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[00:00.000 --> 00:02.960]  received about 26% of the vote.
[00:02.960 --> 00:07.560]  South Bend Indian Amar Peak, Buttigieg, was a close second followed by Minnesota Senator
[00:07.560 --> 00:12.400]  Amy Klobuchar, Massachusetts Senator Elizabeth Warren, and former Vice President Joe
[00:12.400 --> 00:16.960]  Biden finished well behind.
[00:16.960 --> 00:21.720]  That cruise ship that was barred from docking in four countries has found a place to disembark
[00:21.720 --> 00:24.560]  the more than 2,200 people on board.
[00:24.560 --> 00:29.240]  Operators of the Western Dam say the vessel will dock in Cambodia on Thursday.
[00:29.240 --> 00:34.520]  The ship was turned away by Thailand, Taiwan, Japan, and the Philippines because of fears
[00:34.520 --> 00:38.960]  that those aboard could spread a virus that originated in China.
[00:38.960 --> 00:44.360]  Holland America lines as there are no confirmed cases on board the ship.
[00:44.360 --> 00:49.000]  In Germany, the search to replace Angle and Merkel as Chancellor is getting underway.
[00:49.000 --> 00:53.040]  Pressure is growing among Germany's conservative factions to speed up the process to
[00:53.040 --> 00:56.000]  choose a candidate for the next election.
[00:56.000 --> 01:00.840]  Merkel's heir apparent shook up German politics Monday by declaring she would step down
[01:00.840 --> 01:02.360]  as the governing party's leader.
[01:02.360 --> 01:06.800]  Huawei technologies are being able to tap into mobile phone networks.
[01:06.800 --> 01:11.840]  National Security Advisor Robert O'Brien says officials believe the Chinese company uses
[01:11.840 --> 01:15.440]  back doors designed for use by law enforcement.
[01:15.440 --> 01:17.440]  Huawei is rejecting the allegations.
[01:17.440 --> 01:23.520]  The Trump administration has been urging allies to bar Huawei from their networks.
[01:23.520 --> 01:28.280]  Mobile news 24 hours a day on air and on quick take by Bloomberg powered by more than
[01:28.280 --> 01:34.080]  2,700 journalists and analysts in over 120 countries.
[01:34.080 --> 01:51.680]  I'm Mark Crumpton, this is Bloomberg.
[01:51.680 --> 01:55.200]  I'm from Bloomberg World Headquarters in New York.
[01:55.200 --> 01:56.200]  And live in Toronto.
[01:56.200 --> 01:57.200]  I'm Amanda Lying.
[01:57.200 --> 01:58.200]  Welcome to Bloomberg markets.
[01:58.200 --> 02:02.720]  We're now joined by both our Bloomberg and our B&N Bloomberg audiences.
[02:02.720 --> 02:03.720]  Day two for Powell.
[02:03.720 --> 02:08.320]  The Fedcher continues his testimony on Capitol Hill, striking a dovish tone.
[02:08.320 --> 02:12.400]  What is remarks on the central bank's efforts to increase labor force participation
[02:12.400 --> 02:14.240]  could mean for rates.
[02:14.240 --> 02:18.680]  And another day another record, US stocks are in the green with the S&P 500 and the Dow
[02:18.680 --> 02:24.800]  Jones industrials climbing to all-time highs, treasury yields have advanced in lockstap.
[02:24.800 --> 02:30.000]  Crude climbs, oil inches above $51,000 a barrel, even as OPEC slashes its forecasts for
[02:30.000 --> 02:33.600]  global demand and US invitories were above estimates.
[02:33.600 --> 02:38.080]  Let's get you started with a quick check.
[02:38.080 --> 02:40.160]  But markets are trading in the afternoon session.
[02:40.160 --> 02:45.600]  We are seeing risk on sentiment with US stocks at a record high, treasury yields also rising
[02:45.600 --> 02:51.000]  at the same time, we are seeing the S&P 500 being led higher by consumer discretionary
[02:51.000 --> 02:56.320]  and energy stocks, interesting oil is still above $51 a barrel despite the fact that OPEC
[02:56.320 --> 02:59.760]  came out and slashed their forecast for global demand this year.
[02:59.760 --> 03:04.560]  Not to mention the US invitories are higher than expected, came in higher than expected.
[03:04.560 --> 03:07.040]  We're seeing the Dow gaining 7-10s of 1% of course.
[03:07.040 --> 03:11.880]  We're seeing a little bit more optimism, given that we are seeing the spread of the coronavirus
[03:11.880 --> 03:16.520]  slowing down, in fact, when it came to Hubei province, the epicenter of the outbreak.
[03:16.520 --> 03:20.920]  We saw the lowest number of new cases this month.
[03:20.920 --> 03:24.760]  Still worth mentioning that there is uncertainty out there, of course, the virus death toll
[03:24.760 --> 03:26.640]  has topped 1100 already.
