WEBVTT - Bloomberg Businessweek Weekend-October 31, 2020 0:00:00.880 --> 0:00:06.040 This is Bloomberg Business Week with Gerrol Mazer from Bloomberg Radio. Hi, 0:00:06.120 --> 0:00:08.720 I'm Carol Masser. Welcome to the weekend edition of Bloomberg 0:00:08.760 --> 0:00:11.920 Business Week. It's week thirty three, working from home still 0:00:12.000 --> 0:00:14.640 for so many of us, this is the second wave 0:00:14.680 --> 0:00:18.280 of COVID nineteen was sweeping the world once again, facing shutdowns, 0:00:18.400 --> 0:00:21.840 rising virus cases and hospitalizations, and a lot of stresses 0:00:21.880 --> 0:00:24.960 again on our economy. Well, this week, we've got several 0:00:25.040 --> 0:00:27.440 leaders of companies that have had to juggle supply chains, 0:00:27.440 --> 0:00:30.000 They've had to create zones. They've also had to figure 0:00:30.000 --> 0:00:33.960 out how to help those impacted by the coronavirus among them. 0:00:34.080 --> 0:00:37.640 It's just been an amazing seven months as we're all 0:00:37.680 --> 0:00:40.360 trying to return to what we believe will be the 0:00:40.400 --> 0:00:43.160 new normal. I don't think we're there yet, but we're 0:00:43.360 --> 0:00:46.279 we're a big part of becoming part of that. That's 0:00:46.360 --> 0:00:49.440 Judy Marks, Presidency of OTIS Worldwide. She's been dealing with 0:00:49.479 --> 0:00:52.600 the pandemic from day one of the global outbreak. Same 0:00:52.680 --> 0:00:55.319 for Whirlpool chairman and CEO Mark bits Are we check 0:00:55.360 --> 0:00:57.880 in with him. He sees a lasting change in consumer 0:00:57.960 --> 0:01:00.800 behavior caused by the virus. We begin this week with 0:01:00.840 --> 0:01:03.680 the race for a vaccine. Dr Anthony Faucci, the US 0:01:03.720 --> 0:01:07.319 government's top infectious disease expert. He said vaccines won't be 0:01:07.319 --> 0:01:11.040 available in the United States until January at the earliest. Well, 0:01:11.160 --> 0:01:14.000 this week Bloomberg's Business Week cover story it is all 0:01:14.040 --> 0:01:17.920 about Operation Warp Speed, the federal government's mission to accelerate 0:01:17.959 --> 0:01:21.880 development of a COVID nineteen vaccine, and this story talks 0:01:21.920 --> 0:01:25.480 about what might be the ultimate Operation Warp Speed company. 0:01:25.640 --> 0:01:28.840 The story written by Bloomberg News Financial Investigation senior writer 0:01:28.920 --> 0:01:32.880 Stephanie Baker, along with Bloomberg News US healthcare reporter Cynthia 0:01:32.959 --> 0:01:36.080 Coon's Bloomberg's Kaylee Lines, and I caught up with Stephanie 0:01:36.319 --> 0:01:39.839 and Bloomberg Business Week editor Joel Weber. We talked about 0:01:40.000 --> 0:01:43.920 vaccines a lot um in this program, and obviously, I 0:01:43.920 --> 0:01:48.200 think it's one of the things that everybody is, you know, 0:01:48.280 --> 0:01:52.040 watching in addition to this, you know, election next week. 0:01:53.080 --> 0:01:55.400 But the you know, obviously the big thing here with 0:01:55.440 --> 0:01:59.160 the vaccine is, you know, how do we get to 0:01:59.560 --> 0:02:02.200 a viable vaccine and then how do you distribute it? 0:02:02.720 --> 0:02:05.160 And one of the big unknown sort of in our 0:02:05.160 --> 0:02:10.120 coverage has been what role Operation Warp Speed actually plays 0:02:10.160 --> 0:02:12.240 in this and that was sort of the mission that 0:02:12.280 --> 0:02:16.360 we put Stephanie and Cynthia on with this story and 0:02:16.440 --> 0:02:19.280 what we what we learned in the processes UM is 0:02:19.560 --> 0:02:22.360 really told and they told the story through a company 0:02:22.400 --> 0:02:26.520 called UH Emergent, which is in Baltimore. That's a company 0:02:26.600 --> 0:02:29.080 I've never heard of, and yet they're one of the 0:02:29.280 --> 0:02:32.160 many players that are sort of in the Operation Warp 0:02:32.200 --> 0:02:36.320 Speed ecosystem. So so, Stephanie, what what is that company 0:02:36.360 --> 0:02:41.240 Emergent tell us about Operation warps feeds approach in the 0:02:41.320 --> 0:02:46.600 vaccine development. Yes, well, you know, Operation Warp Speed turned 0:02:46.639 --> 0:02:50.640 to Emergent when they were