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First Move with Julia Chatterley
Amazon Disappoints as the COVID Sales Boom Fades; Big Banks Taking Aim at the Unvaccinated; "Black Widow" Actress Sues Disney over its Streaming Release. Aired 9-10a ET
Aired July 30, 2021 - 09:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
JULIA CHATTERLEY, CNN BUSINESS ANCHOR, FIRST MOVE: Live from New York, I'm Julia Chatterley. This is FIRST MOVE and here is your need-to-know.
Past Prime. Amazon disappoints as the COVID sales boom fades.
Wall Street wallet. Big banks taking aim at the unvaccinated.
And Scarlet sees. Well, Scarlet, the "Black Widow" actress sues Disney over its streaming release.
It's Friday. Let's make a move.
Welcome to FIRST MOVE once again and what a week it's been. Robinhood's debut fell to impress. Beijing says it is okay with tech IPO success.
Amazon sales growth under some duress and when the Fed starts tapering, well, that's anyone's guess.
The great news is there's no time to digress. We have a very fun show coming up. My interview with Robinhood CEO Vlad Tenev up shortly. Plus
renowned entrepreneur and author Mallika Chopra, daughter of Deepak Chopra talks about her brand new book introducing the concept of mindfulness and
meditation to younger children and big kids, in my case, too, you because I love her books.
For now, it is the last trading day of July and Amazon's unwanted earnings delivery dragging the NASDAQ lower, also no help from the Robinhood, lower
premarket after falling eight percent Thursday in its Wall Street debut.
That Friday feeling in Europe as well, the majors there pulling back from all-time highs. The latest German growth numbers disappointed even as the
broader Eurozone recovery continues. If you take a look at those numbers, while Eurozone inflation rose above the European Central Bank's target, so
it's a mixed bag there as you can see there, CAC 40 there over in France, flatlining at this moment, which is the outperformer.
Meanwhile in Asia, investors suffered the worst month for stocks since the start of the pandemic led by rising COVID cases in the region combined with
China's regulatory crackdown on Big Tech, despite, of course Beijing's attempts to soothe the investors' nerves this week.
Yes, it's a busy Friday. Let's get to the drivers.
Amazon delivers a disappointment as pandemic fueled growth slows. Shares are down almost seven percent in premarket trade. The company reported 27
percent year-on-year revenue growth, but that was not enough to satisfy Wall Street.
Clare Sebastian joins me now. Clare, and I think we have to put that price move in the context of the broader price moves that we've seen over the
past 18 months, but it does feel like the expectations for these earnings and for the forecast, too were built on COVID-era foundations and that is
bound to have slowed, surely.
CLARE SEBASTIAN, CNN BUSINESS CORRESPONDENT: Yes, Julia, this had to be expected at some point. I think this underscores two things. One, the
difficulty in forecasting of what is coming next in this strange economy. The Amazon CFO himself admitted that they haven't done a good job, as he
put it, nailing COVID, that they've overshot their expectations in previous quarters, and now, they're seeing it come down.
I think it also shows that Amazon perhaps among the other tech companies is more vulnerable to the reopening given the surge in online shopping that we
saw during the pandemic and the CFO on the call saying that, look, people are now getting vaccinations. They're getting out there shopping offline.
They're at home less, they have less time to shop online.
So, that's why you see this deceleration, but it's interesting, if you look at the business as well. Yes, they were more profitable than expected. That
was good news. But most of that came from the higher margin parts of the business, the likes of AWS there. Their sort of burgeoning advertising
business, that section was up some 87 percent in terms of sales.
And this -- you know, it talks -- it speaks to a sort of higher cost era that they're in as well. They're still expanding their fulfillment network,
even though it nearly doubled in size over the past 18 months. They are still not back, he said to the same degree of efficiency that they saw pre-
pandemic in terms of things like one-day delivery.
And this will not shock you, Julia. This was really interesting, though. Hiring is increasingly expensive and difficult for Amazon. They say that
they brought forward a planned wage increase and they are spending a lot on signing, and incentives, and they're still finding it hard and they expect
that to continue.
That to the CFO, is the key inflationary pressure they're seeing at the moment.
CHATTERLEY: I mean, that was such a brilliant summation I think of what we saw there, Clare. I couldn't agree more with you. I mean, net income was up
50 percent year-on-year, let's be clear here, and actually your point about the hiring, not even just the challenges, the sheer numbers here. The
company had 1.335 million employees at the end of June up 52 percent year- over-year.
