Speaker 1: This is Bloomberg Business Week inside from the reporters and
Speaker 1: editors who bring you America's most trusted business magazine, plus
Speaker 1: global business, finance and tech news. As it happened. Its
Speaker 1: Bloomberg Business Week with Carol Messier and Bloomberg Quick Takes
Speaker 1: Tim Stinovic on Bloomberg Radio. Hi, everyone, Welcome to the
Speaker 1: weekend edition of Bloomberg Business Week. It was, to say
Speaker 1: the least, another busy week of earnings as we come
Speaker 1: down the stretch of well ahead. On the program, we're
Speaker 1: gonna talk to a pair of executives who enjoyed strong
Speaker 1: thurm quarters speaking of earnings and even more success on
Speaker 1: the horizon. That's what they're saying. It's Chipotle a CEO
Speaker 1: Brian Nicol also e non Cries Mattel's CEO talking Tacos
Speaker 1: and Toys. Toys and TACCOs say then five times fast,
Speaker 1: both of those companies impacted in different ways by rising
Speaker 1: prices and supply chain constraints. Will also speak with the
Speaker 1: CEO of a T and T business about the fight
Speaker 1: to acquire and retain top talent and why five G
Speaker 1: is ready to change the game in every corner of
Speaker 1: the economy. I have five g already. I don't sorry,
Speaker 1: I got that old iPhone ten. Work on that. Maybe
Speaker 1: under the tree this year, right, if the supply chain
Speaker 1: can figure it out. Well. A record year for mergers
Speaker 1: and acquisitions to the tune of a cool five trillion dollars.
Speaker 1: Also a group of E s G nay sayers. You
Speaker 1: spoke to them, Carol. They're making their voices heard in
Speaker 1: the most critical moment for the American workers since the
Speaker 1: nineteen forties. We are talking the labor movement. It's our
Speaker 1: domestic cover story. It is, indeed all of that straight ahead.
Speaker 1: We begin there with a look at this week's issue
Speaker 1: of Bloomberg Business Week, and specifically our international cover story,
Speaker 1: which is a look at the struggles of working women
Speaker 1: in fifteen of the world's top business cities. It was
Speaker 1: also a Bloomberg Big Take this week, and it's a
Speaker 1: story in the Solution section of the magazine. Ruth David
Speaker 1: and Adam Blenford wrote it. It ranks the performance of
Speaker 1: these hubs in five areas that relate to structural and
Speaker 1: social challenges facing women, including safety, mobility, maternity, equality, and health. Yeah, exactly,
Speaker 1: looking at what's going on in a lot of top
Speaker 1: business cities, and specifically they really talk about the abduction
Speaker 1: of Sarah Everard from a London street and marked by
Speaker 1: a police officer, raped and murdered the thirty year old
Speaker 1: marketing executives for a furious uproar encapsulated by one refrain
Speaker 1: on social media. She was just walking home. And so
Speaker 1: talking about women, we so often talk on you write
Speaker 1: tim about women moving up the corporate ladder and having
Speaker 1: access uh in terms of those senior positions, trying to
Speaker 1: make inroads, and yet when it comes just to basic
Speaker 1: safety of women walking around in our major cities, it's
Speaker 1: lacking big time. And that's what's particularly surprising. I think
Speaker 1: too many people who saw this story were a data
Speaker 1: company Bloomberg, and we love numbers, and this takes a
Speaker 1: data and analytics approach to ranking fifteen cities, Toronto topping
Speaker 1: the list with the highest overall score, Beijing and sal
Speaker 1: Pallo the worst. Yeah, exactly. European capitals such as Berlin,
Speaker 1: Paris and London scored high because of strong maternity and
Speaker 1: legal rights. What was interesting it was a scale of
Speaker 1: one to five on those five criteria that you mentioned, safety, mobility, maternity,
Speaker 1: equality and health and yet none of them scored really
Speaker 1: high on all of it, right, not a lot of
Speaker 1: fours if any in there. Meanwhile, we mentioned earnings at
Speaker 1: the top. One of the tech giants to report this
Speaker 1: past week was Facebook. A lot of news for the company,
Speaker 1: including a name change, Facebook announcing on Thursday that it's
Speaker 1: rebranding itself as Meta as it goes all in on
Speaker 1: the metaverse. Before that, though, as I mentioned, a lot
Speaker 1: of news on Facebook this week, there was a Bloomberg
Speaker 1: report that the company had kept investors in the dark
Speaker 1: about falling usage among teens on their platform. Ker Wagner
Speaker 1: had a hand in breaking that story. He also wrote
Speaker 1: a piece in this week's Technology section of the magazine
Speaker 1: that goes into the social networks. Next chapter, we're talking
Speaker 1: the metaverse, now, I believe you have to say the
Speaker 1: metal I mean, I'm still trying to figure out what
Speaker 1: it is. Uh yeah, I know you're shaking your head
Speaker 1: at me, your eyes are wide, and you're like, I
Speaker 1: know a lot of investors are trying to figure out
Speaker 1: what it is as well. I think a lot of
Speaker 1: people understand the metaverse in the context of gaming. Robe
Speaker 1: for example, is sort of a go to But how
Speaker 1: does Facebook bring it to sort of productivity, and especially
Speaker 1: monetize it if they're thinking about the next generation for
Speaker 1: the social network, which by the way, is closer to
Speaker 1: twenty years old than it is to ten years old.
Speaker 1: Monetizing the metal, that's what it's about. There's a must
Speaker 1: read feature by pre Anon and Mark berg In about
Speaker 1: a company called go Guardian, the leading developer of education
Speaker 1: at tech software, also known as ed tech in the biz. Yeah, absolutely,
Speaker 1: you're so cool. What it really amounts to do, though,
Speaker 1: is educational surveillance software. And it turns out the pandemic.
Speaker 1: We know this, We saw this doing u COVID nineteen,
Speaker 1: the schools being shut down, the pandemic, revitalizing the ed
Speaker 1: tech industries post to get more digital technology into the classroom.
Speaker 1: And much like our smartphones, these programs know exactly exactly
Speaker 1: what students are doing at all times. Well, for more
Speaker 1: than a decade, Silicon Valley entrepreneurs have been pushing digital
Speaker 1: technologies and public schools at the same time, though they're
Speaker 1: struggling to explain how exactly they were helping students. Yeah, exact.
Speaker 1: COVID forced even the more reluctant schools to finally embrace
Speaker 1: digital learning tools that have continued to be central to
Speaker 1: classrooms even as schools have reopened back in person. Go
Speaker 1: Guardian allows school administrators to watch everything students are doing
Speaker 1: on their laptops and tablets. Sound a little creepy, it does. Sorry,
Speaker 1: it's this constant battle tug of war that we have
Speaker 1: with technology. Look what it can do for us, Like
Speaker 1: there's just so much ease, so much information. But at
Speaker 1: the same time all that information, we're wondering about our privacy.
Speaker 1: What are we giving up as a result privacy? And
Speaker 1: I also wonder about the relationship between students and administrators
Speaker 1: when it comes to trust and how much responsibility they're
Speaker 1: putting on students that we're not putting on students. A really,
Speaker 1: really good point. And then in the finance section of
Speaker 1: the magazine this week a story from Robert Schmidt and
Speaker 1: Jesse Westbrook. It's about a government post that we don't
Speaker 1: often think about. It sounds like a schnoozer. Snoozer, Can
Speaker 1: I say that? We're talking about the position of the
Speaker 1: Comptroller of the Currency. It's a very important one, it is,
Speaker 1: and President Biden's nominee for the position is turning out
Speaker 1: to be well a really divisive one. Sally i'm a
Speaker 1: Ova is a Kazakh San born graduate of Moscow State University,
Speaker 1: the recipient of a V. I. Lenin scholarship. Some Republican
Speaker 1: lawmakers have gone so far as to call her a Marxist. Yeah, exactly,
Speaker 1: a lot of controversy, and this is why it's not
Speaker 1: a snoozer of a story. It's a really important one.
Speaker 1: She'll have a lot of oversight for some different things.
Speaker 1: Of course, that position the controller of the currency. It's
Speaker 1: an agency that supervises banks and help set rules for
Speaker 1: Wall Street. But she's also going to be if she
Speaker 1: got the job, overseeing kind of all of the changes,
Speaker 1: whether it's cryptocurrencies or fintech. All right, some really great
Speaker 1: reads in the magazine this week, so check it out.
Speaker 1: The magazine on newsstands now, at Bloomberg dot com, at
Speaker 1: business week dot com, and of course on the Bloomberg terminal.
Speaker 1: Coming up next. Global m and A is heading for
Speaker 1: a record five trillion dollar year, thanks in part too
Speaker 1: low interest rates and abundant cash and desperate headwinds that include,
Speaker 1: of course, that we are still fighting this global pandemic.
Speaker 1: You're listening to Bloomberg Business Week This is Bloomberg. This
Speaker 1: is Bloomberg Business Week with Carol Messer and Bloomberg Quick
Speaker 1: Takes Tim Stinovik from Bloomberg Radio at the Milk and
Speaker 1: Institute Global Conference in Beverly Hills earlier this month, I
Speaker 1: hosted a panel on the space of M and A
Speaker 1: merigers and acquisition deals that we have seen thus far
Speaker 1: in it has been on fire. To yeah, I've been
Speaker 1: a banner year. And one of the panelists was Tyler Dixon,
Speaker 1: co had of City Groups, Global Banking, Capital Markets and
Speaker 1: Advisory Business. And to say he's bullish on M and
Speaker 1: A in the near term, well, that would be an understatement.
