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tv   Bloomberg Markets  Bloomberg  November 29, 2021 1:00pm-2:00pm EST

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to challenge the incumbent governor. he has are presented long island and queens since 2017. he is leading the driving congress by a group of lawmakers in new york and other high tax states to raise the cap on local and state tax disc -- tax deductions as part of legislation to enact president biden's economic agenda. new york city issued a new mask advisory today, strongly recommending people wear masks in all indoor locations regardless of vaccination. the health advisory stopped short of a mandate but signifies officials' trepidation of the new covid wave as the omicron variant spreads around the world. the city says so far, there are no confirmed cases of the variant. biontech, moderna and johnson & johnson are working to adapt
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their covid-19 vaccines to address the omicron variant. the german partner of pfizer says they could have a new version ready within 100 days if necessary. biontech says it started development in order to move as quickly as possible. sweden's social democrats leader narrowly won a vote in parliament reelecting her as prime minister. the move eases the political turmoil following her resignation. she will form a one-party government after her candidacy passed today by a two vote margin. she became sweden's first female prime minister last week. she resigned the same day when her jr. partner in government quit, following a defeat in parliament over the budget. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg.
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matt: i am matt miller and welcome to bloomberg markets. here are the stories we are following around the world. the s&p 500 erases november losses after friday's selloff as investors reassess their worst-case scenarios amid news of a new covid variant. we will discuss. plus cyber monday underway around the world. we will bring you the early reads on the shopping event as e-commerce flies. jack dorsey is out at twitter. the founder steps down, effective immediately as the company's chief executive officer. the new chief technology officer takes over.
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we will break down the share reaction in today's stock of the hour. let's take a quick check of what is going on in the markets. the rebound is getting stronger throughout the trading session. the s&p 500, which lost 2.4% on friday's selloff is now back up 1.6%. the u.s. 10 year yield coming up as investors feel safe enough to let go of government bonds. the bloomberg dollar index, rising. this has been a safe haven trade and you see it is still picking up as we wait for more confirmation about the new variant, the omicron variant. nymex crude coming back for percent. a big game, but not nearly as much as it lost on friday. the dow jones industrial average was down 905 points on friday. today we are back but we've only made up free hundred 33 of what
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we lost -- 333 of what we lost. dana, on a day like today, we normally talk about the sale that we saw on friday, of our expectations for cyber monday, but instead we are talking about the possibility that this virus slows down, jams up the gears of the global economy again. how do you see it? dana: the markets played a bit of a trick on us on friday, with the holiday weekend and a short trading session and a massive selloff. we are all dealing with the uncertainty of this omicron variant. we don't know yet what the transmissibility is. the question whenever buddy's mind is will our vaccine be effective? it is going to make a big difference in terms of which way you are leading from -- it adds
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uncertainty to a market that is tapering as well. matt: initially i was thinking that this gives investors a chance to take a position. if you have a view, you can put your money down now. is it wiser to stay away from the risk, try and get away from things that may be effective one way or another from the retail sector? dana: that is a great question. it is obviously something that is very difficult to predict and if you are trying to say, i want to go in with a reflation trade or move more cyclical, rates are going to be rising next year. the market priced in something like three or more rate increases. you may be taking a step back at this point and saying there is still uncertainty. we had the delta variant and now we have the omicron variant. this has caused investors to stay back and not put their
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chips too much on one expectation or another. matt: what is your view on inflation today? back in berlin today after having spent a month in the u.s., today i saw headline cross my terminal. german inflation is at 6% as well. just about where we are in the u.s.. it is a western phenomenon, is it transitory? dana: i think we are past the point where we can call it transitory. certainly i think the price increases are here to stay. inflation itself, because when you go year-over-year, at some point the increase will reflect the anymore because you are going higher than the year before. in that respect, you might see the numbers decrease a bit, but these price increases are here to stay and i think we will have supply chain issues. if this variant hits us, it is going to hurt the service sector, it is going to hurt people traveling.
