WEBVTT - Delta CEO Ed Bastian Talks Airlines Industry, Jet Fuel Costs

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. Yes, I'm very pleased

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<v Speaker 1>to be in Napa Valley. It's a tough life for

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<v Speaker 1>some at the CONCLLO Sparks summit here with Edbastian, the

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<v Speaker 1>CEO of Delta, and this entire event is about leadership,

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<v Speaker 1>and boy are we being confronted for moments of leadership

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<v Speaker 1>right now. Two leaders of the world, the two key

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<v Speaker 1>economies meeting at the moment. And I'm interested as to

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<v Speaker 1>how you see us China and weather impacts your business

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<v Speaker 1>very much.

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<v Speaker 2>First of all, thank you for having me, and it

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<v Speaker 2>is fabulous to be out here. I think it's on

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<v Speaker 2>everyone's top of mind right now in our business in transportation,

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<v Speaker 2>it's actually interesting. It's the one market of the world

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<v Speaker 2>where travel actually has not returned to post COVID levels.

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<v Speaker 2>In fact, it's less than half of what it had

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<v Speaker 2>been because the two countries, not just economies, have been

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<v Speaker 2>decoupling a little bit. So it's so important the fact

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<v Speaker 2>that we have our leaders of both countries together talking

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<v Speaker 2>about how we can start back again to start building

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<v Speaker 2>trust and creating better relationships now that coupling.

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<v Speaker 1>In many ways, the conversation has been around a geopolitical

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<v Speaker 1>moment of anxiety when it comes to conflict in the

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<v Speaker 1>Middle East.

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<v Speaker 3>That has big implications for your business.

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<v Speaker 4>Absolutely.

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<v Speaker 1>Now, can you remind our audience TV and radio how

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<v Speaker 1>much you've seen jet fuel increase.

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<v Speaker 3>For the business and how you've managed to weather it.

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<v Speaker 1>Because you put plans in place over the years that

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<v Speaker 1>you've been running this business tventually, you can really weather

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<v Speaker 1>such shops.

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<v Speaker 2>Yeah, so several things. First, jet fuels prices have doubled

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<v Speaker 2>just since.

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<v Speaker 4>The start of the conflicts.

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<v Speaker 2>Over the last thirty sixty days, we've had at Delta

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<v Speaker 2>over two billion dollars of higher costs in the current quarter.

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<v Speaker 2>On a run rate basis is almost ten billion dollars

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<v Speaker 2>a year, so huge.

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<v Speaker 4>Amount of money.

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<v Speaker 2>The way we've managed that first is building a brand

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<v Speaker 2>that is resilient that people understand if fuel prices are up,

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<v Speaker 2>we're gonna have to find ways to cover it. We

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<v Speaker 2>have a consumer base that is willing to pay a

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<v Speaker 2>higher coast. Now we're not covering the whole thing, but

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<v Speaker 2>in the current quarter we're expecting to cover relatively half

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<v Speaker 2>of the increase in price and relative short period time,

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<v Speaker 2>which is pretty good. The second thing we did over

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<v Speaker 2>a decade ago, we bought our own refinery on the

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<v Speaker 2>East coast and the Delaware River outside of Philadelphia a foresight,

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<v Speaker 2>and in this quarter alone, we expect to save somewhere

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<v Speaker 2>between two and three hundred million dollars of cost fuel cost,

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<v Speaker 2>which is more than twice what we paid for it.

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<v Speaker 1>So you're able to in many ways try and mitigate

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<v Speaker 1>it for a consumer, but a consumer that you have

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<v Speaker 1>very thoughtfully tailored yourself towards being more premium. Ultimately, how

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<v Speaker 1>are you thinking about Delta leaning into that?

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<v Speaker 3>As we continue to.

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<v Speaker 1>See remarkably resilient consumer, its willingness to spend and travel.

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<v Speaker 2>Well, there's several consumers out in the marketplace.

