WEBVTT - Bloomberg Businessweek Weekend - March 18th, 2022 0:00:01.080 --> 0:00:05.440 This is Bloomberg Business Week Inside from the reporters and 0:00:05.600 --> 0:00:09.200 editors who bring you America's most trusted business magazine, plus 0:00:09.240 --> 0:00:13.160 global business, finance and tech news as it happens. Bloomberg 0:00:13.240 --> 0:00:16.759 Business Week with Carol Messier and Bloomberg Quick Takes Tim 0:00:16.800 --> 0:00:21.360 Stinovic on Bloomberg Radio. Hi, everyone, Welcome to the weekend 0:00:21.520 --> 0:00:24.560 edition of Bloomberg Business Week. The war in Ukraine still 0:00:24.640 --> 0:00:28.040 top of mind, fitcher J. Powell, even citing its various 0:00:28.120 --> 0:00:30.600 ripple effects this week, as the U saw interest rates 0:00:30.640 --> 0:00:34.160 hyped for the first time since and beyond the devastating 0:00:34.159 --> 0:00:38.080 impact of Vladimir Putin's assault on a neighboring nation, Russia's 0:00:38.120 --> 0:00:41.879 economy is taking under the weight of international sanctions, as 0:00:41.880 --> 0:00:44.720 well as the mass exodus of thousands of the country's 0:00:44.760 --> 0:00:47.680 brightest minds. Russia's brain drain is the subject of our 0:00:47.720 --> 0:00:51.040 international cover story. We'll get to that in just a bit, 0:00:51.159 --> 0:00:54.280 along with how investors are looking at Europe and China's 0:00:54.360 --> 0:00:57.600 endgame in the midst of ongoing combat. All that to come. 0:00:57.680 --> 0:00:59.840 We begin, though, with a story from this week's To 0:01:00.040 --> 0:01:04.160 Knowlogy section. Nick Clegg is a former UK Deputy Prime Minister, 0:01:04.400 --> 0:01:07.880 who's now president of Global Affairs at Meta Platforms, and 0:01:07.920 --> 0:01:10.320 he's the one dealing with the latest crisis at the company, 0:01:10.560 --> 0:01:13.920 the social networking giants Russia problem. From More, we turn 0:01:14.040 --> 0:01:16.720 to Blueberg News technology reporter Kurt Wagner to help us 0:01:16.760 --> 0:01:19.440 understand why he has so much on his plate. We're 0:01:19.440 --> 0:01:23.280 talking about Nick Clegg with that geopolitical tensions flaring and 0:01:23.760 --> 0:01:26.520 kind of also has us wondering, Tim, where's Mark Zuckerberg 0:01:26.600 --> 0:01:31.080 and Cheryl Sandberg? And Nick Clegg is basically the head 0:01:31.080 --> 0:01:35.440 of all policies at Facebook. So anytime you think about misinformation, 0:01:35.560 --> 0:01:40.480 you think about relationships with governments, uh speech, right, Like 0:01:40.480 --> 0:01:43.720 what's allowed on Facebook and Instagram what's not? These are 0:01:43.800 --> 0:01:46.959 policy decisions and now all of those roll up to 0:01:47.280 --> 0:01:49.440 Nick Clegg, and he is kind of the final word, 0:01:50.080 --> 0:01:54.120 um on what Facebook and Meta do in those instances. 0:01:54.160 --> 0:01:57.200 And obviously that's a lot of different things, especially as 0:01:57.240 --> 0:02:00.160 we get ramping up here on another US election, and 0:02:00.240 --> 0:02:03.240 you can imagine that all of these decisions are pretty consequential, 0:02:03.640 --> 0:02:06.320 and um, he's now the guy in charge of all that. 0:02:06.520 --> 0:02:09.079 All right, what's up with Cheryl and Zack? Yeah, Well 0:02:09.080 --> 0:02:11.920 they're still there for those wondering and and this has 0:02:11.960 --> 0:02:15.400 always been a kind of two headed monster at Facebook, right, 0:02:15.400 --> 0:02:19.480 it was it was Mark Zuckerberg handling the product and 0:02:19.600 --> 0:02:23.840 Cheryl Sandberg handling the business. But then after the election, 0:02:24.320 --> 0:02:26.240 all of these policy issues I was just talking about 0:02:26.320 --> 0:02:29.360 really um reared their head for for kind of the 0:02:29.400 --> 0:02:32.680 first time, and so they took off, Like Cheryl kind 0:02:32.720 --> 0:02:35.919 of started addressing a lot of this. Mark obviously got 0:02:36.000 --> 0:02:38.000 much more involved. We started hearing from him on all 0:02:38.080 --> 0:02:41.640 these different issues around politics and policy. And over the 0:02:41.680 --> 0:02:43.919 last you know, a couple of years, what they've realized 0:02:44.000 --> 0:02:47.280 is one, neither of