Bloomberg Businessweek Weekend - March 18th, 2022

edition of Bloomberg Business Week. The war in Ukraine still top of mind, fitcher J. Powell, even citing its various ripple effects this week, as the U saw interest rates hyped for the first time since and beyond the devastating impact of Vladimir Putin's assault on a neighboring nation, Russia's economy is taking under the weight of international sanctions, as well as the mass exodus of thousands of the country's brightest minds. Russia's brain drain is the subject of our

international cover story. We'll get to that in just a bit, along with how investors are looking at Europe and China's endgame in the midst of ongoing combat. All that to come. We begin, though, with a story from this week's To Knowlogy section. Nick Clegg is a former UK Deputy Prime Minister, who's now president of Global Affairs at Meta Platforms, and he's the one dealing with the latest crisis at the company,

the social networking giants Russia problem. From More, we turn to Blueberg News technology reporter Kurt Wagner to help us understand why he has so much on his plate. We're talking about Nick Clegg with that geopolitical tensions flaring and kind of also has us wondering, Tim, where's Mark Zuckerberg and Cheryl Sandberg? And Nick Clegg is basically the head

of all policies at Facebook. So anytime you think about misinformation, you think about relationships with governments, uh speech, right, Like what's allowed on Facebook and Instagram what's not? These are policy decisions and now all of those roll up to Nick Clegg, and he is kind of the final word, um on what Facebook and Meta do in those instances.

And obviously that's a lot of different things, especially as we get ramping up here on another US election, and you can imagine that all of these decisions are pretty consequential, and um, he's now the guy in charge of all that. All right, what's up with Cheryl and Zack? Yeah, Well they're still there for those wondering and and this has always been a kind of two headed monster at Facebook, right, it was it was Mark Zuckerberg handling the product and

Cheryl Sandberg handling the business. But then after the election, all of these policy issues I was just talking about really um reared their head for for kind of the first time, and so they took off, Like Cheryl kind of started addressing a lot of this. Mark obviously got much more involved. We started hearing from him on all

these different issues around politics and policy. And over the last you know, a couple of years, what they've realized is one, neither of them are necessarily something that they want to do. This is not a job that's very fun. And number two, they've become so unpopular in a lot of ways that their message. Facebook's message is often getting lost simply because of who's delivering it. Right, So, anytime Mark Zuckerberg says something, people have a strong opinion about him,

regardless of what he's saying. And I think part of that is, you know why Nick Clegg is now the face of all this stuff. So how did this come into sharp relief? And look not just during the Trump administration, because I think that was the name that Nick Clegg was a name that people became familiar with that and even if they weren't following British politics before. But with Russia's invasion of Ukraine in late February, how does it

all come to ahead? Yeah, so the timing is pretty incredible, really, Um Meta promoted Nick Clegg on I believe was February six, Um so just a month ago to the day. And uh, at that point Mark Zuckerberg said, Hey, he's the last word on all of these big things. You know, if you have an issue, to take it to Nick. About a week later, Russia invades Ukraine and suddenly, um, you know, here's Nick one week into his his new fancy job, and um you know, he's back channeling with the Ukrainian

UH President Zelenski and his staff. He's talking with Russian regulators trying to kind of navigate this whole thing. Um in in the first big challenge that happens immediately after he gets this promotion, and so the story really kind of looks at how these first couple of weeks have gone for him. We actually got a chance to sit

down and interview him for this. It was his first interview since getting that promotion, and um, you know, I just think it's kind of a timely look at who this guy is and why he suddenly has, you know, one of the most important jobs in tech. So so help me out here, Kurt, because in your story you're right met His critics called the announcement when he was

named a little more than a public relations move. Yet at the same time you say that he's the one who's been Cleggett Nick clegg has been talking to Russian officials, He's the one who has talked with President Zelinsky. So I don't know, how do you see it? Well, I I don't think that it's just a pr thing. I think he truly is making a lot of these decisions. And it was actually a question that I got to ask him, Um, I brought up that criticism. I said, what would you say the people who you know are

you you? You just got promoted to be um, someone to take all the heat off of your bosses, you know. And he said, Look, if I wasn't actually wielding any power internally, if I didn't actually have any control over the things that I had to go out and then defend,

then yeah, this wouldn't be a very good job. And it's not one that I would have accepted, but he says, you know, he's willing to take that heat because he's the one making these decisions, and as a former politician, he's not, you know, unfamiliar with people paying angry at him no matter what he does. Yeah, it's it's I mean, look, it's not it's not a job for everyone, obviously, you know, making but but it is if you think about it.

And that's why you see so many people who have worked in politics take on these policy type positions help us think forward beyond Ukraine, beyond um Russia's invasion of Ukraine and the challenges that that Clegg has in front of him when it comes to regulators in the United States and in Europe. Yeah, of course, well, I mean we there's some data transfer regulations happening in Europe right now, or discussions i should say, around data transfer. That's very

important and that Facebook has been vocal of out. I think the election here in the US, of course, mid terms are coming up, and they're going to be dealing with all of the same issues that they dealt with in right How how do they want to handle back checking the political post, how do they want to handle advertisements from candidates. Right, Um, these are all the issues that haven't gone away, um in the last couple of years.

That was Bloomberg News Technology reporter Kurt Wagner. Up next, our editors round table on why many Russian citizens are trying to outrun Vladimir Putin's war and then back here at home in the US, a big idea for closing America's wealth gap. Will dive into our special equality issue. Plus later we'll check in with a pair of innovators Segue inventor Dean came In and his mission to bring robotics to kids. It's the subject of a new Disney documentary,

also Shark Tank. Start Damon John Back's a new immersive entertainment platform. Makes me wonder if you put the two together, what would we get? Would we get a segue in the mediv robotic of something robotic in the metaverse? Absolutely, it is coming. You're listening to Bloomberg Business Week. This is Bloomberg. This is Bloomberg Business Week with Carol Messer

and Bloomberg Quick Takes. Tim Stinovik from Bloomberg Radio. Russia's war in Ukraine will scarre Eastern Europe for years to come, with a death toll climbing daily and millions of people being uprooted from their homes. And it's not just Ukrainians who are trying to outrun the violence. For the second time in less than a decade of Vladimir Putin's aggression has sparked an exodus from his own country. In our editor's Roundtable this week, we spotlight both our domestic and

