Transcripts For BLOOMBERG Whatd You Miss 20240712 : vimarsan

BLOOMBERG Whatd You Miss July 12, 2024

Romaine we tuck about the nasdaq being at that record high. 7 , 8 is still about below its previous high that it hit before the drawdown in february. Likell 2000 down something 14 . When you start to sort of look at how this rally has been distributed, there are certainly a lot of areas that can play catch up. We have seen that kind of bottom feeding. Somel traders picked up on of these stocks that they felt were little bit too beatendown. Looking for a bit of a rebound there as well. Still with us, sarah malik. I just want to talk about the support that this market has had from the Federal Reserve. Policy,banks, monetary both what has been implemented and what has been promised. Goinge point, the fed is to have to reckon with this, whether they should pull this back. Do you anticipate that there would be a negative reaction of any significance in the equity markets to the fed starting to unravel . I think they have been pretty clear in the fact that they are going to provide support as long as they have needed. It would be a surprise to investors if they were to pull back in the near term rate i think if they were to pull back, when thebe at a time markets are more stable. The fed should be there, it has , thishere, and really market backing arch, the vshaped recovery we have seen. So eloquent, stimulus, 500 i think you said, the types of stimulus we have seen this year. A mind blowing number. Global capacity, is it all about u. S. , is it time to look further afield . Where part of looking for we can look for investments, there are even areas like brazil, latin america, even places like e. M. , one of the worst performing regions going into the crisis. That could be an area like. Razil in the u. S. , small caps, another area. Europe come i think it will lag a bit of a cyclical trade. Arope for us would be more of shorterterm interest. I think over the long run, europe may continue to struggle given the lack of growth. Caroline always great to get your insights. We thank you for joining us. That does it for the closing bell. Whatd you miss . Is next, where we speak with the amazon head of sustainability. This is bloomberg. From bloombergs World Headquarters in new york, i am caroline hyde. Romaine this is whatd you miss . Caroline on the nasdaq, once again we march higher. Volumes higher, stocks higher. Volumes lower on the s p 500. President trump says not to worry about the china and u. S. Trade deal after trade advisor Peter Navarro signals it could be coming to an end. Over 2 million restaurants around the world fight to keep their doors open. As part of the bloomberg invest global summit, David Rubenstein spoke with Steven Mnuchin, treasury secretary, on a range of topics. Mnuchin theetary president has been clear. We put a lot of money into the economy. Unprecedented response and there is no question that money is having a major impact on the economy. Ppp, whichis the impacted 50 million workers, the direct payments of over 60 million, enhanced unemployment. Left they just Republican Senate lunch and we are beginning to discuss the aspects of what the bill would look like. We want to take our time because, number one, there is a lot of money we still have to put out. And we want to make sure that money Going Forward is much more targeted to the businesses impacted. D do you think it is likely that sometime in july a bill would best both houses . Secretary mnuchin i do. That would be the timing. As of now, would you say the fed has done a good of job as you would like them to do . And can you say whether the president is happier today with the head of the Federal Reserve . Secretary mnuchin i think the Federal Reserve has done a phenomenal job. We speak to them almost on a daily basis. These programs are a combination of the Federal Reserve and treasury. Every single one of these programs is now up and running. Bondve a municipal program, a commercial paper program. A main Street Program is up and running. Corporate primary and secondary. We have a program that lent to with ppp loans. The fed acted in an unprecedented response. I think the president is very pleased with what the fed has been doing. David this quarter, we have slipped into a recession according to the National Bureau of economic research. Do you think, at the end of this year, we might be out of the recession . Secretary mnuchin i do. Metricsitional economic arent really appropriate given that we shut down the economy. First, let me say, there were way too many people who lost their jobs or got laid off. We are not going to be done until we get every single one of those people back to work. Not really focused on the technical issues. I am focused on helping all these Small Businesses and all the workers. That is our job. I think you saw the recent employment numbers. People thought there would be another 8 Million People unemployed. Clearly, this is the ppp working. You saw great retail sales. I think you will see, the economy had a very bad second quarter. I think you will see a spectacular rebound off the bottom and the third quarter. Thed you were one of principal negotiators of the deal with china. Are you confident that they will be able to buy the products they have agreed to . Secretary mnuchin i have every expectation that they will. They have continued to tell us that they will ever since last week when secretary pompeo met with some of the people who flew in from china. I have that expectation. Having said that, let me just comment on i think the world wants a lot more transparency on covid. How