WEBVTT - Bloomberg Markets: Vecna Using Tech to Make Life Better

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<v Speaker 1>Broadcasting live to New York, Bloomberg Elving Frio to Washington,

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<v Speaker 1>d C. Bloomberg to Boston, Bloomberg twelve hundred to San Francisco,

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<v Speaker 1>Bloomberg nine six to the country, Serious XM, chto one

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<v Speaker 1>nine and around the globe the Bloomberg Radio Plus app

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<v Speaker 1>and Bloomberg dot Com. This is Bloomberg Markets. You're listening

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<v Speaker 1>to Bloomberg Markets. I'm Carol Master Law from Master Robotics

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<v Speaker 1>in Boston. Coming up, we're to talk with the co

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<v Speaker 1>founder and president at Mass Robotics. He's also the co

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<v Speaker 1>founder and chief innovation officer at VECNA Technologies. Are robots

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<v Speaker 1>coming for your jobs? And so what if that's happening.

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<v Speaker 1>We'll talk about that in just a moment. First up, though,

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<v Speaker 1>back to your top as the stories and look at

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<v Speaker 1>the Friday trading session. Here is once again Charlie Pellett.

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<v Speaker 1>Thank you very much, Carol Master. We have got ninety

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<v Speaker 1>minutes to go. Ahead of the clothes here with the

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<v Speaker 1>DAL the SMP lower NAZDAK is higher, SMP on track

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<v Speaker 1>for its first weekly drop in four SMP down five

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<v Speaker 1>now to nine, down two tenth of one percent. April

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<v Speaker 1>consumer prices and retail sales reports, reinforcing expectations for tepid

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<v Speaker 1>economic growth. Investors also remain focused on Washington. David Lefkowitz

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<v Speaker 1>is equity strategist at UBS Financial Services. He was interviewed

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<v Speaker 1>on Bloomberg Television and radio percent or so markets and no,

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<v Speaker 1>it's gonna take some time for that to play out.

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<v Speaker 1>And there's and and they're willing to wait till the

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<v Speaker 1>end of this year before before really passing a judgment

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<v Speaker 1>on when and if tax reform is going to happen.

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<v Speaker 1>If we do get tax reform, though, I think there's upside.

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<v Speaker 1>I think, you know, maybe another five percent. I think

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<v Speaker 1>it's kind of symmetrical at this point. Five percent up,

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<v Speaker 1>five percent down. Nordstrom is not escaping retail steady decline

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<v Speaker 1>following peers. In posting week sales Nordstrom down ten percent.

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<v Speaker 1>Also this morning, we heard from J. C. Penny It

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<v Speaker 1>shares now down by percent. Luxury jewelry company Tiffany is

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<v Speaker 1>now facing criticism for a board marked by long tenures

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<v Speaker 1>and a lack of diversity. CTW Investment Group, union affiliated

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<v Speaker 1>firm that often takes up corporate governance issues, is calling

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<v Speaker 1>on the New York based company to consider more women

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<v Speaker 1>and minority candidates. Tiffany shares her up now by four

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<v Speaker 1>tenths of one percent, recapping SMP down four down two

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<v Speaker 1>tenths of one percent, Gold up three sixty the ounce

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<v Speaker 1>up three tenths of one percent. Crude oil little changed

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<v Speaker 1>up one cent now for four barrel. I'm Charlie Cullop

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<v Speaker 1>and that's a Bloomberg business flash. Thank you so much,

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<v Speaker 1>Charlie Pellett. You are listening to Bloomberg Markets live from

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<v Speaker 1>Master Robotics in Boston. I'm Carol Masser and this is

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<v Speaker 1>Bloomberg Cars, Cars Electric. So I asked earlier, are robots

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<v Speaker 1>coming for your jobs? And so what if? Master Robotics

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<v Speaker 1>is helping to create and scale the next generation of

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<v Speaker 1>successful robotics and connected devices. With us with more on

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<v Speaker 1>what Master Robotics is doing and our world that's increasingly

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<v Speaker 1>putting together man and machine is Daniel Theobald. He's co

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<v Speaker 1>founder and president at Master Robotics, also co founder in

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<v Speaker 1>chief Innovation officer at Vector Technologies. I want to talk

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<v Speaker 1>about Mass Robotics, but what is Vector Technologies. VECNA is

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<v Speaker 1>an automation company that was founded with the idea of

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<v Speaker 1>um providing uh, really empowering the human race with transformative technology. UM,

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<v Speaker 1>we've really got a focus on what we do needs

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<v Speaker 1>to make the world better. And UM, we believe strongly

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<v Speaker 1>that technology should make life better for everybody here on

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<v Speaker 1>the planet. And a lot of it has to do

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<v Speaker 1>with manufacturing, what goes on in warehouses and so on.

