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spending legislation early next year, and warns that if republicans abuse the filibuster and try to prevent a vote, the senate will consider changing the rules. this comes after west virginia's joe manchin stunned fellow democrats with this announcement. >> if i cannot go home and explain it to the people of west virginia, i cannot vote for it. i cannot vote to continue with this piece of legislation, i just cannot. this is a no on this legislation. mark: losing mr. manchin's support is fatal in a senate where republicans uniformly oppose the legislation. british prime minister british johnson is holding off on introducing further covert restrictions admit a surge new way but is not ruling out extra curves in the future. prime minister is facing pressure from government scientists on the one hand who are pushing for tougher restrictions, and members of his
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party, who see further rules as unnecessary. meanwhile, hospitalizations in london are climbing. they are 33.8 percent higher than they were one week ago. the omicron outbreak has prompted the world economic forum to postpone its annual conference in davos, switzerland next month, the second year in a row it has happened. the new plan is to host in early summer. ghislaine maxwell was "a sophisticated predator who lured young girls into jeffrey epstein's orbit for abuse." that is what the prosecution said today. her lawyers say that she is being scapegoated for epstein's crimes. maxwell faces 40 years in prison if convicted of all charges. the . global news 24 hours a day,
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on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ >> it is 1:00 in new york, 6:00 in london 2:00 a.m. in hong , kong. welcome to bloomberg markets. here are the top stories we are following on the bloomberg and from around the world. senator joe manchin shocks democrats and the white house as he announces his opposition to the 1.70 $5 trillion economic plan. and the uncertainty continues with covert cases spiking and hospitals becoming overwhelmed just as the holidays arrived, but omicron may not be the last variant we have to fight. and while the omicron variant has travel and leisure companies were read, we look at one who is
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seeing a prophet. first, let's get a quick check on the markets. it is a down day for equities. just off of session lows on the s&p 500. down 1.84%. while you are seeing money rush out of risky assets, you are not seeing a rush into haven bids or the dollar. just south of 1.40. the dollar is weaker by a 10th of 1%. the big story is the turkish lira. record weakness against the u.s. dollar. right now we are at 16.18. weaker by about 2.4%. one other thing we had to keep our eyes on is oil. we are off session lows but still down. his 67.60 seven a barrel is
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where we trade. a lot of concern about the demand picture as omicron spreads across the world, travel restrictions in place. bank of america announcing that their staff can work at home through the holidays. that means that people don't need as much oil, something that the market has to way today. both the white house in washington were shaken when west virginia senator said that he could not support the president's build back better plan. joining us now from the white house is josh wingrove. joe manchin also got on the radio today and talked about what he could support, and it included something that looked like a broad overhaul of taxes, broader plan when it comes to prescription drugs. what is his actual goal here? >> he and others are laying out the proposed path to pull this back from the ground. the problem is, things that he wants were things that were opposed by senator kyrsten
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sinema. just because he wants them doesn't mean that they will get to that magic number. it remains a jump ball whether they start over from scratch, whether they follow senator wyden's proposal. they are still sort of reeling, frankly, from this. a big surprise yesterday on tv that senator manchin would not support the bill as proposed. one thing that came out in the last week, the white house claimed senator manchin had put forward his own proposal six days ago with the same price range that president biden had supported, and they thought they could get to a deal. we don't really learn what is in that, and as we do, we may learn the path forward. senator manchin and senator cinema were both holdouts. kailey: could we see this all pass in a piecemeal fashion
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where it may not be one package, but a bunch of smaller packages that have a lower cost? >> probably not. they are trying to do this in reconciliation. you only get so many bites at the apple. in some ways, democrats are victims of their own lofty goals and promises. they are trying to push through sweeping stuff in a 50/50 senate. it is a narrow needle to thread. they will try to salvage something through reconciliation. other things like the child tax credit extension, those will expire. if they don't pass this, that will not resume. the white house has ruled that out because they don't think they have 60 votes. it is joe manchin come in some ways, stopping this, but the other senators are not interested in playing ball on this democratic package.
