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First Move with Julia Chatterley
Inflation Concerns Pressure Stocks from Hong Kong to New York; President Biden's Stimulus Plan Passed by the U.S. Senate; The Fallout from Harry and Meghan's Interview with Oprah. Aired 9-10a ET
Aired March 08, 2021 - 09:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[09:00:17]
JULIA CHATTERLEY, CNN BUSINESS ANCHOR, FIRST MOVE: Live from New York, I'm Julia Chatterley. This is FIRST MOVE and here is your need to know.
Tech trips. Inflation concerns pressure stocks from Hong Kong to New York.
Aid agreed. President Biden's stimulus plan passed by the U.S. Senate.
And royalty recriminations and racism. The fallout from Harry and Meghan's interview with Oprah.
It's Monday. Let's make a move.
Welcome to FIRST MOVE once again. Great to be with you this Monday, and a very special day today, too, Happy International Women's Day to all our
viewers and in true FIRST MOVE fashion, we're celebrating female entrepreneurs from around the world.
The CEO of Etsy, the online retailer that's offered a lockdown lifeline to so many, but especially female sellers over the past year, will be coming
up later on in the show to describe that.
And the next generation: we will meet 16-year-old Mikaila Ulmer, the founder of Me and the Bees Lemonade and what it takes to grow a successful
business at such a young age. Intimidated? Well, I can tell you, I am.
Now, while many are watching the Royal fallout when Harry and Meghan met Oprah, and we will get to that later on in the show. We're also watching
the royal uncertainty in global markets, too. Stimulus spending and stronger data continue to pressure bond yields. The U.S. 10-year yield as
you can see there, close to one-year highs yet again.
Benchmark U.S. yields have tripled, in fact, since hitting historic lows last August and that's giving stock investors indigestion. The high
valuation NASDAQ, the tech sector set to add to last week's two percent losses.
We've got stocks like Amazon and Apple, all in correction territory. Oil, though, is adding to the inflation uncertainty. Brent temporarily rose
above $70.00 a barrel after key Saudi oil facilities came under Yemeni missile and drone attacks over the weekend. We've got oil pulling back a
little bit now.
The challenges, though, are global. China's Shanghai composite falling more than two percent in the overnight session. The Hang Seng tech sector losing
more than six percent, it is another region battling with stimulus, recovery, and the timing of support withdrawal.
Let's get to the drivers. Selina Wang joins us from Tokyo. Selina, great to have you with us. I see many of the challenges that we talk about often in
the United States mirrored in regions like China, support, high valuations particularly in the tech sector, and of course, when do you pull back on
some of that stimulus? Selina, talk to us about the price action that you are seeing.
SELINA WANG, CNN CORRESPONDENT: Julia, that's exactly right. What we're seeing globally is being reflected and echoed here in Asia, the same
concerns are here.
Markets are spooked by the risk of rising Treasury yields, as well as the government stimulus perhaps overheating the economy and those higher yields
then raise questions about whether or not equity valuations, especially in the tech sector right now, are too lofty.
And there appears to still be strong selling pressure in Hong Kong and Mainland markets. China's CSI 300 fell 3.5 percent on Monday. That's the
biggest one-day drop in about seven months.
But it's not just tech stocks, Julia. Moutai, China's liquor maker actually has lost about a quarter of its value or more than $120 billion since
reaching peak market capitalization in February. But many analysts do say that this is actually a healthy, normal correction and that Chinese stocks
had gotten to too frothy of a level.
But also interesting to point out that we are seeing this pullback despite the better than expected trade data that we saw come out of china recently,
which Oxford Economics called just another piece of evidence that China's supply chain is still doing strong and well.
CHATTERLEY: Selina, tie in as well some of the comments that we've seen in recent days concerned about perhaps the valuations here, and I think that
does weave in, perhaps, to what we saw on Friday with the updated growth target for this year and a lot of people looking at that and going, hang on
a second, that's way smaller than what we were expecting to see from China's growth this year.
Why are the authorities being so conservative?
WANG: Absolutely. Six percent is significantly lower than what economists had been expecting, a very modest and not very ambitious target.
But many analysts say this is actually good. It means that Chinese officials are not going to be pressured to boost and juice growth with
unproductive projects, and they can focus on long-term sustainable growth.
