1 00:00:01,520 --> 00:00:05,680 Speaker 1: This is Bloomberg Intelligence with Alex Steel and Paul Sweeney. 2 00:00:05,760 --> 00:00:09,000 Speaker 2: The real op performance has been in US corporate high yield. 3 00:00:09,160 --> 00:00:11,480 Speaker 3: Are the companies lean enough? Have they trimmed all the facts? 4 00:00:11,600 --> 00:00:15,200 Speaker 2: The semiconductor business is a really cyclical business. 5 00:00:14,840 --> 00:00:18,560 Speaker 1: Breaking market headlines and corporate news from across the globe. 6 00:00:18,600 --> 00:00:21,040 Speaker 3: Do investors like the M and A that we've seen? 7 00:00:21,239 --> 00:00:22,200 Speaker 4: These are two. 8 00:00:22,120 --> 00:00:24,200 Speaker 2: Big time blue chip companies. 9 00:00:24,480 --> 00:00:28,200 Speaker 3: Window between the peak and cunt changing super fast. 10 00:00:28,120 --> 00:00:33,160 Speaker 1: Bloomberg Intelligence with Alex Steele and Paul Sweeney on Bloomberg Radio. 11 00:00:34,200 --> 00:00:36,360 Speaker 2: It's based Bloomberg Intelligence Show. We dig inside the big 12 00:00:36,400 --> 00:00:38,640 Speaker 2: business stories impacting Wall Street and the global markets. 13 00:00:38,720 --> 00:00:40,640 Speaker 3: Each and every week we provide in depth research and 14 00:00:40,720 --> 00:00:42,519 Speaker 3: data on some of the two thousand companies and one 15 00:00:42,560 --> 00:00:45,120 Speaker 3: hundred and thirty industries our analysts cover worldwide. 16 00:00:45,240 --> 00:00:47,360 Speaker 2: Today, we'll look at how AI and satellite data are 17 00:00:47,400 --> 00:00:48,880 Speaker 2: redefining weather forecasting. 18 00:00:48,920 --> 00:00:51,839 Speaker 3: Plus June is Pride Month. Then will highlight pass segments 19 00:00:51,840 --> 00:00:53,320 Speaker 3: on topics related to equality. 20 00:00:53,520 --> 00:00:55,240 Speaker 2: But first we begin with the energy section. 21 00:00:55,320 --> 00:00:59,400 Speaker 3: We recently looked at the company in Energy. In Energy develops, builds, owns, 22 00:00:59,400 --> 00:01:02,240 Speaker 3: and operates power generation and energy storage projects in the 23 00:01:02,280 --> 00:01:03,680 Speaker 3: America's Europe and Asia. 24 00:01:03,960 --> 00:01:06,880 Speaker 2: The company recently announced the successful commissioning of a solar 25 00:01:06,959 --> 00:01:09,160 Speaker 2: energy plant in Ohio, which will be run under a 26 00:01:09,200 --> 00:01:10,399 Speaker 2: power purchase agreement with. 27 00:01:10,400 --> 00:01:13,160 Speaker 3: Microsoft, and back in December, Meta Platforms announced it's signed 28 00:01:13,160 --> 00:01:16,120 Speaker 3: four contracts with in Energy for seven hundred and sixty 29 00:01:16,160 --> 00:01:17,440 Speaker 3: megawats of clean energy. 30 00:01:17,680 --> 00:01:20,479 Speaker 2: For more on in Energy and the challenges it's facing, 31 00:01:20,520 --> 00:01:23,399 Speaker 2: we were joined by the company's founder and CEO, Michael Polsky. 32 00:01:23,720 --> 00:01:26,160 Speaker 3: We first asked Michael, just how hard it is to 33 00:01:26,160 --> 00:01:28,160 Speaker 3: get agreements with hyperscalers right now? 34 00:01:28,640 --> 00:01:31,360 Speaker 5: These are large scale agreements, so it's not easy to 35 00:01:31,640 --> 00:01:35,559 Speaker 5: just walk in and these are big deals. So first 36 00:01:35,560 --> 00:01:38,520 Speaker 5: of all, we have to make sure that both sides 37 00:01:38,560 --> 00:01:42,160 Speaker 5: so that we agree on that. You know, suppliers have 38 00:01:42,240 --> 00:01:46,600 Speaker 5: sufficient supplies and buyer satisfy bio requirements is what is 39 00:01:46,640 --> 00:01:51,680 Speaker 5: also important that certain reliability standards are being mad and 40 00:01:52,520 --> 00:01:55,960 Speaker 5: most importantly, the price has to be appropriate for a 41 00:01:56,000 --> 00:01:57,840 Speaker 5: buyer to agree to buy this. 42 00:01:58,720 --> 00:02:02,760 Speaker 2: Michael, is the Trump administration making your business, the development 43 00:02:02,800 --> 00:02:06,400 Speaker 2: of your business, the expansion of your business easier more difficult? 44 00:02:06,720 --> 00:02:08,520 Speaker 2: Noble impact? Yet what have you seen? 45 00:02:09,480 --> 00:02:14,440 Speaker 5: Clearly the administration send very right sign President announced Energy emergency, 46 00:02:14,440 --> 00:02:17,200 Speaker 5: which I believe there is an energy emergency because we 47 00:02:17,360 --> 00:02:20,000 Speaker 5: have to build. There is increased demand and we have 48 00:02:20,120 --> 00:02:23,240 Speaker 5: to build more supplies and more supplies we have to build. 49 00:02:23,360 --> 00:02:25,359 Speaker 5: If we build like we used to do it, it 50 00:02:25,400 --> 00:02:29,040 Speaker 5: would take too long. So it's really an emergency. So 51 00:02:29,200 --> 00:02:31,840 Speaker 5: we try to in energy, we try to build as 52 00:02:31,919 --> 00:02:36,920 Speaker 5: much supply as possible. What is also very important, not 53 00:02:37,080 --> 00:02:40,800 Speaker 5: just supply, but transmission. I mean, one of one of 54 00:02:40,840 --> 00:02:44,280 Speaker 5: our biggest developments right now and what we believe is 55 00:02:44,320 --> 00:02:47,680 Speaker 5: critical to meet sort of this emergency is to build 56 00:02:47,720 --> 00:02:52,080 Speaker 5: more transmission lines. I always like to say that, you know, 57 00:02:52,160 --> 00:02:54,760 Speaker 5: if we build more trucks without roads, we're not going 58 00:02:54,840 --> 00:02:55,760 Speaker 5: to deliver goods. 59 00:02:55,800 --> 00:02:56,840 Speaker 6: So in order for. 60 00:02:56,840 --> 00:02:59,560 Speaker 5: Electrons to move, we need transmission lines. And if we 61 00:02:59,600 --> 00:03:04,920 Speaker 5: have mission then we can shorten time to interconnect facility. 62 00:03:05,000 --> 00:03:06,840 Speaker 5: We have to be able to move power from where 63 00:03:06,880 --> 00:03:09,800 Speaker 5: it's produced to where it's used, and I think we can. 64 00:03:10,040 --> 00:03:13,799 Speaker 5: We can really build infrastructure a lot faster here and 65 00:03:13,880 --> 00:03:14,920 Speaker 5: with a lot more impact. 66 00:03:15,560 --> 00:03:17,880 Speaker 3: I mean, to your point, go Goldmen Sachs talking about 67 00:03:17,880 --> 00:03:20,239 Speaker 3: how power is already tight in the Northeast. There was 68 00:03:20,240 --> 00:03:22,840 Speaker 3: a report that said the development of data centers to 69 00:03:22,880 --> 00:03:25,840 Speaker 3: the largest US grid, and PGM is raising costs by 70 00:03:25,840 --> 00:03:27,919 Speaker 3: almost ten billion because we just can't build it out 71 00:03:27,960 --> 00:03:32,440 Speaker 3: fast enough. What's the biggest hurdle to reimagining transmission. 72 00:03:33,400 --> 00:03:37,400 Speaker 5: I think there are multiple. One is obviously permitting because 73 00:03:37,440 --> 00:03:39,160 Speaker 5: it takes forever permit. 74 00:03:38,920 --> 00:03:41,200 Speaker 3: And supposedly that's all going to be fixed. Now has 75 00:03:41,200 --> 00:03:42,000 Speaker 3: that all been fixed? 76 00:03:42,200 --> 00:03:45,400 Speaker 5: I mean it's in the process. Obviously there are there 77 00:03:45,400 --> 00:03:48,440 Speaker 5: are good announcements. We have to see as a business, 78 00:03:48,440 --> 00:03:51,120 Speaker 5: we have to see how it's going to be im implemented, 79 00:03:51,160 --> 00:03:54,640 Speaker 5: because implementation is very important. But it's not just permitting. 80 00:03:54,920 --> 00:03:57,800 Speaker 5: I think transmission has to be appropriately paid for and 81 00:03:57,960 --> 00:04:00,960 Speaker 5: right now, particularly for low on this transmission, we don't 82 00:04:00,960 --> 00:04:03,839 Speaker 5: have a metadology in this country how to pay for transmission. 83 00:04:04,240 --> 00:04:06,440 Speaker 5: So there is a lot of you know, intention to 84 00:04:06,520 --> 00:04:09,880 Speaker 5: build and the only really transmission being built the one 85 00:04:09,920 --> 00:04:13,760 Speaker 5: that recovered by utilities or rtos through the rate payer. 86 00:04:13,960 --> 00:04:17,159 Speaker 5: You know, the moment you touch something that is not 87 00:04:17,279 --> 00:04:21,800 Speaker 5: typically normal, then it's very difficult. So we have to 88 00:04:21,920 --> 00:04:26,000 Speaker 5: really come up with appropriate methodology to value transmission and 89 00:04:26,040 --> 00:04:29,200 Speaker 5: allocate the cost of transmission. I think, in my opinion, 90 00:04:29,279 --> 00:04:31,880 Speaker 5: for this administration for Department of Energy that should be 91 00:04:31,920 --> 00:04:36,080 Speaker 5: really one of the most important tasks to build our infrastructure. 