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tv   Bloomberg Markets Americas  Bloomberg  January 21, 2021 1:00pm-2:01pm EST

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alix: welcome to bloomberg commodities as we focus on the companies behind the highest -- hottest commodities. i want to get down into data. we will look at the top stories of the week. we want to kick it off with big revisions for demand for oil. the iea, eia and opec lowering estimates. lowering by another 300,000 barrels of oil per day. that increases the pressure on opec to not put more oil on the market. it is day two of the biden administration. clean energy stocks have gotten a boost. here is the potential wine. a report showed more than $500 million flowed into climate friendly sectors last year from renewable energy to electric vehicles and batteries to green hydrogen and it will increase this year. let's stay with biden.
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he probably put the lid on the keystone pipeline for good. energy aspects says, it is not going to have a huge effect on canadian oil. this graphic shows expansion that takes oil out of canada to the u.s. by 2023, over 1.2 million barrels of additional pipeline capacity out of alberta for a possibly regardless of the keystone xl. let's get into the ring. we are taking a look at the rally in on tap culture -- the rally in agriculture. taking a break after a big rally. we want to get some insight with our reporter in chicago. first off, what led the rally, why the decrease now? isis: thank you for having me. i think china. china, china, china. that is all we can say about the leading up to the rally. we have china buying more than
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people expected even though they did not meet the deal's targets for now. we did buy a lot more. they bought a record amount of corn. they bought 33 million tons of soybeans. that amount of purchase is what started it off. it was a demand-led rally. more recently we had issues in south america, brazil and argentina. i think that just added to it. the market came down the past few days a little bit. it is bound to happen when you have such a big rally. the weather is improving in south america. the harvest started in brazil. that is all normal. for the first time in a very long time in agriculture markets, we have two things going on at the same time which is a demand led rally and issues. alix: which commodity will have the most upside? isis: i would love to know that
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myself. i think grain has great potential. we have seen the potential in corn. for a while, people talk about soybeans because of the trade war. soybean exports are returning to normal to what they used to be before the trade war. china did not buy all of this corn from the u.s. before and now it is taking 10 million tons or more and it is a really exciting thing for the markets. we have started seeing things like sugar rallying quite a bit because of demand as well. demand in china as well at the same time as you are starting to see crop issues. alix: thank you so much, isis alameda. time for where we talk to an executive in the commodity world. this week, we will hear from vicki hollub. we will take a look at her
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company and its efforts with carbon capture. it is the new holy grail for oil companies, the net zero emission target. one big part is direct air capture. here's how it works. a machine pulls the air directly from the atmosphere and absorbs and attracts the co2 and removes it from the machine and injects it into rock, cement or an oil well and the rest of the oxygen is pumped back into the air. it can tackle current pollution plus old co2 lingering in the air. there are only a few commercially operational facilities around the world like switzerland in iceland and in british columbia. they just raised a few million dollars so far but that number could get bigger. enter occidental, one of the leading producers in the permian basin. one of its subsidiaries teamed up with a private firm to form one point is teaming up with carbon engineering. 1.5 provides the financing.
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occi provides the knowledge and carbon engineering provides the technology. occi wants to build the world's largest direct air capture. it should be operational in 2023 and capture up to one million tons of co2 per year. here is the potential price tag. at the cost of reaching the net zero emission target using direct air capture, it could be somewhere between $2 billion and $5 billion a year. the cost can be offset like you did -- like using co2 and tax credits. it could be really expensive. it is worth it. the company wants to make as much money pulling carbon out of the air and storing it for themselves and for others as it does in its chemical business. i recently sat down with vicki hollub to see how all of this would work. vicki: we have to have everything working. we have to have removal, we have to have electric vehicles, we
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have to have investment in natural things, you cannot do it without carbon capture. every climate model by credible institutions insists that it has to be part of this. we are experts in carbon management. we have done co2 processing for a long time. we have the ability to not only handle the co2 on the surface through our 14 processing sites and pipelines, but also to process in a very efficient way. direct air capture is the ability to build around the permian is important because you can extract co2 from the atmosphere anywhere and it does not have to be at the industrial site. we have a technology that we know will work.
