Marchetti i am 5050. I think it was my advantage. I looked at passion from a from aoked at passion business point of view and technology from a fashion point of view. I try to find a link between the web, fashion and luxury. Lacqua to you only work for yourself, or would you like about it, that you have revolutionized the way that we do things. Marchetti check and fashion entrepreneur, tech and fashion entrepreneur i liked the feeling that i was building something from scratch. I start with no money. My family is a very normal family from the northeast of italy. I really i feel like i am , a builder. I am not on entrepreneur, i am not someone who is holding and selling, like in silicon valley, i am someone who loves being in a company and wants to build it to last. Lacqua even growing up . Do you remember what you wanted to be as a child . Marchetti i always wanted to be an entrepreneur. I wanted to become an entrepreneur because i wanted to create my own thing, my own project. I left my hometown windows 19 years old and went to milan. Lacqua you said that it is not typical . People in its lead 10 to stay at home longer. People in italy tend to stay at home longer. Marchetti i think italians they are definitely brave italians, as you know, but generally speaking, you need a little bit more determination and taking courage. Yuck lacqua yoox was a strange name for the internet concept to sell highend retail. Just like other fashion sites were going bust. Bring me back to when you thought that electronic return was the future. Marchetti i had just finished my mba in a 1989, and at that point in time i said, now or never. I had taken the nba at columbia, i had worked for three years in Investment Banking with the specific goal of training myself. I wanted to be in Investment Banking, and i wanted to learn as much as possible in the shortest timeframe possible. At the time, at Lehman Brothers was amazing. I do not regret it at all, i would do it again, but there is a moment where entrepreneurs, they need to take risks, it is part of our everyday life. There is a moment where if you go to far, youve your appetite for risk. So i realize when i was 29 years old, and basically put together my passion for fashion, my appetite for innovation, because i always tried to come up with new ideas and looking at things in a different way, which is my 50 tech, being one of the first to use the internet, that was from my passion of the internet, and i put them together with the competitive advantage of being an italian, being based in italy, that culture, being able to talk with the different brands and bringing them aboard. Lacqua did you see it at the time and say look, i would like to build this company because etail will pick up and five to 10 years or was it more simpler as saying, let us see how this goes . Marchetti no, my plan which i developed in fall of 99 nine 1999 was that it would be a , Global Partner for the fashion brands. It was a very ambitious land, ambitious plan. It was immediately global and in fact when we opened the doors of the website in june of 2000, we just celebrated 17 years and it was immediately in italian and english, so it was ambitious from the very beginning. I thought it was going to be something amazing in the future, projecting customers to that website. I reinvented everything, coming from a customer point of view. In the end, i am the customer, i am now the customer of netaporter, so i wanted 18 years ago that kind of shop, to shop from. All of the strategies we are doing now, they look very simple because i put myself in the shoes of the customer. Lacqua d remember the first meeting, maybe with the brands or with financing . What did you have to convince them of . Marchetti it was christmas of 1999, i left my job and i had my Business Plan. Lacqua which you wrote yourself . Marchetti yes. It was quite brave because i was jobless. I did not look for capital, i said i will try and go full speed. So in only 45 days, i got my first funding from a very famous venture capitalist in italy, probably the best venture capitalists in italy who has now retired and i am very thankful to. I got i think 1. 5 million, for 30 , then i started to look for brands. Knocking on the door of all the brands, without knowing them. I completely called them. Lacqua hi, i have a great preposition yes, i shared my dream with them and i have to say that the most innovative ones were the ones i put more emphasis on and they shared my dream immediately. So starting with mr. Armani, not a young boy anymore, but he was super quick in saying, okay, lets try it. Francine who are your main competitors that you worry about . Federico worried about everybody, but also no one. Francine by 2015, Federico Marchettis fashion site yoox had carved out an enviable position in the ecommerce landscape, but federico wanted more. For years, hed been chasing a merger with a competitor netaporter, who sold in seizing readytowear to the fashion elite. The merger made yoox netaporter the biggest player in the market and frederico a powerful fashion insider. When did you decide that you wanted, once you had yoox, that you wanted to merge with netaporter . Frederico thats another dream. Francine when did that start . Federico since 1999, i had many dreams. Part of one dream, but i started to think about merging with netaporter, thought it was 2009. It was before going public. It was february, it went public for euro in december 1999. December 19 nine. And i thought immediately that the two companies were sharing the same objective, the same goals, to be the leader in luxury line. Luxury online. But we took completely different ways to get there. They were perfectly complementary with each other in terms of geography, customers, in terms of Business Models. Putting them together was going to create the leader which was the first page of my Business Plan in 1999. Francine whats your dream now . Frederico my next dream now is very practical and handson, so my next dream is just to finish integration. I mean, i feel very comfortable now. We are halfway, actually more than halfway, and we have basically met all of the milestones. We are on track, everything is going well so i am very happy, but cant wait to be finished because at that point i will have a brandnew machine, a brandnew car that is going to go super fast. Francine who are your main competitors that you worry about . Federico were worried about everybody, but also nobody. Obviously we dont underestimate anybody, because i mean, it is an industry that changes. I have to say that in the last 17 years, weve always been good in inventing new things and Business Models and never followed anybody. But we are still followed by many, and i think we continue like that. We are innovators and well continue to be innovators. Francine do you worry about being disrupted as disruptor and do you see the change in pace of our Shopping Habits in the last even five to 10 years, what will it look like five or 10 years from now . Federico since i started running yoox netaporter in october 2015, my First Mission was to bring the old company into the mobile and the smartphone. So im a little bit obsessed with the mobile and the smartphone and i remember at university, i was among the first to get the mobile. It was 20 years ago. I got a big handset like this. Definitely didnt fit in my pocket at the time. And then i remember in 2006, i put a strategic priority for my Company Mobile and ecommerce. Even if that time, it was only making 1 of sales. Fastforward to 201617, one billion is coming from smartphone and mobile, half of our sales. We see the growth coming. I expect this growth will be unstoppable, and so basically, the mobile i see as the next Shopping Center for luxury. Thats what its going to be. The next Department Stores will be mobile. Francine how yoox netaporter customers are changing. And so is what they buy. While the groups foundation was built on selling clothing, shoes it to fashion fanatics, the next frontier is hard luxury like watches and jewelry that cost tens of thousands of pounds. Shoppers are putting more trust in online stores. What is the one thing that will change over the next four to five years . Am i, as a customer, going to be much more demanding . Federico on the in season business, we have an incredible customer base. Which is made of people that spend over women spend over one million a year usually to buy a watch months ago for 153,000 euro or 117,000 pounds on yoox netaporter. Or they just ordered one valentino dress for 135,000 euro. So the most discerning customer out there, our competitors definitely dont share the same customer base. And imagine that 2 of the customers make up almost half, 40 of the revenues. It is very concentrated. Francine you are one of the first proponents, right . You put hard luxury with watches that cost 33,000 pounds even more. Was there skepticism . When you said, i actually want to sell online . Federico again, i am the customer. As the customer, if you are in a great environment with great content, great storytelling, and you are buying a valentino dress for 35,000 euro, why not also buy one of these brands . It is very simple. It was not i didnt come up with the most amazing strategy in the world. Francine but there was skepticism . Federico i mean, in the last 17 years, i have just faced skepticism about everything ive done. But that is also the fun part of my job. I was always trying to push the boundaries, and i will continue to do because its part of my dna. I am super happy that now, the highest growth in terms of category within yoox netaporter is watches and jewelry. We are enjoying incredible brand assortment. We are going to bring many more. And we expect growth coming to this and it is another differentiation point from the other competitors. Francine if you had a magic wand and you could change something would you change something about the company . What would it be . Francine Federico Marchetti runs one of the Largest Online luxury retailers in the world, but yoox netaporter is more than just its namesake sites. His Company Powers websites of some of the most recognizable and expensive fashion houses. It creates the technical knowhow and logistics that convinced luxury to move on to the web. How mature is the emarket right now . Federico its still at the very beginning. Luxury online represents 7 of total revenue. There is a lot of space for growth. I feel also myself and the company as the leader, i think that we are really at the beginning of the story. Francine because we are going to shop differently, are we going to buy more health and beauty online . Will men shop more online . Frederico simply because the new generations, they are online on the time, super connected especially with the smartphone, they are growing and they will have more spending power, so there is a progression coming soon. Francine how do you think people shop . Some are High Net Worth individuals, but do people go in the store, and by online. Buy online. Is it very fluid . Frederico there are a lot of synergies. I do believe physical stores will always exist. They are important. Also for marketing and sales. For example, i remember with one of our first online stores, i remember the japanese customers, because obviously, the store has the widest assortment. The biggest store in the world. Not in terms of attraction, but in terms of assortment. The japanese customer, they went online and they were choosing the things they liked, what to wear, the clothing and so on, and then they were going to the japanese store. Theyd say, do you have this one, but in most cases they didnt because of the assortment. And so the only channel is this now trying to make sure the experience is the one and only one is the goal. Francine is that difficult . Is it tone . Federico the