Speaker 1: Broadcasting live to New York, Bloomberg Elving Frio to Washington,
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Speaker 1: and Bloomberg dot Com. This is Bloomberg Markets. You're listening
Speaker 1: to Bloomberg Markets. I'm Carol Master Law from Master Robotics
Speaker 1: in Boston. Coming up, we're to talk with the co
Speaker 1: founder and president at Mass Robotics. He's also the co
Speaker 1: founder and chief innovation officer at VECNA Technologies. Are robots
Speaker 1: coming for your jobs? And so what if that's happening.
Speaker 1: We'll talk about that in just a moment. First up, though,
Speaker 1: back to your top as the stories and look at
Speaker 1: the Friday trading session. Here is once again Charlie Pellett.
Speaker 1: Thank you very much, Carol Master. We have got ninety
Speaker 1: minutes to go. Ahead of the clothes here with the
Speaker 1: DAL the SMP lower NAZDAK is higher, SMP on track
Speaker 1: for its first weekly drop in four SMP down five
Speaker 1: now to nine, down two tenth of one percent. April
Speaker 1: consumer prices and retail sales reports, reinforcing expectations for tepid
Speaker 1: economic growth. Investors also remain focused on Washington. David Lefkowitz
Speaker 1: is equity strategist at UBS Financial Services. He was interviewed
Speaker 1: on Bloomberg Television and radio percent or so markets and no,
Speaker 1: it's gonna take some time for that to play out.
Speaker 1: And there's and and they're willing to wait till the
Speaker 1: end of this year before before really passing a judgment
Speaker 1: on when and if tax reform is going to happen.
Speaker 1: If we do get tax reform, though, I think there's upside.
Speaker 1: I think, you know, maybe another five percent. I think
Speaker 1: it's kind of symmetrical at this point. Five percent up,
Speaker 1: five percent down. Nordstrom is not escaping retail steady decline
Speaker 1: following peers. In posting week sales Nordstrom down ten percent.
Speaker 1: Also this morning, we heard from J. C. Penny It
Speaker 1: shares now down by percent. Luxury jewelry company Tiffany is
Speaker 1: now facing criticism for a board marked by long tenures
Speaker 1: and a lack of diversity. CTW Investment Group, union affiliated
Speaker 1: firm that often takes up corporate governance issues, is calling
Speaker 1: on the New York based company to consider more women
Speaker 1: and minority candidates. Tiffany shares her up now by four
Speaker 1: tenths of one percent, recapping SMP down four down two
Speaker 1: tenths of one percent, Gold up three sixty the ounce
Speaker 1: up three tenths of one percent. Crude oil little changed
Speaker 1: up one cent now for four barrel. I'm Charlie Cullop
Speaker 1: and that's a Bloomberg business flash. Thank you so much,
Speaker 1: Charlie Pellett. You are listening to Bloomberg Markets live from
Speaker 1: Master Robotics in Boston. I'm Carol Masser and this is
Speaker 1: Bloomberg Cars, Cars Electric. So I asked earlier, are robots
Speaker 1: coming for your jobs? And so what if? Master Robotics
Speaker 1: is helping to create and scale the next generation of
Speaker 1: successful robotics and connected devices. With us with more on
Speaker 1: what Master Robotics is doing and our world that's increasingly
Speaker 1: putting together man and machine is Daniel Theobald. He's co
Speaker 1: founder and president at Master Robotics, also co founder in
Speaker 1: chief Innovation officer at Vector Technologies. I want to talk
Speaker 1: about Mass Robotics, but what is Vector Technologies. VECNA is
Speaker 1: an automation company that was founded with the idea of
Speaker 1: um providing uh, really empowering the human race with transformative technology. UM,
Speaker 1: we've really got a focus on what we do needs
Speaker 1: to make the world better. And UM, we believe strongly
Speaker 1: that technology should make life better for everybody here on
Speaker 1: the planet. And a lot of it has to do
Speaker 1: with manufacturing, what goes on in warehouses and so on.
