1 00:00:09,880 --> 00:00:13,800 Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane Jay Lee. 2 00:00:13,960 --> 00:00:17,560 Speaker 1: We bring you insight from the best in economics, finance, investment, 3 00:00:18,000 --> 00:00:23,520 Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, 4 00:00:23,600 --> 00:00:33,839 Speaker 1: Bloomberg dot Com, and of course on the Bloomberg. The 5 00:00:33,920 --> 00:00:36,720 Speaker 1: weather is beautiful here in Davos at the meetings of 6 00:00:36,720 --> 00:00:39,760 Speaker 1: the World Economic four and the theme globalization four point 7 00:00:39,760 --> 00:00:42,839 Speaker 1: oh maybe pushed aside by the news slow yes, brexit, 8 00:00:42,960 --> 00:00:46,440 Speaker 1: yes to shutdown, but also global slowdown. All of this 9 00:00:46,600 --> 00:00:50,880 Speaker 1: wrapping around conversations on China, and again, as we said earlier, 10 00:00:50,920 --> 00:00:53,760 Speaker 1: it could be all one or two hour conversation with 11 00:00:53,920 --> 00:00:58,240 Speaker 1: Laura Chash. She's Hong Kong Exchange share working in finance. 12 00:00:58,440 --> 00:01:02,200 Speaker 1: Years of Pillsbury, I'm and other law firms with far more. 13 00:01:02,280 --> 00:01:06,679 Speaker 1: She is Laura Chure of the University of Wisconsin at Madison. 14 00:01:07,120 --> 00:01:12,759 Speaker 1: What was it like your first day? I was coming 15 00:01:12,760 --> 00:01:16,600 Speaker 1: from Hong Kong and Little Cot It was shot and 16 00:01:16,760 --> 00:01:19,399 Speaker 1: this was in the late sixties. I'm betraying my age. 17 00:01:19,720 --> 00:01:22,720 Speaker 1: It was the days of the Vietnam protest, so I 18 00:01:22,760 --> 00:01:28,000 Speaker 1: was thrown right into that and interesting, interesting, exciting, and uh, 19 00:01:28,400 --> 00:01:32,119 Speaker 1: this is a really introduction to the to the United 20 00:01:32,520 --> 00:01:34,839 Speaker 1: It was a politics at the time, and Mr Kissinger 21 00:01:34,880 --> 00:01:38,280 Speaker 1: and Mr Nixon to that and all. If you could 22 00:01:38,280 --> 00:01:40,920 Speaker 1: have a cocktail right now at the Mandarin Bar in 23 00:01:41,040 --> 00:01:45,040 Speaker 1: Hong Kong was selected members of the Trump administration who 24 00:01:45,120 --> 00:01:49,640 Speaker 1: feel China is a behavioral, a cultural and a social threat. 25 00:01:50,040 --> 00:01:52,920 Speaker 1: What would you say to them at the m bar? Well, 26 00:01:52,960 --> 00:01:57,880 Speaker 1: I think, first and foremost, Uh, we're talking about different culture. 27 00:01:58,440 --> 00:02:02,000 Speaker 1: We're talking about include sution. We have to be accepting 28 00:02:02,080 --> 00:02:05,120 Speaker 1: of other people's valued and culture. But there are some 29 00:02:05,360 --> 00:02:09,040 Speaker 1: common value even though we may have different culture. I 30 00:02:09,080 --> 00:02:15,720 Speaker 1: think the core valued of you know, of integrity, um, honesty. 31 00:02:16,320 --> 00:02:19,600 Speaker 1: These are values that the rule of law. I mean, 32 00:02:19,680 --> 00:02:23,200 Speaker 1: these are values that Hong Kong hosts there and that's 33 00:02:23,320 --> 00:02:26,240 Speaker 1: what made Hong Kong successful. In the last few decades, 34 00:02:27,520 --> 00:02:31,880 Speaker 1: China has repeatedly promised to open its financial system to investors, 35 00:02:31,919 --> 00:02:35,600 Speaker 1: foreign investors and foreign companies. What more, how's it going? 36 00:02:35,720 --> 00:02:39,239 Speaker 1: First of all? And what more do they need to do? Oh, 37 00:02:39,280 --> 00:02:43,360 Speaker 1: there's actually quite a lot that that the central government 38 00:02:43,440 --> 00:02:46,920 Speaker 1: can do in opening up the financial market. When China 39 00:02:47,040 --> 00:02:49,920 Speaker 1: joined the w TEL in two thousand and two, UH 40 00:02:50,080 --> 00:02:54,320 Speaker 1: Financial Services was one of the least open of all 41 00:02:54,360 --> 00:02:58,000 Speaker 1: the sectors, and over the years, gradually they have opened up. 42 00:02:58,000 --> 00:03:01,760 Speaker 1: They have allowed foreign ownership in banks and security houses 43 00:03:01,840 --> 00:03:05,919 Speaker 1: and so on. But because the currency is not completely convertible, 44 00:03:06,400 --> 00:03:10,400 Speaker 1: so foreign investors now can access the Chinese markets through 45 00:03:10,440 --> 00:03:13,680 Speaker 1: Hong Kong, so to stock connect scheme, what else can 46 00:03:13,760 --> 00:03:17,080 Speaker 1: the central government do? I think they have already said 47 00:03:17,160 --> 00:03:21,680 Speaker 1: a few months ago that they are eliminating the restriction 48 00:03:21,760 --> 00:03:24,840 Speaker 1: on ownership. But what is more important is really not 49 00:03:24,880 --> 00:03:29,240 Speaker 1: only just the ownership, but allowing foreign investor to participate 50 00:03:29,760 --> 00:03:33,760 Speaker 1: in that market and vice versa. I mean that that 51 00:03:33,800 --> 00:03:36,400 Speaker 1: has to be a two way street. I mean, we've 52 00:03:36,400 --> 00:03:39,040 Speaker 1: seen some crazy moves on the stock markets, right, I 53 00:03:39,080 --> 00:03:41,600 Speaker 1: mean one day that I think companies lost some five 54 00:03:41,640 --> 00:03:44,640 Speaker 1: billion dollars, so you know, stock through downs. What can 55 00:03:44,680 --> 00:03:47,720 Speaker 1: the exchange do to prevent that kind of scenario? You're 56 00:03:47,720 --> 00:03:52,400 Speaker 1: talking about the exchanges in China. Well, I think the 57 00:03:52,480 --> 00:03:57,560 Speaker 1: exchanges in China have a very different um problem than 58 00:03:57,720 --> 00:04:01,040 Speaker 1: the rest of US because a large percentage of the 59 00:04:01,120 --> 00:04:05,120 Speaker 1: participant in the domestic market are retail investors. So there's 60 00:04:05,160 --> 00:04:08,280 Speaker 1: a lot of sentiment when people tray on rumors, and 61 00:04:08,320 --> 00:04:12,800 Speaker 1: so that that's what brought about the big swings, and 62 00:04:12,840 --> 00:04:16,600 Speaker 1: the institutional investors in China are not yet well developed. 63 00:04:17,279 --> 00:04:20,640 Speaker 1: So I used to say that the institution investors in 64 00:04:20,720 --> 00:04:25,240 Speaker 1: China behave like big retails. So instead of providing some 65 00:04:26,240 --> 00:04:29,960 Speaker 1: uh anchor to you know, when the market was volatile, 66 00:04:30,160 --> 00:04:33,479 Speaker 1: they join in the volatility and make it even more volatile. 67 00:04:33,560 --> 00:04:37,160 Speaker 1: I think that is certainly an area where the institutional 68 00:04:37,200 --> 00:04:40,600 Speaker 1: investor can improve um and I think that will bring 69 00:04:40,640 --> 00:04:44,800 Speaker 1: stability and more stability to the market domestic market. Thank 70 00:04:44,800 --> 00:04:49,560 Speaker 1: you so much, greatly appreciated. Hong Kong Exchange is their chair. 71 00:05:03,880 --> 00:05:05,679 Speaker 1: This is a joy it out right now to speak 72 00:05:05,720 --> 00:05:09,960 Speaker 1: with a gentleman from Nigeria, Mohammed Barkindos, OPEC Secretary General, 73 00:05:10,240 --> 00:05:13,400 Speaker 1: and in conversation with his entourage as he came onto 74 00:05:13,400 --> 00:05:17,159 Speaker 1: our stage, we talked about the history of nine six 75 00:05:17,440 --> 00:05:20,039 Speaker 1: I think Daniel Jurgen in the prize and all of 76 00:05:20,040 --> 00:05:23,640 Speaker 1: the history of OPEC, and it was a cartel, and 77 00:05:23,720 --> 00:05:26,920 Speaker 1: you collegiately take offense with the idea that it's still 78 00:05:26,960 --> 00:05:29,800 Speaker 1: a cartel. If it's not a cartel in OPEC, what 79 00:05:30,000 --> 00:05:34,760 Speaker 1: is it. Thank you very much for having me, of course, 80 00:05:35,000 --> 00:05:42,440 Speaker 1: and happy New yeah, good to see you guys. Yeah, okay, 81 00:05:44,800 --> 00:05:47,680 Speaker 1: Now you're quite correct. We are no longer a cartel. 