difficult part is to make it simple, because for the customer it needs to be super simple. In order to give simplicity, the behind the scene is very very complex. To get it right, we need the experts. And we are the experts. Francine and this is why they are the experts. Inside the warehouse, an Industrial Estate just outside of bologna, italy is the heart of yoox netaporter and its a fully automated warehouse processing thousands of items a day. The tech comes from here. The london hub where i. T. Experts are trying to develop Artificial Intelligence that can help the Group Anticipate the desires of High Net Worth clients. Francine federico, how do you sell differently to u. K. Customers than you do to an italian customer, to a chinese customer . Federico so we sell to customers in 180 countries, but what makes yoox netaporter very different from anyone else is the level of localization we achieve country by country. All of the countries are different, and the localization is not only about the language, but also about details. They are not so different in the end. Ill give you an example, again, about japan. In japan, we picked the best courier in japan. We are in luxury so everything needs to be consistent. And for the japanese customer, the most important thing is to have delivery by appointment. Because they dont care, rightly so, about delivery in 60 minutes or 90 minutes. They care that they need to be home when the courier comes. Which is pretty understandable, no . The courier in japan is by appointment. I want the package to be delivered by 5 00 p. M. And we do that. So everything is local. Including the delivery payment systems, assortment, pricing. I think we have more than 10 million prices overall. Francine federico, if there was a young person who wanted to go into your business, either fashion or as an entrepreneur, what would be your number one advice to them . Federico i think that one of the main problems of the italians is that they think only about italy. So when these startups, they dont think about the world, they dont think about europe, u. S. , japan and china, but they stick only to a small country in terms of demand. Its a big country in terms of beauty and luxury brands, so i am happy i went back to italy to start this business because of the luxury brands, it is the place to get brands like few others. But i think my piece of advice is when you think about the business idea, it needs to be applied to global. We are talking about employment in italy, in spain, in the u. K. , everywhere. But the true story is that theres a shortage in terms of people trained for digital. That is why yoox netaporters group is a part of this coalition and European Union to train more people to reach the one Million People able to work in digital, because for the companies, i see our company is desperately looking for talent on digital all the time. And its part of my job. Recruiting is probably still the biggest part of my job, trying to find talent out there. Francine where do you see yourself in five years . Federico i see yoox netaporter group doubling in size. As we expect from our strategic plan. Were on track with a growth of 17 to 20 year on year, which is what we did last year. In the first quarter, 19. 1 , so good. And i see myself still innovating and trying to come up with new ideas and also, enjoying all the talents that i have recruited in all of these years and it is fantastic to me, a fantastic experience to work alongside people who are working with me for 17 years. Many people are working here for 17 years, from the ceo, the head of r d, so many people have been with the company for a long time. As well as some veterans from netaporter, i mean allison has been here for 10 years, as well as new talents i have hired. I feel so lucky, as i said before, to work with such a talented team and that is what i expect in five years, to work with talents that are going to teach me also and not only be driven. Francine if you had a magic wand and you could change something, maybe change something about the company, what would it be . Federico frankly speaking, i have to say nothing. Francine nothing at all . Federico i know that doesnt sound good, but i think we really have the best Business Model for luxury. Because we are full control of the supply chain. And the brands, they want control, they control prices, service, they control the prestige and this business is about prestige. So if you have a Fragmented Supply chain, i think you lose control and the brands would lose control and it doesnt work. So for this specific category and this specific industry, i think we have the best Business Model. If i get frustrated sometimes i get frustrated, the only thing i get frustrated about is speed. Because you know, i am an entrepreneur that is passionate about speed. I am always driving and trying to push everybody with this sense of urgency, that is part of my job. Francine federico, thank you so much. Federico thank you so much. Francine joe kaeser is a rare breed of chief executive who has dedicated his entire professional life to a single company. He was a young business graduate when he joined siemens in 1980, moving up the ranks and around the world for a company described by Angela Merkel as a flagship of the german economy. Siemens truly powers modern life, making everything from turbines and Health Scanners and ovens and factory equipment. Joining me, chief executive officer of siemens joe kaeser. Thank you so much for speaking to bloomberg. Joe sure. Francine can you tell us a little bit about that first day you started at siemens . Joe its been a while, obviously, but i remember i was coming into siemens and i thought, oh, my god, they have abbreviations for everything. And i was thinking to myself, i dont know nothing anymore about what i studied. So it was quite an experience. Francine did you remember going into it, what did you think . Did you