them are necessarily something that they 0:02:47.320 --> 0:02:49.480 want to do. This is not a job that's very fun. 0:02:49.840 --> 0:02:52.720 And number two, they've become so unpopular in a lot 0:02:52.760 --> 0:02:56.280 of ways that their message. Facebook's message is often getting 0:02:56.320 --> 0:02:59.120 lost simply because of who's delivering it. Right, So, anytime 0:02:59.160 --> 0:03:02.760 Mark Zuckerberg says something, people have a strong opinion about him, 0:03:02.760 --> 0:03:05.360 regardless of what he's saying. And I think part of 0:03:05.400 --> 0:03:08.160 that is, you know why Nick Clegg is now the 0:03:08.200 --> 0:03:10.080 face of all this stuff. So how did this come 0:03:10.080 --> 0:03:13.040 into sharp relief? And look not just during the Trump administration, 0:03:13.080 --> 0:03:14.840 because I think that was the name that Nick Clegg 0:03:14.919 --> 0:03:16.560 was a name that people became familiar with that and 0:03:16.560 --> 0:03:19.280 even if they weren't following British politics before. But with 0:03:19.360 --> 0:03:21.799 Russia's invasion of Ukraine in late February, how does it 0:03:21.840 --> 0:03:25.360 all come to ahead? Yeah, so the timing is pretty incredible, really, 0:03:25.560 --> 0:03:29.639 Um Meta promoted Nick Clegg on I believe was February six, 0:03:30.480 --> 0:03:33.960 Um so just a month ago to the day. And uh, 0:03:34.320 --> 0:03:37.080 at that point Mark Zuckerberg said, Hey, he's the last 0:03:37.120 --> 0:03:39.120 word on all of these big things. You know, if 0:03:39.120 --> 0:03:41.360 you have an issue, to take it to Nick. About 0:03:41.360 --> 0:03:45.320 a week later, Russia invades Ukraine and suddenly, um, you know, 0:03:45.440 --> 0:03:48.280 here's Nick one week into his his new fancy job, 0:03:48.880 --> 0:03:52.559 and um you know, he's back channeling with the Ukrainian 0:03:52.960 --> 0:03:56.480 UH President Zelenski and his staff. He's talking with Russian 0:03:56.480 --> 0:04:00.120 regulators trying to kind of navigate this whole thing. Um 0:04:00.120 --> 0:04:02.840 in in the first big challenge that happens immediately after 0:04:03.040 --> 0:04:06.520 he gets this promotion, and so the story really kind 0:04:06.520 --> 0:04:08.680 of looks at how these first couple of weeks have 0:04:08.760 --> 0:04:10.520 gone for him. We actually got a chance to sit 0:04:10.560 --> 0:04:12.600 down and interview him for this. It was his first 0:04:12.640 --> 0:04:16.640 interview since getting that promotion, and um, you know, I 0:04:16.720 --> 0:04:19.600 just think it's kind of a timely look at who 0:04:19.640 --> 0:04:22.680 this guy is and why he suddenly has, you know, 0:04:22.720 --> 0:04:25.279 one of the most important jobs in tech. So so 0:04:25.360 --> 0:04:27.800 help me out here, Kurt, because in your story you're 0:04:27.880 --> 0:04:30.560 right met His critics called the announcement when he was 0:04:30.839 --> 0:04:32.880 named a little more than a public relations move. Yet 0:04:32.880 --> 0:04:35.640 at the same time you say that he's the one 0:04:35.680 --> 0:04:38.960 who's been Cleggett Nick clegg has been talking to Russian officials, 0:04:39.320 --> 0:04:42.279 He's the one who has talked with President Zelinsky. So 0:04:42.720 --> 0:04:45.320 I don't know, how do you see it? Well, I 0:04:45.320 --> 0:04:47.919 I don't think that it's just a pr thing. I 0:04:47.960 --> 0:04:50.320 think he truly is making a lot of these decisions. 0:04:50.440 --> 0:04:52.120 And it was actually a question that I got to 0:04:52.160 --> 0:04:55.680 ask him, Um, I brought up that criticism. I said, 0:04:55.720 --> 0:04:58.600 what would you say the people who you know are 0:04:58.680 --> 0:05:01.239 you you? You just got promoted to be um, someone 0:05:01.240 --> 0:05:03.480 to take all the heat off of your bosses, you know. 0:05:03.600 --> 0:05:07.640 And he said, Look, if I wasn't actually wielding any 0:05:07.680 --> 0:05:10.640 power internally, if I didn't actually have any control over 0:05:10.800 --> 0:05:12.800 the things that I had to go out and then defend, 0:05:13.200 --> 0:05:15.000 then yeah, this wouldn't be a very good job. And 0:05:15.040 --> 0:05:17.279 it's not one that I would have accepted, but he says, 0:05:17.600 --> 