[09:05:07]
WANG: There have, however, been concerns about the withdrawal of the fiscal and monetary support that we saw China unleash last year in order to
shore up the economy amid the pandemic, but it is clear that policymakers are not going to make any significant market shift, that's what analysts
say although, there is this increased focus on reining in debt.
But I did have a conversation with Ben Emons of Medley Global Advisors and he thinks that the policy tightening that China is going to put on sectors
like housing and lending is a key reason why markets do not see China repeating stellar economic performance this year in which he sees as a
reason why China's stock market performance is going to temporarily be put on the back burner.
But I think what we are seeing right now in China is that policymakers are really shifting from this post-COVID recovery mode into the mode of
managing economy, an economy that is in more normal conditions.
CHATTERLEY: Yes, and that ultimately is a challenge that policymakers around the world have been dealing with since the financial crisis. You can
provide support; taking it away is perhaps harder than the initial challenge you're dealing with, perhaps.
Selina Wang, great to have you with us and for your context there.
Now, as Selina was saying at the core of this, the passage of the U.S. stimulus bill, the vote over the weekend clearing the way for final passage
in the House Tuesday with President Biden poised to sign the 1$1.9 trillion Relief Bill into law as early as this week.
John Harwood joins me now. John, great to have you with us. As I alluded to there, this is effectively a done deal. The Democrats are not going to get
in their own way when it comes back to the House and gets voted on once again this week.
JOHN HARWOOD, CNN WHITE HOUSE CORRESPONDENT: That's right. It's extraordinary, in fact, Julia, the level of Democratic unity that's been
preserved. Every Democratic President in the last half century has come into office with significantly larger congressional majorities than Joe
Biden had, with at least 57 Democratic senators in every case.
Joe Biden only has 50 Democratic senators. He needed every single one to pass this bill, and that's what they eventually did on Saturday.
Joe Manchin, the more conservative Democrat from West Virginia, held it up in a dispute over the extension of unemployment benefits, but it ended up
as only a minor tinker to this bill. They lost two votes the first time around on the House. They can lose a couple more, but no more than that.
Democrats have a narrow majority in the House as well, and all signs are that the Democrats are going to pass this, this week, put it on Joe Biden's
desk before those extended unemployment benefits expire on March 14th, which has been their deadline.
CHATTERLEY: John, great to have you with us. Thank you so much for that. John Harwood there.
Now, the British Royal Family once again needing damage control after Harry and Meghan's devastating interview with Oprah Winfrey.
Meghan spoke of suicidal thoughts and Harry revealed a deep rift with his father, Prince Charles. Here is Max Foster with all the details.
(BEGIN VIDEOTAPE)
MEGHAN MARKLE, DUCHESS OF SUSSEX: I just didn't want to be alive anymore, and that was a very clear and real and frightening constant thought.
MAX FOSTER, CNN LONDON CORRESPONDENT (voice over): Driven to despair by the family she married into and the institution behind it.
MARKLE: We had to go to this event and I remember him saying, I don't think you can go and I said, I can't be left alone.
OPRAH WINFREY, TALK SHOW HOST: Because you were afraid of what you might do to yourself?
FORSTER (voice over): Meghan, Duchess of Sussex, opening up to Oprah Winfrey about being singled out. She believes forced out of the Royal
Family for her race.
Concerns even raised by unnamed Royals about the color of her child's skin.
MARKLE: And also, concerns and conversations about how dark his skin might be when he is born.
WINFREY: What?
MARKLE: And --
WINFREY: Who -- who is having that conversation with you? What?
MARKLE: So --
WINFREY: There is a conversation. Hold up. Stop right now.
MARKLE: There are several conversations.
WINFREY: There's a conversation with you --
MARKLE: With Harry.
FOSTER (voice over): And even more shocking allegation that she was told her child couldn't be a prince for unstated reasons, not even afforded a
security detail.
MARKLE: The idea of our son not being safe and also the idea of the first member of color in this family not being titled in the same way that other
grandchildren would be.
[09:10:01]
FOSTER (voice over): A barrage of negative press damaging Meghan's mental health, she says the Palace did nothing to help her. Instead, refusing to
combat media rumors, including allegations she made her sister-in-law, the Duchess of Cambridge cry when Meghan says it was the other way around.
Harry comparing their experience to his mother's.
PRINCE HARRY, DUKE OF SUSSEX: What I was seeing was history repeating itself, but more, perhaps, or definitely far more dangerous because then
you add race in.
