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First Move with Julia Chatterley
Beijing Cancels Flights And Extends Lockdown Measures; China And India Talk De-Escalation After A Deadly Dispute; The World's Richest Sports League Returns To Action. Aired 9-10a ET
Aired June 17, 2020 - 09:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[09:00:04]
JULIA CHATTERLEY, CNN INTERNATIONAL ANCHOR: Live from New York, I'm Julia Chatterley. This is FIRST MOVE and here is your need to know.
Containing COVID. Beijing cancels flights and extends lockdown measures.
Border battle. China and India talk de-escalation after a deadly dispute.
Kicking off. The world's richest sports league returns to action.
And coming up --
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE: You never want to be in --
UNIDENTIFIED CHILD: Debt.
UNIDENTIFIED MALE: Because that means you --
UNIDENTIFIED CHILD: Owe somebody.
UNIDENTIFIED MALE: And we don't never owe --
UNIDENTIFIED CHILD: Somebody.
UNIDENTIFIED MALE: Because that ain't what suckers do. Period. Come on.
UNIDENTIFIED CHILD: Yes, man.
(END VIDEO CLIP)
CHATTERLEY: Putting the fun in finance, at least we try, but this is a dad teaching his son the value of financial literacy.
It's Wednesday. Let's make a move.
Welcome once again to FIRST MOVE. Fantastic to be with you as always, and we have a show jam packed with innovative technology on things like
testing, on digital payments, and as you heard there, some inspirational parenting in pretty tough times. Not necessarily that you would know that
if you looked at the stock market gains in the last 24 hours.
U.S. futures are once again green following yesterday's two percent rise supported by that bump or bounce in retail sales during May in the United
States, news that a widely-used steroid drug may help treat severe cases of COVID-19, we'll discuss in a moment.
And more action from the Federal Reserve to support firms and not to mention talk of a potential Infrastructure Bill. We've heard that before,
though, I have to say. No complacency on any of this from Fed Chair Jay Powell, who remains the voice of caution. He is back on Capitol Hill for a
second day of testimony.
Powell warning once again that the economic recovery will slow after its current snap back bounce. He urged Congress to provide more support. You
know my view, I agree.
Elsewhere, European markets continue to make headway. The NIKKEI though over in Japan losing a little steam after Tuesday's five percent gain.
Morgan Stanley overnight assuring investors Asia's economic recovery will remain on track even if we see a second wave of infections there. That's an
interesting point.
It's what we begin on over in China. The City of Beijing on high alert. Officials have grounded most flights in and out of the city and closed all
schools. The Chinese capital seeing a surge in new coronavirus cases, more than 130 since last Thursday.
Steven Jiang is live in Beijing for us. Steven, great to have you on the show. They have upgraded their emergency response level. Give us a sense of
what that means and for how many people in Beijing.
STEVEN JIANG, CNN SENIOR BUREAU PRODUCER: That's right, Julia. The hundreds of flight cancellations you just mentioned are a result of the soft
lockdown the authorities have imposed on the city of Beijing. It's a soft lockdown because they are not sealing off the city as they did in Wuhan.
Instead, all nonessential travel is strongly discouraged. If you have to leave town, you must present a negative result from a test done within
seven days of departure.
Now, if you happen to live in a community where they have reported recent cases, then your entire neighborhood will be placed under strict lockdown,
no in and no out, and there are a dozen such neighborhoods throughout Beijing and the number keeps growing.
For now, the authorities focus remains to be this now closed wholesale food market where all the recent 137 cases have been traced back to. Now, that
place used to house thousands of vendors and saw huge crowds on a daily basis.
So, the authorities have been trying to find anyone who had been there since May 30th, and so far, they have found more than 350,000 people in
this category. Now, the government says, all of them will have been tested for the virus by the end of Wednesday.
But, Julia, this latest outbreak is already having a major impact on many businesses across the city. I was just speaking to the owner of a bar at
one of the city's most popular night life districts. He said he was still sending out online flyers for his bar's programs and performance for the
coming weekend on Tuesday when he got notified by the authorities to shut everything down immediately.
And now, not only he does not know when they will be allowed to reopen, he also has to have all of his employees, himself included, tested for the
coronavirus at his own expense.
So, this latest outbreak is definitely going to hamper the economic recovery the government here is so desperate to have -- Julia.
CHATTERLEY: It's such an important point. So disruptive for businesses. A challenge to workers here, too. But you mentioned a really interesting
point and I just want to give our viewers a sense of the scale and the importance of this market.
I believe the size is more than 250 football fields. It supplies 80 percent of the meat and vegetables to the capital's -- what -- 22 million people.
Keeping this closed also has huge implications for food accessibility.