I mean, this is a monster business and we just have to understand the challenges that they face within that even as we see, and you pointed out,
the performance in some of the other businesses like advertising, like the entertainment business is part of the future, too, and we just have to wait
and see what that brings.
SEBASTIAN: You know, I think, it is worth remembering when you look at Amazon, it is much more now than just the real retail business. It's a
huge, sprawling sort of empire, and I think one of the most instructive statistics that you can look at when you when you look at this business is
AWS, in particular. This quarter, 13 percent of revenue, 54 percent of operating income. So, that just tells you a lot of what you need to know,
that is the sort of profit engine of the business. It continues to be that.
The new CEO, Andy Jassy, of course, the former head of AWS is the man, who sort of built it from the ground up, he pointed out in his comments in the
earning release that companies are still sort of transitioning into the Cloud and requiring these services, so that continues to be a major driver
for the business, Julia.
But again, you know, Amazon is vulnerable to this reopening, and I think they are guiding and sort of trying to manage people's expectations to
slower growth rates going forward.
CHATTERLEY: Yes, as you said, that tells you everything you need to know and you told us everything we need to know. Clare Sebastian, great job.
Thank you so much for that. Happy Friday.
Okay. Let's move on. No status, no signing in. Goldman Sachs says its employees must say whether or not they've had the COVID vaccine or be
denied entry to their workplace. The bank says, quote: "If you do not report your vaccine status to Goldman, your ID card will not work to enter
Christine Romans joins us now. Christine, great to see you. It's not just Goldman Sachs. I mean, they're making a statement and it's a bold one here,
but we've seen Corporate America certainly step up and say -- and actually this does feel targeted towards the unvaccinated, it is going to be
logistically more difficult to do your job if you do not take the vaccine.
CHRISTINE ROMANS, CNN BUSINESS CHIEF BUSINESS CORRESPONDENT: It is. Look, and patience is wearing thin for the unvaccinated in the office. And so
many of these industries want to get people back in the office.
I mean, you look at the banking culture of clients and how it is so face to face. Some of these banks are saying -- Morgan Stanley, for example, saying
that to be in the building, you'll need to be vaccinated and clients in client meetings will have to be vaccinated as well.
So, you imagine that they're really big -- a really big, important impetus for a lot of these people to get the vaccine, and we're hearing from some
of these banking officials that they really do have really high uptake of the vaccine already. People want to get back to work.
You know, I was talking to Johnny Taylor, who is the CEO of the Society for Human Resource Management and saying, is this a new tone? I mean, is
Corporate America saying you have to be vaccinated to go back in the office? And he said, yes. And they're also implementing, you know, other
kinds of testing and tracking regimes just to make sure you can get back to work. Listen.
(BEGIN VIDEO CLIP)
JOHNNY TAYLOR, PRESIDENT AND CEO, SOCIETY FOR HUMAN RESOURCE MANAGEMENT: There are some organizations that are trying one more step before that.
They're saying, if you choose not to be vaccinated, then you will have to be tested several times during the week on your own dime, and you will have
to wear a mask in the workplace and not any mask, but that N95 surgical mask. I mean, we are going to, at the end of the day make this a little
uncomfortable for you because you're making an uncomfortable and the workplace less comfortable for your colleagues.
(END VIDEO CLIP)
ROMANS: You know, Julia, it's really been a sea change this week. The leadership from Corporate America on this made more difficult, I think by
the delta variant and everything we are learning every moment about the delta variant.
I think a lot of companies thought they would be almost fully staffed in the office by September, some are now pushing that back a little bit, but
even the companies that are saying you don't have to be in the office by September are still saying, oh, by the way, please get the vaccine.
CHATTERLEY: Yes, it's a game changer. We have no choice. If there were any degree of choice about trying to manage this, wearing masks, getting around
this without taking the vaccine, I think the delta variant has said, it's not happening.
Christine, very quickly, the largest employer in the United States, the Federal government now saying, you have to get a vaccine, too.
ROMANS: Absolutely. And contractors to the Federal government. So, this is where you're starting to see Corporate America and the government starting
to really lead on this.
I'm seeing a lot of talk about exemptions for health and for religion. You know, doing the research, there are very, very rare religious exemptions
for the vaccine. And again, I think a lot of people want to be able to do their job. So in banking, in particular, and some of these other
industries, you really can't bring home the bacon if you're not in there in the arena -- really, to mix the metaphors -- with the other workers and
So, we'll see. I think that you're going to have pretty high uptake in the banking industry in particular.
