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First Move with Julia Chatterley
PTI Party: Attack on Khan was "Assassination Attempt"; Powell: Path to Soft Landing is Narrowing; Malpass: Poorer Countries may have to Invest up to 5 percent of GDP; Suspect in Custody after Imran Khan Shooting; Living Oceans: Turning the Tide; Major Glaciers set to Disappear within 30 Years. Aired 9-10a ET
Aired November 03, 2022 - 09:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[09:00:00]
(COMMERCIAL BREAK)
JULIA CHATTERLEY, CNN HOST, FIRST MOVE: Hello, I'm Julia Chatterley, and we begin with "Breaking News" from two locations North Korea has just launched
another suspected ballistic missile. We'll have more on all the details on that in just a moment's time but first to Pakistan. The Former Pakistani
Prime Minister Imran Khan has been shot and injured.
His party says an unidentified gunman opened fire to rally putting his foot. They are calling it an assassination attempt. This video was released
in just the past few minutes showing Khan being helped into a car.
Let's go straight now to Sophia Saifi, who is in Islamabad for us. Sophia, what more do we know about his health? And who else perhaps was injured in
this attack too?
SOPHIA SAIFI, CNN PRODUCER: Julia, we know that this happened in the Gujranwala. We know that Imran Khan has been shot in the foot. He's been
taken directly to the main City of Lahore, one of the largest cities in the country, which is close to Gujranwala.
We also know by members of his party, the PTI that there has been one death one person has died. In the shooting that took place on his convoy, we've
seen images of Senator Faisal Javed, who is a close associate of Imran Khan, who usually travels with him on these rallies. He's been shot in the
face.
He's asked for people to pray for him. But we've also been told that the Pakistan Tehreek-e-Insaf, the PTI. Imran Khan's party has put out a
statement that this was an assassination attempt against Imran Khan.
And we're already seeing the charged speeches and visuals coming out right of the back off this attack on the convoy that was moving in the province
of Punjab towards the capital City of Islamabad, Khan launched this rally this long march. But a week ago, calling for early elections, and he had
said that he fears for his life. And we've seen for virtual Apple, former Information Minister, Senior Party Leader of the PTI making very charged
statements that while their party is a party of peace, that there will be revenge for this.
The blood of their workers has flowed; the blood of their Leader has flowed. And it's a very politically charged atmosphere in this country,
which is already very polarized because of the various political developments that have taken place here in Pakistan over the past couple of
months. We're waiting for the Interior Minister to start a press conference to explain who was behind the attack, what actually unfolded?
There have been visuals that have been splashed across all local channels, which is trying to figure out what's actually happened. But there is,
without a doubt, the fact that the convoy of Imran Khan, a hugely immensely popular politician and Former Cricket Player here. And in this country, his
convoy has been attacked and one person is dead with at least three others injured apart from Imran Khan, Julia.
CHATTERLEY: Sophia, it's interesting, and you mentioned it. And it's not just Imran Khan himself, but those around him who've been concerned about
threats to his life and ever since he was ousted as Prime Minister.
He's been increasingly vocal against the incumbent government. I just wonder when we're looking at these images, what security does he have? What
security around him? And how has that changed since he was Prime Minister, particularly in light of the threats to his life and they've been ongoing?
SAIFI: While Julia, every time we've had press, you know, press conferences with Imran Khan, press briefings with Imran Khan. We've been told by Khan
and we've no security detail that travels with him, a private security detail. The attack also took place in the Province of Punjab; the Imran
Khan's party holds the provincial government.
He has again said that he has enough security from the present government in the past couple of weeks. The government itself had said that he's
leading a bloody March. This past week, for example, in Pakistan has been highly polarized.
It's almost like a microcosm of what's been happening in the past couple of months. We had a Senior Journalist who'd been critical of the establishment
who was mysteriously killed; assassin was killed by gunshot in Kenya. We had the Director General of the intelligence services Pakistan - doesn't
even like to be photographed making a press conference apparent.
[09:05:00]
SAIFI: And for the first time Pakistan's history countering Imran Khan's narrative. Military - there has been a complete battle. It's been an
embattled situation with Imran Khan calling for early elections.
He said, and we I spoke to him just last month in a briefing. And I asked him that, like, for example in May, Imran Khan's rallies which gathers
thousands of his supporters. There was a clash in May, where many of his supporters were tear gas and had to stop their protests against the current
government.
Imran Khan has said that he wants early elections and also said that he feared for his life. So going back to what you just asked about his
security, the Prime Minister has released a statement saying that, you know, he condemns the attack and there will be a problem going into this,
that Imran Khan had already said in the days and weeks leading up to this exact long march towards the Capital that he did fell for his life, Julia.