[03:26.640 --> 03:31.440]  Not to mention that we're seeing this deep slump in industrial production continuing
[03:31.440 --> 03:32.440]  in Europe.
[03:32.440 --> 03:36.200]  So, take a look at this chart, because if you want to hedge amid this environment, the
[03:36.200 --> 03:41.560]  yen might be a better option than gold, at least it would be a cheaper option.
[03:41.560 --> 03:46.960]  You're seeing the skew on the yen against the US dollar which shows bullish call options
[03:46.960 --> 03:52.120]  against puts that now a lower below that of gold.
[03:52.120 --> 03:57.200]  So Morgan Stanley saying that the yen could be a better bet when it comes to hedging tail
[03:57.200 --> 03:59.800]  risk at the moment, Amanda.
[03:59.800 --> 04:01.040]  Yeah, really interesting.
[04:01.040 --> 04:03.760]  And I want to show you another chart inside the terminal here.
[04:03.760 --> 04:10.000]  And this is the S&P 500, its valuation relative to it's 20-day moving average when
[04:10.000 --> 04:15.440]  I was seeing it at the highest level that it has seen in 200-day moving average, pardon
[04:15.440 --> 04:16.440]  me, in two years.
[04:16.440 --> 04:21.120]  It's about an 11% delta here, so just in terms of where things stand on a valuation
[04:21.120 --> 04:25.040]  basis, getting lofty in terms of where it trades here.
[04:25.040 --> 04:29.160]  And we do have some breaking news, even as we see kind of a calming down of concerns about
[04:29.160 --> 04:33.560]  the coronavirus, we learn that the mobile world Congress has been canceled by GSM
[04:33.560 --> 04:35.280]  in May because of that coronavirus.
[04:35.280 --> 04:38.200]  Now, there had been participants who had already said they would not attend the mobile
[04:38.200 --> 04:39.200]  world Congress.
[04:39.200 --> 04:43.880]  And so perhaps this is just a simple reflection of the fact that it was going to be already
[04:43.880 --> 04:45.320]  affected by it.
[04:45.320 --> 04:50.480]  But that is the news that we can now bring to you that mobile world Congress has been canceled.
[04:50.480 --> 04:54.320]  And that virus, of course, was a topic for Fed Sharej, Powell this week and his two days
[04:54.320 --> 04:56.600]  of testimony on Capitol Hill.
[04:56.600 --> 05:00.440]  Michael McKee, Bloomberg International, economics and policy correspondent with us now with
[05:00.440 --> 05:07.480]  key takeaways and today, Mike, the focus does seem to be on that wage and the job picture.
[05:07.480 --> 05:10.360]  Just a big picture in terms of what you're hearing from Jay Powell.
[05:10.360 --> 05:13.000]  What's your biggest sort of takeaway from it all?
[05:13.000 --> 05:17.240]  Well, you start with the coronavirus and the Fed's inability to really put any kind of numbers
[05:17.240 --> 05:21.080]  on what kind of damage it might do to the global or US economies.
[05:21.080 --> 05:25.520]  Jay Powell telling the Senate Banking Committee today, it should have a significant impact
[05:25.520 --> 05:28.880]  on the Chinese economy, but they don't really have good numbers yet.
[05:28.880 --> 05:33.240]  And of course, if it affects the Chinese, it will affect their trading partners' policy
[05:33.240 --> 05:37.280]  and there may be some impact on the United States, but it all depends on how long it
[05:37.280 --> 05:38.280]  lasts.
[05:38.280 --> 05:43.000]  That was the news in terms of any kind of thoughts of what the Fed might do in terms of
[05:43.000 --> 05:44.800]  interest rates going forward.
[05:44.800 --> 05:49.120]  Much of the rest of the time was spent, as you said, on sort of political topics, the
[05:49.120 --> 05:55.600]  idea of whether or not the Fed can do anything to increase employment beyond what it's already
[05:55.600 --> 05:56.600]  doing.
[05:56.600 --> 05:58.800]  Basically, said, we're letting things run hot.
[05:58.800 --> 06:01.240]  We've learned our lesson, inflation's not rising.
[06:01.240 --> 06:06.040]  We'll let it go and see how low it can go, but to really boost the economy, you guys
[06:06.040 --> 06:10.920]  up on the diets, the senators and representatives need to do more on the fiscal side.
[06:10.920 --> 06:15.000]  Yeah, when it comes to that fiscal warning, of course, also coming on the back of President
[06:15.000 --> 06:19.040]  Trump's new budget, which would really increase the deficit spending.
[06:19.040 --> 06:20.920]  What else did Powell have to say on that front?
[06:20.920 --> 06:25.880]  Well, he was asked about it and he said, you know, he worries about the deficit right now.