CHATTERLEY: Yes. Watch this space. Christine Romans, thank you so much for that. Have a great weekend.
ROMANS: You, too.
CHATTERLEY: Okay, on to Disney's dispute. Scarlett Johansson is alleging breach of contract over the release of the "Black Widow" movie on the
streaming service Disney+, as well as in cinemas.
Frank Pallotta joins us now. Frank, what do we make of this? Because she clearly decided not to take so much of the money up front. She decided to
take a cut of the upside of the box office receipts, and then of course it went streaming on Disney+ at the same time, and I've seen some reports
saying she lost out to the tune of $50 million as a result.
FRANK PALLOTTA, CNN MEDIA WRITER: Yes, that's what we're seeing on the base level here. But I want to kind of take a step back and really talk
about this lawsuit and the bigger thing that is happening in Hollywood right now.
We're inside of this transitional moment in Hollywood, a really pivotal moment, where we're trying to figure out how we're going to watch our
movies, television shows -- general entertainment in the future.
But the other thing we need to be talking about and what this lawsuit really brings into play is, how is the talent and the creators going to be
properly compensated for that content? And that's really what this lawsuit boils down to. And it's not just a Disney, it's happening across Hollywood
So basically, you know, Johansson, who is one of the biggest stars in the Marvel Cinematic Universe, one of the biggest stars who has brought in
billions of dollars to Disney and Marvel through some of her movies is arguing that by putting this movie on streaming, you cannibalized my salary
which I said I was going to take from box office receipts.
And now, we're going to see this battle because Disney came right back with a very scorching kind of statement that was just like, you know, called her
claims pretty much baseless. So, we're going to see how this kind of plays out, but this speaks to really the evolution and growing pains that
Hollywood is going through right now.
CHATTERLEY: Yes, I mean, you see this in other industries, too, a paradigm shifts and the talent has to renegotiate with whoever the managers of the
industry are just to make sure that they are getting the right cut, too. It reminds me of Taylor Swift when streaming happened and she pulled her music
from Spotify, someone takes a stand, and the whole industry adjusts.
But Disney+ is or doesn't. But Disney+ is just one of the names here. How do the other movie studios handle this because clearly it will have come up
PALLOTTA: So, let's talk about our sister studio, Warner Brothers who is under the same parent company, as WarnerMedia. They put all of their movies
on HBO Max, and that reportedly caught a lot of their talent by surprise.
So, you look at someone like Gal Gadot, who is Wonder Woman and Patty Jenkins who directed "Wonder Woman," there was reports that, you know,
Warner Brothers came to them and gave them like an extra $10 million each. And we've seen this pop up throughout the industry overall.
We've seen kind of Mark Wahlberg had some issues with Paramount and Infinite going directly to Paramount+. We've seen how Netflix has kind of
adjusted their kind of negotiations with talent. We're going to keep seeing this happen and happen over and over again.
Will this ultimately go to trial? I'm a little dubious of that. But it's beyond trial at this point. It's made a statement about how we're going to
adjust and anytime there is a new medium in Hollywood, you see these bumpy rolls when it comes through how much studios wants to make and how much
they're willing to pay in terms of success.
CHATTERLEY: Yes. Who wins? Talent or studio? Who knows? Meanwhile, the lawyers and the agents rub their hands together and smile broadly in the
PALLOTTA: It's a Hollywood story as old as Hollywood itself. It truly is.
CHATTERLEY: Yes. Frank Pallotta, thank you so much for that.
All right, let me bring you up to speed now with some of the other stories making headlines around the world.
China says it has traced the origin of a COVID-19 outbreak in the City of Nanjing to a flight from Russia. Meanwhile, more than 41,000 people in
Beijing are under lockdown after the city confirmed on Thursday its second local coronavirus case in almost six months.
Let's get more from Steven Jiang in Beijing. Steven, great to have you with us. What more do we know?
STEVEN JIANG, CNN SENIOR BUREAU PRODUCER: Well, Julia, this day, the authorities have now traced the origin of this cluster to that flight on
July 10th that carried confirmed cases. They say the airport's cleaning staff that cleaned that flight did not follow protocols. That's how they
got infected and then contaminated their working environment, which happens to be one of the country's busiest aviation hubs leading to this virus to
spread not only among their co-workers, but also travelers passing through the terminals.
So, now of course this cluster has spread across China to multiple locations, including in Beijing. This is all very alarming because one,
this is the delta variant we are talking about; and two, causing to question of the efficacy of China's vaccines because more than 90 percent
of the staff at the Nanjing Airport actually had been fully vaccinated.