international cover stories. First up, Business Week editor Joe Weber and Bloomberg News automation editor and opinion columnist Leonid Burschitzky explained Russia's new brain drain. As the war has dragged on, We've been continually looking for ways that we can talk about things that are interesting and forward spinning and have global economic complications in and this one really is a

personal story of Leonid, who himself had left Russia. UM. And one of the takeaways from this there's been multiple waves of a Putin exodus, as it's been coined before over decades. UM. Obviously this is no exception, and anyone who is talented is attempting to find a way out of the country. UM. In total, the number that UM leon had included in here over time is somewhere between

one point six million and two million. That number comes from two thousand nineteen, so in excess, two million immigrants have left Russia on his watch. That right now what we're seeing is is going to have real implications because Russia probably had a pretty good thing going for it with talent still, but after this wave, the opportunities feel like they're going to be outside of the country. So so lean it as someone who has been in the

country has seen the things that we haven't seen. What does it feel like right now as you're watching this wave exit, Well, I probably know more people in Key of who are refusing to leave the city now than in Moscow. Like pretty much everyone that I knew there has left pretty hastily in uh in recent days those that hadn't left before. And uh, you know, my phone

book is growing useless. Um, and I just need to get new numbers for all these people in Yerevan and de Lussi and Istanbul and this kick and you know, and not not to speak about European capitals in the US. This is really, you know, not a immigration where uh, like we've seen before, this is a stampede. What really struck me about your column, Leonid, is that historically, you know, in our lifetimes, the men and women who have left Russia, they don't leave Russia to look for a more comfortable

life the same way that other emigration happens. Um, they're looking to find freedom and intellectual property as as you right. Talk a little bit about how you've seen that play out. Well. The wave that left in the early nine nineties after the breakup of the Soviet Union was kind of traditional left way, and people were looking for that are living conditions,

more comfortable lifestyle, more money, that sort of thing. The people who lived, especially in the West fifteen years, are people who already had a reasonably comfortable life in Russia, and we're making high salaries, some of them movement by

Western standards. Uh. These are people who worked in um, you know, pretty prestigious areas of research, the media, the software industry, UM, you know, all sorts of profession like people who in the arts, lawyers, people who made decent amounts of money and sometimes um, we're even wealthy entrepreneurs. The reason they lift is, yes, like to said, the lack of freedom and the difficulty of difficulty of expressing

yourself under an increasingly repressive regime. That's Bloomberg News Automation editor and opinion columnist Leonide Burschitski on the international cover story along with Joe Weber found it in the Remark section. This week also marks the release of bloom exannual Equality Issue. Our domestic cover story is about so called baby bonds

in the fight to close America's racial wealth gap. We continue with the editor's roundtable this week, where Joel, Carol and I break down the equality coverage with Rebecca Greenfield. She's Bloomberg News Equality team leader. This has been talked about for a while, especially on sort of a federal level,

but quietly on a state level. It's happening. It's not happening on a federal level, but between Connecticut, Washington, Washington, d C. There are little signs that, hey, people, lawmakers, bipartisan effort to actually get this done and what it would look like, what's beginning to look like, is basically

a trust fund for underprivileged newborns. So the moment that that kid becomes eight team, they actually have money in a way that they wouldn't have everwise had before that gives them an equal footing to perhaps do things that other people with money would be doing. Right, Becca, what were some of the other story in the package that you felt really hit that theme as well? Yeah, so

the Baby Bonds cover story, of course, really gets at that. UM, but all the stories we tried to look at it through what what's changing, what's happening, or what are people trying to change? So um one of our stories by um Our labor reporter josh Idolson looked at this movement that is gaining steam and seems like it will realistically happen to expand workplace protections to people who are discriminated

against her being overweight, which is perfect. There aren't clear laws spanning that right now, which I think many people myself included would find surprising. You know, there he There are lots of people who have stories where you know they're managers or bosses. They you know, you gained weight, what happened? People generally think of overweight and fat people as lazy and unable to do their jobs. Um. A lot of this happens in the retail space. So retailers

want their workers to have a certain look. They don't provide clothing that fits done but makes them wear the clothing of the brand. And so this push is coming from from the retail Union in New York to say there should be clear laws thing you can't discriminate against people, um, just for their weight. And it's kind of happening in tandem with a change, and I think of how the

culture thinks of overweight people. Um. You know, of course there's still a lot of discrimination, but I think there's been this broader how that every size movement and greater acceptance that being fat isn't just necessarily even something people can control. Our thanks to Bloomberg News Equality team leader Rebecca Greenfield, business Week editor Joel Weber, and automation editor and opinion columnist Leonid Boschitzki for joining our editor's roundtable.

Catch the entire conversation at Bloomberg dot com. Slash podcast still ahead on Bloomberg Business Week, how volatility and cyber warfare are affecting the outlook for a pair of heavyweights in a cloud services packed, The executives from Nasdack in Amazon Web Services That's Aws discussed the changing landscape for data in the capital markets. That's next. This is Bloomberg

Broadcasting from the financial capital of the world. Bloomberg eleven Frio in New York to Washington, d C. Bloomberg to Boston, Bloomberg one oh six one to San Francisco, Bloomberg nine six to the country Sirius XM Chado one nine team, and around the globe the Bloomberg Business app and Bloomberg Radio dot com. This is Bloomberg Business Week. Back in December, NASTAC and a w S. Amazon Web Services announced a multi year partnership to build the next generation of cloud

enabled infrastructure for the world's capital markets. Two key voices from that alliance are here now to break down how a surgeon volatility in war in Eastern Europe are shifting the business outlook for rub A Borno is Global Channel Chief at AWS and Lauren Dillard is Executive VP of Investment Intelligence over at NASDAC. We began our cam versation with Lauren talking about nasdacs adjustments in the midst of

a lot of market turbulence. We sit in a really unique place in the ecosystem, so we sit in between asset managers and investors and corporates, and frankly, a lot of the needs around the clients we serve are unchanged. There they of course are changed from pressure, but you know, they still need to do business. They still need to make investments, They still need to do manager research, which is something that we provide in our technology. Our corporate

listed clients still need to understand their investors. There's obviously a a push for more E s D disclosures. So all of kind of those business matters continue. We have a healthy pipeline of I P O s UM and it remains strong. But because of the market volatility, we could see some of those getting pushed out, so that we see a little bit of what I would call

an adjustment. But the pipeline has been extraordinarily strong to start and you don't see any of that at this point, the pipeline backing off at this point, Lauren, mean you've seen some quality deals take place despite what you've seen with some of the pullback. But um, and there's still a lot of optimism and frankly, you know accessing the public markets. Um. But you know windows open and closed, and so the team that focuses on that, you know, stays with that pipeline. So ru But let me bring

you in this kind of same thing. I mean, like we said, we asked all of our leaders who are coming on UM about the headlines. You know, one of the things that we are realizing or that we've seen certainly is that in this war, it's certainly a ground war and military war, but it's also a cyber war. And we have talked so much about cybersecurity. How are you guys at Amazon Web Services? Are you seeing any kind of breaches or increased act activity because of our

following this war in Ukraine. It's such a good question. UM. While we're seeing an increasing activity of malicious state actors, were also just being higher operational tempo by other malicious actors, and we've seen several situations where malware has specifically targeted charities, NGOs and other aid organizations just to spread confusion and cause disruption. So this is an area where we are focused.