CHATTERLEY: Sophia, thank you so much for joining us on this "Breaking News" story. Sophia Saifi, there in Islamabad. And we will continue to
bring you up to date with any more developments as we hear them for more.
Now let's move on to other "Breaking News", into CNN in just the last few minutes North Korea has launched another suspected ballistic missile.
That's according to the Japanese Prime Minister's office. It's the latest in a series of several very recent launches.
And of course, it comes to South Korea's Defense Minister is at the Pentagon right now to meet his U.S. counterpart. Will Ripley, is in Seoul
for us. Will, what more do we know about this latest launch?
WILL RIPLEY, CNN SENIOR INTERNATIONAL CORRESPONDENT: So, we're still waiting to learn the trajectory the type of suspected ballistic missile. We
believe it is already splashdown in the waters off the Korean Peninsula based on a statement that just came in a couple of minutes ago from the
South Korean Defense Ministry. But the Japanese government has not specified whether the missile is still in the air or whether it's come down
yet.
But they did say ballistic missile which means that's yet another violation of U.N. Security Council resolutions. Of course, it was in the morning
hours here on the Korean peninsula local time that North Korea launched what is suspected to be their most powerful missile, the Hwasong-17
intercontinental ballistic missile. This is a missile that they successfully tested back in March.
And I believe we have a comparison of how high it went back in March when it rocketed up into space and reached a record altitude. The highest
altitude of any North Korean missile ever before some 6200 kilometers this time, though, they believe the missile failed after the second stage.
And it only reached an altitude of about 2000 kilometers less than a third of that record set in March. So, a failed ICBM launch is actually still
very valuable for North Korean rocket scientists, because they can learn a lot from a failure. Perhaps they learn more from failure than they do from
a success.
And this Hwasong-17 was on a trajectory that would have taken it over Japan. In fact, the air raid sirens were going off in parts of Japan the
parts where the missile was expected to fly over before it suddenly vanished from radar over the waters between the Korean Peninsula and Japan.
And so, yet another highly provocative attempted launch even though it didn't make the full trajectory, the intent was certainly there.
And that is part of the reason why you have this decision from the United States in South Korea. And I'm going to read you a portion of the statement
put out by South Korea's Air Force explaining their decision to extend indefinitely. These very large military exercises known as vigilant storm
involving some 240 war planes and thousands of military personnel from the United States and South Korea.
They say in this statement, "It was necessary to demonstrate a solid combined defense posture of the bilateral alliance under the current
security crisis, heightened by North Korea's provocations." Now, North Korea has been quick to respond within the last couple of hours, Julia
saying that the decision to extend vigilant storm is "Very dangerous and a wrong decision." And North Korea had previously promised even more powerful
countermeasures and responses.
If these military exercises continued now, these were prescheduled not the extension, of course. This is something that's new, something that we
really haven't seen. But we have a new very Hawkish South Korean President, President Yun, who unlike his predecessor.
President Yoon, who is always trying to defuse the situation and make peace with the North? President Yoon is all about showing force. And so the fact
that these military drills are now going to continue, could potentially escalate situate the situation here on the peninsula even further.
Now in the unprecedented blitz of 26 more than two dozen missiles launched by North Korea yesterday they included both ballistic missiles and cruise
missiles. So I want to explain to you quickly the difference because there are crucial differences.
Ballistic missiles are banned by the United Nations Security Council because they essentially use rockets to propel into space. They travel at
multiple times the speed of sound. They go back into the Earth using a re- entry vehicle. And they basically descend using gravity to hit their target and they travel at multiple times the speed of sound.
[09:10:00]
RIPLEY: This is incredibly dangerous, very difficult to shoot down. And potentially can carry, this Hwasong-17 that was tested could potentially
carry multiple nuclear warheads in it. And so it's very dangerous weapon theoretically capable of delivering the warhead to the Mainland U.S.
Although, North Korea has never actually proven that they have a weapon that could actually do that in the field of battle. Now cruise missile, it
goes slower, it's smaller. It has a smaller payload because it stays within the Earth's atmosphere.
And it operates much like a jet like an airliner or an airplane. It has a jet engine that is maneuverable. But it does stay inside the atmosphere,
which makes it easier to shoot down.
So cruise missiles are not banned by the U.N. Security Council. And North Korea has been launching a combination of those cruise missiles, you know,
could potentially be used as it will carry small warheads as well, Julia these tactical nuclear weapons that Vladimir Putin and Russia is talking so
much about.
Truly a dramatic escalation here on the peninsula a very fast moving situation certainly a lot for U.S. Defense Secretary Lloyd Austin and the
South Korean Secretary of Defense Lee Jong-sup to be talking about at the Pentagon and we'll be listening very closely when they hold their press
conference in the coming hours, Julia.