And then, as you mentioned, we are starting to local authorities re-impose some of the more draconian measures we hadn't seen for some time, not only
in Beijing, but also in places like Zhangjiajie in Central China, where the authorities have placed their entire population of more than one and a half
million residents under lockdown and also shutting down that region's very popular tourist attractions in the middle of the peak summer travel season,
not to mention that once busy Nanjing Airport has been closed down as well.
So, all of this obviously presenting the leadership here with a familiar question of trying to strike a balance between containing the virus and
growing the economy, but so far, we're not seeing any signs of them changing their approach of zero tolerance towards locally transmitted
So, Julia, expect to see more lockdowns and a sharp drop in domestic tourism and travel related consumption in the near future -- Julia.
CHATTERLEY: Yes. They act fast and in big size. Steven Jiang in Beijing. Thank you for that update there.
The International Space Station briefly lost control Thursday as a newly docked Russian space module inadvertently fired its thrusters. The mishap
temporarily knocked the ISS out of position. NASA says the crew were never in danger and that they have not found any damage to the station itself.
Up next, the road ahead for Robinhood. The trading app CEO on regulatory risk.
And meditation for minors. The author and entrepreneur who thinks mindfulness could be the key to helping children deal with pandemic stress
and much more.
Stay with us.
CHATTERLEY: Welcome back to FIRST MOVE into the digital money revolution. The International Monetary Fund says it has a critical role to play as the
world accelerates its use and adoption of digital currencies.
I caught up with the IMF Managing Director Kristalina Georgieva and started by asking her view on what's taking place around the world today.
KRISTALINA GEORGIEVA, MANAGING DIRECTOR, INTERNATIONAL MONETARY FUND: This is a revolution in terms of opportunities to serve you, the consumers, with
technology that makes payments instantaneous, cheaper for everyone. It is also a way in which the public and the private sector are stepping forward,
the public sector with Central Bank digital currencies and the private sector with innovations on stable coins, infrastructure in physical terms,
but we also need the institutional infrastructure. In other words, the regulatory environment that builds confidence and allows to capture the
good of digital money and manage the bet, the risks that come with cryptocurrencies in terms of cyberattacks or criminal activities.
CHATTERLEY: Where do you see this going? Ultimately, because I know you've spent many years working with the Central Bank of Bahamas, for example, who
-- and we've had them on the show -- have introduced the sand dollar, the Central Bank digital coin. Then on the other hand, we've got a nation like
El Salvador that has decided to make Bitcoin legal tender. So they've gone for a decentralized digital coin, and then you've got the more traditional
route of a Central Bank digital coin.
GEORGIEVA: It is very important to clarify what is what. Central Bank digital currencies are backed by the state and they are secured with the
ability of the state to guarantee the functioning of this new way of payment. With the same token, when we talk about private sector, digital
money, stable coins, or e-money, when they are backed by assets and they are issued in one particular currency like the USDC is issued in dollars,
they are substitutable one to one currency. In other words, you can trust them.
But when we talk about crypto assets like Bitcoin, they are not backed by assets, and they are not convertible into a national currency. In that
sense, this is an investment class, not really money, although that can be used for payments.
CHATTERLEY: I also asked her whether the shift that we're seeing will change the U.S. dollar status as the world's reserve currency in the
future, as well, as we talked about El Salvador's decision to adopt Bitcoin as legal tender. Listen in.
GEORGIEVA: It is a sovereign decision, but it doesn't make it a good decision because adopting Bitcoin that is highly volatile as a means of
payment in a country creates multiple risks. First, it creates risks for the finance authorities when they collect taxes. How much have they
collected? Given that the value of Bitcoin can go up and down? They may be lucky. They collected more than they projected -- or unlucky. And then, how
are they going to pay pensions and the education and health expenditures
Secondly, it creates a problem for vendors. How much are they earning? They don't know. It may be a lot or a little, and that makes the functioning of
the economy subject to a high risk that is not necessary to take.
And last but not least, Bitcoin being mined with high use of energy at the time we are fighting climate change is not the best avenue to take. Mining
Bitcoins is the average energy consumption of a mid-sized country like Denmark or The Netherlands.
So, for all these reasons, we do not see Bitcoin being a currency, we do see it being an asset. And that says, we do not recommend to our members to
go in this direction when they think of ways of improving how payments domestically and internationally are being made.
CHATTERLEY: One of the critical questions -- and I'm going to wrap up on this is whether the U.S. dollar, in its current form or in a digital form
will remain the world's reserve currency, the main reserve currency in five years' time or will we be substituting a digital X of whatever form?