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<v Speaker 4>People talk about the consumer.

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<v Speaker 2>Our consumer is a higher end consumer and is incredibly resilient.

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<v Speaker 2>We have seen the demand strength right throughout the year.

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<v Speaker 2>In fact, when the war started, it seemed like it

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<v Speaker 2>even ticked up another notch. So we're seeing significant growth

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<v Speaker 2>and we're continue and you see significant.

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<v Speaker 3>Growth take up another notch. Suddenly people were like, I

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<v Speaker 3>need to buy now.

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<v Speaker 2>I think there's a little bit of that. I think

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<v Speaker 2>more important that people understand. Typically when wars happen, people

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<v Speaker 2>pull back and sit back We've been through so much change,

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<v Speaker 2>so much disruption. There's so many things coming at people,

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<v Speaker 2>and I think some of this is the post COVID

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<v Speaker 2>effect because I'm not going to sit and wait to

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<v Speaker 2>see what the next headline is going to be.

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<v Speaker 4>I'm going to go now.

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<v Speaker 2>I'm going to go as long as I feel safe

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<v Speaker 2>and be willing to invest in myself, invest in our experience,

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<v Speaker 2>see the people and the places I.

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<v Speaker 4>Need to be at.

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<v Speaker 1>You've been willing to invest in even new routes just

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<v Speaker 1>in the last week or so announcing that you're going

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<v Speaker 1>to be going to certain parts of Europe, so Transatlantic

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<v Speaker 1>routes because it's dining off a moment of sport and football.

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<v Speaker 1>But how do you decide which routes are working for

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<v Speaker 1>you right now? Which ones you open, which ones you

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<v Speaker 1>sew down?

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<v Speaker 2>Well, our routes to the Atlantic to Europe are doing

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<v Speaker 2>very very well now. I would say exit Europe travelers.

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<v Speaker 2>Point of sale into the US has been down a bit,

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<v Speaker 2>but that's a trend that we've seen for several years.

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<v Speaker 2>But Americans specifically are going to Europe. We're launching just

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<v Speaker 2>in the next week to Sardinia, were launching to Malta

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<v Speaker 2>were launching to Porto just in the three three brand

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<v Speaker 2>new routes for us in the midst of everything going on.

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<v Speaker 2>So that tells you where the consumers want to be

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<v Speaker 2>and who they are, and they're principally Americans wanting to

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<v Speaker 2>invest in their experiences.

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<v Speaker 1>We are with Adbastian, the CEO of Delta, for our

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<v Speaker 1>TV and radio audiences at Bloomberg. I'm interested in how

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<v Speaker 1>you also invest in your people. Because you've actually increased

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<v Speaker 1>wages in this inflationary environment and a time where you're

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<v Speaker 1>just saying you've got two billion more in costs of

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<v Speaker 1>jet fuel.

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<v Speaker 3>How tough is that to do for you or is

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<v Speaker 3>it just a no brainer?

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<v Speaker 2>On the surface, you would think it would be difficult,

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<v Speaker 2>But when you understand our strategy, when I talk about

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<v Speaker 2>our asset, our most important asset are our people. It's

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<v Speaker 2>our culture protecting the people that get us through tough times.

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<v Speaker 4>It's an even more important time to invest in them.

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<v Speaker 2>So we were pleased to announce a weeks ago that

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<v Speaker 2>we'll be increasing everyone's wages the company by four percent

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<v Speaker 2>starting June first. That's our typical schedule every year, sometime

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<v Speaker 2>in the spring that we announce the increases, and it's

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<v Speaker 2>the most important investment I make. You know, there's a

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<v Speaker 2>lot of things about this business that cost a lot

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<v Speaker 2>of capital, but human capital is the most important capital

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<v Speaker 2>that we have, and particularly in times of trouble, because

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<v Speaker 2>they're the ones that are keeping customers coming back and

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<v Speaker 2>providing that premium experience and opportunity for our brand to

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<v Speaker 2>continue to rise.