CHATTERLEY: We certainly well, Will and as you said, a clear violation of multiple U.N. Security Council resolutions. I think the ultimate question
here is what are the consequences for that? What is the worth in light of them, these developments? Will, great to have you with us, thank you.
RIPLEY: It's a very good question, Julia. Sorry, I just wanted I think that's a really important question because of China and Russia. They are
the ones that could enforce these sanctions that the United States keeps talking about.
The U.S. Ambassador to the U.N., Linda Thomas-Greenfield says that they're going to try to put pressure on China and Russia to do more to improve and
enhance sanctions. But I can tell you, Vladimir Putin and Xi Jinping appear to be in no mood to cooperate with the west on punishing Pyongyang. So
essentially, this is allowed Kim Jong-un to feel that he can continue to do this unabated.
CHATTERLEY: Yes, not realizing the moment. Will Ripley, once again thank you. I'm done yes, thank you. OK, let's turn it back now to the rest of
today's news.
And it's case of dumps denied hawks preside over at the Fed. The Fed announcing another three quarters of a percent rate hike Wednesday. Fed
Chair Jay Powell saying the severity of the Central Bank rate hikes could now slow but that the Fed is far from done yet.
I think we can look at the inflation rate in the United States can tell you that without asking Powell arguing, however, that the fixation on the size
of hikes is misplaced. Emphasizing it's all about the destination and where rates ultimately end up.
(BEGIN VIDEO CLIP)
JEROME POWELL, U.S. FEDERAL RESERVE CHAIR: The question of when to moderate the pace of increases is now much less important than the question of how
high to raise rates? And how long to keep monetary policy restricted, which really will be our principal focus?
(END VIDEO CLIP)
CHATTERLEY: In other words, next month rate hike may be less severe than the mega three quarters of percent moves. We've seen over the past four
months. But the Fed looks set to tighten well into next year.
Wall Street remains Fed fearing, I think Wednesday saw steep losses for all of the major averages. Futures losing ground pre market once again and
European markets in the red too. You can see it red really.
U.K. stocks also in the red after the Bank of England's eighth straight rate hike. The U.S. dollar meanwhile, stronger, higher rates will mean more
dollar demand from overseas and domestically. And higher prices for commodities like fuel and food putting further pressure on some emerging
market nations that import these we'll discuss that.
And the upcoming COP27 Climate Summit with World Bank President David Malpass, very shortly. In the meantime, let's get more on the Fed.
Christine Romans joins us now. Christine, great to see you! I think where Jay Powell is concerned the messages assume nothing, particularly when the
inflation rate remains at what 8.2 percent in the U.S.
CHRISTINE ROMANS, CNN CHIEF BUSINESS CORRESPONDENT: Yes, I mean, the Fed has ways to go. He said right, the Fed still has ways to go to get this
under control. And I think we've had such big jumbo rate hikes.
So far, six rate hikes in a row, four of them have been just humongous. At this point, I think they're really going to be looking to see how those are
working in the economy. There's some discussion, some concern that maybe that these rate hikes are going to continue well into next year.
But could begin to slow a little bit that he says we're not even close to talking about a pause. But at some point, there could be some smaller,
albeit still large 50 basis point rate hikes here. I think the markets are seeing, you know the writing's on the wall, inflation is still too high,
the Fed is still has to keep putting the brakes on the economy.
CHATTERLEY: And he was obviously asked a question as well, in the press conference about recession risk as you and I are continually asked. I know
and he said that it's still possible to see a soft landing but the window for it's narrowed. What's also fascinating to me is CNN's polling, which
suggests that the vast majority of Americans already think the economies in recession? You can talk us through that, but it's pretty devastating for
Joe Biden heading into the midterms. That mentality I'm talking about.
[09:15:00]
ROMANS: Ended that mentality starts to become self-fulfilling, too, right? I mean, look Republicans overwhelmingly think the U.S. is already in
recession independence. You know, almost three quarters, Democrats 61 percent.
But other polling shows us the most significant political polling we have shown us. It is the economy that is issue number one, just days into this
midterm election. And we can, you know, say to we're blue in the face that, you know, consumer finances are in much better shape today than they were
in 2008.
And the job market still remains robust here. And you know, the housing market is softening, really softening. But coming from just an
unsustainable level, but people are paying more for groceries, they're still paying more for gasoline, and they did a year ago.
And those are just the steady drags on sentiment that are a real political factor here. No question, a lot of people think there will be a recession.
No one knows for sure as you know, you and I say this all the time.
Maybe we muddled through one, maybe there's one sometime next year, maybe there's some exogenous shock. You know, related to Russia that we can't
even predict here. We don't know what's going to happen. But we know people don't feel great about the economy. And that is a big part of the mood
here.
