Transcripts For BLOOMBERG Bloomberg Markets Americas 20240714

His personal lawyer, Rudy Giuliani, and the u. S. Attorney general william barr, to look into his little look into his political rival joe biden. This is according to the rough transcript, not the exact transcript, and it has just been released. Lets get to chief washington correspondent Kevin Cirilli for more details. It looks like it is a rough transcript, and not all of the details. Kevin precisely. Right now we are just getting a link to the transcript of President Trumps call with the ukrainian president. Lets go through some of those headlines crossing the bloomberg terminal now. The transcript shows trump pushing him to reopen the biden probe, and President Trump at one point asking his ukrainian counterpart to look into joe bidens son. President trump also reminding zelensky that the u. S. Sends aid to ukraine, and that this is not a verbatim, but this was based off of notes and recollections of officials. A statement now coming from White House Press secretary Stephanie Grisham says that President Trump has released a declassified, unredacted transcript of his telephone conversation with ukrainian president zelinsky. We are also getting where the white house has agreed to release the was a blower complaint that was filed after this call occurred, but the details now with this transcript have been released. This is a fivepage transcript that has been released by the unclassifiedan five page transcript that has now been published online and on the bloomberg terminal as it relates to this conversation. I want to read one portion of this transcript where President Trump says, thank you very much. I will tell rudy and attorney general barr to call. Thank you. Whenever you would like to come to the white house, feel free to call, give us a date, and we will work it out. I look forward to seeing you. Giuliani, the president s attorney, brought up in this call. He has been out front in defending the president on this. I also want to read another portion from this exchange that we have just received from the administration, where president i will say that we do a lot for ukraine. We spend a lot of effort and a lot of time, much more than the European Countries are doing, and they should be helping you more than they are. He goes on to say at one point, a lot of European Countries feel the same way. I wouldnt say it is reciprocal necessarily because things are happening that are not good, but the United States has been very good to the ukraine. So this is no doubt going to be deciphered in every which way, but again, a fivepage version of this transcript has been released. Guy kevin, is this enough for nancy pelosi . The speaker of the house nancy pelosi has said that she wants to have this impeachment inquiry. It is steadily forming right now. They are about 10 votes shy from having the majority votes for impeachment proceedings. There have also been no formal article of impeachment brought at this point, but there is no question that democrats, led by Speaker Pelosi, are continuing with their calls for impeachment. I spoke with one prominent senator early this morning, senator john kennedy, republican from louisiana, who said republicans are still very much standing behind President Trump. President trump, for his part, will address the media at 4 00 p. M. New york time. Beyond that, we are getting word that the whistleblower might actually be testifying on capitol hill by the end of the week. In addition to that, the Senate Intelligence committee has called for the whistleblower to meet with the republican led Senate Intelligence committee and Health Committee chairman adam schiff, the democrat from california, has also called for there to be hearings with regards to the whistleblower. From the to hear acting director of National Intelligence tomorrow in a public hearing, so the hearings could start as early as tomorrow, and will, with the acting dni director, the director of National Intelligence, testifying tomorrow. Vonnie lets recap for a second. The rough transcript of the call that President Trump promised to release has come out, between him and ukrainian president zelensky. President trump pushed ukraine to work with Rudy Giuliani and attorney general william barr on biden, according to the transcript. In the transcript, President Trump mentions joe biden and joe bidens son hunter biden. It shows President Trump pushing the ukrainian president to reopen the probe on biden. This would be central to any impeachment process. We have a comment from the white house, saying it wont stand in way of the was lower testifying. We are into spitting testimony from the whistleblower. It also shows this transcript that President Trump asked the ukraine to find the server at the center of the Clinton Probe. On this call, he brought up the Clinton Probe again and asked ukraine to find the server. The department of justice spokesperson is also speaking, and says attorney general william barr never discussed ukraine with President Trump, and would never and was never in contact with ukraine. We are getting some details, but again, this is only one transcript of what is purported to be several phone calls. It is not quite clear what was in the other phone calls. We may hear that in whistleblower testimony if that is ever made public. Kevin i just want to to zone in on one portion of this transcript. On page four, where president theres a lot of talk about bidens son, that biden stopped the prosecution, and a lot of people want to find out about that, so whatever you can do with the attorney general would be great. Biden went around bragging that he stopped the prosecution, so if you can look into it, it sounds horrible to me. There are also at least two instances in my initial read of this conversation where the president references Rudy Giuliani, and he is directing president zelensky to work with Rudy Giuliani as it relates to ukraine. That dynamic on full display. We also know from an interview that Rudy Giuliani gave on fox news