92 00:04:36,480 --> 00:04:38,680 Speaker 2: I did read a book The Grid, so it took 93 00:04:38,720 --> 00:04:40,560 Speaker 2: me a whole summer to get through it, and it 94 00:04:40,600 --> 00:04:41,960 Speaker 2: was not an easy read. But I think I have 95 00:04:42,000 --> 00:04:45,960 Speaker 2: some understanding of it. What's your sense overall of power 96 00:04:46,360 --> 00:04:50,640 Speaker 2: grid in the United States? How good is it, how 97 00:04:50,680 --> 00:04:52,600 Speaker 2: bad is it? How much investment does it need? 98 00:04:53,320 --> 00:04:53,560 Speaker 7: You know? 99 00:04:53,680 --> 00:04:56,279 Speaker 5: Obviously, you know there are there are a lot of 100 00:04:56,320 --> 00:04:59,760 Speaker 5: discussions about greater right now the world being used like 101 00:04:59,760 --> 00:05:03,920 Speaker 5: an antiquated all not reliable, which is which is true 102 00:05:03,920 --> 00:05:06,440 Speaker 5: in many ways because most of our gride has been 103 00:05:06,480 --> 00:05:11,120 Speaker 5: built thirty forty years ago, and and there are a 104 00:05:11,120 --> 00:05:13,919 Speaker 5: lot of change since then. I mean, for example, we 105 00:05:14,040 --> 00:05:17,760 Speaker 5: used to have very centralized way of generated electricity from 106 00:05:17,920 --> 00:05:23,200 Speaker 5: very large cold nuclear you know sometimes gas power plants. 107 00:05:23,240 --> 00:05:26,239 Speaker 5: Now we have a lot more decentralized generation. Number one. 108 00:05:26,640 --> 00:05:29,880 Speaker 5: Another issue is that we have our weather pattern has changed. 109 00:05:29,920 --> 00:05:32,960 Speaker 5: I mean now we have a lot more you know 110 00:05:33,080 --> 00:05:36,480 Speaker 5: in claimant weather. We have ice storms, what we've seen 111 00:05:36,520 --> 00:05:41,920 Speaker 5: in Texas, we have we have floods, we have other 112 00:05:42,839 --> 00:05:48,680 Speaker 5: weather events, which shows that generation itself is susceptible. We 113 00:05:48,760 --> 00:05:53,640 Speaker 5: cannot make hundred percent sort of guaranteed generations. So how 114 00:05:53,680 --> 00:05:57,480 Speaker 5: to deal with this? We have to create connect like 115 00:05:57,520 --> 00:06:00,920 Speaker 5: I like to call larger geographies, so power can move 116 00:06:00,920 --> 00:06:03,359 Speaker 5: from here to there, just like coroans. Right, if we 117 00:06:03,440 --> 00:06:06,080 Speaker 5: only go from here to there on one road and 118 00:06:06,120 --> 00:06:08,120 Speaker 5: that's something to happened with that road, then we cannot 119 00:06:08,480 --> 00:06:11,880 Speaker 5: avoid that, then all the traffic will be stopped for days. 120 00:06:12,040 --> 00:06:16,160 Speaker 5: We can avoid this, so we we have to have transmission. 121 00:06:16,240 --> 00:06:19,040 Speaker 3: So based on that, you said the sort of financing 122 00:06:19,240 --> 00:06:22,840 Speaker 3: this transmission is key. How would that work? I get 123 00:06:22,880 --> 00:06:25,360 Speaker 3: it for the you know, regulated utilities, but if you 124 00:06:25,400 --> 00:06:28,680 Speaker 3: want a transmission line across multiple states, how could the 125 00:06:28,680 --> 00:06:31,440 Speaker 3: financing work to make sense for an independent player like you? 126 00:06:31,880 --> 00:06:35,520 Speaker 5: This is a fundamental problem here, right. We know we 127 00:06:35,640 --> 00:06:37,960 Speaker 5: in the United States we talk about the reliability, we 128 00:06:38,080 --> 00:06:42,400 Speaker 5: talk about national security, but for example, we develop in 129 00:06:42,520 --> 00:06:47,719 Speaker 5: large transmission line and which dramatically increase reliability. But then 130 00:06:47,760 --> 00:06:51,680 Speaker 5: you go to the rtos like myso and ask them 131 00:06:51,720 --> 00:06:55,160 Speaker 5: to value reliability, and they just don't value this because 132 00:06:55,480 --> 00:06:57,719 Speaker 5: neither they know how to do it or they simply 133 00:06:58,040 --> 00:07:00,680 Speaker 5: don't want to do it. So this is a fundamental 134 00:07:00,680 --> 00:07:04,280 Speaker 5: problem that you know when you have when you build transmission. 135 00:07:04,680 --> 00:07:07,360 Speaker 5: For example, in our case Grain Belt Express, it's eleven 136 00:07:07,440 --> 00:07:10,320 Speaker 5: billion dollar project. We have to have revenues associ in 137 00:07:10,400 --> 00:07:13,160 Speaker 5: order to finance this, and if nobody wants to pay 138 00:07:13,160 --> 00:07:16,240 Speaker 5: for anything, it's really hard. So I think it's it 139 00:07:16,280 --> 00:07:19,280 Speaker 5: should be a priority for the government to really establish 140 00:07:19,320 --> 00:07:21,160 Speaker 5: revenue streams for transmission. 141 00:07:21,800 --> 00:07:24,880 Speaker 2: Thanks to Inventergy founder and CEO Michael Polsky. 142 00:07:24,760 --> 00:07:27,040 Speaker 3: Each week we look at research from Bloomberg ne EF 143 00:07:27,080 --> 00:07:29,000 Speaker 3: previously known as New Energy Finance. 144 00:07:29,200 --> 00:07:31,800 Speaker 2: They're the team at Bloomberg that tracks and analyzes the 145 00:07:31,880 --> 00:07:36,000 Speaker 2: energy transition from commodities to power, transport, industries, buildings, and 146 00:07:36,080 --> 00:07:37,200 Speaker 2: agricultural sectors. 147 00:07:37,240 --> 00:07:39,960 Speaker 3: This week we looked at BNF's outlook for nuclear energy. 148 00:07:40,120 --> 00:07:43,040 Speaker 3: Within the last month, President Donald Trump announced four executive 149 00:07:43,120 --> 00:07:45,880 Speaker 3: orders aimed at revitalizing nuclear energy in the US. 150 00:07:46,080 --> 00:07:48,840 Speaker 2: For more, we spoke with Chris Gadomski, b n e 151 00:07:48,960 --> 00:07:50,880 Speaker 2: F Lead nuclear analyst, and. 152 00:07:50,880 --> 00:07:53,480 Speaker 3: We first asked Chris if the Trump administration's recent nuclear 153 00:07:53,520 --> 00:07:54,880 Speaker 3: policies are actually going to work. 154 00:07:55,520 --> 00:07:58,600 Speaker 8: You know, there's a big difference between policy push and 155 00:07:58,800 --> 00:08:02,600 Speaker 8: market pull. Policy push is probably very very effective for 156 00:08:02,680 --> 00:08:07,320 Speaker 8: renewable technologies, but when you think about building nuclear power plants. 157 00:08:07,520 --> 00:08:12,400 Speaker 8: That's a pretty substantial decision that the utility CEO has 158 00:08:12,440 --> 00:08:16,280 Speaker 8: to make, and it's something that the hyperscalers are looking 159 00:08:16,280 --> 00:08:19,280 Speaker 8: at very seriously. So you can set the stage for 160 00:08:19,720 --> 00:08:23,200 Speaker 8: having these very favorable policy initiatives. But whether or not 161 00:08:23,280 --> 00:08:26,080 Speaker 8: the utility executive who's only in charge, who's running the 162 00:08:26,200 --> 00:08:29,360 Speaker 8: utility for only seven eight years, decides, hey, I'll build 163 00:08:29,360 --> 00:08:32,520 Speaker 8: a couple of large reactors, that's a pretty daunting thing 164 00:08:32,559 --> 00:08:35,640 Speaker 8: for him to do, especially given an experience here where 165 00:08:35,640 --> 00:08:39,360 Speaker 8: we spend thirty four billion dollars building two point two 166 00:08:39,400 --> 00:08:42,480 Speaker 8: gigots of capacity in Georgia. 167 00:08:42,559 --> 00:08:44,920 Speaker 2: Do we need the big plants that we're all used 168 00:08:44,960 --> 00:08:48,480 Speaker 2: to or do we need this modular thing That technology 169 00:08:48,480 --> 00:08:49,280 Speaker 2: looks interesting to me. 170 00:08:49,880 --> 00:08:53,760 Speaker 8: It certainly is, and we'll probably see small module reactors 171 00:08:53,800 --> 00:08:58,000 Speaker 8: operating in Canada by the turn of the decade. I 172 00:08:58,040 --> 00:09:01,040 Speaker 8: was going to say, turn the centu oh wit decade, 173 00:09:01,480 --> 00:09:04,880 Speaker 8: and we'll probably see shortly thereafter some in Michigan as well, 174 00:09:05,520 --> 00:09:09,880 Speaker 8: three hundred megawatt reactors. The advantage of this is that 175 00:09:10,360 --> 00:09:12,640 Speaker 8: to go from first of a kind cost to end 176 00:09:12,679 --> 00:09:16,120 Speaker 8: of a kind cost for small major reactors, you need 177 00:09:16,160 --> 00:09:18,800 Speaker 8: to sort of it get some experience behind just set 178 00:09:18,840 --> 00:09:22,240 Speaker 8: up by manufacturing facilities and sort of each one becomes 179 00:09:22,280 --> 00:09:26,320 Speaker 8: progressively cheaper. And so it's much easier to do that 180 00:09:26,360 --> 00:09:28,600 Speaker 8: with a small modu reactor than it is with a 181 00:09:28,679 --> 00:09:31,959 Speaker 8: large reactor because it's a very very difficult decision and 182 00:09:32,080 --> 00:09:37,520 Speaker 8: onerous position for utility executive to say, I'll build a 183 00:09:37,640 --> 00:09:40,040 Speaker 8: very very large capital improvement here. That's going to take 184 00:09:40,360 --> 00:09:41,480 Speaker 8: seven to ten years. 