looking for surge capacity to 0:02:50.840 --> 0:02:54.520 make vaccines. Emergent had been a supplier to the U. 0:02:54.600 --> 0:03:01.200 S Government for years UH making vaccines against anthrap and smallpox, 0:03:01.840 --> 0:03:04.600 and so they were in a prime position to be 0:03:04.639 --> 0:03:08.200 able to sort of set that aside and start making 0:03:08.240 --> 0:03:12.959 COVID nineteen vaccines and had the sort of the manufacturing 0:03:12.960 --> 0:03:16.520 suites and the technology. And it turns up that there 0:03:16.560 --> 0:03:19.960 now they had worked with three of the six vaccine 0:03:19.960 --> 0:03:25.480 developers that Operation Warp Speed had has publicly backed UM 0:03:25.560 --> 0:03:28.320 and you know, really turned themselves into a sort of 0:03:28.440 --> 0:03:33.640 key node of production for COVID vaccines and are gearing 0:03:33.720 --> 0:03:36.800 up in the process of making what will eventually be 0:03:37.320 --> 0:03:41.240 you know, hundreds of millions of doses of vaccines of 0:03:41.360 --> 0:03:44.600 various candidates. Now, obviously there are two things here. There's 0:03:44.640 --> 0:03:49.280 one is which vaccines will get approved, and then there's 0:03:49.640 --> 0:03:53.200 manufacturing them and making sure there's enough supply when that 0:03:53.280 --> 0:03:56.760 approval does come. And I think that's what Operation Warps 0:03:56.760 --> 0:03:58.960 who's really focused on, is making sure that the supply 0:03:59.040 --> 0:04:03.880 chain is there, that the all the manufacturers have what 0:04:03.920 --> 0:04:06.600 they need and can use, for instance, the Defense Production 0:04:06.640 --> 0:04:10.920 Act to gain priority in in in the supply chain 0:04:10.960 --> 0:04:13.760 to make sure that those doses are available if and 0:04:13.800 --> 0:04:18.279 when an approval does come right, something that surprised me. 0:04:18.320 --> 0:04:20.760 I don't know whether it should have, considering they are 0:04:20.800 --> 0:04:23.920 intending to have this process happen at warp speed, but 0:04:23.960 --> 0:04:26.719 they say their goal is to start delivering a vaccine 0:04:26.760 --> 0:04:29.640 within twenty four hours of its approval. That's a really 0:04:29.800 --> 0:04:34.760 quick turnaround. Have they succeeded in kind of doing having 0:04:34.800 --> 0:04:39.680 that infrastructure set up for when a vaccine is ultimately approved. Well, 0:04:39.720 --> 0:04:42.640 they are trying to prepare the groundwork by doing things 0:04:42.680 --> 0:04:46.120 like building an integrated computer system to track where every 0:04:46.160 --> 0:04:51.760 dose goes. UM they've outsourced distribution to a company UM 0:04:51.760 --> 0:04:55.120 that has historically worked with the Centers for Disease Control 0:04:55.160 --> 0:04:58.640 on vaccine distribution. But of course this all depends on 0:04:58.720 --> 0:05:03.080 which vaccine gets approve and when, and there's just so 0:05:03.120 --> 0:05:06.680 many uncertainties around that. And you know, one of the 0:05:06.720 --> 0:05:10.960 front runners fiser Um, which is developing a vaccine together 0:05:11.000 --> 0:05:16.000 with Germany's BioNTech Um. You know, it has very challenging 0:05:16.400 --> 0:05:19.360 UH storage requirements. It needs to be kept at minus 0:05:19.360 --> 0:05:22.240 seventy five degrees celsius, which is I think as a 0:05:22.360 --> 0:05:26.880 hundred and twelve degrees fahrenheit, and you know that just 0:05:26.960 --> 0:05:31.119 creates huge challenges in terms of trying to farm those 0:05:31.160 --> 0:05:35.880 doses out across the country. And so I think you know, 0:05:36.120 --> 0:05:39.880 they they're they're working with individual states to try to 0:05:39.880 --> 0:05:41.600 come up with a plan. I think some of the 0:05:41.640 --> 0:05:45.000 states have pushed back saying, you know, you guys, you 0:05:45.040 --> 0:05:49.840 haven't provided enough detail on things like storage or funding. 