[09:05:10]
JIANG: That's right. Officials actually acknowledged initially right after the closure of this market there was some shortage in grocery stores and
supermarkets of vegetables and other farm produce, but they say they have already deployed resources from elsewhere to make sure there is not any
disruption to the food supplies of the capital city.
But still, you know, this is such a delicate balance they are trying to strike between rigorous containment measures and economic recovery efforts.
You know before this latest outbreak, Beijing had not seen any new cases for almost two months, so we were really starting to see things get back to
a sense of semi-normalcy or new normal.
People were taking off their masks on the streets and shopping malls; bars and restaurants are getting crowded. Now all of this, of course, came to a
screeching halt since last Thursday.
So this is really the reality here, even though officials here were told they have to strike a balance, but they would rather err on the side of
over caution and overreaction because they're just under such political pressure to have zero cases in their jurisdictions, even though that
expectation is increasingly unrealistic -- Julia.
CHATTERLEY: Yes. The beauty of a command economy here to control things like food supply and take this kind of, as you point out, excessive
reaction if necessary to control it. Huge contrast with what we're doing in the United States.
Steven, great to have you with us. Steven Jiang there.
Now, let's bring it back to America. The U.S. Vice President Mike Pence is attempting to declare the pandemic under control, telling the "Wall Street
Journal" there is no second wave of coronavirus.
Right now, 21 states are reporting an increase in new cases. Ten of those states are seeing a spike of 50 percent or more in terms of numbers. Let's
get some context here. CNN's chief medical correspondent Dr. Sanjay Gupta joins us now.
Sanjay, fantastic to have you on the show. Great to have you with us. Mike Pence there was pointing to states where we're seeing cases fall, but we
just pointed out actually many states are seeing a rise in cases. We need your context, because you tweeted out last night, we don't need to be
talking about second wave. The first one isn't over yet.
DR. SANJAY GUPTA, CNN CHIEF MEDICAL CORRESPONDENT You're right. Right. Yes, it would be a luxury in some ways, Julia, to talk about a second wave
because that would give some idea that we've actually had this sort of ebb and flow here, but if you look at the United States overall, and see how
things are changing, what you'll start to notice -- if we can put up this map -- that the northeastern part of the country did have this significant
peak here and now you see some downward trends.
But in the south and in the west, things are heading in the wrong direction, Julia. So, you know, we're worried in many parts of the country
that we'll start to see the same sort of thing that we saw in the northeast in other parts of the country, just a little bit of a delayed fashion.
So, it's not so much the timing to be talking about going into a second wave, because we're still having these peaks within the first wave.
Let me just show you quickly, if I can, Julia. We put these together as well to give you an idea of what waves really look like. Overall, this is a
seven-day moving average in the United States, and it's almost become an existential question here. Are we comfortable with 20,000 to 30,000 people
becoming infected every day?
Six hundred people, roughly, right now dying every day? That's more people that die in 24 hours here versus the entire pandemic in other countries
versus Italy, which we know we use this comparison because they obviously had some significant challenges around the same time we did.
That's more what a wave looks like, Julia. So, we're not really in a position to be talking about second waves. There's no question as things
open up more, as people are more out and about that we're going to have increased levels of infections.
I think the metaphor in the financial sort of world would be, you want to see -- keep them from going into exponential growth. If you start to have
significant clustering in many places, you could have exponential growth and that would obviously be a huge problem.
CHATTERLEY: Yes, one of the other things, and the White House has certainly said this to dismiss the rising case fears is, look, the more you test, the
more cases you will find. Can you give us clarity on what point testing brings those cases down because you're tracing, you're testing, and you're
telling people to go home, right? This is so crucial.
GUPTA: Yes, no, it's -- it may be a bit counterintuitive, but you're absolutely right. I mean, the whole reason you test is to ultimately bring
the numbers of infections down. You find people who are infected, many of whom may not know that they're even harboring the virus in their body. They
can be isolated and not spread the virus.
So in many places around the world, as testing has gone up, cases haven't gone up. They've gone down. That's what should happen. Where you are in New
York, that's exactly what's happening now where the testing has gone up significantly and overall infection rates have come down. That's good news.
In many places, you have testing that's going up and cases that are going up way out of proportion. Hospitalizations going up. That wouldn't be
influenced by testing.
[09:10:09]
GUPTA: And in places like Oklahoma, which is in the news a lot lately because there's going to be this big political rally there this weekend,
testing has gone down, and case levels have really gone significantly higher.
So it's -- I know it's a lot to wrap your head around, but I think the most important point is, the reason you test is to bring case levels down, not
up. You can't bury your head in the sand on this. You have to know what you're dealing with in order to actually bring those numbers down,
ultimately.
CHATTERLEY: Yes, if anything, just bury your head in a mask. That's the end of that.
GUPTA: That's right. That's right.
CHATTERLEY: Dr. Sanjay Gupta, thank you so much as always.