did it start . How did it spread . How did it spread around the world and it did not spread within china . Yes, we have expectations that they will live up to their trade agreements but we also have expectations that they have to have more transparency around the disease. Romaine secretary of the treasury Stephen Mnuchin speaking with David Rubenstein. Dell shares higher after hours. Dell owns a stake in vmware. Dell is examining options including a spinoff, according to people familiar with the matter. Also exploring the possibility of buying the rest of vmware. Caroline lets get back to the u. S. China trade story. Obamas president undersecretary for commerce and international trade. Talk about the confusing statement that came from Peter Navarro. He says he was taken out of context. Hattie you read the tea leaves how do you read the tea leaves as far as where phase i is . Clearly, the comments were conflicting between what navarro said and subsequently the president clarified, saying that the trade deal was fully intact. I think, frankly, it is a reflection of how challenging the relationship has become between the two countries, not moreon the trade side but broadly. Mr. Navarro went on to say that we lack trust in the Chinese Communist party. In response to that, the Foreign Ministry of china came back and said that he consistently lies, has no honesty or trustworthiness. I think that sort of language is obviously extraordinarily unusual among diplomats and leaders, and i think it is a reflection of just where we are as two countries trying to get a trade deal done and dealing with a number of other important issues. What exactly is the relationship . Last week, there was that secret meeting in hawaii that seemed to bear some fruit with regards to china fulfilling its goal. So it seemed a little curious for navarro to come out last night and basically saying the deal was dead. Is the relationship there to make progress on this . Two things. One, the relationship is clearly strained. I would separate that from the issue of the phase one trade causedhich caused all china to increase purchases of u. S. Farm, manufactured, and other goods, off of 200 off of 2017 levels. The was all done before covid pandemic. As a result, i think it was always an ambitious goal but it now be frankly out of reach, just given where their economy is, and the demand and price of those goods to be able to hit those targets. Caroline fascinating. Really putting it into perspective. We thank you. This is bloomberg. Caroline Companies Across Corporate America have spent billions of dollars on diversity and inclusion measures yet results continue to fall support. Fall short. How can countries move the needle more effectively. Ww ongrossman, ceo of Bloomberg Radio now to discuss. Well be listening into the moves that company is making it the steps they are taking covid19 breakout, how they are focusing on their workers and indeed the moves the company can make to bring them back. , we welcome Mindy Grossman president and ceo of ww international. She joins us on the phone. We are delighted to have you here with us. Curious to hear how your family is doing, how your corporate family is doing, now that we are 15 weeks into this shut down and starting to slowly reopen so thrilled to be here. We have been up here since march i, so it has been certainly think a surreal time for everyone. But we are doing well. To your point, we entered the year with unbelievable momentum. Ww, we werehed my in the throes of our Digital Transformation, we did a nine touching with oprah, 135,000 people. Arch,all of a sudden, mid the world changed. Pivot, notuickly only for the safety and security of our employees and members, but it was important to us that we kept our Community Together because of our approximately 5 million numbers who are all digital. 25 of them also attended our studios. So, in march, in six days, we had to train 14,000 coaches, we pivoted our whole product and tech team. Simultaneously we launched virtual workshops which, in the first week, we had 15,000, and they are still continuing today. That pivot for us, even though subscriptionsed starting in midmarch, that started really picking up again starting in mid april. Now, our Digital Subscribers are is ourlltime high, as attention. It was no maniacal focus on not losing our community in a world where community and motivation and support are really more important than ever. Just even psychologically for people. We also took the learnings from the tour we did physically with oprah and said, what can we do for people who need this now more than ever . Everynched a fourweek, saturday virtual tour with oprah. And made the decision to make it free globally for everyone because that is really what everybody needed what people needed right now. That is what our brand has stood for since the very beginning. We had just in the first one over half a Million People live. We now have millions of people watch the content. We have been trying to do is use this as an opportunity to accelerate our Digital Transformation, reduce our real estate footprint, be able to add to the ecosystem of wellness. I think now we are seeing or isn ever health and wellness on top of everybodys mind. It is not a luxury anymore. It is a necessity. You mentioned her a couple of times the oprah effect here. What has she done for the brand, especially in this time. It feels almost more important to have that voice for a variety of reasons. She has been such a partner to me since the day i joined the company, certainly as a board member but also as a thought partner, how can we Work Together to