Speaker 1: Corporates are a great position of strength. Sponsors are cashed up,
Speaker 1: and we even have over four hundred spacks out in
Speaker 1: the marketplace looking for activity. So we think there's a
Speaker 1: good foundation right now and confidence in uh CEOs and
Speaker 1: c suites across the world are quite substantial. Basically every
Speaker 1: industry group, including tough industries like energy, have seen an
Speaker 1: up cycling of activity, and we look across the globe.
Speaker 1: That will not only be a record gear in US
Speaker 1: activity will be a record dear internationally because they can
Speaker 1: do deals, because they have to do deals both. That
Speaker 1: was Tyler Dixon of City Group and Carol. His words
Speaker 1: are ringing true in a big way. Yeah so true. Tim.
Speaker 1: This week in the magazine in Fact Our Deals Reporter
Speaker 1: at Hammond, he writes about the importance of psychology in
Speaker 1: this year's record deal making boom, one that could exceed
Speaker 1: five trillion dollars in total value when all is said
Speaker 1: and done in any circumstance, and astonishing number. But when
Speaker 1: you look at all the environmental factors going on in
Speaker 1: the background, and why you wouldn't want to do a
Speaker 1: deal right now? I think you know alsa well And
Speaker 1: what's interesting Ed, And you really did like set up
Speaker 1: me so well. But what's interesting too is you know
Speaker 1: these deal makers that I talked to bankers over at City,
Speaker 1: at Deutsa and elsewhere. They said that in many ways,
Speaker 1: UM members of the C suite are getting kind of
Speaker 1: poked and product by their board for not doing deals
Speaker 1: right now. Talk to us about what you're hearing. Why
Speaker 1: these deals are getting done despite the backdrop of a
Speaker 1: pen emic and worries about the outlook and supply chain
Speaker 1: problems and so on. I think part of it is
Speaker 1: just the cost of an ursher is is also very high.
Speaker 1: Look obviously, doing a deal at any time carry some risk,
Speaker 1: and you know you can get it wrong and that
Speaker 1: can be consequential. As the CEO, you can do your
Speaker 1: borders or your job stories the board, you can be
Speaker 1: tossed out. But I think right now, with the amount
Speaker 1: of disruption that's going on a cross industries and the
Speaker 1: sort of rapidity of change that almost their industry is
Speaker 1: going through, I think there are a real cost and
Speaker 1: not doing stuff and not growing. And you know, at
Speaker 1: the moment, a lot of companies are matched out on
Speaker 1: organic growth and M and A is obviously a very
Speaker 1: quick and efficient way a lot of the time to
Speaker 1: to to sort of turbo charge that growth in organically.
Speaker 1: In reporting this story, and you also looked at how
Speaker 1: investors react to companies that when a company does announce
Speaker 1: an acquisition, both to the company getting acquired and the
Speaker 1: one doing the acquiring. What did you learn. It's a
Speaker 1: really interesting trend that we've seen to him where you
Speaker 1: have this, uh, this sort of anomaly in the market
Speaker 1: where shareholders are coming out when companies and ounced deals
Speaker 1: and saying, you know, this is something we do like
Speaker 1: and they're reflecting that in the way the shares trade
Speaker 1: obviously a quisitive companies and seence shares trade up, which
Speaker 1: goes against almost very historical trends per virus. The recent
Speaker 1: paper US interest deal that was talked about right before
Speaker 1: I came on, obviously that was slightly different where you
Speaker 1: sort paper trends down and trade down heavily on news
Speaker 1: and some extent we think that's why they've now pulled
Speaker 1: the plug on that particular deal. But yeah, investors again, look,
Speaker 1: they're they're happy to see companies going out, getting on
Speaker 1: the front foot and pulling whatever leavers they can to
Speaker 1: achieve growth in this market. And I think that all
Speaker 1: comes back to the fact that we are seeing, you know,
Speaker 1: not reckless deals. We're not seeing companies go out to
Speaker 1: try and do very very large, complex, you know, sort
Speaker 1: of horizontal mergers. This is much more vanilla. Let's go out,
Speaker 1: let's do a deal that actually is in line with
Speaker 1: what we said we want to do strategically from perhaps
Speaker 1: it gets a slightly quicker from eight to than we
Speaker 1: would get their organic to Well, how much of it too,
Speaker 1: is pandemic related or pandemic push and where you know,
Speaker 1: trends disruptions. Digitization was happening, but it might have happened
Speaker 1: over the next three to five years, and all of
Speaker 1: sudden it was like, Bam, it's happening now, and I've
Speaker 1: got to possibly do a deal and acquisition to put
Speaker 1: my business in the right place to embrace that. Yeah,
Speaker 1: And I think that that comes back to this issue
Speaker 1: of disruption and the speed at which it's occurring now.
Speaker 1: And as you say, the pandemic sort of supercharged some
Speaker 1: of that activity. But you look at any industry now
Speaker 1: and they are all you know, if they're not taking industries,
Speaker 1: they take enabled industries. And so a lot of them,
Speaker 1: we've seen a lot of this already this year, are
Speaker 1: going and doing acquisitions that don't necessarily look like a
Speaker 1: sort of straightforward you know, an industrial company buying an
Speaker 1: industrial company. They're an industrial company buying a software company
Speaker 1: because they're realizing that actually, this is the way we're
Speaker 1: going to keep growing, and it's much easier to go
Speaker 1: out and buying something small that we can just tuck
Speaker 1: in than build our own capabilities in it in an
Speaker 1: area that perhaps is not where we have existing skills.
Speaker 1: How do spacts play into the boom that we've seen
Speaker 1: over the last eighteen months. Well, look, in terms of
Speaker 1: the sort of headlines and the amount of noise and
Speaker 1: interest they command their normals, but in terms of the
Speaker 1: actually dollar value they're very, very tiny. You know, certainly
Speaker 1: if you look at the sort of the dollar value
Speaker 1: of the spacts themselves rather than the dollar value of
Speaker 1: the companies, they often reversed into as a minority holder
Speaker 1: you're talking, you know, it's it's it's a minimus. But
Speaker 1: obviously trends they have been, you know, a driver of
Speaker 1: different kinds of activity. I'm sure you've seen some companies
Speaker 1: go out and do M and A because they were
Speaker 1: sort of worried about what might otherwise happened with the
Speaker 1: spect potentially buying a target that they were interested. So
Speaker 1: I think it's contributed, But certainly there is a quite
Speaker 1: serious dislocation between the amount of noise spect have generated
Speaker 1: in the actual contribution they've had to overall M and
Speaker 1: as here. So, all right, if we end up with
Speaker 1: five trillion and then some this year, does that mean
Speaker 1: things necessarily slow down? Because I know from my panel
Speaker 1: they all seem gangbusters that it would continue into two
Speaker 1: But what are you hearing? I mean, money is so
Speaker 1: cheap it's easy for They've also got a lot of
Speaker 1: you know, cash to play around with. Yeah, look, money
Speaker 1: is cheap, and that's often sited as one of the
Speaker 1: reasons we're seeing this this great market. What I would
Speaker 1: say to that is money has been cheap for a
Speaker 1: long time, So I don't think it's just cheap money.
Speaker 1: I think there's a lot of momentum going through the
Speaker 1: m and A market at the moment. Some of that
Speaker 1: is obviously catch up after we had that slowdown during COVID,
Speaker 1: and I think some of that will continue into two.
Speaker 1: The conversations we've been having, we had a common taxmen
Speaker 1: Aban Core on Blueboo TV is talking about the strength
Speaker 1: of the pipeline. They actually think it's stronger than the
Speaker 1: current market conditions we're seeing, which would suggest going into two,
Speaker 1: we're going to have a you know, a lot of
Speaker 1: deals backed up ready to go. Whether it continues through
Speaker 1: two stories, who knows um. I think a lot of
Speaker 1: that will depend on on what we see, you know,
Speaker 1: in sort of global affairs, what we see the domestic economy,
Speaker 1: but also obviously some of the sovereign risks that that
Speaker 1: was Bloomberg News deals reporter Ed Hammond, And we should
Speaker 1: note that Ed mentioned there is one potential fly in
Speaker 1: the m and a ointment on the horizon. That would
Speaker 1: be rising interest rates. That's the flying an ointment on everything.
Speaker 1: It is. And we keep hearing from feed officials It's
Speaker 1: not gonna happen next year. It's not gonna maybe not
Speaker 1: happen until we shall see. Maybe it's the only thing.
Speaker 1: It's not a flying anpointment of his inflation, right, what
Speaker 1: do you mean, Well, it's the point is is to
Speaker 1: curb inflation. That's why our interest rates go higher. That's true, right, exactly, alright.
Speaker 1: Still ahead on Bloomberg Business Week, a panel of investing
Speaker 1: in legal minds question the effectiveness of environmental, social, and
Speaker 1: governance initiatives, and one of them, black Rock's former chief
Speaker 1: investment officer for sustainable Investing, is among the skeptics. This
Speaker 1: is Bloomberg broadcasting from the financial capital of the world,
Speaker 1: Bloomberg he Love Rio in New York, to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg one oh six one, to San Francisco,
Speaker 1: Bloomberg nine to the country Sirius XM Chamber one ninety
Speaker 1: and around the globe. The Bloomberg Business and Bloomberg Radio
Speaker 1: dot com. This is Bloomberg Business Week with Carol Messer
Speaker 1: and Bloomberg Quick Takes Tim Stenovan on Bloomberg Radio. At
Speaker 1: this week's Bloomberg Equality Summit, I spoke with a panel
Speaker 1: that's taking some of the shine off the concept of
Speaker 1: investing in environmental, social and governance initiatives. The Agitators, a
Speaker 1: group drawing attention to the downside of e s G.