0:05:20.360 you know, he's willing to take that heat because he's 0:05:20.440 --> 0:05:22.960 the one making these decisions, and as a former politician, 0:05:23.360 --> 0:05:26.920 he's not, you know, unfamiliar with people paying angry at 0:05:27.000 --> 0:05:29.920 him no matter what he does. Yeah, it's it's I mean, look, 0:05:29.920 --> 0:05:33.400 it's not it's not a job for everyone, obviously, you know, 0:05:33.440 --> 0:05:35.280 making but but it is if you think about it. 0:05:35.320 --> 0:05:36.880 And that's why you see so many people who have 0:05:36.920 --> 0:05:40.120 worked in politics take on these policy type positions help 0:05:40.200 --> 0:05:44.159 us think forward beyond Ukraine, beyond um Russia's invasion of 0:05:44.240 --> 0:05:46.440 Ukraine and the challenges that that Clegg has in front 0:05:46.440 --> 0:05:48.119 of him when it comes to regulators in the United 0:05:48.120 --> 0:05:50.480 States and in Europe. Yeah, of course, well, I mean 0:05:50.520 --> 0:05:54.640 we there's some data transfer regulations happening in Europe right now, 0:05:54.720 --> 0:05:57.240 or discussions i should say, around data transfer. That's very 0:05:57.279 --> 0:06:00.360 important and that Facebook has been vocal of out. I 0:06:00.680 --> 0:06:03.640 think the election here in the US, of course, mid 0:06:03.800 --> 0:06:05.960 terms are coming up, and they're going to be dealing 0:06:06.040 --> 0:06:07.880 with all of the same issues that they dealt with 0:06:07.920 --> 0:06:10.920 in right How how do they want to handle back 0:06:11.040 --> 0:06:13.480 checking the political post, how do they want to handle 0:06:13.880 --> 0:06:17.400 advertisements from candidates. Right, Um, these are all the issues 0:06:17.440 --> 0:06:20.320 that haven't gone away, um in the last couple of years. 0:06:20.640 --> 0:06:23.920 That was Bloomberg News Technology reporter Kurt Wagner. Up next, 0:06:23.920 --> 0:06:27.240 our editors round table on why many Russian citizens are 0:06:27.279 --> 0:06:30.440 trying to outrun Vladimir Putin's war and then back here 0:06:30.480 --> 0:06:32.400 at home in the US, a big idea for closing 0:06:32.440 --> 0:06:35.960 America's wealth gap. Will dive into our special equality issue. 0:06:36.200 --> 0:06:38.719 Plus later we'll check in with a pair of innovators 0:06:38.839 --> 0:06:41.680 Segue inventor Dean came In and his mission to bring 0:06:41.760 --> 0:06:45.360 robotics to kids. It's the subject of a new Disney documentary, 0:06:45.680 --> 0:06:48.719 also Shark Tank. Start Damon John Back's a new immersive 0:06:48.880 --> 0:06:51.320 entertainment platform. Makes me wonder if you put the two together, 0:06:51.360 --> 0:06:53.080 what would we get? Would we get a segue in 0:06:53.120 --> 0:06:57.720 the mediv robotic of something robotic in the metaverse? Absolutely, 0:06:57.839 --> 0:07:00.880 it is coming. You're listening to Bloomberg Business Week. This 0:07:01.040 --> 0:07:13.920 is Bloomberg. This is Bloomberg Business Week with Carol Messer 0:07:14.160 --> 0:07:19.680 and Bloomberg Quick Takes. Tim Stinovik from Bloomberg Radio. Russia's 0:07:19.680 --> 0:07:22.280 war in Ukraine will scarre Eastern Europe for years to come, 0:07:22.320 --> 0:07:25.160 with a death toll climbing daily and millions of people 0:07:25.160 --> 0:07:28.040 being uprooted from their homes. And it's not just Ukrainians 0:07:28.080 --> 0:07:30.400 who are trying to outrun the violence. For the second 0:07:30.400 --> 0:07:33.080 time in less than a decade of Vladimir Putin's aggression 0:07:33.120 --> 0:07:35.640 has sparked an exodus from his own country. In our 0:07:35.760 --> 0:07:38.760 editor's Roundtable this week, we spotlight both our domestic and 0:07:38.800 --> 0:07:42.280 international cover stories. First up, Business Week editor Joe Weber 0:07:42.280 --> 0:07:46.560 and Bloomberg News automation editor and opinion columnist Leonid Burschitzky 0:07:46.800 --> 0:07:51.480 explained Russia's new brain drain. As the war has dragged on, 0:07:52.240 --> 0:07:54.520 We've been continually looking for ways that we can talk 0:07:54.560 --> 0:07:57.800 about things that are interesting and forward spinning and have 0:07:58.120 --> 0:08:02.400 global economic complications in and this one