1 00:00:03,200 --> 00:00:06,600 Speaker 1: Global business news twenty four hours a day at Bloomberg 2 00:00:06,640 --> 00:00:09,719 Speaker 1: dot com, the radio, plus mobile lapt and on your radio. 3 00:00:10,000 --> 00:00:14,160 Speaker 1: This is a Bloomberg Business Flight from Bloomberg World Handquarters. 4 00:00:14,200 --> 00:00:17,000 Speaker 1: I'm Charlie Pollock stock Flower across the board. Let's head 5 00:00:17,000 --> 00:00:19,759 Speaker 1: over to the First Word Breaking news desk for today's 6 00:00:19,840 --> 00:00:22,720 Speaker 1: afternoon call. And we are brought to you today by 7 00:00:22,800 --> 00:00:27,560 Speaker 1: the American Arbitration Association International Trader Business Dispute resolved Faster 8 00:00:27,920 --> 00:00:31,280 Speaker 1: with the International Center for Dispute Resolution, the leader in 9 00:00:31,360 --> 00:00:35,320 Speaker 1: alternative dispute resolution around the world. I see dr dot 10 00:00:35,440 --> 00:00:39,680 Speaker 1: org and now here he is Bill Maloney. Good afternoon, Charlie. 11 00:00:39,760 --> 00:00:42,480 Speaker 1: Stocks are under pressure today, with the Dow currently down 12 00:00:42,520 --> 00:00:45,839 Speaker 1: a hundred and sixty seven points, SUP drop sixteen in 13 00:00:45,920 --> 00:00:49,800 Speaker 1: NAZAC falls eighteen, the down SPF Hired are breaking down 14 00:00:49,800 --> 00:00:53,120 Speaker 1: below their fifty day moving averages. The small cap six 15 00:00:53,240 --> 00:00:56,000 Speaker 1: hundred is down five points, and the US ten yield 16 00:00:56,080 --> 00:00:59,600 Speaker 1: at one point seven per cent. All tenn sub sectors 17 00:00:59,640 --> 00:01:03,120 Speaker 1: are We're led by losses in consumer staples, financials, and 18 00:01:03,200 --> 00:01:07,360 Speaker 1: the industrials down. Transports drop a hundred nine points, NASA 19 00:01:07,440 --> 00:01:11,360 Speaker 1: biotechs outperform gained fifteen and the vix is higher by 20 00:01:11,440 --> 00:01:15,400 Speaker 1: six percent. Down. Leaders to the downsign included Walmart, Caterpillar, 21 00:01:15,480 --> 00:01:20,839 Speaker 1: andrew Pot Only, Intel and Fightser gained. Navidia searched fifteen 22 00:01:20,959 --> 00:01:24,200 Speaker 1: percent to an all time high after earnings, while Northstrom 23 00:01:24,200 --> 00:01:28,360 Speaker 1: plunged fourteen percent after its results. Live from the first 24 00:01:28,360 --> 00:01:30,640 Speaker 1: breaking newstas gomb Bill Maloney, Charlie all right, thank you 25 00:01:30,720 --> 00:01:33,319 Speaker 1: very much, Bill Maloney, and do here live breaking news 26 00:01:33,440 --> 00:01:36,959 Speaker 1: over your Bloombird Times Squawk SQ you a w K 27 00:01:37,120 --> 00:01:39,960 Speaker 1: on your terminal. I'm Charlie pell. That's a bloom Bird 28 00:01:40,040 --> 00:01:51,960 Speaker 1: business flash where you can find. I'll be earnline down 29 00:01:52,080 --> 00:01:58,040 Speaker 1: in the down unwinding down in the Islands, as we 30 00:01:58,160 --> 00:02:02,000 Speaker 1: continue our special live broadcasts on taking Stock, Elbow Beach, 31 00:02:02,040 --> 00:02:07,040 Speaker 1: Bermuda and Ocean Front on Cleveland, Classic Style and contemporary Luxury. Well, 32 00:02:07,400 --> 00:02:10,840 Speaker 1: big event for Bermuda next year, and that's the thirty 33 00:02:11,080 --> 00:02:13,520 