely disciplined, very focused, for

0:15:25.480 --> 0:15:28.280
<v Speaker 1>very lean and you know, we basically made a lot

0:15:28.320 --> 0:15:31.160
<v Speaker 1>of hard decisions and then we never left that discipline.

0:15:31.200 --> 0:15:33.240
<v Speaker 1>And it was partly because we didn't we knew we

0:15:33.240 --> 0:15:35.280
<v Speaker 1>were living in a time and certainty, but it's also

0:15:35.360 --> 0:15:38.640
<v Speaker 1>because we knew that as we got more disciplined in Lean,

0:15:38.840 --> 0:15:40.880
<v Speaker 1>it actually became a better experience to work here. So

0:15:40.920 --> 0:15:43.440
<v Speaker 1>I think that you know we're ready for whatever storms ahead.

0:15:43.720 --> 0:15:46.200
<v Speaker 1>Let's talk about the storm. We've got fourteen billion dollars

0:15:46.200 --> 0:15:48.080
<v Speaker 1>in cash a mass. How are you thinking about what

0:15:48.160 --> 0:15:50.960
<v Speaker 1>to do with that? Is that just a massive rainy

0:15:51.000 --> 0:15:54.520
<v Speaker 1>day recession fund. I hope it's more than that. We

0:15:54.600 --> 0:15:57.360
<v Speaker 1>are absolutely going to be looking at growth opportunities to

0:15:57.440 --> 0:16:00.000
<v Speaker 1>invest in. But one of the lessons I learned from

0:16:00.080 --> 0:16:02.320
<v Speaker 1>for the pandemic is I remember I had a teacher said, Brian,

0:16:02.360 --> 0:16:03.680
<v Speaker 1>you can do everything you want in your life, just

0:16:03.720 --> 0:16:05.640
<v Speaker 1>not at the same time. And so I want us

0:16:05.680 --> 0:16:08.280
<v Speaker 1>to be incredibly rigorous, thinking one step in front of

0:16:08.280 --> 0:16:11.680
<v Speaker 1>the other. But we are absolutely looking at expanding our market,

0:16:11.760 --> 0:16:14.560
<v Speaker 1>going to some new opportunities. But we're going to continue

0:16:14.560 --> 0:16:17.600
<v Speaker 1>to be extremely disciplined, and you know, expect us to

0:16:17.680 --> 0:16:19.600
<v Speaker 1>generate a lot more free cash flew this year as well.

0:16:21.120 --> 0:16:24.040
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