0:05:50.440 --> 0:05:52.920 I think there are a lot of unanswered questions. So 0:05:53.120 --> 0:05:58.080 you get some bullish predictions from the people working within 0:05:58.200 --> 0:06:02.320 Operation Warp speed UM, and it's it's unclear until the 0:06:02.360 --> 0:06:05.520 time comes come January, you know whether or not they 0:06:05.880 --> 0:06:08.680 will be able to effectively form this out um. It 0:06:08.800 --> 0:06:12.080 is a massive challenge there. You know, there was a 0:06:12.120 --> 0:06:14.840 lot of questions about lack of transparency in whether or 0:06:14.880 --> 0:06:19.719 not you know this was um wasted taxpayer money. But 0:06:19.839 --> 0:06:22.719 when you when you think about it, the scale of 0:06:22.760 --> 0:06:26.680 the economic fallout is so enormous. Trillions of dollars. In 0:06:26.720 --> 0:06:31.040 a way, eight billion is very little UM and that 0:06:31.520 --> 0:06:34.080 they ought to be throwing more money at it, and 0:06:34.120 --> 0:06:36.520 we'll probably have to throw more money at it in 0:06:36.960 --> 0:06:39.560 reality when it gets down to the distribution. Be sure 0:06:39.560 --> 0:06:42.240 to check out that full story online, on newsstands and 0:06:42.279 --> 0:06:45.000 of course on the Bloomberg. That was Bloomberg News Financial 0:06:45.000 --> 0:06:48.920 Investigation senior writer Stephanie Baker, along with Bloomberg Business Week 0:06:49.000 --> 0:06:52.080 editor Joe Weber. Coming up next, we've got more on 0:06:52.160 --> 0:06:55.279 COVID nineteen with the Dean of Boston School of Public Health. 0:06:55.440 --> 0:06:57.400 We are and everybody is on the edge of their seat. 0:06:57.560 --> 0:07:02.680 He is bracing for winter. This is blue Berg. This 0:07:03.279 --> 0:07:07.159 is Bloomberg Business Week with Gerrol Mazer from Bloomberg Radio. 0:07:07.640 --> 0:07:10.679 This week we saw COVID nineteen cases surging again France 0:07:10.720 --> 0:07:13.400 and Germany announcing new restrictions. The US seeing a jump 0:07:13.440 --> 0:07:16.400 in cases and hospitalizations. One of our regular go to 0:07:16.560 --> 0:07:20.200 voices on the virus, Dr Sandro Gala dinan professor at 0:07:20.200 --> 0:07:23.560 Boston University's School of Public Health, his author of Pained 0:07:23.680 --> 0:07:27.760 Uncomfortable Conversations about the Public's health. He told Bloomberg's Kayley 0:07:27.800 --> 0:07:29.800 Lines and I that like many others around the world, 0:07:30.040 --> 0:07:32.920 he and his city, they're on the edge. Boston right 0:07:32.920 --> 0:07:35.960 now is a little bit anxious. I think I feel 0:07:36.040 --> 0:07:37.760 like we are, and everybody is on the edge of 0:07:37.800 --> 0:07:41.560 their seat. We're seeing cases slowly creep up. They're going up, 0:07:41.560 --> 0:07:44.640 they go down, but the general slow increase in trend. 0:07:44.680 --> 0:07:47.960 And I think the mayor and the governor have been 0:07:48.000 --> 0:07:52.800 appropriately increasingly cautious, and the and the urging all citizens 0:07:52.800 --> 0:07:55.360 to be careful, and I think businesses have been doing 0:07:55.400 --> 0:07:56.880 the same. So I think it's a little bit of 0:07:56.880 --> 0:08:02.360 a balancing act between knowing that cases are slowly trending up, 0:08:02.440 --> 0:08:06.640 but taking precautions to double down on the on the 0:08:06.720 --> 0:08:09.360 things that we are all doing, wearing masks and being 0:08:09.360 --> 0:08:14.280 careful with testing, with contact tracing to avoid these cases 0:08:14.320 --> 0:08:17.880 from becoming another surge, and that's in the greater city 0:08:17.880 --> 0:08:20.680 of Boston. Dr Glea. But what about at Boston University? 0:08:20.960 --> 0:08:23.520 How is the university? How are your students, How are 0:08:23.520 --> 0:08:29.400 you handling this? Yeah, it's actually quite quite remarkable how 0:08:29.440 --> 0:08:32.040 well we are doing in the university. And obviously the 0:08:32.080 --> 0:08:35.760 university is it's vulnerable to changes in the city around it. 0:08:35.800 --> 0:08:39.400 But we have had a fairly low case positivity in 0:08:39.400 --> 0:08:41.720 tool right now, which about point two percent, which is 0:08:41.720 --> 0:08:45.160 two per thousand, while in Brookline around it we're about 0:08:45.160 --> 0:08:48.560 two percents, almost tenfold more. And I think the reason 0:08:48.640 --> 0:08:51.160 for that is that within the university, we have a 0:08:51.240 --> 0:08:54.719 