really give people the tools, the motivation so they can live their best, healthiest lives. If you look at what we built out in terms of this wellness ecosystem, whether it is novation, mindset relationships, whatever that is, having oprah and her voice be able to amplify it is really our superpower to galvanize people. We saw it on the tour and we also saw it on this virtual tour. She feels, now more than ever, what we bring is going to be more critical for people. As we talked about moving into the broader scope of wellness, we said we would never abdicate our Global Leadership in healthy weight loss, which is so important. If you look at the number one factor in covid deaths, obesity. Diabetes is a huge factor. We are seeing from all of our data in terms of why people are is top ofnd what mind, it is i need to be healthy not just for me, but healthy to others. I need to not get sick to get healthy. I need to prevent what is happening i think covid has really changed the mindset. The other thing it has done is really identify the Health Disparities among communities. Be ank that is going to big focus as well. We have had these conversations with a lot of birds of the medical community we have had. It is a Health Care Crisis but it also speaks to the health of so Many Americans and the difficult spot they are in one thing i wanted to ask you, in terms of what you have seen, the pivot to even more digital because of the shut down, is the virus potentially the catalyst to finally moving to a digitalonly model . I think any company who has not used this as an opportunity to accelerate the Digital Transformation will be left behind. However, we feel that it is not like facetoface will go away completely. We will have a smaller footprint. But even before covid, we had a new product that is going to launch later this year, digital plus Virtual Group coaching. More support in terms of coach motivation once we launch that, we will have a suite of tools that people can look at at decide what is right for them, kind of picking my ww. We have been on this personalization journey, so not only do people obviously take an assessment for what program they want to be on, but now they will have options in terms of what they feel is right for them. , andst started reopening by the end of this month, we will have about 400 studios open. We started obviously safety and security. It started with people could come in and have a oneonone session with their coach. By the end of the month, we will have very strategic, smaller groups based on the size and based on the rules of whatever the location is. But we are really seeing that there are people who feel that accountability, that interaction, and that motivation. There are other people who really just want the support of their digital community. Connect, which is our digital social platform. We also launched connect root for people who were going through specific struggles right now. Young moms. Imagine college students. A lot of them dont even know if they can go back to school or not. But we are trying to do is give people that support and Community New matter where they are or how they want to interact. We are going to hand it over to our colleagues in bloomberg television. We will continue our conversation with Mindy Grossman now. O wonder, in terms romaine we were just listening to carol and jason, speaking with ww ceo Mindy Grossman. Coming up next, amazons commitment to a sustainable future. We will speak with kara hurst, amazon head of worldwide estate ability. Well talk about the 2 billion investment in climate technology. This is bloomberg. You say that customers make their own rules. Lets talk data. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad . Your wireless your rules. Only with Xfinity Mobile. Now thats simple easy awesome. Switch and save up to 400 a year on your wireless bill. Plus get 200 off a new Samsung Galaxy s20 ultra. Effort toin an eliminate its Carbon Footprint, amazon is investing 2 billion in Sustainable Land d carbon icing technologies. De carbonizing technologies. We have the amazon head of worldwide sustainability with us, kara hurst. First, we will talk about this fund. 2 billion. Where is it being focused first and foremost . Thanks for having me today. We are very excited about the launch. Really, this is spurred by our commitment to the climate pledge itself. We are going to focus on technologies and products and services where we will where we believe we will have the biggest impacts. You mentioned some of those, transportation and logistics, but we will look at a broad array of technologies and industries across some of those building materials, fuels, agricultural solutions. Romaine when you look at a company like amazon, obviously a big logistics company. Transportation is a big component of how you get to all these packages to people like ian caroline. As the Company Continues to grow, how do you get to a level where you can reduce that Carbon Footprint while still growing at some of the growth metrics investors expect you to continue at . Kara this is the opportunity we have in front of us. To use our scale for good. As we continue to grow, we will find ways to d carbon eyes. Bonize. Ecar we have focused on Building Internal systems, Data Collection mechanisms, to understand the business more fully, and to give our operators and Business Leaders more information so that as they are making those decisions about how to grow the business, where to invest, they can make them in a way that is more sustainable. Taylor talk to me about the Business Model behind all of this. Do you one day plan

© 2025 Vimarsana