This is Bloomberg Business Week. I'm Carol Masser and I'm Bloomberg Quick Takes Tim Stanobek. We're here every day bringing you the latest news from the world of business and finance, plus technology, politics, economics, all harnessing the power of Business Week reporters and editors, not to mention our journalists and analyst in more than one and twenty countries. You can download Bloomberg Business Week on iTunes, SoundCloud, or Bloomberg dot Com.
You can also listen to our radio show at two pm Eastern Time on Bloomberg Radio, or watch us on YouTube search Bloomberg Clobal News. Well. J and J's COVID nineteen vaccine could protect millions more Americans from contracting the coronavirus their vaccine, as we know, given emergency youth authorization by US regulators. That happened over the weekend. While the company Tim we know out in full force today talking
about the rollout. In fact, our team over on Bloomberg Television, David Weston catching up with J and J CEO Alex Gorski about that rollout. Check it out. We've got a safe, We've got an effective, saying little shot vaccine that can be refrigerated using very standard procedures, and that's going to be available right here in the United States the tune of a hundred million doses by June this year, all right,
and that was Alex Gorski, Jane Jay's CEO. So let's get some thoughts on that latest COVID vaccine, our daily check on the virus. Yeah, Michael Dowling as President and CEO of north Well Health. He joins us on the phone from New Hyde Park, New York. Hey, Michael, great to have you back on the show. How are you doing. I'm doing well. Thank you so much, appreciate it. What
are you seeing? What are you seeing across across north Well Health right now when it comes to the virus, especially with regard to this Jane, janeuse what do you make of it? The vis itself? The numbers of decreasing now today have about nine hundred COVID patients about three weeks ago I found so the number is dropping and the positivity in the region is dropping. So the signs
are all good. And the new gang vaccine, of course, is a huge step forward, and we're expecting but I have been told that we may get some of the J vaccine later this week. The state is going to get a couple hundred thousands more doses each week from now on, So that just increases the supply. Because the supply has been the biggest issue over the last number of weeks and months that this infrastructure is there to
do the vaccination, the supply has been the problem. And with Jane J is a one dose vaccine, it is just an unbelievable step forward. How do you go ahead? How do you determine if you let's say you have because you've already been administering vaccine, Michael, If if you do have let's say Fiser vaccine and the Derna vaccine and j J vaccine, how do you determine who gets
what vaccine? Well, that US criteria that are being developed, which we're getting about what the priorities are for for the for the j J vaccine, I think it's for people over age six or five. I think it's for the younger people would be a priority at the beginning, anybody from I believe a eighteen to six to sixty five where I haven't seen the definitive final recommendations yet from CC from the CDC, but we'll wait for that will wait for that directive from both the state and
the CDC. But whatever it is, it means more more shots in Tiber's arms and that's the ultimate right now, But there will be it sounds like um specifications for each of the vaccine ultimately, Is that fair to say, Michael, Well, I think it will become more generical of the time. I think at the beginning, I think there'd be more prialitization.
My guess is that for people, you know, the older worlder population might meet had the preference for the five Madame and Indian or population for from the J and J. But but I do think people there are so many people climbing for a vaccine that once you have the once you have to supply whatever vaccine, people will want to take it. Right I know J vaccine is still still seventy two efficacy, which is phenomenal. It's great, right exactly.
What's interesting now, Michael, and listen, I don't want to be like, you know, Tim and I joke were like I'll take anyone right now. Um. But complicating matters is j J is also testing a two shot version of the vaccine, so it does suggest that it thinks adding a second shot could improve protection. And I think that's where the public gets a little nervous. You're a medical professional,
you're working within this. How should we read something like that? Well, I would say if, for example, the one doors vaccine gives you, it gives you the seventy seventy percent efficacy and it protects against severe illness and there's a very few of cases and it gives you eighty six percent efficacy in that regard, I think that's a win. What you really want is to protect people from getting really sick and to protect pet of them getting into the hospital.