82 00:05:48,440 --> 00:05:55,800 Speaker 1: I think we are a free, open, transparent organization what 83 00:05:56,000 --> 00:05:58,680 Speaker 1: some of the you might call a fish bowl in 84 00:05:58,720 --> 00:06:03,279 Speaker 1: the US. We have come a long way. For example, 85 00:06:04,240 --> 00:06:08,640 Speaker 1: asad today, all our data, all our data, which is 86 00:06:08,680 --> 00:06:16,040 Speaker 1: our key raw material, is online from sixty till date. Secondly, 87 00:06:17,360 --> 00:06:21,120 Speaker 1: most of our publication of the key ones monthly oil 88 00:06:21,200 --> 00:06:28,440 Speaker 1: market Report, our annual statistical bulletin, all online, accessible to 89 00:06:28,600 --> 00:06:35,719 Speaker 1: all our meetings are covered by the global media and 90 00:06:35,760 --> 00:06:41,960 Speaker 1: their stream. Most of the time, life were as open 91 00:06:42,640 --> 00:06:45,640 Speaker 1: as any organization that you can think of, and we are. 92 00:06:45,760 --> 00:06:48,479 Speaker 1: We're proud of what we have been able to achieve 93 00:06:49,960 --> 00:06:54,280 Speaker 1: since the eighties, very very transparent with the data. Now, 94 00:06:54,600 --> 00:06:57,480 Speaker 1: admittedly the process is less transparent to make. When someone 95 00:06:57,520 --> 00:06:59,960 Speaker 1: I say here on any given morning and the president 96 00:07:00,000 --> 00:07:02,839 Speaker 1: and sweets about OPEC, it's the president of the elephant 97 00:07:02,839 --> 00:07:04,839 Speaker 1: in the room. Now, the President of the United States, 98 00:07:04,839 --> 00:07:07,800 Speaker 1: is he around that almost? Is he the marginal producer? 99 00:07:08,080 --> 00:07:13,800 Speaker 1: Marginal The President is the biggest producer in the world today, 100 00:07:15,960 --> 00:07:20,000 Speaker 1: and it's logical for him to take more than a 101 00:07:20,080 --> 00:07:24,600 Speaker 1: passing interest in what opic does because of what we 102 00:07:24,720 --> 00:07:28,520 Speaker 1: do or fail to do, affects him, affects his industry 103 00:07:29,000 --> 00:07:33,920 Speaker 1: and by extension, his economy. The last downtown has proven 104 00:07:33,960 --> 00:07:39,240 Speaker 1: beyond an invisible doubt that both OPIC, the United States Ryan, 105 00:07:39,320 --> 00:07:41,960 Speaker 1: the shell producers were all in the same bold trist 106 00:07:42,480 --> 00:07:44,160 Speaker 1: just because of the time. I want to conflate here 107 00:07:44,200 --> 00:07:46,800 Speaker 1: to basic themes in questions. One is the mystery of 108 00:07:46,880 --> 00:07:50,280 Speaker 1: Russia tangential to OPEC, and the other is you've got 109 00:07:50,280 --> 00:07:52,840 Speaker 1: to get to a meeting in Vienna in April. How 110 00:07:52,880 --> 00:07:56,040 Speaker 1: should Russia come to the meeting with OPEC in Vienna 111 00:07:56,200 --> 00:07:59,800 Speaker 1: in April. It's an odd chemistry right now? How that 112 00:08:00,040 --> 00:08:04,240 Speaker 1: chemistry be in April. I think it's been good. So far, 113 00:08:04,320 --> 00:08:05,960 Speaker 1: so good. We have come a long way with our 114 00:08:06,040 --> 00:08:11,240 Speaker 1: Russian friends. OPEC and Russia had instituted an energy dialogue 115 00:08:11,280 --> 00:08:14,760 Speaker 1: as far back as two thousand and six, and during 116 00:08:14,800 --> 00:08:18,200 Speaker 1: this last downturn we have worked together with the Russian 117 00:08:18,720 --> 00:08:25,720 Speaker 1: Federation to reach the historic declaration of cooperation. We also 118 00:08:25,800 --> 00:08:30,960 Speaker 1: went further to implement from January twenties seventeen two last December, 119 00:08:31,520 --> 00:08:36,520 Speaker 1: what we had agreed upon with very high level of performance, 120 00:08:36,559 --> 00:08:40,160 Speaker 1: what we refer to as conformity or what you call compliance. 121 00:08:41,360 --> 00:08:46,400 Speaker 1: The Russians had played a leading role in the entire 122 00:08:46,480 --> 00:08:50,280 Speaker 1: process so far, and I've got it in good authority 123 00:08:50,640 --> 00:08:54,600 Speaker 1: from the Russians. They intend to continue to work with 124 00:08:54,720 --> 00:08:58,520 Speaker 1: us to sustain the balance that we have been able 125 00:08:58,559 --> 00:09:01,640 Speaker 1: to achieve on a sustainable basis, so they still have 126 00:09:01,640 --> 00:09:04,760 Speaker 1: a lap of partner very much. So have you got 127 00:09:04,760 --> 00:09:08,120 Speaker 1: any preliminary guidance sound compliance through the early party January? 128 00:09:08,120 --> 00:09:10,560 Speaker 1: What if he thinks I found the data. We had 129 00:09:10,679 --> 00:09:15,680 Speaker 1: just had our technical meetings in Vienna, bringing a close 130 00:09:16,679 --> 00:09:21,440 Speaker 1: twenty eighteen figures, and we took stock of the implementation 131 00:09:21,480 --> 00:09:25,760 Speaker 1: of the supply adjustments from January twenty seventeen toal date. 132 00:09:26,400 --> 00:09:29,840 Speaker 1: I can tell you that the level of performance was 133 00:09:29,960 --> 00:09:35,680 Speaker 1: well over for both ourselves and the non Opic. We're 134 00:09:35,800 --> 00:09:39,800 Speaker 1: just beginning to implement our decision on the sixth and 135 00:09:39,880 --> 00:09:44,600 Speaker 1: certain of December, so it's so far, so good. We're 136 00:09:44,600 --> 00:09:48,920 Speaker 1: on track to achieve our common objectives. One of the 137 00:09:49,000 --> 00:09:52,040 Speaker 1: rumors here in Davos is OPAC split the polar vortex 138 00:09:52,080 --> 00:09:55,319 Speaker 1: above the Arctic Circle and cause a record called in America. 139 00:09:55,559 --> 00:10:00,680 Speaker 1: Over the last ten days, what we focused on is 140 00:10:00,720 --> 00:10:06,600 Speaker 1: to ensure that inventories that had built up in the 141 00:10:06,679 --> 00:10:12,560 Speaker 1: last downtown too unsustainable levels do not RecA in. You 142 00:10:12,600 --> 00:10:14,720 Speaker 1: have visibility on that right now. I mean we count 143 00:10:14,720 --> 00:10:17,559 Speaker 1: boats of Singapore. But the answer to your visibility on that, 144 00:10:17,880 --> 00:10:23,840 Speaker 1: we are beginning to see very sharp reductions in supply 145 00:10:24,559 --> 00:10:28,760 Speaker 1: in conformity to the supply obligations that we agreed upon 146 00:10:28,840 --> 00:10:31,439 Speaker 1: on the six and seventh of December, and we have 147 00:10:31,440 --> 00:10:35,440 Speaker 1: seen that the market has started to respond positively. We 148 00:10:35,520 --> 00:10:38,600 Speaker 1: have seen the market structure, for example, Brent has just 149 00:10:38,679 --> 00:10:43,920 Speaker 1: flipped into backwardation. And this is just the beginning of 150 00:10:44,000 --> 00:10:46,520 Speaker 1: the month. Mr Kendall, thank you so much for joining 151 00:10:46,600 --> 00:11:05,960 Speaker 1: us to General OPEC this morning. Let's continue the conversation 152 00:11:06,040 --> 00:11:08,599 Speaker 1: here with the chief executive officers that arguably it is 153 00:11:08,640 --> 00:11:12,800 Speaker 1: the single most important executive in America on the emotions 154 00:11:12,800 --> 00:11:15,480 Speaker 1: of the President of the United States. Aren't Sorenson is 155 00:11:15,520 --> 00:11:18,559 Speaker 1: off the fabric of Minnesota out of Minnesota law among 156 00:11:18,640 --> 00:11:21,720 Speaker 1: other things. He is a Marriott CEO, and of course, 157 00:11:21,800 --> 00:11:23,959 Speaker 1: as we all know that uniqueness of being the first 158 00:11:24,040 --> 00:11:27,240 Speaker 1: non Marriotte to be the Marriott CEO. We can talk 159 00:11:27,280 --> 00:11:30,360 Speaker 1: here the summation of your travel rewards into your new 160 00:11:30,440 --> 00:11:34,960 Speaker 1: thing and your building. Hotels, guess what the governments and shutdown. 161 00:11:35,280 --> 00:11:39,280 Speaker 1: Then you're at the absolute crucible of this. I read 162 00:11:39,320 --> 00:11:42,320 Speaker 1: an industry article with you and John Tish about the 163 00:11:42,360 --> 00:11:47,280 Speaker 1: percentage of immigrants that make Marriott go each and every day. 164 00:11:47,600 --> 00:11:50,719 Speaker 1: Give us a percentage number of your employees that can 165 00:11:50,760 --> 00:11:53,840 Speaker 1: relate directly to the national debate. Well, it is. It's 166 00:11:53,880 --> 00:11:57,439 Speaker 1: not uncommon in our full service hotels in our urban 167 00:11:57,480 --> 00:12:02,320 Speaker 1: markets to have fifties, sixties, seventy nation analities represented, all legal. 168 00:12:02,559 --> 00:12:04,959 Speaker 1: By the way, we are very careful. I'm going to 169 00:12:05,000 --> 00:12:06,880 Speaker 1: play the other side of the president says below. Either 170 00:12:07,000 --> 00:12:10,640 Speaker 1: not illegal, The president has illegal immigrants. It is hotels 171 00:12:10,760 --> 00:12:14,360 Speaker 1: is published. How do you know that they're not undocumented. 