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<v Speaker 1>In times of trouble comes opportunity, particularly when you're on

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<v Speaker 1>such solid footing. Look in many ways, do you look

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<v Speaker 1>at talent that now comes on the market very sadly

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<v Speaker 1>because of what's happened with Spirit, Or are you thinking

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<v Speaker 1>about the way in which the industry is going to

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<v Speaker 1>change around you, because we might see consolidation might not

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<v Speaker 1>be from you, but it might be more broadly the

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<v Speaker 1>way the market has to go.

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<v Speaker 2>Well, you're seeing rationalization. Whether it's consolidation or not, I

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<v Speaker 2>don't know, but you're seeing rationalization because when the fuel

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<v Speaker 2>prices at this level, companies such as Spirit, by the way,

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<v Speaker 2>which wasn't didn't go out of business because of fuel prices.

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<v Speaker 2>They went out of business with a bad product that

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<v Speaker 2>people did was a bad strategy. Good people with a

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<v Speaker 2>bad strategy and we've hired a fair number of the

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<v Speaker 2>Spirit people as many of the other airlines are bringing

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<v Speaker 2>their equipment in. Our industry continues to rationalize itself, and

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<v Speaker 2>if you've got a good product that people want to

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<v Speaker 2>pay for it, you can grow. And you see at

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<v Speaker 2>the lower end of the marketplace those airlines that don't

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<v Speaker 2>have the quality of the experience, even though they're a

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<v Speaker 2>lower price point, they can't afford to offer the lower prices.

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<v Speaker 4>In the environment which we're in, with.

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<v Speaker 1>That pressure on prices, there might be this worry that

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<v Speaker 1>companies are more anxious about innovating investing in innovation now

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<v Speaker 1>and time and time again. We have you actually on

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<v Speaker 1>our tech show because you're so aligned with the tech area, Jobe,

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<v Speaker 1>I think if the way in which you've thought about

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<v Speaker 1>the future of travel, you're also though thinking about the

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<v Speaker 1>future of premium flights and wheels up is another area

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<v Speaker 1>in which you've worked with. How are you thinking about

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<v Speaker 1>innovation at this moment in time?

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<v Speaker 2>Innovations are likelig airlines. People think about it as a

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<v Speaker 2>transportation company. Airlines are a technology company. And whether it's

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<v Speaker 2>the app and the ability to give consumers better control

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<v Speaker 2>their experience, better information, better displays, whether it's our own

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<v Speaker 2>people having better data to make better information, whether it's

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<v Speaker 2>the engine technologies we deploy. We're in the high tech

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<v Speaker 2>business fundamentally, but it's tech for human sake, and I

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<v Speaker 2>think that's the other thing in this AI world. A

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<v Speaker 2>lot of people get confused about tech for tech. Techno

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<v Speaker 2>is tech to make our people smarter. I love to

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<v Speaker 2>call AI augmented intelligence. I don't know why we have

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<v Speaker 2>to call it artificial. It should give people tools to

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<v Speaker 2>do a better job, and then it gives them the

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<v Speaker 2>opportunity to preserve and grow their development, not actually limit

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<v Speaker 2>their opportunity.

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<v Speaker 3>You've actually just made a commencement speech.

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<v Speaker 1>I believe where you use AI initially to paybe put

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<v Speaker 1>thoughts to paper. What you were going to say and

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<v Speaker 1>then you ripped it up, is that I have to

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<v Speaker 1>use a pencil here. What was it that you feel

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<v Speaker 1>that AI can bring to you as an individual, AI

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<v Speaker 1>can bring to your employees augmented what is it that.