So if you have a vaccine, just like the flu vaccine, doesn't protect the university across the board, but it does prevent you from getting really seriously ill. So it's a win to have to be prevented from a severe illness and keeping out of the hospital. And if any of the vaccines do that, um, then I think that's again a win win for the public. I do wonder to what extent that the general public is focused on that number S versus when it comes to m R and
a go ahead. I honestly don't think that they've spent all the same will that been awful lot of attention. But I think most people from when I am, when I'm out there, they just want to vaccine. Well, can I just tell you all that I want to be sure that they don't really get Michael February survey found only seven percent of people wanted a single dose vaccine, compared with fifty eight percent who said they preferred two doors series. This was UM a presentation Sunday to the
Centers for Disease Control UM and some others. So you know, we've learned so much about creating a vaccine and about efficacy, but at the same time, a little bit of knowledge can be dangerous, yes, and you know you know recently and I'll alwa was it um spozemic? And even I think pies are basically indicating if I'm corrected, you know that there is we protection even with the one dolls,
even though we're giving two dolls. Is I can tell you if you want to expand the vaccination to the public in general, just giving one dose across the board, it just makes life so much easier. We can do so much more and it will be a lot better having everybody having a se protection against illness instead of having a small number having So I just think that the more the fact that we can do more people,
the better. So when you look out for the next few months, at the next six months, at the rest of the year, how do you see our world reopening. What's the timeline that you're thinking about. I think that it will be a slow process, be incremental. I think we'll be in a pretty good situation by October November, is my guest. Once we get everybody vaccinated, hopefully by
July August. You should see Tim's face. You should see the two of us were just but but I think we've got to be a little bit practical here because we're going to be different. The economy is going to come back in a different way. The use of technology and the changing nature of work that has evolved as a result of COVID is going to make everything different.
People now realize that they don't have to be coming to the office every day to be effective and productive, that they can be working remotely, and that's going to affect every business that's just health care, about every single business. And I do think the economic implications of COVID that businesses that are will be less robust. Now I want
some businesses not coming back at all. That the economic implications of COVID I think will even be more difficult and more long terrent than actually dealing with COVID itself. We had a big crisis for the past twel months. By the way, the first COVID case that we received that not well was a year ago tomorrow, and we've seen a hundred and sixty COVID patients since that time. So I think it's going to be it's going to
be incremental. It will be different every organization. Now, if you're see of any organization, you've got to be sitting back and saying, how do I transform? How do I completely we think my business given the new circumstance. And quite frankly, I also think some of I think that some of this would be good because I do believe that we will reconfigure our organizations in a better way going forward based upon the lessons of the last year. Um.
So we'll have to be patient here. The economy will stop to come back, and I think by the end of the year we will be doing will be in a pretty good place, I believe. Um Now, we we can't get complacent at the moment because you've got these variants out there, and you know you could get a surprise. We're just hoping it doesn't happen, but you've gotta be ready for if it does occur. But we're going to be We're going to be different in the future. We're
not going back to pre COVID days the way it was. Hey, listen, I want to talk about your book, but I do want to ask you when you talk about variants, are you even a little bit concerned that these variants will create another big way for us? I know I don't think so. I mean it does mean it could mean that well, because the transmission is easier, that more people could get a COVID. But if the vaccine keeps you from getting severely ill, keeps you out of the hospital,
that to me is a win. So let's just show me get COVID and you feel bad for a week, but you're not hospitalized. That's a good outcome. And remember, no vaccine is of a full proof, as I said earlier, So I think that we deal with that is a circumstance acause but I would not get orderly worried about it. But I would be cautious. All right, We gotta talk
about your memoir. It's called After the Roof Caved in an immigrants journey from Ireland to America and coming up on March eleven, So you're gonna be doing a live reading of it from the book review in Huntington, Long Island. I know the book review. It is an incredible bookstore and they feature the best writers. That's going to be at seven pm. You're going to be interviewed by I believe is it, Neil O'Dowd, Neil Okay. So tell us about this within person. You know, it would be nice
to be in person. I know, I know that's the way the world is. Tell us about this book, well, I you know, it's an Immergrant story and it basically is a story about what that everything is possible. And this is the message I'm trying to convey to people, including as the younger people and many employees here that I respective of the circumstances you grow up in, it should never limit your potential of what you would try to achieve. I grew up in severe poverty. I left