We're continuing to work hard to protect these customers and we're going to continue to work closely with them UM as they carry out their much needed work to help those that are impacted by this terrible conflict. But that's absolutely a huge focus of ours is UH cybersecurity and supporting our customers there. So Ruba, what would you say to people listening right now. Who need to keep their own networks safe. What's the right way to do this

in this environment? So our teams are continually learning from the intelligence that we collect, and I think that what we're working on with our customers is work with your account manager, security specialist, solution architects, and other technical professionals to constantly assess the threat landscape that you have, the threat perimeter that you have, and ensure that you are secure. But we are ready to support our customers there. But

it's it's really a constant game. The threat landscape is constantly increasing, UM, and the number of threat actors is constantly increasing as well. So it is diligence that isn't a death the nation. You will never have it solved at the end, but it is constant work, UM, And so I would say, just reach out and we're ready to help. I also I am curious for both of you in terms of employees you might have overseas, whether

it's Russia, Ukraine. I mean, one of the things that has come out about this and unfortunately, UM, it's come out because it took a war for us to understand.

You know how much companies reply rely on I t out of Ukraine, um, and how important it is, um, Lauren, any thoughts on that, I would just I would just say that we we obviously run markets in in across Europe, specifically the Nordics and the Baltics, so um, we we are very focused, as as our other companies on you know, the safety of our employees obviously, the resiliency of our markets um, and and of course the outpouring of our our employees families. Yeah, but what about you when it

comes to Amazon Web Services. We've done a lot of reporting on tech companies that have had to get employees out of Ukraine, But um, what's the presence right now? And Russia, Ukraine in Belarus and and what are you doing in those areas right now? So we don't have a local presence right now. So it's just about for us to without a local presence to provide direct support and award zone. But we are focused on the humanitarian aspect of this. So if donations are employees want to donate,

so we're also matching their donations. We're helping our customers as well with donation buttons on charitable organizations and the homepages of our websites and then in addition to that, UM focusing on our our people. So not only are we supporting our team members, uh, for example, team members in adjacent countries like Poland, we've given them additional time

off to take care of themselves and their families. But this is something where we're going to have to respond to the moment and meet our employees where they are. So as we hear feedback on what they need, we will meet them in that moment. That was Reba Born. Now she's Global Channel Chief at Amazon Web Services along with Lauren Dillard, the executive vice president of Investment Intelligence

at NASTAC. You're listening to Bloomberg Business Week. Up next, China's role in the GLO markets and potentially in the war in Ukraine. It's safe to say it's complicated. We'll dig into Jiji and Ping's game plan with a longtime China watcher. This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovich from Bloomberg Radio. Chinese stunks this week on a tear,

biggest advance we've seen in a couple of decades. After Beijing vow to shore up it's battered financial markets, promising to ease a regulatory crackdown, support property and technology companies, and stimulate the economy. Tim they're all in. They really have Carol, especially over the last year. Chinese stocks, though, have plummeted because of the growing government oversight, Chinese relationship with Russia, and concerns over economic growth, as well as

other reasons. Well, we had the perfect guest this week, considering the recent newsflow involving China back with US, Dexter Tiff Roberts. He's Senior Fellow with the Atlantic Council's he's a security initiative. He's also Mansfield Fellow at the University of Montana. Tiff is also an author and former Bloomberg Business Week China bureau chief, and he says the about

facing Beijing was to be expected. I'm not really surprised because, as you said, it's been so it's been almost a blood bath for Chinese stocks in Hong Kong and Shanghai,

and UH I think they became concerned. So shijiing Ping's right hand economic person, Leoha, you know, he met with UH top finance officials and basically said, uh, it's time to market stability is what we need to focus on now, and promised to ease up on the regulatory pressure that's been on the tech stocks that's brought down, UH brought down so many of them in terms of their value. UM,

So I wasn't that surprised. I guess the question is how how long or how sustained will this rally d I think there are continuing issues, particularly on the regulatory side. I don't think China's backing away from its desire to deal with what they perceive as national security concerns related to online data, which many of the companies that have been hit very hard have been, in one way or

another involved in that business. Tip is China at all starting to back away from its relationship with Russia too, because that has also been something we all are watching very very closely. I think that China wants to signal to us that it's backing away from its relationship with Russia. I think they are disturbed by how long this war

has been going on. They're definitely disturbed by the degree to which their international reputation has taken a beating for this perceived support and this real support for Russia during this during during the invasion in the war. So I think that's the message that they're trying to put out, that they are actually stepping back. I'm not so sure for a whole variety of reasons that they're they're going to actually just create real distance between them and Russia.

What would real distance look like? And and I mean, could China actually actually afford to do it, especially if you know Russia is so cut off from the rest of the world that China is really the only country that can supply it with high with with higher end technology. Yeah, I mean I think for China, I mean the trade relationship. You look at the Russian trade relationship. I think it's about UND forty seven billion dollars last year. For Russia, it matters a whole lot. China is their number one

trading partner. For For China not so much. I think it's about two percent of China's trade. That compares to roughly twelve percent each for the US and the EU. So the relationship, the economic relationship is far less important to China. Uh. I think there are I think what we're dealing really with here are political issues, and that's where the alignment between the two countries becomes very very important.

