Amazon Phone Ban Hampers Workers in Warehouse Collapse

You can also listen to our radio show at two pm Eastern Time on the Bloomberg Radio or watch us on YouTube search Bloomberg clovel News. All right, so let's talk about the latest when it comes to the coronavirus and of course the pandemic. I should point out global COVID cases passing two hundred seventy point two million deaths topping five point three million. More than eight point shots have been given out seventy point four Now, because that

was a couple of hours ago, was it? Okay? So you just got the latest and I didn't realize, but I had heard in a reminder that we've had more COVID deaths in the United States this year than we did last year, which to me was like shooting with vaccines available. Um, Lucky for us, our team has gotten Dr Michelle Longmyer. She's chief executive officer of MEDABAL. She's with us on the phone from Palo Alto, California. Hey,

Dr Longmeyer. Uh so let's talk about it. I think it's about a year or so ago that we caught up with you. Um, what's what's new in your orbit? What lasting changes do you think are going to stay with us post pandemic as a result, you know, I think everyone is thinking about not only vaccination, right, but boosters were We definitely are seeing the importance of the

booster shots with the omicron variant. And you know, I think in our world where my company it takes part in the development of vaccination or just you know, have a very forward looking perspective on the importance of you know, not only the vaccine, the tracing of the variants, and then of course the importance of the booster shops. Help us understand where things could be right now when it

comes to vaccines for every American. And again this is my world, so I'm still waiting for those vaccines to become available for for kids under five here in the US, help us understand where clinical trials are and where they still need to go. Yeah, I mean, it's very important in the vaccine strategy that we really canvass you know,

the full population. As we see with a variant, anyone who's not protected with immunity then becomes, you know, a potential source of not only in section and sickness, but also mutation of the virus itself. So, you know, in the vaccine strategy, it's incredibly important that we're actually we get to a point where we have the clinical data to offer the vaccination to people of all ages. You know.

In parallel, it's very important that people get the vaccination and then follow up with those booster shops because we're seeing that the immunity offered by the booster shot is likely extremely you know important when we look at these variants where the original vaccination was developed against a slightly different strain. Are we and just kind of about uh, just kind of about forty seconds left here, um in terms of clinical trials, are we all kind of in

a clinical trial right now? By taking that third booster shot when it kind to we'll see how effective it is against a Macron. Well, it's an interesting question. Certainly, we are tracking the efficacy of the booster to this variant, and it's something that all vaccine manufacturers and the overall clinical trial industry is looking at um and something will continue to track. All right, We're gonna leave it on

that note. So glad we were able to connect Dr Michelle Longmier, she's chief executive officer at METABAL on the phone from Palo Alto, California. You know, Tim, Tim, We we know it's just we have to see how it all plays out and we'll get a better idea of that.

Have an effective the boosters are essentially or whether or not we're gonna need a whole new booster again question by the way, Yeah, it's like, wait a second, kind of aren't we No, I mean we've we've been all part of this grand experiment, like, you know, working it out together. This is Bloomberg Business Week with Carol Messer

and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. The nation continuing the damage to really kind of work their way through, uh, dealing with the damage and loss caused by that historical and catastrophic group of tornadoes. That moved across the broad section of the country this weekend in a so if that's at times was as wide as three quarters of a mile. I mean, I've seen the footage.

I've looked at a lot of the cover. It's just remarkable, Tim, how much and unfortunate how much was impacted as a result. It included a tragedy at an Amazon warehouse. And on Saturday night, this story caught my eye. It was by our own Spencer Soaper, technology and e commerce reporter for Bloomberg News. He joins us now on the phone from Seattle. Spencer, before seeing the story, I didn't know that Amazon had any sort of policy when it came to having phones

on people who work in these fulfillment centers. Bring us up to speed on on why now the deadly collapse at this Amazon warehouse is putting the spotlight on the phone band. Okay, yeah, so the phone band goes back years and before the pandemic hit. Uh, employees will be required to leave their phones in their cars or leave them in lockers at the facilities, you know, before checking

in and going through security. And Amazon relaxed those rules, um, you know, because of the pandemic and just the you know, the need for people to see alerts and keep in contact with loved ones and that sort of thing. UM. And then you know, Amazon has been hinting this year that they would return UM to this phone band potentially at the turn of the year in some places were actually some facilities were actually returning to it a little bit earlier than that, just kind of feeling employees out