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<v Speaker 1>Thought like that, that's the scale. You're looking at a

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<v Speaker 1>lot of ways, yes, solving big problems that allow us

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<v Speaker 1>to be more efficient and effective as businesses, to compete

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<v Speaker 1>to me ever, increasing customer expectations. Daniel, you've written about

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<v Speaker 1>I was kind of doing some research earlier today when

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<v Speaker 1>you've written about this whole idea of you know, our

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<v Speaker 1>robots going to replace humans, do we look at it

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<v Speaker 1>in the wrong way? I think that this is a

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<v Speaker 1>very important topic and it's it's easy to oversimplify it, um,

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<v Speaker 1>dramaticize it, or to dramaticize it. This is an issue

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<v Speaker 1>that has gone back since the beginning of time. UM.

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<v Speaker 1>You know, humans have used technology to improve life, and UH,

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<v Speaker 1>that's always been the way it is, That's always the

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<v Speaker 1>way it will be. At times, we we react to

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<v Speaker 1>technology because it does change things and people don't like change.

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<v Speaker 1>My hope is that we can figure out how to

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<v Speaker 1>use technology to genuinely improve life for everybody on this

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<v Speaker 1>planet and allow us to focus on more important things.

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<v Speaker 1>What I don't want to get to that what does

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<v Speaker 1>it mean for workers? Because like I was looking at

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<v Speaker 1>some research and there's a McKenzie study out there that

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<v Speaker 1>said about half of activities in the world's workforce could

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<v Speaker 1>potentially be automated by adapting currently demonstrated technologies. PwC had

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<v Speaker 1>some some research out concluded about a third of the

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<v Speaker 1>jobs in the U S, Germany, Britain could be eliminated

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<v Speaker 1>by automation by the early twenty thirties. Uh, and they

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<v Speaker 1>were focusing on transportation, storage, manufacturing, wholesale and retail trade.

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<v Speaker 1>Does that mean that there will be a lot of

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<v Speaker 1>workers that won't have jobs? Well, what I don't know

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<v Speaker 1>about that. What I do think it means is that

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<v Speaker 1>the type of work that humans are doing is going

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<v Speaker 1>to continue to change. That's that's always been the way

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<v Speaker 1>it is. There's a a story I like to tell.

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<v Speaker 1>I call it the Hoffman paradox um. UH researcher that

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<v Speaker 1>worked with me years ago came and said, you know,

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<v Speaker 1>when I was a child. My father set me aside

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<v Speaker 1>and he said, he said, when when you're an adult,

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<v Speaker 1>you're only gonna have to work four days a week

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<v Speaker 1>because of automation and technology, and your kids are only

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<v Speaker 1>gonna have to work three days a week. And kids

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<v Speaker 1>are only enough to exactly And that's not what actually

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<v Speaker 1>ends happened with the phone. I feel like we worked

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<v Speaker 1>seven days or eight seven, that's right. We can't get

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<v Speaker 1>away from it um And so that's why I called

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<v Speaker 1>the Hoffman paradox, because that's not what actually happens in practice,

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<v Speaker 1>but the the idea there is enticing. Can we actually

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<v Speaker 1>use technology so that we spend more time doing meaningful things.

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<v Speaker 1>We had a group of investors from China who came by,

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<v Speaker 1>and China is interesting because in Japan as well, there's

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<v Speaker 1>this huge issue, more so in America about the aging

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<v Speaker 1>of the workforce and how do you take care of

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<v Speaker 1>this older population when they're far fewer working age people.

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<v Speaker 1>They have been focusing a lot on the idea, can

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<v Speaker 1>we build robots to take care of the elderly? And

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<v Speaker 1>I feel like that is a little bit backwards. We

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<v Speaker 1>want to use robots to do the boring, the mundane,

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<v Speaker 1>the dangerous things to free us up to spend more

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<v Speaker 1>time to take care of each other. It would be

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<v Speaker 1>great if we could spend more time taking care of

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<v Speaker 1>our parents and and that type of thing, rather than

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<v Speaker 1>running these rat race lives, chasing things, doing jobs that

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<v Speaker 1>you know, oftentimes aren't that fulfilling. I was recently out

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<v Speaker 1>in Salina's County picking strawberries so that I could experience

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<v Speaker 1>what that's like. I mean, a lot of people are

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<v Speaker 1>upset that we're, you know, trying to use robots to

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<v Speaker 1>pick strawberries. You don't want us pick strawberries. It is horrible,