home when I was young. I was sixteen. When I left home, I was the oldest. I lived in a home that actually the reason for the for the name of the book. As the roof caved in with the whole. The roof of the house fell down onest twice. We had not running water, no bathrooms, no heat, and no electricity, etcetera. And it was it was a tough environment. But on the other hand, it was you know, it motivates you
to do better with your life. And so the book is the story I you know, I kept getting pressure from a lot of people to write it. I declined for many many years, and then one I stopped it. Putting it together, it made sense, and I'm I hope it offers a little bit of inspiration to people. It's a lot different than a lot of other immigrants stories. But the fact that I am doing what I am
today given where I came from is to me. It just proves that if you're positive and you have a sense of optimism, and you walk hard, and you and and you know, you take advantage of what the United States offers to you, and you take risks. You know, the sky is the limit, So be upbeat and be positive. And that's what the book essentially is about. I love it. I love it brings very true and I feel like
it's a perfect message. On this Monday, Michael Dowling, be Well President CEO at Northwell Health, on the phone from New Hyde Park, New York. His book After the Roof Caved In an immigrants Journey from Ireland to America. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes Tim Stinovich from Bloomberg Radio. We know this named CEO last September, technically though her first day on the job. Tim, we're talking about Jane Fraser. She's now in the CEO
c running the third largest U S bank. We're talking about City Bank and getting right to work. So let's get into it with Jenny Serene, she's reporting about it for Bloomberg Business Week, Finance reporter at Bloomberg News on the phone in New York City, joining us along with Bloomberg Business Week editor Joel Webber. Joel, I feel like there's so much going on when it comes to the big Wall Street banks. But this is a big deal.
Having a woman a top a major Wall Street firm big time, and it's been We've been talking about this story for for years, maybe even decades, about which bank is going to happen at Who's the woman who's going to crack the ceiling? And then we found out, you know, obviously a couple of months ago that it was going to be Jane Fraser at City. And I'm really curious Jenny, Like we knew a lot of things that she was
gonna face and have to deal with. And I want to talk about that, But then I also just want to talk about day one because she's come out and actually really already sort of caught attention. And what was
the number one thing she came out of the gate with. Yeah, her very first announcement on her first day at CEO was that INANC is going to achieve net zero emissions by and so she she announced that to employees and to the broader public today, And I think it's really her trying to put her stamp on this issue and and really say, this is going to be what matters to me and what matters to city? What are what are her other priorities right now? I mean, she's got
to be hitting the ground running today. What's on her to do list? Yeah? Well, so I think she started the day actually with kind of a virtual town hall, which, um, you know that's part of what's so weird about this time is it feels almost anticlimactic to have, you know, the first female CEO of a major US bank and
she's taking over and it's all being done virtually. But you know, I think more broadly, she's got a lot on her plate in terms of the regulatory homework that the O c C and the FED assigned them last year. She's got to overhaul all of their internal technology and controls. UM. That's work that's going to take years, costs a lot of money, and require them to know, hire thousands of people for this effort. So I think that's really the
big thing on her plate right now. Well, and it's interesting you write this in your reporting that she has said that City Group Strategy doesn't need a massive overhaul UM and she's just going to kind of do it as she goes along. So do you buy that? You know, I think it's I think what she wants is really UM to kind of stick with their knitting in terms
of the things that they're really good at. And because you know, they've got a lot on their plate in terms of this regulatory work, they've got to find other ways to cut UM. They've got really big, ambitious targets for getting their returns up to what Jopy Morgan and Bank of America look like. So, yeah, she's going to be making some changes, but I think what she's been trying to communicate is that it's not going to look vastly different. There just me, but might be some tweaking
on the on the margins. There's also, um, this this blooper as I've been referring to it, Jenny, which was the money that got wired from city to creditors and then they managed to get some of it claw Claude back but not others. They lie a court case recently about this, Um no doubt underway. The appeal is underway. But but how much of that is an impediment to sort of her her first um uh, you know you're
on the job. Yeah, I mean, I think that's just a really embarrassing example of the types of work that they have to get done in order to just how to sign their regulators. So I think, you know, regulators have been stepping around and you know, really disappointed with the bank for a long time now, and this rev line issue where they accidentally sent out nearly a billion dollars just kind of shows exactly what these regulators were talking about and exactly what they want City Group to fix.