on how they'd react. And so obviously after this tornado hits UM, people are you know, very keen to have their have their phones with them. It's it's something that I think many workers want anyway, for a variety of reasons. You have kids in daycare or school, you have loved ones who have an emergency and might need to contact you. But this this uh tornado that collapsed the facility and UM in Illinois and killed six people, it just really

really reinvigorated this. This conversation made me think, too, Spencer, that I think years ago there was a point where if you had a cell phone, you wouldn't just pull it out in a meeting and like look at what was on it, or excuse yourself from a conference room meeting to take a call. And things have certainly changed in offices where I see people I've done it like you,

It's just like we've moved to a different level. Like you have your phone on with you at all times, but in warehouses and factories and distribution centers, like, it's a realization that that's not necessarily the case for a

lot of workers. Yeah, and and there has to be some differentiation, right, There's a difference between having a device in your pocket that kind of a lurkes you to an emergency, and there's and there's also a danger of wandering an industrial work area with your phone in front of you watching Instagram or TikTok, you know. So, um, they definitely need rules around these things. But I think a lot of employees and particularly would come be like Amazon,

which you know, wants to deliver wants to customers. First, there's not a lot of trust. You're in this huge facility there, you like, we don't have access to a window or anything or cancer what's going on outside. People would prefer to have access to information about you know, extreme weather events themselves without having to go through some kind of Amazon filter and without being isolated from it. Right.

I think about how the times you've been in I know we've been in a news room, right Tim and send your phone goes off on some kind of weather alert. Are some concerns, yeah, he Spencer. I'm wondering if this band, if it goes to smart watches as well, because one thing anecdotally that I've noticed, especially for for people who work in situations where they're not really supposed to have their phones on them, is that they've resorted to smart watches.

And increasingly we've seen the smart watches be able to correct connect on their own to cellular right, you don't need to have WiFi for it. Are those band as well or have where those band during the band? I'm not clear about that, but definitely there have been a lot of people talking about investing in those devices. Um, you know where Amazon employees if this band is to is to come back and uh so, yeah, I imagine it could be a tricky thing to to enforce. So

is Amazon gonna do anything differently? No idea, um um, trying to hear more from them, you know. Least I saw was that this band would this band would come back into effect in December, but with with the COVID and new variants emerging, who knows if that gets kicked down the line again, and who knows if this is the kind of incident that gets them to rethink it entirely. Because there are also some like school, some workplace shootings

and things. There was a big shooting and the FedEx facility recently that got them talking about cell phones as well. So this is a kind of the kind of event that could encourage an employer to do things differently. What about other employers, Yeah, um, I don't I didn't do a survey of every employer in the in the country,

but there are places that don't allow them. But also, like I said, there's a difference between having a phone with you at work and having your phone out in front of you and not paying attention when when it's a safety risk. So I think that's the conversation that's going to be happening now. And companies also may ban them for sake for um uh, to protect sensitive information, that sort of thing. So there's just all kinds of

layers and reasons to do things. But in this particular situation, employees are saying, you know what, these devices can be lifesavers. I want to have it with me. Spencer just in the last thirty seconds that we have with you. M Right before you came on, you published a story about that the warehouse claps is being investigated by OSHA. What are we looking for? What are you following here? Well,

it's pretty um expected that OSHA will investigate. We had six people die at a workplace, so and it's gonna they have up to six months. So imagine they're just going to try to see what kind of safety protocols they had in place and that sort of thing. Was Amazon doing drills for this type of behavior? Um? But again, OSHA's rules are pretty soft. You know a lot of things that they recommend employers do or just recommendations, and so there's no penalty for not doing them. So I

am kind of curious to see what takes up. All right, Spencer, thank you so much, Bloomberg News Technology and e Commerce for Porter Spencer Sober Sober that is joining us from our Seattle bureau. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes. Tim Stinovic on Bloomberg Radio. Well, it's not been easy running a restaurant during COVID. We all know that, right, But for one dining establishment in New York City surviving COVID took it to becoming more