185 00:09:41,920 --> 00:09:44,439 Speaker 3: So it's very daunting, which is why with the hyperscalers 186 00:09:44,440 --> 00:09:46,760 Speaker 3: that's a question mark, right, because they need power yesterday, 187 00:09:47,040 --> 00:09:49,480 Speaker 3: so they're not going to wait seven years for a 188 00:09:49,480 --> 00:09:51,920 Speaker 3: plant to be built. And that's like the good case 189 00:09:51,960 --> 00:09:53,160 Speaker 3: scenario is seven years. 190 00:09:53,200 --> 00:09:56,120 Speaker 8: Right for the large reactors, certainly, I mean it took 191 00:09:56,240 --> 00:09:59,079 Speaker 8: Vogel four years of licensing and ten years of construction, 192 00:09:59,320 --> 00:10:02,720 Speaker 8: so you pay twenty five thirty percent of that, you know, 193 00:10:02,760 --> 00:10:06,600 Speaker 8: the Department of Energy suggests thirty percent decline in the cost. 194 00:10:07,080 --> 00:10:10,480 Speaker 8: Hopefully that will reduced the time to construct. But I 195 00:10:10,520 --> 00:10:13,240 Speaker 8: think that the way to go is the smaller mojor 196 00:10:13,280 --> 00:10:17,559 Speaker 8: reactors because they're more flexibility. Another big concern for hyperscalers 197 00:10:17,640 --> 00:10:21,600 Speaker 8: is they want reliability, and large reactors small reactors all 198 00:10:21,640 --> 00:10:25,320 Speaker 8: have episodes occasionally, and if you have a thousand megawatt 199 00:10:25,400 --> 00:10:28,680 Speaker 8: reactor the size to what the Westinghouse eighty one thousand, 200 00:10:29,040 --> 00:10:31,520 Speaker 8: and you'll lose that You're in a position you have 201 00:10:31,559 --> 00:10:34,640 Speaker 8: to scramble to replace that power. If you have three 202 00:10:34,720 --> 00:10:37,880 Speaker 8: or four three hundred megawatt reactors and one of them 203 00:10:37,920 --> 00:10:40,960 Speaker 8: goes down for maintenance or so, it's easier to bridge 204 00:10:40,960 --> 00:10:45,360 Speaker 8: that gap three hundred. So it's a it's an interesting 205 00:10:45,440 --> 00:10:49,200 Speaker 8: dilemma that all the utilities the hyperscalers are facing. 206 00:10:49,360 --> 00:10:52,239 Speaker 2: Is there any reason that the US could not model 207 00:10:52,880 --> 00:10:57,559 Speaker 2: what Canada is doing here? Is that just a regulatory issue? 208 00:10:57,840 --> 00:11:01,600 Speaker 8: You know, regulatory issue. The US has the gold standard 209 00:11:01,760 --> 00:11:05,880 Speaker 8: in nuclear regulations, and the Trump administration would like to 210 00:11:05,960 --> 00:11:08,679 Speaker 8: sort of make it easier to license some of the reactors. 211 00:11:08,720 --> 00:11:10,839 Speaker 8: And it's a very very daunting thing when you when 212 00:11:10,880 --> 00:11:14,320 Speaker 8: a company that newse Scale is the only company that 213 00:11:14,400 --> 00:11:18,600 Speaker 8: has licenses technology of late and they spend, according to 214 00:11:18,640 --> 00:11:21,440 Speaker 8: the CEO, five hundred million dollars in the process took 215 00:11:21,520 --> 00:11:26,600 Speaker 8: forty four months. That's a pretty big roadblock for these vendors. 216 00:11:26,640 --> 00:11:30,080 Speaker 8: New vendors who are trying to introduce innovative technologies. 217 00:11:30,520 --> 00:11:33,360 Speaker 3: Okay, could we see something like the SMR so the 218 00:11:33,400 --> 00:11:37,599 Speaker 3: small modular reactors behind the meter at a hyperscaler so 219 00:11:38,240 --> 00:11:40,959 Speaker 3: basically not connected to the grid, its own small little 220 00:11:41,040 --> 00:11:43,439 Speaker 3: SMR that's hooked up to like a meta facility. 221 00:11:43,520 --> 00:11:45,680 Speaker 8: There's a lot of discussion about doing that. One of 222 00:11:45,720 --> 00:11:48,560 Speaker 8: the problems with nuclear reactors is that you need to 223 00:11:48,640 --> 00:11:52,120 Speaker 8: have some sort of it's preferable to be hooked to 224 00:11:52,160 --> 00:11:55,000 Speaker 8: the grid, and one reason is safety is that in 225 00:11:55,040 --> 00:11:57,680 Speaker 8: case something goes wrong, you need some source of power 226 00:11:57,720 --> 00:12:02,320 Speaker 8: to keep the island. So that's something that's been kicked around. 227 00:12:02,360 --> 00:12:06,000 Speaker 8: People are thinking about exploring that. But you know, a 228 00:12:06,120 --> 00:12:08,839 Speaker 8: large reactor of three hundred megawats plus is probably going 229 00:12:08,880 --> 00:12:11,120 Speaker 8: to be connected to the grid. Some of the smaller 230 00:12:11,160 --> 00:12:13,800 Speaker 8: reactors in the fifty to one hundred mego lot may 231 00:12:13,840 --> 00:12:17,280 Speaker 8: be a different story. But that issue about having access 232 00:12:17,320 --> 00:12:19,040 Speaker 8: to the grid to cool it in case something goes 233 00:12:19,040 --> 00:12:20,120 Speaker 8: wrong is important. 234 00:12:20,600 --> 00:12:24,240 Speaker 2: Our thanks to Chris Kadomski be any lead nuclear analyst. 235 00:12:24,360 --> 00:12:26,720 Speaker 3: Coming up, we'll look at the challenges faced by black 236 00:12:26,800 --> 00:12:27,560 Speaker 3: US farmers. 237 00:12:27,640 --> 00:12:30,480 Speaker 2: You're listening to Bloomerg Intelligence on Bloomberg Radio, providing in 238 00:12:30,520 --> 00:12:32,720 Speaker 2: depth research and data on two thousand companies and one 239 00:12:32,800 --> 00:12:35,760 Speaker 2: hundred and thirty industries. You can access Bloomberg Intelligence via 240 00:12:35,840 --> 00:12:37,640 Speaker 2: b I go on the terminal on Paul. 241 00:12:37,520 --> 00:12:39,800 Speaker 3: Swinging an a Malex Steel and this is Bloomberg. 242 00:12:42,800 --> 00:12:45,400 Speaker 9: Out here in the middle of all these acres. It 243 00:12:45,440 --> 00:12:48,200 Speaker 9: can feel like you're the only person on earth. And 244 00:12:48,280 --> 00:12:52,640 Speaker 9: sometimes that's how it feels when you're going through tough times, trouble, sleeping, 245 00:12:53,200 --> 00:12:56,680 Speaker 9: your mind racing. So what do we do We get help? 246 00:12:57,280 --> 00:12:59,679 Speaker 9: There are people in our community who are here for us. 247 00:13:00,160 --> 00:13:03,040 Speaker 9: Sometimes just talking to someone can make all the difference 248 00:13:03,040 --> 00:13:05,760 Speaker 9: in the world. Find more information at Love your Mind 249 00:13:05,800 --> 00:13:09,640 Speaker 9: Today dot org. That's Loveyourmind Today dot org. Brought to 250 00:13:09,640 --> 00:13:12,120 Speaker 9: you by the Huntsman Man twelfth Institute and the AD Council. 251 00:13:12,559 --> 00:13:16,480 Speaker 10: This is the Bloomberg Green Report. Damage related to climate 252 00:13:16,559 --> 00:13:20,200 Speaker 10: change costs the United States nearly one trillion dollars over 253 00:13:20,240 --> 00:13:23,199 Speaker 10: a twelve month period that ended May first. That is, 254 00:13:23,240 --> 00:13:27,640 Speaker 10: according to a Bloomberg Intelligence analysis. The spending represents three 255 00:13:27,679 --> 00:13:31,719 Speaker 10: percent of the gross domestic product. Disaster recovery accounts for 256 00:13:31,760 --> 00:13:34,599 Speaker 10: a big share of the climate change related spending. The 257 00:13:34,720 --> 00:13:38,719 Speaker 10: National Oceanic and Atmospheric Administration says the back to back 258 00:13:38,840 --> 00:13:43,199 Speaker 10: hurricanes Helene and Milton caused one hundred and thirteen billion 259 00:13:43,240 --> 00:13:46,680 Speaker 10: dollars in damage and in another sixty five billion for 260 00:13:46,760 --> 00:13:51,000 Speaker 10: the Los Angeles wildfires. The report, titled the Climate Economy 261 00:13:51,080 --> 00:13:54,240 Speaker 10: twenty twenty five Outlook, says the biggest drivers of the 262 00:13:54,320 --> 00:13:58,080 Speaker 10: trend in the US are insurance premiums. They've doubled since 263 00:13:58,120 --> 00:14:03,760 Speaker 10: twenty seventeen. Increased climate costs from insurance premiums, power outages, 264 00:14:03,800 --> 00:14:07,960 Speaker 10: disaster recovery, and uninsured damage are responsible for more than 265 00:14:08,000 --> 00:14:12,160 Speaker 10: a third of US GDP growth since two thousand. Jeff Bellinger, 266 00:14:12,200 --> 00:14:13,640 Speaker 10: Bloomberg Radio. 