Speaker 1: America's Cup right here in Bermuna. We sat down with 34 00:02:13,919 --> 00:02:17,120 Speaker 1: religion sailing legend, I should say, Sir Russell Coots. He's 35 00:02:17,160 --> 00:02:20,440 Speaker 1: the CEO of the America's Cup event authority, the a 36 00:02:20,680 --> 00:02:25,200 Speaker 1: c e A. He discussed the Cup held last week 37 00:02:25,320 --> 00:02:27,760 Speaker 1: in New York and changes in televising the sport to 38 00:02:27,760 --> 00:02:29,960 Speaker 1: make it more accessible. As Bermuda gears up for the 39 00:02:30,720 --> 00:02:33,240 Speaker 1: America's Cup, he also talked about his own background and 40 00:02:33,240 --> 00:02:36,639 Speaker 1: how he got started in this amazing sport. I grew 41 00:02:36,720 --> 00:02:40,200 Speaker 1: up by the water in New Zealand and was able 42 00:02:40,200 --> 00:02:43,040 Speaker 1: to access that in a fairly free way, and then 43 00:02:43,080 --> 00:02:46,040 Speaker 1: moved on to competition, went to the Olympic Games. It 44 00:02:46,200 --> 00:02:48,720 Speaker 1: was fortunate to win a middle at the Olympics, and 45 00:02:48,760 --> 00:02:51,919 Speaker 1: then moved on into America's Cup racing where I've had 46 00:02:52,320 --> 00:02:54,480 Speaker 1: lots of great experiences with a lot of teams and 47 00:02:54,520 --> 00:02:59,800 Speaker 1: then and then currently working as the event executive. That's 48 00:03:00,000 --> 00:03:02,440 Speaker 1: in many ways one of the most exciting things that 49 00:03:02,480 --> 00:03:05,040 Speaker 1: I've done because of what we're doing in the sport 50 00:03:05,360 --> 00:03:08,320 Speaker 1: now with bringing the racing in close to the shore, 51 00:03:09,160 --> 00:03:12,320 Speaker 1: making it more available for the fans and more accessible 52 00:03:12,360 --> 00:03:15,200 Speaker 1: for the fans to see. It's really exciting times and 53 00:03:15,280 --> 00:03:19,040 Speaker 1: our sport. You are CEO of the America's Cup Event 54 00:03:19,200 --> 00:03:23,920 Speaker 1: authority organizing body for the thirty's America's Cup now just 55 00:03:23,919 --> 00:03:25,840 Speaker 1: wrapped up in New York. Was the first time the 56 00:03:25,919 --> 00:03:29,959 Speaker 1: race was held here since nineteen twenty. What brought it 57 00:03:30,000 --> 00:03:32,200 Speaker 1: bout to New York. What makes New York special and 58 00:03:32,280 --> 00:03:34,720 Speaker 1: how does that set you up for the World Cup 59 00:03:34,760 --> 00:03:37,720 Speaker 1: in Bermuda next year. Well, New York has a tremendous 60 00:03:37,760 --> 00:03:41,320 Speaker 1: history with the America's Cup. In fact, it it really 61 00:03:41,320 --> 00:03:44,840 Speaker 1: started there with a group of prominent New Yorker is 62 00:03:45,240 --> 00:03:48,160 Speaker 1: challenging the best of the British fleet, winning that race 63 00:03:48,280 --> 00:03:50,600 Speaker 1: and then bringing the event back to New York and 64 00:03:50,680 --> 00:03:53,840 Speaker 1: actually hold it for a hundred and thirty two years. 