CHATTERLEY: Yes, that's what matters, Christine Romans, thank you as always.
ROMANS: Yes.
CHATTERLEY: And of course, the Atlantic, the Bank of England has just raised interest rates to the highest level since 2008. The U.K. interest
rate now stands at 3 percent, after an increase of three quarters of a percent earlier today. Marc Stewart is here to crunch all the numbers for
us.
And I think the numbers that we really were worrying about here is the depth of recession. And how high the unemployment rate might go in the Bank
of England's mind? Marc, walk us through this.
MARC STEWART, CNN CORRESPONDENT: No question, Julia. In fact, kind of a bleak assessment about where things stand right now from the governor of
the Bank of England, Andrew Bailey, let's look at some of the numbers. First of all, with inflation at a point of more than 10 percent Bailey felt
there really was no choice but to increase interest rates again.
And more rates are likely; he cannot rule them out, but perhaps at a smaller increment. But then there is this bigger economic picture, a
narrative that complements these numbers. First of all, Bank Leaders feel that economic growth looking forward will either be flat or could even
fall.
And on this topic of recession, which you've just talked about with Christine, in a report just released the feeling from the Bank of England
is that the U.K. economy is expected to remain in a recession throughout 2023 and into 2024 with GDP expected to recover only gradually they're
after. Now as far as what is contributing to this economic slump, no real surprise.
Obviously, the interest rate hikes are going to have some kind of an impact. But then there's also the war in Ukraine whose impact still cannot
be discounted, especially when it comes to fuel prices and when it comes to food costs. And that is something that came up over and over again in the
Bank of England briefing.
If we look ahead, though, November 17 is a day that I'm sure you have circled on your calendar. That is when the new administration, the Rishi
Sunak administration will basically, unveiled the government's budget announcement. That will look at spending plans, tax plans, and how things
will move forward? And that will influence what happens to inflation and that Julia, will likely have a big role in what the Bank of England decides
to do next.
CHATTERLEY: Yes and the bells are ringing on your phone too. Marc Stewart, thank you so much for that. We'll have more after this stay with CNN.
(COMMERCIAL BREAK)
[09:20:00]
CHATTERLEY: Welcome back to "First Move", a successful global transition to green energies relies on huge progress for emerging markets since they will
contribute the vast proportion of electricity demand growth over the next two decades. The good news is the World Bank believes emissions in
developing countries can be reduced by as much as 70 percent by 2050.
By investing just and I say just an average of 1.4 percent of GDP each year. Now it comes as the World Bank says its itself has increased climate
related financing to almost $32 billion this year. That's more than 35 percent by the way of its total investments.
And it also comes on the eve of COP27, the U.N. Climate Change Conference, beginning this Sunday in Egypt. Much to discuss as always, and joining us
now is David Malpass. He's the president of the World Bank. David, always great to have you on the show!
I want to talk about that required investment in terms of GDP to dramatically reduce carbon emissions in emerging markets. I mean, it's a
huge dent for a relatively small investment. But it's an insurmountable cost, if you don't have the resources. David, talk us through this.
DAVID MALPASS, WORLD BANK PRESIDENT: That's right, for some of the poorer countries; it's a much bigger share of GDP. And that brings in the whole
world effort that's needed for this, what we're doing from the World Bank is trying to emphasize that action is needed. And also impact that means
prioritizing, helping the countries, find a priority way, for their taking action.
China is, of course, a major part of this developing world change that's needed, because they have so many new coal fired power plants coming on
stream. So that will be one of the key variables in how this goes. But the report that we just put out is this summation of a yearlong effort to do
detailed diagnostics for countries to see what pathways? How they can achieve resilience and development at the same time?
CHATTERLEY: I mean, I had a scan through the report, and it does cover 20, I believe of some of these emerging and developing nations in particular
and to your point for some of the most vulnerable and the lower income. And they tend to combine the cost that we're talking about here is around 5
percent of GDP.
And to your point, they're not doing this even with the private sector, with their governments alone, there has to be involvement from the
international community. And China is one of those that plays a role in terms of emission output, but also potential investment too. David, is it
possible to get everybody together? I know this is part at least of the message that you're going to take to COP27.
MALPASS: I think it's possible to do that. But right now, many of the countries are looking only at themselves.
CHATTERLEY: Right.
MALPASS: So one of the goals is to bring people together that they need to be the agreement, that impact is vital. And those changes in actual
greenhouse gas emissions, reductions are the goal from the climate change standpoint. For a lot of countries, you know, were heavily involved in
adaptation, helping the poor countries, prepare for the changes going on in their climates.
And that means working with the government's budgets and providing more money. But in many cases, those countries have to make tradeoffs between
their own budgets for poverty alleviation for healthcare, for education, and for adaptation to climate change. So it's a big strain.
