Bloomberg Talks

Paul Atkins, the US SEC Chairman, discusses the urgent need for clear regulations around cryptocurrencies following new stablecoin legislation. He emphasizes the SEC's commitment to fostering innovation while ensuring investor protection. The conversation also touches on transforming 401(k) plans to allow private assets and alternative investments, highlighting the importance of transparency in these ventures. Joined by Bloomberg's Jonathan Ferro, Lisa Abramowicz, and Annmarie Hordern, Atkins provides insights into the evolving landscape of digital finance.

Jim Chalmers, the Australian Treasurer, shares his insights on Australia significantly ramping up defense spending from 2% to 2.3% of GDP amidst global tensions. He warns against U.S. tariffs as 'economic self-harm' and emphasizes the need for multilateral cooperation through the G20 to tackle economic volatility. Chalmers discusses fostering resilient international partnerships and the importance of Australia’s pharmaceutical benefits in trade negotiations, advocating for economic resilience over retaliation in a shifting global landscape.

Mathias Cormann, Secretary General of the OECD, delves into the complexities of the global economy, highlighting its uncertainty shaped by inflation and policy challenges. He discusses the importance of cooperation among G7 countries to tackle pressing issues and ensure fair trade. Cormann also provides insights on the global minimum tax initiative, examining its evolution and the critical role of international collaboration. Tune in as he navigates the balancing act between competing global interests during major meetings like the G20 finance ministers' gathering.

Mary Daly, President of the Federal Reserve Bank of San Francisco, joins Bloomberg’s Michael McKee to unpack the current economic landscape. She shares her thoughts on upcoming rate cuts and the challenges of a labor market shaped by immigration policies and technological innovation. Daly emphasizes how generative AI can enhance productivity without displacing jobs, urging the workforce to adapt. They also dive into the complexities of interest rates, inflation, and the importance of strategic decision-making in maintaining economic stability.

Vasant Narasimhan, CEO of Novartis, dives into the world of pharmaceuticals with fascinating insights on the challenges and opportunities facing the industry. He discusses the disappointing sales of the psoriasis drug Cosentix and its growth potential, particularly in China's market. Narasimhan also addresses how U.S. pharmaceutical tariffs and shifting political landscapes impact strategic investments. He highlights the importance of maintaining a competitive edge in biotech, emphasizing innovation and federal support to ensure continued leadership in the sector.

Francois-Philippe Champagne, the Canadian Finance Minister, dives into the complexities of tariffs and their impact on global trade. He discusses the critical need for stable economic policies during G20 talks and Canada's role as a vital trading partner to the U.S. The conversation also highlights the significance of G7 unity in navigating trade negotiations and enhancing supply chain resilience. Additionally, Champagne emphasizes Canada's commitment to supporting Ukraine and the need for accountability in reconstruction efforts amidst the ongoing conflict.

David Baszucki, CEO of Roblox, reveals insights into the platform's innovative selfie-based AI age verification, aimed at enhancing safety for young users. He discusses the challenges of balancing freedom of expression with moderation in gaming. The conversation also highlights the popularity of 'Grow a Garden,' a game that has captivated over 20 million players, and how new technology is fostering safer interactions. Additionally, Baszucki shares Roblox's commitment to infrastructure and safety as part of its growth strategy.

Scott Kirby, the CEO of United Airlines, shares insights into the airline's robust second-quarter results, highlighting a surge in demand that transformed the business landscape at the end of June. He discusses the varying recovery patterns between business and leisure travel and addresses pricing dynamics driven by changing consumer behavior. Kirby emphasizes a cautious yet optimistic outlook for the airline industry, touching on potential growth opportunities, especially in partnership strategies at major airports like Newark and JFK.

Mike Wilson, Chief US equity strategist at Morgan Stanley, shares insights on potential market corrections amid tariff impacts. He notes a likely correction of only 5% to 10% as companies adapt to challenges. The discussion delves into the nuances of tariffs, including the shift towards a consumption tax model. Wilson also explores how legislation affects corporate investments, along with the transformative role of AI in the workforce. He highlights the balance between productivity and employment amidst evolving economic dynamics.

Brian Moynihan, the Chair and CEO of Bank of America, sheds light on crucial economic dynamics. He discusses how consumer behavior is shifting amid rising interest rates and wage growth. Moynihan dives into the implications of Federal Reserve policies on the bank’s earnings, particularly net interest income. He also highlights the transformative role of artificial intelligence in banking operations, improving efficiency and customer service. Additionally, he touches on the changing skill requirements in the industry due to technological advancements.