FOSTER (voice over): The couple deny claims they blindsided the Queen when they announced their departure, another rumor they believe was peddled by
the Palace.
PRINCE HARRY: When we were in Canada, I had three conversations with my grandmother, and two conversations with my father before he stopped taking
my calls. And then said, can you put this all in writing, what your plan is?
FOSTER (voice over): Harry says he has a deep respect for his grandmother, the Queen, and has spoken to her more in the last year than he has for many
years. As for his father --
PRINCE HARRY: I feel really let down because he's been through something similar. He knows what pain feels like. And this is -- and Archie is his
grandson.
(END VIDEOTAPE)
CHATTERLEY: Max Foster reporting there and CNN chief media correspondent, Brian Stelter joins us now.
Brian, I don't think anybody who watched last night was unmoved. There's long been discussion that Meghan and Kate have been treated differently by
the media wherever it's coming from in the world, but particularly the British media, Brian.
So many challenging themes coming out of this: racism, bullying, mental health. Do you think it changes anything -- this interview changes
anything?
BRIAN STELTER, CNN CHIEF MEDIA CORRESPONDENT: I do think it changes perceptions of Harry and Meghan around the world. While they may not change
a lot of public sentiment in the United Kingdom where it seems like views and opinions are hardened against the couple, they are basically
introducing themselves to the world marketplace.
You know, we know they have these deals with Netflix and Spotify. They are creating a media brand of their own, but they haven't really released any
shows or projects or ventures yet. They are just starting out with their new lives and this interview was the big introduction.
So I think they probably brought many fans over to their side. Frankly, a lot of people who didn't know about any of this back story or intrigue are
paying attention all of a sudden and I think that's a big deal -- Julia.
CHATTERLEY: Yes, I mean, there will be people looking at this, particularly in the U.K., that perhaps have greater knowledge of the
situation, going, you joined the most elite protocol-driven, archaic institution in the world.
It doesn't make things like racism and sexism, whatever it is right, but many of these things, in a weird way, are accepted as part of the firm and
the institution and the archaic ways that the Royal Family go about this.
STELTER: A lot of this is about systems, and they talked bluntly about systems, about this institution, and we're living through a period in time
where institutions are up for grabs, where systems are open to change or at least they're claiming to be open to change, where there are people on the
outside and inside trying to change.
I'm thinking about the #MeToo movement. I'm thinking about union organizing. I'm thinking about all trends towards smashing existing systems
and that is what we are seeing now in some ways.
CHATTERLEY: Brian, money. There was money involved for this interview.
STELTER: Well, this was a very valuable interview for Oprah Winfrey, so when she had the interview, she went out and offered it to multiple
networks. CBS paid $7 million to $9 million according to the "Wall Street Journal" but the real value here was in the ad sales and the international
distribution because this special will air in the United Kingdom and in other markets, in fact, it already has aired in many parts of the world and
will air later today in other markets.
There's a lot of money there, but I think long-term, this is really about the business interests of Harry and Meghan months and years from now, what
can they build as a brand, and of course, it's also about the business and interests of the tabloids, the U.K. press.
Meghan and Harry have declared war on those tabloids and those tabloids are also big business.
CHATTERLEY: And arguably, war on the members of the Royal Family, too. There's many angles here.
STELTER: Right.
CHATTERLEY: Brian, great to have your context. Thank you so much.
STELTER: Thanks.
CHATTERLEY: Brian Stelter there.
For more coverage of the Royal Family from CNN, including the history of the monarchy, CNN has launched a Royal newsletter. To sign up, go to
cnn.com/royalnews.
Okay, let me bring you up to speed now with some of the other stories making headlines around the world. Pope Francis is heading back to the
Vatican after a historic four-day visit to Iraq.
During the plane ride home, he said this trip was the most exhausting so far. The Pope ended the trip by urging Iraqi Christians brutalized by ISIS
to forgive and not give up.
Francis is the first Pope to visit Iraq.
Protesters across Myanmar are on strike aimed to paralyze the economy now controlled by military rulers. Witnesses say, at least two demonstrators
were shot dead in a northern town today. Security forces have started moving into hospitals and universities in an increasingly severe crackdown
on dissent.