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it is not going to affect demand for goods and we still have supply chain issues and ports that are clogged up. that could cause more inflationary problems ironically. matt: what sectors do you like, given what we have just discussed? if i had fresh money to put into the market, where should i put it? dana: obviously diversify. that goes without saying. i think small-cap, certainly in terms of being worried about inflation, small-cap stocks tend to be able to pass on inflationary increases. it would go into some -- we're looking at big tech, that is your defensive play at that point. considering that lockdown fatigue might be sitting in, we don't know if a bad case of omicron might cause lockdowns. i think small caps for
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inflationary. matt: international, especially european stocks click they have an even bigger discount than normal but every time i talk to somebody about whether it is a good move, they always say europe has perpetually suboptimal growth. dana: uncertainty around covid, you don't know where it is going to hit the most. you want to diversify. [inaudible] the dollar is very strong. other central banks are going to stiff arm the rate increase even more than we are. matt: why is the dollar so strong? as i prepare to move back to the u.s. and transfer what few
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assets i have from euros to dollars, killing me here. i see continued strength today. i thought we were risk on? dana: it has been a bit of a conundrum this year, but we've got central banks, europe saying no, we will not do a rate increase. even more concerning, even less likely to increase rates, we do have rate increases priced in for next year. we will see how the tapering goes. we may see acceleration on that. we did have -- not as dovish as the alternative would have been, so i think that is where that dollar strength is coming from. matt: dana, thank you for joining us. dana d'auria, envestnet & co. chief investment officer, talking to us about this bounce
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back. let's get to something that caught my eye in the u.s.. retail foot traffic rose by almost 31% last week from a year earlier, according to a bloomberg analysis of data collected by safe grab. all categories attract posted increases but beauty led the pack with the biggest year-over-year gain as people are going back out into the open. online retailers are slighting today, as early reads from adobe and salesforce indicate a slower start for online, according to bank of america. shares of ebay, etsy and shopify are all lower on the day. it doesn't look like cyber monday is necessarily going to be the boost we would have hoped for the online retailers. we still have to wait until the end of the day. cyber monday is now really a global phenomenon and not just the u.s., black friday as well, becoming a global phenomenon and not just about black friday.
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coming up, governments step up travel restrictions due to the new variant, omicron. we speak to a doctor of johns hopkins about how the new strain and vaccine makers are responding. this is bloomberg. bloomberg.
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matt: this is bloomberg markets. i am matt miller. the doctor who alerted government scientists to the omicron variant says people infected are showing milder symptoms than those who caught delta. still, governments across the world are watching carefully. >> i've decided that we are
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going to be cautious, make sure there is no travel to and from south africa and other countries. >> there is no scientific justification whatsoever for keeping these restrictions in place. >> i am aware that the restrictions are stricter compared to other countries, but we must be as cautious as possible about unknown risks. >> it does appear that omicron spreads very rapidly and can be spread between people who are double vaccinated. >> it moved from being a variant -- to a variant of concern in a space of 24 hours. >> we call upon these countries that have imposed travel bans on our country and our other southern african sister countries, to immediately and urgently reverse their decision. matt: joining us now, dr. amesh
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adalja, senior scholar at the johns hopkins bloomberg school of public health. clearly, this is transmissible as boris johnson pointed out, it can be spread between people who are vaccinated, just like every single other variant, but does it make sense to close borders, to stop travel, even after the horse has been let out of the proverbial barn? dr. adalja: it makes no sense at all. i agree with the south african president that there is not a scientific justification for this. we know the variant is likely in all corners of the globe right now and it was bubbly there even before it was described. the negative implications of these travel bans on certain countries, but not all the countries that have covid-19 omicron variants are disastrous because what it does is it disincentivizes countries to be
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transparent and rapidly alert the world when an infectious disease is within their borders if what they are met with is not praise but punishment. i think this feeling is a political knee-jerk reaction that serves politicians' needs but does not serve the public health community or the people in the countries affected by this band. . matt: i know you are loathe to jump to conclusions before you see all the proof, but it does seem anecdotally, that this virus spreads relatively quickly or this variant spreads quickly compared to other variants, and we are hearing from scientists dealing wit -- dealing with it in south africa. do we see this covid virus evolving into something that is less fatal? dr. adalja: in general, speaking from an evolutionary perspective, the goal of the virus would be to infect as many people as possible. in order to do that, you don't