within the last 24 hours that he says he was instructed by the state department with regards to ukraine. So this now, if you put the pieces together, clearly could well, one giuliani saying that the state department instructed him with regards to ukraine. This transcript suggests President Trump says he wants really giuliani once rudy wants Rudy Giuliani to be the point person on ukraine. President trump asked for president zelensky to look into joe bidens son, hunter. Guy in terms of the expectations going into this, in terms of where this will take us, clearly the dam has broken on the impeachment, but expectations were high as two but this document would deliver for that process. Has it delivered more or less than your expectations and the bulk of those that have been watching this story in washingtons expectations . Kevin in the next hour, as we get response from republican lawmakers, that is what, as a journalist, i will be carefully watching for. I am going to be very carefully watching to see if any republicans break with President Trump, especially in the house of representatives. If you start to see republicans break away from President Trump, this turns from a massive political story to a massive constitutional story. Right now we are Just Moments Away from this five page document having been released, and we just dont have the response yet coming from republicans, but as the response comes in, we will reported for you. But again, impeachment proceedings based upon this, you would need to majority in the in theyou would need 2 3 Republicancontrolled Senate to convict on impeachment, which would require a removal from office. Based upon every thing ive heard prior to the release of this transcript, republicans have not broken, as of now, with President Trump. Vonnie i do want to point out that the s p 500 Health Care Facilities index is the worst performing index in the s p right now, down 1. 6 . This, of course, is partially because of what is happening in congress. We have to look at u. S. Dollar and mexican peso as well because usmca will be on hold if this does take up some of congress time. Crossbring in luke kawa, as it reporter here at bloomberg, for more Market Reaction cross asset reporter here at bloomberg, for more Market Reaction. This does have some repercussions for particular industries and currencies if this does go ahead. Luke certainly, and i think you hit the nail on the head in highlighting a few. I find what is still interesting right now is software, which continues to get killed. That is kind of agnostic to this, so it is just showing that a risk off tone does pervade, or marketers events are ready to jump on selling those high flyers when given the opportunity. This is thinking five steps down the road, but that is what Financial Markets are supposed to do, else Fargo Securities did flag wells Fargo Securities did flag that elizabeth warrens lead in the polls over biden has seemed to swell. That swirling around these months surrounding the 2020 election, so that could be a sign that anything perceived as bad for trump, bad for biden, and good for lauren is causing some people to make tentative moves good for warren is causing some people to make tentative moves into increased protection from 2020. If we have learned anything from 2016, it is probably that we shouldnt be doing this. Guy what does history tell us about impeachments and their impact on Financial Markets . Luke first off, really important to note that if we want to use the yield curve as a recession pricked her, we should be very careful about extrapolating anything recession predictor, we should be very careful about extrapolating anything given the small sample size. When impeachment proceedings were introduced, that was the intraday bottom. It was down as much as 5 on the day. Vonnie ok. Our cross asset reporter, our thanks to him. Our thanks as well to Kevin Cirilli. We want to get to the Bloomberg Global Business Forum taking place here in new york city at the plaza hotel. Francine lacqua is sitting down with j. P. Morgans james dimon disney ceo bob iger james dimon and is the ceo bob iger. Absolutely hard work. Ive always tried to be disciplined. I think theres a big element that, i dont care what you do in life, but youve got to navigate it, and things happening ways you dont expect. Francine what does it mean being a leader in 2019, and how has that changed in your last 10 years . I think being a leader today is probably different because the world is changing much faster. Technology clearly is increasing the speed of change, no matter what direction you look. Far more disruption than ever before. I think it requires a patients. More abilityuts, to take risks, and an ability to make decisions without having all the answers because the answers are harder to get, given the speed of change. Francine is it more difficult to navigate because of the changing political systems . Details, analytics, facts, stuff like that. Trust, personal relationships, those of the same. The speed is unbelievable. In the thing that may be true in your business, too, you have to organize around it differently. Agile Technology Means agile management. Things that used to take 100 people to do, six people can do it, and teams are learning so much faster. The other thing is the complicity of corporate roles and how you do that, dealing with being a productive part of the collaborative discussion with government to get things done that are good for countries. Francine what advice would you give, and what advice would you take from politicians . I seek advice from politicians when it comes to regulation in various countries around the world. Get advice about Government Relations and knowledge that they may have of officials in countries where we are doing business. But most politicians you deal with have never been in business. Seeking Business Advice from politicians is something i dont usually do. I respect their opinions on things, but it is pretty limited to that. Policy is complicated, and collaboration is