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<v Speaker 1>horrible work. Nobody doing that job does it because they

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<v Speaker 1>they're fulfilled by it. They do it because they have

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<v Speaker 1>to because they don't have other options. So I think

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<v Speaker 1>that's the important thing when we talk about jobs, is

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<v Speaker 1>we have to separate out the real issue of economic

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<v Speaker 1>uh sustainability for families and how do they how do

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<v Speaker 1>they put food on the table, but make We've got

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<v Speaker 1>to separate that from what type of work should humans

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<v Speaker 1>be doing? And can we use technology to get to

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<v Speaker 1>a place as as a race, as a species that

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<v Speaker 1>allows us to progress beyond you know, the toil, toil

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<v Speaker 1>to put food on their tables for everyone, everyone. And

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<v Speaker 1>that's that's the important piece I think is we need

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<v Speaker 1>to figure out how to make it good for everyone,

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<v Speaker 1>and you think technology can help us get there. Technology

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<v Speaker 1>has demonstrated again and again the ability to improve life

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<v Speaker 1>for everybody on this planet. Um, educational opportunities, um uh,

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<v Speaker 1>you know micro loans help people get business going. UM,

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<v Speaker 1>you know equality, you just name it. Technology has addressed

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<v Speaker 1>these issues in many way. So let's got twenty seconds

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<v Speaker 1>left here. Mass robotics, you guys, what are you hoping

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<v Speaker 1>to do? Yeah, so the hope with mass robotics is

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<v Speaker 1>to really help move the industry forward in a positive

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<v Speaker 1>way that that addresses these issues that we're talking about.

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<v Speaker 1>Pret pre competitive collaboration of robotics is a really important

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<v Speaker 1>area we need to work together. Yeah, it's it's important.

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<v Speaker 1>Is I think collaborative platforms you and I were talking

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<v Speaker 1>before we got going about really kind of creating standards

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<v Speaker 1>and protocols. Daniel, thank you and thank you for inviting

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<v Speaker 1>us here. My pleasure. Thank you for coming. Daniel Theobald,

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<v Speaker 1>He's could have found a present Mass Robotics and also

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<v Speaker 1>DA Technologies. It is time for check on your world

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<v Speaker 1>of national news headlines. Once again. We've got Nathan Hagar

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<v Speaker 1>in our nighty N one news room in Washington. Highnate Hike,

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<v Speaker 1>Carol Thanks. The White House is denying President Trump asked

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<v Speaker 1>then FBI director James called me for his loyalty and

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<v Speaker 1>associative columnies is confirming a report in The New York

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<v Speaker 1>Times though that the now fired director was asked to

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<v Speaker 1>pledge loyalty at a dinner back in January. On Twitter

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<v Speaker 1>this morning, the President said, call me a better hope.

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<v Speaker 1>There are no tapes of their conversations, prompting this question

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<v Speaker 1>for White House Press Secretary Sean Spicer recording devices in

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<v Speaker 1>the old office or in the residence. As I said

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<v Speaker 1>for the third time, there is nothing for them to

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<v Speaker 1>add on that because he think it's appropriate to threaten

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<v Speaker 1>someone like Mr Comey not to speak. I don't think

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<v Speaker 1>that's that's not a threat, He's simply stated. In fact,

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<v Speaker 1>the tweet feats for South. I'm moving on. Democrats on

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<v Speaker 1>the House Judiciary Committee aren't moving on, though. They've sent

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<v Speaker 1>a letter to the White House Council asking for copies

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<v Speaker 1>of any White House recordings. No announcement expected today, but

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<v Speaker 1>the European Union is concerned about a US plan to

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<v Speaker 1>perhaps expand a ban on in flight laptops from parts

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<v Speaker 1>of the Middle East to the EU. If the ban

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<v Speaker 1>again gets brought to the to the European departures into

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<v Speaker 1>the US, that means the European US airlines are got

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<v Speaker 1>to spend some money here, So if they've got none,

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<v Speaker 1>they're gonna have to to get capacity on the airplane

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<v Speaker 1>to do it, or improve the capacity. Bloomberg Intelligence senior

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<v Speaker 1>airline analyst George Ferguson, UK Prime Minister Teresa May says

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<v Speaker 1>a cyber attack that's hit more than a dozen HA

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<v Speaker 1>spitals as part of a wider international attack. May says

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<v Speaker 1>there is no evidence any patient data has been compromised.

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<v Speaker 1>Global News twenty four hours a day, powered by more

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<v Speaker 1>than twenty six hundred journalists and analysts and more than

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<v Speaker 1>one hundred twenty countries on Nathan Hagar This is Bloomberg