WEBVTT - Covid Variant Dangers, Uber Buying Drizly for $1.1B 0:00:00.280 --> 0:00:02.920 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:02.920 --> 0:00:05.760 Bloomberg Quick Takes Tim Stanobek. We're here every day bringing 0:00:05.760 --> 0:00:08.280 you the latest news from the world's of business and finance, 0:00:08.320 --> 0:00:12.120 plus technology, politics, economics, all harnessing the power of Business 0:00:12.119 --> 0:00:15.600 Week reporters and editors, not to mention our journalists and 0:00:15.640 --> 0:00:18.080 analyst in more than one and twenty countries. You can 0:00:18.120 --> 0:00:21.720 download Bloomberg Business Week on iTunes, SoundCloud, or Bloomberg dot Com. 0:00:21.880 --> 0:00:23.600 You can also listen to our radio show at two 0:00:23.640 --> 0:00:26.320 pm Eastern Time on Bloomberg Radio or watch us on 0:00:26.360 --> 0:00:31.240 YouTube search Bloomberg Global News. So a lot of headlines 0:00:31.840 --> 0:00:34.280 out about the virus again, Tim, Today, we've got the 0:00:34.360 --> 0:00:37.560 US may recommend wearing two masks to battle more contagious 0:00:37.600 --> 0:00:40.600 variants of the virus. That's according to Dr Fauci, Anthony Fauci. 0:00:41.000 --> 0:00:43.320 You've got more countries in Europe reporting evidence at the 0:00:43.320 --> 0:00:46.000 spread of the UK variant. Isn't creed increasing, which could 0:00:46.080 --> 0:00:49.120 lead to prolonged restrictions. Uh. But we did talk about 0:00:49.960 --> 0:00:52.480 some better news yesterday with death starting to drop across 0:00:52.479 --> 0:00:55.280 the US. Yeah, we did. And and look, I think 0:00:55.520 --> 0:00:58.760 what's exciting to see and I maybe exciting isn't really 0:00:58.800 --> 0:01:00.480 the right term, but we sort of got the slew 0:01:00.520 --> 0:01:02.920 of good news right more development when it comes to 0:01:03.200 --> 0:01:06.640 a new vaccine and new data about vaccine. But at 0:01:06.640 --> 0:01:08.920 the same time, everywhere you look in the United States, 0:01:09.040 --> 0:01:12.360 we are starting to see us get over that latest tump. 0:01:12.400 --> 0:01:14.640 It's something that I've been eager to talk to Dr 0:01:14.760 --> 0:01:18.000 Dave Wessner about. He's a professor of biology at Davidson 0:01:18.080 --> 0:01:21.200 College and joins us right now on the phone from Davidson, 0:01:21.400 --> 0:01:24.600 North Carolina. Professor, it's really great to have you on 0:01:24.640 --> 0:01:30.880 the show. Um, where are we right now in this pandemic? Well, 0:01:31.200 --> 0:01:33.199 thanks for having me. It's like, let's be back again. 0:01:33.600 --> 0:01:37.080 Um yeah, I think we're We're in in a hopeful position. 0:01:37.400 --> 0:01:38.920 I think there's definitely light at the end of the 0:01:38.959 --> 0:01:41.840 tunnel now. Um yeah, I don't think the tunnel is 0:01:41.880 --> 0:01:45.240 necessarily as short as people might hope it would be. Um, 0:01:45.319 --> 0:01:47.080 but but I think with the with the news, with 0:01:47.120 --> 0:01:50.160 the Barrios vaccines are coming out, Um, I think there 0:01:50.240 --> 0:01:53.360 is hope for us. Okay, having said that, let's just 0:01:53.400 --> 0:01:56.640 jump right into the variant and the variants that keep 0:01:56.640 --> 0:01:59.080 coming out. Right, We've got UK, We've got Brazil, We've 0:01:59.120 --> 0:02:02.080 got South Africa. Uh. And I do wonder if there 0:02:02.160 --> 0:02:04.840 is a tipping point in terms of how many and 0:02:04.880 --> 0:02:06.840 by a certain date in terms of getting the COVID 0:02:06.920 --> 0:02:10.280 vaccine out before these variants start to infect too many 0:02:10.520 --> 0:02:14.040 of the global population. You know what, do we need 0:02:14.080 --> 0:02:16.520 to kind of know about that and think about that, 0:02:16.600 --> 0:02:20.560 especially if we're hoping to reopen our economy sooner rather 0:02:20.600 --> 0:02:24.560 than later. Yeah, I think a couple of things. I 0:02:24.560 --> 0:02:27.320 think the appearance of these variants is not at all 0:02:27.480 --> 0:02:30.960 a surprise. This is nothing unusual. Viruses mutate a lot 