267 00:14:15,400 --> 00:14:18,920 Speaker 1: You're listening to Bloomberg Intelligence with Alex Steele and Paul 268 00:14:18,960 --> 00:14:20,880 Speaker 1: Sweeney on Bloomberg Radio. 269 00:14:21,720 --> 00:14:24,760 Speaker 3: We recently looked at the company spire Global, which trades 270 00:14:24,840 --> 00:14:27,040 Speaker 3: under Nasdaq ticker spir. 271 00:14:27,360 --> 00:14:30,000 Speaker 2: It's a space power, data and analytics company that offers 272 00:14:30,040 --> 00:14:33,680 Speaker 2: access to data sets and insights about Earth, oceans, and atmosphere. 273 00:14:33,720 --> 00:14:36,840 Speaker 3: We are recently joined by spiro Global CEO Teresa Condor, 274 00:14:36,920 --> 00:14:39,080 Speaker 3: and she discussed how it's AI and satellite data are 275 00:14:39,120 --> 00:14:40,600 Speaker 3: redefining weather forecasting. 276 00:14:41,000 --> 00:14:43,440 Speaker 2: First, ask Teresa, what the broad potential is for this 277 00:14:43,560 --> 00:14:44,640 Speaker 2: kind of satellite market. 278 00:14:45,000 --> 00:14:47,440 Speaker 11: What is interesting about what we do The satellites are 279 00:14:47,520 --> 00:14:50,480 Speaker 11: very small, about the size of a little bread really 280 00:14:50,560 --> 00:14:54,480 Speaker 11: going around there, very tiny, and they're packed with a 281 00:14:54,480 --> 00:14:58,040 Speaker 11: bunch of different sensors, and those sensors collect in our 282 00:14:58,080 --> 00:15:02,000 Speaker 11: satellite case radio frequency information that then lets us help 283 00:15:02,040 --> 00:15:05,240 Speaker 11: customers make better decisions about what to do. So some 284 00:15:05,360 --> 00:15:08,800 Speaker 11: examples of things are a collection of atmospheric weather data 285 00:15:08,880 --> 00:15:14,200 Speaker 11: that then goes into weather forecasting that allows companies utility companies, 286 00:15:14,240 --> 00:15:17,640 Speaker 11: for example, make better decisions about how they should protect 287 00:15:17,640 --> 00:15:19,960 Speaker 11: their grid in the event of extreme weather such as 288 00:15:20,000 --> 00:15:23,840 Speaker 11: a hurricane. In other cases, you can use satellite surveillance 289 00:15:23,920 --> 00:15:27,240 Speaker 11: data and tracking around the aviation sector and aircraft to 290 00:15:27,320 --> 00:15:31,040 Speaker 11: help have better efficient operations around airports and the movement 291 00:15:31,280 --> 00:15:34,960 Speaker 11: of aircraft, and a whole host of other applications, including 292 00:15:34,960 --> 00:15:36,400 Speaker 11: defense related applications. 293 00:15:36,520 --> 00:15:37,480 Speaker 2: Who do you guys compete with? 294 00:15:38,440 --> 00:15:41,480 Speaker 11: So that's always a difficult question because we're present in 295 00:15:41,600 --> 00:15:44,680 Speaker 11: multiple different markets. Whether you think of whether in climate, 296 00:15:44,760 --> 00:15:48,000 Speaker 11: you think of aviation, you think of space reconnaissance, and 297 00:15:48,040 --> 00:15:51,720 Speaker 11: so we'll have certain different competitors in each of those spaces. 298 00:15:52,000 --> 00:15:54,360 Speaker 11: Since you mentioned Planet Lab earlier, I'll have to say 299 00:15:54,360 --> 00:15:57,080 Speaker 11: that planet is not usually a company that is considered 300 00:15:57,080 --> 00:16:01,320 Speaker 11: a competitor because they're taking pictures, they're doing imaging versus 301 00:16:01,400 --> 00:16:05,160 Speaker 11: what we do is this collection of electronic information and 302 00:16:05,280 --> 00:16:06,400 Speaker 11: radio frequency data. 303 00:16:06,440 --> 00:16:09,360 Speaker 3: So you both send data to customers from your satellites, 304 00:16:09,400 --> 00:16:11,520 Speaker 3: but the type of data and how you collect the 305 00:16:11,600 --> 00:16:12,280 Speaker 3: data is then. 306 00:16:12,200 --> 00:16:14,960 Speaker 11: Different exactly and the type of use cases and the 307 00:16:15,000 --> 00:16:17,400 Speaker 11: relevance of it. So you'll have customers that want both 308 00:16:17,440 --> 00:16:19,239 Speaker 11: types of data that are complementary. 309 00:16:19,920 --> 00:16:21,640 Speaker 3: What kind of stuff are you noticing right now, like 310 00:16:21,720 --> 00:16:25,480 Speaker 3: what is some themes some broad stuff that you're telling 311 00:16:25,480 --> 00:16:26,160 Speaker 3: your customers. 312 00:16:26,680 --> 00:16:29,400 Speaker 11: So I think there's a lot of interest in defense 313 00:16:29,560 --> 00:16:33,240 Speaker 11: and intelligence applications of satellites and in particular the type 314 00:16:33,240 --> 00:16:36,560 Speaker 11: of RF type of technology that we have. Naturally, this 315 00:16:36,640 --> 00:16:39,760 Speaker 11: comes out of the current geopolitical situation. You have a 316 00:16:39,760 --> 00:16:42,200 Speaker 11: lot of stuff going on in the United States right now, 317 00:16:42,480 --> 00:16:45,600 Speaker 11: and at the same time, really since February, you've had 318 00:16:45,800 --> 00:16:49,480 Speaker 11: rest of world governments looking at increasing their defense budgets, 319 00:16:49,880 --> 00:16:53,960 Speaker 11: having less expectation of reliance on the United States to 320 00:16:54,000 --> 00:16:56,440 Speaker 11: defend them in terms of crisis. So there's a lot 321 00:16:56,440 --> 00:16:59,120 Speaker 11: of interest in how the rest of world can develop 322 00:16:59,160 --> 00:16:59,920 Speaker 11: their capabilities. 323 00:17:00,000 --> 00:17:02,720 Speaker 2: We have customers around the world. Is the domestic us 324 00:17:02,720 --> 00:17:04,359 Speaker 2: we do we have customers around this? Is the US 325 00:17:04,440 --> 00:17:05,240 Speaker 2: government a customer? 326 00:17:05,400 --> 00:17:06,880 Speaker 11: The US government is also a customer. 327 00:17:07,240 --> 00:17:09,320 Speaker 2: Are the big one of the line share or you 328 00:17:09,520 --> 00:17:10,600 Speaker 2: it's pretty diversified. 329 00:17:10,760 --> 00:17:15,320 Speaker 11: We're actually quite diversified both between commercial company customers as 330 00:17:15,359 --> 00:17:18,880 Speaker 11: well as a government and that can be civil agencies 331 00:17:18,960 --> 00:17:22,480 Speaker 11: who buy our weather, weather, atmospheric data sets. And it 332 00:17:22,520 --> 00:17:25,359 Speaker 11: can also be defense and intelligence and that's US and 333 00:17:25,440 --> 00:17:27,480 Speaker 11: rest of world. So it's pretty well diversified. 334 00:17:27,480 --> 00:17:30,800 Speaker 2: We've had companies ranging from McDonald's to I don't know 335 00:17:30,800 --> 00:17:34,720 Speaker 2: what say AI is revolutionary revolutionizing their business. How is 336 00:17:35,080 --> 00:17:36,639 Speaker 2: AI impacting the satellite business? 337 00:17:37,160 --> 00:17:40,879 Speaker 11: So AI is also an important in term and topic 338 00:17:40,960 --> 00:17:43,920 Speaker 11: in the satellite sector. There's a couple of areas where 339 00:17:43,920 --> 00:17:46,800 Speaker 11: we find it interesting. The first is in weather forecasting, 340 00:17:46,880 --> 00:17:50,840 Speaker 11: where we're doing AI based weather forecasting, specifically when we 341 00:17:50,960 --> 00:17:54,040 Speaker 11: talk about sub seasonal forecasts, so going thirty forty five 342 00:17:54,119 --> 00:17:57,240 Speaker 11: days in the future, where normal forecasting models aren't usually 343 00:17:57,400 --> 00:18:00,720 Speaker 11: very good. The other areas are when it comes the satellites, 344 00:18:00,800 --> 00:18:03,480 Speaker 11: are the processing of data and the ability to use 345 00:18:03,520 --> 00:18:06,439 Speaker 11: AI to process them automatically and on orbit so you 346 00:18:06,440 --> 00:18:08,840 Speaker 11: don't have to download all the data sets, as well 347 00:18:08,880 --> 00:18:12,240 Speaker 11: as in the operations of the constellation overall, because if 348 00:18:12,240 --> 00:18:16,840 Speaker 11: you have many, many satellites in orbit in various various 349 00:18:16,960 --> 00:18:20,280 Speaker 11: orbital planes with lots of different sensors on them, having 350 00:18:20,440 --> 00:18:24,400 Speaker 11: AI ability to manage that network is something quite interesting. 351 00:18:25,119 --> 00:18:26,639 Speaker 3: I was going to say, you also had a contract 352 00:18:26,680 --> 00:18:28,480 Speaker 3: with Space Force, right, Did I read that right? 353 00:18:28,640 --> 00:18:31,600 Speaker 11: There was one that was just recently announced with Chase 354 00:18:31,640 --> 00:18:32,280 Speaker 11: Force contract. 