[06:25.880 --> 06:29.200]  Even though it isn't a threat right now, we're not seeing higher interest rates, but he
[06:29.200 --> 06:31.640]  does want to see it brought down over the long run.
[06:31.640 --> 06:36.240]  And one reason is, in the case of recession, the Fed might not have the tools that needs
[06:36.240 --> 06:39.840]  to completely fight it, and they would want fiscal help, as well.
[06:39.840 --> 06:44.200]  And with big deficits, he's afraid that the Congress won't be able to respond.
[06:44.200 --> 06:48.920]  And of course, all of this we're taking the context that we don't yet know, like the
[06:48.920 --> 06:54.680]  full extent of sort of damage done economically to business even in some ways to confidence,
[06:54.680 --> 06:59.080]  so though that may now be muted, how much do you think this is factoring in and we'll have
[06:59.080 --> 07:03.640]  to keep factoring into what the Fed is thinking as they watch data come in related to sort
[07:03.640 --> 07:05.400]  of global friction around corona?
[07:05.400 --> 07:07.640]  Well, they will watch the data come in.
[07:07.640 --> 07:11.960]  Even if you took the coronavirus out of the equation, they would be watching to see if
[07:11.960 --> 07:16.760]  there were a positive reaction to the phase one trade deal and the idea that maybe the
[07:16.760 --> 07:18.400]  globally economy had bottomed out.
[07:18.400 --> 07:23.320]  And we got that economic data out of Europe today that suggests maybe Powell was premature
[07:23.320 --> 07:27.000]  in saying that, but they're going to be watching the data.
[07:27.000 --> 07:31.480]  There in no hurry to change rates one way or another, an interest rate increase is off
[07:31.480 --> 07:35.720]  the table, but whether they would cut rates like Wall Street wants right now, that's not
[07:35.720 --> 07:36.720]  on their table.
[07:36.720 --> 07:38.080]  They're going to wait and see.
[07:38.080 --> 07:42.880]  Mike McKee, thank you very much for the latest on Chair Powell's testimony today in Congress.
[07:42.880 --> 07:49.440]  For more in the market reaction and the virus impact as well on the markets, let's go to
[07:49.440 --> 07:50.440]  Luke Cowell.
[07:50.440 --> 07:58.560]  So, we are seeing a positive sentiment across the board, stocks rising, yields rising, but
[07:58.560 --> 08:04.720]  how much of this has to do with anything on how positively Powell portrayed the economy
[08:04.720 --> 08:07.560]  and just virus concerns retreating?
[08:07.560 --> 08:12.560]  Probably a lot more on the latter there, just in the absence of news flows around in the
[08:12.560 --> 08:19.080]  virus, getting materially worse, we're probably going to move away from the depths of recession
[08:19.080 --> 08:24.160]  fear type pricing we had in the 10-year yield and if you look at kind of the range that yields
[08:24.160 --> 08:28.520]  a set of the now, it's been interesting to see pretty much if we hold this daily range.
[08:28.520 --> 08:33.800]  The past two days will be among the least the 10 years moved this year, so it's not only
[08:33.800 --> 08:37.960]  the fact that yields are kind of settling into the middle of what could be a 20-based
[08:37.960 --> 08:42.120]  point range, if you don't tend it to trade in, ranges of about that and then have a crazy
[08:42.120 --> 08:45.440]  move one direction or another, but they're also kind of calming down on the interest rate.
[08:45.440 --> 08:49.040]  At the end of the day, though, are we just headed towards lower yields given that
[08:49.040 --> 08:54.520]  we are seeing these global growth forecasts and the impact that the virus is having not
[08:54.520 --> 08:58.040]  only in the Chinese economy, but it's arising, but we're still at once and see too.
[08:58.040 --> 08:59.040]  Yeah, exactly.
[08:59.040 --> 09:01.040]  These aren't necessarily high-burns.
[09:01.040 --> 09:05.360]  Finally, stretch to the imagination, no one's expecting them to get materially higher.
[09:05.360 --> 09:10.180]  However, there is a sense that even as Powell does strike a kind of a dovish note,
[09:10.180 --> 09:14.080]  while still signaling confidence in the U.S., they definitely, as Mike said, they're not
[09:14.080 --> 09:18.800]  in no hurry to lower rates, we got a signal overnight, I believe, from the RBNZ, that
[09:18.800 --> 09:23.880]  kind of even they are not leaping on the train to necessarily cut rates in the face of
[09:23.880 --> 09:24.880]  the coronavirus.
[09:24.880 --> 09:30.040]  So, the central bank response or the market kind of interpretation of how aggressively
[09:30.040 --> 09:34.040]  central banks were respond to that has probably been a lower overstated so far.
[09:34.040 --> 09:39.200]  So that, as a driver of lower yields, probably not, but just the fact that growth and inflation
[09:39.200 --> 09:43.520]  haven't really picked up in years and are expected to, that's probably the more enduring
[09:43.520 --> 09:45.520]  trend.