Syrian President Bashar al-Assad and his wife, Asma, have tested positive for COVID-19. According to a presidential statement aired on state TV, both
have mild symptoms. They are described as being in, quote, "good health and stable condition."
All right, still to come on FIRST MOVE, "V" is for vaccine and then comes vacation. Now TripAdvisor launches a new service for repeat travelers.
And creating a buzz, the 16-year-old who turned her grandma's recipe into an $11 million business and even hived off some to save the bees.
That's all coming up on FIRST MOVE. Stay with us.
(COMMERCIAL BREAK)
CHATTERLEY: Welcome back to FIRST MOVE live from New York where tech stocks are set to begin the week with fresh losses. It has been a volatile
premarket session, too. Tech futures way off the lows that we saw a few hours ago, but still down around half a percent.
Call it, if you will, a tale of two markets. The Dow filled with traditional companies that will do well when economies improve. That rose
almost two percent last week while the rate sensitive sector clearly gained more as well, fell some two percent. A dickens of a dilemma for growth
investors, but entrepreneurs meanwhile are not fazed.
The U.K. food delivery giant, Deliveroo announcing today that it is moving ahead with plans to list on the London Stock Exchange after enjoying a huge
lockdown jump in business last year.
The Amazon-backed company saying it will give bonuses of almost $14,000.00 to its most productive riders when the IPO launches, some happy people
there, I think.
Travel is set for a summer surge as COVID-19 restrictions ease and people venture abroad after a year or more in their homes.
Online travel company TripAdvisor is preparing to capture that rush. It's launching a new subscription service. Membership is $99.00 a year. Perks
include upgrades, discounts, and exclusive services.
And joining us now is Stephen Kaufer, he is President and Chief Executive Officer of TripAdvisor.
[09:20:10]
CHATTERLEY: Stephen, fantastic to have you on the show. I think it's safe to say the investor and the analyst community met this announcement with
wild excitement, but let's talk about what's in it for the traveler. What do I get for my $99.00 if I sign up?
STEPHEN KAUFER, PRESIDENT AND CEO, TRIPADVISOR: Well, we really think that this is one of the most innovative things to happen in travel in the past
decade.
For the average traveler being able to subscribe to something for $99.00 to really up your travel, to be able to get the fruit plate in the room, the
bottle of wine, the free upgrade if it's available, to be able to call someone to get some help while you're on the road and to get amazing
discounts on hotels and experiences all throughout the globe for an entire year.
What a great subscription product to have, and you have seen subscriptions work so well in so many other consumer categories.
CHATTERLEY: How much, on average, do you have an estimate, of what money people have to spend in order to recoup that $99.00?
KAUFER: I mean, our average savings so far, and again, it's just in a limited rollout to U.S. audiences only at the moment, more to come, but
right now we're seeing an average savings of north of $200.00 in that first purchase that only costs a $100.00 subscription, so right off the bat,
everyone is saving money, and they get all the benefits for the entire rest of the year.
CHATTERLEY: I mean, some of the analyst communities are saying this is a $1 billion revenue opportunity. You could see 10 million subscribers.
Stephen, do you have a guesstimate of the number of subscribers that you think you can bring on board with this?
KAUFER: Well, we're very excited about the opportunity that a site that has the reach of TripAdvisor to be able to help so many travelers all
around the world.
When we look at 2019, for example, we had over 160 million times when a visitor was traveling, planning their trip on TripAdvisor, and clicked off
to potentially book a hotel worth more than $750.00. That's kind of a threshold in our mind to, like, that makes this hundred dollar subscription
worthwhile, and again, who doesn't love a discount? Who doesn't love a perk? Who doesn't love to be able to be savvy travelers?
And then for the hotelier, this is a zero commission product for hoteliers so any hotelier interested in reaching our massive, massive audience can
sign up for the program, offer a discount and a perk that we pass along directly to the traveler, and in turn, that hotel gets premier placement on
TripAdvisor, they get more bookings from TripAdvisor, they get full customer information, and there's no risk.
There's no long-term contract, there's no upfront fee and there's no commission to TripAdvisor. So, we really think it's a great win-win for the
traveler and for the hotelier.
CHATTERLEY: That was going to be what I ask you next. What's in it for the hoteliers to join up to this program as well and to be available? Is that
what you see as the distinguishing feature, perhaps, between a hotelier going to you or advertising on a booking.com, for example or Expedia?