GEORGIEVA: Yes, it will remain on the strength of the U.S. economy, the depth of the U.S. capital markets, and the incredible innovation
capabilities of U.S. businesses. I'm confident that we will see the exploration of a digital dollar advancing, and I also expect to see shifts
in the composition of reserve currencies as it has been happening over time.
GEORGIEVA: As long as we have strong U.S. economy, yes, the U.S. dollar will be reserve currency.
CHATTERLEY: But you're not willing to say whether it will be the U.S. dollar in its current form or a Fed coin, for example?
GEORGIEVA: I would expect that you and I would have our digital wallets in 10 years' time. We would say, what? They used paper money? Why did we have
the paper money?
So, I think the future of the monetary system is to continue with digitalization. But let me just make a very simple point, we could have
been on this journey for quite some time using your credit cards, it is using digital services.
What we are seeing is new technology, blockchain, making transactions much faster and more effectively inclusive for everybody around the world. But
also presenting, let's not trivialize that, presenting very serious new risks, new risk of cybercrime, new risks in terms of protecting our
individual rights of privacy, new risks of bad actors hiding behind digital to do very bad things.
So, we've got to manage these risks and we can only do it together, and where does the world meet on this topic? Right here at the I.M.F.
CHATTERLEY: Greater connectivity, greater digitization means greater vulnerability to your point, we all have to be careful of these risks, too.
And we have a date in 10 years' time to compare wallets, and we'll do it at the I.M.F., I hope. Kristalina, fantastic to have you with us. Thank you
CHATTERLEY: Countdown is on. Coming up after the break, Robinhood went public Thursday amid a swell of questions over future growth, regulation,
and even whether CEO Vlad Tenev has the right qualifications for the job, like doing the Wall Street regulator FINRA's proficiency test, for example.
(BEGIN VIDEO CLIP)
CHATTERLEY: Are you tempted to do the exam? Just do the exam and shut everybody up?
VLAD TENEV, CEO, ROBINHOOD: Yes, we don't think that's required at this point and --
CHATTERLEY: Okay. You'll see it when Jack Dorsey does it. Is that the message?
(END VIDEO CLIP)
CHATTERLEY: Maybe. More on Vlad's big day, after the break.
CHATTERLEY: Welcome back to FIRST MOVE. U.S. stocks are up and running on the last trading day of the week and the month, a soft open overall as you
can see. After a few challenging days for global investors, a nice read though on economic growth in Europe today. U.S. GDP also coming in solid,
too, although weaker than expected, but prices still delivering a negative punch.
Eurozone inflation now above European Central Bank's targets. Meanwhile, the Federal Reserve's preferred measure of inflation stabilized in July,
but still remains at elevated levels. The big worry, of course, for investors, will growth slow even as inflation pressures mount.
There is one dreaded word for that and it is called stagflation. Expect to hear that more and more if these numbers persist.
Now, some pre-August angst for Amazon, too. Shares suffering a post Bezos fall back to Earth after its revenue miss, you can see it down there, seven
percent. Pinterest also getting pinched, too, as user growth slows. That stock, down some 17 percent premarket. As you can see, though, Amazon still
trading $3,346.00 a share. You've got to be priced for perfection in terms of earnings at those kind of levels.
Okay, it's the first full trading day on the NASDAQ for Robinhood. And right now, we can give you a sense of where it is trading in the start of
the session, if we can, up some six tenths of one percent, taking back some of yesterday's decline. That's still below the $38.00 a share IPO price.
But clearly, of course, it's early days.
Perhaps it's also reflecting some of the shorter and longer term challenges that the firm faces, among those and I asked CEO, Vlad Tenev, what would
the plan be if regulators blocked their primary source of revenue, and what allows them to charge zero commissions, of course, too? It's the business
model, something known as payment for order flow. Listen to what he had to say.
TENEV: I think the business model that that we've introduced, and which has really become the standard business model for our industry is working
for everyday Americans. We just look at the amount of new customers, new investors that didn't have access before, but now have access to the
markets. So, I think the business model that we've introduced by eliminating commissions industry-wide has had profound effects.
And I think we could tell the story a little bit more and you should see us continuing to do that.
CHATTERLEY: And I agree with you, and I do think you have had a profound effect. But what happens if that -- the ability to utilize payment for
order flow goes away? Because that comes to the core of what you've been able to provide in terms of zero commission access.