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want to make people very sick, you want to make them sick enough that they are able to transmit the virus, but not staying at home, out there going about activities and daily life. in general we see viruses evolve that way. it is too early to say anything about the omicron variant because these early cases we are hearing about happened to be occurring in younger people and they tend to be spared from severe disease to begin with. that might not necessarily be something we can extrapolate to the general experience, but i suspect this is not going to be anymore virulent. it is unclear if it is more transmissible. there are some idiosyncrasies where they have low vaccination rates and less delta to compete with it. this is the important question to answer and will take a little bit of time. matt: how strong is your faith in the mrna -- of the mrna vaccines? the companies that make them
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told me they will adapt to this new variant within the next few months. nonetheless, you've got a skeptical population, at least in part that does not want to take booster shot after booster shot after booster shot to deal with it. dr. adalja: the mrna vaccines are going to be excellent solutions. they can easily be adapted if we cross a threshold where we need to update them and we can do that within 100 days from what we are hearing from moderna and pfizer. that is game changing. as you said, if people don't want to take the vaccine, if people actively shun this technology that improves their lives, it is going to be difficult. it is not surprising to me that this variant was discovered in a place where vaccination rates are 25%. that's what allows the virus to continue to evolve and infect people. the solution to covid-19 has
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always been in our hands. we just can't get enough of the population to want to have it. there are parts of the world where they have access to the vaccine, even in south africa. there is vaccine hesitancy and that is what has prolonged this pandemic and made it much worse than it ever needed to be. matt: is there ever -- is there any other solution? as i traveled back to berlin from the u.s. this weekend, i looked at the map on the bloomberg terminal and saw that i'm coming into basically the eye of the storm, at least in the western world. i am back in the place where new cases are at the worst level. are lockdowns going to be able to curb these issues? travel bans? dr. adalja: i don't suspect they will. lockdowns are going to be met with a lot of resistance because it is not the best choice of policy this late into the pandemic, we have tools like
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rapid diagnostic tests and vaccines and antivirals on the cusp of being approved. to go back to these blunt tools that have some in a negative consequences outside of the pandemic, at think these are tools that politicians tend to use that her last resorts that don't make sense and have a lot of other impacts that are really thought out because politicians act on the short range when there are bigger long-range problems with these policies. the issue is we have to get more people vaccinated because that is what keeps this virus from inundating hospitals. the goal has never been to a limited or eradicate. our goal is to make this a team virus, one like other respiratory viruses that we deal with. we've got the tools to do that. we have to get people to be willing to take advantage of them. matt: one of the tools is masks. we heard president biden talking about -- he strongly encourages people to wear masks indoors. he didn't go so far as to say he
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would encourage states and cities to mandate mask wearing again. is this something we are going to be living with for the rest of our lives? are we going to be wearing masks forever? dr. adalja: i don't think it will be forever as a public health recommendation but covid-19 is something we are going to be living with probably for the rest of our human species existence. there will be some people who will want to wear masks when they are in high risk situations, and that is going to be fine. what we have learned is that masks help not just with covid-19 but other respiratory illnesses, and people will use them based on their own risk tolerances. it is not a question of whether or not covid-19 is going to be something that we deal with going forward. there is no covid zero. this is something that we have to learn to adjust to, that we learn to reduce the harm from, by getting vaccinated. it is not something you can magically put back -- the post-pandemic world is not the role of pre-19, it is a world in
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which covid-19 is present. matt: we appreciate your take. amesh adalja, johns hopkins university, bloomberg school of public health. that school is supported by our founder, michael bloomberg, the founder of bloomberg lp and bloomberg philanthropies and owner of this broth cat -- of this broadcast network. later today, tune into our special coverage of the omicron variant and the impact these variants can have on the markets and business. that is, i guess 10:30 in berlin. still ahead, jack dorsey steps down as ceo of twitter. shares are giving up earlier gains, but there was a real pop at the top. we will about that next. this is bloomberg. ♪
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matt: this is bloomberg markets.
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time for our stock of the hour. huge initial rally abaded fast but the news is official, jack dorsey giving up his leadership post at twitter. why did investors buy the heck out of the stock after they found out the co-founder was leaving as ceo? >> i don't know. it is anyone's guess. at the end of the day, whatever the pop was, it didn't seem to be making a long-term impact. it is important to keep in mind that jack dorsey has a lot on his plate. ceo twitter and square and he also did some planter he worked on the side. most investors expect him to leave square behind and focus on twitter. he is doing the exact opposite. look at square's performance in yellow since jack dorsey's term.