really is a 0:08:02.440 --> 0:08:08.040 personal story of Leonid, who himself had left Russia. UM. 0:08:08.080 --> 0:08:11.000 And one of the takeaways from this there's been multiple 0:08:11.080 --> 0:08:16.240 waves of a Putin exodus, as it's been coined before 0:08:16.880 --> 0:08:21.960 over decades. UM. Obviously this is no exception, and anyone 0:08:22.080 --> 0:08:24.960 who is talented is attempting to find a way out 0:08:25.400 --> 0:08:29.360 of the country. UM. In total, the number that UM 0:08:29.440 --> 0:08:33.400 leon had included in here over time is somewhere between 0:08:33.480 --> 0:08:36.600 one point six million and two million. That number comes 0:08:36.640 --> 0:08:41.960 from two thousand nineteen, so in excess, two million immigrants 0:08:42.000 --> 0:08:46.720 have left Russia on his watch. That right now what 0:08:46.760 --> 0:08:50.079 we're seeing is is going to have real implications because 0:08:50.760 --> 0:08:54.640 Russia probably had a pretty good thing going for it 0:08:54.679 --> 0:08:59.040 with talent still, but after this wave, the opportunities feel 0:08:59.080 --> 0:09:01.240 like they're going to be outside of the country. So 0:09:01.400 --> 0:09:05.200 so lean it as someone who has been in the 0:09:05.240 --> 0:09:09.400 country has seen the things that we haven't seen. What 0:09:09.440 --> 0:09:12.560 does it feel like right now as you're watching this 0:09:12.600 --> 0:09:16.400 wave exit, Well, I probably know more people in Key 0:09:16.440 --> 0:09:19.560 of who are refusing to leave the city now than 0:09:19.600 --> 0:09:24.920 in Moscow. Like pretty much everyone that I knew there 0:09:25.080 --> 0:09:30.920 has left pretty hastily in uh in recent days those 0:09:30.960 --> 0:09:36.680 that hadn't left before. And uh, you know, my phone 0:09:36.679 --> 0:09:41.640 book is growing useless. Um, and I just need to 0:09:41.679 --> 0:09:44.880 get new numbers for all these people in Yerevan and 0:09:45.040 --> 0:09:49.800 de Lussi and Istanbul and this kick and you know, 0:09:50.000 --> 0:09:56.440 and not not to speak about European capitals in the US. 0:09:56.480 --> 0:10:00.880 This is really, you know, not a immigration where uh, 0:10:01.000 --> 0:10:05.240 like we've seen before, this is a stampede. What really 0:10:05.240 --> 0:10:10.840 struck me about your column, Leonid, is that historically, you know, 0:10:11.040 --> 0:10:13.920 in our lifetimes, the men and women who have left Russia, 0:10:13.920 --> 0:10:17.720 they don't leave Russia to look for a more comfortable 0:10:17.960 --> 0:10:23.040 life the same way that other emigration happens. Um, they're 0:10:23.040 --> 0:10:26.600 looking to find freedom and intellectual property as as you right. 0:10:27.040 --> 0:10:30.199 Talk a little bit about how you've seen that play out. Well. 0:10:30.440 --> 0:10:34.200 The wave that left in the early nine nineties after 0:10:34.240 --> 0:10:36.839 the breakup of the Soviet Union was kind of traditional 0:10:37.000 --> 0:10:41.079 left way, and people were looking for that are living conditions, 0:10:41.880 --> 0:10:47.880 more comfortable lifestyle, more money, that sort of thing. The 0:10:47.960 --> 0:10:53.760 people who lived, especially in the West fifteen years, are 0:10:53.840 --> 0:10:58.240 people who already had a reasonably comfortable life in Russia, 0:10:58.280 --> 0:11:02.920 and we're making high salaries, some of them movement by 0:11:02.920 --> 0:11:08.640 Western standards. Uh. These are people who worked in um, 0:11:09.840 --> 0:11:16.400 you know, pretty prestigious areas of research, the media, the 0:11:16.520 --> 0:11:21.040 software industry, UM, you know, all sorts of profession like 0:11:21.559 --> 0:11:27.000 people who in the arts, lawyers, people who made decent 0:11:27.160 --> 0:11:33.839 amounts of money and sometimes um, we're even wealthy entrepreneurs. 0:11:35.360 --> 0:11:39.719 The reason they lift is, yes, like to said, the 0:11:40.040 --> 0:11:45.640 lack of freedom and the difficulty of difficulty of expressing 0:11:45.640 --> 0:11:50.920 yourself under an increasingly repressive regime. That's Bloomberg News Automation 0:11:51.040 --> 0:11:54.680 editor and opinion columnist Leonide Burschitski on the international cover 0:11:54.760 --> 0:11:57.600 story along with Joe Weber found it in the Remark section. 