KAUFER: Well, we think the smart hotelier will continue to advertise on all channels that are cost effective for them, and that would include a
Booking and Expedia and the many other great online travel agencies that are out there.
What TripAdvisor offers is. We are the largest travel site on the planet. We have more people planning a vacation in any year than anyone else, and
so, for a hotel to be able to get the visibility of being near the top of our ranking because of the value, because of that discount that that hotel
is delivering to the traveler, we think that's just a phenomenal opportunity.
So, of course the hotelier will continue to sell their rooms to other online channels. We're just suggesting that distributing their room through
TripAdvisor is also a great way to make sure their occupancy is as best as it can be, filled with the type of travelers that TripAdvisor attracts,
namely, leisure travelers looking for a longer stay on average.
CHATTERLEY: I mean, planning is one thing and I have to say, I've been planning trips for the last year as escapism, quite frankly, but converting
that to actually booking a trip is the key thing.
What have you seen this year as we start to see at least in certain countries, vaccines start to proliferate, confidence coming back that we
can see an end now to the pandemic, at least in certain regions. What are you seeing in terms of actual bookings, Stephen?
KAUFER: We see bookings are growing now. We see it, certainly, in the United State, one of our biggest markets, but it's picking up all over.
You're absolutely right, it's directly related to how safe people feel when they are traveling and while there's not a lot of vaccine distribution yet,
there is, people have in their head, I'm likely to be able to get vaccinated in the next 60 days, in the next 90 days.
And so therefore, I'm doing more than armchair traveling, I'm doing more than looking around. I'm actually starting to plan my trip. They want to
make sure that they can get out this summer.
[09:25:19]
KAUFER: And the surveys that we've done, back up what we see on the site, behavior exactly. People are eager to get out, pent-up demand. Many people
are planning to take more trips than they did in 2019 because we've all felt the trauma, the challenge of being cooped up for so long.
CHATTERLEY: Absolutely. Vaccine passports, Stephen, very quickly. A travel aid or an inhibitor in your mind?
KAUFER: Well, I think it will be fabulous if many countries adopt the notion of show us your vaccine certification and we'll let you in, period.
Of course, countries will also -- many will also either ask for, of if you don't have a passport, require a COVID test and I think that's fine,
especially for international travel, because everyone wants to feel safe, and the sooner that COVID can be eradicated, the better. More people get
vaccinated, the better.
And every little incentive, globally, for people to go ahead and get vaccinated, I think, is a great thing, and so I'm a fan of a comprehensive
set of rules that would enable travelers to go freely where they want once they are vaccinated.
CHATTERLEY: Stephen, great to chat with you. Thank you so much for that and giving us the update on the subscription service.
Stephen Kaufer there, the President and Chief Executive Officer of TripAdvisor. Thank you for that.
The market opens next. Stay with us.
(COMMERCIAL BREAK)
[09:30:01]
CHATTERLEY: Welcome back to FIRST MOVE and U.S. stocks are up and running on this first trading day of the week and as expected, a softer open for
tech, a continuation of the losses that we saw last week, but a higher open for the blue chip heavy Dow on hopes that the near $2 trillion in new
fiscal spending passed by Congress would jump start hiring and growth.
Goldman Sachs predicting today that the U.S. unemployment rate could fall from six percent to just over four percent this year. Deutsche Bank,
however, noting that the United States will need to create 700,000 jobs each month for the next two years to get back to where we were pre-
pandemic. That gives you a sense of the devastation in this country alone.
Bitcoin up above $50,000.00 per Bitcoin once again. Ethereum, the biggest crypto gainer, up some five percent on the news that Chinese photo editing
app, Meitu has bought a large amount of both Bitcoin and Ethereum, the latest corporation to embrace the crypto craze.
Etsy, an online marketplace of craft and homemade goods has opened up new economic opportunities for women from all over the world. The company joins
us today in celebrating International Women's Day, saying that more than 80 percent of its sellers are female business owners.
And joining us now is Etsy's CEO Josh Silverman. Josh, fantastic to have you on the show. I just mentioned there actually, we've seen many jobs lost
in the United States, in particular, but many of those are far greater proportion were women and just in this country alone, but I know it's,
global too. Women on this platform selling goods.
JOSH SILVERMAN, CEO, ETSY: That's right. So, first, there's never been a more important time to celebrate and lift up women. As hard as the pandemic
has been on everyone, it's been particularly hard on women.