You know, China's increasingly drawing that line in the sand about how it feels about democracy and you s dominance, whether it's through the dollar or something else. Absolutely, I know. I think the big issue here is China feels like it's the political values are roughly aligned with Russia, and much of that is defined by opposing the values of the US and Western liberal democracy. They see that as as really um to what they're trying to achieve. Hey, tif,

so who needs China more? I mean you talked about the importance for Russia, But does Russia or the US need China more? And who needs the US more? Russia China? Uh? Sorry, that's a little complicated. I need a whiteboard. The second that I'll go for the second part. China needs the

US more than Russia, I think obviously. Uh, the US is I guess it now, just right, just barely smaller trade relationship with the US than with the EU, but extremely important the source of much of China's high technology. So there's no doubt that China needs the US more than than Russia. Dies So yeah, so I I would just point that out. And then the first part of your question is Um, maybe maybe tell me again who needs who needs China more? Um, Russia or the US? Yeah, sorry,

I told you it was complicate. I think the US clearly Again, doesn't you know the China, China and the US have a tremendously important economic and trade relationship. It's tremendously important to a lot of our biggest multinationals in

the US. So even as the UH, you know, even as tensions grow on the political side between the two countries, I think, UH, the U s will continue to put h and rightly so, a tremendous amount of importance on maintaining a strong economic and trade relationship with China without questions. So it sounds like both ways, whether it's coming from China or from the US, they both really need each other. Um,

that's what I says. I think so, I think so. Now, Having said that, that doesn't preclude the fact that UH, a political relationship just keeps getting worse and worse, and I think that will continue unfortunately. So it's a real it's a tough position for both countries, increasing anger, outright anger and disagreement about how they look at the world, but at the same time, very tightly economically linked Dexter Tiff. We haven't been able to talk to you since Russia's

invasion of Ukraine. And you know, it really seems like a big part of the conversation early on in this this war was where China would go and how this could embolden Xijian Ping to take over Taiwan. And I'm wondering where you fall on that if if you think that what Vladimir Putin is doing and has done in Ukraine,

how that leaves uh China and the situation in Taiwan. Yeah, well, first of all, I think it explains to a large degree white China is being I would call it wishy washy on on which side they want to stand stand behind.

China knows that. I mean, first of all, China I think feels that they feel Putin's pain, if I can say that, they actually think that Putin is is is an a grieved party here and that NATO expansion is a threat to Russia, and they sympathize with that in large part because they see h a rough parallel to the to the US and into Pacific and particularly Taiwan, they see also a threat obviously. Uh there, And I'm just finished by saying they would like Russia's support going forward.

When when and and and when they eventually do decide to move more forcefully against Taiwan, is that just a matter of time? I am afraid so I'm one of those I think the I don't think that she jimping is a status quo sort of a guy. He. I think he's made it fairly clear that he would like to see uh Taiwan much more under China's uh thumb during you know, during his watch. I mean, the good news is she Jing thing is gonna be around for a long time, so they don't have to do it

tomorrow or anything. But yes, I think I think he uh he doesn't want to see the relationship change dramatically. One thing that jumped out and I was actually off for a day, but I saw the story and I'm like, I got to send it to myself because I it's just sitting with me. Um. The Dad Jones report about Saudi Arabia in active talks with Beijing to price some of its oil sales to China in the Yuan. That it's something that they've been talking about for years. Uh.

And this is a guys. According to people with the matter and so on and so forth. What's your read on that. That's pretty dramatic to me, I think so, I mean, this is obviously all about China's long term goals and maybe not so long term to internationalize the U N right currency, and this would be a significant step. I'm having said that, I think we can get ahead

of ourselves. I mean, if we look at you know, just looking at for example, Swift, the global provider of financial transactions, compared to the China's rival, the steps the I P s, I mean, there's no compet and whatsoever we're you know, we're talking about I think something like eleven thousand institutions globally processing five or six tillion dollars a day by Swift, and China is doing you know, less than twelve trillion I think for the entire last year.

So I think, you know, I think to your question, Carol, I think it's a step forward, but there's still a long way to go. And I don't think, by the way, I don't think China has is capable of bailing out Russia there um as sanctions tighten on on that country. Tiff. We've covered a lot, We've covered, uh, this Chinese stocks, not just Chinese stocks listed in the US, but those in Shanghai and Hong Kong. We've covered the Russian invasion

of Ukraine. UH. I want to talk a little bit about trade between the U. S and China because during the Trump administration we'd call this a trade war, and that's something that I think has been really lost in recent years with the coronavirus pandemic. Here, um give us an update on what you think we need to be watching for when it comes to trade between the U. S and China and how things actually get better from here. Well, I think the tensions are still there. You know, we

can the trade war may go away. And by the way, you know, the Phase one deals signed by the previous Trump administration went nowhere, as you know, so China did not satisfy or meet its uh it's commitments on that on that trip on that Phase one trade deal. So we still have a uh A lopsided trade relationship. We had news just about a week ago that the Biden administration was considering leving uh some kind of sanctions, perhaps tariffs,

related to China's continuing mercantilist practices. It's industrial policy. UM. So I think the tensions are still there. Um, and uh, you know, they may sort of be pushed to the side momentarily when we're dealing with, you know, a global international crisis as we are with the Russian war against Ukraine. But but but I think it's still there. I don't

see that really getting much better. That's Dexter tiff Robert, Senior Fellow with the Atlantic Council's Asia Security Initiative, also Mansfield Fellow at the University of Montana and the author of the myth of Chinese Capitalism, The Worker, the Factory, and the Future of the World. That wraps up the first hour of the weekend edition of Bloomberg Business Week from Bloomberg Radio. I'm Carol Masser and I'm Tim STINEBC.

Ahead in our next hour, innovators and investors from tech to entertainment, how renowned inventor Dean Caman got Disney in his corner. And Damon John of Shark Tank on a new platform that bills itself as Netflix for Game Night. And up next, the head of Ireland's Inward Foreign Direct Investment Agency on investor appetite in Europe with war raging on the continent, all of that to come. This is Bloomberg.

This is Bloomberg Business Week inside from the reporters and editors who bring you America's most trusted business magazine, plus global business, finance and tech news As it happened. Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim

on Bloomberg Radio. Hi, I'm Carol Masser and plenty ahead in our second hour of the weekend edition of Bloomberg Business Week, including how Damon John's love of board games led him to his latest investment, Plus inventor Dean Cayman's mission to promote stem education gets a big boost from a company you know and love. Okay, we're talking Disney here, and the daughter of a financial titan sets her own

path in the investing world. First up, this hour, we look at Europe and the risk appetite for investors on the continent as war drags on in Ukraine and the number of refugees grows. Martin D. Shanahan is CEO at i D A Ireland. It's the government agency in Ireland that's responsible for attracting and developing foreign direct investment into the country, a task that's made immeasurably harder by the COVID pandemic and now by Russia's invasion of Ukraine. Irelen

would play it's part. We have seen five Ukrainian refugees arrive at our borders in the last two weeks. And again for your guests, Ireland is the furthest away probably a European country, you know, around the western edge of Europe. But but but we've taken you know, our our position is that Ukrainians are welcome in Ireland. They can come in.