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it has skyrocketed over 2200%. if you look at the fundamentals behind it, a lot of it has to do with cryptocurrency, developing this payments network. jack dorsey has that interest and you can see square in particular has outperformed twitter, not only does he have that emotional interest or others, he has a much larger stake in square that he does in twitter -- in square than he does in twitter. matt: how does twitter compared to his social media peers in the covid era? >> it is falling behind, not doing as well as pinterest or facebook. that has a lot to do with monetization as well. matt: this is bloomberg. ♪
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mark: president biden says the united states will accelerate the relevant of new vaccines or
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boosters to protect against the new oh micron variant of covid-19. officials do not believe additional measures will be needed. pres. biden: i will be putting forward a detailed strategy outlining how we are going to fight covid this winter. not with shutdowns, but more widespread vaccinations, testing, and more. mark: the world health organization says the oh micron variant could futilely fresh surge of infections. many countries have banned travel from south africa where the variant was first detected. the u.k. and israel have increased restrictions. russia says it is making preparations for a conversation between president putin and president biden. their first since tensions erupted over a russian military buildup near ukraine. there is no agreement on timing,
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though the kremlin is hoping for a call by the end of the year. secretary of state date antony blinken may meet his russian counterpart in stockholm this week at a meeting of the organization for security and cooperation in europe. it is the latest attempt by the u.s. and iran to revise the 2019 nuclear agreement. the indirect talks begin in vienna today. it is the first meeting since iran elected a new president. iran has dramatically increased its stockpile of highly enriched nuclear fuel despite sanctions. a bitter stalemate has become more entrenched. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton, this is bloomberg. ♪
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>> welcome to bloomberg markets. matt: welcome each day at this hour. here are the top stories. the biggest shopping spree of the year, consumers add to their carts this cyber monday after waiting in line for hours on black friday. we discussed whether the retail rampage packed as much of a punch as last year. choppers in southern california were in the dark on friday after utilities cut power to avert wildfires. we speak to the ceo of edison to discuss the red flag risks that led to that decision. for people struggling through the airports this weekend, some are trying to find a much easier
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way to travel. we will speak to flex jet c.o.o. megan wolf on the demand for private jets and the impact of the omicron variant. amanda: we are continuing to watch it bounce back happening here. it is led by names that took a slower friday. tech and consumer discretionary's are in the driver's seat. we are seeing financials positive as the -- players. that is interesting because we have seen financials pricing in, a change in thinking on when rate heights that rate hikes might happen. our 10 year is moving a little bit, but not a lot. the 1.5 level is where it has stubbornly been. the big question of course will be, how do you price in the concerns of the variant? what are the scenarios of omicron's impact on global growth? or friends of laid out four
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potential scenarios. downside, severe downside, false alarm and even an upside. one thing i find interesting about this, if we could poke a little fun at goldman sachs, there is not any real numbers. they try to put a shrinking growth on the downside. severe downside, they do not even try to pricing. in other words, they don't know. nobody knows. i am very intrigued by the upside potential, this moves faster but is milder. maybe it replaces delta. maybe this is good news. just tossing it out there. mark: i was looking down to see which hindu god has four arms. apparently it is vishnu. bb goldman sachs taking a bit of vishnu's playbook. the bottom line is, i think this issue, this new variant gives
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investors who have of you a chance to place a bet. if you think that this virus, this variant of the virus is not as fatal or as bad as others, you can go ahead and buy the dip. it was a big dip. the dow was down -- points and is only backup 300 and change. the s&p was down almost 2.5%. it has made that back. you could always take the view that this means we are going to continue to see new variant. that this is a never ending pandemic and things are only going to get worse. but, i think it is more likely that we see, or the scientists in south africa are telling us this is a milder version. dr. a mesha doll jet -- viruses
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typically mutate into less fatal organisms so that they can just spread more and maybe become the common cold. amanda: amanda: i would toss a little more in there, he reminder that stocks are not trees. when you have made a lot of money in a market, people saying at some point stocks are going to turn and -- profit. that is a rational thing to remember. that is why you're seeing people taking money out -- matt: are you saying stocks can go down? amanda: they have been known to. remember, they go down. it is important to remember that. matt: longer view, if you take the longest view, they never do. amanda: in the long view, you are dead. let's go to some economic data