0:02:31.240 --> 0:02:35.480 bays throughout these variants. The real concern for researchers and 0:02:35.480 --> 0:02:39.799 collisions are, Um, do these variants behave differently in some 0:02:39.840 --> 0:02:43.280 troubling way? Are they more easily transmissible? Do they cause 0:02:43.400 --> 0:02:49.079 worst disease? Um? Are they resistant to immunity vaccine induced 0:02:49.080 --> 0:02:53.080 immunity or natural immunity? So? UM to your question, I 0:02:53.080 --> 0:02:57.320 think that the UK variant B seven is pretty widespread. Yeah. 0:02:57.320 --> 0:02:59.200 I don't think we're you know, we're not putting the 0:02:59.200 --> 0:03:01.400 genie back in the bottle with with a lot of 0:03:01.440 --> 0:03:05.600 these um. It appears though that the vaccines that we 0:03:05.639 --> 0:03:09.000 do have the Maderna vaccine, the Fiser vaccine are probably 0:03:09.000 --> 0:03:13.800 pretty effective against these new variants as well, all of 0:03:13.800 --> 0:03:16.560 them Brazil, South Africa as well. I mean, I mean 0:03:16.600 --> 0:03:22.519 there's different data on different ones, but um, generally yes, yeah, 0:03:22.560 --> 0:03:26.560 I think UM. Researchers from Fiser reported just on on 0:03:26.639 --> 0:03:30.440 Friday that neutralization of the B one one seven the 0:03:30.560 --> 0:03:34.560 UK variant um it was pretty much the same as 0:03:34.680 --> 0:03:38.040 the quote wild type virus with their vaccine was slightly reduced, 0:03:38.040 --> 0:03:41.840 but not in any meaningful way. The South African variant 0:03:42.040 --> 0:03:44.680 um seems to be a little bit more resistant to 0:03:44.680 --> 0:03:47.560 the vaccine, but not to a degree that it's you know, 0:03:47.680 --> 0:03:50.680 we're not gonna say the vaccines are ineffective with that 0:03:50.800 --> 0:03:53.640 with that variant, I mean they're less effective, but not 0:03:53.720 --> 0:03:57.520 necessarily less effective in a really concerning way. David, was 0:03:57.520 --> 0:03:59.000 surprising for me to hear you say that you do 0:03:59.080 --> 0:04:03.080 believe the variant on in the UK is likely widespread here. 0:04:03.080 --> 0:04:05.000 And the only reason it's surprising to me is because 0:04:05.120 --> 0:04:08.480 what we saw happen in London about a month ago 0:04:09.160 --> 0:04:11.960 and in the wider part of the United Kingdom a 0:04:12.040 --> 0:04:15.040 month ago doesn't seem to be happening at least right 0:04:15.040 --> 0:04:17.000 now here in the United States, and I'm talking you know, 0:04:17.279 --> 0:04:24.080 hospitals overcrowded and more and more cases. You see, the 0:04:24.120 --> 0:04:26.000 cases have started to be down a little bit in 0:04:26.000 --> 0:04:28.320 in most places the United States, they were going up 0:04:28.360 --> 0:04:31.920 pretty rapidly until recently. UM, and that may have been 0:04:31.920 --> 0:04:36.240 a result of the holidays and spiking cases from family gatherings. 0:04:36.720 --> 0:04:40.480 One thing that we're not doing as much United States 0:04:40.480 --> 0:04:44.840 as in the UK is this genomic sequencing of the viruses. 0:04:44.880 --> 0:04:47.720 So with the limited amount of sequencing we are doing, 0:04:48.080 --> 0:04:51.440 we seemed this variant in various places. I wouldn't be 0:04:51.520 --> 0:04:55.440 surprised if we did more sequencings. We see it. Um, 0:04:55.600 --> 0:04:59.360 you see a higher problems of that variant here right see. 0:04:59.600 --> 0:05:01.320 I guess question, I guess Tim and I are trying 0:05:01.360 --> 0:05:03.400 to get our heads around as we talked to various 0:05:03.560 --> 0:05:07.400 folks in the medical community and certainly the pharmaceutical industry, 0:05:07.720 --> 0:05:11.000 is you know, should we There's I guess a lot 0:05:11.040 --> 0:05:13.480 of talk about it's going to be another tough February 0:05:13.560 --> 0:05:16.440 March in that way, we're going to get another third wave. 0:05:16.440 --> 0:05:18.640 I don't even know. I've lost count because of these 0:05:19.040 --> 0:05:24.840 because of the variants, specifically and do you anticipate that. Yeah, 0:05:24.880 --> 0:05:27.480 I