GUPTA: You've got it. Thank you.
CHATTERLEY: All right. Let's move on. The Indian Prime Minister warning China, we won't compromise on integrity or sovereignty. Narendra Modi
responded to a clash between India and China at a disputed border which left at least 20 Indian soldiers dead, according to the Indian Army. Take a
listen to this.
(BEGIN VIDEO CLIP)
NARENDRA MODI, INDIAN PRIME MINISTER (through translator): India wants peace, but on being provoked, India is capable of giving a fitting reply in
any case.
I want to assure the nation that the sacrifice of our soldiers will not go to waste. For us, the integrity of Indian sovereignty is at the top and
nobody can stop us from protecting them. Nobody should have an illusion or doubt in this matter.
(END VIDEO CLIP)
CHATTERLEY: Sam Kiley joins us now. Sam, Prime Minister Modi also said, look, we want peace but both nations accusing each other of provoking this
violence.
This is a Prime Minister, of course, in India that came to power and we've talked about it on this show, on a mandate, a platform of national
security. How uncomfortable is this moment for him?
SAM KILEY, CNN SENIOR INTERNATIONAL CORRESPONDENT: Well, very uncomfortable position to be in diplomatically, where with that kind of bellicose threat
of potential retaliation, he is in danger of committing himself to doing just that at a time when, let's face it, neither China nor India wants nor
can really afford any significant kind of escalation over what, in the past, have been, frankly, border squabbles literally ending in pushing and
shoving and some slapping, but which a couple of days ago, a couple of nights ago, resulted in the deaths of 20 people.
Now, the Indian authorities are saying that the Chinese tried to establish some kind of post on the Indian side of what is called the line of actual
control. It's about three and half thousand kilometers long, this line. It's an unrecognized and disputed border area between the two nations which
has been the scene of wars in the past, but not in any kind of significant death toll from really since the late 1960s.
But as a result of this clash, which involved people being hit over the head with cudgels and stones, people dying of exposure, there has been an
outpouring of nationalistic sentiment in the streets of India in particular, Julia, with a lot of Indian military veterans demanding
immediate retaliation in a military form against China.
And of course, the Chinese almost inevitably replacing the men in uniform in public with the men in suits immediately saying this is all a
misunderstanding and they want to go back to the long standing processes of diplomacy that have normally de-escalated things.
The Chinese have not confessed to any kind of casualties on their side. The Indians of course have got wide range of reports claiming casualties, but
at this stage, it really does seem to be almost a trap for Mr. Modi who may well feel that he has got to do something and further escalate.
He has been sending more troops to that border area, Julia, as indeed have the Chinese since an earlier relatively benign pushing and shoving incident
in May.
CHATTERLEY: Yes. Very uncomfortable mix of politics, economics, and diplomacy here. Sam Kiley, thank you so much for that.
All right, let let's move on. Football fans around the world warming up as the world's most lucrative football league returns, the English Premier
League restarts later today after a three-month suspension.
Alex Thomas is live in Manchester where Man City will face Arsenal in around six hours' time.
I know a lot of excited fans just to see the Premier League back in action, Alex, but it's going to look very different. No fans.
ALEX THOMAS, CNN SPORT: Strange to have so much excitement when none of them are going to be here. Normally, you'd expect around 55,000 in the
Etihad Stadium behind me, Julia, but Premier League officials say because of coronavirus measures, there will be only around 300 people.
I'll get to those new protocols in a moment, but yes, the overriding headline is, the Premier League is back after more than three months. It
was actually called off on Friday the 13th back in March, and it's a bit of a horror show for Premier League officials since then.
[09:15:10]
THOMAS: Weeks and months of delicate negotiations with players unions and with the clubs themselves, other -- the top European football leagues like
Germany's Bundesliga have got back into action more quickly, but the Premier League had to wait until June to finally get that go-ahead to play
games.
There are still 92 matches to be finished, so we're going to see games almost every day between now and we're seeing two of them end the last
Sunday of July.
So, a lot of football to be played. It will look very different with no fans inside the stadium. We've kind of got used to that seeing those other
European leagues get under way. I think TV viewers can choose to have fake sound pumped out to them just to try and generate that excitement.
The Manchester City boss, Pep Guardiola knows exactly why football has had to take a back seat because he actually lost his mother to the disease and
its opposite number, his former coach, Mikel Arteta, who is now the manager of their opponents later on Wednesday, Arsenal, actually caught coronavirus
himself and recovered from it and his illness was one of the reasons the Premier League was suspended in the first place -- Julia.
CHATTERLEY: Yes. Symbolic. An important moment to be back, but obviously keeping players and all the people around them safe is the most important
thing at this moment.
Alex, very quickly, most important question. No bias here at all. Will Liverpool win the league?