profitable than ever. Tim It's a great story. It is a great story, and it's right Joshua Brewstein, Technology editor for Bloomberg business Week. Joshua story is featured in the upcoming issue of Bloomberg business Week magazine. You can read it now on the Bloomberg and at Bloomberg dot com slash business Week. Joshua joins us now also joining us as Joel Weber, Editor at Bloomberg business Week. He's with

us in the Bloomberg Interactive Broker Studio as well. Twenty five dollar an hour minimum wage, No outdoor seating, uh, no tipping, uh. The list of things that makes dirt Candy in the Lower east Side unique, Joel, it continues

to go on. Well, the the outdoor seating is actually part of that part of that story because when when josh first pitched this story, it was sort of like, look like every restaurant, especially New York like kind of the Kingdom of of restaurants, um is going through something right now, and and can we use dirt Candy as a vehicle to to basically right along and see what this is like for for chefs, the employees, everything, and and it ended up being sort of this amazing look

under the hood in the in the kitchen, on the countertop, etcetera. As Josh followed it for months. And you know, I think that outdoor seating thing is part of it. And it's the opening anecdote, which is like a lot of these restaurants have those sheds. They came in handy for a while, and even when it's cold like now and nobody's really using them, although maybe starting to trickle through, you quite fair to bring them tear them down yet. Um. And what's amazing about the story is you know that

that sort of is an embodiment of it. But there have been many things that have pushed restaurants as entrepreneurs and these chefs to like come up with a new way of doing things, and believe it or not, despite everything, Dirt Kenny is more profitable than ever. How have they done it? Josh? Yeah, I mean it's interesting because, as you said, Um, Dirt Candy did a couple of things that would seem to make it harder to be um to be more profitable. It raised wages which were already

pretty high for a restaurant. It was paying eighteen dollars an hour before the pandemic UM and then had to lay off its entire staff in March. And when they reopened UM in May of this year, they came back with twenty five dollars um for the opening for the opening wage, uh, including health benefits, which is pretty much unheard of in the restaurant industry. That was a that would ended up being an advantage. Are one of the key challenges that restaurants are having right now, which is

hiring people um. And the other thing. It was also an advantage when they were laid off, right. Yeah, absolutely when UM, when they laid people off in because their wages were higher, Uh, the employees got higher unemployment checks, which you know, wasn't a direct benefit to the restaurant, but did make everyone feel a little bit better about

what was, you know, an unbelievably bad situation. I was particularly surprised that even with all those great benefits that you don't typically associate with a job at a restaurant, she still had a really hard time getting people back to work. Yeah, did you say two out of the forty people? Am I getting that stat right, that's about right. I think they had thirty five people before the pandemic. They laid off about thirty of them and made this offer when they were going to rehire, Hey, you can

all come back. We're gonna give you these big races. You'll be able to buy into health insurance. And only two people came back, which I think really is a testimony to how much people in the restaurant industry just don't around anywhere very long. If you let someone in your restaurant like leave at the end of the shift, Amanda saying, like, you know, chances are that they might

not come back, coach, So they're just a lot of movement. Um. She one thing she was able to do was get new people in the door faster than I think some of her competitors were, just because you know, you pay people more money, they're more likely to show up. So actually, let's just you know, talk about dirt candy in in a bigger sense, which is, you know, this is uh revered restaurant among vegetarians. Right, So what has she done

with the menu during this time? Yeah, So one thing that she did with the menu, and this was something that Amanda said was difficult for her to um to stomach. Basically, was she really paired it down? She simplified it dirt. Candy's a tasting menu, which means that you can only order one thing. It's a it's a five course tasting menu. She used to have multiple tasting menus. But now you go in and it's basically, as she put it, as kind of like an admission. Uh, you know, you pay

the dollar and you get dinner, and it's a great dinner. Um, you're not gonna get to choose, you're not gonna be able to substitute things. And that does a couple of things. It allows her to cut way back on food waste because she's able to meticulously plan how much she's going to need. And I was surprised at how much of

a difference that makes, and just the economics of a restaurant. Um. The other thing it does is if you restaurants have a problem typically where if they raise if they raise prices, people order less. You know, if if you go in and the entrees costs more, maybe you just don't order appetizers. But if it's a tasting menu, you're kind of going in and you're either in or you're out, and so

that for her has worked. Can I just say she get rid of tipping, which I talked about a lot, because I just gotten a point where I'm very happy to tip people, but there's tip jars everywhere, and when it comes to restaurant space in particular, I think, let's pay people a real wage um, which is an experiment that New York has flirted with before. Right. So the fact that we've we've had ebbs and flows and now it's back to somebody uh leaning into a different model, right, Yeah. Absolutely.