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we need to get it to scale. alix: you are taking the knowledge that you have of carbon, the ability to use your infrastructure and the stuff that you make and pairing with the technology company to try to scale this technology. i wonder what is your timeline. how long does that process take until you can have a proof of concept? vicki: we have to determine how efficient it can be. we do believe that it will not be the most efficient, just like wind and solar, everything is improved over time. we will start the construction probably in 2022 and bring it online and we expect late 2023. we will see the proof of concept probably by late 2023 or early 2024. alix: do you anticipate making money off of it because you are able to use co2 to make oil
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wells more efficient or do you make money by renting this out to other companies that cannot lower their emissions like airplanes for example? how does this fit into your business? vicki: the benefit will be in the way you make money is by increasing production so you take the co2 which would be at a lower cost than the co2 we get from organic sources today. that co2 lower cost, that is a way to increase production at a lower cost and also as we go into a lower carbon economy, everyone is going to need to lower the economy and that is going to give people the incentive to invest with us. alix: united airlines made an investment in 1.5. what kind of sector interest are you getting? vicki: we are getting interest not only from maritime companies but from aviation companies and also from technology companies
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because they use a lot of energy. alix: how much is this going to cost? vicki: we have not disclosed that because we are in the early stages of the study. we have just selected but have not announced the ensuring firm. we have done preliminary work. as we go through the study over the next six to eight months, we will be able to determine exactly or pretty close to what the cost will be. ultimately, this will be less expensive than organic co2 we have today. alix: i guess it is hard to model. do you have an ideal return for from a portfolio perspective when everything is up and running? what is the return profile? vicki: if you do the calculation on what our resources is
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generating, it makes our business competitive with resources for the first time in a long time. alix: if i talk to you in 15 years, are you still an oil company or are you a carbon capture technology company? vicki: that gets back to what i was saying earlier. we are not afraid at -- of the transition out of oil and gas. we are the company that can make it happen. i do believe in 15 to 20 years, more will be from carbon management than gas. alix: time for our commodities kicker. the european insect market just hit a major milestone. yellow mealworms became the first bug to be found safe for human consumption by the food safety agency. dinner is served. the decision could resort in a booming edible insect market with mealworms wriggling up to
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supermarket shelves and dinner plates across the continent. thanks to its nutritional value and vulvar mental impact, it is expected to grow -- and low environmental impact, it is expected to grow. that does it for bloomberg commodities. catch us each thursday, this
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vonnie: welcome to bloomberg markets. your other top stories from
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around the world. the lineup for you, breaking down the president possibly as vaccine plan, unemployment falling slightly but still high, signaling more pandemic related strain for the u.s. labor market. william spriggs joined the mckay moments with the latest. an online luxury retailer ceo joins us on the company's public debut. let's get a check of the markets. the s&p 500 back flat, having been lower earlier on the day but trying for some gains. the dollar index is weaker versus a stronger euro. many other stronger currencies. the 10 year yield is back above -- around 9000 last week, far
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exceeding precrisis levels and serious infection. williams briggs, howard university professor joins now to discuss the recovery outlook under the biden presidency. doctors briggs, what kinds of conversations have you had with the administration? william: they shared with us what their plans were for the immediate covid package. we were very encouraged by that because it included many of the elements that had been left off the table in the negotiations at the end of the trump administration. vonnie: how confident are you that they will be able to make sure that all is enacted with this congress? william: it is going to be a tough challenge for the president because he wants to be open to republican input.
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the challenge is that republicans at the end of the trump administration made clear they did not see any problems with the economy and they really did not want to pass a package that would be adequate to address the problems to rate this will be a test of whether the president is going to extend an open window in which he can get input from republicans. my fear is he cannot wait long. the gaps in the coverage for state and local government, for fixing unemployment insurance benefits that people were getting, the need to get more people involved in getting the vaccinations done, all of those things, if they don't take place immediately, are going to prolong this downturn and make the whole problem almost impossible to solve. vonnie: what is the situation among your members right now? has it been improving and what needs to improve?