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you can get bipartisan stuff done, we had that infrastructure, but it is not a bipartisan era in washington right now to say the least. kailey: joe manchin is a democrat who caucuses with the democrats. by putting up so much resistance to a democratic president's agenda, is he indicating he may become an independent or is pushing another agenda? >> he has batted down those questions in the past. it is possible he could go down that route in the future. in some ways, joe manchin is an endangered species. a democratic senator from a pretty public and state. -- republican state. you don't see that anymore. typically, red from red, blue from blue. he will vote from that, but on the flipside, he has absolutely
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become a lightning rod for progressives who think that he is standing in the way of the president's agenda. in some ways that is true, but joe biden knows that he needs joe manchin's boat. they have been talking together for months, which is why they were surprised from yesterday, essentially drafting the bill in a way that would get manchin on board. in their view, he pulled the rug out. kailey: we did see the scathing reaction from white house press secretary jen psaki after those comments. i should mention, we are awaiting a press briefing from the press secretary. we will bring you edge in d.c. joining us now is cross asset reporter katie greifeld.
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what do you make of this price action? it is a holiday week, liquidity may be thinner, but as a markets reporter, what is your take? >> a lot to sort through. you did see joe manchin eventually -- effectively kill the bill, throwing a wrench into already shaping markets -- a markets. when you look at 470 stocks in the s&p 500 are down right now, talking to sources, that seems to be doing more with variant fears than fears that the bill may not pass. the forecast for u.s. economic growth being pared back given that build back better may not be passed. another wrench into the market that was already on edge heading into what was already a challenging setup into 2022. kailey: the cello is not limited
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to equities. oil is down about 4%. crypto is very correlated to risk appetite. what cross assets are you seeing, is any of the behavior peculiar? katie: if you look across assets, they seem to be telling the same story. oil to crypto, bitcoin taking another leg lower, down 30% from its record high in november. i want to point out junk bonds. at the end of last week, they closed their third consecutive week of gains. it looks like some of those gains are coming out. hyg, they high-yield etf, down .2%. junk bonds seem to be a little bit of a haven here. you look at corporate america, fundamentals are still very strong. default at record lows. at some point, that will be a silver lining for the equity market, but not today. kailey: you are seeing a haven
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into junk bonds. you are not seeing a haven into treasury bonds. the u.s. 10 year is flat at the moment. what is the bond market seeing that the equity market isn't, vice versa? katie: treasuries, it feels like they have been following their own drum for a while. you are not seeing that haven bid. if you think about the variant and what that means for already stressed-out supply chains, the implications from inflation from that, that seems to be what treasury is picking up on today rather than an all-out haven bid. kailey: i am still the followed by the fact that we could be talking about 10 year treasury yields south of 1.40 even facing the potential of three rate hikes next year. is the market misaligned with what the fed indicated it would do? katie: bond traders look like they are trying to call the bluff of the fed. if you look at what is priced in, the market really believes, at least the bond market, that
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the fed will not be able to carry out on its 2024 dots. 2022 is much closer in the future, three hikes seems reasonable looking at pricing, but anything beyond that, bond traders don't believe you can really call it at this point. kailey: katie greifeld, thank you so much. coming up, let's turn to china. cutting borrowing costs for the first time in 20 months as it tries to counter the property slump. we will speak to jonathan ward of the atlas foundation. this is bloomberg. ♪
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kailey: this is bloomberg markets. i'm kailey leinz.
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in china, banks borrow low in cost for the first time in 20 months, providing support to an economy showing strength. the move underscores the diverging monetary policy path between china and the u.s. and also marks a new phase in the global struggle to deal with the pandemic fallout. for more insight, let's bring in jonathan ward, founder of the atlas organization. great to talk to you. what we are seeing in china, virus aside, comes amid the pursuit of common prosperity, and that has led to a crackdown on a number of industries. can we expect china to just continue to keep policy easy, do what it needs to do to shore up the markets, so they can pursue that agenda? jonathan: it is sensible to look at the two together. on the one hand you are dealing with these structural problems in the chinese economy, general economic slowdown.