[09:45.520 --> 09:50.280]  And where does the correlation between equities and fixed income fit in here, Luke?
[09:50.280 --> 09:54.600]  So that's been interesting to watch that release, not back in Cameron Christ, did a good job
[09:54.600 --> 09:57.120]  of highlighting that this morning on the end-life blog.
[09:57.120 --> 10:01.960]  We have essentially now, for a while, early in January, stocks and bond yields were fairly
[10:01.960 --> 10:07.440]  negatively correlated, they're, you know, stock would manage to rise even when yields were
[10:07.440 --> 10:12.640]  falling and this was essentially a software to the moon trade, even as cyclicals were fading.
[10:12.640 --> 10:16.420]  A right now, it's kind of the situation, it's flip back to what you might get a little
[10:16.420 --> 10:20.620]  more normal, stock's rising, bond yields rising in tandem, and that just, I think that
[10:20.620 --> 10:25.000]  shows that you get to a certain point in markets where you can't make the valuation
[10:25.000 --> 10:29.640]  excuse anymore, where you can't say that falling yields are just always in everywhere, a good
[10:29.640 --> 10:33.240]  thing for risk asset valuations, because they were starting to really, really send a
[10:33.240 --> 10:35.760]  potentially negative signal about the growth outlook.
[10:35.760 --> 10:40.320]  And now, as yields rise, it's more having to do with some of the tail risk, whether, you
[10:40.320 --> 10:44.360]  know, rightly or wrongly based on how limited the information we have at this juncture,
[10:44.360 --> 10:46.000]  kind of being apt away at.
[10:46.000 --> 10:50.960]  All right, Luke, Luke, call a great interview with us, appreciate it.
[10:50.960 --> 10:55.440]  Coming up law makers, Democratic and now Republican are stepping up their efforts to fight
[10:55.440 --> 11:00.360]  climate change and addressing the nation's aging water systems as high on the to-do list.
[11:00.360 --> 11:04.360]  We'll discuss the evolving topic of water safety with Professor on Public Health Expert
[11:04.360 --> 11:05.880]  Kellogg Schwab.
[11:05.880 --> 11:11.160]  This is Bloomberg.
[11:11.160 --> 11:15.960]  Burd television brought you by Principal Financial Group committed to delivering specialized
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[11:20.880 --> 11:24.800]  Hi, I'm Barry Sloan with Newtek, your business solutions company.
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[12:12.200 --> 12:13.200]  Hi again.
[12:13.200 --> 12:17.760]  Got the wants to meet.
[12:17.760 --> 12:41.740]  Good night.
[12:41.740 --> 12:55.420]  Climate change is the defining issue of our time, so we've redefined how we cover it.
[12:55.420 --> 13:01.080]  With clear data and rigorous journalism, we rise to the scale of the challenge to reveal
[13:01.080 --> 13:03.460]  the breadth of possibility.
[13:03.460 --> 13:09.940]  We look at stories from every angle, to provoke debate, spotlight solutions, and makes
[13:09.940 --> 13:13.300]  sense of the greatest crisis of our generation.
[13:13.300 --> 13:23.700]  Bloomberg Green, solutions for a changing climate.
[13:23.700 --> 13:27.300]  This is Bulbul Market, I'm Shermion in New York.
[13:27.300 --> 13:29.100]  And I'm Amanda Lang in Toronto.
[13:29.100 --> 13:33.300]  House Republicans are unveiling their plan to combat climate change today and answer
[13:33.300 --> 13:35.980]  to Democrats who have dominated on the issue.
[13:35.980 --> 13:39.860]  More public health officials are calling for water safety to be prioritized as part of
[13:39.860 --> 13:40.860]  the efforts.
[13:40.860 --> 13:45.380]  It's already playing out at the state level who hamster Governor Chris Sinunus spoke with Bloomberg
[13:45.380 --> 13:49.100]  yesterday about his own plan.
[13:49.100 --> 13:53.620]  We're making a huge investment in clean drinking water infrastructure here about a $400 million
[13:53.620 --> 13:55.420]  investment, no taxpayer dollars.
[13:55.420 --> 13:58.780]  We're using it from the settlement money we got from extra years ago, so we're doing
[13:58.780 --> 14:05.580]  it kind of taxpayer free and allowing those dollars to go at the very local level.
[14:05.580 --> 14:09.500]  For more, we welcome Kellogg Schwab, Professor of Water and Public Health at Johns Hopkins.
[14:09.500 --> 14:13.580]  He joins us from Baltimore, and it professors so interesting to hear the Governor's
[14:13.580 --> 14:18.180]  stress, you know, no tax dollars in a way that almost undermines the importance of the
[14:18.180 --> 14:19.180]  issue.