Speaker 1: On the panel Tarek Fancy, founder and CEO of the
Speaker 1: Roomy Initiative, also the former Chief investment officer for sustainable
Speaker 1: investing at Blackrock. Lord Murphy, president of the law firm
Speaker 1: that bears her name. A pioneer of the corporate civil
Speaker 1: rights audit, She's known for conducting racial audits of Facebook
Speaker 1: and Airbnb. Also Barbara and Bernard, founder in c IO
Speaker 1: at Windcrest Capital. This excerpt of our conversation begins with
Speaker 1: Turk expressing his skepticism of e s G. The answer
Speaker 1: to climate change is clearly. I mean, Nobel Prize winning
Speaker 1: economists are telling us it has to be policy. Reform
Speaker 1: starts with a price on carbon. That is a systemic
Speaker 1: reform um that you know addresses a systemic problem that
Speaker 1: has to be government action. And I think that the
Speaker 1: economic system is being so seized by a set of
Speaker 1: narratives that have underlie the system and are almost invisible
Speaker 1: that emerged in the eighties that tell us that free
Speaker 1: market solve all problems, that even when faced with market failures,
Speaker 1: you know, thirteen years after the financial crisis, we're still
Speaker 1: sort of hitching our ride to a set of solutions
Speaker 1: that don't really work. And the problem is the asset
Speaker 1: management industry is incentivized today. I mean, no one wants
Speaker 1: taxes and regulation, even if that's clearly the solution, right,
Speaker 1: and climate change is gonna cost money. Someone's gonna have
Speaker 1: to pay, and so faced with that reality, there's an
Speaker 1: incentive to sort of take one hand and hold off
Speaker 1: taxes and regulation with a set of narratives that say
Speaker 1: that business will solve these problems all by themselves, kind
Speaker 1: of like a sports game where you know, the athlete
Speaker 1: now we need any referees, will self referee, and good
Speaker 1: sportsmanships the answer. And then into the growing social angst
Speaker 1: that starts to develop because people see nothing getting done
Speaker 1: on these major problems, then there's an incentive to sell
Speaker 1: a bunch of products that for the most part have
Speaker 1: no empirical evidence at all that they create any kind
Speaker 1: of impact or lower emissions, but are lucrative, particularly for
Speaker 1: financial you know, for asset managers who are facing feet
Speaker 1: pressure for you know, largely increasingly commoditized products. Bart Whare
Speaker 1: wants you to come in on this because over the
Speaker 1: summer we did see the European market for sustainable investing
Speaker 1: contracted by two trillion. There was kind of a rethink,
Speaker 1: right because of the introduction of anti greenwashing rules. So
Speaker 1: does that tell you that maybe we're getting smarter about
Speaker 1: E s G or do you still think a lot
Speaker 1: of the E s G that's out there is nonsense.
Speaker 1: I think E SG needs to be disrupted. I believe
Speaker 1: an E s G two point out. An E s
Speaker 1: G two point oh is about materiality and authenticity, and
Speaker 1: that's the portfolio that sits at the intersection of profit
Speaker 1: and purpose. So I believe in a lot of what
Speaker 1: Terrek said, but I'm not as jaded. I'm hopeful um
Speaker 1: And so I think E s G one point oh
Speaker 1: was either investing in naturally low carbon tech companies or
Speaker 1: the index hugging just slightly overweight tech slightly underweight energy,
Speaker 1: and that is nonsense, and that is grainwashing. And when
Speaker 1: you talk about this big numbers in E s G,
Speaker 1: the problem is seventy E s G money is passively invested.
Speaker 1: So we will not have an energy transition unless we
Speaker 1: have an investor transition. And so the reason Engine one
Speaker 1: point oh was so popular. Engine number one was so
Speaker 1: popular that I think was it enabled these large passive
Speaker 1: asset managers to take an E s G box without
Speaker 1: changing their passive investment strategy. So I'd say we've gone
Speaker 1: from passive to passive aggressive. And if I look at
Speaker 1: that strategy, if even if they get everything they want,
Speaker 1: what are they doing accelerating the demise of Exxon Like,
Speaker 1: I'm not sure that's the answer either. I think E
Speaker 1: s G two point oh is active management because I
Speaker 1: think you get what you inspect, not what you expect. Laura,
Speaker 1: come on in, because I think you have created a
Speaker 1: new format for companies to really take an inward look.
Speaker 1: Talk to us about what we're doing. Do you really
Speaker 1: think companies are something's happening that they are looking much
Speaker 1: more inward when it comes to their biases and how
Speaker 1: they approach customers. And clients and how they do things.
Speaker 1: We don't want greenwashing type activities in the civil rights space.
Speaker 1: It's you know, over uh five corporations said something after
Speaker 1: the murder of UM George Floyd. And you know, there
Speaker 1: were a lot of good statements, and there were charitable contributions,
Speaker 1: and there were a few good programs. But companies need
Speaker 1: to go deeper. And so I've outlined what I think
Speaker 1: is a set of baseline practices for companies to use
Speaker 1: if they are serious about ending discrimination within their own walls.
Speaker 1: And it goes further than diversity, equity and inclusion. I mean,
Speaker 1: we're asking questions a lot. We want companies to ask
Speaker 1: questions like are my products hurting communities? Um? Do people
Speaker 1: with disabilities have access to our our our platform? Are
Speaker 1: we locating toxic waste plants in minority communities only? You know,
Speaker 1: is our facial recognition software working on people with darker skin?
Speaker 1: And how do we address those practices and make companies
Speaker 1: more equitable so that they stopped hurting people. That was
Speaker 1: Laura Murphy, Barbara and Bernard and Taric Fancy. Check out
Speaker 1: that full conversation. You can do that by going to
Speaker 1: Bloomberg Live. Dot Com clicking on the Equality Summit. You're
Speaker 1: listening to Bloomberg Business Week. Up next Chipotle chairman and
Speaker 1: CEO Brian Nicol on earnings and how much more you
Speaker 1: can expect to pay for that burrito? And what we
Speaker 1: really want to know, how long will their briskets stick around?
Speaker 1: This is Bloomberg. You're listening to Bloomberg Business Week with
Speaker 1: Carol Messer and Bloomberg Quick Takes Tim Stinovich from Bloomberg Radio.
Speaker 1: Earning season definitely in full swing this week. It was very,
Speaker 1: very busy. One company we keep an eye on is
Speaker 1: a company that is considered the creator of the fast
Speaker 1: casual dining space. We're talking about Chipotle Mexican Grill. Chipotle's
Speaker 1: third quarter sales topped analysts estimates as the company benefited
Speaker 1: from price increases and digital ordering, along with vaccination efforts
Speaker 1: that help bring some customers actually back into the restaurants.
Speaker 1: Ye coming back. Same store sales by the way up
Speaker 1: fifteen point one percent last quarter. That's a key metric.
Speaker 1: Oi's the brisket bonanza is another thing. All of this
Speaker 1: were among the topics we discussed with chairman and CEO
Speaker 1: Brian Nicol. New many items just one part of the story,
Speaker 1: though another is pricing power. We asked Brian Nicol about
Speaker 1: his company's ability to pass along the rising costs of
Speaker 1: both labor and commodities to Chipotle's customers. Yeah, you know,
Speaker 1: we we look at that both in the past. Right,
Speaker 1: We have had some price recently, um, and we were
Speaker 1: fortunate to have such a strong value proposition that we
Speaker 1: didn't really see any resistance from consumers. We continue to
Speaker 1: attract closely what our value proposition looks like, and we
Speaker 1: continue to have a really strong value uh score with consumers.
Speaker 1: And you know, a lot of people ask me what
Speaker 1: does that really mean? You know, the way I bring
Speaker 1: it to light a chicken burrito or a chicken bowl,
Speaker 1: which is the number one thing we sell, it's still
Speaker 1: less than eight dollars. And so when you stop and
Speaker 1: think about the you know, the culinary the quality of
Speaker 1: those ingredients, the customization of the meal for less than
Speaker 1: eight dollars, you're hard pressed to find that anywhere else.
Speaker 1: And that is what we mean by hey, we get
Speaker 1: we've got a tremendous value proposition, and we still have
Speaker 1: lots of pricing power moving forward. So you know, as
Speaker 1: I've said, many times before. It's really the last thing
Speaker 1: we like to pull. We prefer you get the growth,
Speaker 1: find ways to cut costs to really be efficient. But
Speaker 1: if we need to use the pricing lever, we do it.
Speaker 1: We've done it in the past. We're pretty judicious with it,
Speaker 1: uh and fortunately we've navigated it really well well given
Speaker 1: the challenging environment that you describe to us, when realistically,
Speaker 1: could you see yourself raising prices again, you know, it's
Speaker 1: something that we're looking at right now. We traditionally always
Speaker 1: evaluate near the end of the year what do we
Speaker 1: think inflation is gonna look like for you know, wages
Speaker 1: and a lot of our other input costs, So we
Speaker 1: always look at that. And then obviously, in this environment
Speaker 1: right now, there's a lot of things that have been unexpected.