think it's a very real possibility. I think one 0:05:27.480 --> 0:05:30.760 of the fears that I have is that people will say, oh, 0:05:30.760 --> 0:05:33.039 we have vaccines out there, people are starting to get shot. 0:05:33.680 --> 0:05:35.520 I can sort of went off the gas. I can 0:05:35.520 --> 0:05:40.719 start start relaxing in my my personal mitigation efforts wearing masks, 0:05:40.839 --> 0:05:44.839 especially just in avoiding crowds and so forth. Um. I 0:05:44.880 --> 0:05:49.360 think if if people sort of relax on those strategies, 0:05:49.720 --> 0:05:53.040 then yes, we could see a pretty big uptick pretty quickly. 0:05:53.080 --> 0:05:56.120 So I think it's imperative now that people really, um 0:05:56.480 --> 0:06:01.560 really are conscious about those those relatively simple medication efforts. Hey, Dave, 0:06:01.680 --> 0:06:05.000 very briefly double masking. We heard Dr Anthony Fauci say 0:06:05.160 --> 0:06:07.680 earlier today that the CDC might start to recommend two 0:06:07.760 --> 0:06:09.560 masks because of these variants. What do you what do 0:06:09.560 --> 0:06:14.360 you make of it? That's not going to hurt um? Yeah, 0:06:14.440 --> 0:06:16.159 I think a lot of people have cloth masks on, 0:06:16.360 --> 0:06:19.880 which do reasonally well job. If you have a cloth 0:06:19.920 --> 0:06:22.680 mask on, though, there are gaps from side, gaps from 0:06:22.680 --> 0:06:26.040 the top that are going to let different particles in out. 0:06:26.520 --> 0:06:29.120 Having a second mask on, it's going to reduce those gaps. 0:06:29.160 --> 0:06:31.760 It's going to reduce the spread of the virus from 0:06:31.800 --> 0:06:33.880 you to someone else. If you're infected, it's going to 0:06:33.960 --> 0:06:37.520 reduce your chance of inhaling the virus. Um, you mean 0:06:37.600 --> 0:06:39.479 that that's not gonna hurt me. If that's what it 0:06:39.520 --> 0:06:43.520 takes to to really camp things down, Yeah, I think 0:06:43.520 --> 0:06:46.919 it's that's a reasonable approach. I'm curious about your thoughts 0:06:46.960 --> 0:06:49.240 when it comes to the news that we learned today 0:06:49.279 --> 0:06:52.760 from our Bloomberg colleagues that President Joe Biden's administration is 0:06:52.800 --> 0:06:56.560 going to pilot a program to provide coronavirus vaccines directly 0:06:56.640 --> 0:06:59.479 to pharmacies in an attempt to ratchet up the pace 0:06:59.560 --> 0:07:01.120 of a not culations in the US. It's going to 0:07:01.160 --> 0:07:03.240 be a small pilot to begin with, But is this 0:07:03.320 --> 0:07:07.400 the right way to get to her community? Yeah, I 0:07:07.440 --> 0:07:10.040 think it's worth trying. Yeah. I think we've seen already 0:07:10.080 --> 0:07:14.640 that distribution getting shots in the arm is a logistical challenge. Um, 0:07:14.680 --> 0:07:18.360 So I think it's certainly worth exploring if waltring TBS, 0:07:18.440 --> 0:07:21.400 other farms, single farm seats like that can can help 0:07:21.400 --> 0:07:25.520 in that in that process. Is that is I'm wondering 0:07:25.840 --> 0:07:28.600 if we think about the administration here of of vaccines 0:07:28.640 --> 0:07:31.920 actually giving them. Where are you seeing the bottleneck? Where 0:07:31.960 --> 0:07:33.880 where is the bottleneck company? Because we have to understand, 0:07:33.880 --> 0:07:35.640 I mean, this is what as we've learned and Carol, 0:07:35.720 --> 0:07:37.760 Carol mentioned this, like we never thought we'd become such 0:07:37.760 --> 0:07:40.480 a sort of like armchair experts, right and thinking about 0:07:40.840 --> 0:07:43.720 in thinking about vaccines and actually giving vaccines. But we 0:07:43.800 --> 0:07:45.840 have the production of them, and of course before that 0:07:45.880 --> 0:07:49.200 the approval um and we also have to make sure 0:07:49.280 --> 0:07:52.920 there are enough supplies, right, syringes, needles, people to make 0:07:52.920 --> 0:07:56.320 sure that you know you're being observed for fifteen minutes, 0:07:56.320 --> 0:07:59.000 people who are trained to give the shots. Where do 0:07:59.040 --> 0:08:03.080 you see the bottleneck? Yeah, I think what I've seen 0:08:03.280 --> 0:08:07.560 it's it's distribution. It's getting the vaccine doses to the 0:08:08.680 --> 0:08:12.120 vaccination site to the place we're actually administering them. I 0:08:12.160 --> 0:08:16.280 mean that seems to be things I've heard places around 0:08:16.360 --> 0:08:19.240 here that've gotten vaccines are are using them. I mean, 0:08:19.280 --> 0:08:21.960 they're not wasting the vaccine doses themselves, they're getting them 0:08:22.040 --> 0:08:25.840 in arms. It's just waiting for more vaccines to get there. 