They don't require visa's paperwork at this point, they can arrive, they will receive all of the supports that Ireland kind offer, whether that's healthcare that we provided with social security numbers. They can work in Ireland immediately and we will um you know, support and our expectation is we will have

money more in the coming weeks. It is a humanitarian crisis, as you mentioned, it's also a crisis with global applications in terms of geopolitical markets, and we're certainly seeing that play out in global markets right now, whether we're talking markets in the United States and Europe or even other markets around the world. What about for your job when

it comes to attracting foreign direct investment. Does it make you at all concerned that the cell of of Ireland is going to be more difficult given its proximity, given that it's in the You've given that it's it's proximity to Ukraine. Yeah, so, I mean I think a couple of things. Firstly, you know, undoubtedly this is has made

probably Europe less attractive for FDI. I think this will also impact on the global flows of foreign direct investment as investors become more cautious and they take time to make decisions. And obviously FDI had already global flows left. I had already been heavily impacted by the COVID pandemic and are only recovering that coming down from the pre COVID level. So so so that there's going to be a continuation. I think of that caution, then Europe potentially

slightly less attractive than it was. I think within Europe again, Ireland is the supposed the most geographically distant from you know, Eastern Europe, and well, what I think in so far as there was any kind of you know, plus here, you know, it just gives us more stability, you know what I mean that we're not in the direct region. So you know, it was already a really competitive world

for foreign direct investment. I think has just become more challenging in terms of I supposedly the economic impacts on Ireland though of the Russian invasion of Ukraine. I think the first thing is, you know, we're not directly exposed. You know, even if I look at our own portfolio of foreign direct investment companies, there are there are eight Russian companies, you know, operating in Ireland. There are very few, if any Ukrainian companies operating in Ireland, so that director

exposure doesn't exist. But what what will happen, and what is clear is there's going to be indirect impacts, and those indirect impacts are going to come in a number of ways. They're going to come through increased energy prices and we're already seeing that. And you know, and even though Ireland isn't directly exposed again because we get our gas from the gas field off the shores of Ireland and from the UK, prices in general are going to

increase as you know, supplying demand issues kicking. So the global corporate tax, right you guys have been a haven or maybe is that the that that is not a fair character all right, phrased the question because of your low global corporate tax rate. You've got Google, Apple, Meta, uh, Facebook, of course, UM, so many I think TikTok has just been has gone into Ireland because of your low global

corporate tax rate oven I will not use that h word. Um, but you guys last fall are now all in on a global minimum corporate tax rate of now fift It's been twelve and a half percent in Dublin and in Ireland. Um, why the change? Yeah, the change resulted because there's a global agreement and you know what you had to do it, didn't you? Well, we we were the last interet I think, as you know, and because and we wanted certainty. We wanted to certainty about what rate we would be going to.

And that's why it took so long, because you know, there was wording there which said, you know, at least fifteen percent. Ireland wanted to know at what rate exactly we would be um setting our rate at, which was whatever the you know, the most competitive rate was going to be. So when true discussions at the o c D, it became apparent that was going to be the minimum and it was became apparent that everybody was going to leave at once. Then that provided the context for Ireland

to enter the agreement. And you know, Ireland just to be absolutely there, Ireland is not a tax haven. It never has been a tax We have a competitive rate of taxation to encourage businesses, both Irish business international businesses to be there and and some can, but it will be incorrect and and obviously have a definition of what that is and and its Ireland meds. None of the crisis definitely brings corporate companies, big corporate companies to you guys.

It certainly is one of the factors, undoubtedly, as well as the very high rates of education and talent. Both are the Irish talent and the talent that we have attracted it from elsewhere, The pro enterprise policies, the stability. So even post you know, it was known all of last year we're likely to go into the agreement, we have continued to see even though we're increasing the rate

for companies over seven absolutely not. And in fact, you know, we gained market chair of FDL and to Europe during twenty one in the midst of the pandemic. And that's because again I think you know, when companies were much more cautious about the best some decisions that are made, that couldn't travel and so on, they decided to go with stability and track records. That was Martin D. Shanahan, the CEO at I T A Ireland. You're listening to

Bloomberg Business Week coming up. The wellness business is booming, Yeah, you know that, and it looks like private equity continue to get in on the action. How a young woman with an investing pedigree is making her mark on what some people argue is a trillion dollar business. This is Bloomberg. This is Bloomberg Business Week with Carol Master and Bloomberg

Quick Takes. Tim Stenoby from Bloomberg Radio. Bloo Pursuits team covers the business of wellness regularly, whether it's products and services, treatments, places to go. It's massive. Some have pegged it at a one and a half trillion dollar market and investors are noticing. That includes Ellie Rubenstein. She's the co founder and CEO of Mandatrey, a private equity firm that invests in the wellness area. If her name sounds familiar, it should.

Her dad is well known in the financial space. He is a Bloomberg contributor on radio and TV's host of Bloomberg Wealth with David Rubinstein. He's been a guest certainly on our broadcast, and his daughter Ellie joined us to explain her decision making process and how her background has shaped Mandatree's focus. One of the things I always tell people is you learn more from your failures or you

learn more from what your passions are. And so we spent the last ten years starting my career actually focus within the seafood markets or um within water. And we kind of have a running joke in my family. My father eventually said, do you have to source all your own food? Huntered Asherman? He said, can't you go buy a seaboot or beef Company's Dad, It's not that simple. But you know in our family, usually when some and

says what you can't do, that motivates me. So that was the emphasis for it, married with a very strong emphasis on culture of where I wanted to live, how I wanted to live, and really the people that surrounded myself with. So that was why I decided to go and start my own firm. I would say that um I did step out of my family and that I did move to bail at a young age and be

a professional ski racer. And you know, while I might have gone east for college at Harvard, I put my foot down again and said, you know, Dad, I love you. I appreciate the support and the advice, but I'm not going to go back to Harvard for grad school. And and so I feel like I started to become my own person when I took charge of my life. And for me, that meant the decision of going to Purdue and receiving my double masters, my master's and AgEcon and

my MBA and food and agribusiness. And why that matters was I wrote my essay on my passion for sourcing food, smoking my own food, and really taking charge of the health aspect when you control your own supply chain. I did not anticipate Mandatory would become as big as it did, but that was really where it came from, was what I didn't enjoy doing. Elliot, I want to I'll talk a little bit about where you're putting your money right now.