Speaker 1: Right Freight is really high. We believe that's going to
Speaker 1: be temporary versus wages, I think are going to continue
Speaker 1: to have some additional upward movement. Um, so we've got
Speaker 1: to figure out how to balance that. But you know,
Speaker 1: we're trying to figure out what is the priceing we
Speaker 1: want to take to cover things that are permanent versus
Speaker 1: the things that are temporary, and then balance that with
Speaker 1: you know, we have tremendous growth in front of us,
Speaker 1: so we want to make sure we're leveraging the growth
Speaker 1: to offset some of these costs too. Um, because at
Speaker 1: the end of it comes back to I want people
Speaker 1: feeling about the chicken burrito that they buy from us,
Speaker 1: you know, I want them what we're saying, well, I
Speaker 1: got a lot more for my money than any place
Speaker 1: else when it comes to taking a great meal. Hey,
Speaker 1: if we may just when we're question on prices, Brian,
Speaker 1: I mean, I think you guys raise prices MANU prices
Speaker 1: by as much as four percent earlier in the year.
Speaker 1: So if we think about what you might raise prices by,
Speaker 1: do you have a number that's kind of being talked
Speaker 1: about at the at the company that you guys are
Speaker 1: just bouncing around. You know, I think we've been pretty consistent.
Speaker 1: We we usually take about two to three percent um,
Speaker 1: and you know, we take a look at as I mentioned,
Speaker 1: all those other variables to help us inform what that
Speaker 1: should look like. Um, you know, whether or not it's
Speaker 1: gonna be necessary to go beyond that, that's what we're
Speaker 1: waiting to try and understand. So you know, the good
Speaker 1: news is we've got the strength of you know, a
Speaker 1: really powerful brand with I think excellent results. That gives
Speaker 1: us the flexibility on the timing of how we phase
Speaker 1: in pricing if we need to go beyond the two
Speaker 1: or three percent that we've taken historically. One of the
Speaker 1: challenges that many companies like yours are facing now is labor.
Speaker 1: We talked about it so much at Bloomberg, and our
Speaker 1: audience is really familiar with the challenges that companies are facing.
Speaker 1: How is staffing right now? What percent are you staffed?
Speaker 1: If you think about open positions that you have at
Speaker 1: restaurants throughout the country. Yeah, we're We're pretty fortunate. Um,
Speaker 1: you know, back in I guess it was like March
Speaker 1: April earlier this year, staffing was really challenging. Uh, you know,
Speaker 1: it kind of was one of those scenarios where as
Speaker 1: our dining rooms reopened, consumers became much more mobile, our
Speaker 1: demand just took off, and you know, we were caught
Speaker 1: behind staffing our restaurants and it took us a while
Speaker 1: to get caught up. You know, we still have you
Speaker 1: know a couple of hundred restaurants where you know, we're
Speaker 1: challenged with the staffing. The good news is, though it's
Speaker 1: much more across the country. Um, you know, it's a
Speaker 1: couple of restaurants in the region here or there, and
Speaker 1: we're being very you know, surgical on how do we
Speaker 1: ensure that restaurant gets the staffing necessary to be successful.
Speaker 1: But it's a tough environment, make no mistake, And I
Speaker 1: kind of come back to where we started earlier. It's
Speaker 1: like the way we recruit is we talked about the
Speaker 1: strength of the brand, we talk about the growth opportunities,
Speaker 1: and then obviously this is what the proposition looks like
Speaker 1: when you get started with us, you know, from wages
Speaker 1: to benefits to you know, being a part of a
Speaker 1: great team. So, um, it's a tough environment, no doubt.
Speaker 1: Are you at all worried, Brian about workers trying to
Speaker 1: unionize in this environment? I mean it does feel like
Speaker 1: as they get you know, hourly gains, there feels like
Speaker 1: the workers feeling empowered at this point. Is that at
Speaker 1: all on your mind? You know, Look what I what
Speaker 1: I want to make sure is we're giving our employees
Speaker 1: a great experience. And my belief is Chipotle is a
Speaker 1: place that gives employees tremendous personal growth as well as
Speaker 1: you know, business growth. And there aren't many places where
Speaker 1: you can join an organization as a crew member and
Speaker 1: in a couple of years find yourself running a multimillion
Speaker 1: dollar restaurant with a team of thirty to thirty five employees.
Speaker 1: But I think what also gets people excited is and
Speaker 1: then there's a path to being a leader of multiple units,
Speaker 1: right where you get a up the store and now
Speaker 1: you're overseeing seven eight restaurants, and you know the next
Speaker 1: levels our team director where you're overseeing restaurants. The fact
Speaker 1: that we're gonna go build three thousand or more restaurants,
Speaker 1: the growth for you professionally it's just tremendous. And then
Speaker 1: we want to make sure we're providing everything we can
Speaker 1: so that personally you're growing. Um. You know, we have
Speaker 1: tuition reimbursement, that free degrees, mental health benefits, but you
Speaker 1: know it's I think when you give people a great
Speaker 1: experience at the job, they're delighting to be a part
Speaker 1: of it. And that's our mission is I want people
Speaker 1: feeling great about working at your pole so that you know, frankly,
Speaker 1: when they tell people where they were, they do it
Speaker 1: with a lot of pride. Yeah, and you can definitely
Speaker 1: feel it and I've seen it first time, where you
Speaker 1: guys work with people to to to move them through
Speaker 1: and up the chain in terms of responsibility. Hey, one
Speaker 1: thing we've got to ask you. I know we've talked
Speaker 1: about this before you and I were together, just as
Speaker 1: everything was shutting down, you know, thinking about protocols and
Speaker 1: what it all meant. How do you plan to handle
Speaker 1: that vaccine mandate that we're starting to see for large
Speaker 1: employers UM for your restaurant, especially since you don't franchise.
Speaker 1: How do you do that? What's the plan? Yeah, well,
Speaker 1: obviously we're still waiting for all the details to come
Speaker 1: from OSHA on what that looks like. But yeah, you
Speaker 1: touched on we have clostal a hundred thousand employees UM
Speaker 1: and you know this is going to be a logistical challenge.
Speaker 1: But nonetheless, we've got a great team that leads our
Speaker 1: UH well Being and Health program and UH they've done
Speaker 1: a phenomenal job to COVID. I'm confident we'll figure out
Speaker 1: how to navigate, you know, meeting or complying with this
Speaker 1: new UH ocean requirement around you know, vaccinations are getting
Speaker 1: a COVID test, a negative COVID tests or to work Um.
Speaker 1: You know, I'm hopeful that you know, the feedback has
Speaker 1: gotten back to the folks that are making the policy
Speaker 1: on this so that it is something that's executable. Um,
Speaker 1: because you know, I'd rather have a program that we
Speaker 1: can comply and actually make progress versus a program that
Speaker 1: sends us towards You're not doing testing yet, are you
Speaker 1: all right? So we know smoke brisket is a limited run.
Speaker 1: We're here, it's going to even end even sooner, Brian,
Speaker 1: because it's been so popular. So what's the next thing
Speaker 1: you guys are experimenting with plant based items? What's the
Speaker 1: next thing that we can maybe look forward to? Yeah, well,
Speaker 1: the the uh, the next exciting menu item is this
Speaker 1: plant based riso. Um. You know, we we've added in
Speaker 1: test in a couple of markets. I you know, had
Speaker 1: the ability to go out and visit a few of
Speaker 1: these markets and I'll tell you what. It just tastes amazing.
Speaker 1: I'll give you a pro tip right now, like plant
Speaker 1: based triso with some white rice and caeso and a taco. Uh.
Speaker 1: It's tough to be so. Um. You know it makes
Speaker 1: you feel really good about eating plant based that that
Speaker 1: much I can tell you. Um, so yeah, we're excited
Speaker 1: about that. We've got a great culinary team. They're working
Speaker 1: on a lot of other ideas down the road. Uh.
Speaker 1: The idea is we always want to be listening to
Speaker 1: what consumers are asking us to provide and then also
Speaker 1: leading consumers palates. And I think we did pretty good
Speaker 1: job this year demonstrating that rightly. We did cauliflower rice,
Speaker 1: which was leading consumer palettes, the Caseydia digitally was listening
Speaker 1: to consumer's request, and then the smoke brisket I think
Speaker 1: was just a kind of a culinary plus up. So
Speaker 1: you know, the sauce of those guys created around our
Speaker 1: brisket is just fabulous um, and you know, the meats terrific.
Speaker 1: So I'm I'm loving kind of the cadence that we've got.
Speaker 1: Our culinary team does a fabulous job, and uh, our
Speaker 1: operators do a great job of executing. That's Departa chairman
Speaker 1: ITTs EO. Brian Nickel. Uh you ready for that brisket.
Speaker 1: I love brisket. We do our own in the backyard
Speaker 1: cooks for a long time, like you cook it for
Speaker 1: I don't know, a million hours or something like that. Hey,
Speaker 1: one thing particularly fascinating about Chipole story is the simplicity
Speaker 1: of its menu. It's a far cry from what we
Speaker 1: saw when Brian Nicole was at Taco Bell with so
Speaker 1: many different options. So I think there's a really big
Speaker 1: emphasis placed on menu innovation and what the company is
Speaker 1: going to do next to bring in new products and services. Yeah.
Speaker 1: I mean they're talking a lot about plant based options.
Speaker 1: They're working on that. They've got stuff already out there.
Speaker 1: But you're right there always thinking about, Okay, so how
Speaker 1: do we kind of stick to our core menu but
Speaker 1: also introduce some new items to bring customers in? All Right?
Speaker 1: That reps up the first hour of the weekend edition
Speaker 1: of Bloomberg Business Week from Bloomberg Radio. I'm Carol Mastering,
Speaker 1: I'm hungry, and I'm Jim Standavat. Coming up in our
Speaker 1: next hour, we go from tacos to toys, as the
Speaker 1: CEO of Mattel weighs in on his company's latest earning speed,
Speaker 1: also how the toy maker is managing the global supply
Speaker 1: chain crunch ahead of the holidays. The CEO says they're
Speaker 1: doing a good job. Yeah. I gotta say, I'm just
Speaker 1: so happy I'm not shopping for toys for my daughter anymore.