necessary. The road to hell is paved with good intentions. You see a lot of policies that are supposed to lift up the people of the country, and they dragged them down. So a really good politician should figure out the policy, figure out what can be achieved in the political environment, and then get it done as opposed to thinking an over simple stick thing is going to work. You seem countries around the world doing great for the people, and countries around the world doing terrible. The terrible is always in the name of good, always. Just listen to the politicians out there. So do the right policy and move on. If you dont get reelected, so be it. Francine how often do you get asked if you want to run for president or for Public Office . Pretty often. [laughter] francine and your answer has always been no, not now. My answer hasnt always been no, but my answer is no. [laughter] i considered it at one point. My wife had a funny line. For any you can run office that you want, just not with this wife. Find someone else. [laughter] i thought that was somewhat discouraging. Francine how many times have you been asked . But i see people ask all the time, so i dont think anyone should be flattered by people asking. I think we can make a productive Country Region around the world just from the plat form i have. Francine is that because you feel like you can make a bigger difference as chief executive, or that youre not made for Public Office . I think the best i can do is to do my job really well. If i can finance economies and steadies and cities and states, i can help, and i love it. Francine is there a vacuum left executivesans that have to fill . David i hope not. I hope not. The world needs great leaders, and i think our political system, at least in the United States, is not designed right now to necessarily develop great leaders or to encourage more. People to seek Public Office it just to seek Public Office. It just is far more difficult to run for office today than ever before, and if you do it as a sitting ceo, it is virtually impossible. You cant run your company and run for office at the same time. I would say theres probably an overlap of skills between a ceo and a good allocation, but it is not a complete a good politician, but it is not a complete overlap. It is something you have never dealt with before in the political ream. Some ceos will try it and it is a dismal failure. Part of the political skills is the skill. I wouldnt expect every ceo to be good at some thing like that. The other thing that is obvious to me is as ceo, you can exhort your people to communicate and collaborate with one another, to trust one another. You get into an elected office, and it is almost impossible to get that from the people you need to get it from, so it makes it much harder to be productive. Ceos are used to be in productive. That is how we get graded. I am not sure politicians or elected officials necessarily get graded on productivity. It is almost not expected of them at this point, which is not necessarily a great place for us to be. Every political organization, the agencies and departments, around the world, is always gave me this money for a, b, and c. Output . The it is easier to say we should do more, but as we all know, broken systems, you can put all the money you want in broken systems, and they are still broken. Of roic of anhear elected official . Francine but you have to be popular as a politician. Do you have to be popular as a chief executive . Jaime i dont think you have to be like. It is not a popularity contest. If you are trying to run a popularly contest, you dont make the tough decisions. I think you have to be fair, and known as someone that is fair and accessible and communicative, and there are a number of things, but popularity is not one of them. Bob iger, you have a new book out. What did you learn about yourself writing it . This this is a shameless this is a shameless plug for my book. Jamie i want a signed copy. Disneys bobis iger and jamie dimon speaking at the bloomberg Business Forum. Right now, there is an interview with pedro sanchez, Prime Minister of spain. But get to that right now. Reporter thank you for talking to bloomberg. Weve got iran, brexit, and Climate Change. Can i begin with brexit . Boris johnson has had to fly back. In spain, you have generously said you will give benefits to britons living in spain. You stressed that should be reciprocal. Spanish People Living in britain should get the same deal. Have you had any sign that britain is prepared to do that . Do you trust Boris Johnson with that . Pm sanchez i had the opportunity to meet with him in biarritz at the g7 summit, and we had a conversation that was really positive. I think we will guarantee the rights and the freedom of citizens in the u. K. And spain. Reporter spains economy is very affected by brexit, arguably the third most affected after britain and ireland. Pm sanchez it is indeed. It is one of the Major Economies in the European Union. We receive a lot of tourism coming from britain, and we appreciate the british tourism. That is by it is so important for us to be ready in case we have a no deal brexit. Reporter another big issue in brexit at the moment is the scottish. If the scots decide if the british leave, perhaps the nato deal, and the scots have a referendum, the last time there was eva referendum perhaps a no deal, and he scots have a referendum, the last time there was a referendum, they said they did not want to leave the European Union. If they wanted to come back to the European Union, would spain be more welcoming . Pm sanchez that is a very tough question. Think it is a domestic political issue, and i respect the british politics. We are following very closely what is happening in brexit. Our territorial problems in catalonia. Ive explained the Independence Movement in catalonia, that the referendum is not a solution. It divides societies. It creates a huge fracture in societies. It doesnt give a positive and constructive way out. I think it is much better to open