I mean, there's probably not a better time to talk about it, because we're talking so much about rising commodity costs, rising food costs, around the world. Uh, much of the world being cut off because of Russia's invasion of Ukraine from so much grain. So we talk a lot about commodity prices and I'm wondering how we should be thinking about diversifying when it comes to where we're getting our food. So when we started Mandatory, it was an anomaly at the time to say we are a firm focus on

the global food supply chain. And what that means is it allows you to manage to risk number one the supply chain and number two the geopolitical risk. So we think a couple of areas that we tend to focus on would be number one globalization to glocalization, uh, number two companies disrupting the supply chain logistics, and then number three clean protein and and how that can be a hedge against some commodities. So a couple of examples of

that globalization and localization. Gotham Green's is an indoor ad company. It is the leader in the space. We've had y we have we've actually had we've actually had the founder on garage. Yeah, go with it. Yeah, talk about a dynamic CEO. So, you know, this is an area that I'm not sure we would have ever invested in. But what they have is an impressive model that cuts that

supply chain down in half. And usually Leafy Green takes about a week to reach the grocery store, right, but instead they cut that in half, which allows it to stay on the shelf in the grocery board two times as much. It's also focused on in areas. So while at in New York, let's be clear, tin Brooklyn, they tend to locate in uh food deserts, right, And so they have a very unique algorithm. Instead of looking at population, it's looking at where can they help get people leafy green.

I'm a huge fan of this and and of course it's great for the ironment, you know, it cuts down and it's a very big proponent of E s G. But I think that they're really changing the game in terms of farming and and so that would be one area. What's your due diligence process? How do companies get on your radar? And how do you decide to say yes to a company? Sure, I want to first point out I think one of our advantages has actually been our diverse leadership. Um So if you look at only fift

of women PE managers it manager. Seventy of us are diverse leadership. And why that matters is that in our portfolio companies, there are forty percent that's either CEOs are co founders um that are that are women. And so when we're trying to attract companies that either need female perspective on their boards or female founder, that really matters. So a couple of themes that we've looked at, We've

talked about supply chain. There's one called Teta Logistics, which is a female founded CEO, and so that is an Amazon like uh, supply chain distruction company that assists restaurants with kind of on the go um and healthier options for restaurant. Another one that I would love to emphasize is Evolved. UM. It's in the gut infant, gut probiotic space. And so our managing director is actually the only women on the board. So I think what we've always tried

to look for is four things. You know, UM, I would say, where can we add creativity, where can we lead with conviction, where can we provide confidence? And also our culture. If you visit us in Bail, Colorado, at our office, we have team workouts, we have a kitchen, you'll see us eating together. And so usually we actually try to influence potential founders by bringing them to bail and make sure that they can fit into that Manatree

family and culture. You know, we really live out our our investment thesis of improving human health through nutrition and so making sure that that alignment is there is a big part of who we are. You know, there's so much going on in this space and I can only imagine the people who are knocking Elie on your door. And you talk about some of the criteria in terms of picking um in a world where we're thinking about

impact on climate, when we're thinking about innovation disruption. You know, how do you though, additionally kind of weed through everything that comes through your door. So, first of all, we are growth equity and so that'll weed out some of it in and of itself. We try to be the second largest check in behind the founder. We we obviously our hands on UM and we're really kind of that

last stage in. But I will say that there's there's themes that we stick to, and so those would be clean protein, precision, nutrition, supply chain disruption, UM and usually they have to get through our lit Mistress of are they actually improving human health, and so we call ourselves an calary conversion business. That's a big thing for it.

We've seen plenty of companies that might not be healthy, so we go after much larger kind of the themes that we've seen, such as functional beverages were decline in soda sales. It's got to be a category leader with a very large addressable market, so we're not in just kind of these niche sweet spots. One last thing I'd say is we almost go in unsexy categories. Another company we just close called Good Culture, and they're the market

leader in disrupting sour cream and cottage cheese. It's a great example of both E. S. G. In the regenerative agriculture, which it appears that if you know, the animals are treated better and the land is treated better than that end product, and the consumer is also healthier. So that's usually the way that we think about it. That's Ellie Rubinstein, the co founder and CEO of Manatree still to come on Bloomberg Business Week The future of game nights. It

is here. We're speaking with the shark tank star behind any platform that's turning the games, you know, and love into an immersive experience. This is Bloomberg Broadcasting from the financial capital of the world, Bloomberg Eleve in Frio in New York to Washington, d C. Bloomberg to Boston, Bloomberg one oh six one does San Francisco, Bloomberg nine sixty the country, Sirius XM Chado one nine team, and around the globe the Bloomberg Business app and Bloomberg Radio dot Com.

This is Bloomberg Business Week. Our next guest is an entrepreneur in every sense of the word. He wants Round is a parrel operation out of his mother's basement. Well now, Damon John is the CEO of the multi billion dollar lifestyle brand that he founded. We're talking about Fu Boo. He's also CEO of the marketing firm The Shark Group and one of the stars of ABC's a long running series, Shark Tank. It of course, offers budding entrepreneurs the chance

to secure business deals that could make them rich. Well now, Damon is combining his pension for investing with his love of board games and games shows by backing a new interactive streaming platform. It is called game Star Plus. You know I think it is I think I think, you know, I think everything's going to be in the metaverse. But you know, I guess the simplest way to say it for all the listeners, it's kind of like Netflix for Game Night, you know, and me being a huge lower

of games, and I think board games. I think, you know, through this last two years, all of us have picked up some of that old love for board games. This was just a new delivery of form of delivery of board games. And that's why I thought it was an absolutely amazing investment. So all right, you made an investment, like where's it going to go? What's tell us how

it's going to play out? Here? I'm thinking about our audience, they're investors and trying to understand and as the technological world continues to really evolve, where do you see this all going? Well, I think that more people are going to start living in the meta earth and or you know, online and doing what they're doing. But you're bringing the simplicity of Game Night like a Netflix, and I think that for the initial customer. You know, we we're launching