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on the other hand, ccp wants greater political control, particularly over its industries and emerging technologies. seeing them try to control these is priority. reading room in their policy mix to generally manage from those perspectives is where we are headed. kailey: is slowing down the economy through regulation that is supposed to elevate everyone to more equal levels of prosperity not inherently contradictory? jonathan: you would think so but we are in uncharted waters. such incredible growth in the past three decades. if xi jinping positions for not just common prosperity but the greater rejuvenation of the chinese nation, which seeks strategic power on the world stage, they need to ensure they are in control of a lot of things that are now essentially assets to the state. when you look from the perspective of the great
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rejuvenation, that is the overriding theme to chinese policy. anything under that is a second consideration. looking at it from that perspective, these sorts of approaches make a good deal of sense from beijing's point of view. kailey: china has been undergoing an effort to open up its financial markets more to the rest of the world. but isn't this making it inherently harder to invest in china when there is such a huge question mark around so many industries and you never know what will be crackdown next? jonathan: i am of the position that it is not wise to invest in xi jinping. i think he picked a contest with not just the u.s. but also world democracies. military buildups, concentration camps, although this is a feature of the system here. we should expect it will get worse for western investors. his trajectory is not one that is meant to provide returns on
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capital to western investors, but provide power to the ccp. his broader contest with america is what people need to understand. they are trying to position to overtake the u.s. militarily, economically, diplomatically. from that perspective, i would not expect this to be all about returns, not from their point of view. kailey: it is not just about the investment relationship between china and the west, but the geopolitical balance. you say they want to overtake the u.s. on all of these fronts. how long do you expect them to get closer to that goal? jonathan: they will not be able to, if the west acts together, if the united states makes the right moves, if allies are brought on board, and we realize the fundamental contest is a battle for the global economy. that is how beijing sees it with all of their statements, since
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the pandemic, have indicated that they see themselves in a better position to increase the world dependent on china. in washington, you have supply chain initiatives, new industrial policies. i think we are starting to see what the contest really means, for the underlying structure of the world economy. whether or not the u.s. or china wins that contest will decide the rest of the century. washington has caught on that beijing has brought that contest, as i explained in my book. there grand strategy is to dominate the world economically, and translate that militarily. this is a decades-old process. that is what western policymakers have to counter. if you are looking at it from the perspective of whether or not this will be a good investment, people are missing the game that they are actually in. kailey: so are you saying there needs to be a decoupling from the chinese and the west, so
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that the west is no longer so dependent on chinese supply chains? is that what it will require? jonathan: to some degree, yes. it has already happened, some strategic decoupling. if you look at the supply chains for rare earth, vehicles. congress learned about dependence on china for pharmaceuticals, ppe, and other things. the other side has to do with capital. if we are providing capital to the companies that are the foundation for china's competition with the west, it makes no sense to do that from a strategy perspective. investment, selective decoupling in certain industries, those are all inevitable. china is driving that, too. they are trying to bring the
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production of semiconductors and other things within their own country. it is going to happen and we will end up with a more bifurcated world economy, particularly on certain industries. kailey: really interesting insight. jonathan ward, founder of the atlas organization. shares of carnival shaking of omicron worries. we will explain why in stock of the hour. this is bloomberg. ♪
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kailey: this is bloomberg markets. i'm kailey leinz. it is time for stock of the hour. shares of carnival are getting a lift after coming out with fourth-quarter earnings and predicting a profit in the second half of next year. kriti gupta is looking at the results. if you would have told me the equity market was worried about omicron fears, i would think the travel industry is not doing so
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well, but carnival is bucking that. kriti: they were one of the worst performers at the market everything started to turn around. a lot of it comes from its earnings story. the market was already down in the premarket, having to do with the omicron variant. then carnival came out with earnings that were not so good but they said one thing, which is that they were forecasting profit in the second half of 2022, and the cash burn was not as bad as analysts expected. the idea that carnival was burning money similar to other cruise lines and airline, especially when it comes to how much money they need to keep on their balance sheet, whether through issuing debt or stock. they will not be that dependent on that going into next year. kailey: so they see a better outlook ahead. in the meantime, the outlook is a great looking at the omicron variant. you are not seeing a lot of the
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reopening trades very well. kriti: what is interesting is the muscle memory. so many of the trades that were working well in 2020 are higher in the market. e-commerce, travel companies. if you look at other growth plays like oil. it is the pandemic trade that we have kind of lost sight of in 2021 that is rearing its ugly head. kailey: the stay-at-home trade making a comeback as more people are staying home. bank of america telling their staff in new york they can stay at home over the holidays. thank you, kriti gupta. the broader markets, largely a down day. really nowhere to hide it in the s&p 500. every sector is in the red. while carnival may be in positive territory, only 36 stocks in the s&p 500 are.