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william: there are still issues of safety, especially reopening schools. the president has made clear that he wants to put the money behind being able to safely reopen schools. but that is really complex because it is going to take a lot of money to make our schools safe because of the very high level of contagion taking place right now with the disease. at very high levels, we'll waiting schools just provides another space in which -- at very high levels, real bidding -- reopening schools provides another space in which the virus can spread. because they are under 18, we are not giving the vaccines to them. vonnie: what is your confidence level in the potential for a $15
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minimum wage as the biden presidency has made clear it is looking for? william: in the end, because the president understands how urgent this is, he is not going to give the republicans long to get on board and try to help solve the nation's problems with the disease and with the economy. that will be included as part of a reconciliation package which is probably how this is going to pass so that we can avoid filibuster in the senate and the stalling of this necessary legislation. vonnie: we are literally just in the last few minutes getting word that instacart is cutting 1900 jobs including the only unionized positions in the united states. can i get your reaction to this? william: it just shows how dire the situation is and how we need an immediate reaction.
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when the former senate majority leader mitch mcconnell confronted having barack obama as president, he said openly that he was going to make him a one term president. he was not going to work with him to solve our nation's problems during the great recession. we are in a much more serious position because we have lost more jobs and we are dealing with coming close to a position where 500 thousand americans would have died from this disease all on the watch of the senate -- former senate majority leader. if he is not going to be part of the solution, is he is not going to help with ideas that can get vaccines to people, that can get economic relief to people, my hope is that the president will just move on. vonnie: given this news, it brings up the question of california and how gig economy workers have had it tough. do you anticipate anything
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changing for gig economy workers and for unions as we go forward? william: the current president biden has proposed that he will support our act which is to help organize workers and the acronym is the pro active. he will need a lot of help because we are probably going to have to overcome a filibuster from senate republicans in order to get it passed into law. included in what he has promised before, clarification of american labor law so that we can return to the common sense that if i call you to work, you are a worker. vonnie: how confident are you that that is genuinely what the current president believes and he will work to that end? william: he does believe it. among the first 17 executive
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orders he signed was one dealing with racial equity. it is vital for racial equity in the united states that we have a level playing field for all workers because the force of discrimination in the united states has always been that the workers who are excluded have been black. that is the result of compromises that have taken place over the last 90 years as we have evolved regulations. if we don't get clarity on all workers are workers and if we don't restore the right of all workers to organize and have a voice at the table, we are not going to be able to achieve racial equity. vonnie: thank you very much for joining us today. that is williams briggs, howard university professor p. this is bloomberg. so you're a small business, or a big one. you were thriving,
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vonnie: this is bloomberg markets. time for your business flash, the biggest doors in the news. the fastest growth pace since 2006. they are responding to strong demand to single-family housing. 5.8% to an annualized rate of just under $1.7 million beating all estimates in a survey. the price of bitcoin fell to his loyalist -- fell to its lowest, below $33,000 per coin. bitcoin has been trending lower since breaking through that level that has led to growing speculation that the market is in a bubble. now our stock of the hour and that is united airlines. it has already paled. >> united is lowered by more
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than 5%, heading for the biggest decline since september. we knew that 2020 was bad for the airline. it was worse than expected for united. they reported a loss of seven dollars per share which was more than anticipated. the total loss was the biggest on record. the big issue is that the company is not clear when that is going to get better. it did say in the first quarter, operating revenue would fall between 65% and 70%. looking at when demand recovery will come back, they don't know. they expect it to be sometime in 2021 but did not say when. the ceo saying that they do not have a crystal ball. they did say the airline is maintaining his goal of topping its pre-pandemic profit margin by 2023. it is pretty far out. you have to consider united getting this report in contrast with delta was reported last week that they expect to return profitability in the third quarter. that goes to show you united's outlook is more fuzzy and
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explain why the stock is down about 52% over the past year while the broader index is only out by 32%. vonnie: also today, it is taking a lot longer than expected. we are getting a lot of mixed signals because they don't know. how is cash usage? >> it was larger in the first quarter. the good news is united has identified 1.4 million dollars in permanent cost cuts, that brings them more than halfway to their goal of $2 million. vonnie: kailey leinz with all of that. coming up, biden's new vaccine plans. a sweeping set of orders aimed at tackling the pandemic. this is bloomberg.