I mean this was a previous question about restaurant labor. Amanda wasn't early was an early pioneer in going for a service feed instead of tipping, and a lot of people who tried this, other other upscale dining establishments um gave up on it. But she's stuck with it, even though she said it wasn't very good for her business

for quite some time, but it has. I think it earns her some reputation and it does kind of add to the the just the or of the restaurant, which is how you get people in the door to a certain extent, So she able to make this work because part of your story dives into the idea that she's only been able to make this work through consulting fees. And indeed, one time when you were in there talking to her, she was actually working on a consulting project,

I think building a menu for a university. Um. Can she make this work? Yeah? So that that anecdote, UM, was about halfway through my time there. I started spending time there in the spring. Um. And but and you've just been tell you a lot of everyone of the same question for the story was when are you going to take me to the rest anyway? Forgive me good? Um? And so at that point she was saying, it's really tough. And by the fall she was like, you know, all

of a sudden, things are working, are working better. I'm able to cut down. She's cutting down on labor costs even though wages were up because she employed fewer people. I'm saying with food, prices were up, but the quantity of food she was using was less, and she raised her prices. And everyone's been stuck inside and really wants to go to a restaurant, so demand was way up. So what are the remaining challenges that she's sort of

obsessed with as we're looking at Macron, etcetera. What what what are the things on the horizon that she's still stressed about and just got about thirty seconds. Yeah, I think the main thing with restaurants is uncertainty. Um, you know, who knows what's going to happen with the next wave of the pandemic. That's why Joel is you alluded to. She's uh, you know, doesn't really like the dining Shed, but she won't tear it down because who knows what's

coming next. I like the Dining Shed, even even in December January. I just think they're great. I really like them. All right, Um, thank you so much. And maybe in the new year you'll take us to this restaurant you're invited, Okay, all right, we're gonna hold you to it. Joshua Brustin these Technology editor Bloomberg Business Week here in our interactive broker studio along with Till Webber, Editor Bloomberg Business Week. Check out this story uh in the upcoming issue of

Bloomberg Business Week magazine. It will be on newstands, online, and of course, on the Bloomberg terminal. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. This story is today's Bloomberg Big Take.

It's pretty incredible. The question on everyone's mind, what could possibly go wrong with our economic global economic outlook, our Bloomberg Economics team with the biggest economic risk for two and here to tell us about them, and there are quite a few. Is Bloomberg Economics chief economis economist Tom or Like He joins us on the phone from Washington. Hey, Tom, good to have you here with Tim and myself. So this story pretty incredible. Um, there is quite a bunch

of things that could go wrong in two Is that fair? Well? I think if we look back at the experience of the last two years, Carol, a lot has gone wrong, right from the virus to inflation, of flaring geopolitical tensions. And I think for economists that means we just have to be a bit humble about our capacity to look into the future and pay much more attention to the risks they're looking into. That means thinking about army cron It means thinking about what happens if inflations is high,

can markets sustain a tightening head? And of course geopolitical tensions from Russia, Ukraine to Taiwan, two elections everywhere from France to Brazil. Tom, is it fair to say the biggest risk out of all those is is potentially new variants and omicron. Yeah, that's right, and we're seeing from the consequences of that already with the UK encouraging people to work from home, masque restrictions in other parts of

the world. I think it's important to keep in mind though, that there is a Goldilocks scenario for if it turns out to be really contagious but not very deadly, then the world could get a low cost inoculation and that could be a trigger the things that get back to

some version of pre pandemic normal. This is exactly what we talked about last Friday with dr Im las Bader from n y U laying gown the idea that if this is potentially you know, spreads more easily, but it is less deadly and doesn't make us sick, then it could be Okay. We just don't know that yet though. Yeah,

it's still just too early to say. And right now, of course, you hear the words new variant and immediate, people's minds go to the worst case scenarios if this does turn out to be like Delta or even worse than Delta, and we go into lockdowns again in the first part of to and supply chain snile up again. We're looking at lower growth, We're looking at higher inflation. That's a very challenging environment, one where the FED, the