THOMAS: I think it's inevitable. They're 25 points clear. They need two more wins. If City lose to Arsenal, Liverpool can do it on Sunday after a
30-year wait to be champions of England once more.
CHATTERLEY: Hooray, she says, with no bias at all. Alex Thomas, great to have you with us. Thank you so much for that.
All right, we're going to take a break. Still to come, the coronavirus flight away from cash payments. How FinTech companies hope to take
advantage. We speak to the CEO of PayTM, next.
And a breakthrough in COVID-19 testing. I'm joined by the CEO of Oxford Nanopore as the company unveils a test that can be done anywhere. Pretty
revolutionary. Stay with us.
(COMMERCIAL BREAK)
[09:20:03]
CHATTERLEY: Welcome back to FIRST MOVE where U.S. stock markets look set for fresh gains in early trading today. This, following Tuesday's solid two
percent rally across the board -- energy, banking higher again premarket, also some of the major retailers like Walmart and Home Depot advancing,
too.
Optimism, I think, the carryover from that retail sales jump yesterday. Retailers are saying government stimulus checks helped boost sales. We were
saying that yesterday. Economists caution that sales could weaken if the government delays fresh help to unemployed workers, too. Remember those
bump up in unemployment checks ends at the end of July.
In the meantime, cruise line stocks are pulling back premarket. Norwegian saying its ships won't sail again until October at the earliest. It had
hoped to restart operations later this summer.
Now, the coronavirus pandemic has had a major impact on how we pay for goods with many retailers shunning cash. That's accelerated the use of
mobile payment services and FinTech companies like PayTM are hoping to capitalize on it. They certainly are.
The Indian firm backed by Softbank and Alibaba has gained hundreds of millions of users since the country's high-profile withdrawal of bank notes
back in 2016. With strong competition, however, making a profit remains a key challenge. Vijay Shekhar Sharma is the founder and CEO of PayTM and he
joins us now via Skype from New Delhi.
Sir, fantastic to have you on the show. I know you do all sorts of things beyond just payment. Just in your own words, quickly, just explain what
PayTM is and does.
VIJAY SHEKHAR SHARMA, FOUNDER AND CEO, PAYTM: Well, thank you for having me here, Julia. PayTM is all about payment expanding into financial services
companies, so our journey, like you said, began with payments where we built person to person payments and in-store payments using mobile phones
and then we have now launched a bank and lending and insurance and so on and so forth for services.
CHATTERLEY: If we hone in on just what you've seen initially throughout this COVID-19 period, it's not just about customers wanting to transact and
use cash less. It's also about businesses allowing those customers to be able to pay for things online.
Talk about these services that you provide for businesses and what kind of increased volumes you've seen.
SHARMA: So, well, clearly, people are uncomfortable picking up currency note or plastic cards to pay and mobile phones, which sort of have become a
common thing already in India, became a method for payment.
So, now, we see that more and more, I mean, if I were to see the same store level, the growth has been 80 percent to 90 percent and in some cases where
the numbers were small, it has obviously crossed a couple of hundred percent growth also.
So overall, we are seeing same store sales going up as high as 80 percent, 90 percent when people are using mobile phone to scan the QR code and pay.
One more service that we got a pleasant surprise and we were very quick to launch and have been able to see pick up is orders, so many go to, let's
say, a Starbucks in Delhi, you can scan our QR code and place the order and then the pick-up will be handed over to you so you can go back home.
So, you don't even need to walk in the store or get in the queue of ordering. You can simply scan the QR code on the door and place the order
and somebody will come and say, sir, this is your order.
So, payment also has expanded to sort of ordering system, contactless ordering that we have seen in the last few days.
CHATTERLEY: How many businesses do you have? Some of the latest numbers I've seen are 16 million merchants.
SHARMA: Yes.
CHATTERLEY: They are able to use this technology. Is that around the right number?
SHARMA: Yes. You're right. Actually, the number is a little more than 16 million, but you're right, 16 million is the number where the customers can
walk in and pay using mobile phone.
Surprisingly, if you were to look at the plastic network, India is not a very large plastic user, so the number of merchants that -- where you can
pay plastic is a little less than three million.
So the number of places where you can use mobile payment in India is far, far bigger than plastic usage devices.
CHATTERLEY: And talk to me about market share here because competition in this space is fierce, and I think what we've been through over the last few
months is going to only accelerate the interest in this sector in particular.
I mean, Google Pay, Amazon Pay, WhatsApp has got 400 million users in India, too, and I'm just mentioning a few here. You have some stiff
competition.
SHARMA: Yes. Absolutely. I think the payment in India has become like a playground for every global company. I would say that in the last two to
three years, we saw people like everyone that whom you named and some of the homegrown also, but luckily, I can tell you that PayTM still remains
the choice of customers by far.