Speaker 1: Thought like that, that's the scale. You're looking at a
Speaker 1: lot of ways, yes, solving big problems that allow us
Speaker 1: to be more efficient and effective as businesses, to compete
Speaker 1: to me ever, increasing customer expectations. Daniel, you've written about
Speaker 1: I was kind of doing some research earlier today when
Speaker 1: you've written about this whole idea of you know, our
Speaker 1: robots going to replace humans, do we look at it
Speaker 1: in the wrong way? I think that this is a
Speaker 1: very important topic and it's it's easy to oversimplify it, um,
Speaker 1: dramaticize it, or to dramaticize it. This is an issue
Speaker 1: that has gone back since the beginning of time. UM.
Speaker 1: You know, humans have used technology to improve life, and UH,
Speaker 1: that's always been the way it is, That's always the
Speaker 1: way it will be. At times, we we react to
Speaker 1: technology because it does change things and people don't like change.
Speaker 1: My hope is that we can figure out how to
Speaker 1: use technology to genuinely improve life for everybody on this
Speaker 1: planet and allow us to focus on more important things.
Speaker 1: What I don't want to get to that what does
Speaker 1: it mean for workers? Because like I was looking at
Speaker 1: some research and there's a McKenzie study out there that
Speaker 1: said about half of activities in the world's workforce could
Speaker 1: potentially be automated by adapting currently demonstrated technologies. PwC had
Speaker 1: some some research out concluded about a third of the
Speaker 1: jobs in the U S, Germany, Britain could be eliminated
Speaker 1: by automation by the early twenty thirties. Uh, and they
Speaker 1: were focusing on transportation, storage, manufacturing, wholesale and retail trade.
Speaker 1: Does that mean that there will be a lot of
Speaker 1: workers that won't have jobs? Well, what I don't know
Speaker 1: about that. What I do think it means is that
Speaker 1: the type of work that humans are doing is going
Speaker 1: to continue to change. That's that's always been the way
Speaker 1: it is. There's a a story I like to tell.
Speaker 1: I call it the Hoffman paradox um. UH researcher that
Speaker 1: worked with me years ago came and said, you know,
Speaker 1: when I was a child. My father set me aside
Speaker 1: and he said, he said, when when you're an adult,
Speaker 1: you're only gonna have to work four days a week
Speaker 1: because of automation and technology, and your kids are only
Speaker 1: gonna have to work three days a week. And kids
Speaker 1: are only enough to exactly And that's not what actually
Speaker 1: ends happened with the phone. I feel like we worked
Speaker 1: seven days or eight seven, that's right. We can't get
Speaker 1: away from it um And so that's why I called
Speaker 1: the Hoffman paradox, because that's not what actually happens in practice,
Speaker 1: but the the idea there is enticing. Can we actually
Speaker 1: use technology so that we spend more time doing meaningful things.
Speaker 1: We had a group of investors from China who came by,
Speaker 1: and China is interesting because in Japan as well, there's
Speaker 1: this huge issue, more so in America about the aging
Speaker 1: of the workforce and how do you take care of
Speaker 1: this older population when they're far fewer working age people.