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<v Speaker 2>They can't Well, I did that, and it was more

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<v Speaker 2>out of curiosity. I was never intending, but I was

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<v Speaker 2>just curious because I was in the middle of writing it,

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<v Speaker 2>and so I've never done that before in terms of

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<v Speaker 2>used AI for something like that. So let me say,

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<v Speaker 2>you and I've done convincence in the past, and it

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<v Speaker 2>came out that there was, but it was very sterile.

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<v Speaker 2>It wasn't my voice. Then people wanted to hear me

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<v Speaker 2>and who I am, the soul of the warmth the appreciation,

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<v Speaker 2>not some algorithm of me and so.

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<v Speaker 4>And by the way, I thought the speech went quite well.

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<v Speaker 2>That got the biggest applause from everyone in the room

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<v Speaker 2>because there is such lack of trust in the technology.

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<v Speaker 3>But there's also anxiety.

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<v Speaker 1>There's a whole world of new graduates who are worrying

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<v Speaker 1>about jobs that they're going to get worried about AI

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<v Speaker 1>dispacing them.

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<v Speaker 3>How are you talking about your employees about doing that?

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<v Speaker 1>Because I'm sure you're using AI to benefit ensure that

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<v Speaker 1>we're more productive, But does that come at the cost

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<v Speaker 1>of actual people that you hire.

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<v Speaker 4>Well, no, not necessarily. I think that over time it's

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<v Speaker 4>going to make us better.

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<v Speaker 2>It's going to make us smarter, not less, a bit

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<v Speaker 2>better able to serve customers, be able to provide more

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<v Speaker 2>attention to needs, give better information to support. No, So

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<v Speaker 2>I do not believe that AI in our industry is

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<v Speaker 2>principally a cost saving measure. It's an opportunity to develop

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<v Speaker 2>better service. And if you have better service, you're going

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<v Speaker 2>to have better growth and better revenues.

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<v Speaker 1>And thinking of innovation, many have hoped that we'd see

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<v Speaker 1>innovations solve some of our climate issues, some of that

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<v Speaker 1>cleaner jet fuel for example.

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<v Speaker 3>How are you able to balance that in this moment

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<v Speaker 3>as well?

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<v Speaker 2>A Well, we're still paying attention to it. Sustainable aviation

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<v Speaker 2>fuels is our pathway. It's hard, it's expensive, there's not

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<v Speaker 2>a lot of technology that's being deployed. We're continuing to

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<v Speaker 2>invest in it. We need all stakeholders around the table.

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<v Speaker 2>We need government, we need customers, we need the energy

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<v Speaker 2>companies to participate. Impressed, we're seeing improvements there, but it's

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<v Speaker 2>been very slow and you.

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<v Speaker 1>Are able to remain committed for your stakeholders in a

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<v Speaker 1>transition to a cleaner output from the aviation.

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<v Speaker 4>Yeah.

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<v Speaker 2>And I think the biggest thing that people miss is

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<v Speaker 2>not just the sustainable fuels. It's the better engine technologies.

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<v Speaker 2>It's about being able to forecast the skies, the turbulence

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<v Speaker 2>and whatnot so that we can provide safer, more reliable,

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<v Speaker 2>actually cleaner service. Through the air using technology. They're looking

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<v Speaker 2>at new forms of transportation and JED zero is a

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<v Speaker 2>company that we've been involved with where they have the

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<v Speaker 2>opportunity to reduce fuel missions by fifty percent, and I

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<v Speaker 2>think over the next decade you will see planes flying

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<v Speaker 2>with such a significant amount less amount of fuel being utilized.

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<v Speaker 4>Those are the moonshots. So sustainable aviation fuel is going

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<v Speaker 4>to take long time.

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<v Speaker 2>That's the ground war, But actually the opportunities are in

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<v Speaker 2>the sky and.

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<v Speaker 1>The opportunities are with leadership, and that's exactly what we're

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<v Speaker 1>talking about throughout this day at the Concello Spark Summit

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<v Speaker 1>at Bastian.

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<v Speaker 3>What a joy to have you with us.