PayTM is bigger than anybody else combined in the country. When customers come to use PayTM to pay a merchant, so the merchant payments, the payments
that you do in the store or you do to a merchant, PayTM is a clear market leader with majority market share.
We've seen people doing a very good job of expanding the market, if you will, and also adding a few more services like person to person money
transfer and USPC -- Venmo kind of services.
[09:25:23]
SHARMA: So, PayTM focuses on when you are paying to a merchant and other competition has been able to extend market, get new customers in the fray,
but because of the merchant network and the capabilities of adding wallet, bank transfer, card, all kind of payment to the conjugal site, we remain
the choice, even today, in the majority market share.
CHATTERLEY: Okay, so, it's a question of hanging on to that. At the same time, just trying to make money because I believe you're still loss making
at this stage and I watched a recent press conference with you, and you posed a question to someone else that I'm going to pose back to you. What's
the business model here? How do you make money?
SHARMA: Well, I think the business model very clearly we are learning from the rest of the world that payment services grow towards financial
services. So, we've been able to see our losses massively reducing.
I can give you an example. If last year, same month, like, April-May, actually, we're in June so I can look at the May-May comparison. We reduced
our net burn, meaning, our losses if I was to say by staggering 70 percent year-on-year.
So, we've been seeing the revenue increase and cost decrease because monetization might have kicked in, so services like banking, services like
lending, services like insurance and wealth have started to take place, and the customers have started to earn us money.
Payment actually is always going to remain a zero revenue or a break even revenue in the best case scenario for us and for the last three years we
had been focusing purely on payments and since last year, we started -- actually 2020 onwards, now six months have passed, we've started focusing
on financial services and revenue has been fast to come in.
CHATTERLEY: Okay. Quick fire round now because I only have a minute and a half left. Time to profitability. Thoughts on an IPO.
SHARMA: Two years for profitability. 2020 will be the year where I will -- we definitely are on the path to report profit. And once we are profitable,
we will start working on the IPO. Before that, there is no IPO plan.
So, maybe after 2022, 2023, 2024 -- wherever the time it takes us.
CHATTERLEY: Get profitable first and then we'll tackle the IPO. Makes sense.
SHARMA: Absolutely.
CHATTERLEY: It's a new world. Vijay, great to have you with us. Stay in touch, please, and we'd love to keep up with your progress. Vijay Shekhar
Sharma from PayTM.
SHARMA: Thank you.
CHATTERLEY: Thank you. All right, the opening bell is next. Stay with us.
(COMMERCIAL BREAK)
[09:30:59]
CHATTERLEY: Welcome back to FIRST MOVE where U.S. stocks are open for trade this Wednesday, and as expected, we're looking at a rise for a fourth
straight session if we can hold on to these gains. The NASDAQ once again flirting with that 10,000 level on continued hopes for economic reopening.
Something in yesterday's report showing an 18 percent spike in U.S. retail sales, keeps the dream of a V-shaped recovery alive. Remember, the U.S.
consumer accounts for some 70 percent of GDP. I'll keep stressing the global uncertainties.
Retail sales have fallen for a fourth straight month in China, too, after that initial bounce back; and Japan reported today that last month's
exports fell almost 30 percent year-over-year due in part to weaker U.S. demand for Japanese cars.
Meanwhile, the I.M.F. is warning that its upcoming report on the global economy will show a worsening picture. It says the COVID-19 crisis is,
quote, "unlike anything the world has seen before." The challenges remain.
In the meantime, Oxford Nanopore helped crack the DNA code of the coronavirus back in January. Now, the British biotech has used its
sequencing technology to create a portable COVID-19 test that could be a breakthrough for broader, widespread testing.
The key here is the test does not require a laboratory because the company can analyze samples on site within an hour.
Joining us to explain is Gordon Sanghera, he is cofounder and CEO of Oxford Nanopore. Gordon, great to have you on the show. The science here is
groundbreaking anyway, but the technology here is key.
You're effectively seeming to bring the laboratory to the point of infection. Talk us through this, and is that correct?
GORDON SANGHERA, COFOUNDER AND CEO, OXFORD NANOPORE: That is right. So, let me just show you. Can you see that okay? That is -- it looks like a walkman
with a video in it. That is a DNA sequencer, a Nanopore sequencing platform, and as you say, it's been used to crack the code of COVID, and
what we've realized over the last three months is we can harness the horsepower for a DNA decoder where you're measuring tens of thousands of
DNA bases to crack the code of the COVID genome to use a much smaller number of DNA bases to test for COVID in a decentralized manner.
So, we can take this system and put it into, if you like, a pop-up laboratory or an office or a factory anywhere and take the next level of
infection control to the point of infection of the COVID.