and we already launched Family Feud. Really great, uh I P you have obviously Steve Harvey there after that We have seen it with Mary Lopez and Jeopardy with Ken Jennings, Wheel of Fortune, and there's so many more slated. These are all titles of people really love you average out about anywhere from fifteen to twenty dollars for you know, a game. But this is a subscription of about three dollars three ninety nine a month and you get You're

gonna get tons of games. And this is definitely something that I think some of the streamers are gonna want to acquire down the road because they need to get more eyeballs and keep more stickiness on their platforms, and I think this is a way to do this without having to compete for more content from other streamers. So talk to us about this platform. You mentioned family few that it is out there and it's streaming, So how many consumers are using it. What's the stickiness of someone

who signs on and stays with it? Well, it too early to tell the stickiness because we just launched it and you can go to Target dot com and get it or go into Target because there are some uh physical components to the game, some cards you may want to have, but it's a little too early to look at that and you know, listen, after being one shark, thank every year seeing people tell me how they're going to do a good jillion dollars in the first week. I cannot to give them estimates like that. I just

think it could be Africa. Yeah. I like the fundamental of knowing the I p s. They're knowing the celebrities, they're knowing my reaches, they're knowing people are moving towards streaming in all different forms, knowing the metaverse is coming around. I like, I like all the different things in position

for success. So is the game right now, damon? Is it one that's meant to be played when people are physically together or is it to the point now where you can actually play with people who are not in the same space as you and you do this over the internet. Well out right now is going to be physically together, but it's going to grow to that. I mean, there are games that exist in apps that exist, they're all separate that obviously you can play separately. You know,

that's nothing new. Um, but right now is physically in the home because then you'll be able to stream all the games to that home. And uh and and and and the physical components of there too, a couple of those pieces, so right now you need to be in the same household. Hey David, you know, as you guys build this out, content content, content, and we see it with the streaming services, but that's going to be true

for this platform as well. Is it fair to say that it's gonna you know, there's gonna be maybe as you guys build it out and add content. In terms of profitability, it may take a little while, I would say so, but um, you know, listen to the two founders come from both the board, from the gaming world and from the lights of seing world. I think that there's going to just be a lot of massive I p there. And you know if I would have you know, we we already saw this. You know, years ago we

thought the Netflix was something wasn't going to happen. Now you have Kulu, Netflix and all these type of things. I think this is going to be the new normal. What other titles are you thinking of? If you mentioned that you have, um seen It with Mario Lopez, Jeopardy with Ken Jennings, Uh, you know Wheel of Fortune coming, you already have Family Feud out. How else are you

thinking about? I don't want to call it content. Necessarily it is content, um, but it's it's kind of it's a little different in the sense of like, you know, it's interactive. Well, we're looking at all ips. You know, one of my favorite ips monopoly of course, but you know we a deal of no deal or you know the price is right pyramid, you know. I think I think, um, all of these IPS is gonna be on there. What's the acquisition process for getting that intellectual property? Like, is

it really tough to get monopoly? It is? Really, well, it's it's it's somewhat tough, but you have people like myself, Steve Harvey, the great founders who worked over at Sony and various other places. We all have, uh, you know, the right connections of Mattel and has Bro, and I think that they're always trying to expand their IP and

put it in different hands as well. So I don't think this one is going to be as challenging because we're kind of like in that blue ocean space with this, and there's not too many other competitors in this area delivering it on the same platform. So I think it's gonna be fairly easy. That's damon John founder and CEO of Fubu, CEO of the Shark Group, best selling author, and as you know him, probably one of the stars of the Emmy Award winning Shark Tank on ABC. I'm out,

I'm not investing. There's love when they say that, are not. You're listening to Bloomberg Business Week. Coming up. Celebrated inventor Dean Cayman is back with us talking about how we got Disney and thousands of other companies to work with him for many years to help him promote STEM education around the globe. This is Bloomberg. You're listening to Bloomberg Business Week with Carol mess Here and Bloomberg Quick Takes Tim Stinovik from Bloomberg Radio. When we started this somewhat teams.

Now we have thousands of thousands all around the world. First has given me the opportunity to become better and better into never stop training. It is way more than a club tending the skills of life. It's technology, respect to more. It is more than robots. That's a new documentary that last week premiered it south by Southwest. It is now streaming exclusively on Disney Plus. It's called More

Than Robots. It follows four teams of teenagers from around the world as they get ready for the robotics competition. Dean Cayman is the founder of FIRST, which stands for Inspiration and Recognition of Science and Technology, and he's been on a year's long mission and to spark interest and achievement in STEM education. Yeah, he's been doing this for a long time. We always remind everyone too that he's the inventor of the segue. He holds a variety of patents,

many many patents. In fact, his focus though now really has continued to be expanding the reach of FIRST robotics competitions and the minds of young people. Well, I've got thirty seven hundred corporate sponsors committed to helping FIRST become a reality in every school in the in the country. I have two hundred thousand volunteer technology people now as mentors working with these teams. We have, you know, tens of thousands of teams, and it's almost exclusively a volunteer organization.

It's driven mostly by passion by smart parents, smart teachers, smart industry leaders, smart government leaders that recognize unless you give kids a shot at understanding what really will be their future if they embrace technology and and and developed that muscle hanging between their ears. Um, this world is

going to be a great place. But if anything, I think first is now becoming more accepted because thirty years ago I told everybody, you can all try to solve the problem we don't have claiming that our educational systems are lacking, and instead, why don't you go after the real problem in a free society where you get the

best of what you celebrate. Thirty years ago and even still to this day, all the heroes, particularly to young women, particularly to minority kids, all their role models and heroes come from the NBA, the NFL, Hollywood motown. They don't see young adults successfully pushing ahead in careers in science, technology, engineering, mathematics, inventing. And it's not that those things really are not every bit as fun as accessible as as bouncing a ball.