0:11:57.960 --> 0:12:01.440 This week also marks the release of bloom exannual Equality Issue. 0:12:01.600 --> 0:12:04.840 Our domestic cover story is about so called baby bonds 0:12:04.880 --> 0:12:07.640 in the fight to close America's racial wealth gap. We 0:12:07.720 --> 0:12:10.800 continue with the editor's roundtable this week, where Joel, Carol 0:12:10.840 --> 0:12:13.880 and I break down the equality coverage with Rebecca Greenfield. 0:12:14.040 --> 0:12:17.360 She's Bloomberg News Equality team leader. This has been talked 0:12:17.400 --> 0:12:20.800 about for a while, especially on sort of a federal level, 0:12:20.800 --> 0:12:23.920 but quietly on a state level. It's happening. It's not 0:12:23.960 --> 0:12:28.520 happening on a federal level, but between Connecticut, Washington, Washington, 0:12:28.679 --> 0:12:33.400 d C. There are little signs that, hey, people, lawmakers, 0:12:33.520 --> 0:12:36.800 bipartisan effort to actually get this done and what it 0:12:36.840 --> 0:12:39.800 would look like, what's beginning to look like, is basically 0:12:39.800 --> 0:12:44.200 a trust fund for underprivileged newborns. So the moment that 0:12:44.200 --> 0:12:48.160 that kid becomes eight team, they actually have money in 0:12:48.200 --> 0:12:50.920 a way that they wouldn't have everwise had before that 0:12:51.200 --> 0:12:54.520 gives them an equal footing to perhaps do things that 0:12:54.679 --> 0:12:58.440 other people with money would be doing. Right, Becca, what 0:12:58.520 --> 0:13:01.240 were some of the other story in the package that 0:13:01.480 --> 0:13:04.000 you felt really hit that theme as well? Yeah, so 0:13:04.360 --> 0:13:08.520 the Baby Bonds cover story, of course, really gets at that. UM, 0:13:08.600 --> 0:13:10.640 but all the stories we tried to look at it 0:13:10.720 --> 0:13:13.480 through what what's changing, what's happening, or what are people 0:13:13.520 --> 0:13:17.000 trying to change? So um one of our stories by 0:13:17.360 --> 0:13:21.520 um Our labor reporter josh Idolson looked at this movement 0:13:21.679 --> 0:13:25.439 that is gaining steam and seems like it will realistically 0:13:25.440 --> 0:13:30.360 happen to expand workplace protections to people who are discriminated 0:13:30.360 --> 0:13:35.000 against her being overweight, which is perfect. There aren't clear 0:13:35.160 --> 0:13:38.800 laws spanning that right now, which I think many people 0:13:38.880 --> 0:13:41.920 myself included would find surprising. You know, there he There 0:13:41.920 --> 0:13:43.800 are lots of people who have stories where you know 0:13:43.880 --> 0:13:47.800 they're managers or bosses. They you know, you gained weight, 0:13:47.960 --> 0:13:52.679 what happened? People generally think of overweight and fat people 0:13:52.760 --> 0:13:55.920 as lazy and unable to do their jobs. Um. A 0:13:55.960 --> 0:13:59.240 lot of this happens in the retail space. So retailers 0:13:59.520 --> 0:14:01.800 want their workers to have a certain look. They don't 0:14:01.800 --> 0:14:04.320 provide clothing that fits done but makes them wear the 0:14:04.360 --> 0:14:07.559 clothing of the brand. And so this push is coming 0:14:07.559 --> 0:14:10.320 from from the retail Union in New York to say 0:14:10.360 --> 0:14:14.280 there should be clear laws thing you can't discriminate against people, um, 0:14:14.360 --> 0:14:17.640 just for their weight. And it's kind of happening in 0:14:17.720 --> 0:14:19.600 tandem with a change, and I think of how the 0:14:19.640 --> 0:14:22.760 culture thinks of overweight people. Um. You know, of course 0:14:22.800 --> 0:14:25.160 there's still a lot of discrimination, but I think there's 0:14:25.200 --> 0:14:28.680 been this broader how that every size movement and greater 0:14:28.760 --> 0:14:34.840 acceptance that being fat isn't just necessarily even something people 0:14:34.840 --> 0:14:37.760 can control. Our thanks to Bloomberg News Equality team leader 0:14:37.800 --> 0:14:41.400 Rebecca Greenfield, business Week editor Joel Weber, and automation editor 0:14:41.440 --> 0:14:45.120 and opinion columnist Leonid Boschitzki for joining our editor's roundtable. 