think this is a company i really want to work for for a long time . Joe i had multiple opportunities. I was interviewing a different places, but then i thought siemens at that time was still in the semiconductor business, the electronic business. I thought this is really cool. They were just about to develop this one megabit chip. One magabit, now we are at gigachips. So it felt pretty cool. So i said, yeah, siemens. That is where i want to be. Francine how has the Company Changed . Joe its like day and night, really is. I was coming into a manufacturing environment, it was about production and process and cost efficiency, and there was a very technologically focused company. Not so much about markets and customers. It was more inside out than outside in. A lot has changed i have to say. Really, a lot. Francine what was your favorite day . Joe there are many favorite days. Whenever my team comes up great and celebrates some big success. Because this is the best thing that can happen to you. You have a successful team, people who are happy, who appreciate what they do and they share the reward. Francine how do you measure success . Joe there are several ways to measure success. The first one obviously is that you promise something and you make good on what you say you would do. That is about accountability, it is kind of like the ground floor. The icing on the cake about success is what people talk about you to different people. I think that in the end is what really matters, because that is how you will be remembered over time. Whether you make the numbers or not, or your guidance good or bad or Something Else at the time, but then after a generation people say, hey, that guy, he made some mistakes, but actually he left us a Better Company behind. Francine talk to me about innovation. What will siemens look like in 170 years . I know its almost impossible, but how much do you have to innovate and how much do you have to stay close to your roots . Joe there will be in the next 170 years, the change will be about 170 times likely to accelerate products and solutions and what we sell will likely become more intangible. There will be much more integration necessary to put more bits and pieces and products together with platforms and solutions. So i hope the world will have become a much, much better world than we have today. Francine few companies have gone through as many technological and industrial revolutions as siemens, but rather than just survive them, it has helped lead them with the advent of electricity to wireless communications. But now now siemens is investing billions in making sure its future is digital. From giant gas turbines in asia that use Artificial Intelligence to reduce emissions, to train carriages in the u. S. That harness big data to find problems before they occur. Are you concerned or worried about the pace of change . If you look at the last 10 years, innovation has gone so fast that you cant possibly do that over 170 years. Joe well, thats probably what people thought 170 years ago also. People are just naturally concerned about the future, because the future is uncertain. So the question really is what concerns us in innovation, not so much the innovation. Not so much what technology can do because all those three industrial revolutions, which we have had so far, have made this a better planet, made this society a better society. We created wealth and imparted peace. That is the positive. But what is radically going to change is the speed of this change going forward. The Human Society may as well not be able to deal with that sort of speed. What i am really concerned about is if you dont make this Fourth Industrial Revolution inclusive to society, it may as well face a lot of challenges by unrest, by divided populations. A divided population leads to obviously populism, populism leads to nationalism, all the way down to where we used to be 100 years ago. Francine do you think there will be more problems to provide solutions for because of the rate of change . Joe the Fourth Industrial Revolution with the internet of things or whatever you call it, people believe it is only software, only a virtual type of things, high, sophisticated, invisible somewhere in clouds. The cloud. Terrible, terrible word. Thats not quite true. There will always be hard drives, there will always be trucks, something to drink, to eat. There will always be cars. Hardware, tangible things. Francine are people confusing innovation with globalization . Joe thats a good question, actually, honestly. Maybe. With the speed of technology, what they feel is that they believe the root cause is globalization, but it actually isnt, its the other way around. Technology actually makes it possible to have a Global Network together. That we have our smartphones. That we are always on at any point in time, no matter where we are, we can talk to almost anyone on the planet, realtime. So that connectivity is actually a benefit, and that is globalization as we speak. So we like it. If you are negatively affected by innovation or globalization, then we dont like it. That is what we need to do going forward. Francine it was pretty controversial when you went to see Vladimir Putin a couple of years ago. Are you ever concerned about being controversial . Joe dear customers, dear business partners, ladies and gentlemen. Over the past few days there has been a great deal of Media Coverage about siemens, about personnel, about the crisis, and other nonrelated business matters. That this is not siemens, and that is not what this stands for. Nor is it what we should be. Francine joe kaeser made the statement days after taking over as chief executive of siemens, after his colleague had been removed. It said a lot about his appeal as a leader, providing clarity during confusion, and stability in unrest. He spent the last four years trying to simplify the complex structure of the company. You