So I think it's kind of emblematic of really deeper issues that city has to fix. And we'll have to hire lots of people and you know, change lots of executives around probably and and really dig in and fix this up. Um. And she said, and she's committed to doing that. Um. So when is where is um She's going to look for strategy to gross Jenny Where where's the Jane Fraser uh future? What is that going to
look like? So one of the other big things she's done in recent weeks was she actually collapsed their private banking arm and their wealth management arm and so that is now City Global Wealth. And I think they're really hoping that this is where they can find growth. You know, you don't really think of City as a wealth shop. They um got out of that business during the crisis and really haven't made any big parades. And then you see folks like Morgan Stanley kind of you know, really
making lots of money there. So I think they're trying to kind of, um take a little tab out of a bank like Morgan Stanley's book, and we'll see if they're successful. Um. But she's also she's got a lot of distractions when it comes to really growing that business. So it'll it'll be interesting to watch. Hey, Jenny, before you go, we gotta ask you about your other story, something that's definitely caught our attention. Your story kicks off with Walmart just took a step closer to being JP
Morgan chases biggest Nightmare. There's so much going on with the big banks. I feel like, right now, what do we need to know? Just got about forty five seconds here. Yeah, Walmart, you know, they just um in January announced that they're going to start this outside financial technology startups and really have been tight lets since then about what that's going to look like. Um. And then this weekend we found out if they've hired two senior guys from Goldman to
come in and run it. So definitely I wanted to watch and and we'll be really interesting to see what they do with it. Yeah. Absolutely, Um, good stuff. Thank you so much. Jenny Seraine, finance reporter at Bloomberg News on the phone in New York City. Check out all of her reporting and of course our thanks to Joe Webber editor Bloomberg Business Week on the remote access from Brooklyn. This is Bloomberg Business Week with Carol Masser and Bloomberg
Quick Takes Tim Stinovich from Bloomberg Radio. So ten years ago, one of our most beloved franchises, Bloomberg TV, kicked off, initially known as Bloomberg West, later as Bloomberg Technology, steered and shepherded by Bloomberg's Emily Shang, and a lot has happened in the past decade. We've seen early trends that took off, some things that didn't so much. So we thought we'd take a look back at the past decade. Tim. We'll joining us now is Emily Chang. She's the host
of Bloomberg Technology on a Bloomberg Television. Joining us on the phone from San Francisco. Emily, ten years wow, ten years. I have spent the last week two weeks laughing and crying as I've been going through all foot did and Carol, I'm so happy to be here with you because I
have never anchored before. When I came to Bloomberg and you showed me the ropes and I still used the terminal command would be on that very first day so thank you, well, congratulations because I've always loved listening to your interviews and you're inside and you just took us to places, you know, of trends that we now all take for granted today and also uncovered things that you were, you know, you would be skeptical about because you're like, well,
wait a minute, this really going to play out? So what what really stands out for you in terms of the past ten years. My goodness, it is so hard to boil it down. When the show launched, it was February. Um, Steve Jobs was still alive. He died later that year. Tim Cook became CEO, and since then the iPhone has leaked ten generations. That's just one thing. Um. Amazon is probably the biggest value creation story of the last decade, with the e commerce business exploding, the cloud exploding, Alexa
now being part of the furniture. Also, there's a lot of things that didn't work out, Like you know, we went back, we saw some old footage of me wearing Google glass that never really became a thing, snaps spectacles, um. And of course there's Tesla, which I think has taken a lot of people by surprise, and and and a good surprise if you're thinking about what it means for the planet. I just have to say, for those who are watching our show right now on YouTube, they got
to see you put on those those spectacles. They looked kind of cute, kiddo. I'm just gonna say, yeah, you know, I thought that they like's not bad. It's a pretty stylus. It's a shame they didn't work out. But you know, and I'm not counting a r or virtual blog is out. I think maybe they just came a little too soon, and uh, somebody else may figure out the right form
factor in the next decade. So Emily, I'm gonna ask you to put on your your predictor hat and really think about based on what you're thinking about right now, the people you're talking to right now, what is it that that we're talking about when we're sitting together in ten years ten years from now. So it's almost impossible to predict how much technology will change in the next decade, except to know that it will change faster than we think. One thing is for sure, AI will be a much
bigger part of the conversation. We can't know for sure how it will change our lives or make our lives different, but we can be sure that our lives will be very different as a result machine learning. All of these companies, UM, every company is going to be incorporating new technologies into their products. UM. I think it'll be interesting to see if you know, the four or five major tech companies UM still exist as they are today, where they're all
facing UM antitrust scrutiny. UM, not just from the US government but governments around the world. Do Apple, Facebook, Amazon, Google, Microsoft all existing ten years as they do today? How are they different? UM? How much our acquisitions in big field part of the conversation? And who are the new innovators? I mean, I'm watching UM, TikTok and next Door. I actually interviewed Reid Hoffman. You're going to see a clip
of that interview on the show later today. UM, the co founder of Lincoln He think he thinks we're going to have an explosion of social platforms, many social platforms, not just one obvious go to Hey, I gotta ask you because you're also the author of Brotopia, breaking Up the Boys Club of Silicon Valley, and you really took a deep dive into why men were dominating the tech industry. And I do wonder to have have things changed at all?