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mark: this is first word news. the pick to run the
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transportation department says he will focus on preventing the spread of covid-19, if he is confirmed by the senate. pete buttigieg was at his confirmation hearing today. >> safety is the foundation of the department's mission, and that takes on new meaning amid the pandemic. we have to ensure that all systems, aviation and public transit, railways, waterways and pipelines, all of it is managed safely in this critical time as we work to defeat the virus. mark: also in his prepared remarks, he said "now is the time, and we have a real chance to deliver for the american people." the u.k. has now administered more than 5 million coronavirus vaccine doses. the prime minister said the government intends to vaccinate 15 million people who are most
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vulnerable to the disease, and their caregivers, by mid february. the u.k. suffered its worst day yet during the pandemic, 1800 deaths recorded in 24 hours. sri lanka is trying to revive its leisure industry. it reopened its international airports today, after a 10 month border closure. tourism is a vital economic sector for sri lanka, accounting for 5% of its gdp and employing 250,000 people directly and up to 3 million indirectly. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪
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amanda: from toronto amanda , lang. vonnie: from world headquarters in new york i'm vonnie quinn. , here are the top stories we are following. biden seeks a new pandemic path. he's signing executive orders aimed at covid-19. and the saga concludes with it going public today, we will discuss with the ceo. aramco underestimates its carbon footprint. we will bring you the findings about emissions data from the biggest oil company in the world. amanda: we have seen markets today turning a little more negative, although pretty close to all-time highs. and the groups leading the broader s&p 500 are certainly the thing -- faang dominated
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groups like tech and communications. the nasdaq is doing slightly better. energy is a big driver, even as the price of oil is hitting highs not seen since the beginning of the pandemic, we also see some lags. not all opec plus members a green -- agreeing. and we are waiting to hear from president joe biden later today. one of the big subjects out of the gate has been changing the course of the fight against covid-19. more is expected on that front. but some early policies have been addressing that. michelle cortez is with us for more. as we compare and contrast the most meaningful changes so far, what do you think that those would be? michelle: the biggest change between administrations is the focus of the outreach itself.
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bide wants to haven a better approach -- biden wants to have a better approach, so he will be giving direction, information and money from the top down to the states, contrasting with the trump administration, that believed they were responsible for helping to develop the vaccines and give it to states and let them handle it. and that they could do their own testing. so from this administration we will get more top-down, both in terms of communications and in terms of cash. vonnie: to be clear, the first thing that was done was to ensure regulatory freeze. anything bout international -- about international travel? michelle: i did not really hear the question clearly, but they are doing certain things like requiring negative test results
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for anybody who is traveling internationally. and there are other measures when it comes to wearing masks on airplanes, buses, those types of things. so there are travel emphases happening. but i did not hear the rest of the question. amanda: in terms of international changes, the who, and rejoining corvax, it's important to those organizations, but internally does it have influence on what americans think about covid? michelle: that's a critical point. not only is this administration looking to have a more federal approach when it comes to acting domestically, biden is looking to have a bigger impact internationally, as opposed to the more restricted policies of the trump administration, where it was a focused on the united states. so, biden's commitment to the
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world health organization is critical because the u.s. is the biggest funder of the who, the group intended to make sure that pathogens are recognized quickly and handled globally. and there will be a program that will help get vaccinations to developing countries, that is where the virus can live and breathe and grow and emerge in the future. so we really need to get unvaccinated people taken care of there, so the virus is not with us eternally. vonnie: has the new administration clarified what it plans to do with the dpa, the defense protection act? michelle: so, they are planning to call up the defense protection act wherever necessary. they have not said for specifically where yet, but
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people here that and they think that the companies are not making as many vaccines as they could be making . that is not the case. those on the ground are going as quickly as they can. what we are talking about is the supply chain. you can make as much vaccine as possible, but if you do not have glass vials or plastic to wrap them up in, it's no good. if you cannot administer them, you cannot get them out there. so the supply chains have been bottlenecked. if you cannot get ppe into the facilities to make the products, then you do not have what you need. it's that organize process from the top down, making sure that the entire path, coming from the basic essentials of what you need, all the way through to the production and distribution of things, of the vaccines and tests, that is the process this
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administration wants to make sure, from the national level, is completely clear so they are working as efficiently as possible. vonnie: michelle, thinking so much. president joe biden worries about how to keep the pandemic from spiraling out of control. and the chairman of moderna has told emily chang he sees nothing preventing the vaccine maker from playing a big role in joe biden's vexing promise. >> we believe that the quality checks and is applied to tradition capability exists for us to be able to play our part in meeting that objective. and so far, nothing has discouraged us from continuing to work hard to do that. but i think that the plans that exist to do that and the production systems are functioning according to our plans. emily: so, the urgency has never
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been greater, given the fact that the vaccine is out there and available, it's just a matter of getting it. give us a picture of your production rate. will you be able to hit 100 million doses this quarter and next quarter? >> look, we are -- we can do as much as we are able to do in the sense that we have not done this, and nobody else has done this before. in other words, nobody has gone from zero output of this kind of product, to what we hope by the end of the year will be one billion doses produced. it's important to understand that because the has not been done does not mean it cannot be done, but because it has not been done, we cannot say, we have done this 100 times before. we are in uncharted territory as a globe, medically, and in terms of production and supply.