very big university, but you're able to control things a 0:08:54.760 --> 0:08:57.599 little bit more. We test all our students twice a 0:08:57.640 --> 0:08:59.839 week or once a week, depending on their contact. We 0:09:00.040 --> 0:09:03.720 a very sophisticated and robust contact tracing that if somebody 0:09:03.760 --> 0:09:06.600 tests positive, we talk to them right away, we isolate them, 0:09:06.920 --> 0:09:10.440 we isolate their contact. So in some respects of universities 0:09:10.600 --> 0:09:12.280 like a city within a city, but one where you 0:09:12.280 --> 0:09:15.319 have a lot more control. So we have been so 0:09:15.440 --> 0:09:18.560 far Touchwood doing well. I think there is a lot 0:09:18.600 --> 0:09:20.880 of anxiety I have and a lot of us have 0:09:21.040 --> 0:09:24.959 about whether the larger city will end up affecting the university, 0:09:24.960 --> 0:09:27.000 and obviously if it does, will have to change course 0:09:27.040 --> 0:09:31.040 as to what we're doing. But so far, the university frankly, 0:09:31.040 --> 0:09:33.320 it's a safer place to be than the than the 0:09:33.360 --> 0:09:36.360 city around it. Yeah, it's kind of interesting, right, I think, 0:09:36.600 --> 0:09:40.400 you know, center that as we've opened up all kinds 0:09:40.400 --> 0:09:44.240 of educational systems, um, you know, from K through you know, 0:09:44.480 --> 0:09:47.199 of course going into colleges and universities, I think we've 0:09:47.200 --> 0:09:49.920 had some success stories and then we've had certainly some 0:09:49.960 --> 0:09:53.360 problem areas, especially when it comes to college sports reopening. 0:09:53.720 --> 0:09:56.680 I mean, do you still feel like it's important that 0:09:56.720 --> 0:10:02.320 we continue to reopen educational areas and keep them open. Yeah, 0:10:02.480 --> 0:10:04.440 And I think the answer is yes. But it's a 0:10:04.600 --> 0:10:07.439 it's a qualified yes, it's a it's qualified by two things. 0:10:07.559 --> 0:10:11.320 Number one is that I don't think opening simply means 0:10:11.360 --> 0:10:13.800 opening and sort of going back to business as usual 0:10:13.880 --> 0:10:17.520 like it was October. Opening means having a lot of 0:10:17.520 --> 0:10:20.240 precautions in place. Everybody wearing masks, people are being careful 0:10:20.280 --> 0:10:23.040 not to go into work if they're sick. Self attestation, 0:10:23.160 --> 0:10:27.200 everyday systems of testing, simple systems of isolating people who 0:10:27.240 --> 0:10:31.240 have positive tests, isolating their contact and the entire really 0:10:31.240 --> 0:10:34.240 the entire range of efforts to mitigate the virus. So 0:10:34.280 --> 0:10:36.480 I think yes, with those measures in place, I think 0:10:36.480 --> 0:10:40.480 the second caveat to the yes is that we simply 0:10:40.520 --> 0:10:42.760 need to have the humility to say, which is a 0:10:42.760 --> 0:10:45.360 bit unnerving, of course, as as you can both appreciate. 0:10:45.440 --> 0:10:48.360 But I think simply if the data change, we should change. 0:10:48.400 --> 0:10:50.960 And I think we as a university, I think we 0:10:51.040 --> 0:10:54.040 as a city, as a state, as a country should 0:10:54.040 --> 0:10:57.679 have the humility to realize that that the virus may 0:10:58.040 --> 0:10:59.880 become bigger than us, and we sing we need to 0:11:00.200 --> 0:11:03.240 change what we're doing. Well, I have to look ahead 0:11:03.280 --> 0:11:06.240 then further into the fall, into the winter. Dr Elia. 0:11:06.400 --> 0:11:09.720 I mean, it's pretty bad right now we're seeing record cases, 0:11:09.800 --> 0:11:11.960 and then when it is dark and cold, no one 0:11:12.000 --> 0:11:15.040 wants to be outside. Everyone is forced inside. Are you 0:11:15.120 --> 0:11:18.400 bracing yourself for that? M hm yeah, I am, man. 0:11:18.679 --> 0:11:21.200 I suppose the big question for the winter is as 0:11:21.240 --> 0:11:25.000 people are all forced inside, will they continue to congregate inside, 0:11:25.040 --> 0:11:27.839 which is which we know is what's driving most of 0:11:27.840 --> 0:11:31.600 the cases. And here in Massachusetts, analyzes show very clearly 0:11:31.640 --> 0:11:34.880 that a lot of the