355 00:18:32,359 --> 00:18:32,960 Speaker 2: How cool is that? 356 00:18:33,359 --> 00:18:33,600 Speaker 10: I know? 357 00:18:34,520 --> 00:18:38,480 Speaker 3: So how easy is it to come to deals with contracts? 358 00:18:38,520 --> 00:18:43,600 Speaker 3: I would think that your services are highly needed right 359 00:18:43,640 --> 00:18:45,960 Speaker 3: now as companies are trying to figure out where to 360 00:18:46,000 --> 00:18:50,160 Speaker 3: build stuff, for example, or how to allocate their supply chains. 361 00:18:50,840 --> 00:18:54,160 Speaker 11: So I think demand is very strong right now for 362 00:18:54,400 --> 00:18:58,320 Speaker 11: both satellite data sets as it relates to climate or 363 00:18:58,359 --> 00:19:02,879 Speaker 11: to better understanding increased weather variability. And there is also 364 00:19:03,119 --> 00:19:06,040 Speaker 11: increasing demand what I mentioned on the defense and the 365 00:19:06,160 --> 00:19:10,240 Speaker 11: intelligence side, and in particular as more and more countries 366 00:19:10,359 --> 00:19:13,240 Speaker 11: look to how they build out their own sovereign capabilities, 367 00:19:13,520 --> 00:19:16,800 Speaker 11: and this is where we have the strength in building 368 00:19:17,200 --> 00:19:19,440 Speaker 11: both in Europe as well as in the United States. 369 00:19:19,760 --> 00:19:22,560 Speaker 3: Our thanks aspiring Global CEO, Teresa Condor. 370 00:19:23,040 --> 00:19:25,439 Speaker 2: June is Pride month. So on Bloomberg Intelligence, we've been 371 00:19:25,480 --> 00:19:27,840 Speaker 2: highlighting segments on topics related to equality. 372 00:19:28,000 --> 00:19:30,119 Speaker 3: In this segment, we spoke to John Boyd, founder and 373 00:19:30,160 --> 00:19:32,399 Speaker 3: President of the National Black Farmers Association. 374 00:19:32,800 --> 00:19:35,919 Speaker 2: John discussed the challenges faced by black US farmers, and 375 00:19:35,920 --> 00:19:38,639 Speaker 2: we first asked him to break down what his organization does. 376 00:19:39,000 --> 00:19:43,159 Speaker 12: We offer technical assistance and outreachs two one hundred and 377 00:19:43,200 --> 00:19:45,719 Speaker 12: fifty one thousand members in the United States. We've been 378 00:19:45,720 --> 00:19:50,840 Speaker 12: around since the early eighties, and we were organized to 379 00:19:50,960 --> 00:19:57,880 Speaker 12: help eradicate discrimination that government agencies and state federal levels. 380 00:19:58,440 --> 00:20:00,159 Speaker 12: And we've been doing this kind of work for a 381 00:20:00,280 --> 00:20:05,800 Speaker 12: very very long time. And I spearheaded the black farmer's 382 00:20:07,600 --> 00:20:11,040 Speaker 12: lawsuits won in settlement in nineteen ninety nine and the 383 00:20:11,080 --> 00:20:15,280 Speaker 12: other settlement on December eighth, twenty ten by former President 384 00:20:15,359 --> 00:20:19,200 Speaker 12: Barack Obama that paid out one point two five billion 385 00:20:19,200 --> 00:20:24,120 Speaker 12: dollars to twenty eight thousand black farmers who faced an 386 00:20:24,160 --> 00:20:27,119 Speaker 12: experienced discrimination at the hands of the United States Department 387 00:20:27,160 --> 00:20:29,359 Speaker 12: of Agriculture. So we've been around a very very long time. 388 00:20:29,480 --> 00:20:32,240 Speaker 3: So John, how is that journey going? I mean, how 389 00:20:32,600 --> 00:20:35,040 Speaker 3: clearly it wasn't great when you started the association. What 390 00:20:35,160 --> 00:20:37,160 Speaker 3: kind of grade would you give give it now? 391 00:20:37,560 --> 00:20:41,879 Speaker 12: Well, I think we really went back decades here in 392 00:20:42,000 --> 00:20:45,760 Speaker 12: progress with the administration. They came in and done away 393 00:20:45,840 --> 00:20:49,760 Speaker 12: with anything that began with the word equity and diversity 394 00:20:49,960 --> 00:20:53,960 Speaker 12: and justice and eliminated those positions at the United States 395 00:20:53,960 --> 00:20:58,520 Speaker 12: Department of Agriculture, and we still haven't received our five 396 00:20:58,560 --> 00:21:04,800 Speaker 12: billion dollar payout for discrimination. And also the also land 397 00:21:04,840 --> 00:21:08,960 Speaker 12: in federal inventory that I've been after for many many years, 398 00:21:09,000 --> 00:21:13,239 Speaker 12: and it was disheartening to learn that the administration was 399 00:21:13,280 --> 00:21:19,480 Speaker 12: bringing white farmers in from South Africa offering them a 400 00:21:20,200 --> 00:21:24,160 Speaker 12: fast path to citizenship. And also we learned that they're 401 00:21:24,160 --> 00:21:27,320 Speaker 12: going to offer these farmers land out of federal inventory 402 00:21:27,359 --> 00:21:30,640 Speaker 12: that came from black farmers and land from the Department 403 00:21:30,680 --> 00:21:34,400 Speaker 12: of Interior that came raising land that was primarily leased 404 00:21:34,440 --> 00:21:38,520 Speaker 12: to Native Americans. I was disheardened that the President said, 405 00:21:39,080 --> 00:21:42,080 Speaker 12: although he was doing away with DEI or anything that 406 00:21:42,320 --> 00:21:46,280 Speaker 12: was race related, and then brought in white farmers too, 407 00:21:46,520 --> 00:21:50,160 Speaker 12: the United States solely based on race. So he's saying 408 00:21:50,200 --> 00:21:55,080 Speaker 12: he wants to have everything equal and do away with 409 00:21:55,119 --> 00:21:57,359 Speaker 12: the race stuff. But then he brings in white farmers 410 00:21:57,359 --> 00:22:00,960 Speaker 12: from South Africa and once to offer them a fast 411 00:22:01,040 --> 00:22:03,840 Speaker 12: past the citizenship. And I'm one hundred and ten percent 412 00:22:03,880 --> 00:22:04,600 Speaker 12: opposed to it. 413 00:22:05,119 --> 00:22:07,119 Speaker 3: Well, you know, John, it's also hard because being a 414 00:22:07,119 --> 00:22:11,000 Speaker 3: farmer's hard in general, Like hard enough, you're dealing with crops, 415 00:22:11,359 --> 00:22:14,440 Speaker 3: hard weather, You're dealing with things completely out of your control. 416 00:22:14,880 --> 00:22:21,760 Speaker 12: And then it hardest occupation known to man. People is farming. 417 00:22:22,520 --> 00:22:25,600 Speaker 12: And I could work twenty four hours in a day 418 00:22:25,760 --> 00:22:29,520 Speaker 12: and never catch up. And you know, we have to 419 00:22:29,880 --> 00:22:31,960 Speaker 12: deal with the act of mother nature, like you said, 420 00:22:32,040 --> 00:22:37,520 Speaker 12: floods and tornadoes and hurricanes and droughts, and disbelieve it 421 00:22:37,600 --> 00:22:40,480 Speaker 12: or not, is the first year and a very very 422 00:22:40,520 --> 00:22:43,560 Speaker 12: long time that I'm farming without a farm operating loan 423 00:22:43,640 --> 00:22:46,840 Speaker 12: here in my own country, where the bank said and 424 00:22:47,600 --> 00:22:49,760 Speaker 12: the government said, you know, we're not going to extend 425 00:22:49,800 --> 00:22:53,640 Speaker 12: credit to you because your input costs and the low 426 00:22:53,760 --> 00:22:58,480 Speaker 12: price is due to the President's terrorists created some of 427 00:22:58,520 --> 00:23:01,760 Speaker 12: the lowest prices. And in a very very long time, 428 00:23:02,520 --> 00:23:05,320 Speaker 12: if you factor in the input costs and the low 429 00:23:06,240 --> 00:23:10,800 Speaker 12: commodity costs, weet five dollars of bushee corn and four 430 00:23:10,880 --> 00:23:13,200 Speaker 12: dollars and something of bushel, and so it being severing 431 00:23:13,280 --> 00:23:16,760 Speaker 12: around ten dollars of bushel. People, these are very very 432 00:23:16,800 --> 00:23:20,480 Speaker 12: low prices. And every time the president says the word tariffs, 433 00:23:21,320 --> 00:23:24,159 Speaker 12: he scares the bejeebas out of the markets, and the 434 00:23:24,240 --> 00:23:28,080 Speaker 12: prices plummet. And you know, many Americans don't know that 435 00:23:28,640 --> 00:23:33,280 Speaker 12: farmers or price takers. We're not price givers. So my 436 00:23:33,400 --> 00:23:37,640 Speaker 12: price is based on the market that the president can 437 00:23:38,760 --> 00:23:41,359 Speaker 12: plays with when you know, when he gets ready, it 438 00:23:41,440 --> 00:23:45,800 Speaker 12: affects the very first people that voted for him, overwhelmingly 439 00:23:46,040 --> 00:23:50,159 Speaker 12: is farmers in this country are the very first population 440 00:23:50,359 --> 00:23:53,960 Speaker 12: that's taking a black eye from the president because of 441 00:23:54,000 --> 00:23:57,840 Speaker 12: these low prices that we just don't have any control LEVELM. 