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you can probably blame the omicron variant for that. also the question now that senator joe manchin has said that he is a no build back better plan. equities coming down pretty hard today. what is interesting about the price action, you are not seeing the haven did show up. in the bond market, we go nowhere on the 10 year treasury yield. just under 1.40. the dollar not getting much of a haven did either. it is weaker by 0.1%. talking about oil, wti trading around $69 a barrel. we will continue to stay on top of the markets on this monday. this is bloomberg. ♪ s is bloomberg. ♪
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mark: i'm mark crumpton with bloomberg first word news. president biden is set to
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outline new steps in the fight against covid. the white house as the president will speak tomorrow and announce what the administration is doing to help communities in need of assistance while osher issuing a strict warning about what the winter would be like for americans who remain to stay unvaccinated. the president will also remind americans to get booster shots when they are eligible. as we heard, bank of america is telling new york employees they can work from home over the holiday weeks if they prefer as wall street navigates a fresh wave of virus outbreaks. it is the latest financial firm to tell employees to stay home over the year amid rising infection rates. citigroup and citadel have issued similar guidance. the head of the united nations is calling for a "impartial and transparent investigation into last year's massive fort explosion in beirut. the august last devastated the
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lebanese capital, killing at least 216 people and injuring thousands. the explosion was caused by the detonation of hundreds of tons of ammonium nitrate stored in a warehouse at the port. apparently with the knowledge of senior politicians and security officials who did nothing about it. hong kong's leader, carrie lam, is pushing plans to revive a controversial security law that ignited a political firestorm. that after candidates loyal to the chinese communist party won a landslide victory in legislative elections. while the former british colony reported its lowest ever voter turnout, 30%, the result empowers lam to pass once difficult legislation unopposed. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg.
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♪ kailey: this is bloomberg markets. i'm kailey leinz. it is a rough start to the week for equity markets. all the major averages are deeply in negative territory. the s&p 500 is down 1.7% as we have concerns around the omicron variant as well as prospects for politics as joe manchin said that he was a no other build back better plan. going nowhere on the 10 year treasury yield. 1.3970. crude getting hit the hardest among assets we are looking at. a lot of questions swirling around the demand story. another interesting story we are following is what is happening in the fx markets, specifically with the turkish lira. record weakness for the lira.
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president erdogan says he will continue to push for rate cuts even in the face of inflation. the dollar right now weaker against the lira. back to a 15 handle after the erdogan administration introduced a new program to protect savings from fluctuations in the local currency. that is providing some support right now. let's get back to washington. everyone on capitol hill and in the white house were shaken when joe manchin announced he would not support the president's build back better program. joining us to discuss is wendy schiller, brown university professor of political science. it is great to have you. this would seem like a major blow to the democratic party. you don't think it is. why? wendy: i think it gives the
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biden administration and congress a favor. the agenda is so crowded and they have gotten a number of things done. infrastructure, the debt ceiling, ensuring some financial stability. they have student loan forgiveness that may and in the winter, but a lot of things to take credit for. infrastructure money has to be spent. you will need designs and shovel ready products, which may start as soon as the summer in a lot of places. that means the money is working and employing people. the democrats, if they keep it this way, now have a clear pathway to sell that. tell voters about that, claim credit for it. the pandemic is unpredictable, but for the first nine months, died and did a good job leading the country out of the woods. now he has to do it again, and a challenge. but it gives them the opportunity to sell, something
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they have not done successfully in the past year. kailey: we are only a few days from the end of the year. next year is an election year. if the democrats don't have these programs to tout, any hope that they can retain control of congress? wendy: some of the things they wanted to do like universal pre-k, something like 30 states are already trying to do that at the state level. working on childcare is a big issue they can run on. they can say, we couldn't do it this time even though we had a majority. we need more seats. there are things that they are already doing, things that they can claim credit for that help the average voter, who is worried about going to work, kids going to school and staying healthy. if democrats get away from that big to trillion dollar number, getting away from infrastructure labeling, and saying, how will we help you buy groceries and
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keep your kids in school, and if democrats can get back to those basics, they have a better competitive shop than they look like they do right now. kailey: aren't a lot of those optics and concerns related to health, kids being able to go to school surrounding the trajectory of the pandemic? what does the administration need to do to be more forceful on that front? wendy: i regret having to say this but they have to get more political. they have to get stronger in their language against any governor or localities that are anti-mask or anti-vaxx. these are things that are helping to mitigate -- not perfect -- but they are helping to mitigate. these republican governors who are penalizing companies who are asking people to mask up and get vaccinated, they have to come back harder and swing at the republicans. i don't like to increase polarization and partisanship,