a dialogue and to restore and rebuild coexistence. Wereter if the scots considering going independent, spain wouldnt necessarily be supportive of that. Pm sanchez we would consider it. Reporter you saw president rouhani yesterday. Do you think the iranians were response before the drone attack on saudi arabia were responsible for the drone attack on saudi arabia . The opportunity that i had yesterday with president rouhani was to send a clear message from the European Union, that it is not a good idea, it is not a positive idea, to withdraw from the nuclear agreement, and that of course, spain is also willing with other European Countries to reinforce our commercial ties or commercial relations with iran. Reporter do you think there is any chance of a meeting between him and trump . Using that as a possibly . To using that as a possibility . Do you think that is a possibility . Pm sanchez i hope so. Reporter one of the things you have put forward in spain is a very ambitious greenville that aims to reduce emissions ambitious green bill that aims to reduce emissions. Youve also talked about getting rid of the combustion engine. Do you think this some of this bill, people have complained that would hurt the spanish economy. Does that worry you . Pm sanchez this is a debate not only in spain, but european industry, the car industry. We are now about to open a new term in the European Commission. I think that we are about also to open negotiations for the European Union budget for the next five years. I think that we need also to put Economic Resources and financial ecologic on a fair formation. It is very important to put thingsc resources into considering for the car industry. Countries, but also i think we need to give a green perspective to all of the european budget, especially the European Investment bank should put more resources on this issue. Reporter do you see any sign in europe that there is enthusiasm to do that . You have a new regime in the commission in brussels. Is that what you asked back them to push is that what you expect them to push . Pm sanchez i expect the European Union can convert themselves to the leader of the Green Economy in the mediumterm. I believe the European Commission and the majority of the Member States in the European Union have this goal in mind. Therter you talked about spanish economy and the effect of these new bills. The other big thing is economic reform. The economy is slowing a bit in spain. What Economic Reforms did you want to push through most at the moment . Pm sanchez we are going to put a lot of financial resources, private resources, on second is education, per merrily vocational training, one of our major weaknesses primarily vocational training, one of our major weaknesses. Improve the quality of our vocational training. Thirdly, digitalization. In countries like spain, the publicsector has a lot of potential to create positive synergies and spillovers in the private sector. That is why we are going to engage a lot of resources into digitalization. Reporter most investors, when they look at spain, they say the biggest problem is the labor market. You have a twotier labor market. If you have a job, you get benefits. If you dont, you get none of those advantages. I know you are keen to help the second group of people, but i thing most investors would like to see you curb some of the benefits of the first. Pm sanchez absolutely, but it is also true that in spain, we two two trade unions and business associations. Rebuild societal in thend to agree structural transformations in the labor market is complicated. I believe that in these four years, we will be able to reach new agreements for a new labor Regulatory Framework in the 21st century. John you are going into a big election for spain. You probably have to go into with someone whose name is always difficult to pronounce. Some would say this is a risky one because they are less keen on Economic Reforms. By far, the right wing party, the popular party, had 16 of votes, so there was really no need to repeat elections. In a way, theres a rational behavior by the opposition. When i say the opposition, i dont only mean the far left, but also the right wing political parties. I believe that 10 november, we have a great opportunity to overcome these stalemates and to have stability in four years to make all the transformations we need to make in our country. John what do you see as the biggest risks to the spanish economy . Pm sanchez i would say in shortterm, a no deal brexit. Not only for spain, but for the global economy. Secondly, the trade war between the United States and china. John we talked about iran earlier. President trump has been here. Youve been very critical of President Trump in the past. Are you reconsidering at all, or do you think he is still a problem for the world . Pm sanchez i do appreciate the Digital Medic between the European Union and the blue medic relations between the European Union the diplomatic relations between the European Union and spain with the United States. I believe we need to strengthen our transatlantic relations. We have many common interests, the u. S. And spain, not only on the economic side, but also the cultural side, social, and also defense interests. , i would like to witness a strength in these relations. John you have a president at the moment who is not entirely polite about spanishspeaking immigrants. On some, he is bent sort of economic punishment on trade for europe. Pm sanchez i regret that, for instance, i heard that trump defined the European Union as the biggest enemy of u. S. Interests. I believe it is the opposite. I believe that for the World Economy and for the world interests, to have a very positive relation between the u. S. And the European Union, not only from spain, but among all the european leaders in the european council. I feel that this common interest to strengthen our trans atlantic relation is the majority feeling among european leaders. John you mentioned the european council. You are generally seen as an ally