65 00:03:53,880 --> 00:03:56,440 Speaker 1: So it was exciting to bring it back there, and 66 00:03:56,440 --> 00:03:59,200 Speaker 1: of course it's it's an iconic city. And in some 67 00:03:59,360 --> 00:04:01,360 Speaker 1: way the modern and boats allow us to do that 68 00:04:01,440 --> 00:04:04,800 Speaker 1: as well. Because the modern boats are faster, they are 69 00:04:05,160 --> 00:04:08,520 Speaker 1: shallow and draft win that it requires much depths so 70 00:04:08,640 --> 00:04:11,040 Speaker 1: you can race them in an area like the Hudson 71 00:04:11,280 --> 00:04:14,240 Speaker 1: and bringing them close to the public. So all of 72 00:04:14,280 --> 00:04:17,480 Speaker 1: those factors combined allowed us to once again take a 73 00:04:17,480 --> 00:04:20,119 Speaker 1: look at bringing it back to New York. If people 74 00:04:20,279 --> 00:04:23,440 Speaker 1: come to see the boats that will race in the 75 00:04:23,440 --> 00:04:26,640 Speaker 1: America's Cup, they could be forgiven for wondering are they 76 00:04:26,760 --> 00:04:30,640 Speaker 1: really yachts because they look like something completely different. Now, 77 00:04:31,000 --> 00:04:34,479 Speaker 1: describe the boats themselves, what they're made of, and what 78 00:04:34,600 --> 00:04:37,480 Speaker 1: the sales are made of and how they have changed. Well, 79 00:04:37,520 --> 00:04:41,239 Speaker 1: the boats are very high speed boats. They are instead 80 00:04:41,240 --> 00:04:43,640 Speaker 1: of the conventional sail on the boat, for example, they 81 00:04:43,680 --> 00:04:46,080 Speaker 1: have a wing sale much the same as an airplane wing, 82 00:04:46,640 --> 00:04:49,000 Speaker 1: and that provides the power in the boat. So these 83 00:04:49,040 --> 00:04:51,600 Speaker 1: boats can do well. The boats that raced in you 84 00:04:51,680 --> 00:04:54,159 Speaker 1: Or can do up to forty miles per hour. The 85 00:04:54,200 --> 00:04:56,719 Speaker 1: actual boats that are racing in the America's Cup can 86 00:04:56,760 --> 00:05:00,520 Speaker 1: do up to fifty miles per hour. So they are 87 00:05:01,080 --> 00:05:04,360 Speaker 1: very very high speed boats and powerful boats, and the 88 00:05:04,440 --> 00:05:08,080 Speaker 1: technology is absolutely incredible on them. It's been a big 89 00:05:08,160 --> 00:05:11,200 Speaker 1: change in the America's Cup, and I think the thousands 90 00:05:11,200 --> 00:05:14,480 Speaker 1: of fans that came out some would say they were 91 00:05:14,520 --> 00:05:17,520 Speaker 1: close to a hundred thousand fans on each day that 92 00:05:17,680 --> 00:05:20,320 Speaker 1: came out to watch. They could see that it's a 93 00:05:20,400 --> 00:05:22,880 Speaker 1: much more thrilling race than than what it used to 94 00:05:22,880 --> 00:05:25,000 Speaker 1: be in the past. So I think those changes have 95 00:05:25,080 --> 00:05:29,520 Speaker 1: been They're certainly exciting for the modern day racer, but 96 00:05:29,600 --> 00:05:32,560 Speaker 1: also the people watching it. So you want to make 97 00:05:32,560 --> 00:05:35,279 Speaker 1: it more exciting. You want to bring the viewer watching 98 00:05:35,320 --> 00:05:37,760 Speaker 1: television into the race. This is going to raise the 99 00:05:37,800 --> 00:05:41,560 Speaker 1: commercial value of this exciting event. The America's cup. But 100 00:05:41,839 --> 00:05:44,320 Speaker 1: what about the money? How much what does it cost 101 00:05:44,360 --> 00:05:47,080 Speaker 1: to set up an event like this and what do 102 00:05:47,120 --> 00:05:51,080 Speaker 1: the sponsors expect to see in return. Well, it's interesting 103 00:05:51,080 --> 00:05:54,480 Speaker 