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but if they want to lytic league gain leverage on something that is out of their control, they have to get rid of the obstacles. one of the obstacles is that republican governors particularly in the south are doing well by resisting these health measures that would hopefully end the pandemic. kailey: given the president's approval ratings, does he have the political capital to get that to work? wendy: the thing about biden, he has nothing really to lose. washington people and people in the media are speculating on 2024. his personal accomplishments, he has got nothing to lose. he is not scared of anybody or anything, not afraid of public approval ratings dropping. it is the democrats in congress who are most fearful of being tied to a president with thinking approval ratings. but the house and senate members, progressives and moderates, they are the ones that need to get their house in order. biden can only do so much about that. he will turn to things that he
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can do as president without congress that may help his approval ratings. kailey: speaking of the presidency, potentially political motivations, to bring it back to senator joe manchin, could you see him teeing up for a 2024 run with these kinds of moves? wendy: i think he may become an independent in the winter or spring. i don't think he will caucus with republicans, he will not go that far. the executive branch still controls a lot of the benefits that west virginia needs, but he may decide, i am not a democrat anymore. he may become an independent. he may just go that direction, which makes him even more powerful. why would he go to the republicans now? that does not give him nearly as much leverage. and he has not jumped ship completely. president biden has made about 40 appointments to judgeships,
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so there are some things that mansion needs him for. kailey: really interesting stuff. thank you for bringing us your insight. wendy schiller of brown university. speaking of the omicron variant, the headlines continue to come. france has added more than 15,000 new coronavirus cases. we will discuss the spread and whether it will overwhelm hospitals. we will be speaking with dr. joshua ware about how to adapt to the changing variant. this is bloomberg. ♪
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kailey: this is bloomberg
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markets. i'm kailey leinz. the omicron variant continues to spread as covid cases spike to record levels with many countries weighing tighter restrictions just as the holidays arrive. joining us now is dr. joshua ware from longeveron, a company that specializes in therapies for life-threatening conditions. let's focus on this variant specifically. have we underestimated it? dr. ware: thank you. i just want to give you some context about longeveron. we are a company that specializes in rare pediatric disease and has a rare pediatric disease designation for one of its products, and also difficult to treat diseases in adults, including covid-19 and its complications. i am speaking to you from that context as a company that makes a cell-based product for covid-19.
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to answer your question, i think it is hard to know right now if we have underestimated or overestimated. we don't know. we have to think in the broader context of the virus. what we are learning is we cannot become complacent with covid-19 at all because it has a substantial propensity to mutual -- mutate and form new variants. it will be a challenge on our horizon for quite some time, maybe permanently. kailey: you say you are working on therapies. what do you think about needing therapies for people that contract the virus versus vaccinations? are we focusing on the right things? dr. hare: that is the critical question. we have to shift the focus a little bit. we live in an era of highly personalized molecular medicine.
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that is why we were so effective in coming up with a vaccine so quickly. the vaccine is based on the rna sequence of the virus. as the virus changes we have to change our strategies and may be personalized medicine is to personalized here. what we need are therapies for the consequences of the disease, independent of the variant. for example, we know the most serious consequence that will overrun the hospitals is a lung condition called ards. that is when the virus which affects the respiratory system gets into the lungs and causes viral pneumonia. we have focused on vaccination, antiviral treatments, and multi-clonal antibodies which are also specific for the virus. we now need to shift a little bit and focus our treatments on the consequences. in other words, if we have better treatment for the ards,
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those may work independent of the variant. our product is under testing, under a clinical trial right now. to look at its effects on ards. we hope those effects would be beneficial regardless of the variant. kailey: you speak about needing to tailor treatments as different variants emerge, but what is the lag time? in theory it would be great to say, this is what the variant will look like, so here is the treatment. i'm not your everything can come together that quickly. how is our ability to do that constrained by the ability for the virus to mutate? dr. hare: we need treatments that are independent of the variants. we need to put more emphasis there. what i think will happen, there are estimates that this virus will become endemic, meaning it
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will be with us for good. so every year, we will need a new vaccine. in order to adapt to that, we also need treatments who can be effective independent of the strain, which can address theards. we should also bear in mind, and this is very important, it is not just the ards. we have this problem called long covid. that can develop sporadically, turning out to be another severe problem. even mild cases of acute covid-19 infection can lead to long covid. we really need to think, as the medical profession has done, about these variant-independent treatments. it is also important that we do, right now, all the things that we know how to do.