442 00:23:58,119 --> 00:24:00,240 Speaker 3: Do you think the grains that will be included in 443 00:24:00,280 --> 00:24:03,359 Speaker 3: trade deals, which then in essence could help Well, I 444 00:24:03,400 --> 00:24:03,760 Speaker 3: hope so. 445 00:24:04,040 --> 00:24:07,119 Speaker 12: And you know, I'd like to equate it back to 446 00:24:07,520 --> 00:24:11,560 Speaker 12: the president's first presidency, and I believe it was in 447 00:24:11,680 --> 00:24:18,400 Speaker 12: twenty eighteen where we were I was actually selling soybeans 448 00:24:19,040 --> 00:24:23,439 Speaker 12: almost a sixteen eighty cents a bushel, and when the 449 00:24:23,520 --> 00:24:27,520 Speaker 12: President imposed tariffs the first time on this presidency, the 450 00:24:27,640 --> 00:24:32,680 Speaker 12: price plummeted because China basically stopped buying them, all the 451 00:24:32,720 --> 00:24:35,840 Speaker 12: way down to six dollars a bushel from sixteen dollars 452 00:24:36,000 --> 00:24:39,760 Speaker 12: eighty cents. So we don't have anything to compare it 453 00:24:39,840 --> 00:24:43,440 Speaker 12: to in a positive aspect. They didn't work the first time, 454 00:24:43,520 --> 00:24:45,840 Speaker 12: and right now, as I'm sitting here talking to you, 455 00:24:46,480 --> 00:24:49,800 Speaker 12: I'm in a very precurious situation. You know, no farm 456 00:24:49,840 --> 00:24:53,959 Speaker 12: operating loan, a shaky market, and for the future of 457 00:24:54,000 --> 00:24:56,760 Speaker 12: agriculture right now, things are looking grim. 458 00:24:56,880 --> 00:24:57,200 Speaker 7: People. 459 00:24:57,240 --> 00:24:59,919 Speaker 12: We just don't have the new markets that the President 460 00:25:00,080 --> 00:25:03,160 Speaker 12: said they were working to put in in place, and 461 00:25:03,680 --> 00:25:08,320 Speaker 12: you know the egg Department. Instead of making things better, 462 00:25:08,359 --> 00:25:11,600 Speaker 12: they're saying that they want to close offices. So the 463 00:25:11,640 --> 00:25:14,760 Speaker 12: administration says that they're going to help farm is by payments, 464 00:25:15,080 --> 00:25:16,600 Speaker 12: but they're closing farm all right. 465 00:25:16,600 --> 00:25:18,960 Speaker 3: Thanks to John Boyd, founder and president of the National 466 00:25:18,960 --> 00:25:22,399 Speaker 3: Black Farmers Association. Coming up on the program, a conversation 467 00:25:22,480 --> 00:25:26,800 Speaker 3: on DEI with the CEO of Hispanic Association on corporate responsibility. 468 00:25:26,960 --> 00:25:29,760 Speaker 2: You're listening to Bloomberg Intelligence on Bloomberg Radio, providing in 469 00:25:29,800 --> 00:25:32,119 Speaker 2: depth research and data on two thousand companies and one 470 00:25:32,200 --> 00:25:35,080 Speaker 2: hundred and thirty industries. You can access Bloomberg Intelligence via 471 00:25:35,160 --> 00:25:36,320 Speaker 2: b I go on the terminal. 472 00:25:36,400 --> 00:25:39,280 Speaker 3: I'm Paul Sweeney and am Alex Steel and this is Bloomberg. 473 00:25:45,840 --> 00:25:49,960 Speaker 7: The latest global headlines are now as your fingertips. 474 00:25:49,359 --> 00:25:52,439 Speaker 13: Subscribe to Bloomberg News Now and get news when you 475 00:25:52,560 --> 00:25:54,040 Speaker 13: want it on your schedule. 476 00:25:54,119 --> 00:25:56,399 Speaker 2: These are short audio reports that bring you the latest 477 00:25:56,440 --> 00:25:57,879 Speaker 2: headlines with context. 478 00:25:58,359 --> 00:26:00,399 Speaker 7: Check in throughout the day for just a few minutes 479 00:26:00,440 --> 00:26:02,720 Speaker 7: to stay on top of the latest news from around 480 00:26:02,720 --> 00:26:03,159 Speaker 7: the world. 481 00:26:03,200 --> 00:26:06,400 Speaker 14: Bloomberg News Now is available twenty four hours a day 482 00:26:06,520 --> 00:26:07,760 Speaker 14: right on your smartphone. 483 00:26:07,840 --> 00:26:12,000 Speaker 10: Subscribe today on Apple Podcasts, Spotify, or anywhere you listen. 484 00:26:12,080 --> 00:26:15,240 Speaker 7: Bloomberg News Now Context changes everything. 485 00:26:15,640 --> 00:26:18,840 Speaker 6: There's danger out there. It lurks on highways and quiet 486 00:26:18,880 --> 00:26:21,480 Speaker 6: neighborhood streets. It's more likely to kill you than a 487 00:26:21,520 --> 00:26:25,520 Speaker 6: shark and more terrifying than the biggest snake. Distracted driving 488 00:26:25,600 --> 00:26:30,359 Speaker 6: claims lives every day. Every notification swipes, social post, video 489 00:26:30,480 --> 00:26:33,919 Speaker 6: or selfie while driving risks your life. So while you 490 00:26:34,000 --> 00:26:36,840 Speaker 6: might think public speaking or the zombie apocalypse is scary, 491 00:26:37,160 --> 00:26:42,040 Speaker 6: what's really terrifying and even deadly is distracted driving. Ice Forward, 492 00:26:42,240 --> 00:26:44,760 Speaker 6: Don't Drive Distracted Brought to you by Nitze and the 493 00:26:44,760 --> 00:26:46,120 Speaker 6: Ad Council with. 494 00:26:46,119 --> 00:26:50,040 Speaker 13: The Bloomberg Small Business Report. I'm John Tucker. Christopher dip 495 00:26:50,119 --> 00:26:53,200 Speaker 13: is a Montreal based engineer who's developed an app called 496 00:26:53,320 --> 00:26:56,920 Speaker 13: by Beaver. It scans barcodes and tell consumers whether a 497 00:26:57,000 --> 00:27:01,040 Speaker 13: product is Canadian. Dip says it's the chastest growing app 498 00:27:01,080 --> 00:27:04,160 Speaker 13: he and his business partner have developed, garnering thirty five 499 00:27:04,240 --> 00:27:08,440 Speaker 13: thousand downloads in just two weeks. His app's popularity reflects 500 00:27:08,520 --> 00:27:13,080 Speaker 13: growing anger at Canada's biggest trading partner, the US, as 501 00:27:13,160 --> 00:27:16,719 Speaker 13: President Donald Trump has threatened tariffs, made fifty first state jabs, 502 00:27:16,760 --> 00:27:20,080 Speaker 13: and referred to the country's prime minister as Governor Trudeau. 503 00:27:20,720 --> 00:27:25,720 Speaker 13: Furious Canadian consumers have turned into vindictive shoppers. Experts warn 504 00:27:25,800 --> 00:27:30,320 Speaker 13: this trend could have significant economic implications for US businesses 505 00:27:30,640 --> 00:27:34,760 Speaker 13: big and small. In Canadian grocery stores, US grown produce 506 00:27:34,920 --> 00:27:38,480 Speaker 13: is wilting on the shelves. Canadians are scaring wineless over 507 00:27:38,520 --> 00:27:41,960 Speaker 13: dinner to avoid ordering California wines, and more and more 508 00:27:42,000 --> 00:27:45,440 Speaker 13: Canadians are canceling vacations to the US. And that's the 509 00:27:45,440 --> 00:27:47,320 Speaker 13: Bloomberg Small Business Report. 510 00:27:49,240 --> 00:27:53,560 Speaker 1: This is Bloomberg Intelligence with Paul Sweeney and Alex Steele 511 00:27:53,840 --> 00:27:55,240 Speaker 1: on Bloomberg Radio. 512 00:27:55,920 --> 00:27:59,200 Speaker 3: June is Pridemont so on Bloomberg Intelligence, We've been highlighting 513 00:27:59,200 --> 00:28:01,120 Speaker 3: segments on top related to equality. 514 00:28:01,440 --> 00:28:04,320 Speaker 2: In this segment, we looked at Bobby the only female 515 00:28:04,359 --> 00:28:07,400 Speaker 2: found it, and mom led organic infant formula company In 516 00:28:07,440 --> 00:28:10,880 Speaker 2: the US, the industry has historically been dominated by male executives. 517 00:28:11,080 --> 00:28:13,640 Speaker 3: Laura Maudi is the CEO and co founder at Bobby. 518 00:28:14,040 --> 00:28:16,840 Speaker 3: Laura mother for was a high powered executive at Airbnb 519 00:28:17,000 --> 00:28:20,760 Speaker 3: before surprising everyone around her to leave her position for Bobby. 520 00:28:21,080 --> 00:28:23,000 Speaker 2: We had the pleasure of speaking with Laura and we 521 00:28:23,040 --> 00:28:25,320 Speaker 2: first asked her about the biggest struggle right now in 522 00:28:25,359 --> 00:28:26,600 Speaker 2: the baby formula industry. 523 00:28:27,080 --> 00:28:29,359 Speaker 14: The biggest struggle I think right now is you know, 524 00:28:29,400 --> 00:28:33,480 Speaker 14: you'll remember the formula shortage in twenty twenty two. There 525 00:28:33,520 --> 00:28:37,560 Speaker 14: has been a very concentrated effort to make sure that 526 00:28:37,640 --> 00:28:41,600 Speaker 14: we diversify and break up the concentrated market and the 527 00:28:41,640 --> 00:28:44,640 Speaker 14: only way to do that is to invest in more 528 00:28:44,680 --> 00:28:47,960 Speaker 14: domestic manufacturing. I think the last time I spoke to 529 00:28:48,000 --> 00:28:51,520 Speaker 14: you guys, I mentioned that we have co created a 530 00:28:51,640 --> 00:28:56,400 Speaker 14: bill that really allows and incentivizes more domestic manufacturing for 531 00:28:56,440 --> 00:28:59,160 Speaker 14: infant formula, and right now is that is the number 532 00:28:59,160 --> 00:28:59,760 Speaker 14: one focus. 