Is there more diversity? It's something we've talked about a lot in the past year because of the pandemic, the lack of diversity, uh in Silicon Valley. Is it changing, Carol? It is happening, The conversation is happening, but the numbers are not changing fast enough. I mean, just looking at a recent statistic that we're going to bring up on the show today, women make up about twelve of decision
makers at venture capital firms. So these are the people who are deciding where the money goes, what gets a chance to be the next Google or Facebook or Apple. Women founded startups are only getting about of the funding. I mean, more starts of population. Come on, I know exactly. I'm excited to see where we are a decade from now because there is motivation, there are people who care. There are more people fighting about this and talking about
this than certainly there were a decade ago. And I believe that the most visionary people in the most visionary industry in the world can do this. Hey, can I can I say one more thing? In ten years? You've had a few kids, right, just as you um to show is my first baby. But believe it or not, I've had four children in the last next and it's
kind of mind blowing to think that. Um yeah, I was, you know, building a show and becoming a mom all at the time and looking to people like you who are working moms who you know have figured it out and you know, I know it's a constant balancing act. But um, you know, I'm I'm really proud and I'm always looking for more advice. So Carol, find out how you still look so good. I always loving. We're together
and we huddle, but I'm in awe. You have shown how you can do it all and it isn't always easy, but uh, it's just great stuff. Kiddout and looking forward to the next ten years. Emily Chang check her out on Bloomberg Technology. That's today at five pm Wall Street Time on Bloomberg Television. She has seen so much much and always talking to the people who are at the cutting edge. She has interviewed everybody, I mean anyone who's anybody in Silicon Valley. It's amazing and she's really nice
to journal now. But you let me drive no no, no home, honey, please, I'll do the riding drivel I want to drive, just drive. Questions Drying, He's the drive to the globe. Give me thanks well, Drying us down on Bloomberg Radio. Now we just got about eleven minutes left in today's trading session. Carol Mass along with Tim Stenovik in our Interactive Broker's studio. I want to welcome
Dave down Obedient. He is Chief Investment Officer of CIBC Private Wealth Management, seventy four billion in assets under management, with us once again on the phone from Baltimore. Dave, how are you. I'm doing well, How are you doing okay? Different day, feels like a different tone this week. Market volatility, you know, that's kind of the norm. We're supposed to have volatility in the markets. What does the recent trade and then particular equity versus what we saw on the
bond market, what does it say to you? Well, I think you always look to the treasury market as a signal about what equity investors are most worried about, and so you know, we saw this significant rise and yields really going back to the Georgia Senate election basis points, and you know what that says, I think is that equity investors are no longer first and foremost worried about the pandemic and a double dipercession. They're more worried about
economic overheating, higher inflation, and higher borrowing costs. So that's a pretty significant, uh you know change, And what's what's the top the wall of worry? And I think that the bond market and inflation statistics are going to get much much, much more attention really all this year suppared to recent years. Well so, so, what what is the signal that you think the bond market is sending. Is it sending one about inflation or is it sending one
about optimism about the economy. Well, I think it's beginning to send some messages on inflation because, uh, you know, I think the the likelihood now that we're going to see this very significant one point nine trillion or something
close to its relief package pass um. You know, you have to when when you look at the impact of the COVID package that just passed at the end of December, that already by January, and it had this incredible adrenaline rush for disposable income and pushing the savings right over. I think investors, bond and equity investors are thinking, well, what happens if you more than double the size those direct to household payments. What happens when you extend an
increase the supplemental unemployment benefits? What happens when you extend more interest free money to businesses? And this idea that you know, maybe maybe we haven't quite priced in just how strong the economy is going to be. And and I think it's you know, that sort of overheating risk is going to the sort of a periodic um risk. That's equity and bond investors are gonna have to deal with,