Speaker 1: They have been focusing a lot on the idea, can
Speaker 1: we build robots to take care of the elderly? And
Speaker 1: I feel like that is a little bit backwards. We
Speaker 1: want to use robots to do the boring, the mundane,
Speaker 1: the dangerous things to free us up to spend more
Speaker 1: time to take care of each other. It would be
Speaker 1: great if we could spend more time taking care of
Speaker 1: our parents and and that type of thing, rather than
Speaker 1: running these rat race lives, chasing things, doing jobs that
Speaker 1: you know, oftentimes aren't that fulfilling. I was recently out
Speaker 1: in Salina's County picking strawberries so that I could experience
Speaker 1: what that's like. I mean, a lot of people are
Speaker 1: upset that we're, you know, trying to use robots to
Speaker 1: pick strawberries. You don't want us pick strawberries. It is horrible,
Speaker 1: horrible work. Nobody doing that job does it because they
Speaker 1: they're fulfilled by it. They do it because they have
Speaker 1: to because they don't have other options. So I think
Speaker 1: that's the important thing when we talk about jobs, is
Speaker 1: we have to separate out the real issue of economic
Speaker 1: uh sustainability for families and how do they how do
Speaker 1: they put food on the table, but make We've got
Speaker 1: to separate that from what type of work should humans
Speaker 1: be doing? And can we use technology to get to
Speaker 1: a place as as a race, as a species that
Speaker 1: allows us to progress beyond you know, the toil, toil
Speaker 1: to put food on their tables for everyone, everyone. And
Speaker 1: that's that's the important piece I think is we need
Speaker 1: to figure out how to make it good for everyone,
Speaker 1: and you think technology can help us get there. Technology
Speaker 1: has demonstrated again and again the ability to improve life
Speaker 1: for everybody on this planet. Um, educational opportunities, um uh,
Speaker 1: you know micro loans help people get business going. UM,
Speaker 1: you know equality, you just name it. Technology has addressed
Speaker 1: these issues in many way. So let's got twenty seconds
Speaker 1: left here. Mass robotics, you guys, what are you hoping
Speaker 1: to do? Yeah, so the hope with mass robotics is
Speaker 1: to really help move the industry forward in a positive
Speaker 1: way that that addresses these issues that we're talking about.
Speaker 1: Pret pre competitive collaboration of robotics is a really important
Speaker 1: area we need to work together. Yeah, it's it's important.
Speaker 1: Is I think collaborative platforms you and I were talking
Speaker 1: before we got going about really kind of creating standards
Speaker 1: and protocols. Daniel, thank you and thank you for inviting
Speaker 1: us here. My pleasure. Thank you for coming. Daniel Theobald,
Speaker 1: He's could have found a present Mass Robotics and also
Speaker 1: DA Technologies. It is time for check on your world
Speaker 1: of national news headlines. Once again. We've got Nathan Hagar
Speaker 1: in our nighty N one news room in Washington. Highnate Hike,
Speaker 1: Carol Thanks. The White House is denying President Trump asked
Speaker 1: then FBI director James called me for his loyalty and
Speaker 1: associative columnies is confirming a report in The New York
Speaker 1: Times though that the now fired director was asked to
Speaker 1: pledge loyalty at a dinner back in January. On Twitter
Speaker 1: this morning, the President said, call me a better hope.
Speaker 1: There are no tapes of their conversations, prompting this question
Speaker 1: for White House Press Secretary Sean Spicer recording devices in
Speaker 1: the old office or in the residence. As I said
Speaker 1: for the third time, there is nothing for them to
Speaker 1: add on that because he think it's appropriate to threaten
Speaker 1: someone like Mr Comey not to speak. I don't think
Speaker 1: that's that's not a threat, He's simply stated. In fact,
Speaker 1: the tweet feats for South. I'm moving on. Democrats on
Speaker 1: the House Judiciary Committee aren't moving on, though. They've sent
Speaker 1: a letter to the White House Council asking for copies
Speaker 1: of any White House recordings. No announcement expected today, but
Speaker 1: the European Union is concerned about a US plan to
Speaker 1: perhaps expand a ban on in flight laptops from parts
Speaker 1: of the Middle East to the EU. If the ban
Speaker 1: again gets brought to the to the European departures into
Speaker 1: the US, that means the European US airlines are got
Speaker 1: to spend some money here, So if they've got none,
Speaker 1: they're gonna have to to get capacity on the airplane
Speaker 1: to do it, or improve the capacity. Bloomberg Intelligence senior
Speaker 1: airline analyst George Ferguson, UK Prime Minister Teresa May says
Speaker 1: a cyber attack that's hit more than a dozen HA
Speaker 1: spitals as part of a wider international attack. May says
Speaker 1: there is no evidence any patient data has been compromised.
Speaker 1: Global News twenty four hours a day, powered by more
Speaker 1: than twenty six hundred journalists and analysts and more than
Speaker 1: one hundred twenty countries on Nathan Hagar This is Bloomberg