CHATTERLEY: So, there's quite a lot in there, but our eagle-eye viewers will notice that there wasn't blood being dropped into that analyzer there.
It looked like something else. And this is a saliva-based test because as you pointed out there, the DNA sequence, you have the 30,000 sequence
letters that represent COVID-19 and that's what you're looking for in the saliva and this is part of the crucial difference here in terms of speed
and ease of doing this test.
SANGHERA: That's right. So, this is a nucleic acid test. This is the gold standard swab test that people talk about. We are trialing and we're very
confident that we will be able to, from saliva, be able to use this machine to look for absence or presence, in real-time, of your -- of the COVID
genome.
So, if it's there, then you have absence or presence, so it's real-time virus checking.
CHATTERLEY: So, let's imagine that a company brings one of these systems in-house, you provide a couple of technicians, I believe. Workers could
come in, in the morning, they could provide a sample of saliva. How quickly will they know whether they're positive or negative and therefore, I guess,
could either go into work normally or have to go back home and quarantine?
[09:35:10]
SANGHERA: So, in that setting, the -- what you would have is, it's a Friday morning, it's your weekly test, if that's the frequency at which this ends
up being used, you drop your saliva sample off in a bag that you spat into a tube first thing in the morning, and by lunchtime, you will have an
answer back, and if you're positive, then we can see who you have been tracked and traced around that day.
They can then be checked, retested, but you can all be quarantined and sent home, and then we can see those who are not positive can come back to work
and be tested again and frequently.
And the whole premise behind all of this is that being able to test routinely and track continually will allow us to control the infection and
stop it getting out of control.
CHATTERLEY: Yes, it's this idea of multiple tests. I mean, this has been one of the criticisms, I think, of the leadership here in America that you
simply don't have enough tests or can't keep testing, but the point is, you're saying, this kind of technology allows for that constant testing,
just to provide reassurance and contain cases if you've got them.
Cost. Gordon, what does one of these cost?
SANGHERA: So, at what cost to get us all back to work is the way I would think about it. We believe we can get this into the tens of dollars, and we
think that's a very -- it's competitive to other tests that are out there, but in terms of getting the economy kick started again, getting everybody
back to work, back to football matches -- very excited about Premier League season starting tonight -- that testing and that sort of $20.00, that sort
of price range, tens of dollars, we believe, is a compelling price point at which to do mass testing routinely.
CHATTERLEY: Yes, cost per test there. Where are you with the regulators? Critical point here, Gordon.
SANGHERA: So, we've done our initial technology validation, and it's -- it looks fantastic. You know, equivalent to the gold standard nucleic acid
testing. We'll be submitting in the U.K. in weeks and then beyond that, we'll be looking to get with the European and U.S. fast tracked
applications in and really looking to deploy this in a matter of weeks.
And if I can say, we do have to look beyond COVID, because in the fall, we're going to enter the flu season, and the symptoms of COVID and the
symptoms of flu are identical, and it's -- and we are developing on the back of this platform a COVID and flu test so we can reassure people or
emergency treat people if they've got COVID, reassure them it's flu. Not great news, but it's better than having COVID.
So this is about a long-term play because in addition, we will need this network out there, because these pandemics are not going to go away. We've
had SARS. We've had MERS. And now we've got COVID.
And having, you know, that emergency preparedness and being ready with decentralized field deployed testing routinely and regularly will become
the new normal.
CHATTERLEY: Yes. We have to be better prepared this time around. Very quickly, Gordon. How many of these can you produce? What are your
production capabilities, assuming you get the approvals?
SANGHERA: So, we've not only thought about getting a test that works quickly, we've thought about how we can get into the millions of tests per
month, and we've been building up the supply chains and getting all the reagents we need and all the equipment we need.
So, we expect to come out of the box, you know, in terms of millions of tests per month.
CHATTERLEY: Fantastic. Keep in touch with us, please. Let us know when you hear back from them and come back on again. Thank you for all your work
because I know the team as always, in these cases has been working 24/7 on this.
Gordon Sanghera, cofounder and CEO of Oxford Nanopore. Thank you so much for joining us.
All right, we're going to take a break here on FIRST MOVE. Coming up, putting the fun into finance. How many of these questions can you answer?
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE: What's an entrepreneur?
UNIDENTIFIED CHILD: Entrepreneur is a person that organizes and operates a business or businesses.
UNIDENTIFIED MALE: Also taking on a greater than normal --
UNIDENTIFIED CHILD: Financial risk.
UNIDENTIFIED MALE: What's financial mean?
UNIDENTIFIED CHILD: Money.
UNIDENTIFIED MALE: And what does risk mean?
UNIDENTIFIED CHILD: Chance.
UNIDENTIFIED MALE: Come on. What does it mean to own stock?
UNIDENTIFIED CHILD: When you own a share of a company.