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what we can do is plan, have backups, have various measures put in place to be able to detect -- early on and confiscate -- and compensate for them. everything is functioning, but until we can do that, we will not be able to point to having already done it as a reason to believe, because it is being done for the first time. amanda: that was emily chang in conversation with the cofounder of moderna. coming up, we explore the public debut of, the online luxury retailer. that's up next. this is bloomberg. ♪
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vonnie: this is "bloomberg
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markets." on vonnie quinn in new york, alongside amanda laying in toronto -- lang in toronto. mytheresa has made its debut. of course, the pandemic had people shopping online, so it surged the first trading day, although it is down from where it opened now. joining us is the ceo michael kliger. thank you for joining us. your reaction to where you priced at and the growth since then, you raised a hundred $7 million and s -- $407 million and shares dropped a bit earlier. michael: we are very pleased with our first minutes and hours of trading, but we are even more pleased with where we are as a company. it's been a long journey, and
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not to be a listed company and have a net proceeds coming to us as a company, not only to pay down our loans, but to finance future growth, feels amazing and we are truly excited here in munich and in our different offices. amanda: many will remember that you have been part of a long process through creditor projections -- protections. how much of the impetus behind the listing is about those investors who stayed with you, looking for a liquidity event? do you expect to see long-term investors selling as you move forward? michael: we had been originally purchased by neiman marcus in 2014. as we became a sister company to neiman marcus, they went in to check their level proceedings last summer.
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with the completion of the reorganization last september, all ties, and also the different legal claims, were all resolved, allowing us to pursue this company. and that drove the impetus to finally be now listed on the new york stock exchange. and of course the financial investors backing us since 2014 are interested in monetizing their investment over such a long period, but also providing us with more cash to really finance growth. vonnie: that's just it, right? obviously, mytheresa was considered the jewel in the crown of the neiman marcus portfolio, so this is indication for those who saw that in terms of the creditors and so on, but now you are on your own and you have to prove yourself. so how do you compete with the
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online retailers who are already out there, staking out their ground? michael: what we have been able to do over the last five or six years is to consistently grow by 25%. and to combine growth with profitability, which is quite unique feature. this is where we felt a lot of the support from investors, as we were going forward through the ipo. the online luxury fashion market offers enormous growth because today it is estimated only 12% of luxury consumers are shopping online, and this will triple to a share of 30%. and within this vast market, we have taken a unique position, focusing on correction, on -- curation, not just aggregation of as many products as possible. we focus on the high-end of
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luxury, not only in brands, but customers can demonstrated by our very high average basket size of 600 euros. amanda: one of the risks one could see for you is growing that share beyond the existing base. the pandemic has moved a lot of the luxury market online. post pandemic, the question is how many want to go back to a brick and mortar world, a world where they are dealt with one on one by a service provider? what's your feeling there and how competitive is it to get back into that space? you have nice margins, you are growing well, is that where you will keep focusing? michael: we want to focus on our core customer group. as i said, we have been growing consistently by 25%. the last six months have seen even higher growth, and we do attribute that, of course, to the closed department stores and
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boutiques. the last six months showed a 30% growth. we feel like the long-term growth ratio of 22% to 25% is a clear indication of where long-term growing evaluation is, as consumers turn to online. there could be a short time where they understand they could go back to department stores, but the long-term shift of more luxury bought online is the main drive of our business and of value creation. vonnie: what will you do with the capital? will you make acquisitions or give it back to consumers? when you say $600 is the average in the basket, you know, in that level of shopping, that's not a huge amount. michael: well, for luxury e-commerce is is one of the highest average basket sizes, so
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we are leaders of the pack. in terms of the cash proceeds, one the one hand we will -- on the one hand we will pay down a loan,. . that will make us effectively debt-free. the remainder will finance our ongoing organic growth. we have a strong base in europe. today, 40% of our business is outside of europe. and we believe that is in the u.s., but even in asia, there is more potential for a platform like us offering exclusive products from some of the best luxury brands in the world, thus we want to invest in brand awareness, more local services, while maintaining that unique profile of growing profitably, combining growth with profitability. that's a unique feature in e-commerce. amanda: it is great to have you. we will keep watching the stock. we appreciate your time, michael kliger. is saudi aramco omitting carbon
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information from investors? that's coming up next. this is bloomberg.