you know, all year long. Really, we still have, though a pretty steep unemployment rate, and we still have a lot of workers in terms of underemployment, it's still pretty steep. So does that kind of keep things in check? I think it ultimately does. I don't think we're at the beginning of the next great inflation wave, you know, reducts of the seventies. I think we're a ways away from that for the reasons you mentioned. We still have a
significant output gap. But you look over the next few months and I think there are some data points that investors are going to have to deal with and and and that the Fed even may eventually be be concerned about we we know that we had three deflation every months right when when COVID hit last year, They're gonna lap out of the year of a year comparison. So by the third quarter, most inflation indicators will probably have
a have a to handle. Um. If you look at the I s M report this morning, not just showing overall strong activity in the manufacturing sector, but the prices paid component was the highest it's been since two thousand and eight, and vendor deliveries are stringing way out out the longest they've been since two thousand four and so UM. You know, we know that looking at the tips of
markets and inflationary expectations have been climbing higher. But there's indications on main street to that inflation expectations of climbing. The University of Michigan sentiment survey that came out last week UM showed that this year consumers expect the highest rate of inflation in in over seven years. So UM, I think we are going to have to You know, the feed is sort of branded this as transitory. UM,
I think it's more significant than that. So, given given these thoughts, about inflation, about the bond market, Dave, Um, how are you thinking about asset allocation for your customers right now? For your clients, yeah, I would say, um, you know, underweight core fixed income? Uh? We are you coming into the year with the tenure Treasury would would spend most of the year between one and a half and two percent. I still think that's right. So there's
an an upward bias to yield. UM. Some things we've recommended as sort of supplementary income have been floating rate debt, and they preferred securities on the equity markets were roughly equal weight. It's a it's a balance between some of those interest rate risks that I mentioned, but on the other side of the fact that we're going to have at least a increase in corporate earnings, so we think
that that equities are still attractive relative to UH to bond. Hey, Dave, one thing I want to ask you, and I'm forgiving. I'm kind of thinking back to something Tim and I were just talking about Elizabeth Warren talking about a wealth tax um UH and talking about it could raise something like three chillion dollars over over a decade. I was talking about two being at milk in just a couple of years ago, and there are a lot of wealthy individuals who said, Yeah, it's time for us to pay
a little bit more taxes. Is that even likely? And do you think it's a good or bad idea? UM? I think the wealth tax is not a very workable idea when you look at the history of it in other countries. Very hard to collect, very hard to measure.
That's why I think it won't happen. But I do think that we're going to see some tax increases on corporations and upper income individuals through more conventional rate means that the corporate tax rate, the top marginal tax bracket, maybe on capital gains more likely to be focused than this year. Wow. I wonder about back to the portfolio construction and thinking about what your clients are saying right now, Um, what is the most common question that you're you're answering,
that you're that you're fielding. The most common question is one that nobody in Washington seems to be asking, which is something like what about the deficit? What about the national debt? And kind of why does nobody seem to care? Uh, get that question constantly from from clients. And it's a really good question. What's your answer. The short answer to it is a lot of people will care just not now.
As long as you have the central Bank as a massive, massive buyer of treasury securities, as long as you have a still relatively low um inflation rate and low interest cost. It's a it's a backburner issue right now, not a front burner issue, right And I think many would argue or counter with saying, listen, it's more important that we do everything and anything to shore up the economy because if we let the economy sink to a point where it's going to be even tougher to get on the
other side. Um, that's a bigger problem potentially. Yeah. I mean what you hear right now in Washington is the risk is going too small on this relief package, like in the lessons from two eight, because we talk about the deeper you fall, although we are coming out of it already, but you want to make sure you don't slip back in. All right, we've just got about three and a half minutes in the trading session or thanks to Dave Donna Beede and chief Investment Officer at CIBC
Private Wealth Management with US from Baltimore. 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. Starch to Bloomberg Global News I SA