[14:19.180 --> 14:21.460]  Tax dollars could very well be directed to this.
[14:21.460 --> 14:25.620]  Are we missing the point or the importance of water safety?
[14:25.620 --> 14:27.420]  Water safety is incredibly important.
[14:27.420 --> 14:32.300]  A drink of clean, safe water from the tap is one of the most undervalued assets of American
[14:32.300 --> 14:33.300]  life.
[14:33.300 --> 14:38.380]  These climate change stressors, including extreme rain and drought, avoiding pressure on our
[14:38.380 --> 14:43.420]  existing water supplies, as well as in our aging drinking water and wastewater infrastructure
[14:43.420 --> 14:47.100]  that can affect public health and the business sector.
[14:47.100 --> 14:51.500]  So it's incredibly important that we engage together in finding these important solutions.
[14:51.500 --> 14:54.500]  Professor, how important is clean water for the economy?
[14:54.500 --> 14:59.100]  And how important is it to shape and frame it as an economic issue?
[14:59.100 --> 15:03.580]  It's incredibly important, Deloitte just recently put out a report, and when they said
[15:03.580 --> 15:09.460]  that there's a staggering 240,000 water main breaks per year in the United States, costing
[15:09.460 --> 15:15.100]  an estimated $2.4 billion, that's just to repair the leaks that doesn't have the
[15:15.100 --> 15:18.300]  important drivers of economic value of water.
[15:18.300 --> 15:23.140]  All of our sectors, not only households, but businesses, hospitals, even farming, rely
[15:23.140 --> 15:28.820]  on safe water, and we need to have that continued reliance and ability to have safe waters
[15:28.820 --> 15:34.220]  provided and adequate removal of a waste to have a thriving economy?
[15:34.220 --> 15:37.460]  I think there's an understanding that from an infrastructure point of view, there's a
[15:37.460 --> 15:39.260]  mountain to climb here regardless, right?
[15:39.260 --> 15:42.780]  Across North America, we have aging infrastructure that needs upgrading.
[15:42.780 --> 15:46.380]  Are we doing that in a way that's thoughtful about climate change?
[15:46.380 --> 15:50.180]  About the additional requirements we will face in the coming years?
[15:50.180 --> 15:53.340]  Yes, climate change brings that unknown factor.
[15:53.340 --> 15:58.060]  They're starting to understand we have an existing infrastructure of water, our pipes,
[15:58.060 --> 16:00.660]  that provide drinking water and wastewater removal.
[16:00.660 --> 16:04.940]  There's hundreds of thousands of miles of these pipes, so worth trillions of dollars, but sadly
[16:04.940 --> 16:07.420]  they're underground, they're ignored.
[16:07.420 --> 16:10.980]  And with that ignoring, we've also not repaired or replaced them.
[16:10.980 --> 16:14.980]  There's cost estimates anywhere from tens to hundreds of billions of dollars to maintain
[16:14.980 --> 16:16.220]  and repair them.
[16:16.220 --> 16:20.740]  If we put on top of that climate change with these increased stresses, we know that there
[16:20.740 --> 16:24.900]  will be variances in the amount of rain and amount of drought, and that will add to this
[16:24.900 --> 16:25.900]  problem.
[16:25.900 --> 16:30.020]  We have some solutions we can do, we can start figuring out better ways to appreciate
[16:30.020 --> 16:35.100]  the value of water, putting appropriate costs into it, and conserving water.
[16:35.100 --> 16:37.660]  And water use is an important part of that.
[16:37.660 --> 16:41.580]  How would you assess the Trump administration's policy on this front?
[16:41.580 --> 16:47.100]  Again, at the government level, it's important to realize that these are decades long challenges,
[16:47.100 --> 16:51.340]  and we also have to have solutions that are long-term, not short-term in there.
[16:51.340 --> 16:55.780]  So each administration has its own values and interest in there, but overall, the United
[16:55.780 --> 17:01.780]  States has built a very robust economy based in many parts on access to water and removal
[17:01.780 --> 17:02.780]  of waste.
[17:02.780 --> 17:05.380]  And those will continue to thrive and survive.
[17:05.380 --> 17:10.540]  These pivotations, that said, it is important to realize that there are federal regulations
[17:10.540 --> 17:16.100]  that allow us to drive both improving economic and public health sectors.
[17:16.100 --> 17:20.220]  And this is an important thing to continue to consider.
[17:20.220 --> 17:25.460]  Do you think that we are correctly or adequately addressing the fact that water is not
[17:25.460 --> 17:29.860]  at endlessly renewable resource, even there are already obviously parts of the world, but certainly
[17:29.860 --> 17:34.060]  parts of America, that are experiencing real water shortages in some of them are permanent
[17:34.060 --> 17:35.060]  nature.