533 00:29:00,360 --> 00:29:04,200 Speaker 2: The infant formula made an America Act of twenty twenty five. 534 00:29:04,640 --> 00:29:05,440 Speaker 2: Talk to us about that. 535 00:29:06,760 --> 00:29:09,760 Speaker 14: So again, like I said, this is on the back 536 00:29:09,800 --> 00:29:12,680 Speaker 14: of the shortage and what we recognized was nothing will 537 00:29:12,720 --> 00:29:15,400 Speaker 14: change if nothing changes when it comes to the footprint 538 00:29:15,400 --> 00:29:21,560 Speaker 14: of infant formula manufacturing. So this bill incentivizes new players 539 00:29:21,840 --> 00:29:26,720 Speaker 14: to up level and to break ground and build infant 540 00:29:26,720 --> 00:29:28,880 Speaker 14: formula manufacturing here in the US. 541 00:29:29,720 --> 00:29:29,920 Speaker 5: Is it? 542 00:29:30,080 --> 00:29:31,800 Speaker 3: How expensive is it? 543 00:29:31,800 --> 00:29:35,160 Speaker 14: It's very expensive. It's very expensive, but maybe nothing like 544 00:29:35,920 --> 00:29:39,280 Speaker 14: other investments that are being made right now in manufacturing. 545 00:29:40,040 --> 00:29:42,760 Speaker 14: It takes around three years and it could be anywhere 546 00:29:42,800 --> 00:29:45,440 Speaker 14: from you know, sixty two, one hundred and fifty million 547 00:29:45,480 --> 00:29:48,640 Speaker 14: dollars to get a basic footprint in place, and sometimes 548 00:29:48,680 --> 00:29:52,120 Speaker 14: even more. And given how long it takes to be 549 00:29:52,160 --> 00:29:56,040 Speaker 14: able to get more manufacturing up and running, this is 550 00:29:56,080 --> 00:29:58,480 Speaker 14: why we can't wait for another crisis. The investments have 551 00:29:58,560 --> 00:30:02,400 Speaker 14: to happen now. And what this bill is is and 552 00:30:02,440 --> 00:30:07,160 Speaker 14: it's finally gotten bipartisan support. I don't actually believe there's 553 00:30:07,200 --> 00:30:11,240 Speaker 14: anything more bipartisan than investing in how our next generation 554 00:30:11,400 --> 00:30:14,800 Speaker 14: is fed and building the resiliency of this market. I 555 00:30:14,840 --> 00:30:18,200 Speaker 14: am just hoping that this bill gets introduced as something 556 00:30:18,240 --> 00:30:20,480 Speaker 14: that gets passed sooner rather than later. 557 00:30:21,800 --> 00:30:25,680 Speaker 2: Just remind us, Lara, where do Americas Where do we 558 00:30:25,720 --> 00:30:28,600 Speaker 2: source most of our infant formula these days? 559 00:30:28,960 --> 00:30:33,680 Speaker 14: Yeah? Look, most of it, most of it is sourced domestically. 560 00:30:34,880 --> 00:30:38,320 Speaker 14: But what we did do is that we allowed some 561 00:30:38,520 --> 00:30:41,680 Speaker 14: international formulas, some foreign formulas to come into the country 562 00:30:41,680 --> 00:30:45,400 Speaker 14: on the back of the shortage. We essentially have imported 563 00:30:45,480 --> 00:30:48,960 Speaker 14: our way out of a crisis, and that is still happening. 564 00:30:49,280 --> 00:30:52,120 Speaker 14: So over the last few years, we've gone from less 565 00:30:52,160 --> 00:30:55,320 Speaker 14: than one percent of infant formula being made and sourced 566 00:30:55,320 --> 00:30:59,200 Speaker 14: in the US to now over ten percent of American 567 00:30:59,240 --> 00:31:02,960 Speaker 14: babies are on formula coming in from overseas. And the 568 00:31:02,960 --> 00:31:05,640 Speaker 14: big push that I'm trying to have is high quality 569 00:31:05,720 --> 00:31:09,160 Speaker 14: formula should be able to be sourced and made here 570 00:31:09,200 --> 00:31:11,040 Speaker 14: at America for American babies. 571 00:31:11,640 --> 00:31:15,200 Speaker 3: Yes, but because it's expensive to say, build the plans here, etc. 572 00:31:15,720 --> 00:31:17,760 Speaker 3: Can we get that at a price point where like 573 00:31:17,840 --> 00:31:20,800 Speaker 3: you can stand business and make money, but also it 574 00:31:20,800 --> 00:31:23,400 Speaker 3: can be available to all different types of families. 575 00:31:24,560 --> 00:31:26,760 Speaker 14: The push I would have on that is it takes 576 00:31:26,800 --> 00:31:29,480 Speaker 14: more than the private sector to be able to make 577 00:31:29,520 --> 00:31:33,200 Speaker 14: that happen. And we're talking about infant formula. This is 578 00:31:33,240 --> 00:31:36,080 Speaker 14: where we need something like this bill to be put 579 00:31:36,120 --> 00:31:39,719 Speaker 14: in place to help bring down the costs because what 580 00:31:39,760 --> 00:31:42,760 Speaker 14: they are is it's a production tax credit, which means 581 00:31:42,760 --> 00:31:45,640 Speaker 14: that for every can, for every production run we make, 582 00:31:45,720 --> 00:31:48,640 Speaker 14: there's tax credits given back so that we can bring 583 00:31:48,680 --> 00:31:51,480 Speaker 14: those costs down. And it's really important that we make 584 00:31:51,560 --> 00:31:55,920 Speaker 14: those investments today. Otherwise what we're doing is we're waiving 585 00:31:55,960 --> 00:31:59,120 Speaker 14: the white flag as a country and saying America is 586 00:31:59,160 --> 00:32:01,280 Speaker 14: unable to do it. So we're going to allow other 587 00:32:01,360 --> 00:32:05,280 Speaker 14: countries to feed our babies. Fast forward in seven ten years, 588 00:32:05,360 --> 00:32:07,800 Speaker 14: we could be in a much bigger crisis if we're 589 00:32:07,840 --> 00:32:09,640 Speaker 14: allowing on other countries to feed our babies. 590 00:32:10,200 --> 00:32:16,600 Speaker 2: D just give us the latest updates for your company, Bobby. 591 00:32:14,920 --> 00:32:18,320 Speaker 14: Well, we've been pushing a lot of innovation. I think 592 00:32:18,680 --> 00:32:20,400 Speaker 14: the one thing we can't lose sight of is that 593 00:32:20,480 --> 00:32:24,080 Speaker 14: the quality of infant formula deserves its utmost attention on 594 00:32:24,080 --> 00:32:28,240 Speaker 14: an ongoing basis. So we recently launched the first USDA 595 00:32:28,480 --> 00:32:32,360 Speaker 14: organic whole milk infant formula made at our facility in Ohio, 596 00:32:32,800 --> 00:32:35,880 Speaker 14: and we're going to keep watching the way science evolves, 597 00:32:36,000 --> 00:32:39,200 Speaker 14: and when the scientists say that there's new updates that 598 00:32:39,240 --> 00:32:41,320 Speaker 14: need to happen, we're going to be making those changes 599 00:32:41,920 --> 00:32:45,560 Speaker 14: to our product. And my entire focus as a mother 600 00:32:45,840 --> 00:32:50,040 Speaker 14: is to keep innovating and up leveling the nutritional requirements 601 00:32:50,040 --> 00:32:52,200 Speaker 14: of formula for American babies. 602 00:32:52,400 --> 00:32:53,920 Speaker 3: Do you a want of competition right now? 603 00:32:57,440 --> 00:33:00,160 Speaker 14: There is competition. There is competition, and it's health the 604 00:33:00,200 --> 00:33:04,800 Speaker 14: competition because we need we need choice, and this is 605 00:33:04,880 --> 00:33:09,560 Speaker 14: probably one of the only products in the market that 606 00:33:09,640 --> 00:33:12,680 Speaker 14: doesn't have enough options. It doesn't have enough choice. And 607 00:33:12,720 --> 00:33:14,920 Speaker 14: I believe, I speak for many parents that when you 608 00:33:14,960 --> 00:33:19,360 Speaker 14: walk down the formula aisle of a retailer today's it 609 00:33:19,400 --> 00:33:22,360 Speaker 14: can often be an empty, sad and lonely aisle. You're 610 00:33:22,360 --> 00:33:25,040 Speaker 14: feeding your babies, and it shouldn't be so, I believe 611 00:33:25,080 --> 00:33:27,920 Speaker 14: and I hope that with something like the Domestic Manufacturing Bill, 612 00:33:28,360 --> 00:33:31,040 Speaker 14: it actually introduces more competition. We need to see more 613 00:33:31,040 --> 00:33:34,120 Speaker 14: bobbies on shelf, and that competition will force all of 614 00:33:34,160 --> 00:33:35,440 Speaker 14: us to up level the standards. 615 00:33:35,640 --> 00:33:35,880 Speaker 4: All right. 616 00:33:35,880 --> 00:33:38,080 Speaker 3: Thanks to Laura Maudi, CEO and co founder of. 617 00:33:38,080 --> 00:33:41,200 Speaker 2: Bobby, we continue with our June Pride Month conversations on 618 00:33:41,280 --> 00:33:42,720 Speaker 2: topics related to equality. 