case spread comes from indoor 0:11:34.960 --> 0:11:37.640 house parties and gatherings where people are not being careful 0:11:37.720 --> 0:11:41.120 with protective equipment. So the question is are people going 0:11:41.160 --> 0:11:44.440 to go inside and in the congregate, which is then 0:11:44.480 --> 0:11:47.080 going to result in viral spread. The truth is, Carol 0:11:47.160 --> 0:11:51.200 and Kayley, if if each of us stayed inside, just 0:11:51.320 --> 0:11:53.920 on our couch without contacting anybody, then there will be 0:11:53.920 --> 0:11:56.520 no spread of coronavirus. So it really depends on what 0:11:56.679 --> 0:11:59.640 we do by being inside. If we are inside taking 0:11:59.640 --> 0:12:02.959 pack autions will be fine. But if being inside means 0:12:03.160 --> 0:12:06.800 congregation broadly, what we saw happen in the Southern States 0:12:07.240 --> 0:12:09.200 in the summer, right, so happen in a Southern states 0:12:09.200 --> 0:12:11.800 in the summer it As things got hot, people went 0:12:11.800 --> 0:12:14.520 inside where there's air conditioning, and there was all sorts 0:12:14.559 --> 0:12:16.920 of congregation which resulted in the spread of the virus. 0:12:17.160 --> 0:12:19.080 So I think it really depends. But but the answer 0:12:19.120 --> 0:12:23.319 to your question, am I looking at apprehensively is unqualifiedly yes. 0:12:23.920 --> 0:12:27.000 You know, we've often seen people come out and say, well, 0:12:27.000 --> 0:12:31.199 there's more cases of COVID nineteen because we're doing more testing. Um, 0:12:31.440 --> 0:12:34.840 is that true or that's not the case. No, it's 0:12:34.840 --> 0:12:38.880 not the case. I heard non Professor Sharpstein talk about 0:12:38.880 --> 0:12:40.640 this in the clip, and he's still right, it's not 0:12:40.679 --> 0:12:42.160 the case. I mean, there's no question we're doing more 0:12:42.160 --> 0:12:44.440 testing and as a result, you do find more cases. 0:12:44.679 --> 0:12:47.640 But there's plenty of evidence that this is a real 0:12:47.840 --> 0:12:49.839 rise in cases, if not just due to testing. We're 0:12:49.840 --> 0:12:52.400 seeing a rise in all age groups. And as a 0:12:52.480 --> 0:12:55.439 professor Scharstein noted that we are seeing a rise in hospitalizations. 0:12:55.480 --> 0:12:58.080 If it was simply due to testing and due to 0:12:58.080 --> 0:13:00.319 testing of healthier people, there would not to be a 0:13:00.440 --> 0:13:03.839 rise in hospitalizations. Well, and that's a really smart point, right, 0:13:03.880 --> 0:13:06.400 And I also think about the cases that do end 0:13:06.480 --> 0:13:09.760 up in the hospital. Are they how severe are they 0:13:09.880 --> 0:13:12.480 and how are we or what we have we learned 0:13:12.520 --> 0:13:16.320 about treating those cases because we have been fighting the 0:13:16.360 --> 0:13:19.480 virus now for six or seven months, well we've learned 0:13:19.559 --> 0:13:21.959 quite a bit actually, and when you look at mortality, 0:13:22.280 --> 0:13:25.080 you'll see that mortality per person is quite a bit down. 0:13:25.080 --> 0:13:29.480 In fact, we're about one quarter of the case mortality 0:13:29.960 --> 0:13:31.840 that we had in the first way, which was in 0:13:31.920 --> 0:13:34.800 March and April. Largely that's because we've gotten better at 0:13:34.800 --> 0:13:38.440 treating the disease in hospital. We've learned how it manifests. 0:13:38.440 --> 0:13:41.160 We've learned when to oxygenate went to north so we 0:13:41.240 --> 0:13:43.439 are getting much better at dealing with an hospital. Mother 0:13:43.520 --> 0:13:46.040 doesn't change the fact that if there is a really 0:13:46.080 --> 0:13:49.280 big surge, it may overwhelmed hospitals and I see, which 0:13:49.280 --> 0:13:51.959 is what one always worries about. But on a case 0:13:51.960 --> 0:13:55.000 by case basis, COVID is now much less fatal than 0:13:55.040 --> 0:13:57.800 it was when we first learned about it six seven 0:13:57.800 --> 0:14:01.360 months ago. That's dr said Joe Glea. He's dean and 0:14:01.360 --> 0:14:03.920 professor at Boston University School of Public Health. We like 0:14:04.040 --> 0:14:06.440 talking to him because he understands the medical