[17:35.060 --> 17:40.420]  Are we on top of that issue as a live fact that we could have to deal with in our lifetime?
[17:40.420 --> 17:42.060]  I don't think we're quite there yet.
[17:42.060 --> 17:47.180]  Obviously, certain states, California, for example, Arizona, and even Florida are pushing
[17:47.180 --> 17:48.180]  water reuse.
[17:48.180 --> 17:51.420]  That's this idea that we can consider this as not a one-off.
[17:51.420 --> 17:54.500]  You can't just take water use if we're one thing and discard it.
[17:54.500 --> 17:57.260]  We have to consider part of our entire system.
[17:57.260 --> 17:59.180]  And we can all do better here in the East Coast.
[17:59.180 --> 18:02.780]  We've considered to have lots of water, but we're under water stress as well.
[18:02.780 --> 18:08.020]  So across the country, we need to continue to drive innovation and innovative ways that
[18:08.020 --> 18:13.060]  will improve not only water availability, but the business sectors, reduction of water
[18:13.060 --> 18:14.060]  use.
[18:14.060 --> 18:15.940]  And there is a market to be made in this.
[18:15.940 --> 18:20.860]  As we go forward, we have to be engaged in a way that can be proactive to produce high quality
[18:20.860 --> 18:26.580]  water, still relying on basic public health principles.
[18:26.580 --> 18:28.700]  At the end of the day, we'll all come down to cost, right?
[18:28.700 --> 18:32.700]  How much it would cost to actually make all of these improvements?
[18:32.700 --> 18:34.380]  Where would those funds come from?
[18:34.380 --> 18:36.660]  Yeah, that's a challenging question.
[18:36.660 --> 18:40.500]  What sadly happened is over the decades, we've ignored the true value of water.
[18:40.500 --> 18:45.500]  We built these pipes hundreds of years ago, decades ago, and then we haven't valued
[18:45.500 --> 18:50.100]  what it means to maintain that high quality water because the pipes are hidden in underground.
[18:50.100 --> 18:54.220]  Now raising water bills is an important part of that, but a tear of structure is important.
[18:54.220 --> 18:58.020]  We also need to consider that there's a business approach to this as well.
[18:58.020 --> 19:00.140]  At the government level, we do need to invest this.
[19:00.140 --> 19:01.860]  There's ideas of an infrastructure.
[19:01.860 --> 19:02.860]  You see the roads.
[19:02.860 --> 19:07.980]  You see the bridges, but within our pipe system, we have a need.
[19:07.980 --> 19:12.100]  And there's jobs we've made in this to push forward the resources that are allowed to have
[19:12.100 --> 19:14.180]  a thriving or competent economy.
[19:14.180 --> 19:19.900]  The American City of Ingenir, Civil, sorry, the American Civil Engineer Society has estimated
[19:19.900 --> 19:24.820]  that there's going to be a cost to the households of $46 billion over seven years and
[19:24.820 --> 19:29.340]  to the business sector, $440 billion.
[19:29.340 --> 19:34.620]  But there's also ways that we can have higher quality water that can improve both resources
[19:34.620 --> 19:40.580]  and provide jobs, estimated that 1.1 million jobs could be provided by having the sector
[19:40.580 --> 19:43.260]  be part of that economic thriving.
[19:43.260 --> 19:45.860]  Professor, thank you very much for joining us today.
[19:45.860 --> 19:49.780]  The Kellogg Schwab from the Johns Hopkins Bloomberg School of Public Health, the Bloomberg School
[19:49.780 --> 19:53.940]  of Public Health, is supported by Michael Bloomberg, founder of Bloomberg, LP, and Bloomberg
[19:53.940 --> 19:54.940]  philanthropies.
[19:54.940 --> 19:59.660]  Coming up, we take a deeper look into the cancellation of the Mobile World Congress, the
[19:59.660 --> 20:02.260]  impact of the coronavirus continues to spread.
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[22:12.500 --> 22:15.500]  This is Bloomberg Markets. I'm Amanda Lange Toronto.
[22:15.500 --> 22:17.500]  Terry Reyon in New York.
[22:17.500 --> 22:21.100]  Justemy is canceling the mobile world
[22:21.100 --> 22:25.500]  Congress in Barcelona 2020 due to global concern over the coronavirus outbreak.
[22:25.500 --> 22:30.500]  Justemy C. or John Houghman says the spread of the deadly virus makes it impossible to hold
[22:30.500 --> 22:33.500]  the event for more.
[22:33.500 --> 22:36.500]  welcome our government of Bloomberg technology from Los Angeles Mark.
[22:36.500 --> 22:40.500]  So was this just inevitable given a number of companies that are already pulled out
[22:40.500 --> 22:43.500]  including those careeers were supposed to be the buyers
[22:43.500 --> 22:46.940]  Exactly, Inventible is the best way to explain it.