[09:25:00]
MALPASS: One thing Julia, I've mentioned and we've talked about this before is the debt reduction efforts that I think are vital in getting more
resources for the countries.
CHATTERLEY: Yes, David and also finding a balance between what's provided in terms of loans that have to be repaid, even if it's a long time in the
future versus grants perhaps that don't. Particularly if it's a global effort to improve and reduce our carbon emissions, because everybody
benefits from that there are positive externalities. Are we getting that balance right too?
MALPASS: Frankly, no, and with interest rates going up and bond yields going up, that's a double challenge for those countries that borrow money.
World Bank provides grants for many countries, that's a chunk of the activity of the World Bank. So that helps, and we can also buy down some of
the interest rates, so it's not so expensive.
But that becomes a bigger and bigger challenge, given the global inflation that countries are suffering. For many of the countries, their currencies
are weakening. So what it means is that even though there're some of the high prices are coming out, beginning to relent a little bit. They don't
feel that yet, because their currencies have weakened. And so that's a big challenge.
CHATTERLEY: This is so important, David, and you highlighted this in the World Bank's commodity market report. And I just want to emphasize what you
said, because it sorts of came up in discussion inadvertently with Russia, suspending and then re-entering participation in the Black Sea grading
agreement to export grains out of Ukraine. And the suggestion was perhaps from at least on Russia's part, that the grain wasn't reaching the poor
nations.
And your points vital, because it's whether or not they can pay, because even if we see some of the prices for fuel, and grains come down in
domestic currency terms, given the strength of the dollar, actually. They may not see any price decrease at all, in fact, it could rise. How do we
tackle that? Is it about more supplies of fuel and grain? Or is it about a wholesale look at the strength of the U.S. dollar perhaps?
MALPASS: More supply would help a lot. I think Russia ending the war in Ukraine would be the biggest single step. You know what happened when they
really equipped side markets last week, the wheat prices went up. And then they came down after Russia relented.
So that shows you some potential for progress. If there were peace, which I hope there could be as far as the countries themselves, then you know, the
strains are relatively new. The poor countries have been, of course, under strain for years.
But the Russian invasion made that much worse. And so we're still learning to deal help trying to find ways to help them country by country early on,
in April or so we put money into Lebanon, which was severely hit by the cut off from the Black Sea.
Egypt is has had a devaluation, and we have a program there and on around the world. These are all specific major problems for the governments of the
developing countries. And that's what we're working on. And I'll mention again, debt relief is one of the biggest, because the debt service burden
for the countries outweighs all of the foreign aid that can be put in.
CHATTERLEY: Yes, I mean, David, it comes at a time too. And you and I talked about this the last time you were on where I think the U.K. is now
joined the United States and Germany in saying, we need to look at what the World Bank is doing or the World Bank Group is doing in terms of their
money? And they're calling for some degree of fundamental reform.
You can define what you think perhaps they mean in that, because I'm not sure what anybody means? But I can look at the numbers and you've provided
a record amount of financing for climate initiatives for transition finance. I mentioned it in the introduction.
Do you think some part of that reform involves taking it from climate focus from 35 percent of the funding to 50, 65? Is that in your mind, and perhaps
their mind how you convince them that the World Bank is a Leader? Because that's what the thing they want? David, how do you become perceived as a
Leader in tackling climate change?
MALPASS: Thanks, so I think that the bank and the bank's staff are doing that in - around the world, every conference, the World Bank is featured
and leading the efforts. And so I'm happy with that we're coming out with a new initiative is really a reinforced part of our 20-year initiative on
methane reduction because it's one of the most potent greenhouse gases.
[09:30:00]
MALPASS: We're coming out at COP27, which is coming up with a major new trust fund called Scale that will allow the world to put additional
resources into countries that are needed and into regional programs into global programs that reduce greenhouse gas emissions. So I think we're well
positioned for that.
And what the shareholders are saying and I've embraced it is more is needed from including from the World Bank major amounts more, and that and so we
are looking at all the various avenues through which that can be done. That can be through more contributions from the major shareholders, that's one
that can be through more efficient use of existing World Bank resources.
And we're looking at all of those avenues. And that the bottom line is going to be, that still won't be enough. So let's do all that we can and
then also find major new mechanisms for the global community to put money into green - to global public goods.
If you think about carbon dioxide reduction for poor countries, they look at it and say, why should the burden be on us? So the world needs to be
sensitive to that, and then have major programs, many of them can be World Bank programs to reduce greenhouse gas emissions, including in the
developing world, and especially in China and India, which are two of the major emitters?
CHATTERLEY: Yes. I think the probably one of the most important word there was more David and just so that everybody's clear, who's listening to this,
your message is, we are going to do more, and you are fully on board with that.