UNIDENTIFIED MALE: Come on.
(END VIDEO CLIP)
CHATTERLEY: I'm intimidated. This eight-year-old and his dad have an important lesson for us all. How to make stocks, bonds, commodities, but
more importantly, running your life as simple as ABC. That's next.
(COMMERCIAL BREAK)
[09:43:05]
(BEGIN VIDEO CLIP)
JEROME POWELL, U.S. FEDERAL RESERVE CHAIRMAN: The economics discipline like every other aspect of our society does have a troubled history when it
comes to issues of race and equality. There's a lot of work left to do both in the economics profession on these issues and I hope recent events are
pushing all of us to try to do better.
(END VIDEO CLIP)
CHATTERLEY: Try to do better. Jay Powell there giving evidence to a Senate Committee on financial inequality. Highlighting the risk that in this
recovery, the poorest get left behind again.
There can be no denying that there are staggering disparities in wealth and opportunity across America, so as the next generation face a future under a
cloud of potential debt and job insecurity, what can all parents do to help?
Well, get ready to be inspired. I want to introduce you to Kyren Gibson and his 8-year-old son, Kyng. They spent lockdown learning about personal
finance and investments and the results, as you saw earlier, took the internet by storm. Guys, great to have you on the show.
I have to say, I watched this video and you both blew me away. Kyren, I want to start with you. What made you decide that you needed to get
educated on these kind of facts, financial literacy, and pass that on to your son?
KYREN GIBSON, TAUGHT HIS SON FINANCE AND ECONOMICS: The generation of wealth, economic power is everything in this world with capitalism, you
know, making the rich get richer and the poor get poorer, I just wanted him to understand everything financially so he cannot be beat or lost so he
always knows how to make a dollar for his family once I'm dead and gone and just with the kids watching this all.
CHATTERLEY: The ability to protect wealth and create wealth. Kyng, do you find this fun? Do you find finance fun and learning these things fun?
KYNG GIBSON, EIGHT YEAR OLD FINANCIAL WHIZ: It is kind of fun.
CHATTERLEY: And does your dad make it fun for you?
[09:45:10]
KYNG GIBSON: Yes, he does make it really fun.
CHATTERLEY: And what do your friends think? Do you teach your friends? Because some of the things that you were discussing, you know, a lot of
people could look at that at your age and go, this is kind of boring.
KYNG GIBSON: Yes, sometimes they say that it is boring because you learn a lot of things, but I am going to be having another like brother, so I teach
some of my friends and some of them don't want to. They don't want to learn it.
CHATTERLEY: It's pretty incredible. I mean, your background, and you and I spoke about this off camera yesterday, and you were saying, you know,
you've faced some challenges. You made some decisions that you regret and you simply didn't want your son to be in that position.
Just explain what that was like.
KYREN GIBSON: Well, me going to school, going to college, I didn't take my grades seriously, even though I was smart. I had the highest S.A.T. score
in my college team, 1760. All I talked about and cared about was either playing sports or music and I wanted to expand every child's mindset on
that and my own.
So while I'm teaching my son, I'm teaching myself, and so it's about abundance. Life abundance. Just living your life, you only have one life
and you want to make sure when you're done, you leave a legacy and not for others, but for yourself and for your family. It's all about family ties
and my son knowing to live his life all the way out and just expand his brain, more than what a child is supposed to know, so ...
CHATTERLEY: You know, it's interesting, there's a sort of social shift, I think, going on in the United States at this moment, and people looking at
things like racial inequality in particular, but you know, I look at what you're teaching Kyng and the things that you are learning here, and
actually, they're applicable to everybody that wants to increase their wealth, that wants to understand how to pay a credit card, not get into
debt, as you were -- you guys were talking about in that video.
Do you think this has a race component, or do you think your message is for everyone here? It's really inclusive.
KYREN GIBSON: So, first of all, it came with race. When you kill a black man, you don't think nothing of it because we don't have economic power. So
what are we going to do? They think we're going to just march.
Well, I'm trying to teach everybody in my community and also of all colors is, economic power. So you can't just kill somebody that has economic
power. If you know they have money to own, if they own the government, if they own big corporations, that's what I'm trying to raise awareness
amongst my community but also all kids.
Like we discussed, I think if I can change -- one out of every three children is starving, is going through poverty, and I want to teach all
these kids how to build themselves up and just because you're going through something right now, like I did in my life doesn't mean you can't be here.
Manifest it. Live it. Breathe it. It's going to be boring. It's going to be hard. But you can do it. You've just got to -- just take the society's
prism off of you. So that's what I'm all about.
It is inspiring and leaving a legacy once I'm gone for my son and others, and it's for everybody. It's not just for blacks. It's not for whites. It's
for everybody.
Intelligence has no color. And that's what I'm going to keep preaching while I am around for a little bit. Intelligence has no color.