172 00:12:14,440 --> 00:12:17,320 Speaker 1: We use all the tools available, including e Verify, which 173 00:12:17,360 --> 00:12:19,559 Speaker 1: is provided by the I and S. But we are 174 00:12:20,559 --> 00:12:24,679 Speaker 1: vigilant about the documentation and making sure that these people 175 00:12:24,760 --> 00:12:27,880 Speaker 1: have the right to work in the United States. The challenge, 176 00:12:27,880 --> 00:12:33,240 Speaker 1: of course government shutdown. Why because both political parties believe 177 00:12:33,280 --> 00:12:37,520 Speaker 1: it's more important to leave immigration unresolved than to come 178 00:12:37,600 --> 00:12:40,000 Speaker 1: up with a new consensus. Want to message them today, 179 00:12:40,000 --> 00:12:42,559 Speaker 1: then we'll se message to them today. Get talking. I mean, 180 00:12:42,559 --> 00:12:44,440 Speaker 1: I think the right thing is to get the government 181 00:12:44,440 --> 00:12:48,000 Speaker 1: open and then to get engaged in building a national 182 00:12:48,000 --> 00:12:51,400 Speaker 1: consensus around what fair immigration looks like. Because I think 183 00:12:51,400 --> 00:12:53,520 Speaker 1: if you ask people across the United States, what are 184 00:12:53,520 --> 00:12:56,319 Speaker 1: the rules of immigration? How do they work? People would say, 185 00:12:56,320 --> 00:12:58,679 Speaker 1: I have no idea. Is this confusion right now hurting 186 00:12:58,679 --> 00:13:01,880 Speaker 1: your business? Oh? It? It varies from market to market. Washington, 187 00:13:01,920 --> 00:13:03,840 Speaker 1: of course, we're big. That's our hometown. We have a 188 00:13:03,880 --> 00:13:06,560 Speaker 1: hundred fifty hotels or so in the Greater Washington area. 189 00:13:07,320 --> 00:13:10,960 Speaker 1: Business there is down double digits since the government shutdowns. 190 00:13:11,000 --> 00:13:13,160 Speaker 1: So that's the domestic tension. Let's talk about the international 191 00:13:13,200 --> 00:13:15,680 Speaker 1: tension between the United States and China. You've got a 192 00:13:15,679 --> 00:13:17,760 Speaker 1: decent window into what is happening in the world. Second 193 00:13:17,800 --> 00:13:20,680 Speaker 1: launched economy. How big is the slowdown? Because even a 194 00:13:20,720 --> 00:13:23,880 Speaker 1: company like Apple is really struggling with nit term visibility. 195 00:13:24,000 --> 00:13:26,200 Speaker 1: Do you have good nit term visibility as to what 196 00:13:26,320 --> 00:13:28,120 Speaker 1: is happening in the economy at the moment? Well, we 197 00:13:28,200 --> 00:13:31,240 Speaker 1: know what happened last night or last week. We don't 198 00:13:31,240 --> 00:13:33,600 Speaker 1: necessarily know what's going to happen three months from now. 199 00:13:33,679 --> 00:13:36,360 Speaker 1: So if if you're asking that our ability to predict 200 00:13:36,400 --> 00:13:41,080 Speaker 1: that's more difficult. There are there are differences. Obviously, the negatives, 201 00:13:41,240 --> 00:13:44,880 Speaker 1: there's a trade war, the Chinese economy is under pressure 202 00:13:44,880 --> 00:13:47,880 Speaker 1: because of it. The positive, the Chinese are trying to 203 00:13:47,880 --> 00:13:50,640 Speaker 1: move towards more of a consumer economy. We are in 204 00:13:50,679 --> 00:13:55,480 Speaker 1: the consumer space, so Chinese travelers within China and abroad. 205 00:13:56,400 --> 00:13:59,000 Speaker 1: Chinese traveling abroad, we think is continuing to grow up, 206 00:14:00,120 --> 00:14:03,120 Speaker 1: even with a weaker And they're all staying at Marriott, 207 00:14:03,120 --> 00:14:05,120 Speaker 1: and no doubt I'm kidding. I don't know if you've 208 00:14:05,120 --> 00:14:10,120 Speaker 1: been at the Marriott in Tulsa two e seventy one Street, Tulsa, Oklahoma. 209 00:14:10,520 --> 00:14:14,120 Speaker 1: There are workers there for you who are directly affected 210 00:14:14,160 --> 00:14:17,960 Speaker 1: by the shutdown, directly affected by the debate over immigration, 211 00:14:18,240 --> 00:14:21,480 Speaker 1: and they've got a real job at Marriott. How does 212 00:14:21,520 --> 00:14:25,360 Speaker 1: America have confidence that they will advance and prosper in 213 00:14:25,400 --> 00:14:28,440 Speaker 1: the coming years. How do we as a nation get 214 00:14:28,480 --> 00:14:32,560 Speaker 1: behind employers like you with these first Americans? It's all 215 00:14:32,600 --> 00:14:36,720 Speaker 1: about jobs. You look at how benefited medical jobs you 216 00:14:36,800 --> 00:14:39,600 Speaker 1: people will see have medical plans. All the full time 217 00:14:39,600 --> 00:14:42,120 Speaker 1: folks have healthcare. Yeah, I mean they some of them 218 00:14:42,160 --> 00:14:45,160 Speaker 1: have it under their spouses. And so I shouldn't say, 219 00:14:45,840 --> 00:14:49,320 Speaker 1: but I think our participation rate even in retirement our 220 00:14:49,360 --> 00:14:54,280 Speaker 1: participation rate is because we think it's important to build, 221 00:14:55,040 --> 00:14:57,040 Speaker 1: of course, to coin and sate people fairly, but to 222 00:14:57,160 --> 00:15:00,400 Speaker 1: build careers for people where they can say I can 223 00:15:00,480 --> 00:15:03,880 Speaker 1: work not only last month or this month in one 224 00:15:03,880 --> 00:15:05,920 Speaker 1: of your hotels, but I can build my career. I 225 00:15:05,920 --> 00:15:08,560 Speaker 1: can put my kids through school, I'm gonna have a house, 226 00:15:09,120 --> 00:15:12,000 Speaker 1: I can I can grow in the way I want 227 00:15:12,040 --> 00:15:14,080 Speaker 1: to grow. And that's what the company has been about 228 00:15:14,080 --> 00:15:16,800 Speaker 1: for decades. In some ways, Over the last couple of 229 00:15:16,800 --> 00:15:18,800 Speaker 1: months or so, the company has been about managing a 230 00:15:18,840 --> 00:15:21,800 Speaker 1: crisis around the hacking. What's the latest on that. Have 231 00:15:21,840 --> 00:15:23,880 Speaker 1: you got any idea who was behind it and what 232 00:15:23,960 --> 00:15:26,320 Speaker 1: the objectives were? I don't know that we'll ever know 233 00:15:26,400 --> 00:15:30,360 Speaker 1: who was behind it. We know we know that somebody 234 00:15:30,440 --> 00:15:33,400 Speaker 1: was in Star Wars reservation system for a few years. 235 00:15:34,080 --> 00:15:37,120 Speaker 1: Of course, we did not find that out during the diligence. 236 00:15:37,120 --> 00:15:39,240 Speaker 1: We don't think Starwood knew that before I saw the 237 00:15:39,240 --> 00:15:42,040 Speaker 1: company to us, and this was something that was discovered 238 00:15:42,040 --> 00:15:45,560 Speaker 1: in the fall of We moved as quickly as we 239 00:15:45,640 --> 00:15:48,920 Speaker 1: could to do two things. Want to be transparent that 240 00:15:49,200 --> 00:15:51,320 Speaker 1: what we knew we had to share with everybody else. 241 00:15:51,720 --> 00:15:53,920 Speaker 1: And second, to find out as much as we could 242 00:15:53,960 --> 00:15:56,840 Speaker 1: find out. Do you know I found out about the hacking. 243 00:15:57,320 --> 00:15:59,840 Speaker 1: I had ten nights at the Ritz Carlton and Atlanta. 244 00:16:00,120 --> 00:16:02,400 Speaker 1: All of a sudden shot up on my Marriott rewards. 245 00:16:02,680 --> 00:16:06,160 Speaker 1: Where did this come from? Everybody was affected? Right, Well, 246 00:16:06,200 --> 00:16:10,360 Speaker 1: I don't know that that's connected. Let me ask this 247 00:16:10,400 --> 00:16:12,840 Speaker 1: because this is an important question. Actually, do we have 248 00:16:13,320 --> 00:16:17,080 Speaker 1: firm wid protocols for when a passport gets scanned in 249 00:16:17,160 --> 00:16:21,680 Speaker 1: a Marriott hotel that is now encrypted? Well? Uh, the 250 00:16:21,720 --> 00:16:23,720 Speaker 1: answer is we're getting there as quickly as we can. 251 00:16:24,120 --> 00:16:25,920 Speaker 1: U a couple of I want to say, a couple 252 00:16:25,920 --> 00:16:30,000 Speaker 1: of comparison assports. So by the beginning of January, we 253 00:16:31,080 --> 00:16:34,640 Speaker 1: determined as best we can that none of the payment 254 00:16:34,640 --> 00:16:38,960 Speaker 1: card information was unencrypted, which is obviously a very good thing. 