0:08:26.400 --> 0:08:29.600 Um and type about vaccine a little bit is a 0:08:30.120 --> 0:08:34.560 vacumment to getting back to the variants A few months ago, 0:08:35.120 --> 0:08:37.400 people were saying, if we get a vaccine that's setting 0:08:37.480 --> 0:08:41.960 percent effective, that's really good. We got to their effective, 0:08:42.280 --> 0:08:46.839 which is amazing. So even if these variants are even 0:08:46.960 --> 0:08:50.560 vaccines are not quite at effective against these variants, they're 0:08:50.559 --> 0:08:52.960 still pretty good vaccines. I think we shouldn't we shouldn't 0:08:52.960 --> 0:08:55.520 lose sight of that we're talking about these variants. Well, 0:08:55.559 --> 0:08:57.679 and it was, you know, there was an interesting column. 0:08:58.400 --> 0:09:02.400 It was a Bloomberg opinion piece um by our Andurias Cluth, 0:09:02.520 --> 0:09:05.640 and it said, stop wanting about vaccines. It's only February. 0:09:05.800 --> 0:09:10.880 And the point being that, listen, folks, it's pretty remarkable 0:09:10.920 --> 0:09:12.880 that we have a vaccine and it's what we were 0:09:12.880 --> 0:09:17.800 working for and Shaman whoever whatever in terms of not 0:09:17.920 --> 0:09:20.200 being ready in terms of the rollout, but you know, 0:09:20.800 --> 0:09:22.959 we've never had to do this, to be quite honest, 0:09:23.600 --> 0:09:27.200 or or it's been a long time. Um. And so 0:09:28.320 --> 0:09:30.280 when you hear something like that, do you agree that 0:09:30.320 --> 0:09:34.520 we need to just kind of understand what we've done 0:09:34.600 --> 0:09:36.960 so far and it is going to just take a 0:09:36.960 --> 0:09:40.120 while to get all these vaccines into the arms of individuals, 0:09:40.240 --> 0:09:43.600 especially when you're talking about two doses. Me. Absolutely, if 0:09:43.600 --> 0:09:45.960 you look at the timeline. The first report came out 0:09:46.000 --> 0:09:50.120 in December, this new virus in in uhan um. So 0:09:50.280 --> 0:09:54.720 in eleven months times twelve months time, we have vaccines 0:09:54.720 --> 0:09:58.360 with the virus identified sequence, we have vaccines on market. 0:09:58.840 --> 0:10:02.520 That's really porkable. So yes, I think the rollout has 0:10:02.559 --> 0:10:07.199 been a bumpy road so far. Um. It can never 0:10:07.240 --> 0:10:11.080 be done fast enough, obviously, but yes, I think we're 0:10:11.120 --> 0:10:14.240 a really good place considering where we were just the 0:10:14.320 --> 0:10:16.920 year ago. And so no, I bet we're going to 0:10:17.000 --> 0:10:21.079 go the same place so so So, Dave, what's your 0:10:21.120 --> 0:10:24.680 best guests in terms of there's enough shots in in 0:10:24.679 --> 0:10:26.800 in people's arms that we can actually start to kind 0:10:26.800 --> 0:10:28.640 of reopen and get back to a more normal way 0:10:28.640 --> 0:10:30.760 of life. Is it and the spring is its summer? 0:10:30.960 --> 0:10:34.280 How do you see it? Just quickly and got thirty seconds. Yeah, 0:10:34.520 --> 0:10:36.760 I think in the summer. I think next fall we 0:10:36.880 --> 0:10:39.600 start looking at Labor Day this coming year, I think 0:10:39.600 --> 0:10:43.000 things will look a lot to do now. Alright, fingers 0:10:43.040 --> 0:10:47.360 cross man um, Dave, thank you so much, really appreciated. Uh. 0:10:47.440 --> 0:10:50.280 Dr Dave Westerner, professor a biology of at Davidson College, 0:10:50.280 --> 0:10:53.360 on the phone from david'son North Carolina. I mean listen. 