[22:46.940 --> 22:49.860]  We've been anticipating this for the past few days.
[22:49.860 --> 22:52.420]  You've had basically every major player who
[22:52.420 --> 22:54.540]  would have been at the conference of Barcelona.
[22:54.540 --> 22:57.620]  Either pulling out or pressuring the GSMA,
[22:57.620 --> 23:00.500]  the parent company of this MWC conference,
[23:00.500 --> 23:05.060]  to pull out, we saw Sprint in 18T yesterday, Qualcomm,
[23:05.060 --> 23:07.820]  what was just awaiting this announcement to happen.
[23:07.820 --> 23:10.060]  They're one of the bigger players there.
[23:10.060 --> 23:12.540]  Some of the companies like Samsung and Huawei
[23:12.540 --> 23:15.340]  privately have scaled back, which executives
[23:15.340 --> 23:16.740]  they were going to send.
[23:16.740 --> 23:19.700]  You saw calendar invites being canceled for meetings
[23:19.700 --> 23:20.940]  that were being set up.
[23:20.940 --> 23:22.780]  So this was bound to happen.
[23:22.780 --> 23:24.340]  And for sure, the right decision,
[23:24.340 --> 23:26.900]  because they really had no other option.
[23:26.900 --> 23:30.420]  The other side of this, however, is the significant economic impact.
[23:30.420 --> 23:33.180]  This is going to have on the city of Barcelona,
[23:33.180 --> 23:36.580]  which has been preparing to host this thing for several months now.
[23:36.580 --> 23:39.540]  Industry, they are hotels, restaurants,
[23:39.540 --> 23:40.300]  different activities.
[23:40.300 --> 23:42.820]  People would be engaging with from this conference.
[23:42.820 --> 23:45.820]  But also the budgets that were set aside by these companies
[23:45.820 --> 23:48.940]  in order to put on this conference in attendance conference.
[23:48.940 --> 23:52.100]  Now, that all has to be worked out as well.
[23:52.100 --> 23:54.620]  So obviously, the recent direct pain, as you know,
[23:54.620 --> 23:56.300]  to Barcelona and the conference organizers,
[23:56.300 --> 23:59.340]  may be some savings on the part of the businesses that don't go.
[23:59.340 --> 24:02.100]  But what about some of the intangibles impacts here, Mark,
[24:02.100 --> 24:04.460]  of the collaborations that don't happen,
[24:04.460 --> 24:07.180]  the sales that don't get made, the ideas that don't get sparked.
[24:07.180 --> 24:09.220]  I mean, how do we measure any of that?
[24:09.220 --> 24:11.260]  Yeah, I mean, immediately the way to measure this
[24:11.260 --> 24:14.380]  is basically these are a bunch of business deals and meetings
[24:14.380 --> 24:16.580]  that would just not happen otherwise.
[24:16.580 --> 24:20.220]  But on the other side of the coin, it's 2020, right?
[24:20.220 --> 24:22.620]  But that means is a lot of these important meetings
[24:22.620 --> 24:24.620]  are likely to get rescheduled pretty quickly,
[24:24.620 --> 24:26.900]  whether that's be a conference call or phone call
[24:26.900 --> 24:28.980]  or meetings elsewhere.
[24:28.980 --> 24:31.980]  The good news is travel and digital communication
[24:31.980 --> 24:33.300]  of so simple these days.
[24:33.300 --> 24:36.820]  So my wager would be if there was to be a super critical meeting
[24:36.820 --> 24:38.700]  between a company and a partner,
[24:38.700 --> 24:41.220]  it's going to happen anyways, one way or another.
[24:41.220 --> 24:43.500]  So I don't think the impact is that severe,
[24:43.500 --> 24:46.660]  if you really sit down and think about it on that aspect.
[24:46.660 --> 24:49.820]  My German Bloomberg technology, thank you very much for joining
[24:49.820 --> 24:51.420]  us with the latest on the cancellation
[24:51.420 --> 24:54.820]  of the Mobile World Congress in Barcelona.
[24:54.820 --> 24:57.900]  And Amanda, it was a great day to be Korean
[24:57.900 --> 25:01.420]  when I saw the Paraside made history at the Oscars this week.
[25:01.420 --> 25:04.780]  They want that coveted best picture of word
[25:04.780 --> 25:08.260]  the first ever in the Oscars history given
[25:08.260 --> 25:10.580]  that it was a foreign language film, right?
[25:10.580 --> 25:12.500]  So it was really an amazing day.
[25:12.500 --> 25:14.620]  But it wasn't just whom Juneau that the director
[25:14.620 --> 25:17.500]  of their celebrating was also a Korean hedge fund
[25:17.500 --> 25:20.380]  investing around $500,000 in the film.
[25:20.380 --> 25:22.740]  And remember, there's only costs 11 million to make,
[25:22.740 --> 25:25.860]  but then you break $165 million.