255 00:16:39,680 --> 00:16:43,440 Speaker 1: We determine that about five million global passports, that is 256 00:16:43,520 --> 00:16:47,120 Speaker 1: from Chinese travelers, American traveling, European travelers, about five million 257 00:16:47,560 --> 00:16:50,800 Speaker 1: were unencrypted. So that's where the that's where the concern 258 00:16:50,880 --> 00:16:55,960 Speaker 1: comes from. There is a debate. The U State Department says, 259 00:16:56,000 --> 00:16:58,600 Speaker 1: don't worry about it, don't replace your passport. A passport 260 00:16:58,680 --> 00:17:02,000 Speaker 1: number without the passport is worth nothing. But there are 261 00:17:02,120 --> 00:17:04,840 Speaker 1: others who reasonably say we'll wait a second, that's my 262 00:17:04,880 --> 00:17:09,639 Speaker 1: passport number. I feel violated somehow by that. What you know, 263 00:17:09,680 --> 00:17:11,960 Speaker 1: what are the consequences of that? And I think for 264 00:17:12,040 --> 00:17:14,399 Speaker 1: us long term, we've got to make sure that everything 265 00:17:14,480 --> 00:17:17,240 Speaker 1: is encrypted. We've also got to make sure we comply 266 00:17:17,320 --> 00:17:20,879 Speaker 1: with local law. So for anybody who travels abroad in 267 00:17:20,960 --> 00:17:24,919 Speaker 1: many countries around the world, were required to take your passport, 268 00:17:25,720 --> 00:17:30,440 Speaker 1: maybe make a physical copy of that passport, and encrypting 269 00:17:30,680 --> 00:17:36,200 Speaker 1: a xerox copy is not necessarily the leading edge of technology. 270 00:17:36,560 --> 00:17:39,560 Speaker 1: I want one final question. If James Diamond was sitting here, 271 00:17:39,600 --> 00:17:41,520 Speaker 1: I'd ask him, as he too big as a bank, 272 00:17:41,600 --> 00:17:45,119 Speaker 1: the question every day has to be his Marriott become 273 00:17:45,160 --> 00:17:47,919 Speaker 1: too big with all the mergers, the scope to scale, 274 00:17:47,960 --> 00:17:51,879 Speaker 1: the new rewards messing that you're doing. How do you 275 00:17:51,960 --> 00:17:54,480 Speaker 1: respond to the idea of Marriott's become too big for 276 00:17:54,480 --> 00:17:56,159 Speaker 1: the industry? Well, I think it's I think it's a 277 00:17:56,160 --> 00:17:58,520 Speaker 1: crazy idea. I don't know that, but but but we 278 00:17:58,800 --> 00:18:02,680 Speaker 1: are out seven to eight percent of the hotel rooms 279 00:18:02,680 --> 00:18:09,000 Speaker 1: in the world. Seven to eight It's hardly a massive share. 280 00:18:09,480 --> 00:18:11,479 Speaker 1: And by the way, about half of those rooms are 281 00:18:11,560 --> 00:18:14,600 Speaker 1: run by our franchise. Is we don't even price them interesting, 282 00:18:14,920 --> 00:18:18,320 Speaker 1: so it is still a highly competitive business. And what 283 00:18:18,359 --> 00:18:21,600 Speaker 1: customers are italian Us is they want to be able 284 00:18:21,680 --> 00:18:24,400 Speaker 1: to stay with us wherever they're going, and they're going 285 00:18:24,520 --> 00:18:27,320 Speaker 1: lots of different places and lots of different purposes of 286 00:18:27,359 --> 00:18:30,359 Speaker 1: their trips. Sometimes they want luxury, sometimes they don't, and 287 00:18:30,400 --> 00:18:33,639 Speaker 1: we want to be there for you. Mr Thomason. Always 288 00:18:33,640 --> 00:18:35,480 Speaker 1: got to catch up with you. Thank you very much 289 00:18:35,480 --> 00:18:50,520 Speaker 1: for dropping by. Earlier on I caught up with the 290 00:18:50,560 --> 00:18:53,639 Speaker 1: Saudi Aramco CEO. I'm in NASA speaking to me about 291 00:18:53,640 --> 00:18:57,480 Speaker 1: plans for a takeover of the big Saudi petrochemical John Sabag. 292 00:18:57,720 --> 00:19:00,879 Speaker 1: Take a listen to what he had to say. We 293 00:19:00,960 --> 00:19:04,480 Speaker 1: are in discussion currently with the Public Investment Fund about 294 00:19:04,480 --> 00:19:10,800 Speaker 1: the acquisition of seventy of the share of Serbic. We 295 00:19:10,840 --> 00:19:13,280 Speaker 1: are in discussion with regard to the price that that 296 00:19:13,400 --> 00:19:16,160 Speaker 1: the stage. Do we have a ballpark figure of where 297 00:19:16,160 --> 00:19:18,679 Speaker 1: the price will be, not yet. I'm hearing numbers of 298 00:19:18,720 --> 00:19:21,920 Speaker 1: in and around sixty billion. Is that a ballpark figure. 299 00:19:22,880 --> 00:19:25,639 Speaker 1: I'm not going to comment enter price because you know, 300 00:19:25,760 --> 00:19:31,040 Speaker 1: you understand this is very critical at this stage to 301 00:19:31,080 --> 00:19:36,639 Speaker 1: will be to keep silent about the negotiation that's currently 302 00:19:36,640 --> 00:19:40,200 Speaker 1: ongoing with public Investment fund. Well, the Energy Minister has 303 00:19:40,240 --> 00:19:44,080 Speaker 1: not been silent about the financing of this acquisition. He's 304 00:19:44,119 --> 00:19:47,040 Speaker 1: looking at a potential bond issuance coming up maybe in 305 00:19:47,040 --> 00:19:49,240 Speaker 1: the second quarter. Could you comment on that. The financing 306 00:19:49,600 --> 00:19:53,119 Speaker 1: of the potential acquisition, we are exploring. You know, we 307 00:19:53,200 --> 00:19:57,760 Speaker 1: have a significant capital program. To sustain that capital program 308 00:19:57,880 --> 00:20:03,960 Speaker 1: and also considering the acquisition, the potential acquisition of the 309 00:20:04,000 --> 00:20:09,320 Speaker 1: stake in Cybo, are blowing all options for funding. One 310 00:20:09,359 --> 00:20:12,760 Speaker 1: of it is a bond issuance and that is something 311 00:20:12,800 --> 00:20:15,040 Speaker 1: that we're looking at. Let's talk about the science of 312 00:20:15,040 --> 00:20:17,040 Speaker 1: the bonds, how much could potentially come to market and 313 00:20:17,040 --> 00:20:20,280 Speaker 1: the potential duration of them. Well, we are at the 314 00:20:20,359 --> 00:20:22,879 Speaker 1: stage we are, as I said, we are evaluating. We 315 00:20:22,960 --> 00:20:27,560 Speaker 1: are when to decide soon exactly how much we would 316 00:20:27,640 --> 00:20:32,200 Speaker 1: like to take from the bond market. And so it 317 00:20:32,320 --> 00:20:35,320 Speaker 1: has not decided yet in terms of how much we 318 00:20:35,320 --> 00:20:37,560 Speaker 1: would like to do. You know what your intentions are 319 00:20:37,600 --> 00:20:42,480 Speaker 1: with the other The thirty percent is of Serbecum del 320 00:20:42,520 --> 00:20:48,080 Speaker 1: Conte and well it is publicly listed company is listed 321 00:20:48,119 --> 00:20:50,280 Speaker 1: in the market as the regulator giving you a waiver 322 00:20:50,560 --> 00:20:52,680 Speaker 1: whereby you don't actually have to buy the thirty percent, 323 00:20:52,720 --> 00:20:56,120 Speaker 1: Can you just buy the sevent We are in discussion 324 00:20:56,520 --> 00:20:59,119 Speaker 1: right now with Public Investment Fund first of all, about 325 00:20:59,160 --> 00:21:03,439 Speaker 1: the acquisition of the seventy percent, and the issue whether 326 00:21:03,720 --> 00:21:06,760 Speaker 1: we need to or not is in discussion. With this 327 00:21:06,840 --> 00:21:09,240 Speaker 1: you may with regard to that, have you had any 328 00:21:09,280 --> 00:21:13,639 Speaker 1: preliminary guidance on that at all. Our intention is not 329 00:21:13,720 --> 00:21:17,600 Speaker 1: to acquire anything from the public with regard to PENT 330 00:21:17,680 --> 00:21:19,760 Speaker 1: of this stage. So if you're told that you would 331 00:21:19,760 --> 00:21:22,080 Speaker 1: have to also acquire the thirty percent, it would actually 332 00:21:22,080 --> 00:21:24,600 Speaker 1: be a deal breaker for you, guys well, as I say, 333 00:21:24,640 --> 00:21:27,880 Speaker 1: this is something right now is in discussion, and there's 334 00:21:27,920 --> 00:21:30,520 Speaker 1: no intention to acquire the thirty percent from the public. 335 00:21:30,640 --> 00:21:35,080 Speaker 1: Our intention and our strategy is to acquire the seventy 336 00:21:35,080 --> 00:21:39,200 Speaker 1: percent stake in with the Public Investment Fund. There's all 337 00:21:39,240 --> 00:21:42,960 Speaker 1: the discussion is about the seventy We have no intention 338 00:21:43,520 --> 00:21:46,760 Speaker 1: of acquiring the percent listed in the market. So the 339 00:21:46,760 --> 00:21:48,800 Speaker 1: guidance we've had from the Energy Minister is that for 340 00:21:48,920 --> 00:21:51,080 Speaker 1: the seventy percent, you will come to market, you will 341 00:21:51,160 --> 00:21:54,320 Speaker 1: issue some debt later this year, perhaps in the second quarter. 342 00:21:54,480 --> 00:21:55,960 Speaker 1: The guidance we've also had is that it will be 343 00:21:56,000 --> 00:21:58,399 Speaker 1: an international bond. Now that's going to come with some 344 00:21:58,440 --> 00:22:01,679 Speaker 1: financial disclosures. Are you prepared to disclose some of the financials? 