MALPASS: That's right. And we have you know, a great team working really hard to maximize the impact. So one of the key things in achieving what the
shareholders want is to get the most out of the money that's put in.
You mentioned the targets; there hasn't really been a move within our shareholders to say that we should take away from, from child nutrition,
for example. What they want to do, and rightly so is have more impact on climate. And so that's really the big part of our focus.
CHATTERLEY: Yes, having all of these things, food security, sustainability, nutrition in particular and better nutrition, they all fundamentally tie
David as well. So it's not a matter of categorization. It's sometimes in some points too.
I know you're off to South Africa. I've run out of time because I talk too much to talk to you but I'm, that of course one of the most codependent
nations in the world. And I know you're transitioning a coal plant there to solar. Come back and talk to me--
MALPASS: We are closing a coal fired power plant.
CHATTERLEY: I know.
MALPASS: So that's a big achievement.
CHATTERLEY: Yes and transitioning to solar too. Come back, please. And good luck at COP 27 and talk to us specifically about South Africa because the
energy crisis there is fundamental too. David, always a pleasure thank you!
MALPASS: Thanks much.
CHATTERLEY: David Malpass, President of the World Bank. Thank you. We've got more after this stay with us.
(COMMERCIAL BREAK)
[09:35:00]
CHATTERLEY: Welcome back! And an update on our breaking news from Pakistan a suspect is in custody after an assassination attempt on Former Pakistani
Prime Minister Imran Khan. Police say the male suspect had a pistol and two empty magazines when he was arrested.
The shooting happened at a political rally. One person was killed in the shooting and five were injured, including Imran Khan. If we get any further
news or developments on that we will bring them straight to you.
For now let's take a look at what's happening in the U.S. market price action. And stocks are up and running and extending the sharp losses we saw
in Wednesday's session following Fed Chair Jerome Powell's hawkish message on rates.
Powell saying the Federal Reserve will continue raising borrowing costs, even if the severity and size of the moves at these individual meetings
slows down over time. What's key, of course here is the Fed is still unclear over just how high rates will have to go if inflation persists? And
all this will create more uncertainty for financial market investors and consumers of course, too.
It also means investors and the Federal Reserve will be laser focused on future data, which will start coming in fast and furious, beginning with
tomorrow's big U.S. jobs report. And of course, we have fresh U.S. inflation data out next week, too.
Now it's been more than two years since the start of the pandemic. Remote working has revolutionized the way many companies still operate. That's
something the appropriately named Remote wants to keep capitalizing on. It helps firms of all sizes; manage remote talent all around the world,
directly handling issues like payroll taxes and compliance in more than 60 different countries.
And that very impressive entrepreneur joins us now. He's Remote's CEO. We got Job Van Der Voort. Yep, fantastic to have you with us! Now, we lost a
bit of time, because what we were going to do is introduce you with the Royal recommendation that I know you've got and how we were originally
introduced and our regular viewers will know that.
So congratulations on that front. Just explain your mission because it's about I think simplifying the process of hiring talent, wherever they are
in the world.
JOB VAN DER VOORT, CEO, REMOTE: Yes, exactly. We very much believe that talent is everywhere. But opportunity isn't yet. And so we want to bridge
that gap and make it possible to for any company anywhere to hire any individual anywhere. And so that's exactly what we do.
CHATTERLEY: OK. So talk to me about how the process actually works? Because for most people, I think we have to be careful about confusing working from
home versus what you perceive to be remote work. And I think the challenges of finding that talent and automating I think many of the processes, their
payroll, their visas, whatever it is, in order to actually get those people working for a business. So talk to me about what makes you unique in this
regard?
VOORT: Yes. So if you want to hire, let's say you're an American organization, you want to hire someone in another country, let's say here
in the Netherlands, normally what you would do is you would have to operate as a Dutch company, and figure out how to run payroll and taxes and
everything else here?
And so what we did is we set up operations in most countries around the world. And we do that for you. So you come to us, you say this is Jane, I
want to hire her she lives in the Netherlands, and then we take care of everything that is necessary for you to be able to hire her. And we do that
with you know blood sweat and tears first and now more and more software and automation.
CHATTERLEY: I mean you also offer for contractors I know that work for you. They can receive currency payments in a whole host of different currencies.
So wherever they are deciding to remote in from they can be paid. I know your U.S. users as well can be paid in now Cryptocurrencies, I believe as
well. Does anyone actually take Cryptocurrency anymore?
VOORT: Yes, so it's a good question. You know it really depends on the circumstance of the individual. We see that a small percentage of people
actually like to be paid in Crypto. [09:40:00]
VOORT: I think the more interesting thing is, is that we see a lot of people in countries with extremely high inflation, which more and more
countries are, they choose to receive different currency than our local currency, for example, U.S. dollar, even though they might be in Latin
America?