TENEV: Well, what I would say is, you look at payment for order flow on the equity side and we're generating about two and a half cents per hundred
dollars in traded volume. So, it's actually, you know, by quite a modest revenue stream, and Robinhood is continuing to diversify, even within the
transaction based revenue segment, you can see that other assets like crypto have been making up a larger share as time goes on.
And we have other lines as well, as we see cash management and our spending and saving products continue to mature. As we see Robinhood Gold get more
and more investment, I think you'll see us continue to diversify our revenue. So, we're going to be less dependent over time on any of our
CHATTERLEY: This is quite fascinating, and I think there will be people here yelling at the television when they watch this and saying, hang on a
second. It's a huge chunk of your revenues. But the diversification I think is about the growth opportunities going forward and justifying the
valuation that we see you getting already.
One of the things you've talked about is potentially retirement accounts potentially going into financial services options, too. And I just wonder
whether or not you're a victim of your own success and that you bring all these younger people on and you give them access to financial markets, but
then they go on to other people who have perhaps a bigger name, bigger assets, Charles Schwab, for example.
How do you retain these customers and how are you going to get the people that you have on now interested in things like retirement accounts and
investing for the future as opposed to trading on a day or a shorter term basis?
TENEV: Well, we've been very, very pleased with the engagement and the retention that we've been seeing among our customer base, and I think it's
really two things going forward. One is improving the service level and making sure that customers get the right type of customer support in a
timely way when they need it. And that's very important, along with infrastructure, scalability, and being available on a technology level,
having the best possible customer support is our biggest focus.
And then the other thing is continuing to grow with customers in terms of offering them products that they could benefit from, and that's where
additional account types and additional tools for investors, especially ones that encourage first time investors to grow into long time investors
is a big part of the brokerage roadmap, and not to mention our investments in our crypto business and in the payments area where we think there's
going to be a lot of growth and further customer engagement over time.
The goal is to be the most trusted and most culturally relevant money app worldwide. So, you see us expanding beyond investing, as well as beyond
just the U.S.
CHATTERLEY: I think you've said it perfectly because right now trust is paramount. What do you think is the defining thing that you can do between
now and the future? Let's give it two years, three years in order to ensure that you have maximum trust relative to your peers.
TENEV: Well, I mean, we've said a lot -- we've talked a lot recently about our values, and our top value is safety first, because especially when
you're dealing with your money, the way customers view it is I want to be safe using the platform.
And so, that's where our investments in infrastructure, reliability, and scalability have come in. And we haven't always been perfect here. I mean,
look back to March of 2020, where, you know, we had some service instability issues.
And as an engineer, you know, that was disappointing to me personally, but we've responded to that, scaling our systems 30X from those volumes that we
were seeing last year, during the beginning of COVID, and the market volatility and in the events.
So, just continuing to make progress, investing in customer support, expanding the live channel, we've already made a lot of progress. And
actually, you know, putting Salesforce on the cover is meant to signify that as well, just that this is going to be something that we get really,
really good at, and I think as a public company, you guys and the broader public and our customers are just going to have to see us deliver and
that's ultimately how trust is earned and grown over time.
We're going to keep telling you what our focus is and what we're going to do and what we're going to deliver, and then you have to watch us deliver
CHATTERLEY: Proof is in the pudding as the English say. Very quickly, because I know I have to let you go. You've been very serious. How exciting
is this day? Like how does this moment feel? Can you put it into words for me, please?
TENEV: I think it's humbling. You know, I came to this country. I was an immigrant from Bulgaria. And I first came in to JFK Airport when I was five
years old in the early '90s, and began my entrepreneurial journey in in New York City as well.
So, now to be back here after six years since Robinhood's launch, it's really surreal. So, I know I probably am very serious in general, but I
have to -- I'm enjoying it as well and I think it is great for customers.
CHATTERLEY: A humbling moments. It's interesting to think back and remember how and where these giant firms that list actually began,
particularly for the founders, too. And let's be clear here, too. This isn't the first IPO to stumble a little out of the gate and others have
Back in 2012, Facebook, which also happened to IPO at $38.00 per share fell in the first few weeks as low as $17.00 a share before picking up the pace.
Today, just to give you a look, near $368.00 a share.
All right, up next, a mindful moment for children, Mallika Chopra on teaching children to meditate.
We are back after this.
CHATTERLEY: 2020 was a record year for stress, worry, anger, and sadness worldwide. According to a recent survey, a record four out of 10 people
reported experiencing, quote, "A lot of stress over the previous 24 hours." What's fascinating is children were not included in the study, but they are
among the most vulnerable and ill-equipped to deal with stress.