TB will not have easy answers. But at this point it's really too early to make a definitive judgment, and there is that sort of tantalizing possibility that this could be more contagious, less deadly, and so actually part of the end game and the return to normal. Hey, Tom, how how did you guys kind of um theorize around all the central banks? We know we've got what twenty

plus or so making moves or decisions this week. Um what we might see in terms of maybe not coordinated central bank policies around the globe, and how that disconnect the problems that that could potentially cause. So I think one of the intriguing things looking into Carol is actually we're going to have divert and policies for some of the world's biggest central banks. The FED, we think is now barreling towards an accelerated taper, opening the path potentially

to a first rate hike as early as March next year. Now, historically the People's Bank of China followed the FED. If the FED started hiking, the PBOC started hiking, and that was important for China and for the rest of Asia. In two for the first time, we think they might move in opposite directions. The FED starts to hike combating inflation. China is more worried about stress from ever Grand and the real estate slum, and that pushes the scent the

People's Bank of China to start adding stimulus. If you've got the two of the world's biggest central banks moving in opposite directions, that's going to introduce some instant dynamics into markets, into currencies, into economic trajectories. Yeah, I think will be interesting. I agree with you, like the two behemoths when it comes to central banks and they're you know, varying policies. What else Tom is on your radar? You know,

politics looms large parrel. We've got all the tensions between Russia and Ukraine, and of course Europe, where energy prices are already high and inflation is already high, relies on Russia for a lot of its energy imports. If Russia Ukraine bubbles over into something that looks like conflict and that gas pipeline gets turned off, well that's bad news for Europe, bad news for the ECB in the Bank

of England as they try and combat inflation. Taiwan is a risk near the top of many people's worry lift. In a worst case scenario, you get a conflict which draws in the two world's two biggest powers, China and the United States. But even something which stopped short of that could be a blow for semiconductor production. And we saw how bad that can be the ship. By the way, there is some stuff about what could go right in two and here as well, so check it out. On

the Bloomberg terminal, you're always the glass huffle. I love that about your tem or like chief economist of Bloomberg Economics on the phone from Washington, d C. You're listening to Bloomberg Business Week. I'm roam. Yeah, I'll bet you let me drive. Oh no, no, no, no, this is not a toy please, I'll do the riding gravels. I want to drive. It's a good question. Drive. This is the drive to the clothes down on Bloomberg Radio. All Right, just about ten minutes left in today's trading session. We

are seeing the equity averages take another leg down. We're off our worst levels of the session, but still uh. In these last few minutes of trading, we are seeing investors more on the downside, more selling going into that closing bell. So we'll continue to track that in the meantime. Let's get to it. Jessica Biemer's portfolio manager at Easterly Investment Partner, and she joins us on the phone from Pennsylvania. Jessica, great to have you on the program today. How are you.

I'm doing well. It's a gorgeous day out here in western Pennsylvania. How are you, Tim, We're doing pretty well. It's well. I mean I haven't been outside, to be honest, I don't actually even know. It looks like it's getting dark here. Enough, Jessica, talk a little bit about how we need to sort of wait await the FED decision here, because that certainly seems like what markets are doing. As Carol I mentioned, we're seeing a leg lower in the equity market, but look at the signal that that we're

seeing right now. Investors are waiting to hear from J. Powell. Certainly, there's a lot of focus on the FED this week, and I think part of that comes from the fact that companies are really entering a period of quiet as we finished the end of the year. We do have a lot more company analyst days this year than last year. I think we have something like twenty seven analyst days

in the month of December. So there are companies that are out there talking about two but really there isn't much that companies can say as we wait for the end of the year, and so a lot of the focus turns to the macro, and that turns to UM certainly what the Fed's going to say this week, and that's followed immediately by quadruple witching on Friday. So there's going to be a lot more volume this week in

the options market and in the stock market UM. And I think that's really going to be driven by the macro at this point because companies are quiet. How much profit taking do you think is going on at this point that it's been aboutter year on many accounts. Certainly if you're in the equity markets, uh, and at this point, especially in some of those big tech names. Do you

just say, I'm good. Yeah. I think it's a fair question, and it's something that we're going to be looking at even into January, because a lot of investors aren't even going to reflect on how strong one was until they get their final reports some time in mid to late January. But I think certainly we're focused on profit taking, but