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that will help drive some of what stocks do. early indicators point to lower than expected digital sales. what are we seeing on sale today? it is considered an important day for a measure of how the season will go. >> we have been looking at the fails and we are seeing the same amount of sales or even lower sales and higher minimums on free shipping offers. all in all, same to lower promotion. that is a function of the inventory levels we have been seeing all year where there are supply-chain shortages causing retailers to take a more optimistic approach on how they can get full priced sales with higher margins. mark: are you concerned that we are going to see earnings hit by the omicron variant, or do you think the concern came late enough that -- you know, i was
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out there on black friday and it is not going to affect cyber monday. are we going to still see numbers that are not affected by that concern? >> for black friday, i think it is too early to say. our stores were packed. there were so many people back out. we saw that in the data. traffic was up about 47% from last year. very strong showing of people. now, if concerns mount between now and christmas, could you see store traffic trail off? sure, but it depends to what extent people fear the virus. last year, most people were not vaccinated. this year, there are many people that are more ok going out to stores. amanda: this pandemic has been with us long enough to permanently change some patterns and behaviors. should we expect to see that
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this year? that there will be brand-new strengths and weaknesses and that is just the way we are going to live? >> year-over-year, you are going to see stronger in-store sales. what if you look against 2019, one thing we have learned is that people are shopping online. even though black friday numbers were below what adobe had expected, if you look at the season they were pretty strong because people were shopping earlier. i think online shopping is here to stay. that is where people want to shop. that is how they want to shop. it is convenient. mark: does cyber monday stick around forever? does it really have to be one day? do people spread it out? >> it has been spread out. you look at wayfair, there cyber monday deal is the same as it was on black friday. i think it becomes a five day shopping event where if there is a deal already available online on thanksgiving day, why not
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just keep it through cyber monday echo -- cyber monday? mark: talking to us about retail and the effects, or lack there of, of the omicron variant. omicron? i am not 100% sure. it is probably greek. wildfires continue to pose a major challenge for utilities in california. we talked to pedro pizarro of edison international after they shut down power over the thanksgiving holiday. this is bloomberg. ♪
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mark: this is bloomberg markets.
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power has been restored in southern california after thousands of people were left in the dark for parts of the thanksgiving holiday weekend. power was cut as a precaution to help avert wildfires during a storm. joining us is pedro pizarro, edison international president and ceo. we appreciate you joining us. i am sure it was a difficult decision, but what went into it? especially over such an important holiday season. most people are at home watching football. me, unhappily because the ohio state university lost. are you going to avoid this in the future? are you going to have to cut the power over christmas? >> thank you for having me on. it is a very difficult decision, one we do not take lightly. it is a measure of last resort.
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we have done a lot of work over the years to continue to reduce the number of customers who may be impacted. doing changeovers, we -- reducing the scope of these events. we have to make that compared to last year we had the same winter as last year this year we why -- cut power to 17% fewer customers than last year. still, for the 60,000 plus customers who had power interrupted is a difficult time to have that happen during thanksgiving. it was driven by extreme weather, continued drought and lots of fuel on the ground. it was the right thing to do. amanda: we should keep this in the context that 17% may be good , zero is the right number in a g-7 nation in 2021 for people to lose power. it is unacceptable and it is sort of amazing it happens in california. we watched agog that it has come
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to pass. how do you get to zero? how do you make sure? part two, can you do it as a publicly traded entity, or do you need to be state run? >> the publicly traded model has worked well for california and we continue to work on how we reduce that impact on customers. as a utility, we have an obligation to serve everyone in our territory. 27% of our terrain is in high fire risk area today. we serve 5 million customers, 4 million are residential customers. we continue to work on the system to decrease the probability. zero is ideal, but this is a tool we need to use at some points we have the most critical events. we are seeing climate change rear its head here. the conditions we are seeing in november, the dry weather.