side of 0:14:06.480 --> 0:14:09.400 this and also the educational side, which has been impacted 0:14:09.640 --> 0:14:12.560 big time because of the virus. Is also author of Pained, 0:14:12.640 --> 0:14:16.480 Uncomfortable Conversations about the public's health. He reminded us once 0:14:16.480 --> 0:14:18.440 again that we have made progress when it comes to 0:14:18.480 --> 0:14:22.480 treatment and keeping coronavirus patients alive. Catch that full interview 0:14:22.480 --> 0:14:25.840 on our podcast feed at Bloomberg dot com. Still to come. 0:14:25.960 --> 0:14:29.320 We have been out working around the clock really to 0:14:29.440 --> 0:14:32.920 keep the world moving, helping to reopen buildings around the world. 0:14:33.040 --> 0:14:36.360 OTIS Worldwide CEO Judy Marks. She's coming up next. This 0:14:36.480 --> 0:14:48.360 is Bloomberg is Bloomberg Business Week with Garrol Masser from 0:14:48.440 --> 0:14:51.440 Bloomberg Radio. We're bringing you highlights on some of our 0:14:51.480 --> 0:14:54.160 favorite interviews from our daily radio show. That includes this 0:14:54.240 --> 0:14:56.640 half hour a pair of CEOs from two well known 0:14:56.680 --> 0:14:59.640 companies that have kept us up and running during the pandemic. 0:14:59.680 --> 0:15:01.920 Both business is, by the way, have been around for 0:15:01.960 --> 0:15:05.119 more than a century. First up, Judy Mark She's presidency 0:15:05.240 --> 0:15:07.720 of OTIS Worldwide, which you might recall was spun off 0:15:07.720 --> 0:15:11.080 from United Technologies. Back in April, blue Bergs Kaylee Lines 0:15:11.080 --> 0:15:13.320 and I talked about the company's re entry to becoming 0:15:13.360 --> 0:15:17.000 a public company again amid the pandemic. We could have 0:15:17.120 --> 0:15:19.960 never imagined starting this journey in the middle of a 0:15:19.960 --> 0:15:22.560 global pandemic, but I've got to tell you we are 0:15:22.600 --> 0:15:25.040 so excited to return to our roots as an independent, 0:15:25.040 --> 0:15:28.960 publicly traded company and our sixty nine thou colleagues, who 0:15:29.120 --> 0:15:34.360 are mainly essential workers keeping the world moving, maintaining obviously 0:15:34.400 --> 0:15:38.640 elevators and hospitals and infrastructures, and just as importantly in 0:15:38.840 --> 0:15:42.080 many residential buildings where people have been locked down but 0:15:42.280 --> 0:15:45.360 still need the use of their their elevators. Couldn't be 0:15:45.400 --> 0:15:49.160 more proud a hundred years to the month we first 0:15:49.200 --> 0:15:51.880 listed on the New York Stock Exchange. We listened again 0:15:51.960 --> 0:15:56.960 on April three. It's unbelievable, such an incredible historic company 0:15:57.080 --> 0:16:00.720 and we are we're moving into the future. We're excited it. Well, 0:16:00.760 --> 0:16:03.120 you talk about how all of these places that need 0:16:03.200 --> 0:16:06.160 your elevators, hospitals in the lake uh here where I 0:16:06.160 --> 0:16:08.320 am at Bloomberg World headquarters in New York. When I 0:16:08.360 --> 0:16:10.120 come in in the morning, when I leave in the afternoon, 0:16:10.160 --> 0:16:12.320 I just get an elevator. I don't have to touch anything. 0:16:12.400 --> 0:16:15.680 They're running automatically so that they can reduce touch points. 0:16:15.880 --> 0:16:17.960 Can you give me some insight into what kind of 0:16:18.280 --> 0:16:21.800 touchless technology or procedures you've had to implement in your 0:16:22.080 --> 0:16:25.280 in your elevator systems because of this. Sure, let me 0:16:25.280 --> 0:16:27.240 answer that, and then let me take a step back 0:16:27.280 --> 0:16:28.800 and share with you a little bit about just our 0:16:28.840 --> 0:16:32.040 business model. But but innovation is core to who we 0:16:32.080 --> 0:16:34.960 are at OTIS, and we had a lot of touchless 0:16:35.040 --> 0:16:39.480 um innovations and products available, but they have absolutely come 0:16:39.520 --> 0:16:42.480 to the forefront now because of COVID, and I'm really 0:16:42.480 --> 0:16:44.760 pleased with how agile and fast our team has been 0:16:44.760 --> 0:16:47.560 able to bring these to market throughout the globe. We 0:16:47.600 --> 0:16:51.520 have gesturing technology. We have the ability for for voice 0:16:51.520 --> 0:16:54.800 interaction where you say, hey, Otis, take me to floor five. 0:16:55.520 --> 0:16:58.320 We have the ability through an app on the iPhone 0:16:59.000 --> 0:17:01.560 are Equal app to be able to before you ever 0:17:01.640 --> 0:17:04.439 leave your office, call the elevator and so it'll be 0:17:04.520 --> 0:17:08.960 there for you. We have traffic management and a dispatching 0:17:09.000 --> 0:17:13.119 system that's intelligent traffic flow that allows us only to 0:17:13.200 --> 0:17:16.240 put four people in an elevator to have them safely spaced. 0:17:16.680 --> 0:17:20.280 You know, our customers, these building managers are telling us 0:17:20.320 --> 0:17:22.560 that they want help, they want our guidance, they want 0:17:22.560 --> 0:17:26.679 our partnership. And it's just been an amazing uh seven 0:17:26.720 --> 0:17:30.000 months as we're all trying to return to what we 0:17:30.160 --> 0:17:32.400 believe will be the new normal. I don't think we're 0:17:32.400 --> 0:17:35.880 there yet, but we're we're a big part of becoming 0:17:35.960 --> 0:17:38.640 part of that. I mean. So that's really interesting, Judy. 0:17:38.760 --> 0:17:41.119 So the things that maybe are changing right now and 0:17:41.240 --> 0:17:43.320 you talk about the new normal, they're here to stay. 0:17:43.400 --> 0:17:47.040 In your view, No, I consider we're in an interim 0:17:47.080 --> 0:17:51.240 normal stage or a centerim um. I really do. I believe, 0:17:51.280 --> 0:17:53.960 and we see it even within our own company. So again, 0:17:54.080 --> 0:18:00.080 sixty colleagues UM, almost seventy of them didn't have the 0:18:00.119 --> 0:18:03.080 opportunity to work from home from the day that started 0:18:03.080 --> 0:18:07.280 in Wuhan. Our service our field professionals are service mechanics, 0:18:07.520 --> 0:18:11.200 were in the hospital first and foremost protected by PPE 0:18:11.359 --> 0:18:14.040 because their health and safety is critical to us. But 0:18:14.240 --> 0:18:17.600 we have been out working around the clock really to 0:18:17.760 --> 0:18:20.679 keep keep the world moving. And so you know, we 0:18:20.800 --> 0:18:23.880 have a work from home for some of our organization, 0:18:24.280 --> 0:18:26.399 and it's amazing that we've been able to start the 0:18:26.400 --> 0:18:29.880 company this way, really to do our board meetings remote, 0:18:30.119 --> 0:18:33.359 to close the books, to do our earnings, to to 0:18:33.359 --> 0:18:36.680 really get to know our investors, UM. But most importantly, 0:18:36.720 --> 0:18:39.320 we've been out there to serve the rioting public. And 0:18:39.359 --> 0:18:41.600 what most people don't know is that, you know, over 0:18:41.720 --> 0:18:45.480 half of our two million unit portfolio, we maintain over 0:18:45.520 --> 0:18:49.640 two million units, larger than the next closest competitor globally, 0:18:50.160 --> 0:18:54.439 and over half of those are in residential buildings, condominiums, apartments. 0:18:54.800 --> 0:18:56.960 People need to go down to get their food, even 0:18:57.000 --> 0:18:59.600 if they're not leaving the building to pick up things right. 0:18:59.680 --> 0:19:03.000 So you know, again for us, our passengers are so 0:19:03.080 --> 0:19:06.600 critical and we want to keep them flowing safely and 0:19:06.600 --> 0:19:08.920 and in a healthy way. Judy, We've talked about your business, 0:19:08.960 --> 0:19:09.919 but at the end of the day, it is a 0:19:09.960 --> 0:19:13.640 business that has people. And we know that the way 0:19:13.720 --> 0:19:17.520 companies have been approaching their diversity and inclusion efforts has 0:19:17.840 --> 0:19:20.320 has really been put into focus in and you are 0:19:20.560 --> 0:19:23.640 just launched a social justice initiative. It's called our Commitment 0:19:23.680 --> 0:19:27.160 to Change. You've joined the Paradigm for Parody coalition, committing 0:19:27.160 --> 0:19:33.119 to achieve gender parity in your executive leadership by thirties 0:19:33.200 --> 0:19:36.920 ten years from now. Does that feel like it's too long, No, 0:19:37.160 --> 0:19:39.960 it's it's not too