0:14:45.280 --> 0:14:48.480 Catch the entire conversation at Bloomberg dot com. Slash podcast 0:14:48.520 --> 0:14:51.320 still ahead on Bloomberg Business Week, how volatility and cyber 0:14:51.360 --> 0:14:53.880 warfare are affecting the outlook for a pair of heavyweights 0:14:53.880 --> 0:14:57.040 in a cloud services packed, The executives from Nasdack in 0:14:57.200 --> 0:15:00.840 Amazon Web Services That's Aws discussed the changing landscape for 0:15:01.000 --> 0:15:04.680 data in the capital markets. That's next. This is Bloomberg 0:15:10.080 --> 0:15:14.080 Broadcasting from the financial capital of the world. Bloomberg eleven 0:15:14.160 --> 0:15:18.760 Frio in New York to Washington, d C. Bloomberg to Boston, 0:15:18.840 --> 0:15:22.240 Bloomberg one oh six one to San Francisco, Bloomberg nine 0:15:22.360 --> 0:15:25.440 six to the country Sirius XM Chado one nine team, 0:15:25.520 --> 0:15:28.720 and around the globe the Bloomberg Business app and Bloomberg 0:15:28.800 --> 0:15:34.200 Radio dot com. This is Bloomberg Business Week. Back in December, 0:15:34.280 --> 0:15:37.480 NASTAC and a w S. Amazon Web Services announced a 0:15:37.560 --> 0:15:40.480 multi year partnership to build the next generation of cloud 0:15:40.600 --> 0:15:44.000 enabled infrastructure for the world's capital markets. Two key voices 0:15:44.040 --> 0:15:46.480 from that alliance are here now to break down how 0:15:46.520 --> 0:15:49.920 a surgeon volatility in war in Eastern Europe are shifting 0:15:49.920 --> 0:15:53.600 the business outlook for rub A Borno is Global Channel 0:15:53.640 --> 0:15:56.920 Chief at AWS and Lauren Dillard is Executive VP of 0:15:56.960 --> 0:16:00.560 Investment Intelligence over at NASDAC. We began our cam versation 0:16:00.640 --> 0:16:04.200 with Lauren talking about nasdacs adjustments in the midst of 0:16:04.280 --> 0:16:06.760 a lot of market turbulence. We sit in a really 0:16:06.840 --> 0:16:09.600 unique place in the ecosystem, so we sit in between 0:16:09.640 --> 0:16:13.480 asset managers and investors and corporates, and frankly, a lot 0:16:13.520 --> 0:16:17.760 of the needs around the clients we serve are unchanged. 0:16:17.880 --> 0:16:21.680 There they of course are changed from pressure, but you know, 0:16:21.760 --> 0:16:24.040 they still need to do business. They still need to 0:16:24.040 --> 0:16:28.120 make investments, They still need to do manager research, which 0:16:28.160 --> 0:16:30.840 is something that we provide in our technology. Our corporate 0:16:30.880 --> 0:16:34.960 listed clients still need to understand their investors. There's obviously 0:16:35.000 --> 0:16:37.920 a a push for more E s D disclosures. So 0:16:38.000 --> 0:16:41.240 all of kind of those business matters continue. We have 0:16:41.360 --> 0:16:44.040 a healthy pipeline of I P O s UM and 0:16:44.040 --> 0:16:47.520 it remains strong. But because of the market volatility, we 0:16:47.560 --> 0:16:49.960 could see some of those getting pushed out, so that 0:16:50.200 --> 0:16:51.800 we see a little bit of what I would call 0:16:51.840 --> 0:16:54.600 an adjustment. But the pipeline has been extraordinarily strong to 0:16:54.640 --> 0:16:57.040 start and you don't see any of that at this point, 0:16:57.120 --> 0:17:00.480 the pipeline backing off at this point, Lauren, mean you've 0:17:00.480 --> 0:17:03.320 seen some quality deals take place despite what you've seen 0:17:03.400 --> 0:17:05.760 with some of the pullback. But um, and there's still 0:17:05.800 --> 0:17:08.840 a lot of optimism and frankly, you know accessing the 0:17:08.840 --> 0:17:11.720 public markets. Um. But you know windows open and closed, 0:17:11.960 --> 0:17:14.480 and so the team that focuses on that, you know, 0:17:14.680 --> 0:17:16.880 stays with that pipeline. So ru But let me bring 0:17:16.920 --> 0:17:18.800 you in this kind of same thing. I mean, like 0:17:18.800 --> 0:17:20.520 we said, we asked all of our leaders who are 0:17:20.520 --> 0:17:24.040 coming on UM about the headlines. You know, one of 0:17:24.040 --> 0:17:26.600 the things that we are realizing or that we've seen 0:17:26.720 --> 0:17:29.680 certainly is that in this war, it's certainly a ground 0:17:29.680 --> 0:17:31.880 war and military war, but it's also a cyber war. 