of president macron, that there is a new way to try to make you more integrated. There, germany is the big problem. Pm sanchez well, there are some difficulties or difference with germany, but i do believe the euro budget is something that we need to do for sure, especially today with these forecasts weve seen in the global economy. Is for instance, germany very positive with the attitude to build a common Defense Strategy at the european level to strengthen the foreign side of the European Union. So in a way, always we will need germany to be a strength in the European Union project. Famous francisco , youre going to move this body. Pm sanchez it was nonsense to ave a monument to dictatorship. We hope to deliver it in the next weeks. John thank you very much for talking to bloomberg, Prime Minister. Im going to throw back to vonnie quinn. Pm sanchez thanks very much. Vonnie that was bloomberg editorinchief John Micklethwait with pedro sanchez, Prime Minister of spain. We will be returning to the Global Business forum, but we should recap what happened in the last halfhour or so. We got what was actually a rough transcript of a call between President Trump and ukrainian leader zelensky. There were footnotes in the release that had ellipses, and said that some of it was based on recollections of the situation room Duty Officers and policy staff. That said, we did get some details out of the transcript, including that the president asked zelensky to reopen the probe into biden, and did mention joe biden and hunter biden on that call. Guy Global Markets not really reacting at this stage to what is happening at a political level in the United States. We have seen a small bit when it comes to u. S. Equities. We saw that ripple around the world. As you indicated earlier on, not much of a reaction when it comes to this story. I think people are trying to figure out what the impatiens are from what is happening in washington the implications are from what is happening in washington. The president s domestic agenda, what does it mean for that . Does this have an implication when it comes to the china trade talks . Will this force the president may be to accelerate those talks so he can get an early win as we enter this process . Or maybe it could ultimately end up stalling them. I think the market is trying to focus on policies rather than politics right now. I think maybe we look back to history, the clinton impeachment didnt have much of a market affect, but maybe it had a policy effect. Vonnie the chief strategist at rbc saying, the odds of the president leaving before his first term is over have jumped from 22 to 40 . I would urge you to keep a look stocks. Price lets get back to the bloomberg level Business Forum, where ardern and Michael Corbett of citigroup are speaking. How much would be financial flows change if you ardern actut rid of subsidies . If you got rid of fossil fuel subsidies . If you made serious progress there, would that are medically affect the allocation of capital you would give to those industries . So, he limited fossil fuel subsidies on trade . I think that process is underway anyway. The World Economy is moving. Sector where that dialogue is now at the level of how to transition from the model efficient andore cleaner model. Theres a lot of work being done on that. I thing we are moving in the right directing. It is difficult to predict. I think overall, it is going to produce better quality growth and better economic growth, that will lead to better quality trade, if you wish. If using about the passive climate trends, particularly out of own herbal countries, you d to change the way People Energy is one of the Key Structures of those industries. Reporter if i could ask the same question to you, mike, if you managed to get rid of these subsidies, would that change the environment dramatically for the kind of things he would finance . Theres a lot of talk about green bonds, about pushing capital toward renewables. Would you have a bigger impact if you actually got rid of them . Michael one of the big things that would likely come out of it, today, what we see is their ofere around this nexus trade and climate. I mean by that is that while globalization has been great and trade has lifted hundreds of millions of people out of poverty, theres the other side of that around the protectionism of people having lost jobs. I think people conflate climate into that and subsidies into that, i fear that people pullback and move slower than they otherwise would. I think it would be great to do that, and i think we would see some shifts because again, you look at what is going on between the u. S. And china. Weve seen trade routes realign, manufacturing realign very quickly. So i think if subsidies went, prices changed, you would see manufacturers and mangers of goods and services realigning. Jacinda are you going to be pushing for that . Your focus for green financial sectors and focusing on Climate Change, will you be pushing for reduced subsidies for fossil fuels . Tijane short answer, yes. Not loudly, but pushing, yes. Lobbying and pushing is more effective if it is not too loud. That is what we do for comedies we finance. It is more effective, often, the noise. Guy we are going to leave that panel there. Youve been listening to ceos and Global Leaders and Prime Ministers addressing the issue of the climate and how it is affecting policy going forward. The panel, new zealands new zealands ardern, who is certainly focused on that. Thank you so much for joining me on this. Longpore, that was a flight. 