It's just we have a culture that that made sports superstars crowd out everything else. But as sports works, all I did was very simple, you're steal a good idea that works. I said, let's turn sience, technology and engineering into a sport, and then we'll attract all the kids that already loved sports. They love the competition. They love the excitement, but let's let them develop that muscle hanging between their ears. It will be the only sport where

every kid on every team can turn pro. There are millions and millions of jobs out there in the technical fields. Do you take us back to your childhood, though, and talk to us about how you were inspired at an early age and how you see that not happening today. I mean, what, what did you have access to in your childhood that you want to recreate for children today. As a kid, my parents didn't mind that I did a lot of taking. I took all the basement. I

started building things. I bought you know, bolk meters and the scyloscopes, and played are you taking apart of cliances on your parents? Yeah? I did all of that stuff. But I got as a teenager, I started making money doing technology for people, and I realized that most kids don't see the power of that. And I also realized my mom is a teacher, and I realized just the way schoolwork and go. You know, you're intimidated in the classroom learning equations, and if you don't get them right,

you get a red mark. Whereas that same teacher becomes the coach after school and if you didn't hit that ball or you didn't get that basket, this this teacher that's required to be judgmental in the classroom becomes this coach that's so nurturing, that helps you after school. And I said, no, one, the kids love sports, no whether

they're intimidated by science and physics and math. Come on, let's get those teachers the opportunity to coach a team that's using all the things that we claim a valuable about other sports, that's using teamwork and exciting stuff to give kids the skill sets they need to build a future. I want to talk a little bit about where we are as a society and trying to really understand how he can get more kids into STEM and what we need to do as as a country in order to

do that. And I want you to draw parallels between again, how you were able to get inspired and and lead the life that you have, and how you can in turn see that happening with kids today. I just had to I'm the world has changed so much and and I wonder if we have the educational infrastructure in place today four kids to thrive like they did, you know, in the nineteen sixties. So I believe we have the the educational infrastructure. Everybody I know has a teacher that

they think changed their lives. We've got the best systems in the world. We spend more per capital and education than anybody in the world. That's the whole point of First was it's not an education crisis, the culture crisis. It's not what we don't have enough of. It's what we have too much. In a rich culture, in a rich society, we've been able to turn leisure time into

a phenomenon. We turned sports into something bigger than life itself, and it's crowded out to kids the idea that they can excel at something else, they can become superstars in some other way. And the entire premise of First look at our name for inspiration and recognition of science and technology. Kids will always do better at something if there are inspired to work hard at it. That's why the US is still leads the world in sports and an entertainment

and Hollywood in the NBA. So we just said, let's take that model and create a sport that will be available to all kids again, particularly women and minorities in the United States that are so subtly but effectively convinced by the time they're even in middle school that science, technology and engineering. It's difficult, that's frustrating, it's boring, it's only for the gifted view because ironically, it's where all the big jobs are going to be, so these kids

have to get into it early. You took me exactly where I want to go. Uh. Tim and I were part of a Bloomberg Live event. It was all about work shifting and just how things are changing post pandemic. But every executive, whether it was at that event or every executive who comes on air, I mean, everybody's a technology company. Doesn't matter what industry you are, you need I t workers tech workers. Um, that's just the world that we are in. And I do wonder, you know,

everybody says that there's just not enough out there. Has the message out there You've got You have been doing this for a while, and I still see a lot of money spent on big, you know, sports programs, whether it's in colleges or even you know, at lower level. Are you seeing an impacted change since you started doing this.

We are certainly seeing a change, but you're right, there's still overwhelmingly more money and excitement thrown by the media, particularly at at at at making sports bigger than life, and they somehow have still failed to include us as the ultimate sports that humans ought to participated. But as

an example you say, isn't working. When you look at the four teams that participate in this great documentary, you'll see that one of them, uh two of them once from Mexico, once through Japan, two are from the U S. They're both in California, and it turns out that each of them has a mentor, once a teacher, and her husband's the mentor for the competitive team. He works at ray Theon and he's hired more than twenty five of

the kids. This essentially an inner city school system that without first wouldn't have produced any kids that could go work at Raytheon. And when you look at the thirty seven responses, we have a couple of hundred universities that are at all our big events scouting, just like the

football team does. The reason these thirty seven hundred sponsors are there is, as you pointed out, every major company in the country and in the world is desperately looking for more technically competent people and the best way to create them and to build a better pipeline is to start earlier and have these tech giants and even the tech startups be there giving these kids encouragement and inspiration and making this the sport of choice for kids because

it is the only sport where every kid can turn pro. Yeah. I guess that your Border Directors has always blown me away. Um Ursula burns right from the Xerox now at to Neo. You've got Rockwell, the former chairman CEO of Rockwell Collins Rockwell Automation, to Sigma David Seagull. These are people that are certainly familiar. Um. You know, pick any of those big companies in the STEM world and they are there. Hey.

One thing I wanted to ask you, if you will indulge us a little bit, is I know I've talked with you before about North Dumpling Island that's in Long Island Sound. I've passed it when I'm out in the water. What's interesting is you are, I believe right, um, operating independently of the regional electrical grid there right solar wind. Uh.

It's a home that you've got there. And I do think about the week the last couple of weeks with the Russian invasion of Ukraine, and we've seen the volatility and the energy markets, and you see the EU moving aggressively to wean itself off Russian oil. Everybody talking a lot more about alternative energy, solar, alternative energy power, or companies, you know, rallying as a result. What's what's the big thing that we need to be having here? We are, we are at the perfect storm and this could be

the catalyst that makes it all happen. But power semiconductors are now available to make highly efficient grid quality a c out of just about any any any energy. Wind batteries can be now efficiently used to both store and then we deliver, whether it's DC or to the grids. But but you know, for many, many reasons, it's it's good for the environment, it's good for the economy, it's good for our national security, it's it's good for business.

And finally, solar power, wind power, all of them collectively are starting to become realistically capable of taking on more and more of our energy loads. That was Dean Caman, inventor, entrepreneur and founder of First and that wraps up the weekend edition of Bloomberg Business Week from Bloomberg Radio. Thanks so much for joining us. I'm Carol Masser and I'm Tim Stanivik. Be sure to tune into Bloomberg Business Week Monday through Friday. It starts at two pm Wall Street

Time on Bloomberg Radio. You can also watch our daily broadcast on YouTube. Just search Bloomberg Global News and check out our Bloomberg Business Week podcast. You can find that at Bloomberg dot com, Apple, or wherever you get your podcasts. Blomberg Business Week is available on newsstands now at Bloomberg dot com and on the Bloomberg Terminal, and you can also see me on Bloomberg Quick Take available at Bloomberg dot com, slash Qt, and streaming platforms like Roku, Apple TV,

Samsung TV, and more. Have a great weekend. Stay safe everyone. This is Bloomberg