Millions of women have left the workforce and they're also trying to home school their kids, they're trying to take care of family members who are
sick, so it's been an incredibly trying time for women around the world, and you know, we're really proud of the fact that I think Etsy has been
able to help.
Active sellers on Etsy have grown 67 percent year-over-year. There's now 4.4 million active sellers on Etsy and over 80 percent of those are women.
And importantly, two-thirds of sellers on Etsy say that their sales stayed stable or even grow during the pandemic.
CHATTERLEY: How many of these people are doing it to supplement their income? I think we're showing the statistic there. It's around 65 percent.
Can you give us a sense of what the average earnings are?
SILVERMAN: Well, you know, it varies, obviously, greatly by sellers. For some, it's just a hobby, but as your statistics show, about two-thirds say
that it is a meaningful or even primary source of their income.
So, you know, average sales per seller last year were about $2,500.00 per seller, but obviously, some sold much more than that, and others sold less
depending on how much time and effort they were putting into their shop.
One of the exciting things at Etsy, is that, it is the cheapest and easiest way to really become an entrepreneur. For 20 cents, you can open a shop and
sell to the whole world, and when you compare that to traditionally what it would take to, for example, sign a lease for a store front and buy
inventory, this is such a more cost effective way to get in business and start to learn what's going to sell of your products and how to price them.
So we're really proud of the onramp that we provide for women all around the world.
CHATTERLEY: Yes, the access to a marketplace here is huge. What does Etsy do better than Amazon? Because I guess there will be people looking at this
going, hang on a second, there are other marketplaces, there are other marketplaces available that people could sell their goods, perhaps they're
more global.
What's the advantage of Etsy over a bigger player, perhaps, like an Amazon?
SILVERMAN: Etsy stands for something different. We're only for sellers who actually maker or design their own products. Our mission is keeping
commerce human.
So if you want to buy from the person that actually made the product, if you want to have something made just for you, if you want it to arrive with
a handwritten note, that's what you go to Etsy for.
There's lots of things you don't care about. You just want them to arrive fast and cheap and they'll end up in a landfill two seconds later and
there's plenty of other places to go and buy from them.
But what I think we've seen during the pandemic is people maybe want to buy fewer things, but they want those things to mean more. They want to buy
from an actual individual. They want to support small businesses, and that's really what Etsy is all about.
CHATTERLEY: Yes. The story behind it, as much as the product itself that you're buying, and just so that our viewers are aware, because I remember
us having a conversation with mask selling.
People selling handmade masks at the beginning of the pandemic, and just for perspective now, that's four percent of sales on the platform. It is
way bigger and way broader and in the U.K. and in Germany, the growth that you are seeing there is pretty phenomenal, so talk us through all of those
things, because I do want to touch on these aspects of the business as well.
[09:35:18]
SILVERMAN: Sure, I mean, one of the most special things about the Etsy platform is how agile it is, how much it responds immediately to customer
demands, so in April of last year, when demand for fabric facemasks suddenly skyrocketed, within days, there were hundreds of thousands of
masks for sale on Etsy.
It would have been unimaginable for a traditional retailer to build a supply chain and develop supplies like that, but anyone with a sewing
machine could list and sell fabric facemasks within minutes on Etsy.
And in fact, Etsy sellers sold $740 million worth of fabric facemasks last year, and that protective PPE for first responders and people who needed
it, it allowed buyers to get fabric facemasks that had a sense of style or personality to them and it provided a really important income stream for
sellers.
But to your point, you know, there's many other places now that you can buy fabric facemasks. Non-facemask items more than doubled in the fourth
quarter of 2020. So Etsy sold about $3.6 billion worth of goods in the fourth quarter, and only four percent of those were fabric facemasks, but
we're responding to new trends.
So for example, during the Inauguration, within a few days of the Inauguration, there was $1.9 million worth of Bernie Sanders inspired
mittens and other merchandise.
CHATTERLEY: Of course, there was. How fascinating. I was going to ask you what's a very hot product at the moment, but Bernie Sanders the knitted
Bernie Sanders. Fantastic.
SILVERMAN: Frumpy with the whole -- you know. If it's important in popular culture, it's selling on Etsy.