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i have lived in california for 30 years and i have seen that progression in climate to where we now have the santa ana wind season coincide with dry weather , lots of dead trees and vegetation on the ground, fuel for fire. also, coincided with the fact that over the last several decades we have seen more development in high fire risk areas. going up canyons in the territory. as we move forward, we are looking at making changes like covering more of our wire with insulated wire. we have about 10,000 levels of wire in high risk areas. we covered 2500 miles of that. we are using equipment that helps us detect faults more quickly. we are working hand-in-hand with state agencies, particularly our firefighting agencies, so that if an ignition occurs -- or a
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natural cause, we can find and put those fires out quickly. amanda: climate change and extreme weather has exacerbated the situation, but it is a situation that takes decades of underinvestment to create. the argument is the big utilities of california let down the -- and didn't make the investments required. now the citizens pay a price that should be unacceptable. >> i would counter that argument with the fact that we have been investing significantly over the past several decades. we do that in partnership with the public utilities commission, but we have done that based on the standards that were driven by the prior understanding of weather. the reality is that four years ago when california saw the first of the major fires in northern california, followed by several other fires, we saw events that exceeded the imagination of anybody in the state. we have to redesign the airplane
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while we are flying it. we began efforts to harden our grid to a new level of standard that nobody had the ability to imagine before because we saw this emergence of -- i mentioned earlier. i think we have tried to be good stewards of the investment but we realize we need to -- that investment. mark: what can you do to come back -- combat climate change? i know you want to be carbon neutral by 2025, but that seems like so long from now. can you do it sooner? >> california has been playing a leading role. it has statutes on the books that says carbon emissions will be reduced by 40% by 2030. as a target of net zero by 2025, our company has a net zero target as well for 2045. we have done a lot of analysis
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around seeing that this is feasible. it will take massive retooling of not only our sector but the whole economy. as in clean electricity, electricity to electrify applications where today we run fossil fuels. building electrification and other tools to help big carbon. i am glad you asked because we spent the first part of the interview talking about climate adaptation did not just against wildfires, sea levels, drought. we also need to be focused on climate mitigation. we saw the bipartisan infrastructure bill, areas in there for transport electrification. it is important this be something the entire world and country are pursuing and we should be trying to do our part. amanda: thank you for being with
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us. we appreciate it. pedro pizarro, edison ceo. stay with us. ♪
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♪ amanda: as governments around the globe step up travel curbs, that's bad news for commercial air travel. not so for the private part. megan wolf is the chief operating officer of flex jet. we have seen a huge boon for private air travel through the pandemic. do you expect that to continue beyond the pandemic? is there a risk this is a pandemic effect, or are these -- do these customers stay with you on the other side? >> leading into the pandemic, we knew that about 10% of all people who could afford to apply -- fly private did. we have seen a migration of the remaining clients that could,
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starting to come to us. we think that they are going to stay. the flexibility, the fact they can fly from one point to another without making multiple stops. the ability to shorten their journey and be able to be with family around this time of year and avoid traveling with crowds. that is going to stay with us well beyond the pandemic. mark: it would have been a dream for me over the weekend, flying from columbus to berlin with multiple stops and an infant. how do these travel curbs affect you? at flex jet, you are not going to say someone can take a private jet from johannesburg to new york, but if the u.s. does not allow travelers, i guess you can't allow it? >> we have to follow the same restrictions commercial airlines do in terms of where travel can come from, what countries, and what paperwork is required in terms of testing and
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vaccination. we follow all of the cdc requirements. whatever government, whether you are going to mexico or the islands, there may be different requirements. we have been adapting to that for 18 months. we will just continue to adapt around whatever those requirements are and stay on top of it. amanda: are you finding you are able -- your fleet is the right size and you can get the equipment you need? we know it is a tough market, a tight one it can you get the planes you want? >> we have plans to grow our fleet by 60 between now and next year. we are working with manufacturers to bring them online as quickly as possible. the demand is here today and we want to be prepared for that. we are hiring almost 300 pilots. while we navigated thanksgiving weekend well, our clients were happy with the results and
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getting through travel without interruptions. i think being prepared for what is to come is what we are focused on. mark: amanda: thank you for joining us -- mark: thank you for joining us from the great state of ohio after a sad weekend for us. you know we lost an important football game to the folks from up north. amanda: you could put a weapon to my head and i couldn't tell you anything about that game but i am sorry to hear it. mark: it is the most important rivalry in college sports. in any case. we -- i guess i will try and move on. it has been a difficult couple of days for me. this is bloomberg. ♪
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mark the world health organization -- the new variant
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of coronavirus, the omicron variant, could fuel surges with consequences amid signs it makes covid-19 more transmissible. president biden says it is not a reason to panic. pres. biden: dr. fauci is with me today on our medical team. we believe the vaccines will continue to provide protection against severe disease. mark: the president says the united states will accelerate development of new vaccines or boosters. so far, officials do not believe additional measures will be needed. children under two account for 10% of hospital admissions in the south african omicron epicenter. experts say markets are being admitted than during the early stages of the country entering the current fourth wave of infections. though a similar trend occurred during the fourth wave when
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