[25:25.860 --> 25:31.500]  So given how the type of reception that it's received,
[25:31.500 --> 25:35.260]  you can just imagine how well the hedge fund could do.
[25:35.260 --> 25:37.380]  And this GTV chart on the Bloomberg also showing you
[25:37.380 --> 25:40.580]  that patterns on the washer of this film,
[25:40.580 --> 25:42.940]  they gained what, like 90% of this week.
[25:42.940 --> 25:43.780]  Take a look at that.
[25:43.780 --> 25:44.940]  Amazing.
[25:44.940 --> 25:47.540]  A lot of people who had the potential to help
[25:47.540 --> 25:49.500]  by distribute this film and passed on it.
[25:49.500 --> 25:51.180]  Of course, now kicking themselves.
[25:51.180 --> 25:52.660]  Share it to Canadians.
[25:52.660 --> 25:56.100]  About 22 hours to make a claim to this film.
[25:56.100 --> 25:58.700]  One of the actors, the guy that plays the son,
[25:58.700 --> 26:00.380]  is actually Korean Canadian.
[26:00.380 --> 26:02.580]  He spent some of his childhood here at Wont University here.
[26:02.580 --> 26:04.900]  So we're claiming a piece of this, too.
[26:04.900 --> 26:05.700]  We're both our.
[26:05.700 --> 26:10.700]  Remember, Bloomberg users can interact with all the charts
[26:10.700 --> 26:11.700]  to see on the network.
[26:11.700 --> 26:14.500]  GTV Go is your function from Toronto and New York.
[26:14.500 --> 26:15.500]  This is Bloomberg.
[26:15.500 --> 26:38.500]  Good Night!
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[27:47.700 --> 27:59.700]  When I lost my sight, my biggest fear was losing my independence.
[27:59.700 --> 28:05.700]  So, I've spent my life developing technology to help the visually impaired.
[28:05.700 --> 28:13.700]  Wait, peer-to-guide, let use this IBM Watson to help the blind.
[28:13.700 --> 28:16.700]  It is already working in cities like Tokyo.
[28:16.700 --> 28:22.700]  My dream is to help mere more people like me.
[28:22.700 --> 28:23.700]  Attention.
[28:23.700 --> 28:28.700]  The Centers for Medicare and Medicaid Services has officially authorized new benefits that Medicare
[28:28.700 --> 28:30.700]  advantage plans may include.
[28:30.700 --> 28:34.700]  To get the benefits you deserve, you can call the Medicare Cover Gelpline.
[28:34.700 --> 28:35.700]  Hi, I'm Joe Names.
[28:35.700 --> 28:39.700]  If you're on Medicare, this is important information.
[28:39.700 --> 28:43.700]  I call the Medicare Cover Gelpline and they instantly looked up my coverage.
[28:43.700 --> 28:50.700]  In this one simple call, they offered to enroll me in a plan that includes rides to medical appointments,
[28:50.700 --> 28:56.700]  private home, age, doctors and nurses visits by telephone, and even home delivered
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[29:03.700 --> 29:04.700]  Don't delay.
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[29:13.700 --> 29:18.700]  That's 1-800-775-9500 now.
[29:18.700 --> 29:23.700]  I'm Mark Crumpton with Bloomberg's first word news.
[29:23.700 --> 29:30.700]  A global health official says it's quote way too early to try to predict the beginning of the end of the virus outbreak
[29:30.700 --> 29:31.700]  that began in China.
[29:31.700 --> 29:37.700]  Dr. Mike Ryan spoke in a news conference today at World Health Organization headquarters in Geneva,
[29:37.700 --> 29:43.700]  but he added that it is reassuring that the number of daily cases appears to be stabilizing.
[29:43.700 --> 29:50.700]  That's too mainly to China's huge public health operation, which has placed 60 million people under a lockdown.
[29:50.700 --> 29:56.700]  Former Massachusetts Governor Devol Patrick has dropped after Patrick failed to secure 1% of the vote
[29:56.700 --> 29:58.700]  in the New Hampshire primary.
[29:58.700 --> 30:04.700]  He entered the Democratic race just three months across the country focusing some of his energy on South Carolina,
[30:04.700 --> 30:08.700]  where he hoped to cut into Joe Biden's support among African Americans.
[30:08.700 --> 30:14.700]  What his campaign never caught fire and he didn't qualify for any of the presidential debates.
[30:14.700 --> 30:21.700]  House Republicans boycotted an intelligence committee hearing today as hard feelings remain following President Trump's impeachment.
[30:21.700 --> 30:24.700]  Congressman Devin Nunes, the panel's ranking Republican,
[30:24.700 --> 30:30.700]  complained in a letter to intelligence chairman Adam Schiff that under his leadership the committee
[30:30.700 --> 30:35.700]  called as.