345 00:22:01,920 --> 00:22:05,639 Speaker 1: Definitely is going to be international bond. We're currently in 346 00:22:06,119 --> 00:22:14,280 Speaker 1: discussion with with regard to how much and were and 347 00:22:14,359 --> 00:22:19,960 Speaker 1: all of that issuance for the bonds, and everything is 348 00:22:20,000 --> 00:22:25,679 Speaker 1: going well in terms of h anything that is required 349 00:22:25,680 --> 00:22:30,199 Speaker 1: by the regalitis, in terms of disclosures, in terms of 350 00:22:30,560 --> 00:22:35,679 Speaker 1: financial disclosures or any type of disclosure required by the 351 00:22:35,760 --> 00:22:40,199 Speaker 1: issuance market, we will comply. Well, let's talk about the 352 00:22:40,200 --> 00:22:42,199 Speaker 1: potential for disclosures because some of the reporting we have 353 00:22:42,280 --> 00:22:45,280 Speaker 1: done has shown that Sammy Ramco's books have basically got 354 00:22:45,359 --> 00:22:48,160 Speaker 1: zero debt and you're one of the most profitable companies 355 00:22:48,160 --> 00:22:51,080 Speaker 1: on the planet. When you disclose to issue this bond, 356 00:22:51,560 --> 00:22:53,439 Speaker 1: is that what you're going to reveal essentially that you 357 00:22:53,480 --> 00:22:55,320 Speaker 1: have no debt on the book, so that you are 358 00:22:55,359 --> 00:23:00,920 Speaker 1: incredibly profitable. We will reveal our balance sheets and any 359 00:23:00,920 --> 00:23:03,320 Speaker 1: it's not you know, we have jvs. They have they 360 00:23:03,359 --> 00:23:06,000 Speaker 1: have did in the market, they have project financing that 361 00:23:06,119 --> 00:23:10,800 Speaker 1: so it's not when we uh disclosure, will disclose the 362 00:23:10,840 --> 00:23:13,399 Speaker 1: whole around Cole and all of our DV in the 363 00:23:13,480 --> 00:23:15,920 Speaker 1: Kingdom and out of the Kingdom some of them went 364 00:23:15,960 --> 00:23:18,560 Speaker 1: to their dead market. So all the data with regard 365 00:23:18,600 --> 00:23:22,639 Speaker 1: to the gearing ratio of Saudia around Cole will be shaped. 366 00:23:22,760 --> 00:23:25,000 Speaker 1: Let's talk about the potential for pricing. The Kingdom came 367 00:23:25,040 --> 00:23:27,800 Speaker 1: to the market quite recently ten year money a hundred 368 00:23:27,840 --> 00:23:30,479 Speaker 1: seventy five basis points at the treasuries. Do you think 369 00:23:30,520 --> 00:23:33,359 Speaker 1: when a ramco comes to market, actually spreads will be 370 00:23:33,400 --> 00:23:37,360 Speaker 1: tighter for Sara a Ramco. That will be decided by 371 00:23:37,400 --> 00:23:41,560 Speaker 1: the market when we go and seek the wants. But 372 00:23:41,720 --> 00:23:44,080 Speaker 1: I think our round compositions around Cole is a very 373 00:23:44,480 --> 00:23:48,000 Speaker 1: successful company. We have great results in two thousand and 374 00:23:48,160 --> 00:23:51,080 Speaker 1: eighteen and our history and our track record in terms 375 00:23:51,119 --> 00:23:55,800 Speaker 1: of performance, I think, well, when we share all of 376 00:23:55,840 --> 00:23:59,439 Speaker 1: that information in in addition to the disclosure, yeah, the 377 00:23:59,480 --> 00:24:05,480 Speaker 1: market will decide and we have to agree on ahead 378 00:24:05,480 --> 00:24:07,000 Speaker 1: of that. You might have to talk to a credit 379 00:24:07,080 --> 00:24:09,159 Speaker 1: rights and agency. You speaking to the credit writing agency 380 00:24:09,280 --> 00:24:13,879 Speaker 1: right now? We have we did engage a credit rating agencies. 381 00:24:13,880 --> 00:24:15,960 Speaker 1: So if we have all of the information required, are 382 00:24:16,000 --> 00:24:17,720 Speaker 1: you going to have a better credit writing agency than 383 00:24:17,760 --> 00:24:20,520 Speaker 1: the Kingdom? Well, we are, as I said, we are 384 00:24:20,560 --> 00:24:25,879 Speaker 1: maintaining the Kingdom softeign credit ratings and what event we 385 00:24:25,960 --> 00:24:28,680 Speaker 1: have from the other rating agencies we will be shaping 386 00:24:28,760 --> 00:24:32,879 Speaker 1: when we go with the disclosure. The CEO of sari 387 00:24:32,920 --> 00:24:35,080 Speaker 1: Aramco there am in NASA speaking to me a little 388 00:24:35,080 --> 00:24:51,520 Speaker 1: bit earlier on if this is with our question our 389 00:24:51,680 --> 00:24:56,360 Speaker 1: interview of Davos on this issue of Brexit. For those 390 00:24:56,359 --> 00:25:00,080 Speaker 1: of us foreign it is baffeding in his extraordinary is 391 00:25:00,080 --> 00:25:03,840 Speaker 1: a modest journalist at the Evening Standard, wandered by Mr 392 00:25:03,880 --> 00:25:07,800 Speaker 1: Cameron's government to be chancelled the Exchequer, but far more 393 00:25:07,920 --> 00:25:11,320 Speaker 1: importantly to us to care about design. He is an 394 00:25:11,320 --> 00:25:16,040 Speaker 1: Osborne of Osborne in a little Definitive and Design. What 395 00:25:16,160 --> 00:25:19,399 Speaker 1: was it like in your childhood bedroom? Did they change 396 00:25:19,400 --> 00:25:22,600 Speaker 1: the wallpaper every ninety days? Well, my dad set up 397 00:25:22,640 --> 00:25:25,879 Speaker 1: Osborne Little of design company and yeah, well you know, 398 00:25:25,920 --> 00:25:28,320 Speaker 1: we had to showcase the product and there were always 399 00:25:28,320 --> 00:25:30,359 Speaker 1: new collections and said the house was always big. Read 400 00:25:30,760 --> 00:25:33,040 Speaker 1: you'd like to warpaper and they came in they said, no, 401 00:25:33,240 --> 00:25:36,919 Speaker 1: we're moving this town every year. I got my bedroom reading. 402 00:25:37,240 --> 00:25:40,040 Speaker 1: This is wonderful jump bringing bringing the channel. George's a 403 00:25:40,040 --> 00:25:42,000 Speaker 1: massive change for you now being the editor of a 404 00:25:42,359 --> 00:25:45,000 Speaker 1: newspaper before that, of course the chance of the exchequer. 405 00:25:45,359 --> 00:25:47,400 Speaker 1: Did you ever think we'd be where we are now 406 00:25:48,119 --> 00:25:50,800 Speaker 1: even after we found out the outcome of the vote 407 00:25:50,840 --> 00:25:53,440 Speaker 1: a couple of years ago. I thought in the end 408 00:25:53,520 --> 00:25:56,040 Speaker 1: we would hit a point where the promise that you 409 00:25:56,080 --> 00:25:58,080 Speaker 1: can leave the EU and have all the benefits of 410 00:25:58,080 --> 00:26:02,080 Speaker 1: EU membership would run out of road. I guess I 411 00:26:02,160 --> 00:26:04,760 Speaker 1: hoped that there would be a more conciliatory approach, that 412 00:26:04,840 --> 00:26:07,000 Speaker 1: we would find a middle way through, like a sort 413 00:26:07,040 --> 00:26:11,080 Speaker 1: of Norway model for Britain outside the EU, but still 414 00:26:11,359 --> 00:26:13,919 Speaker 1: pretty closely aligned the U. That feels to me like 415 00:26:14,160 --> 00:26:18,440 Speaker 1: it's gone and we're confronting increasingly the two choices, which 416 00:26:18,480 --> 00:26:21,719 Speaker 1: is leave the EU without a deal at the end 417 00:26:21,720 --> 00:26:25,800 Speaker 1: of March or delay or stop Brexit. That that's emerging 418 00:26:25,840 --> 00:26:27,800 Speaker 1: now as the two big choices of the country faces 419 00:26:27,800 --> 00:26:30,080 Speaker 1: and the former Prime Minister David Cameron did kind of 420 00:26:30,119 --> 00:26:32,840 Speaker 1: make the process sound quite straightforward. If the outcome of 421 00:26:32,880 --> 00:26:35,160 Speaker 1: the vote was that the United Kingdom voted to leave, 422 00:26:35,600 --> 00:26:38,240 Speaker 1: he would go across the Brussels and trigger Article fifty. 