Speaker 1: She's eighteen, and it's we've moved on to more expensive
Speaker 1: electronics and things like that. But man, we used to
Speaker 1: chase down toys like crazy. Yeah. Well we've started shopping
Speaker 1: already in closets and cupboards are getting full. Love that. Plus,
Speaker 1: we'll check in with the CEO of A T and
Speaker 1: T business and show on the fight for talent and
Speaker 1: how five G technology will change a lot more than
Speaker 1: just the speed of your phone. Also this week's domestic
Speaker 1: cover story, why American workers are facing their most important moments.
Speaker 1: It's the end of World War two. This is Bloomberg.
Speaker 1: This is Bloomberg Business Week Inside from the reporters and
Speaker 1: editors who bring you America's most trusted business magazine, plus
Speaker 1: global business, finance and tech news as it happened. Bloomberg
Speaker 1: Business Week with Carol Messer and Bloomberg Quick Takes Tim
Speaker 1: Stinovic on Bloomberg Radio. Hi'm Carol Masser and I'm Tim Stanovick,
Speaker 1: and our second hour of the weekend edition of Bloomberg
Speaker 1: Business Week, including a conversation. Lucky for us, we caught
Speaker 1: up again with Mattel CEO Inn Cries, fresh off a
Speaker 1: strong third quarter and getting ready for the all important
Speaker 1: holiday shopping season. One of his favorite toys, by the way,
Speaker 1: was a favorite of mine. And I'm just saying it,
Speaker 1: all right, give us a little preview. Nope, get a weight.
Speaker 1: We'll also talk to Ann Show, the first woman of
Speaker 1: color CEO and a T and T s history. She
Speaker 1: runs a T and T business, and we'll also explore
Speaker 1: the many blemishes on the beauty industry's global supply chain.
Speaker 1: First up this hour though this week's domestic cover story
Speaker 1: in magazine. It's about the impact the pandemic has had
Speaker 1: on the American worker, for better or worse, and for
Speaker 1: better perhaps in terms of some of the lasting leverage
Speaker 1: we could see when it comes to unemployment reform. Here
Speaker 1: to explain, as reporter on the story, Bloomberg News labor
Speaker 1: reporter josh Idolstin, we are at this rare, turbulent moment
Speaker 1: in the workplace in the US. You have workers who
Speaker 1: labored through the pandemic, who shouldered great risk to themselves
Speaker 1: and to their families and didn't get the compensation or
Speaker 1: the safety protections that they felt they deserved. You have
Speaker 1: workers who were benched involuntarily and saw an unemployment system
Speaker 1: that they thought should be available and should be reliable.
Speaker 1: Failing them, you have lots of workers, historic numbers choosing
Speaker 1: to quit their jobs. So this is a moment of
Speaker 1: both exit and voice. Some people are leaving their jobs,
Speaker 1: some people are trying to band together. And in the
Speaker 1: places where workers have a union in the United States,
Speaker 1: we're seeing large numbers of workers authorized strikes, making October
Speaker 1: strike October, as some put it. So this is all
Speaker 1: playing out at a moment when we have perhaps the
Speaker 1: last big bill of the Democrats, last stretch for a
Speaker 1: while of being able to legislate unilaterally being wrangled over.
Speaker 1: And it's one that could make permanent changes in ways
Speaker 1: that would change workers leverage, including the unemployment system. That
Speaker 1: there's a relatively unusual effort of foot right now to
Speaker 1: organize jobless workers to transform. So uh, norm and norma
Speaker 1: Ray moment. Everybody go back and google that movie. But
Speaker 1: I mean, is this a big move forward then, because
Speaker 1: we've seen unions right declining in power and in uh
Speaker 1: in membership. But is this potentially a critical change when
Speaker 1: it comes to the power of the worker. It's a
Speaker 1: moment of possibility, and in some ways it has the
Speaker 1: flavor of the way one historian put it to me,
Speaker 1: is when you have a national mobilization like a world
Speaker 1: war or a pandemic, you have all of these workers
Speaker 1: who get the country through it and bottle up some
Speaker 1: frustrations along the way, and then afterwards expect a debt
Speaker 1: to be paid back. We're in a different political moment
Speaker 1: when where there's attention to essential workers into inequality, into
Speaker 1: labor that hasn't been there at times, and we're in
Speaker 1: a moment where many workers, like people that I talked
Speaker 1: to in the film and TV industry over the past week,
Speaker 1: have higher expectations than they used to, have a different
Speaker 1: consciousness both from the work they did during the pandemic,
Speaker 1: but also from their time out of work during the
Speaker 1: shutdowns about the importance of their own time, and feel
Speaker 1: unwilling to accept some of the things they did in
Speaker 1: the past in terms of how work dominates their schedules
Speaker 1: and encroaches on their personal lives. Josh for the story
Speaker 1: to people several different parts of the country. I'm wondering though,
Speaker 1: the Washington d C. Connection the lawmakers who are really
Speaker 1: on the side of labor right now. Senator Ron Wyden,
Speaker 1: Alexandro Acazio Cortez, representative from New York. What are they
Speaker 1: doing so Widen, the chairman of the Senate Finance Committee,
Speaker 1: told workers that he will fight like heck to get
Speaker 1: something that is at least a down payment on fundamental
Speaker 1: change to the unemployment system into the Reconciliation bill. There
Speaker 1: are things that could be done that would address some
Speaker 1: of the issues that workers have been raising over the years,
Speaker 1: and that some experts have been raising for years without
Speaker 1: a lot of attention in Washington areas, like the exclusion
Speaker 1: of many workers from the unemployment system and the race
Speaker 1: amongst states to cut off benefits more quickly. Well, and
Speaker 1: I always think it's important when we do a story
Speaker 1: like this and you do it is and you go there, Josh,
Speaker 1: in terms of what the U S system is may
Speaker 1: be compared to what we see in other countries, and
Speaker 1: and it's meager, right in terms of the benefits compared
Speaker 1: to what other countries do for workers. That's right. The
Speaker 1: maximum months that people can get benefits here are lower
Speaker 1: than you see elsewhere in peer O E C D countries.
Speaker 1: It's a pretty stingy system in the US, and unemployment
Speaker 1: insurance as stingy and unreliable as it is is still
Speaker 1: controversial in part because it does give people a little
Speaker 1: more leverage to hold out a little longer against a
Speaker 1: mediocre offer they don't want. Well, that's what we see
Speaker 1: happening in the labor force right now, right this imbalance
Speaker 1: between supply and demand. Companies telling us each and every
Speaker 1: day they're having trouble finding workers, yet workers aren't ready
Speaker 1: to get off the sidelines and go take those jobs.
Speaker 1: Keep in mind, many workers don't qualify for unemployment benefits,
Speaker 1: and many circumstances where you leave your job don't qualify
Speaker 1: you to get the benefits, and many people who were
Speaker 1: receiving benefits now are no longer eligible, either because of
Speaker 1: the federal cutoff or because of state cutoffs that happened
Speaker 1: before that. But that said, there is research that where
Speaker 1: there are more unemployment benefits, workers in some cases are
Speaker 1: able to hold out and choose to hold out for
Speaker 1: jobs that pay a little better. And that, depending who
Speaker 1: you ask, is one of the best or worst things
Speaker 1: about having this system. So the fight about unemployment is
Speaker 1: in part a fight about leverage in the labor market.
Speaker 1: And we did this cover story in part because right
Speaker 1: now there's a fight over workers leverage. That's happening on
Speaker 1: picket lines, and there's a fight over workers leverage that's
Speaker 1: happening in Congress at the same time. That was Bloomberg
Speaker 1: News Labor reporter josh Idleston with our domestic cover story
Speaker 1: on the changing landscape of the American labor force. You're
Speaker 1: listening to Bloomberg Business Week. Coming up, Mattel's CEO in
Speaker 1: on cry stops by to talk earnings and whether your
Speaker 1: kids presence will be here in time for the holidays.
Speaker 1: This is Boomburg. This is Bloomberg Business Week with Carol
Speaker 1: Messer and Bloomberg Quick Takes Tim Spinovic from Bloomberg Radio.
Speaker 1: Toymaker Mattel has now seen growth and increased market share
Speaker 1: for five consecutive quarters. The company's German and CEO expects
Speaker 1: that trend to continue. Chris joined us on the heels
Speaker 1: of a third quarter earnings report that beat earnings and
Speaker 1: top line expectations. He tells us his company was well
Speaker 1: prepared for the supply chain bottlenecks that we're seeing right
Speaker 1: now across the globe. He's not facing the same challenges
Speaker 1: that other companies are. It's not that we were not impacted,
Speaker 1: but we did anticipate short supply and longer lead times
Speaker 1: in factor that into our planning with very specific mitigating actions.
Speaker 1: And this is really where our scale, expertise and flexible
Speaker 1: supply chain model, which we restructured over the last three years,
Speaker 1: it's playing to our advantage and we are ready for
Speaker 1: a strong holiday season. One of the things that we've
Speaker 1: been wondering and we sat during the pandemic where people
Speaker 1: were hoarding and buying tons of stuff and stocking their cupboards,
Speaker 1: and companies can do the same thing by doing advance
Speaker 1: buying and just kind of overstocking. Um people do it
Speaker 1: with unit sales or something or certain commodities. You know,
Speaker 1: how much did you kind of overstocked potentially or by
Speaker 1: to make sure that your shelves that you had sufficient
Speaker 1: inventories for this season, Because it sounds like you've got
Speaker 1: or already what you think you're going to need for
Speaker 1: the holiday season where they need to be already that
Speaker 1: you're not worried about it being stuck on on ships
Speaker 1: out and sea. Is that fair to say? Yeah? You know,
Speaker 1: we as I said, this is not that we don't
Speaker 1: see issues. We do work for those challenges and still
Speaker 1: expect to achieve growth in the fourth quarter and growth
Speaker 1: growth in the holiday season. Right We're all working very
Speaker 1: closely with our retal partners who look to have the
Speaker 1: right product at the right time with the right retailer.