18 hours or so. Own for fiven your months or so. Have you seen anything in the investment environment that has surprised you at all in these six months . Guest i wouldnt say that it has actually surprised us, but it is amazing how many more geopolitical events are coming across and affecting all of us. We take these into consideration were relook at our investment stance. In the last five months, the situation in the middle east with what happens with aramco fields, weve had situation between japan and korea. It is really a complex world, and one which we have been seeing coming on for some time. Shery and of course, that affects the markets. Theres been a lot of fella till the out there. What is temasek doing to whether torough two weather that through . Dilhan if you look at the markets, the idea is where can we find value. Market, wer return see there is a lot of liquidity there. That would result in elevated valuations. Can we get returns over the long run . These are Big Questions to answer. Shery one of your investments in a u. K. Based company, benevolent ai, their valuation has been slashed in half. Has the era of overvaluation come to an end, and will this affect your portfolio . Dilhan im not sure it has come it isend, but definitely giving people pause. It is definitely giving people pause. It is not so easy to get capital elevated valuations. You have seen that with the publicd ipo, where the markets are not willing to value where the private markets are at. I think in this environment, it is a good thing. Shery we have seen disappointing ipos. Wework, we dont know when that is going to happen. You guys intend to go into the eyes into these ipos before they go into market, right . Dilhan typically, we have tried to go in at the midstage of growth so we can follow the trajectory, grow with the company, put more capital to work. It areas like sustainable living, new areas. We go a little bit earlier so we can understand the trends more deeply, and that has worked out well. Shery is that still your strategy, and would you ask a company you are invested in to think it again, think it twice before you actually make your debut . Dilhan i think right now, we would whether focus on growth. The idea of going public is one that will surely come about when they are ready to do so, when the market is ready for them. It takes a lot for a company to transition from being privately run to being a publicl company. To being a public company. There are many stakeholders involved. So we are encouraging them to think about that journey in a different way. Shery what does the market in china look like . I know you have about 25 of your portfolio in china. You are invested mostly in the consumer story in china, right . Dilhan yes. Shery are you worried about trade tensions and how that is going to affect tensions over there going to affect things over there . Dilhan consumption is very much dependent upon confidence. So far, the consumption story in china has shown some effects rising from the trade tensions. It still looks good in the areas we are focusing on, whether it is technology, biotechnology, or in the Consumer Internet space. Of there are concerns weight in which the chinese economy the way in which the chinese economy is evolving. Shery if you continue to see trade tensions evolve with the u. S. , that will not leave the Chinese Consumer isolated. Is that your expectation, that perhaps what chinese policymakers can do will upset some of the impact of the trade tensions . Dilhan the Chinese Government has many more letters to rely upon than most other governments do many more levers to rely upon than most other governments do. The trade tensions are not felt to the full extreme as you would normally expect it to be. I do think they are focusing very much on the consumption story, the domestic consumption story, because there has been a pillar of growth in china over the last five to 10 years, and that should be the pillar of growth for a time to come. Shery are you shifting your portfolio aced on what is happening on the political side of things . Dilhan we are focused on two main destinations for capital, the United States and china. Both still offer many opportunities. As long as we are focused on finding the good ones to give us good would turn, i think we will be all right good return, i think we will be all right. What weve decided to look like his sustainability. We want sustainability to be at the core of what we do. Weve decided to look at it in three different ways. One is to bring the framework into our investment process to make sure the companies we invest in our on a journey with the framework. The second is to look and see the extent to which these companies fulfill the the other is to look at sustainable investment, water ,fficiency, water utilization and also look at sustainable solutions. That includes Environmental Engineering solutions which Companies May have, or even things such as stable financing to allow more of these Infrastructure Projects come to fruit in a way that doesnt harm the environment. Shery that is all good from temaseks point of view, but how receptive are these companies to the ideas . Dilhan increasingly, we are finding a more receptive audience. I think Everybody Knows this journey has been going on for some time, and their own customers are looking for them to embrace the journey. Their employees are looking for that as well. I think this is a good thing. If you look at what the business reallyble did, it is about stakeholder response ability rather than shareholder response to the. Most of the companies shareholder response ability. Most of the companies are thinking about this themselves. Shery what are your goals in the longterm . How much of europe or polio will you allocate to sustainable portfolio of your will you allocate to Sustainable Companies . Now, 5 aret related to companies in a sustainable type basin. Of our companies should be on a sustainability journey, so we are working towards that. Shery what is the time goal . Dilhan we have two things we said we would do. First of all, we are Carbon Neutral by next year. That is temasek itself. Second, we want to see how we can get our total portfolio to reduce the Carbon Emissions by 50 2030. That is a longterm goal for us by 50 by 2030. That is a longterm goal for us. Shery thank you for being with us. Ceoy Second International Temasek International ceo Dilhan Pillay here. Vonnie thank you for that. Guy in the last hour, we have seen the release of a rough transcript