423 00:26:38,280 --> 00:26:41,080 Speaker 1: As we found out, both of you eventually ended up 424 00:26:41,160 --> 00:26:43,920 Speaker 1: leaving the government. Do you think both of you still 425 00:26:43,960 --> 00:26:46,679 Speaker 1: have a certain amount of responsibility to the outcome of 426 00:26:46,680 --> 00:26:48,520 Speaker 1: what has happened in the UK, since it was your 427 00:26:48,560 --> 00:26:51,440 Speaker 1: government that did bring the vote to the British people. Well, 428 00:26:51,520 --> 00:26:53,919 Speaker 1: I would say, first of all, David Cameron, erging myself 429 00:26:53,920 --> 00:26:56,479 Speaker 1: and others did spell out to the country that there 430 00:26:56,480 --> 00:26:59,159 Speaker 1: would be very serious consequences of leaving the EU, not 431 00:26:59,280 --> 00:27:02,080 Speaker 1: just for the economy, but for our security relationships and 432 00:27:02,080 --> 00:27:04,959 Speaker 1: indeed the Western Alliance. And I would argue that the 433 00:27:05,040 --> 00:27:08,520 Speaker 1: process in some ways has been quite straightforward. We've triggered 434 00:27:08,600 --> 00:27:11,320 Speaker 1: Article fifty, there's been a negotiation, it's all been done 435 00:27:11,359 --> 00:27:14,680 Speaker 1: in a kind of orderly way. The problem isn't the process, 436 00:27:14,800 --> 00:27:18,200 Speaker 1: it's the policy. What do people want our relationship with 437 00:27:18,280 --> 00:27:21,280 Speaker 1: the European Union to be? Do we want no relationship 438 00:27:21,280 --> 00:27:23,240 Speaker 1: at all? Or do we want a very close relationship 439 00:27:23,320 --> 00:27:26,320 Speaker 1: and that remains as contested as possible. So you did that. 440 00:27:26,320 --> 00:27:29,480 Speaker 1: That's that's the hard politics. That's not about the procedure 441 00:27:29,520 --> 00:27:31,640 Speaker 1: or the process, or whether we have the right civil 442 00:27:31,680 --> 00:27:36,800 Speaker 1: servants or the right negotiating team. It's about fundamental contradictions 443 00:27:36,840 --> 00:27:38,960 Speaker 1: in what Grexit promised. But I think, to be fair, 444 00:27:39,040 --> 00:27:40,480 Speaker 1: I don't think many of us thought it would take 445 00:27:40,560 --> 00:27:42,159 Speaker 1: that long as long as it did to trigger an 446 00:27:42,200 --> 00:27:44,000 Speaker 1: Article fifty. Yet it did. It took a number of 447 00:27:44,000 --> 00:27:45,960 Speaker 1: months where many people thought it would happen immediately, and 448 00:27:45,960 --> 00:27:48,000 Speaker 1: here we are the clock is ticking and it looks 449 00:27:48,000 --> 00:27:50,480 Speaker 1: like we're running out of time. Would your advice be 450 00:27:50,560 --> 00:27:51,959 Speaker 1: to the government, And I'm not sure if they're going 451 00:27:52,000 --> 00:27:53,520 Speaker 1: to listen to it, George, And I'm not sure you 452 00:27:53,520 --> 00:27:55,639 Speaker 1: think they would either, But would your advice be to 453 00:27:55,720 --> 00:27:58,639 Speaker 1: delay Article fifty to push it back? Well, I think 454 00:27:58,760 --> 00:28:02,160 Speaker 1: it's just not except stable for this country, my country 455 00:28:02,160 --> 00:28:04,280 Speaker 1: to leave the European Union without a deal. That is 456 00:28:04,320 --> 00:28:07,000 Speaker 1: a big shock to the British economy and indeed the 457 00:28:07,040 --> 00:28:10,679 Speaker 1: European economy. It does enormous long term reputation or damage 458 00:28:10,720 --> 00:28:13,360 Speaker 1: to the UK and it's not the way that a 459 00:28:13,359 --> 00:28:17,399 Speaker 1: advanced nation should behave. So if we can't get a deal, 460 00:28:17,440 --> 00:28:20,160 Speaker 1: if there's no Norway on the table, for example, then 461 00:28:20,200 --> 00:28:22,879 Speaker 1: we have to delay brexit. If you're negotiating that with 462 00:28:22,920 --> 00:28:25,800 Speaker 1: the Europeans, George, is it realistic to take it off 463 00:28:25,800 --> 00:28:28,240 Speaker 1: the table? Well, there are in the negotiation with the 464 00:28:28,280 --> 00:28:32,160 Speaker 1: European Union is over. The British government signed a deal 465 00:28:32,200 --> 00:28:34,880 Speaker 1: in December and you know, you can have any number 466 00:28:34,880 --> 00:28:36,840 Speaker 1: of European leaders here at Davos come on this show 467 00:28:36,880 --> 00:28:39,000 Speaker 1: and they will tell you there is no prospect of 468 00:28:39,080 --> 00:28:41,560 Speaker 1: reopening out talk. And the only person who believes there 469 00:28:41,600 --> 00:28:43,520 Speaker 1: is at the moment is the reason May her cabinet 470 00:28:43,520 --> 00:28:46,520 Speaker 1: doesn't think the British Parliament doesn't think it. The truth 471 00:28:46,640 --> 00:28:50,880 Speaker 1: is the choices either now leave without a deal, or 472 00:28:50,880 --> 00:28:55,160 Speaker 1: perhaps everyone changes their mind on treasons may deal or 473 00:28:55,240 --> 00:28:58,560 Speaker 1: delay Brexit in some way, either through referendum or indeed 474 00:28:58,560 --> 00:29:01,600 Speaker 1: an election, which I think is by the and underappreciated 475 00:29:02,000 --> 00:29:04,000 Speaker 1: outcome of this whole. I think it could be an election. 476 00:29:04,040 --> 00:29:05,920 Speaker 1: I definitely think I could be election. He's gonna tricker 477 00:29:05,960 --> 00:29:08,360 Speaker 1: that well. At the end, what will happen is there'll 478 00:29:08,400 --> 00:29:11,480 Speaker 1: be a confidence vote in the British Parliament and a 479 00:29:11,600 --> 00:29:14,960 Speaker 1: small number of Conservative MPs will switch side in that 480 00:29:15,040 --> 00:29:17,720 Speaker 1: vote because they would rather have an election than see 481 00:29:17,800 --> 00:29:21,800 Speaker 1: our country leave the European units. George my advantage here 482 00:29:21,800 --> 00:29:24,480 Speaker 1: as I'm an outsider and for television and radio reduce 483 00:29:24,520 --> 00:29:27,120 Speaker 1: civics one on one ear and re explain the Cameron 484 00:29:27,160 --> 00:29:30,800 Speaker 1: Osborne is the same party as Prime Minister Man. I 485 00:29:30,800 --> 00:29:33,520 Speaker 1: think some people maybe no don't realize that they aren't 486 00:29:33,600 --> 00:29:36,800 Speaker 1: even reading the evening standard eight days a week. With 487 00:29:37,040 --> 00:29:41,360 Speaker 1: that said, his Prime Minister May, has she passed herself 488 00:29:41,400 --> 00:29:44,520 Speaker 1: by date? I was thunderstruck. There wasn't a window there 489 00:29:44,840 --> 00:29:48,880 Speaker 1: for her to gracefully resign and move on to a 490 00:29:48,960 --> 00:29:53,080 Speaker 1: new Conservative majority. Did she miss that opportunity? Well, the 491 00:29:53,120 --> 00:29:56,160 Speaker 1: reason Mays challenge i'd be like was that she called 492 00:29:56,160 --> 00:29:59,480 Speaker 1: a general election last year and lost the majority that 493 00:29:59,560 --> 00:30:02,120 Speaker 1: David running, myself and others are built up so she 494 00:30:02,280 --> 00:30:09,800 Speaker 1: doesn't have any political authority and crucially in the British constitutions, 495 00:30:09,840 --> 00:30:13,520 Speaker 1: for a grace from the Prime Minister to move away 496 00:30:13,520 --> 00:30:17,080 Speaker 1: from the stubbornness and just step aside for a new vision, 497 00:30:17,120 --> 00:30:20,800 Speaker 1: a new set of gargles, a new optics within your majority. 498 00:30:21,080 --> 00:30:23,040 Speaker 1: I don't think that's realistic because I think she's going 499 00:30:23,080 --> 00:30:25,160 Speaker 1: to stay. I think what's more realistic, and what she 500 00:30:25,200 --> 00:30:28,400 Speaker 1: should do is take this threat of a no deal 501 00:30:29,080 --> 00:30:31,800 Speaker 1: off the table. She can do that, you know, actually 502 00:30:31,800 --> 00:30:35,360 Speaker 1: shouldn't need anyone else's consent to do it, otherwise she'll 503 00:30:35,400 --> 00:30:38,520 Speaker 1: allow the Parliament into that space. But here's a crucial 504 00:30:38,520 --> 00:30:41,840 Speaker 1: and again underappreciated point. You'll hear on shows like this, 505 00:30:41,960 --> 00:30:44,160 Speaker 1: it said that there's a majority in the British Parliament 506 00:30:44,200 --> 00:30:46,960 Speaker 1: to stop a no deal Brexit. Now that is the 507 00:30:47,000 --> 00:30:48,960 Speaker 1: default of the moment. We're leaving the EU at the 508 00:30:49,000 --> 00:30:50,840 Speaker 1: end of March, whether we have a deal or not. 509 00:30:51,560 --> 00:30:53,959 Speaker 1: And in order to stop it, it's not good enough 510 00:30:53,960 --> 00:30:56,800 Speaker 1: to say as a majority against leaving with that majority 511 00:30:56,880 --> 00:30:59,160 Speaker 1: has to coalesce around one of the options, either an 512 00:30:59,160 --> 00:31:03,160 Speaker 1: alternative deal or delaying Brexit, or asking you to delay Brexit, 513 00:31:03,280 --> 00:31:05,360 Speaker 1: or a general election or a referendum. At the moment, 514 00:31:05,440 --> 00:31:07,800 Speaker 1: the parliament's quite divided, so you know, I would say, 515 00:31:08,120 --> 00:31:11,760 Speaker 1: looking at financial markets, you've got a price in the 516 00:31:12,000 --> 00:31:14,600 Speaker 1: tail risk that Britain does leave without a deal, and 517 00:31:14,640 --> 00:31:17,680 Speaker 1: then you have to say, increasingly likely the Britain is 518 00:31:17,680 --> 00:31:19,920 Speaker 1: going to remain in the EU at the end of March. 