Speaker 1: We're seeing the man remaining strong and do what we
Speaker 1: can to try and meet all of it. We may
Speaker 1: not be able to meet all of the demand, but
Speaker 1: we do what we can to try and meet and
Speaker 1: still expect to grow in the season. So may not
Speaker 1: be able to meet all the demand on the flip side,
Speaker 1: you know. And is it possible that you over order
Speaker 1: or overproduce at this point, I guess I overproduced for
Speaker 1: you know, and that you're left with stock after the
Speaker 1: holiday season. That's possible to now, we don't believe this
Speaker 1: is the case. If anything, we are chasing demand. The
Speaker 1: man is outpacing capacity right now and we are chasing it. Uh.
Speaker 1: You know, this is what we do. This is exactly
Speaker 1: the core competence of the company. Uh, and we're traditionally
Speaker 1: excelled during the holiday season. It does take a lot
Speaker 1: of planning, you know. We create the man and then
Speaker 1: we try to fill it and we work closely with
Speaker 1: the retailers to care for this demand and be able
Speaker 1: to u to meet the needs of of our of
Speaker 1: our consumers. We talked earlier this year enon and the
Speaker 1: narrative really was around the idea of parents and grandparents
Speaker 1: spoiling their kids as a result of COVID lockdowns, hybrid
Speaker 1: schooling as things start to open up, as kids potentially
Speaker 1: under the age of twelve could get vaccinated very soon,
Speaker 1: are you concerned that demand will dry up and kids
Speaker 1: will start doing experiential things rather than buying things. You know,
Speaker 1: the tour industry was expected to grow before the pandemic,
Speaker 1: and and and and and we we believe it is
Speaker 1: a growth category on the other side of the pandemic.
Speaker 1: It is fair to say that the pandemic did stimulate demand,
Speaker 1: but you know, it wasn't all positive. There also headwinds,
Speaker 1: as we know in terms of supply chain, COVID related lockdowns,
Speaker 1: written closures, and other factors that impeded demand. But that said,
Speaker 1: we have been just at Mattel, you know, we just
Speaker 1: we haven't just tagged onto the industry. We grew almost
Speaker 1: double the industry growth rate in the quarter um and
Speaker 1: and here today. In fact, we even accelerated market share
Speaker 1: gains in the third quarter, So we're not you know,
Speaker 1: we're not just writing the wave of COVID related demand,
Speaker 1: but we're actually ahead of the industry and do what
Speaker 1: we can to continue to innovate and create great product
Speaker 1: that inspires entertained and developed children through play. Hey, you know,
Speaker 1: I was both of us, Tim and I were at
Speaker 1: the Milken Institute Global Conference and I hosted a panel
Speaker 1: with UM on the global M and A and one
Speaker 1: of the things that came up is that, yes, companies
Speaker 1: are continuing to do deals. We're on track for a
Speaker 1: record year rtually, perhaps maybe even five children. But the
Speaker 1: other thing that they said that's happening a lot of
Speaker 1: is alliances. And I think the partnerships that you do,
Speaker 1: whether it's w w E or with Disney, are important
Speaker 1: to your growth story. Tell me about like the renewed
Speaker 1: partnership with w w E. How does that help Mattel
Speaker 1: specifically on the top and bottom line. With with our
Speaker 1: increased capability and the stronger platform that we have built,
Speaker 1: we have more more capacity to uh grow partnerships. This
Speaker 1: is something that we were less focused on in the
Speaker 1: past given the strength of our own catalog, but we
Speaker 1: now can expand our business through the part through these
Speaker 1: partnerships with with you know, with with key players, with
Speaker 1: big important franchises, global franchises, in addition to what we
Speaker 1: do with our own catalog. So the w w E
Speaker 1: is a great example of renewing a long term relationship
Speaker 1: for a really great action figure franchise. And you know likewise,
Speaker 1: also we just expanded our relationship with Disney for the
Speaker 1: Pixel movie light here. This is the origin story of
Speaker 1: b here, which is expected to be very toy added,
Speaker 1: very playful, great movie um and a lot of really
Speaker 1: exciting products. We have the global licensing rights to develop
Speaker 1: the toy line and expect expect to launch that in
Speaker 1: the summer of two. So another opportunity for us, another growth,
Speaker 1: growth and liver for matail, leveraging the scale, averaging network
Speaker 1: of more than four hundred and seventies thousand doors where
Speaker 1: we sell our products. You know what I'm wondering about.
Speaker 1: Mattel Television thirteen shows in production, thirty plus or in development.
Speaker 1: New content on Netflix. Help us draw the line and
Speaker 1: help our investors, our audience draw the line from Netflix
Speaker 1: content and what kids see on the screen and what
Speaker 1: parents see on the screen to the actual moving of
Speaker 1: products off of shelves or or online. This is about
Speaker 1: capturing the full value of our intellectual property, which which
Speaker 1: is the mid too long term out of our strategy.
Speaker 1: And what we say is that in addition to what
Speaker 1: we do on the toy side of our business, where
Speaker 1: we see a lot of room to grow and improve profitability,
Speaker 1: we can also extend into highly accreative verticals that are
Speaker 1: directly adjacent to the toy industry, all driven by big franchises,
Speaker 1: big brands that rise above the noise level, and it
Speaker 1: can become successful a creative businesses in and of themselves.
Speaker 1: That's you know. In Chries, the chairman and CEO of
Speaker 1: Mattel By the way, we asked him what his favorite
Speaker 1: new toy is. He said to look out for the
Speaker 1: new Barbie dream House that would hit close to you. Carol,
Speaker 1: I did listen if we had a Barbie dream house.
Speaker 1: And I also remember when Christmas having to hunt it
Speaker 1: down from my daughter and they were like different versions.
Speaker 1: We ended up with three in our basement and had
Speaker 1: to return to ultimately because we kept getting one. And
Speaker 1: I'm like, no, that's the wrong. You should have just
Speaker 1: saved the one from your childhood. I should have indeed
Speaker 1: all right still to come. On Bloomberg Business Week, We're
Speaker 1: talking five why A T and T says the golden
Speaker 1: age of connectivity is here, and how the telecom giant
Speaker 1: is faring in the war for talent. All that and more.
Speaker 1: This is Bloomberg Broadcasting from the financial capital of the
Speaker 1: world Bloomberg eleven Frio in New York to Washington, d C,
Speaker 1: Bloomberg to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg nine six to the country Sirius XM Channel one,
Speaker 1: and around the globe the Bloomberg Business and Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Business Week with Carol Messer
Speaker 1: and Bloomberg Quick Takes Tim Stenovan on Bloomberg Radio. Black
Speaker 1: and Hispanic workers remain underrepresented in the fields of science, technology,
Speaker 1: engineering and math. We're talking about the STEM workforce and
Speaker 1: that's compared with their share of all workers. One person
Speaker 1: who's helping to buck that trend is the CEO of
Speaker 1: A T and T Business and Chow. She's the first
Speaker 1: woman of color to hold this position, and her thirty
Speaker 1: five billion dollar operating unit serves nearly three million business customers.
Speaker 1: Globally across all public and private sectors. Yeah, she's at
Speaker 1: the intersection of so much stuff that's going on in
Speaker 1: our world right now. Her team oversees everything from fiber,
Speaker 1: complex communications, networks, five G of course, cybersecurity and the
Speaker 1: Internet of Things. She says, the golden age of connectivity
Speaker 1: it's upon us. We're starting to see it already. We
Speaker 1: have been working with dozens of customers in various proof
Speaker 1: of concepts since we launch five G a couple of
Speaker 1: years ago, on on really disruptive type of solutions, whether
Speaker 1: it's in the smart factory. We just recently had an
Speaker 1: announcement with Ford around bringing five G to their electronic
Speaker 1: electric vehicle production and how that will dramatically transform manufacturing
Speaker 1: UM and the e v EV arena. We've been working
Speaker 1: with various healthcare companies as well, and this goes far
Speaker 1: beyond telehealth, but to remote patient monitoring and the management
Speaker 1: obtain The thing is, and I've been talking about five
Speaker 1: G for years. We've been promised a future with five G.
Speaker 1: We're seeing five G roll out of many parts of
Speaker 1: the countries. When are we as consumers actually going to
Speaker 1: start to see the benefits beyond that? Five G in
Speaker 1: action on your new Android or Apple phone. Yeah, yeah,
Speaker 1: well one of them things, Tim, And thanks for asking
Speaker 1: that one of these that's most exciting about five GS
Speaker 1: so much more than speed, right, But the characteristics of
Speaker 1: five G that enabled these different types of experiences are
Speaker 1: low latency. Think of that as the response time as
Speaker 1: well as mass connectivity. And so for what we as
Speaker 1: consumers will experience will be manifested through different businesses, whether
Speaker 1: it's in our health care experience, whether it's our education experience.
Speaker 1: We've actually launched several, um several projects with various higher
Speaker 1: ed institutions, universities, whether it's Purdue, University of Miami, University
Speaker 1: of Missouri around how does the education experience change on
Speaker 1: campus when it's enabled by five G and edge computing?