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which is, the vaccine is important, the booster shots are important, and using the treatments that we have, but we are not done. we need to continue to get more treatments available. kailey: the pandemic is clearly far from done. thank you to dr. joshua hare. the omicron variant is changing how and when companies want workers back in the office. there is a look in the past year on conversations with david rubenstein about how global leaders fared during the pandemic. >> you lose a connectedness by being remote. while it worked well for the time, we are committed to getting back into the offices, back into restaurants. >> i felt passionately about keeping our senior leadership in their offices. if the workers were on the floor making tanks or in the shipyards
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building our ships, we would be at our post standing watch, and we did that. >> too many people focused on remote, hybrid work, physical location, as opposed to how do you connect with people, when do you need to do it physically, how to be intentional, what is required for connection? >> humans want to interact with humans. that is not just for vacation. humans want and need to interact with business, partnerships, to innovate, build culture. >> a lot more can be done at home now, which i never would have believed before. it is that feeling of you are so necessary everywhere and discovering that you are not necessary everywhere, but the places where you can be necessary, you can really make a difference if you focus on those. >> i think we are heading toward a hybrid movement, where part of
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us will stay in the office so that people can meet and see each other, get regular meetings, face-to-face contact, but the rest of the week will likely work from home.
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kailey: this is bloomberg markets. i'm kailey leinz. we know the audio industry is making a shift toward electric cars. our next guest things charging up boats will soon be the new normal. joining us is jenny keisu, ceo of x shore. very interesting idea. let's talk about what the demand of this could ultimately be like. we know that ev's are becoming more popular but a lot more people own cars than boats. how do you see the ultimate market size of this? jenny: it is tricky to see where
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we will end up, but we already have boats that you can buy. we are already producing on three continents and we are growing fast. what you saw in the automotive industry that took around 10 years, electrifying, that is now happening really quickly. the sky is the limit. kailey: is your target market individuals or is this more commercially focused? jenny: today, we so boats to private individuals, businesses, boat sharing companies, hotels, eco-resources, diving shops, and we also sell to cities and governments. it is a broad spectrum of clients today. kailey: for private individuals, owning a boat is seen as a luxury, so is this mostly an ownership based model or rental one? jenny: today we have a lot of
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customers owning the boats by themselves, but boat sharing is increasing rapidly. that is a nice way, if you are not yet committed to owning and buying your own boat or ev, that is a good way to test it out, by renting it or sharing it. especially if you are not using it every day. we have several clients already today. kailey: what is your production capacity right now? jenny: we are increasing capacity a lot these days, that is our primary focus. we have more orders than we can build boats. we are scaling up our second factory in sweden which will be up at the end of this year. a capacity of about 4000 boats a year. kailey: as you are trying to scale up, are you facing any supply chain challenges? jenny: we have been facing a lot
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of supply chain challenges that we have an amazing team working hard, so we have secured batteries and motors and semiconductors for the next few years. very happy about that. kailey: what part of the chain is the hardest to deal with, where are you seeing the shortages in particular? jenny: batteries are tricky because you need high-performing batteries to produce high-performing boats. our boats can go fast and far, so we need a battery that is also appropriate for the marine environment. we have a great partnership with chrysler electric. for the coming years, we have that already. kailey: thank you so much, jenny keisu, x shore ceo. i'm sorry, it is a monday. my apologies. it is a rough day for the equity
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markets today. we are off session lows but you are still looking at all the major benchmarks down 1%. the s&p 500 down 1.4%. so it seems like we are gaining somewhat some steam here but this market is weighing the threat of the omicron variant, weighing the prospects for dimmer hopes of prosperity here in the u.s.. we are not seeing bonds move at all. we are flat on the 10 year treasury yield, 1.40 at the moment. the dollar is weaker on the day, and crude is lower on session lows. wti futures down about 4% right now. that wraps it up for bloomberg markets. stay tuned for the close. this is bloomberg. ♪
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mark: i am mark crumpton with bloomberg's first word news.
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senator joe manchin is outlining possible changes to president biden's $2 trillion economic agenda that might draw his support. during an interview on a radio station in his home state of virginia today, senator manchin offered a potential roadmap for the president and democratic leaders to revise a slimmer version of the tax and spending bill a day after the white house accused him of going back on commitments to the president and other democrats by opposing the legislation. former president trump has filed a federal lawsuit against new york state attorney general letitia james to hold her civil investigation into the financial practices of his real estate company. mr. trump is claim the probe violates his constitutional rights and accuses james of carrying out the investigation for political purposes. british prime minister boris johnson is holding off on introducing further covid restrictions amid a surge.

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