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amanda: the world's biggest oil company claims to produce the fewer -- the fewest emissions, but is the data accurate? bloomberg green has found it may not be. akshat rathi is a reporter for bloomberg green and he is with us now. walk us through what we are talking about. where are the discrepancies? akshat: most recently, saudi aramco was nationally owned, which meant it did not sort of follow the rules that listed companies like exxon mobil fo llow in reporting how much emissions they produce.
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after listing on the stock exchange, it's had to help investors understand what is its carbon total as a fossil fuel company. so far, what we knew is that what saudi aramco was reporting, it looks like the cleanest oil company by a huge margin. but in our reporting, we found that aramco was only reporting emissions from specific facets, only owned by aramco and in saudi arabia, but that was leaving out emissions from those ventures outside of saudi arabia. vonnie: is there any evidence that this was done deliberately by saudi aramco, perhaps because it needed to meet investor mandates or anything? akshat: no, we found that they
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were pretty transparent that this was a limited set of emissions it was providing. but this is not well understood by investors. unless you read the fine print, you would assume that they were producing far fewer emissions than it actually does. that is important, because investors require these disclosures because they compare different companies around the world, especially oil companies, in how much carbon emissions they are producing. as climate change becomes a bigger problem, they wanted their portfolios to be aligned with the trajectory that the world needs to take to tackle climate change. that is where these disclosures are playing a bigger role in how investors choose to invest in a particular company. amanda: as people get more interested, they will care more about the hard data. aramco is changing their
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policies because of this reporting. will we see others follow suit? akshat: there is a lot of pressure. we were pleasantly surprised when we asked questions about the missing emissions, what saudi aramco was going to do about it and the company replied by saying, we have a clear plan on how we will improve the disclosures. and this kind of pressure from investors is only going to grow. currently, aramco does not disclose emissions which are called scope 3, those produced when customers burn aramco oil. that is something other companies have been pressured to reveal. earlier this month in january, exxon mobil started revealing those emissions, among the last international oil companies to do so. we will see this pressure grow on companies like aramco in the future. vonnie: it will be interesting to see the kind of relationship
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between saudi arabia and the biden administration will be over time as well. thanks for the reporting. akshat rathi joining us. we have been watching oil with all the announcements over the last couple days from keystone to everything else, and oil trading at $53.08 in the united states. amanda: we expect more on the keystone pipeline from the canadian side. lots of pushback on the decision. vonnie: the canadian premier will be the firstborn phone call made by joe biden, which will happen on friday. we are looking forward to hearing what is said on that. from new york and toronto, this is bloomberg .
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caroline: 2:00 in new york, it is 7:00 p.m. in london. this is "bloomberg markets: the close." i am caroline hyde. romaine: i am romaine bostick. taylor: and i am taylor riggs. caroline: tech is leading the way higher on both sides of the atlantic. investors keep betting on a stimulus boost. tech firms led gains in europe as the market reaches its highest 11 months. the dollar has weakened. the new president used his inauguration as a plea for unity. how the policy agenda could put that goal to the test. the economy by inherited. u.s. jobless claims filing slightly last week with nearly one million americans out of work.


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