CHATTERLEY: So that's really interesting. So workers actually choosing to be paid in U.S. dollars and taking the currency risk, because they think
that the dollar is going to strengthen relative to perhaps wherever they are in the world?
VOORT: Yes, exactly.
CHATTERLEY: Talk to me about your growth, because you are seeing astonishing levels of growth.
VOORT: Yes. We found that a company in 2019. And for the first year, were just built setting up the company and the company didn't grow very much.
But then a pandemic happened, everybody started working remotely, we are remote.com. So we had to - we had to grow to meet that demand. So we went
in about a year from, I would say, 50, to about 1000 employees, which was quite a journey.
CHATTERLEY: Of course, is barely able to keep up. OK, so fast forward to today and Elon Musk is potentially we're confused about what he's going to
do in terms of the size of workforce, but he is saying to everybody else, you need to be in the building. What does this post pandemic environment
and I know, it's different around the globe, mean for Remote in your view?
VOORT: Yes, the beautiful thing that we're seeing is that the leverage that employers used to have, which is, you know, if you work for me, you come to
my office.
CHATTERLEY: right.
VOORT: And if you don't live close to me and work for me, you move to me that has changed completely. And so what happens now is that individuals
that say, well, I don't want to work from an office, then there are now thousands and thousands of employees that say, well, you can work remotely
for me, you don't have to work for that employer anymore.
And so that leverage, the change in leverage has completely changed the global hiring market. And we see that, you know, great employers are
saying, well, you can work remotely for us, and they will attract the best talent.
And then if you really do want to work for a Twitter or some other organization, you'll have to work from an office, but the moment that you
move out of wherever they are located. Now, there are thousands of alternative employers that also pay well that also have great work that
also allows you to grow in your career.
CHATTERLEY: It sort of works in a strong jobs environment, does it work in a recessionary environment where some of that power that workers have today
shifts back to the employer?
VOORT: You know, nothing really changes because if you're an employer and you're struggling to hire people, you will always have this option for you.
And like the cost of hiring remotely is less than the cost of working from an office, right?
Because people work from wherever they live, the cost of living might be lower. Plus, you don't have to pay for an office. And so even though we see
more employers going through layoffs and to reduction in forces, for example, we also see a greater demand for remote work than ever before.
CHATTERLEY: I have about 10 seconds. Are you profitable? I know you're in growth phase, but are you profitable?
VOORT: It's a choice you make as a business and that's not the first question--
CHATTERLEY: Good answer. OK, I have a million more questions for you come back and talk to us forgive me, because I don't have enough time today
because of breaking news, but we shall reconvene. Great to chat to you thank you for that!
VOORT: Thanks so much.
CHATTERLEY: OK. Just ahead on "First Move" a "Call to Earth", we across the world for a special look at the wonders of our oceans.
(COMMERCIAL BREAK)
[09:45:00]
CHATTERLEY: Our Oceans cover more than 70 percent of the Earth's surface and the sea contains a diverse and vibrant ecosystem that's key to life on
our planet above or below the waves. Despite this, the oceans are under threat like never before, whether from overfishing, pollution or climate
change.
But all hope is not lost. Across the globe, men and women are fighting to prevent and even reverse the damage. Today CNN is hosting its Second Annual
Call to Earth Day focusing on all of those efforts. From Beijing to Mexico, we have reporters covering the story all around the globe.
And our David McKenzie is on Hout Bay Beach in Cape Town, South Africa. And he's with a charity that works with children to make sure everyone feels
connected to the ocean. David, I'm assuming that means even cleaning up some of those beaches and it looks beautiful behind you.
DAVID MCKENZIE, CNN CORRESPONDENT: Yes, it's a gorgeous beach, this one of the most famous in Cape Town Julia and behind me the Sentinel Ocean
Alliance and the Education Program. You know, you came to me right at exactly the right time.
They have children coming here twice a week to do this kind of education that aren't just cleaning up the plastic. They're taking notes indicating
what they are finding on this beach and why maybe it's dangerous for the marine life in this area?
This is at least an eight week program. It's part of its education. Part of it is then learning to surfer and to swim and to respect the ocean. Here in
South Africa, particularly and around the world there is a sense that many communities don't benefit from the ocean.
This is near a kind of millionaire's mile where very wealthy people live. And often the communities that flank this bay don't feel part of this. I
spoke to an ocean educator here who says it's important that everyone feels connected and learns about this great asset.
(BEGIN VIDEOTAPE)
MCKENZIE (on camera): So many people in this country haven't always had access to the ocean. Why is it important to introduce people to the ocean
and explain what it's all about?