619 00:33:42,920 --> 00:33:45,080 Speaker 3: In this segment, we spoke to Sid Wilson, the CEO 620 00:33:45,120 --> 00:33:47,680 Speaker 3: of the Hispanic Association, on corporate responsibility. 621 00:33:47,840 --> 00:33:51,440 Speaker 2: We discussed corporate responsibility and the importance of diversity, equity, 622 00:33:51,440 --> 00:33:54,360 Speaker 2: and inclusion. We began the conversation by asking sid what 623 00:33:54,520 --> 00:33:55,560 Speaker 2: his organization does. 624 00:33:56,040 --> 00:33:59,320 Speaker 4: The Hispanic Association on Corporate Responsibility, we've been around for 625 00:33:59,480 --> 00:34:02,600 Speaker 4: almost four forty years. Our mission is to advance Hispanic 626 00:34:02,640 --> 00:34:06,480 Speaker 4: inclusion in corporate America. I've been in my CEOO for 627 00:34:06,520 --> 00:34:09,080 Speaker 4: eleven years, and before that, I was twenty one years 628 00:34:09,080 --> 00:34:10,960 Speaker 4: on a wall Street. I was on Equity resarch channelist. 629 00:34:11,520 --> 00:34:13,200 Speaker 3: Okay, so you're talking to your team here. 630 00:34:13,600 --> 00:34:14,240 Speaker 2: He's reformed. 631 00:34:14,760 --> 00:34:18,440 Speaker 3: So today DEI in some ways is now a dirty 632 00:34:18,480 --> 00:34:21,080 Speaker 3: word in corporations in the United States. How do you 633 00:34:21,080 --> 00:34:21,560 Speaker 3: combat that? 634 00:34:23,560 --> 00:34:26,360 Speaker 4: Well, brush you combat it with facts. The reality is 635 00:34:26,640 --> 00:34:29,120 Speaker 4: that DEI is not a word, It's an acronym. It 636 00:34:29,160 --> 00:34:32,960 Speaker 4: stands for diversity, equity and inclusion. The opposite of that 637 00:34:33,120 --> 00:34:38,399 Speaker 4: is is homogeneity, inequality, and exclusion. So when we talk 638 00:34:38,480 --> 00:34:42,880 Speaker 4: to companies, we talk about the facts that that diversity, 639 00:34:42,920 --> 00:34:45,640 Speaker 4: equity and inclusion is not only the right to do, 640 00:34:45,680 --> 00:34:49,520 Speaker 4: it's also good business. Now, whether you call it diversity, 641 00:34:49,719 --> 00:34:53,480 Speaker 4: equity and inclusion or do the work of it, you 642 00:34:53,520 --> 00:34:55,640 Speaker 4: know you're seeing some of them that are continued to 643 00:34:56,440 --> 00:35:00,960 Speaker 4: find ways to do the work of staying under the 644 00:35:01,000 --> 00:35:05,840 Speaker 4: Executive Order radar, but recognizing that without diversity equity and 645 00:35:05,880 --> 00:35:10,200 Speaker 4: inclusion companies will have a very difficult time competing for customers, 646 00:35:10,360 --> 00:35:14,840 Speaker 4: competing for talent, and competing for to be the brand 647 00:35:14,840 --> 00:35:15,520 Speaker 4: of choice. 648 00:35:16,160 --> 00:35:20,279 Speaker 2: This reminds me the change and perception of DEIS kind 649 00:35:20,280 --> 00:35:22,640 Speaker 2: of reminds those of us on Global Wall Street of 650 00:35:22,680 --> 00:35:26,120 Speaker 2: another kind of phenomenon, which was ESG and type of 651 00:35:26,160 --> 00:35:30,000 Speaker 2: investment refocused on environment, sustainability, governance, those types of things 652 00:35:30,360 --> 00:35:34,480 Speaker 2: that seems to at least in this country taken a 653 00:35:34,640 --> 00:35:38,200 Speaker 2: back seat. How about rest of world? How does the 654 00:35:38,280 --> 00:35:42,880 Speaker 2: rest of world think about diversity DEI in general? 655 00:35:43,080 --> 00:35:46,600 Speaker 4: When you talk to leaders around the world, particularly in Europe, 656 00:35:47,120 --> 00:35:51,080 Speaker 4: they feel that what's happening in the US is extremely 657 00:35:51,160 --> 00:35:56,560 Speaker 4: unusual because they know that the path to a successful 658 00:35:57,400 --> 00:36:01,320 Speaker 4: business or operation is through having a strong and robust 659 00:36:01,680 --> 00:36:06,440 Speaker 4: and intentional diversity, equity and inclusion initiative at all levels, 660 00:36:06,880 --> 00:36:09,480 Speaker 4: especially the C suite of the BORCED because we remember that, 661 00:36:09,880 --> 00:36:13,799 Speaker 4: you know, sometimes the argument about against THEI is they 662 00:36:13,800 --> 00:36:17,200 Speaker 4: claim that it comproises merit, which we know that is incorrect. 663 00:36:17,360 --> 00:36:19,239 Speaker 4: What it does is it why ends the scope for 664 00:36:20,640 --> 00:36:24,160 Speaker 4: merit based opportunities. The problem though, was in the C suite, 665 00:36:24,200 --> 00:36:26,080 Speaker 4: as you know, if you're at the C suite. You're 666 00:36:26,200 --> 00:36:28,480 Speaker 4: the c SPE because you're qualified, You're the CC because 667 00:36:28,480 --> 00:36:33,200 Speaker 4: you're sponsored, and sponsorship is still has implicit bias, and 668 00:36:33,239 --> 00:36:37,040 Speaker 4: that's where you continue to see a lack of representation 669 00:36:37,480 --> 00:36:38,880 Speaker 4: for women and people of color. 670 00:36:39,560 --> 00:36:43,560 Speaker 3: I mean absolutely, how do we combat that at a 671 00:36:43,600 --> 00:36:47,000 Speaker 3: time when federal policies, particularly on the education level, are 672 00:36:47,000 --> 00:36:47,920 Speaker 3: getting rolled back. 673 00:36:48,480 --> 00:36:52,560 Speaker 4: So let me first address the education components. Is that 674 00:36:53,920 --> 00:36:57,280 Speaker 4: colleges and universities will still need to look for ways 675 00:36:57,320 --> 00:37:02,160 Speaker 4: how they can attract diverse student bodies. You know, no 676 00:37:02,400 --> 00:37:05,440 Speaker 4: university is going to want to have, let's say, an 677 00:37:05,520 --> 00:37:08,960 Speaker 4: all white male student body and think that that's normal. 678 00:37:09,040 --> 00:37:09,360 Speaker 7: It's not. 679 00:37:10,440 --> 00:37:13,200 Speaker 4: And when you look at the pipeline into the workforce, 680 00:37:13,440 --> 00:37:17,040 Speaker 4: particularly technology, whereas whereas all of us know, there is 681 00:37:17,080 --> 00:37:22,439 Speaker 4: a shortage of workers going into those tech fields. And 682 00:37:22,520 --> 00:37:25,399 Speaker 4: so with that, it means that you not only need 683 00:37:25,440 --> 00:37:27,319 Speaker 4: to make sure that you're looking at what you look 684 00:37:27,400 --> 00:37:29,960 Speaker 4: what you need to hire, but also looking at even 685 00:37:29,960 --> 00:37:33,719 Speaker 4: the immigration policies, because immigration policy that the current administration 686 00:37:33,840 --> 00:37:37,439 Speaker 4: has is completely counter to killing the jobs that are 687 00:37:37,480 --> 00:37:40,120 Speaker 4: needed in the US to help the economy grow. 688 00:37:40,800 --> 00:37:43,480 Speaker 2: Sid maybe thirty seconds left, what's kind of the the 689 00:37:43,600 --> 00:37:47,200 Speaker 2: agenda for your organization over the next six or twelve months. 690 00:37:47,040 --> 00:37:49,799 Speaker 4: Well, our agenda is to continue to talk to as 691 00:37:49,880 --> 00:37:54,400 Speaker 4: many CEOs as possible. We're proud that we we interact 692 00:37:54,719 --> 00:37:58,640 Speaker 4: with more fortune five hundred one thousand CEOs than any 693 00:37:58,719 --> 00:38:01,959 Speaker 4: other Hispanic organs whole country. And we know that those 694 00:38:01,960 --> 00:38:05,920 Speaker 4: direct conversations make a big difference to give companies the 695 00:38:05,960 --> 00:38:10,080 Speaker 4: guidance understanding of how they can use diversity, equity inclusion 696 00:38:10,120 --> 00:38:14,200 Speaker 4: in this current environment to now we navigate through this 697 00:38:14,560 --> 00:38:18,040 Speaker 4: maze that they're having to addressed, but also how they 698 00:38:18,080 --> 00:38:21,000 Speaker 4: can still win with diversity, equity and inclusion. 699 00:38:21,560 --> 00:38:24,200 Speaker 3: Right thanks to Sid Wilson, CEO of the Hispanic Association 700 00:38:24,280 --> 00:38:25,520 Speaker 3: on Corporate Responsibility. 701 00:38:25,719 --> 00:38:28,439 Speaker 2: That's this week's edition of Bloomberg Intelligence on Bloomberg Radio, 702 00:38:28,640 --> 00:38:31,120 Speaker 2: providing in depth research and data on two thousand companies 703 00:38:31,120 --> 00:38:32,360 Speaker 2: and one hundred and thirty industries. 704 00:38:32,440 --> 00:38:34,840 Speaker 3: And remember you can access Bloomberg Intelligence through b I 705 00:38:34,880 --> 00:38:37,560 Speaker 3: go on the terminal. I'm Alex Steel and I'm Paul Sweeney. 706 00:38:37,640 --> 00:38:38,200 Speaker 4: Stay with us. 707 00:38:38,280 --> 00:38:40,759 Speaker 2: Today's top stories and global business headlines are coming up 708 00:38:40,960 --> 00:38:41,439 Speaker 2: right now.