but even some tax flaw selling. Because if you look at the SMP, there a d two stock that are down here to date, UM, and that's sixteen percent of the index, and and they're down, you know, twelve and a half percent on average, with seven percent decline in the last month. What that tells me is that where possible, people are going to take tax losses. Now, that's negative

right now. We're feeling it right now. But my guess is over the next couple of weeks that lightens up and so hopefully that will be more of a tail when going forward. UM. So you know, we're seeing profit taking, we're seeing tax law selling. That's very normal, um after

such a strong year in the market. UM. I think there's going to be some very strong conversations going into next year about what to do with this higher and higher equity allocation, and that's where Tina comes in, uh with there is no alternative across the asset allocation choice, and I think a lot of people are going to

stay in equities. Hey, what what should we keep an eye on, Jessica when it comes to learning from companies about how their first quarter, fourth quarter is going, and when you start expecting to hear from them as we get into the holiday season. Are we going to actually start to hear from them before the end of Q four? Will we hear from them before January? Dan, We're hearing from some of them now with their scheduled analyst days and just a handful left this week, and then they'll

be radio silence for the next couple of weeks. Um. Starting in the first week of January, I expect to get a lot of updates on holiday sales. Um. This was a lot more um, it was a lot more widespread a few years ago. But I still expect a handful of companies to come out that first week and talk about their holiday sales. But we're quickly going to move into earning season. And my guess is that companies cannot wait to talk about earnings because as we saw

during the third quarter. Companies have a lot of positive things to say about their strategy, about what they're doing to combat all of the macro concerns that we're discussing, and they just need to get out in front of investors and lay the groundwork for what their plans are in two Just what are the comparisons. I'm just trying to think about it. Right fourth quarter a year ago, where we were versus where we are today, the comparison is going to be in their favor. Yeah, I mean,

it's really going to be companied by company Carroll. And I think what we've seen this year is that there were some very high PE ratios this time last year UM in the recovery parts of the market. So if you look at UM, whether it was consumer discretionary or financials or some other parts of the market had higher pas, they've actually earned their way into lower pas. What that means is that their earnings have accelerated and have delivered.

So what we look at today with you know, a twenty one times forward PE for the SMP five hundred. Underneath that twenty one times are lots of companies that are trading, you know, in the low teens. The mid teens and lots of opportunities for further growth. UM. Year of your comparisons are still going to be tough next year because this year wasn't normal. All last year wasn't normal, and frankly, we don't know if we're going to get a normal twenty two UM, so I think we just

stay focused on individual companies. I think we don't know if we're going to get a normal two. This is the quandary that the FED and everybody else and who's trying to make projections, whether you're a market strategist or an economist right like this, we just don't know yet what two is going to bring. Yeah, I think that's fair. I mean one of the things that I like to focus on is what companies are doing to face the future.

And a couple of stats that I think are interesting is just this significant increase in mergers and acquisitions this year obviously versus a year where a little was done, but two point two trillion dollars worth of deals five percent year to date, and of that seven billion are still pending, they haven't closed yet, So we have a lot of momentum going into next year. And typically when you see these deals clothes. There's a lot of synergy.

These integration creates higher margin and then if there are proceeds from a deal, they turn into share buy backs and other UM shareholder friendly UM allocations. And so I think that's a good stat and the I p O market has taken off, and we see a lot of strength going into the end of the year there. So I think there's a lot of reasons to be optimistic

about the opportunities across the market. But I want to be very careful and say that this this does start to me looking like a more of a stock pickers market, where you know, there are parts of the market that are still very expensive and have done very well this year, um. And so you know, I think you have to be very careful making broad statements. Right. Yeah, No, that's a

really good point. But I agree with you that M and A activity And as you said, if there's still thousands of deals that are just out there, um and they have to you know, carry themselves into the new year, that does provide some really interesting energy going into Jessica Bimer, thank you so much a great holiday A safe holiday

portfolio manager at Easterly Investment Partners. Thanks for listening to Bloomberg Business Week, download the podcast on iTunes, SoundCloud, or Bloomberg dot com, and you can also listen to our radio show at two pm Eastern on Bloomberg Radio or watch us on YouTube search Bloomberg Global News