KHOLOFELO SETHEBE, SENTINEL OCEAN ALLIANCE: To be honest, I'm one of those people that grew up not having access to the ocean. And I feel like it is
important to give the kids of today or the youth of today access to the ocean, because they need to understand how beautiful the oceans are that
the ocean can bring more to them.
MCKENZIE (on camera): But there are people living in formal settlements who don't feel necessarily welcome here all the time. So why is it important to
change that?
SETHEBE: So it's very important to change that because this is not only the ocean for a certain group of people is the ocean for all of us.
MCKENZIE (on camera): And when the kids first arrive compared to when they've spent a few months with you what is the difference you see?
SETHEBE: Oh, we see a lot of difference. When the kids arrive the first thing when I ask them to pick up plastic that they see in the garden or
somewhere? Oh, no, I'm not going to pick it up. It's not mine. Why should I be the one picking it up?
Why is this one not picking it up? So we see that behavior, because they're not - they used to not picking up something that is not theirs. As long as
it's not mine, I'm not going to pick it up. So you see a lot of behavioral change, because now that they know the ocean, they understand the ocean,
they're connected to the ocean; they see the value of protecting and saving it.
MCKENZIE (on camera): What is the message you'd like to give?
SETHEBE: One piece of advice that I would like to give to the world is that, you know, we have to come to an understanding at some point that our
oceans you know, they give us life. We need to protect our oceans so that we can keep on living.
(END VIDEOTAPE)
MCKENZIE: Well, certainly the ocean gives us life. And it's worth remembering, of course that the ocean systems are incredibly important for
climate change, mitigating climate change that absorbs heat. It also is a massive carbon sink to help us combat what is a very real existential
threat for our planet.
But, you know, I grew up in this town, this city. It's incredible to see these communities these kids coming out on these extensive programs
learning to care for the oceans to get rid of plastic and rarely are you wish more people were this committed to doing this kind of work, Julia.
[09:50:00]
CHATTERLEY: Yes, what a magical place to grow up and how incredible to see them caring for something so beautiful and so vital too? And we didn't talk
about oceans enough to your point. David, thank you for that! David McKenzie there!
Now from the Coast of Cape Town now to the waters of South America and in Patagonia delicate marine ecosystems thrive in glaciers and lakes.
Scientists of course, they still have a lot to learn about what's out there and how human behavior is impacting life in the Fjords? Biologist and Rolex
Awards Laureate Vreni Haussermann shows us just what's at stake.
(BEGIN VIDEOTAPE)
VRENI HAUSSERMANN, MARINE ZOOLOGIST, SAN SEBASTIAN UNIVERSITY: Well, for me Patagonia as the most beautiful part of Chile. It's a very remote very wild
and rugged coastline full of green forests, rainforest has lots of glaciers through rivers, lakes, and the coast is very steep.
The marine life came from deep waters, but also from adjacent areas. And so the diversity we find in Fjords is elevated compared to other coastline. My
name is Vreni Haussermann, I'm a Scientist Working at the University of San Sebastian, and I'm studying the Marine Biodiversity of Chilean Patagonia.
Diving in Patagonia, we found many species that haven't been described before. The coastline is more than 100,000 kilometers, which is twice
around the world. There are only a handful of scientists working there. So even if we studied our main areas, they're still most parts that we don't
know yet.
Chilean Patagonia was free of human impact for a long time but in the 80s when aquaculture moved in, it started to be impacted. Life in the Fjords
has been reduced in abundance. There are species we don't find any more. Impacting an area where we know very little about, we always have the risk
that we are damaging ecosystems and the equilibrium of the ecosystems is lost.
I hope that humanity understands the need of protect our planet. I hope humanity understands the need of protecting the oceans, and our lives and
the lives of all future generations depend on a healthy ocean and a healthy planet.
(END VIDEOTAPE)
CHATTERLEY: And if you'd like to share your thoughts about raising awareness on environmental issues, you can head to our special page
cnn.com/calltoearthday.
(COMMERCIAL BREAK)
[09:55:00]
CHATTERLEY: Now finally, just to emphasize the point another warning about just why we need to do more to protect our amazing planet? Researchers at
UNESCO see the glaciers in 1/3 of the planet's most beautiful parks and protected areas affected disappear in our lifetime whether or not we slow
global warming.
The ice sheets of Yosemite and Yellowstone National Parks are among those at risk of vanishing too, by 2050. The report says global warming needs to
be limited as we know to one and a half degrees Celsius above pre industrial levels. If some of the earth other glaciers are to even stand a
chance.
And that's it for 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. In the meantime "Connect the World" with Becky Anderson is up next, and I'll see you tomorrow.
(COMMERCIAL BREAK)
[10:00:00]
END