519 00:31:20,120 --> 00:31:21,400 Speaker 1: I don't know how many people have told you this, 520 00:31:21,440 --> 00:31:23,960 Speaker 1: but you sound a little like Jeremy Corbyn. Isn't that 521 00:31:24,000 --> 00:31:27,120 Speaker 1: Jeremy Corban. No one has ever told me that. Isn't 522 00:31:27,160 --> 00:31:30,560 Speaker 1: that Jeremy I think Corbyn is. You know, he's partly 523 00:31:30,560 --> 00:31:34,240 Speaker 1: being what all opposition leaders are there to cause trouble 524 00:31:34,280 --> 00:31:35,920 Speaker 1: for the government, and of course sitting on a very 525 00:31:35,960 --> 00:31:39,760 Speaker 1: divided party himself unwilling to come to a single conclusion. 526 00:31:39,880 --> 00:31:42,240 Speaker 1: The problem with delaying, I'm telling you what I think 527 00:31:42,320 --> 00:31:45,000 Speaker 1: is going to happen. Problem with delaying is it it 528 00:31:45,040 --> 00:31:47,920 Speaker 1: doesn't actually confront the choice Britain now needs to make. 529 00:31:48,600 --> 00:31:50,560 Speaker 1: It puts it off, of course, and that's why it's 530 00:31:50,560 --> 00:31:52,960 Speaker 1: a convenient bucket for people to go into. But I 531 00:31:53,000 --> 00:31:56,760 Speaker 1: think we are unless and I'm quite I think I'm 532 00:31:56,880 --> 00:32:01,440 Speaker 1: quite pessthemistic about this. Unless somehow we can construct some 533 00:32:02,160 --> 00:32:05,520 Speaker 1: kind of deal which takes Britain out of the EU 534 00:32:05,600 --> 00:32:07,800 Speaker 1: but keeps us in things like the European Economic Erea, 535 00:32:07,880 --> 00:32:09,640 Speaker 1: which I, by the way, would think is a fairer 536 00:32:09,640 --> 00:32:12,320 Speaker 1: reflection of a vote that split the country in half. 537 00:32:12,880 --> 00:32:14,880 Speaker 1: Then we're going to be confronted with the only way 538 00:32:14,920 --> 00:32:17,920 Speaker 1: to stop leaving the EAR without a deal, which is 539 00:32:18,040 --> 00:32:21,840 Speaker 1: stopping Brexit. How do we then look to the arch 540 00:32:21,920 --> 00:32:25,440 Speaker 1: Brexiteers I'm going to mention Boris Johnson as well, who 541 00:32:25,480 --> 00:32:28,280 Speaker 1: say we have a nostalgia in a vision for doing 542 00:32:28,320 --> 00:32:32,240 Speaker 1: our own trade deals, doing being unilateral in our view 543 00:32:32,280 --> 00:32:35,680 Speaker 1: of the world, literally harkening back to the Empire, if 544 00:32:35,720 --> 00:32:41,040 Speaker 1: you will. Nonsense, it's nonsense, but they have a certain mass. 545 00:32:41,200 --> 00:32:44,160 Speaker 1: How much would you gauge as an enormous great billboard 546 00:32:44,360 --> 00:32:46,520 Speaker 1: on the side of the big hotel here in Davos, 547 00:32:46,560 --> 00:32:49,320 Speaker 1: which is sponsored paypful that of the British taxpayer, which 548 00:32:49,360 --> 00:32:52,360 Speaker 1: is Britain is the sponsor of free trade. If we 549 00:32:52,440 --> 00:32:54,680 Speaker 1: leave the U without a deal, we are engaging in 550 00:32:54,720 --> 00:32:57,200 Speaker 1: the biggest act of protectionism in the entire history of 551 00:32:57,240 --> 00:32:59,520 Speaker 1: the United Kingdom's got nothing to do with free trade. 552 00:32:59,840 --> 00:33:04,800 Speaker 1: It's about erecting trade barriers with our nearest and biggest people. 553 00:33:04,880 --> 00:33:06,960 Speaker 1: Some people that George would say that the European Union 554 00:33:07,120 --> 00:33:10,400 Speaker 1: it'sself embodied staff it is the protectionist regime in the 555 00:33:10,400 --> 00:33:11,880 Speaker 1: ice of many people. In fact, in the eyes of 556 00:33:11,880 --> 00:33:13,400 Speaker 1: many people that voted to leave, that is what the 557 00:33:13,400 --> 00:33:16,480 Speaker 1: European Union stands for. You're either in our club and 558 00:33:16,560 --> 00:33:18,680 Speaker 1: that's great and you can enjoy the benefits of that. 559 00:33:18,720 --> 00:33:21,080 Speaker 1: But if you're outside of it, go fish. You're on 560 00:33:21,120 --> 00:33:23,440 Speaker 1: your own. And aren't we living that at the moment? 561 00:33:23,480 --> 00:33:25,360 Speaker 1: Aren't we finding out that that's what the European Union 562 00:33:25,400 --> 00:33:29,080 Speaker 1: stands for. Well, I would argue that these are countries 563 00:33:29,120 --> 00:33:32,200 Speaker 1: like France, Germany, these are our biggest export markets were 564 00:33:32,240 --> 00:33:34,760 Speaker 1: in a free trade zone with them. I'm all for 565 00:33:34,800 --> 00:33:37,760 Speaker 1: the EU doing trade deals with America, Japan which has 566 00:33:37,800 --> 00:33:40,640 Speaker 1: just been concluded, China, even the United Kingdom to a 567 00:33:40,680 --> 00:33:42,600 Speaker 1: trade deal with the United States of America. Well, I 568 00:33:42,680 --> 00:33:44,640 Speaker 1: think the first priority is to have a trade deal 569 00:33:44,680 --> 00:33:47,080 Speaker 1: with our nearest neighbors, which were about to tear up 570 00:33:47,680 --> 00:33:50,480 Speaker 1: if we leave without a deal. And then, you know, 571 00:33:50,560 --> 00:33:53,720 Speaker 1: the European Union is the best platform through which you 572 00:33:53,760 --> 00:33:55,719 Speaker 1: can get a good trade deal with the US, and 573 00:33:55,800 --> 00:33:58,320 Speaker 1: you know, things like permanent membership with the customs you 574 00:33:58,840 --> 00:34:02,520 Speaker 1: could have been a route to a deal that more 575 00:34:02,600 --> 00:34:05,160 Speaker 1: MPs would have supported. The first time I saw your government, 576 00:34:05,160 --> 00:34:07,440 Speaker 1: you were in minority. Remember David Kerman. It was two 577 00:34:07,440 --> 00:34:10,160 Speaker 1: swords lanes apart in the House of Commons and David 578 00:34:10,239 --> 00:34:14,320 Speaker 1: Karen was going against Gordon Brown and it wasn't like America. 579 00:34:14,440 --> 00:34:19,120 Speaker 1: Are you advantaged or disadvantaged that Jeremy Corbyn is Labor 580 00:34:19,200 --> 00:34:23,080 Speaker 1: Party head? Would this debate be radically different if there 581 00:34:23,120 --> 00:34:26,319 Speaker 1: was a different leader of the minority party. Well, the 582 00:34:26,360 --> 00:34:29,400 Speaker 1: answer is yes. And it's very sad for those of 583 00:34:29,719 --> 00:34:32,680 Speaker 1: us who care about a parliamentary democracy in our country's 584 00:34:32,719 --> 00:34:36,040 Speaker 1: reputation that Labor is not led by a much more 585 00:34:36,080 --> 00:34:38,759 Speaker 1: moderate social democrat of the kind of has led the 586 00:34:38,800 --> 00:34:40,839 Speaker 1: labor body for all of my lifetime. I think if 587 00:34:40,880 --> 00:34:43,480 Speaker 1: Labor had that kind of leader, well they'll probably now 588 00:34:43,520 --> 00:34:45,880 Speaker 1: be a labor government as it happens. But even if 589 00:34:45,880 --> 00:34:47,880 Speaker 1: there weren't a labor government right now, we would be 590 00:34:47,920 --> 00:34:50,880 Speaker 1: on the cusp of a big labor government with a 591 00:34:50,880 --> 00:34:54,440 Speaker 1: big majority. But we're not because the country is understandably 592 00:34:54,520 --> 00:34:57,000 Speaker 1: very nervous to Jeremy Corbyn, and ultimately in the country 593 00:34:57,000 --> 00:34:59,000 Speaker 1: doesn't want to have a choice. I don't think of 594 00:34:59,120 --> 00:35:02,640 Speaker 1: simply Jerry Aremy Corbyn or Jacob Riesmok. Who's the going 595 00:35:02,680 --> 00:35:05,319 Speaker 1: to of brexiteer type. You know there there is a 596 00:35:05,360 --> 00:35:08,600 Speaker 1: center there which is looking and waiting for its voice. Well, 597 00:35:08,680 --> 00:35:10,520 Speaker 1: let me give you a choice. What would be the 598 00:35:10,520 --> 00:35:14,800 Speaker 1: worst outcome for the UK economy a heart Brexit or 599 00:35:14,880 --> 00:35:17,359 Speaker 1: Jeremy Corbyn as the prime minister. Well, I think one 600 00:35:17,400 --> 00:35:18,799 Speaker 1: leads to the other, so I'm not sure they are 601 00:35:18,840 --> 00:35:21,719 Speaker 1: a choice. I think, you know, I think Brexit is 602 00:35:21,760 --> 00:35:24,920 Speaker 1: a what's the Brexit argument? It's globalization has failed you, 603 00:35:25,360 --> 00:35:27,960 Speaker 1: The elites have failed you. We need to completely change 604 00:35:28,000 --> 00:35:29,320 Speaker 1: the way we run the country for last for or 605 00:35:29,360 --> 00:35:31,759 Speaker 1: five years. That is Jeremy Corbyn's argument as well. So 606 00:35:31,880 --> 00:35:35,760 Speaker 1: Brexit opens the door to Corbyn. Corbyn would be very damaging, 607 00:35:35,760 --> 00:35:38,320 Speaker 1: of course, to Britain's reputation as a home of business 608 00:35:38,320 --> 00:35:41,439 Speaker 1: and free markets. But we're already doing an enormous amount 609 00:35:41,440 --> 00:35:44,680 Speaker 1: of damage by choosing to leave the EU and erect 610 00:35:44,800 --> 00:35:48,239 Speaker 1: a protectionist barriers and tear up a key feature of 611 00:35:48,280 --> 00:35:50,560 Speaker 1: the Western life. You're just joining us on Bloomberg Radio, 612 00:35:50,640 --> 00:35:54,360 Speaker 1: George Osborne with US journalist as well as we talked 613 00:35:54,360 --> 00:35:56,640 Speaker 1: the emotions of his United Kingdom. I want to turn 614 00:35:56,640 --> 00:36:01,120 Speaker 1: the journalism. I was thunderstruck by the vibrancy of London newspapers. 