long. And I would be delighted 0:19:39.960 --> 0:19:42.719 if we could beat the goal. And and that's what 0:19:42.760 --> 0:19:45.640 we try to do with all expectations, Judy, Why does 0:19:45.680 --> 0:19:50.160 it take so long? Takes so long? Well, we're already 0:19:50.200 --> 0:19:55.080 at just over thirty third right now. And when you 0:19:55.160 --> 0:19:57.919 think about it, you want to create an opportunity and 0:19:57.920 --> 0:20:03.040 and um really opportunity for everyone to excel from all backgrounds, 0:20:03.040 --> 0:20:06.520 including gender, but really create an opportunity as we grow 0:20:06.560 --> 0:20:09.159 the company for everyone to excel. Our vision is to 0:20:09.160 --> 0:20:12.200 give people freedom to connect and thrive in a taller, faster, 0:20:12.400 --> 0:20:15.800 smarter world and that means all people. She talks about 0:20:15.840 --> 0:20:19.280 creating opportunities for all people. Really important, especially for a 0:20:19.280 --> 0:20:22.600 company that's in over two hundred countries and thinking about 0:20:22.640 --> 0:20:24.919 what it means to be diverse in all of the 0:20:25.000 --> 0:20:29.240 places that it operates. That's Judy Marks, Presidency of OTIS Worldwide. 0:20:29.280 --> 0:20:32.440 Check out that full conversation. It's on our podcast feed. 0:20:32.800 --> 0:20:35.000 Still to come. Another CEO that's been dealing with the 0:20:35.080 --> 0:20:38.280 virus from day one because of its global operations. We 0:20:38.359 --> 0:20:41.560 check in with Whirlpool CEO Mark Bitzer. This is Bloomberg. 0:20:44.800 --> 0:20:49.359 This is Bloomberg Business Week with Garrol Mazer from Bloomberg Radio. 0:20:49.680 --> 0:20:52.200 Shares of Whirlpool. Check it out. They have rally big 0:20:52.200 --> 0:20:55.080 time this year as consumers, especially those in the US, 0:20:55.400 --> 0:20:58.000 hunkered down and invested in their nest for talking about 0:20:58.000 --> 0:21:01.320 their homes. They were buying up appliances, everything to do 0:21:01.560 --> 0:21:05.040 with the home during the virus. Now, Bloomberg's Paul Sweeney 0:21:05.040 --> 0:21:07.439 and I had an in depth conversation with Whirlpool chairman 0:21:07.440 --> 0:21:09.920 and CEO Mark Bitser. You had to manage a lot 0:21:10.000 --> 0:21:12.840 and then includes its supply chain from day one due 0:21:12.840 --> 0:21:16.280 to its facilities in China. I think we're a little 0:21:16.280 --> 0:21:18.719 bit in a different positions and most other domestic companies, 0:21:18.760 --> 0:21:21.720 because we have a pretty big China operation which actually 0:21:21.720 --> 0:21:23.800 happened to be a hundred fifty miles away from Wuhan, 0:21:23.960 --> 0:21:28.280 and we have our European headquarters in northern Italy. So 0:21:28.400 --> 0:21:30.159 you remember, you know when when you first had a 0:21:30.240 --> 0:21:33.280 China message. Initially it felt like China contained and we 0:21:33.280 --> 0:21:36.920 were worried about manufacturing supply for China. But themb A 0:21:36.960 --> 0:21:40.359 really decisive element was when UM, our president of a 0:21:40.400 --> 0:21:43.320 European business called me over weekend and said, there are 0:21:43.359 --> 0:21:45.680 a couple of cases in the Lombardy and that's that's 0:21:45.720 --> 0:21:50.320 kind of when you realize business big. UM. So again 0:21:50.400 --> 0:21:53.520 it feels like it's really this memory, but I think 0:21:53.560 --> 0:21:56.679 that's what when everything for us changed UM, and we 0:21:56.680 --> 0:22:00.280 were kind of by mid March, you realize everything which 0:22:00.280 --> 0:22:02.760 we thought about twenty twenty will just be upside down 0:22:03.400 --> 0:22:06.160 and we don't know how deep a cannon is into 0:22:06.200 --> 0:22:10.000 which we're looking. UM it's about was a pretty dramatic impact, 0:22:10.000 --> 0:22:13.320 and then you kind of keyboards in mind with unfortunate 0:22:13.480 --> 0:22:18.000 COVID didn't come with an instruction for use for management playbook, right, 0:22:18.040 --> 0:22:20.560 nobody had a playbook on that somewhat annoying and when 0:22:20.600 --> 0:22:22.680 you you know, you get all these emails from consultant 0:22:22.680 --> 0:22:24.600