of the conversation between the president of the United States and the president of ukraine. We are now starting to get reaction to that release on both sides of the aisle. Lets get back to Kevin Cirilli, our chief washington correspondent, on capitol hill. What are you hearing . Kevin the house judiciarys top republican, doug collins of georgia, he is saying that this transcript exonerates President Trump. Meanwhile, democrats, including former 2016 democratic residents were nominee hillary clinton, says this only emboldens calls for impeachment. The president saying this transcript shows he committed no wrongdoing, but from here, the careful watching is going to be in terms of key republicans in the senate, particularly those senators who are up for reelection. As of now, there doesnt appear ofbe a mass exodus republicans leaving support of President Trump. Granted, it is still early. We still are awaiting word from bigger of the house nancy pelosi from speaker of the house naked pelosi. House nancy of the pelosi. One of the criticisms is that she called for impeachment before the release of these transcripts. Seen the formal whistleblower complaint. As of now, there does not seem to be significant numbers of republicans leaving the president , though again, we are still only one hour into this story following the release of that transcript. Vonnie Chuck Schumer is speaking now on the senate floor, the Senate Democratic leader. He says the details of the ukraine call may heighten concerns, and that the impeachment inquiry was not taken up for partisan reasons. Let me ask you, we didnt get an exact transcript. Obviously, what we did get was based on things like recollections of the situation from Duty Officers and political staff and so on. Does that mean that the whistleblowers recollection will be pitted against the recollection of others, and this is going to turn into a he said, she said situation . Kevin it looks like this has been deeply politicized already. With regards to the response, and based upon my reporting. Point, there has been several questions about the forthcoming mess the forthcomingness of not only President Trump come about republicans criticizing Speaker Pelosi for the handling of this. As of now, it is a deeply political situation. Guy kevin, the president is taking a question on this very issue. Lets take a listen. Pres. Trump they shouldnt have done that. That should be an impeachable event, i guess, based on what you are saying. The democrats just went down. Some of whom i was dealing with the gun issue. I put from it is pressure on ukraine. Said therent himself was no pressure put on him, and what i do want to see is i want is the other countries helping ukraine also, not just us. As usual, the United States helps, and nobody else is there, so i what is the other countries help. Just so you understand, it is the single greatest witchhunt in american history, probably in history, but in american history. It is a disgraceful thing. The letter is a great letter, meaning the letter revealing the call that was done at the insistence of myself and other people had read it. It was a friendly letter. There was no pressure. The way you had that built up, that call was going to be the call from hell. It turned out to be a nothing call, other than a lot of people said i never knew you could be so nice. Part of the problem, you have the fake news. You have a lot of corrupt reporting. You have some fine reporters and journalists, but you have a lot of corrupt reporters, a lot of corrupt journalists. I would rank you right in there, by the way. [indiscernible] pres. Trump excuse me. Excuse me. If you notice, the stock market went up when they saw the nonsense. All of a sudden come of the stock market went down yesterday when they saw the charge. The stock market went up very substantially. We have created the greatest economy in the history of our country. The greatest economy in the world. China wouldent won, right be the number one economy by far. Right now, china is way behind us, and they will never catch us if we have smart leadership. Way behind. We have picked up trillions of dollars, and they have lost trillions of dollars, and they want to make a deal very badly, and it could happen. It could happen. [indiscernible] pres. Trump sooner than you think. Our military is rebuilt. Our military has never been stronger. When i came in, it was depleted. Our vets are happy. Summary things have happened, and the democrats feel they are going to lose. We had the highest poll number, rest mucin, 53 , but they say you can add 10 to it rest mucin, 53 , but they say you can add 10 to it. A lot of people say you can add 10 or more to it. We have the best economy weve ever had. We have the best unemployment numbers weve ever had. We have the best employment numbers weve ever had. We have almost 160 Million People working. Thats far more than weve ever had working in our country before. Thank you very much, everybody. Thank you. [indiscernible] pres. Trump thank. You very thank much. Thank you. Guy the president addressing the issue of the ukrainian call, the conversation he had with the president of ukraine. We now have a rough transcript of that call. Lets get back now to the Bloomberg Global Business Forum, where david westin is sitting down with bloomberg lp founder and majority owner michael bloomberg. David tly right exactly right, guy. Michael bloomberg is the founder of bloomberg lp. Great to see you for the third year now. So why do you do it . Michael it is certainly good for the company. Building brand, getting people to come in that you can then interview. For altruistic reasons, it is good for the world. For selfish reasons, this is good for my kids. I want to have a better world for them. The way you do that is addressing some of the key change,climate education, all sorts of things. By us making a difference, and i take all of the profits from the company and put it in, and then patty harris spends the money on trying to do some good for the world. It puts a smile