0:17:32.320 --> 0:17:35.840 And we have talked so much about cybersecurity. How are 0:17:35.840 --> 0:17:38.800 you guys at Amazon Web Services? Are you seeing any 0:17:38.880 --> 0:17:42.560 kind of breaches or increased act activity because of our 0:17:42.640 --> 0:17:46.640 following this war in Ukraine. It's such a good question. UM. 0:17:46.640 --> 0:17:50.200 While we're seeing an increasing activity of malicious state actors, 0:17:50.200 --> 0:17:54.520 were also just being higher operational tempo by other malicious actors, 0:17:54.560 --> 0:17:59.159 and we've seen several situations where malware has specifically targeted charities, 0:17:59.440 --> 0:18:03.040 NGOs and other aid organizations just to spread confusion and 0:18:03.280 --> 0:18:06.960 cause disruption. So this is an area where we are focused. 0:18:07.000 --> 0:18:10.280 We're continuing to work hard to protect these customers and 0:18:10.280 --> 0:18:12.639 we're going to continue to work closely with them UM 0:18:12.680 --> 0:18:15.040 as they carry out their much needed work to help 0:18:15.080 --> 0:18:17.760 those that are impacted by this terrible conflict. But that's 0:18:17.800 --> 0:18:21.040 absolutely a huge focus of ours is UH cybersecurity and 0:18:21.080 --> 0:18:23.840 supporting our customers there. So Ruba, what would you say 0:18:23.840 --> 0:18:26.479 to people listening right now. Who need to keep their 0:18:26.480 --> 0:18:28.439 own networks safe. What's the right way to do this 0:18:28.560 --> 0:18:31.600 in this environment? So our teams are continually learning from 0:18:31.600 --> 0:18:33.760 the intelligence that we collect, and I think that what 0:18:33.840 --> 0:18:37.160 we're working on with our customers is work with your 0:18:37.160 --> 0:18:41.400 account manager, security specialist, solution architects, and other technical professionals 0:18:41.440 --> 0:18:45.080 to constantly assess the threat landscape that you have, the 0:18:45.080 --> 0:18:47.720 threat perimeter that you have, and ensure that you are secure. 0:18:47.760 --> 0:18:50.320 But we are ready to support our customers there. But 0:18:50.359 --> 0:18:53.199 it's it's really a constant game. The threat landscape is 0:18:53.200 --> 0:18:56.040 constantly increasing, UM, and the number of threat actors is 0:18:56.080 --> 0:18:59.400 constantly increasing as well. So it is diligence that isn't 0:18:59.640 --> 0:19:01.760 a death the nation. You will never have it solved 0:19:02.080 --> 0:19:04.199 at the end, but it is constant work, UM, And 0:19:04.240 --> 0:19:06.480 so I would say, just reach out and we're ready 0:19:06.480 --> 0:19:08.840 to help. I also I am curious for both of 0:19:08.880 --> 0:19:12.200 you in terms of employees you might have overseas, whether 0:19:12.240 --> 0:19:14.480 it's Russia, Ukraine. I mean, one of the things that 0:19:14.520 --> 0:19:17.680 has come out about this and unfortunately, UM, it's come 0:19:17.680 --> 0:19:20.879 out because it took a war for us to understand. 0:19:21.080 --> 0:19:24.280 You know how much companies reply rely on I t 0:19:24.680 --> 0:19:28.680 out of Ukraine, um, and how important it is, um, Lauren, 0:19:28.720 --> 0:19:31.399 any thoughts on that, I would just I would just 0:19:31.400 --> 0:19:35.399 say that we we obviously run markets in in across Europe, 0:19:35.440 --> 0:19:39.200 specifically the Nordics and the Baltics, so um, we we 0:19:39.359 --> 0:19:42.840 are very focused, as as our other companies on you know, 0:19:42.920 --> 0:19:46.560 the safety of our employees obviously, the resiliency of our 0:19:46.560 --> 0:19:49.680 markets um, and and of course the outpouring of our 0:19:49.680 --> 0:19:52.399 our employees families. Yeah, but what about you when it 0:19:52.400 --> 0:19:54.280 comes to Amazon Web Services. We've done a lot of 0:19:54.320 --> 0:19:57.240 reporting on tech companies that have had to get employees 0:19:57.240 --> 0:19:59.640 out of Ukraine, But um, what's the presence right now? 0:19:59.680 --> 0:20:03.439 And Russia, Ukraine in Belarus and and what are you 0:20:03.480 --> 0:20:05.919 doing in those areas right now? So we don't have 0:20:05.960 --> 0:20:08.000 a local presence right now. So it's just about for 0:20:08.080 --> 0:20:10.879 us to without