Well, my next guest says meditation could be the answer and it's never too early to start. Joining us now is the entrepreneur and author Mallika
Chopra. Her most recent book is "My body is a Rainbow" which aims to teach meditation and mindfulness skills to young children.
Mallika, fantastic to have you on the show. I have to admit, I've read all of your books, including your latest one, and I think they're a brilliant
introduction to mindfulness and to meditation, not just for sort of older children, but also much younger children, which I know is where your latest
book, "My Body is a Rainbow" is focused.
Just start by explaining what you were hoping to bring to both parents and younger children with this book.
MALLIKA CHOPRA, AUTHOR, "MY BODY IS A RAINBOW": First, thank you so much for having me, and yes, these books, I think are my contribution of sharing
many of the lessons that I learned growing up about how to self-regulate, how to feel peaceful.
When I became a parent, I saw the need, not just in my girls, but also amongst their friends, for tools -- tools to just be able to breathe, tools
to express their feelings, tools for self-reflection, and so the goal of my books is to give kids directly some of these tools, but also to help
parents figure it out with their kids because we're all trying to figure out and do our best.
CHATTERLEY: You know, it's quite fascinating, when you say the words mindfulness and meditation to some people who've never done this in their
lives, I think they're probably go "uh" as they listen to this. That's not for me, I don't understand.
But I think what people do need to understand is just how subtle you do this in the books. I mean, I find your books a great introduction for
adults, never mind children, and we won't tell your father that because you're sort of competing with him to some degree in the entry level into
this, which is fascinating.
And I'm just going to hold up the book because you use colors as a way to do it, and just saying to people, just basic things like put your hand on
your stomach and think about the emotions, what you feel when you're happy, when you're sad in these places, and then you tie it to something like as
simple as saying, I am strong or touch your heart and I am loved. Just explain what I think for me is quite fascinating here is using color, tying
it to emotions, tying it to surroundings, but also self-empowerment, which not only for children, I think but for adults, too, is so important.
CHOPRA: So yes, you know, I think as you mentioned, when we talk about meditation, or mindfulness, or frankly, even stress or anxiety, it's really
difficult to say what exactly do these words mean? You know, we use these words a lot. Ultimately, and this is why I love working with children, this
is about breathing, about connection, about joy, and about release.
And so in this book, "My Body is a Rainbow," of course, it's written for two to five-year-olds, but actually the exercises in it all come from
wisdom traditions, which are kind of exploring different parts of our body. So, when you talk to a child, and you say, you know, where you feel
nervous, they'll often say, oh, I feel butterflies in my stomach; or when you're sad, they have heartache, or they're very conscious about sweaty
palms, or you know, their throat feeling tight.
So, the goal of this book is to kind of go through different parts of our body where we feel big feelings, kids are good at feeling big feelings, and
we use breath, we use the color because again, it just gives us a way to access it without it kind of being vague, and then --
CHATTERLEY: To visualize it.
CHOPRA: And visualize it and then use affirmations, so kids feel strong, they feel heard, they feel powerful.
CHATTERLEY: I mean, I've watched an interview with you as well, and you were talking about using food because a huge part of what you do here is
also to try and make it fun. Strawberry, you and I both love chocolate. Chocolate is another one. Lime or lemon, and even just you know biting a
lemon and talking about what the sensation is and how that feels, whether it's comfortable or uncomfortable. It's just allowing children, helping
them in some way to verbalize emotions, verbalizing interactions on what is going on around them and talking to parents.
I mean, these are basic things, but they are so important for life, and as you said, you know, you began doing this as a child and you've imparted
this wisdom to your children, too.
CHOPRA: Yes, and so the food exercise is a great one, because it is fun, you do it together. But what I recommend is you use sight. So you look at
the colors, you know, the color of a strawberry versus a lemon, the taste, the smells, but also you can think about the story of the food. How did it
get to you? Where did it grow from food?
So, even in a simple, you know, meal, you can really share something powerful with your children, but also for yourself. So, I'm glad you found
that exercise helpful.
CHOPRA: Yes, I do. Because I think connecting not only the way that we are perceiving ourselves, but also how we interact with others and that's
what's so brilliant, I think about your books.
What's your advice to parents? Because they can buy these books for children, but again -- and I go back to the point I've made about what
you're talking about things like mindfulness and meditation, I think people can be daunted.