Speaker 1: And so um, we as the consumers will you know,
Speaker 1: will continue to benefit from many of those industry transformations
Speaker 1: and industries disruptions, whether it's in healthcare, education, retail, or otherwise. Hiring.
Speaker 1: See you guys are enthusiastic. There's a lot going on,
Speaker 1: there's growth. Um, are you able to hire everyone and
Speaker 1: that you need to hire right now? And if you
Speaker 1: are hiring, are you having to pay up for them. Yeah,
Speaker 1: so carel for sure. Right, we we are out there,
Speaker 1: UM in this war for talent. There's no question about it.
Speaker 1: Right Tech tech talent is uh you know, is so
Speaker 1: critical and every company, as I said before, you know,
Speaker 1: needs technology talent, whether that's in cyber or otherwise, uh
Speaker 1: you know, IoT or otherwise. And so UM we are
Speaker 1: out there, we are hiring and UM you know, we
Speaker 1: feel very good about our value proposition for UM you know,
Speaker 1: for for for that talent out there. You know, I
Speaker 1: think it's really all about purpose. But at the end
Speaker 1: of the day, so many potential employees are looking also
Speaker 1: for compensation. Do you have to raise compensation or to
Speaker 1: attract and retain talent? And if yes, how much? Yeah?
Speaker 1: No we so we we are absolutely all about being
Speaker 1: market competitive and as the market moves, we move as well.
Speaker 1: And so tim we're out there to compete for the
Speaker 1: best talent. And UM you know, the great thing is
Speaker 1: is with our UM you know, with our commitments to diversit,
Speaker 1: the equity and inclusion, we have long been a leader
Speaker 1: in uh you know, in our culture and who we
Speaker 1: are out there, and so we're able to attract great
Speaker 1: diverse talent here. But it is not. You know, it
Speaker 1: is not without competition out there, as is every facet
Speaker 1: of business today. There's been reports about A T and
Speaker 1: t s ownership of the One American network. You guys
Speaker 1: have come out. A T and T has denied that
Speaker 1: it's responsible for funding um the far right media network,
Speaker 1: or at least most of it. I just want to
Speaker 1: ask you, because you really think about leadership. You're a woman,
Speaker 1: you're an immigrant. Conservative networks have been very critical of
Speaker 1: immigration policy. How important is it though, when it comes
Speaker 1: to leadership and what a company stands for when it
Speaker 1: comes to topics like immigration or diversity and inclusion. Yeah, so,
Speaker 1: so I you you're in this disco quick quick thing
Speaker 1: that I'm I'm the child of immigrants, right, so I'm
Speaker 1: a second generation American. But for sure, for me, right
Speaker 1: as a diverse female leader, it is vitally important to
Speaker 1: work for an organization that has a culture of diversity,
Speaker 1: equity and inclusion and belonging and um. You know, there's
Speaker 1: a reason why I've been at A T and T
Speaker 1: for thirty one plus years, and that is that I
Speaker 1: have been able to thrive. UM that the values of
Speaker 1: the company and the principles of the company align with
Speaker 1: mine right and they are. UM. You know, there is
Speaker 1: no question about a ten ties integrity, a tencies credibility,
Speaker 1: UM and our and our valueset and it is one
Speaker 1: of the reasons why I've been able to be successful
Speaker 1: right as a woman in stems when we where we've
Speaker 1: started this whole conversation UM and it is vitally important.
Speaker 1: You know, I think not only for people of my generation,
Speaker 1: but of generations as we just touched on that are
Speaker 1: you know that are in the talent pool now that
Speaker 1: are graduating from schools that are out there, you know,
Speaker 1: in the market that represent our next generation of leaders.
Speaker 1: And so culture and purpose and values UM and integrity
Speaker 1: and ethics are absolutely paramount. That's in Chiao, the CEO
Speaker 1: of a T and T business. She also weighed in
Speaker 1: on the one American News network story that's been getting
Speaker 1: a lot of attention this month. Yeah, we definitely appreciate
Speaker 1: her candor on that. You're listening to Bloomberg Business Week
Speaker 1: coming up by fair trade and ethically sourced products, they're
Speaker 1: so hard to come by in a half a trillion
Speaker 1: dollar business. Happies are Bloomberger Suits team lays out a
Speaker 1: better supply chain for beauty. This is Bloomberg. You're listening
Speaker 1: to Bloomberg Business Week with Carol Messer and Bloomberg Quick
Speaker 1: Takes Tim Stinovich from Bloomberg Radio. Every new watch is
Speaker 1: like a new piece of box. It has in different
Speaker 1: stories to tell the time. Wines as a whole really
Speaker 1: speak to that quintessential need is the most powerful car
Speaker 1: made in the US period. You get the beautiful interior,
Speaker 1: the iconic design that's very cheek and pos even if
Speaker 1: you be for it, it's something I can get. So
Speaker 1: our Bloomberg Pursuits editor Chris Browser joins US Now with
Speaker 1: a look at this week's Pursuits section. If you added
Speaker 1: the money spent on goods and services in the global
Speaker 1: beauty industry last year, you'd get a number somewhere in
Speaker 1: the area of five hundred billion dollars half a trillion,
Speaker 1: and that number tim on track to exceed seven hundred
Speaker 1: billion dollars. That's a lot of shampoo and makeup. That's
Speaker 1: a lot a lot of stuff, right. It's unfortunately the
Speaker 1: materials that go into some of our more popular cosmetics
Speaker 1: that they often come from areas where sustainability and ethical
Speaker 1: sourcing are far from top priorities. Chris an industry veteran,
Speaker 1: travel to India to take a look at the conditions
Speaker 1: and labor practices at the start of the of the
Speaker 1: beauty supply chain. Who is she would she find out? So,
Speaker 1: Robin Tolklan Doyle is, as you said, a publicist in
Speaker 1: the beauty industry, which means she works with cosmetics, fragrances, lotion, shampoos.
Speaker 1: And she was actually on a trip to India for fun,
Speaker 1: and she was, you know, going to sort of um
Speaker 1: Lesser explored areas. She was trying to meet people in
Speaker 1: their homes, and what she discovered was that everybody was
Speaker 1: showed to her that the process of exporting goods to
Speaker 1: the United States or performing labor to make goods or
Speaker 1: exported to the United States was really actually devastating for
Speaker 1: a lot of families and communities, which is not a surprise.
Speaker 1: This is something that we know, but she had never
Speaker 1: seen it up close. And she said, you know what,
Speaker 1: I've been working in this industry for twenty years. I
Speaker 1: it's time for me to try to do a small
Speaker 1: part in trying to fix it. So she created a
Speaker 1: platform where she found fair trade sourced and fair trade
Speaker 1: made cosmetics in countries like India, Bangladesh, Ghana, and she
Speaker 1: brought them together so you can actually buy them from
Speaker 1: her platform, which is called beauty Ology, and you know
Speaker 1: that they're all ethically and fair trade made. I love this. Yeah.
Speaker 1: What's so cool about this is you also profile some
Speaker 1: of these smaller companies that are doing this in an
Speaker 1: ethical way, including Qatari Beauty, True mor Ringa, seven hundred Rivers.
Speaker 1: They all have really interesting origin stories. Yeah, and I
Speaker 1: love That's why I love this story in Pursuits this
Speaker 1: week because every one of the product brands that we
Speaker 1: feature it just has a beautiful story. You know. A
Speaker 1: woman named Rahama Rights was in molly On on the
Speaker 1: Peace Corps and she's originally gonna and through her mother,
Speaker 1: and she she saw these women making these beautiful products
Speaker 1: from shade butter seeds and she's like, you know what,
Speaker 1: I'm going to come back and I'm gonna help make
Speaker 1: sure these people are compensated fairly for their work. What's
Speaker 1: kind of cool is I feel like we've started to
Speaker 1: see this on like merchandise, whether it's goods or jewelry
Speaker 1: or you know, but it's really this is a whole
Speaker 1: other industry right where they're helping people really rise up
Speaker 1: right and be hopefully in better living conditions, make more money,
Speaker 1: and actually provide this really cool good Yeah. And you know,
Speaker 1: in the beauty industry, clean beauty is sort of the
Speaker 1: buzzword now, which is so it's you know, fewer chemicals,
Speaker 1: less harmful to the environment, but a lot of them
Speaker 1: are ignoring huge problems with the way that they treat people.
Speaker 1: I'm glad you said that because Tim knows this. I've
Speaker 1: been on a mission to do clean. He knows this
Speaker 1: clean cosmetics, and I look for it when I go
Speaker 1: to a sappho what have you. But I'm not thinking
Speaker 1: always about then what's the labor involved? And that's such
Speaker 1: a big part of this. And all these are companies
Speaker 1: are fair trade certified, which means that they're audited on
Speaker 1: an ongoing basis to make sure that their practices are
Speaker 1: fair so that people are getting compensated in a fair
Speaker 1: way so they can have a living wage. And it's
Speaker 1: not just someone comes and checks one time. This is
Speaker 1: an ongoing thing. So do we start to see more
Speaker 1: and more companies promoting are fair trade and ethical practices.
Speaker 1: Do we start to see this becoming the norm rather
Speaker 1: than the exception. It's definitely not the norm, um, and
Speaker 1: it's it's definitely more common in small companies who are
Speaker 1: more nimble, especially more recently started companies, because those companies
Speaker 1: can see around the bend and they can see okay,
Speaker 1: you know, down the road. This is going to be
Speaker 1: something that's very important to people once they learn more
Speaker 1: about it. So we can change, or we can just
Speaker 1: start with a better supply chain process. Whereas huge beauty
Speaker 1: juggernauts Um, I say, Louder Revl and all those, you know,
Speaker 1: they have been around for a really long time and
Speaker 1: it's very hard to change, you know, their supply chains.