0:10:53.440 --> 0:10:57.080 It's been an unbelievable undertaking, right, Tim, and we have 0:10:57.160 --> 0:10:59.480 come a long way. I think it just feels like, well, 0:10:59.520 --> 0:11:00.920 wait a minute, we knew we're gonna have to get 0:11:00.920 --> 0:11:03.319 these into the arms of individual we were and I 0:11:03.360 --> 0:11:05.319 think January was a really hard month for a lot 0:11:05.320 --> 0:11:07.240 of people. We had a tremendous loss of life in 0:11:07.280 --> 0:11:09.920 the United States, more than people. And I think just 0:11:09.960 --> 0:11:12.040 the fact that it's winter and we've been doing this 0:11:12.080 --> 0:11:13.840 for so long, we were so ready to see the 0:11:13.920 --> 0:11:16.520 sun again. Yeah, and um, yeah, I think it's starting 0:11:16.520 --> 0:11:19.800 to feel very long for people. This is Bloomberg Business 0:11:19.840 --> 0:11:23.600 Week with Carol Messer and Bloomberg Quick Takes Tim Stinovich 0:11:23.960 --> 0:11:26.320 from Bloomberg Radio. All right, now, we want to get 0:11:26.360 --> 0:11:27.960 to a story that's going to be featured in the 0:11:28.000 --> 0:11:31.000 upcoming issue of Bloomberg Business Week magazine. We know actions 0:11:31.000 --> 0:11:33.880 have consequences. We say that a lot. Tim. It applies 0:11:33.920 --> 0:11:37.000 to story by Bloomberg News energy reporter Robert Tittle, who 0:11:37.040 --> 0:11:40.120 writes about it and writes specifically that President Biden's recent 0:11:40.200 --> 0:11:43.280 Keystone XL cut off has really hurt and shocked a 0:11:43.320 --> 0:11:46.280 tiny town up in Canada. Let's get more Robert joins 0:11:46.320 --> 0:11:48.760 us on the phone from Calgary, along with Bloomberg business 0:11:48.800 --> 0:11:51.800 Week editor Joe Webber on the access line in Brooklyn. 0:11:51.840 --> 0:11:54.559 And I feel like Joel the Keystone Pipeline man, on again, 0:11:54.600 --> 0:11:57.920 off again, on again, off again. Yeah, it's right, and 0:11:57.920 --> 0:11:59.679 and this story is one of those ones that I 0:11:59.760 --> 0:12:02.440 do and kind of just speaks to um sort of 0:12:02.440 --> 0:12:05.480 the the West. I think of it in terms of 0:12:05.480 --> 0:12:08.680 American West a lot, but certainly applies to Canada. There's 0:12:08.760 --> 0:12:12.120 been you know, just hundreds of towns through the history 0:12:12.120 --> 0:12:16.440 of of the countries that um that have boom and 0:12:16.440 --> 0:12:18.400 bus cycles, and this is sort of one of them. 0:12:18.400 --> 0:12:21.360 This is this is a town um that we'll talk 0:12:21.360 --> 0:12:23.280 a little bit about that you know, really kind of 0:12:23.280 --> 0:12:26.960 tethered its fortune to the Keystone Pipeline. And then obviously 0:12:27.040 --> 0:12:30.640 when when President Biden came out um and sort of 0:12:30.720 --> 0:12:34.640 changed policy there, it has repercussions UM down that pipeline. 0:12:35.000 --> 0:12:36.920 So so Robert talked to us about the town that 0:12:37.000 --> 0:12:40.600 you decided to set all of this in. Yeah, So 0:12:40.720 --> 0:12:43.400 I I uh one morning got up real early and 0:12:43.480 --> 0:12:47.520 drove the east out of Calgary three hours. It's uh 0:12:47.800 --> 0:12:50.920 the town of o um. Uh. It's close to the 0:12:50.960 --> 0:12:56.560 Saskatchewan borders. Um. It's a rural, very rural. It's a 0:12:56.600 --> 0:13:01.160 farming town of some ranches around there. Um, branches around there. 0:13:01.559 --> 0:13:05.000 But this town was kind of ground zero for the 0:13:05.160 --> 0:13:09.760 Keystone Xcel construction work which had kicked off last year, 0:13:10.520 --> 0:13:14.200 and that had that had been uh caused the town 0:13:14.320 --> 0:13:18.360 population to just about double uh for a period there 0:13:18.440 --> 0:13:21.640 and especially during the summer and the fall. As the 0:13:21.720 --> 0:13:24.480 workers were coming in to build the pipeline, they set 0:13:24.559 --> 0:13:28.400 up some camps. Businesses were raking in a lot of money, 0:13:28.480 --> 0:13:32.839 up to four million Canadian dollars a month extra. That's 0:13:32.840 --> 0:13:36.400 what the mayor told me. Um. And that kind of 0:13:36.440 --> 0:13:40.400 just