What's your advice for parents, if they're seeing that their children are struggling at this moment, that they want to equip them better and perhaps
these books are a way to do it, but just advice to parents for helping their children dealing with everything themselves and their surroundings,
CHOPRA: So, my first advice to parents is, don't worry first about your children. Worry about yourself. So have a practice. And because parents
will lead by example, not just words.
So, I do recommend that parents find a practice. Parents are conscious of the way that they eat, they move they speak, because our kids are always
watching us. But then with kids, it is keeping it really simple and really age appropriate, and that's why I'm working on these books. Make it fun.
My first book that I wrote for kids is called "Just Breathe." And it's as simple as that. Just take a deep breath, in and out, and so these practices
don't have to be complicated. They don't have to be intellectual. And in fact, it's kids who may show us how easy it is. So, it's everything from
just taking a deep breath to then maybe going to three breaths or four breaths to taking a mindful walk, a mindful meal.
And the goal as parents should be to engage with your kids and have fun, and also realize like each kid will find their own way. Never try to make a
kid who is restless try to sit still for too long because that's going to create stress. So, maybe find a movement exercise that works.
So, the goal is to just as I said, give them a tool or several tools and let them discover and play and have fun with it.
CHATTERLEY: I've got the perfect page for that, which involves colors swirling around your toes and fingers. Pink in fact around your fingers and
saying, "I am magic," which was my favorite page of the book.
Mallika, thank you so much for coming on the show and talking about it. You can hear I'm a fan of the books, I truly am, for adults, big kids, as well
Mallika Chopra, author, and entrepreneur, thank you so much for joining us on the show today.
CHOPRA: Thank you.
CHATTERLEY: We are back after this. Stay with us.
CHATTERLEY: Welcome back to FIRST MOVE. For the port industry, time and space are crucial. And in Dubai, they are testing cutting edge tech that
can speed up the way containers are moved, one that could shape the future of our busy ports.
Eleni Giokos has the story in today's episode of "Think Big."
ELENI GIOKOS, CNN BUSINESS AFRICA CORRESPONDENT (voice over): A new day at the Jebel Ali Port in Dubai. Thousands of boxes, thousands of containers,
but how to find and pick up the right one quickly.
UNIDENTIFIED MALE: Hello fellas, how's it going?
GIOKOS (voice over): That's the daunting challenge for Patrick Bol.
PATRICK BOL, HEAD OF PORT EXPANSION AND SPECIAL PROJECTS, DP WORLD: The next big idea in the port industry is what you see here behind me, that's
the BOXBAY, Container High Bay Store.
GIOKOS (voice over): Ports operator, DP World is piloting a project of speed and automate logistics in Dubai ports, the first of its kind.
BOL: It puts containers into a racking system and see it as a bookshelf, but we can access every container directly on both sides to stack the
containers up to 11 stories high.
GIOKOS (voice over): The goal here is to find the containers without reshuffling, saving time space and energy.
BOL: We save about 60 percent to 70 percent of the timing because we only handle productive moves. Conventional systems gives you, let's say eight to
nine productive per hour. And here we do 19 to 20 containers per hour per stacker crane.
GIOKOS (voice over): DP World says BOXBAY can reduce the terminal footprint by up to 70 percent, but the team also likes the added safety
BOL: And in a normal situation, this will be all a hundred percent automated. No hands, no controls.
But if the system for some reason fails, the engineer can take over and take manual control of the stacker crane.
GIOKOS (voice over): Global trade is recovering from the coronavirus economic downturn and technologies like BOXBAY could help DP World, which
handles around 10 percent of global container traffic keep up with the growing global demand for goods.
SULTAN AHMED BIN SULAYEM, CHAIRMAN, DP WORLD: If you ask me one thing that keeps me awake at night is technology. Technology today is a key for
success, key to be able to fulfill the needs and the changing needs and the requirements to handle cargo.
GIOKOS (voice over): But adopting developing tech comes with high costs and it isn't without its challenges.
SULAYEM: The issue of course is always, how high you can go? What is the optimum? The higher you go, the more weight you're going to put. Sometimes,
the cost of going much higher will overweigh the benefit.
GIOKOS (voice over): From this, to this, BOXBAY is already giving a glimpse of how DP World's 64 ports and marine terminals around the world
might work in the future.
Eleni Giokos, CNN.
CHATTERLEY: Okay, and that just about wraps up the show. If you've missed any of our interviews today, they will be on my Twitter and Instagram
pages. You can search for @jchatterleyCNN.
And in the meantime, stay safe. Have a great weekend.
"Connect the World" with Becky Anderson is next.
We'll see you next week.