a local presence to provide direct support 0:20:10.880 --> 0:20:13.680 and award zone. But we are focused on the humanitarian 0:20:13.760 --> 0:20:17.119 aspect of this. So if donations are employees want to donate, 0:20:17.160 --> 0:20:20.560 so we're also matching their donations. We're helping our customers 0:20:20.560 --> 0:20:24.119 as well with donation buttons on charitable organizations and the 0:20:24.160 --> 0:20:27.120 homepages of our websites and then in addition to that, 0:20:27.600 --> 0:20:30.679 UM focusing on our our people. So not only are 0:20:30.760 --> 0:20:34.520 we supporting our team members, uh, for example, team members 0:20:34.520 --> 0:20:37.160 in adjacent countries like Poland, we've given them additional time 0:20:37.200 --> 0:20:39.800 off to take care of themselves and their families. But 0:20:39.880 --> 0:20:42.080 this is something where we're going to have to respond 0:20:42.080 --> 0:20:44.440 to the moment and meet our employees where they are. 0:20:44.480 --> 0:20:46.720 So as we hear feedback on what they need, we 0:20:46.760 --> 0:20:48.840 will meet them in that moment. That was Reba Born. 0:20:48.880 --> 0:20:51.920 Now she's Global Channel Chief at Amazon Web Services along 0:20:51.960 --> 0:20:55.520 with Lauren Dillard, the executive vice president of Investment Intelligence 0:20:55.600 --> 0:20:58.840 at NASTAC. You're listening to Bloomberg Business Week. Up next, 0:20:58.920 --> 0:21:02.080 China's role in the GLO markets and potentially in the 0:21:02.119 --> 0:21:04.680 war in Ukraine. It's safe to say it's complicated. We'll 0:21:04.720 --> 0:21:07.320 dig into Jiji and Ping's game plan with a longtime 0:21:07.400 --> 0:21:20.720 China watcher. This is Bloomberg. You're listening to Bloomberg Business 0:21:20.760 --> 0:21:24.480 Week with Carol Messer and Bloomberg Quick Takes Tim Stinovich 0:21:24.760 --> 0:21:29.120 from Bloomberg Radio. Chinese stunks this week on a tear, 0:21:29.200 --> 0:21:31.800 biggest advance we've seen in a couple of decades. After 0:21:31.880 --> 0:21:35.200 Beijing vow to shore up it's battered financial markets, promising 0:21:35.240 --> 0:21:38.880 to ease a regulatory crackdown, support property and technology companies, 0:21:38.920 --> 0:21:42.240 and stimulate the economy. Tim they're all in. They really 0:21:42.280 --> 0:21:45.040 have Carol, especially over the last year. Chinese stocks, though, 0:21:45.080 --> 0:21:48.680 have plummeted because of the growing government oversight, Chinese relationship 0:21:48.720 --> 0:21:52.000 with Russia, and concerns over economic growth, as well as 0:21:52.040 --> 0:21:53.960 other reasons. Well, we had the perfect guest this week, 0:21:53.960 --> 0:21:57.359 considering the recent newsflow involving China back with US, Dexter 0:21:57.440 --> 0:22:00.160 Tiff Roberts. He's Senior Fellow with the Atlantic Council's he's 0:22:00.160 --> 0:22:03.960 a security initiative. He's also Mansfield Fellow at the University 0:22:04.000 --> 0:22:06.879 of Montana. Tiff is also an author and former Bloomberg 0:22:06.880 --> 0:22:09.520 Business Week China bureau chief, and he says the about 0:22:09.560 --> 0:22:13.480 facing Beijing was to be expected. I'm not really surprised because, 0:22:13.520 --> 0:22:16.320 as you said, it's been so it's been almost a 0:22:16.359 --> 0:22:20.680 blood bath for Chinese stocks in Hong Kong and Shanghai, 0:22:20.880 --> 0:22:26.159 and UH I think they became concerned. So shijiing Ping's 0:22:26.320 --> 0:22:30.960 right hand economic person, Leoha, you know, he met with 0:22:31.359 --> 0:22:35.200 UH top finance officials and basically said, uh, it's time 0:22:35.240 --> 0:22:38.160 to market stability is what we need to focus on now, 0:22:38.359 --> 0:22:42.160 and promised to ease up on the regulatory pressure that's 0:22:42.200 --> 0:22:45.560 been on the tech stocks that's brought down, UH brought 0:22:45.560 --> 0:22:48.400 down so many of them in terms of their value. UM, 0:22:48.600 --> 0:22:51.679 So I wasn't that surprised. I guess the question is 0:22:52.080 --> 0:22:55.920 how how long or how sustained will this rally d 0:22:56.200 --> 0:23:01.119 I think there are continuing issues, particularly on the regulatory side. 0:23:01.280 --> 0:23:03.800