have overhauled siemens. Are you pretty happy in the structure now, with where it is . Joe i am happy. Im happy with what i see in terms of how our people get into it, how they take ownership, literally, in what we do. That they take it on and say it is my company, my responsibility, its my job, which i own, so i am responsible. It takes a lot of confidence to give them the freedom to act. Francine do you think investors ever get confused, because you are such a big conglomerate . Joe they only get confused if i try to explain it in too much detail. [laughter] joe then i always know i better shut up, because i just went too deep. Dont confuse them with the details. Just tell them the way they want to be as the commitment and then deliver it over time, and they will be ok. Francine so what exactly drives you . Joe at the end of the day, business is there for society. A business which does not create value for society should not exist. I you need to be more inclusive in society as leaders, and you cannot afford to further divide society into the haves and the havenots. Francine you seem to have very strong ideals. Is that also what you empower your employees through stock . Joe we call it ownership culture. There are two aspects to that. First of all, if youre a family business. Imagine you own a business. No matter what size it is, its your business, your personal business. It may be a Different Company from your parents. What is your natural desire . Your natural desire is very likely that you want to use that business for your children in a better shape. Very natural desire. There are exceptions, but this is probably what the natural desire is. So inherently, you build in a sustainable, element of longtermism. The second element of ownership culture, more importantly, i own the company. I am longterm oriented. I do the best because it is my company. No matter who you are, what you do, just always act as if it is your own company and you will be fine. And even in meeting rooms, we sat around the table and say, hey, what do you do with this company . They put so much pressure on a meaningful debate. Francine it focuses the mind. Joe yeah, because if someone says, i will do it anyway really . Is that what you want . It gives it a holy dynamic. Its pretty cool. Francine so does that mean you worry about shorttermism . In business overall, or more in america than everywhere else . Joe its only a matter of time. Many things are being invented and cultivated in america and they come over to other places. Francine how do we change that . You changed it, you are trying to change it from within the company. Joe that is a very good question. Very good question. You need to be successful in the short term, yet not lose in the longterm. This is the balance you need to strike. Its that simple. In essence you need to keep the difference between the shortterm aspect and the longterm aspect. You just need to keep the distance very close. Because the wider it gets, the more active it is to say hey, this is the performance cap i want now. Francine it was pretty controversial when you went to see Vladimir Putin a couple of years ago. Are you ever concerned about being controversial . Joe the intent was not to be controversial. Francine in march 2014, joe kaeser met with Vladimir Putin at his residence outside moscow. It was days after russia had annexed crimea and just as the west was launching its own showdown. President obama together, we have condemned russias invasion of ukraine and rejected the legitimacy of the crimean referendum. Joe the outcome was complicated, to put it positively. Because first of all, i didnt know that president obama and the european leaders at the same time i was meeting the president , i had just had a press conference in brussels about sanctions, since the american president didnt bother telling us about these appointments. It was unfortunate timing. Then later i gave an interview in german media, and i was asked, how the hell could you even go to see this person . [speaking german] joe [speaking german] joe i said, it is good to talk to each other and not about each other. I was committed to help these people. Yeah, but it was crimea, and it was territorial integrity matters, i said of course it matters. Honestly, given what we have been through with the russian people in two world wars, this is kind of a temporary issue. What happened was, and you know this will, but was in the news in the media was not about the two world wars. Crimea is maybe not as material. Obviously, if you only read this, you say what the hell is going on with that person saying such crap . So that was a bit unfortunate, but i said i made a commitment to the people to industrialize the country. That was the intent. The outcome was learning for me to be mindful of the broader aspect of responsibility. But i still do believe that talking to each other in any sort of crisis is more important than talking about each other. Thats never helped anybody in the world. Francine does making America Great again necessarily mean the rest of the world becomes worse . President trump chancellor, thank you very much. Such a great honor to get to know you, to be with you. I want to thank all the Business Leaders who have joined us. Francine siemens chief executive joe kaeser was one of those Business Leaders in Angela Merkels delegation to the white house in march. Siemens employs 50,000 people in america, and is one of its biggest foreign investors. But the visit came against the backdrop of uncertainty, after the new president had been less than complimentary about german trade. What do you think will come out of the Trump Administration . Joe i think the jury is out on this one, obviously, because we hardly made the beginning of the first year, it could all the way be up to eight years. I honestly do believe he is trying to do the right thing for his country. The style is different as to