615 00:36:01,120 --> 00:36:04,359 Speaker 1: You're at the Evening Standard and just the cacophany there, 616 00:36:04,400 --> 00:36:07,279 Speaker 1: I would say, is radically different than what we have 617 00:36:07,880 --> 00:36:09,920 Speaker 1: in America, where there seems to be much more of 618 00:36:09,960 --> 00:36:13,680 Speaker 1: a sameness to it. Is the joy of British journalism 619 00:36:13,680 --> 00:36:16,279 Speaker 1: and print journalism is it is it at risk of 620 00:36:16,360 --> 00:36:19,279 Speaker 1: going away as it has in the United States. Well, 621 00:36:19,680 --> 00:36:22,600 Speaker 1: first was great fun editing a newspaper and for me, 622 00:36:22,800 --> 00:36:26,279 Speaker 1: you know, I found a fund and politics, I found 623 00:36:26,360 --> 00:36:28,680 Speaker 1: a great second career, and you know, I'm always trying 624 00:36:28,719 --> 00:36:31,279 Speaker 1: to speak for our many readers with the kind of 625 00:36:31,280 --> 00:36:34,040 Speaker 1: classic London newspaper have been for a hundred nine years, 626 00:36:34,120 --> 00:36:36,840 Speaker 1: and I want us to have a broader national readership. 627 00:36:37,040 --> 00:36:38,719 Speaker 1: I think in the end, you know, you've got to 628 00:36:38,760 --> 00:36:42,360 Speaker 1: make it entertaining. In when I was a kid in London, 629 00:36:42,640 --> 00:36:44,759 Speaker 1: the Evening Standard was the way you found out what 630 00:36:44,800 --> 00:36:46,560 Speaker 1: was going on in the world. These days you turn 631 00:36:46,600 --> 00:36:48,840 Speaker 1: on Bloomberg, right, you can get a collection that you 632 00:36:48,880 --> 00:36:51,880 Speaker 1: can come back. You can get a constant commentary on 633 00:36:51,960 --> 00:36:53,239 Speaker 1: what's going on in the world. So by the time 634 00:36:53,239 --> 00:36:55,680 Speaker 1: you pick up my newspaper in the afternoon, we'll know 635 00:36:56,520 --> 00:36:59,080 Speaker 1: this has happened in financial markets, or this plane has crashed, 636 00:36:59,160 --> 00:37:01,319 Speaker 1: or this government is full. And you know what we 637 00:37:01,400 --> 00:37:03,319 Speaker 1: can do is provide a context to it. We can 638 00:37:03,320 --> 00:37:06,200 Speaker 1: make it entertaining, We can inform you. So you cover 639 00:37:06,239 --> 00:37:09,080 Speaker 1: English football. We do cover English football, particularly my team 640 00:37:09,160 --> 00:37:12,799 Speaker 1: Chelsea really the other day and they didn't do so 641 00:37:12,800 --> 00:37:20,200 Speaker 1: well with a cab drum Thomas and I like the Tots, 642 00:37:20,360 --> 00:37:23,080 Speaker 1: or like this team or the bubbles bubble got are 643 00:37:23,080 --> 00:37:25,680 Speaker 1: you thinking of west Ham? Was Ham? Yes? And the 644 00:37:25,719 --> 00:37:29,520 Speaker 1: cab drivers lecturing me on our Arsenal. Is that crush 645 00:37:30,360 --> 00:37:32,680 Speaker 1: It was the Cabby that predicted the outcome. Yes, how 646 00:37:32,719 --> 00:37:35,440 Speaker 1: we got a big Tottenham v. Chelsea game on Thursday 647 00:37:35,480 --> 00:37:37,640 Speaker 1: night which I'm going home for. Are you you're leaving? 648 00:37:38,000 --> 00:37:41,080 Speaker 1: This is a surveillance pre exclusive George Osbourne leaving a 649 00:37:41,080 --> 00:37:43,880 Speaker 1: happy valley to go home for the game. Final question, 650 00:37:44,520 --> 00:37:48,359 Speaker 1: is the a road back into politics for George Osbourne? Yes, 651 00:37:48,440 --> 00:37:50,480 Speaker 1: there might well be, but at the moment I'm enjoying 652 00:37:50,520 --> 00:37:52,200 Speaker 1: my life outside and I don't want to go back, 653 00:37:53,160 --> 00:37:56,920 Speaker 1: you know, to this current situation. You know, I want 654 00:37:56,920 --> 00:37:59,600 Speaker 1: to work on things that are building up our country's reputation, 655 00:37:59,640 --> 00:38:01,680 Speaker 1: not to me. So you're waiting for this to get 656 00:38:01,760 --> 00:38:04,560 Speaker 1: cleaned up, and then I'm very like I had a 657 00:38:04,680 --> 00:38:07,800 Speaker 1: very lucky career in past, became chance to work with 658 00:38:07,840 --> 00:38:10,640 Speaker 1: a primary very young age as well. Yeah it was, 659 00:38:11,400 --> 00:38:12,920 Speaker 1: you know, and I like with David Cameron and a 660 00:38:12,960 --> 00:38:15,120 Speaker 1: team I really and who we were all, you know, 661 00:38:15,600 --> 00:38:18,600 Speaker 1: a happy band of brothers and sisters. You know, that's 662 00:38:18,600 --> 00:38:20,919 Speaker 1: not British politics at the moment. So I would take 663 00:38:20,920 --> 00:38:23,759 Speaker 1: some persuading that I give up what I'm doing now 664 00:38:23,800 --> 00:38:26,840 Speaker 1: to go back to that. Georgeos greater catch the former 665 00:38:27,000 --> 00:38:30,920 Speaker 1: UK Chancellor of the Exchequer and a Chelsea fan who 666 00:38:31,000 --> 00:38:34,560 Speaker 1: knew that there in London right Westley were blue. Do 667 00:38:34,600 --> 00:38:35,960 Speaker 1: you know what? We go back and forth on this 668 00:38:36,040 --> 00:38:40,800 Speaker 1: so much West London, Chelsea, East London, West North London 669 00:38:41,520 --> 00:38:49,640 Speaker 1: and Crystal South London's Crystal Palace. Okay, well I knew 670 00:38:49,680 --> 00:38:53,880 Speaker 1: they were sort of there. Liverpool. Yeah, well most London 671 00:38:53,880 --> 00:38:57,879 Speaker 1: clubs must say this. And this happened this weekend while 672 00:38:57,920 --> 00:38:59,879 Speaker 1: I was in I think I was in. I guess 673 00:39:00,000 --> 00:39:03,000 Speaker 1: it was in London. You guys do it right, because 674 00:39:03,040 --> 00:39:05,000 Speaker 1: you know, I kid you about how guys fall down 675 00:39:05,000 --> 00:39:07,840 Speaker 1: and all that. The fiasco in the National Football League 676 00:39:08,200 --> 00:39:12,080 Speaker 1: over the last week and those two very flawed football 677 00:39:12,160 --> 00:39:14,560 Speaker 1: games make you guys look like Tom likes the fact 678 00:39:14,600 --> 00:39:16,600 Speaker 1: that the clock still run. The clock still goes, and 679 00:39:16,600 --> 00:39:19,240 Speaker 1: they don't stop the game and go back to the decision. 680 00:39:20,480 --> 00:39:24,840 Speaker 1: That was brilliant. But that's real. Seriously, anitating George Osborne 681 00:39:24,880 --> 00:39:28,000 Speaker 1: and the Patriots. Well, can we make some news here 682 00:39:28,239 --> 00:39:31,920 Speaker 1: Rams or Patriots? Oh well, you got about the Patriots, 683 00:39:31,920 --> 00:39:33,600 Speaker 1: haven't in this contest? I don't know. To me, it's 684 00:39:33,600 --> 00:39:35,800 Speaker 1: like Chelsea the Tarts. I don't have a clue we 685 00:39:35,880 --> 00:39:41,279 Speaker 1: get you saying spurs Spurs Tom Keay alongside me. I'm 686 00:39:41,360 --> 00:39:44,319 Speaker 1: Jonathan Thorow here in Davil, Switzerland, at the World Economic Forum. 687 00:39:44,360 --> 00:39:53,319 Speaker 1: A special thanks to George Osborne. Thanks for listening to 688 00:39:53,360 --> 00:39:57,920 Speaker 1: the Bloomberg Surveillance podcast. Subscribe and listen to interviews on 689 00:39:57,960 --> 00:40:03,799 Speaker 1: Apple Podcasts, SoundCloud, or whichever podcast platform you prefer. I'm 690 00:40:03,840 --> 00:40:07,160 Speaker 1: on Twitter at Tom Keene before the podcast. You can 691 00:40:07,200 --> 00:40:10,360 Speaker 1: always catch us worldwide. I'm Bloomberg Radio