came to a halt when the project was canceled 0:13:40.400 --> 0:13:44.239 by Joe Biden on his first day in office. Um. 0:13:44.520 --> 0:13:49.960 So it was how yeah, how quickly has the town 0:13:50.080 --> 0:13:53.760 sort of reeled from from that decision? What what was 0:13:53.800 --> 0:14:00.240 the before and what does the after start to look like? Well? Um, 0:14:00.280 --> 0:14:02.160 I mean when I got the area, it was a 0:14:02.200 --> 0:14:07.360 few days after, and uh, the things were still they 0:14:07.400 --> 0:14:10.760 were still kind of up in the air a little bit. Um. 0:14:10.800 --> 0:14:14.640 It didn't seem like that they had yet adjusted, but 0:14:14.800 --> 0:14:18.680 people were had but workers were leaving. Um. You know, 0:14:18.720 --> 0:14:21.200 before that you had about a thousand extra people. This 0:14:21.320 --> 0:14:23.920 is a town of just under a thousand people. You 0:14:24.000 --> 0:14:27.680 had about a thousand extra people living there, uh and 0:14:27.760 --> 0:14:32.280 doing business there. Workers. Uh. You know, after that, they 0:14:32.280 --> 0:14:34.560 were it was clear some people were starting to leave, 0:14:34.640 --> 0:14:37.200 but things were still kind of up in the air. Um. 0:14:37.720 --> 0:14:40.040 There was a lot of construction along the route which 0:14:40.040 --> 0:14:43.600 went passed through the area. Uh. There was a lot 0:14:43.640 --> 0:14:48.880 of type pipeline pipeline left in some storage yards along 0:14:48.920 --> 0:14:51.760 those areas. Uh. And when I was there, there weren't 0:14:52.080 --> 0:14:55.000 You didn't see a lot of workers, um, workers in 0:14:55.040 --> 0:14:57.960 these sites. Uh there, but there were still workers there. 0:14:58.000 --> 0:15:00.520 There were still there's still some work to do in 0:15:00.600 --> 0:15:06.040 terms of just cleaning up what was left. Sorry, I 0:15:06.120 --> 0:15:08.760 started to jump in. I do wonder Carol made the 0:15:09.680 --> 0:15:12.720 made the reference to this on again, off again, you 0:15:12.760 --> 0:15:17.000 know comment with the keystone xcel. I do wonder if 0:15:17.000 --> 0:15:22.680 this cancelation is final? I mean, is this the final blow? Yeah, 0:15:22.800 --> 0:15:25.120 I mean it's it's I mean, this has been around 0:15:25.200 --> 0:15:29.440 for twelve years, more than twelve years. The project was 0:15:29.520 --> 0:15:33.360 canceled once before by President Obama. It was brought back 0:15:33.400 --> 0:15:37.720 by UM. Uh, the President Trump now this looks a 0:15:37.720 --> 0:15:41.640 lot more final, simply because the sort of UM. There's 0:15:41.640 --> 0:15:44.760 sort of a strong turn against the oil sands. So 0:15:45.240 --> 0:15:48.960 the oil fans themselves are are not expanding the oil 0:15:49.000 --> 0:15:52.920 fans producers are not expanding it very much anymore UM, 0:15:52.960 --> 0:15:55.760 and it doesn't look like that will happen for for 0:15:55.800 --> 0:16:00.680 a while still. At the same time, so that there 0:16:00.760 --> 0:16:03.280 isn't as much need for this pipeline, there's also a 0:16:03.280 --> 0:16:06.800 couple other pipelines that are being built and that are 0:16:06.880 --> 0:16:10.640 going to be enough for the oil stands industry at 0:16:10.680 --> 0:16:13.400 least into this decade, so it doesn't seem like there's 0:16:13.440 --> 0:16:15.840 as much of a need for it. UM. I think 0:16:15.880 --> 0:16:19.040 the industry did want to get this pipeline built. There 0:16:19.040 --> 0:16:23.720 are people I've spoken to, including a former executive of 0:16:24.720 --> 0:16:27.600 of TC Energy, who said he thinks it could still 0:16:27.680 --> 0:16:31.440 come back to life and about in another administration, but 0:16:31.440 --> 0:16:33.600 but there is a turn against this at the moment. 0:16:33.640 --> 0:16:38.040 It does seem to be a change. And how has 0:16:38.080 --> 0:16:43.040 that played out just in Canadian politics. Yeah, so that's 0:16:43.080 --> 0:16:46.400 been very That was really interesting here in Alberta. The 0:16:46.440 --> 0:16:50.920 government itself wanted to get this project going UM and 0:16:51.000 --> 0:16:55.360 the company UM was holding back um to see what 0:16:55.400 --> 0:16:57.280 would happen. I think at the end of the election, 0:16:57.360 --> 0:17:00.960 that's what the premier here said for us and Kenny. 