on your face that you are per dissipating in doing something, and i get a chance to talk to you that you are participating in doing something, and i get a chance to talk to you more than i typically do in a day. [laughter] guy we have a lot of world david we have a lot of World Leaders david we have a lot of World Leaders and Business Leaders here. What do you hope they take away . Michael we want them to take it seriously. Climate change has gone from it doesnt exist to it as a commie plot to it is not manmade to a my god, it is really changing. I dont care how we got here. Weve got to do something about it. That is progress. Individuals are changing their patterns at home, companies are focusing on it. This brings together the smaller countries in the bigger countries. The bigger countries have an awful lot more impact individually, but the smaller countries, you add them together, they are really doing a great deal of damage or could do a great deal of damage to the world. Look at what venezuela is doing, burning, and indonesia, burning the forests. It is a disaster for the world. You and your kids who you love dearly, you dont want to leave them a world that has no future. If we take away the ability to stop Climate Change, we dont do anything about it, the consequences are horrendous. Even if you say to me, i dont really think it is ever going to happen, god wouldnt allow it, or whatever, if there is a remote chance that it is possible, the consequences are so bad that you have to stop everything and work on it. It is just nonsensical to say it is never going to happen, and im going to bet my life, my kids and my grandkids lives on it. Guy there are a lot of david there are a lot of companies addressing this. There is one exception. The federal government in the attended states is not taking a leadership position, i think it is in the United States is not going to take a leadership position, i thing it is. Obama did things, but his signature piece of legislation never got approved by congress. Coal then, weve closed fire power planes in the country. We are on our way to get to all of them by 2020. We are starting to work in europe. Weve already closed 70 coalfired power plants. We can do things without the federal government. Would you rather have the federal government help . Yes, but im not sure how much i want them to help because with their help comes restrictions and compromises that we dont have to make in the private sector or local and state governments. So if we are going to have a Climate Change bill that exempts this and that because the votes are over here and this guy has a reelection coming up, im not so sure we arent better off. You go your way. Just keep talking. Dont get involved. We will get it done. David how much our economics affected by the climate . We have Global Leaders here, Business Leaders here. What is the connection . Michael number one, the stock price is very affected because customers want them to be environmentally friendly. I was in iowa, just because i wanted to be in iowa, and talked to a bunch of farmers. Their big complaint was that canadians were starting to grow the same crops they are growing because canada had warmed up enough. So it makes extra competition. This year, a lot of the farmers couldnt plant their crops because they were underwater. You just go right down the list, and companies have buildings where they cant protect them. If you are a ceo of a company, you went to your board and said weve got this plant by the water that might get flooded, but i dont think that its going to happen, so im not going to do anything about it, youd be sure you clean out the desk that night because youre not going to be there tomorrow morning. Nobody would tolerate that. What is your backup plan . Do you have an alternate facility . There are things you have to do in this day and age. The public is not technologically necessarily welleducated in terms of understanding the science of it, so when they hear some of these things, they start to believe it. But the public does know what is good for their kids and themselves, and they dont want to look out the window and see the water coming up, and it got to go on the roof of their building and see a forest fire heading in their direction. They dont want to see people sick because the water is bad, they have stomach cancers and that sort of thing. Theres an enormous number of things that come under the rubric of Climate Change. If the oceans rise, the storms are going to get much greater. The oceans rise because it is getting warmer. If oceans get warmer, the storms pick up more moisture and get much thicker. They move much slower. Last week, we had four feet of rain in houston. Four feet is up to here, for gods sake. I would have trouble keeping my head out of water. You would be ok. Had 17 out of, we the last 18 hottest years on 00. Ord since 20 guy a lot of talk is about david a lot of talk is about Global Growth slowing down. Do you see a significant downturn . Michael it is inconceivable will have bad economic consequent is from stopping trade around the world, stopping regulation that let Companies Know what the lay of the land was. Ist tell me what the law is the way a company is managed, and we will do it. If it changes every day, they cant possibly keep up, so that is not good. We are dumbing down our education system, Public Education across the country, and a lot of state schools have been defunded by the legislature. That is not good for business. Business needs a supply of welleducated talent. If you dont have that, you really have a big problem. I think almost every business, i can find you something, and we have an industry that we are working on that companies can rate their Environmental Impact on a comparable basis because some people say, i want to invest in the bank that is doing the most, and not the bank that isnt. The Steel Company is the cleanest. That sort of thing. David elections have consequences, as we know. Forael and we are paying it right now. David as we talk about things