Speaker 1: So let's go back to you mentioned, um Shaleen. I
Speaker 1: think I'm saying correctly. Um. Seven hundred Rivers, Uh, this
Speaker 1: is what an all natural bath and body brand. Yes,
Speaker 1: seven hundred Rivers is really wonderful. It's based in Bangladesh
Speaker 1: and it gives jobs to women who have been victims
Speaker 1: of human trafficking, which um even a lot of times
Speaker 1: if these women can escape, they have nowhere to go
Speaker 1: and nothing to do to make a fair living, so
Speaker 1: they end up going back to the brothels where they
Speaker 1: were and so this company actually gives some jobs, changed
Speaker 1: somehow to make coconut oil based soaps and they're beautiful
Speaker 1: soaps and it's actually become quite a popular trendy brand.
Speaker 1: So um, this is really giving these women a new future.
Speaker 1: What about Qatari Beauty? Qatari Beauty, I really love it's um.
Speaker 1: A woman Kate Fish, who is the founder, had lives
Speaker 1: for some time in Tunisia and she went back and
Speaker 1: she said, you know, I love that this clay that
Speaker 1: everyone uses in their for their for their face basically
Speaker 1: too as a cosmetic treatment. And so she started a
Speaker 1: company and she works with all these people in the area.
Speaker 1: Everything is done like even the glass containers are built
Speaker 1: by glassblowers in the area. The clay is farmed by
Speaker 1: a man who's been farming it for decades. It's very cool.
Speaker 1: And one more we want to highlight is is it
Speaker 1: true Maringa because this is actually a rocket scientist went
Speaker 1: to m I T and then did something very different.
Speaker 1: Qualmie Williams immigrated to the U s from Ghana as
Speaker 1: a child and he was like, I'm going to be
Speaker 1: a rocket scientist and he went to M I T.
Speaker 1: And he worked at NASA and then he said, you
Speaker 1: know what if I'm a rocket scientist, can I use
Speaker 1: my brain to figure out something that's going to help people?
Speaker 1: And so he um he went and he founded this
Speaker 1: company and Maringa is actually an extremely nutritous plant. You
Speaker 1: can eat it, but it also the oils that it
Speaker 1: makes are you can use to wash your face, to
Speaker 1: braid your hair, as massage oil. It's like literally all purpose.
Speaker 1: I just want to know, did you guys play around
Speaker 1: with some of these products? Yes, our beauty writer Asia did.
Speaker 1: Sounds like really good. Yeah alright, um, so let's talk
Speaker 1: about where do we want to go. Let's go to
Speaker 1: energy and talk about prepping. I love this story. Yeah,
Speaker 1: we're being forced to pay closer attention to natural disasters.
Speaker 1: They're happening more frequently than ever. But I FEMA survey
Speaker 1: from says fewer than half of Americans have a plan
Speaker 1: for such events. I gotta tell you, Chris, I'm one
Speaker 1: of those Americans. Many of us are. You know, maybe
Speaker 1: be lived in New York City during hurricanes Handy, and
Speaker 1: You're like, I don't even have a flashlight. It's crazy, right,
Speaker 1: Like we don't have those like safety kids. I think
Speaker 1: I think I still got some candy goods from pandemic prepping.
Speaker 1: So tell us about Judy. So Judy was founded by
Speaker 1: this guy, Simon Huk, who is a publicist and branding
Speaker 1: person UM based out of California. Has all these high
Speaker 1: flying friends like yes, seriously, yeah, okay, He said, you
Speaker 1: know what, if my friends aren't prepared for all of
Speaker 1: this stuff and they've got you know, they can have
Speaker 1: everything they want in the world, probably nobody is really
Speaker 1: ready for all this. So he did a lot of
Speaker 1: research and he created a power station which is basically
Speaker 1: like a giant mega charging station UM like you would
Speaker 1: have for your phone. But you can plug like a
Speaker 1: normal AC adapter into it. You can plug like a
Speaker 1: cigarette lighter type adapter into it, and it's a thousand
Speaker 1: wats UM and it will charge anything from your coffeemaker
Speaker 1: to your phones so whatever else you need UM and
Speaker 1: it's a it's not that big, so it's like a
Speaker 1: great thing to have in an emergency and not as
Speaker 1: expensive as those huge generators. Right that if well, in
Speaker 1: the city, I guess you can't have Yeah, we're not
Speaker 1: putting a diesel generator generator. I had a little bit
Speaker 1: of a backyard but I mean it's a lot cheaper, right, Yeah, yeah,
Speaker 1: it's it's ns and it is not a generator that
Speaker 1: power your house. This is a power station to power
Speaker 1: more important little it'll it'll make coffee, right, yes, it'll
Speaker 1: make it's what's surprising to me about this is that
Speaker 1: there's actually competition in this space. Yeah, this is actually
Speaker 1: a little bit of a crowded space. There's a company
Speaker 1: called Goal zero which makes a product called the Yetti
Speaker 1: which is four dollars. And jack Ery, which makes a
Speaker 1: variety of different kinds of chargers, makes uh something called
Speaker 1: the Explorer a thousand, which is all right, so are
Speaker 1: you guys buying one? Have you bought one? I don't
Speaker 1: have one from my house, but I clearly should. I'm
Speaker 1: gonna start making a plan. That's where I'm going to start.
Speaker 1: You've already got the can goods. So just um, speaking
Speaker 1: of traveling, let's talk about a story by James Tarmi
Speaker 1: that's also in the Pursuit section. It's about vintage travel
Speaker 1: posters and apparently I guess they're kind of a hot commodity. Again. Yes,
Speaker 1: so over the past like two decades, travel posters, So
Speaker 1: think of you know, a poster advertising a cruise line
Speaker 1: from the nineteen twenties or something advertising a train line
Speaker 1: to a new part of the country. Um, they've becoming
Speaker 1: more and becoming more popular. But over the pandemic they
Speaker 1: shot up in popularity. We talked to a bunch of
Speaker 1: vintage travel poster dealers and they said, we've never this
Speaker 1: is the hottest commodity in vintage posters. You may be
Speaker 1: used to think of like French cafe posters, like by
Speaker 1: like Tola Trek being kind of the most popular poster.
Speaker 1: You would see music copies in college dorm rooms, and
Speaker 1: now it's like travel posters, travel posters, and they good
Speaker 1: ones can go from like a thousand dollars to four
Speaker 1: thousan dollars. Can we give a little bit of love
Speaker 1: to um Jackie Simmons because she wrote about a cookbook
Speaker 1: and I love it. Um. Jackie is one of our
Speaker 1: black colleagues. But she said she learned about her culture
Speaker 1: and she even learned about black food in writing about
Speaker 1: this book or reading this book. So we um, we
Speaker 1: were so excited Jackie was going to do this story. Uh.
Speaker 1: So she wrote about this cookbook called Black Food, which
Speaker 1: is by an author named Bryant Terry, who's a James
Speaker 1: Beard Award winning cook and a chef in residence at
Speaker 1: the Museum of Aska African Diaspora in San Francisco. And
Speaker 1: not just a cookbook. It tells stories about about Black
Speaker 1: food culture. It explains elements of black food culture. Um.
Speaker 1: You know, for a woman tells a story about how
Speaker 1: African women. Western African women hid seeds for black eyed peas, rice,
Speaker 1: and melon by braiding them into their hair before they
Speaker 1: were put onto slave ships. Um. And one of my
Speaker 1: favorite stories that Jackie highlights is um, which which comes
Speaker 1: with a recipe, is the shoe Box Lunch, which is
Speaker 1: it tells you about how African American women during Jim
Speaker 1: Crow would make lunches and put them in shoe boxes
Speaker 1: and distribute them to to to black men who were
Speaker 1: traveling for work and knew they couldn't eat in diners
Speaker 1: or restaurants because of Jim Crow. It just sounds like
Speaker 1: a remarkable book. And as she says, it's just so
Speaker 1: much more than a cookbook. UM, A great section. Uh,
Speaker 1: just so many wonderful things. Chris, thank you so much,
Speaker 1: really appreciate it. Go get that. Um. What is it
Speaker 1: called the Judy the Judy. We'll putting it on a
Speaker 1: shopping list. I'm just gonna say, all right. Chris Rowse
Speaker 1: with the editor of Pursuits That reps up the weekend
Speaker 1: edition of Bloomberg Busines this week from Bloomberg Radio, Thanks
Speaker 1: so much for joining us. I'm Carol Masser and I'm
Speaker 1: Jim Stanavac. Be sure to tune into our Bloomberg Business
Speaker 1: Week daily program Monday through Friday. It starts at two
Speaker 1: pm Wall Street Time on Bloomberg Radio. You can also
Speaker 1: watch our daily broadcast on YouTube. Just search Bloomberg Global
Speaker 1: News and check out our Bloomberg Business Week podcast. You
Speaker 1: can find it at Bloomberg dot com, Apple, or wherever
Speaker 1: you get your podcast. Bloomberg Business Week is available on
Speaker 1: newsstands now at Bloomberg dot com, business Week dot com,
Speaker 1: and on the Bloomberg Terminal. You can also see me
Speaker 1: on Bloomberg Quicktake, available on Bloomberg dot com, slash qut
Speaker 1: and streaming platforms like Roku, Apple TV, Samsung TV, and more.
Speaker 1: Have a great weekend, Come off to get some briskett
Speaker 1: pot Yes, Sam, it's still hungry. This is Bloomberg