1: that you mentioned that the sponsorship would return because with 104 00:05:54,560 --> 00:05:58,520 Speaker 1: our pushed towards making it a more understandable television product 105 00:05:58,839 --> 00:06:02,400 Speaker 1: and introducing the graphics on top of super imposing them 106 00:06:02,440 --> 00:06:06,080 Speaker 1: on top of the live video images, we're able to 107 00:06:06,160 --> 00:06:10,719 Speaker 1: now deliver our global sponsors at least seven times greater 108 00:06:10,760 --> 00:06:14,919 Speaker 1: than their initial return on their initial investment. So that's 109 00:06:15,000 --> 00:06:17,560 Speaker 1: incredible when you consider where we were in the past. 110 00:06:17,800 --> 00:06:21,600 Speaker 1: We really think we're delivering very good value for those partners, 111 00:06:21,839 --> 00:06:24,240 Speaker 1: and as a result of that, we've got over thirteen 112 00:06:24,480 --> 00:06:30,479 Speaker 1: global partners involved and then also seven domestic partners major 113 00:06:30,520 --> 00:06:33,400 Speaker 1: partnerships involved, as well as what we call our a 114 00:06:33,560 --> 00:06:37,200 Speaker 1: c Endeavor, a youth program where we have over twenty 115 00:06:37,360 --> 00:06:41,040 Speaker 1: partners involved. So there's been a tremendous shift where all 116 00:06:41,080 --> 00:06:45,200 Speaker 1: of a sudden, this has become a property that once 117 00:06:45,200 --> 00:06:50,000 Speaker 1: again the commercial sector are looking to partner with a 118 00:06:50,040 --> 00:06:52,520 Speaker 1: fairly significant way. So we've had something like a three 119 00:06:53,000 --> 00:06:57,520 Speaker 1: percent uplifting television broadcast revenues as well as a tremendous 120 00:06:57,560 --> 00:07:03,560 Speaker 1: uplift in terms of our partnership sales. That was sailing legend. 121 00:07:03,720 --> 00:07:07,039 Speaker 1: Sir Russell Coots. He's the chief executive of the America's 122 00:07:07,080 --> 00:07:10,360 Speaker 1: Cup Event Authority. They are the organizing body for the 123 00:07:10,440 --> 00:07:14,000 Speaker 1: thirty five America's Cup that will take place next year 124 00:07:15,200 --> 00:07:17,680 Speaker 1: right here in Bermuda. And I think we should come 125 00:07:17,720 --> 00:07:19,960 Speaker 1: back and cover that. I have no problem with that 126 00:07:20,240 --> 00:07:23,480 Speaker 1: at all. And you know that over of the days 127 00:07:23,480 --> 00:07:26,200 Speaker 1: in Bermuda they have wind that would be perfect for 128 00:07:26,200 --> 00:07:29,600 Speaker 1: the America's Cup. Maybe we'll see it on television too. 129 00:07:30,120 --> 00:07:32,120 Speaker 1: I like that. It's a great idea. Maybe get you 130 00:07:32,120 --> 00:07:34,240 Speaker 1: on the boat. Oh, I like that even better. All right, 131 00:07:34,360 --> 00:07:46,080 Speaker 1: maybe later you're listening to taking Stock on Bloomberg Radio. Bloomberg. 132 00:07:46,080 --> 00:07:47,760 Speaker 1: Taking Stock has brought to you by Withem Smith and 133 00:07:47,800 --> 00:07:50,239 Speaker 1: Brown c P, a s Audit tax and advisory services 134 00:07:50,280 --> 00:07:52,600 Speaker 1: to help your business be in a position of strength. 135 00:07:52,640 --> 00:07:55,120 Speaker 1: Experienced the with Him way by visiting with him dot 136 00:07:55,160 --> 00:08:00,200 Speaker 1: Com