CHATTERLEY: It's just about empowerment and motivation. Kyng, what do you want to be when you grow up? I think your dad's inspiring you to want and
fight for more. But what do you want to be when you grow up?
KYNG GIBSON: With everything going on, I hope I'm still alive, but I -- I want to be a successful tycoon and produce jobs for my people in my
community.
CHATTERLEY: Kyng, that's an amazing message, but you said something really heartbreaking there. Are you frightened at this moment?
KYNG GIBSON: I don't know.
KYREN GIBSON: She's talking about you saying -- he's saying --
CHATTERLEY: I hope I'm still alive.
KYREN GIBSON: You've seen George Floyd, how did that make you feel?
KYNG GIBSON: Sad and mad.
KYREN GIBSON: Yes, just us being you know, a young black man, you know that's why we're doing what we're doing right to inspire everybody in our
community -- you know, do what we've got to do like I discussed with you, so that's what --
He was mad. I showed him the video. We still speak on it. But I just want him to understand, not to put himself in any type of situation or be in any
type of, you know, low mindset where nobody can ever, ever do him wrong and I don't care what color.
Because every time we come out the door, the sad thing about it is, I have to worry about another color hating me. I have to worry about my own. So,
you know --
[09:50:09]
CHATTERLEY: Yes. What you're fighting for here is what will bring change. Anger is one piece of it, but education is powerful. And that's what you
guys are doing. It's a powerful message. Thank you for coming on to FIRST MOVE and stay in touch, guys. Inspirational, both of you. Thank you.
Kyng and Kyren Gibson there. Amazing.
All right, up next, Facebook allows users to switch off political ads as it responds to the storm over false information on its site. But there's some
caveats. Stay with us.
(COMMERCIAL BREAK)
CHATTERLEY: Welcome back to FIRST MOVE. Mark Zuckerberg says users can now choose not to see political ads on Facebook, and that the company plans to
help four million users register to vote.
Facebook is responding to criticism over false information on its site ahead of the U.S. election, and of course what we saw in 2016.
Hadas Gold joins us now.
Hadas, you can basically opt out of seeing information, but if the information is false, it's still going to be there. Is that the bottom line
here?
HADAS GOLD, CNN BUSINESS REPORTER: Yes, Julia, so, if you're in the United States and you're already sick of the election, you do now or you will soon
have the option to go into your settings and just turn off any ads for political issues, from politicians or anything like that.
Now, this was initially sort of announced in January where they said users would be able to tone it down, but now users in the United States will soon
be able to just completely opt out.
But this is an easy PR win for Facebook because as Mark Zuckerberg himself has said, political ads don't make a huge part of their ad revenue and
also, we don't know how many people actually are going into their settings and turning off these ads, going through all of those clicks, all those
steps in order to turn it off.
And if somebody shares a political ad into your news feed, you will still see it. You'll see a label affixed to it, but you'll still be able to see
it and as we know, a lot of the most explosive political content on Facebook and on Instagram aren't usually paid ads.
And also, as you noted, this has not changed anything with regard to what politicians can say in their ads on Facebook. They're still completely
permitted to lie, say what they wish in any of their political ads, just now, the users has a little bit more power and they can say, I don't want
to see any of it.
CHATTERLEY: Yes. There's so many angles here for me. The fact that you've got Joe Biden, you've got President Trump criticizing Facebook and yet at
the same time, spending millions of dollars advertising on it just -- there's so many ironies here. It's tough to go on about it and dig into the
details.
Google, let's talk about them instead, because they're also taking action over a couple of Web sites that have offensive comments in comment
sections. Talk about this too, because this is important as well.
[09:55:04]
GOLD: Yes, so, Google said that it is banning one site, a popular financial blog called ZeroHedge and has issued a warning to another site, a rightwing
news site called "The Federalist" based off of some of the content both on their sites and then sometimes in their comment section that they said
violated their policies on derogatory or dangerous content, because for Google, they don't want a company to get mad at them because a company's
ads appear next to some sort of dangerous or derogatory comment because they use Google's ad platform. So, trying to take some control of this.
So while ZeroHedge they said cannot use their ad platform, it's being demonetized, "The Federalist" they said has just been warned and the reason
that "The Federalist" did not have any more action is because "The Federalist" just decided to take off the comment section and just to avoid
any of this at all.
Obviously, the he revenue from such ad platforms are so important, but again, this could anger some conservative or right-wingers who already say
that these internet platforms are biased against them.
CHATTERLEY: Yes, censorship or, quite frankly, just doing what you should do in some way policing content. The debate will continue. Hadas Gold,
thank you so much for that.
That's it for the show. You've been watching FIRST MOVE. Stay safe. I'll see you tomorrow.
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[10:00:00]
END