0:17:01.000 --> 0:17:06.240 So they actually invested one point five billion Canadian tax 0:17:06.320 --> 0:17:09.760 player dollars I mean Alberta tax payer dollars in the project. 0:17:10.760 --> 0:17:13.880 The UM that was just to get a jumpstart, jump 0:17:13.960 --> 0:17:17.320 start construction. That was and that started the past spring. 0:17:18.400 --> 0:17:21.960 At the time, the premier said that he wanted to 0:17:22.000 --> 0:17:24.240 create facts on the ground that would make it hard 0:17:24.320 --> 0:17:28.440 to you know, hard to for any administration to come 0:17:28.440 --> 0:17:32.399 in to cancel this this project. The company also signed 0:17:32.400 --> 0:17:35.920 a bunch of labor agreements with unions of the United States. 0:17:35.960 --> 0:17:38.960 They agreed they also agreed to sell a stake to 0:17:39.359 --> 0:17:44.159 some um indigenous communities along the route, which many of 0:17:44.200 --> 0:17:48.800 these communities are. Many indigenous communities have have spearheaded opposition, right, 0:17:49.720 --> 0:17:52.879 so they did everything possible I think to sell this 0:17:53.040 --> 0:17:58.960 to a future bid administration. That wasn't enough. UM and 0:17:59.240 --> 0:18:03.080 uh certainly yeah, no, no, no, no, We've got to 0:18:03.160 --> 0:18:05.200 unfortunately wrap it up. But um, we'll put it out 0:18:05.240 --> 0:18:07.040 on Twitter, Robert, because it's a it's a great story 0:18:07.040 --> 0:18:08.960 and as you know, include in it. There's the other 0:18:09.040 --> 0:18:10.560 argument that says, if we don't do it this way, 0:18:10.600 --> 0:18:12.160 we're gonna have to do it on rail cars, which 0:18:12.200 --> 0:18:15.479 can be um, have their own economic impact and climate 0:18:15.520 --> 0:18:18.040 impact and be dangerous. So there's a lot of moving 0:18:18.240 --> 0:18:21.280 sides to this story. Um, thank you so much, Robert Tuttle. 0:18:22.000 --> 0:18:24.399 Check it out and of course our thanks to Joe Webber. 0:18:24.800 --> 0:18:28.399 You're listening to Bloomberg Business Week with Carol Messer and 0:18:28.480 --> 0:18:33.720 Bloomberg Quick Takes Tim Stenovic on Bloomberg Radio. All right, yes, indeed, 0:18:33.720 --> 0:18:36.480 you're listening to Bloomberg Business Week Karl Masser along with 0:18:36.520 --> 0:18:39.320 Tim Stenovich. And Um, I keep hearing Mr Planters or 0:18:39.359 --> 0:18:42.600 plant and I'm thinking, right, Mr Peanut, Yeah, I can 0:18:42.680 --> 0:18:46.480 think of every time I hear that story. Um what 0:18:46.760 --> 0:18:49.240 I'm just thinking he's going to get on a tangent here. 0:18:49.240 --> 0:18:51.919 But remember the Super Bowl ad last year? Is that 0:18:51.920 --> 0:18:55.640 what you're talking about? Okay, It's just like, right, that's 0:18:55.640 --> 0:18:58.040 all I keep thinking about. Yeah, okay, Um, yeah, that's 0:18:58.040 --> 0:19:01.080 what I was thinking too. Hey, But holder sound pretty happy. 0:19:01.240 --> 0:19:04.400 I know. Right. It's like we're seeing companies do deals 0:19:04.480 --> 0:19:07.800 and kind of you know, lean more into certain you know, 0:19:07.840 --> 0:19:11.400 business lines and strategies and speaking of that. We saw 0:19:11.480 --> 0:19:15.000 that certainly play out today one of our top business 0:19:15.000 --> 0:19:18.560 stories M and A stories Uber doing another deal, buying 0:19:18.600 --> 0:19:21.840 up the alcohol delivery startup. It's drizzly. They spent one 0:19:21.880 --> 0:19:25.440 point one billion. You mentioned earlier. It was a stock deal. Uh, 0:19:25.480 --> 0:19:27.160 so they're taking advantage of the run up that they've 0:19:27.200 --> 0:19:29.080 seen and share. So what does it mean? What does 0:19:29.080 --> 0:19:31.200 it mean for the bottom line the overall strategy. Let's 0:19:31.200 --> 0:19:34.440 bring in Bloomberg News Venture capital reporter Lazette Chapman. Tim. 0:19:34.440 --> 0:19:37.159 You actually caught up with her earlier on Quicktake, and 0:19:37.200 --> 0:19:39.719 she's back with us on the phone in San Francisco. Lizette, 0:19:39.760 --> 0:19:42.560 good to have you. We're still I think we're still 0:19:42.560 --> 0:19:47.320 waiting together. Is that right now? In the meantime, fantastic. 