what we have been used to in the past. And i think that the europeans are also well advised to look into what matters to them and what doesnt. And if he has these issues with any sort of russian collusion or any other things, you need to deal with it. Its his business. Its the United States business. The other topic is about global trade, and how do we interact together in a modern world of manufacturing and specializing on certain tasks in the global world. That one matters, i believe, to europe, especially to germany, with all this trade deficit and people underestimate the desire of the customers. Francine which is what . Joe the desire of the customer is to buy what they like to have. Every customer is not a consumer, and every consumer is not every voter. So we had better be mindful about what peoples desires are. No one forces our goods and products to any american customers. They want to buy it because they believe its good. So in the end, global competitiveness, we believe, is about innovation and it is also about a fair sort of dealing with it. So i guess that is where we need to sort out a few misunderstandings on that front. How global trade actually starts and how it develops. And then we will find a way to make it work. Francine does making America Great again necessarily mean the rest of the world becomes worse . Joe i think thats the point. President trump millions of hardworking u. S. Citizens have been left behind by international commerce, and together we can shape the future where all of our citizens have a path to financial security. Joe he is the president , and you respect the office, but america is great. Its a pretty darn great country. Its the leading economy in terms of next generation manufacturing even, you know . The googles and microsofts of the world are global leaders. Dow chemical, among others. The Car Manufacturers have been catching up pretty well, from a devastating situation a few years ago. So this is a great country by any means, and obviously the greatest of it has always been that it was a free country. There is nothing wrong with America First. The thing that would be wrong is if we go from America First to america only. That will be complicated, because there are still 7. 2 billion people around the 300 million in this greatest country. Thats i guess where we have a bit of confusion. Not everyone has understood you what is really meant. Francine is europe great . Joe it has its challenges, because there is no fiscal union, there is nothing that holds them together from a policy standpoint. At least not much. But i believe europe has seen the worst in terms of being pulled into different directions. It seems the sentiment is more integrating. Francine so you dont think we can come back, that we dont somehow forget the concerns of populism, and that it comes back uglier in five years . Joe i am very encouraged that when people saw this is not going my way, this right wing populism, that people stood up and went to vote. There were more people going to elections to vote than there used to be in the past. So, this was what was the most encouraging topic to me, that people said, hey, we are the people. Now its time to take that into our hands because things seem to be going wrong. Thats quite positive honestly. Francine how do you see china . Joe oh, china. The chinese way is typically sit down and smile. Francine and behind closed doors . Joe and look what happens. Today, with the western world, having not yet fully straightened out what we mean by what we say. Kind of. China says, hey, if there is no western lead anymore on global trade and things like that, then why dont we do this job for them . Because we have 1. 3 billion people, so we are more than europe and the United States together anyways. So why bother . Just a couple months ago, i was at the one belt, one road summit and president xi was the keynote speaker. It was his summit. He said were going to build the old silk road. 65 nations signed up, 100 state leaders there. So there might be more than the 65, but they are going to bring about 200 billion in financing to build this. He said, you know, the silk road in ancient times has brought peace and trade and all that good stuff, so why not build it again . Well, if you take this one step further, think about it. 65 to 100 nations in the western world doesnt exactly know how to deal with global trade and things like that, what fair trade is all about. They are going to be, this one belt, one road, it might as well be the new wto. Francine its such a big economy. They are trying to move a supertanker, right . Are we going to see a bump as china tries to become a more consumption led economy . Joe well, i think china is not exactly a Democratic State under western standards in a way so the government is very clear to direct it and where we are going. There is very little multiple opinions about what could be done or what should be done and things like that. They are very effective in what they do. Francine so they have a good handle on it . Joe they have a very clear direction and execution forces is strong. Im not saying if it is good and bad, because there are human rights, this and that, challenges associated with that but so far they have been very effective in doing what they said they would do. Francine joe kaeser, thank you so much. Joe my pleasure. Jonathan from new york city, im Jonathan Ferro with 30 minutes dedicated to fixed income. This is bloomberg real yield. Jonathan payrolls beat expectations, but wage growth leaves economists disappointed. Bond issuance explodes for a record month as investors try to get ahead of a tax bill. And wall street pushes back. The first full junkbond deal of december. We start with the big issue, payrolls delivered, wage growth disappoints. This is a solid report. The topline number is spot on. The data is pretty solid
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