0:19:47.400 --> 0:19:50.720 I knew you were there wait and wait to talk 0:19:50.720 --> 0:19:55.600 about this big acquisition from over So let's let's talk 0:19:55.640 --> 0:19:58.200 about it. Did you say doozy? Did you say doozy? 0:19:58.240 --> 0:20:02.960 If an acquisition, well, I said boozing These two at 0:20:03.040 --> 0:20:06.600 one point one billion, that does not pump change. Um. 0:20:06.640 --> 0:20:09.480 It's uh. You know the first acquisition Uber done to 0:20:09.640 --> 0:20:13.359 his Postmates for two point six billion last year, and 0:20:13.400 --> 0:20:16.720 it really shoes up what Uber has been driving out 0:20:16.760 --> 0:20:19.080 for the past year, which is that, hey guys, we're 0:20:19.080 --> 0:20:21.800 going to offload all these other best in flying cars 0:20:21.880 --> 0:20:25.840 and the self you know, driving technologies, and we're just 0:20:25.880 --> 0:20:27.840 going to focus on two things that can help us 0:20:27.880 --> 0:20:32.840 be profitable, remember they're not yet, which are delivery and rides. 0:20:33.000 --> 0:20:35.960 And people really like their Booze and this allows them 0:20:36.040 --> 0:20:39.600 to really increase um all the different markets they serve 0:20:40.040 --> 0:20:42.720 through a bunch of partnerships and the software that deals 0:20:42.720 --> 0:20:45.919 with all those nasty uh you know, back office issues 0:20:45.960 --> 0:20:48.919 like what counties or dry counties and you know across 0:20:48.920 --> 0:20:50.960 the nation, which it gets kind of complicated once you 0:20:51.000 --> 0:20:53.960 dig in. Well, that that was you know, we talked 0:20:54.000 --> 0:20:56.440 about this earlier on Quick Take Lizette because I asked 0:20:56.440 --> 0:20:59.440 you the question, why does an uber just develop it themselves? 0:20:59.480 --> 0:21:03.840 It turns out it's actually pretty difficult to you know, 0:21:03.880 --> 0:21:08.080 make sure you're following all the rules when you're delivering booze, right, Yeah, 0:21:08.160 --> 0:21:10.000 it is. You know, it's complex, and this is a 0:21:10.040 --> 0:21:12.560 Boston they start up. Um, you know, they've been doing 0:21:12.600 --> 0:21:16.760 this for eight years and they um really focused on 0:21:17.119 --> 0:21:19.879 meeting the legal requirements first, um, which is you know, 0:21:19.920 --> 0:21:22.160 different than the way Uber and some other companies have 0:21:22.160 --> 0:21:26.920 have approached a new category UM. So it'll be interesting 0:21:26.960 --> 0:21:29.600 to see how this plays out and whether the big 0:21:29.640 --> 0:21:35.680 surgeon and drinking continues after the pandemic. Well, that's that's 0:21:35.680 --> 0:21:38.080 the huge question. I mean, we've had a fair amount 0:21:38.080 --> 0:21:40.960 of pitches and we've had guests on where are tapping 0:21:41.000 --> 0:21:43.440 into this lazette, this whole idea. We've been home, people 0:21:43.440 --> 0:21:47.000 have been drinking more UM and so we've definitely seen 0:21:47.520 --> 0:21:49.920 you know, that happened. But I do wonder when we 0:21:49.960 --> 0:21:52.040 get on the other side, aren't we going to be 0:21:52.040 --> 0:21:55.240 maybe hopefully in a restaurant after you're drinking in a 0:21:55.280 --> 0:21:57.320 restaurant you used the Uber app to call an uber 0:21:57.359 --> 0:22:00.200 to get you home safely? Right? Is that the next 0:22:00.200 --> 0:22:04.320 you're just going to tie it all together that maybe maybe? 0:22:04.359 --> 0:22:06.840 I mean, that's definitely what Uber is hoping. And you know, 0:22:06.880 --> 0:22:09.000 you look at all of these delivery companies. You look 0:22:09.000 --> 0:22:11.119 at door, DAP, you look at Insta Cards, both of 0:22:11.119 --> 0:22:13.400 those companies on the precipes of I POS. They've seen 0:22:13.520 --> 0:22:17.440