CHATTERLEY: And that's the point, I think. I mentioned -- just very quickly, I mentioned two really hot markets, the U.K. and Germany. What
about this year? Which markets do you think are going to be the key ones for the company in terms of growth?
SILVERMAN: Thank you for asking, it is so important. Etsy had really breakout growth in international. In fact, 41 percent of sales on Etsy were
international, meaning they crossed a border, and the U.K. was particularly explosive, so sales approximately doubled in the U.K. and almost tripled in
many quarters.
And Etsy went from being a top ten to a top five most visited e-commerce site in the U.K. and really became an important part of the public
consciousness.
We're also making great progress in Germany, which saw tremendous growth, as well as France and Canada and Australia and other markets.
So, you know, what we're seeing is real vibrancy where more buyers bring more sellers and more sellers bring more buyers. The Etsy marketplace gets
better as it gets bigger and we're so much bigger in each of our markets now than we were even one year ago that I think it bodes really well for
the future.
CHATTERLEY: Yes. Go the girls. Josh Silverman, CEO of Etsy, thank you so much for joining us today. Great to have you on.
All right, after the break, you could say she is living the champagne lifestyle on lemonade money. Entrepreneur, writer, environmental campaigner
and receiver of hugs from President Obama. Mikaila Ulmer's inspiring story is next.
(COMMERCIAL BREAK)
[09:41:44]
CHATTERLEY: Welcome back to FIRST MOVE. "Choose the Challenge" is this year's International Women's Day's theme. My next guest has chosen more
challenges in her 16 years than I have in my entire lifetime.
After being stung by a bee twice, Mikaila Ulmer set out to protect them. Aged just four and a half years old, she opened a lemonade stand to raise
awareness for bee conservation. She signed an $11 million deal with Whole Foods at age 11 and won over investors on the TV show "Shark Tank" at the
end ore age of nine.
She has now sold over a million bottles in big brand stores and her book, "Bee Fearless: Dream Like a Kid" has inspired more entrepreneurs around the
world.
Mikaila is CEO of Me & the Bees Lemonade, and joins me now. Wow. I'm terrified and intimidated. Great to have you on the show. How does it feel
when people say you are a great and inspiring role model, not just for girls, for anyone that wants to be an entrepreneur?
MIKAILA ULMER, CEO, ME & THE BEES LEMONADE: I mean, it's an honor, because I continue doing this because I really enjoy seeing people who are inspired
by my story. I love being able to do something that I'm passionate about, which is saving the bees, but another of my favorite parts is being able to
talk and interact and teach.
So when I see other girls and women who have either started their own business or taken up a challenge because they saw my story and they see me
as a hero, I'm definitely very honored.
CHATTERLEY: What's the biggest impediment? What's the biggest drawback that people say to you, look, I'm just not brave enough. I can't do this.
What do people come to you with, and how do you tell them to get around it? How do you advise them?
ULMER: I think the biggest one is probably I'm scared to fail or I'm scared to let the people who trust me down or I'm scared to not achieve my
goal, and I think that's a big part of entrepreneurship, it is that you're taking a risk.
And so I say, like, if you want to become an entrepreneur, or if you want to start your project or your idea, then you have to at least try to take
that risk and I say be fearless. A little bit cliche, but you have to try to be fearless and take a risk.
So either their age sometimes because I talk to a lot of kids, or I'm afraid to fail or do something wrong, but there is honestly so much to
learn when you fail or when you do something wrong or make a mistake.
CHATTERLEY: What was it like going on "Shark Tank" at nine years old?
ULMER: I have come up with a word, I came up with the word called nerve- citing because it was so nerve-racking, there are a bunch of millionaires and billionaires staring at you like this, but it's also really exciting
because I had been working on my business for years.
I had practiced my pitch. I had reviewed percentages with my math teacher. I had upgraded our branding and worked with my parents. So, it's really
exciting and it was a huge opportunity, and honestly, having Mr. Damon as a partner after "Shark Tank" has been amazing as well.
CHATTERLEY: Who inspired you? I mean, it was your great-grandmother's recipe, I believe. I mentioned the fact that you were stung by a bee and
decided to do something to help protect them, because you recognized there was a conservation issue there.
Were your parents helping you? Who around you was also helping you as a four-and-a-half-year-old deciding that you wanted to do something to help?
ULMER: So many people. I mean, first, my parents. When I told them that I wanted to take my lemonade stand into a bottled product, instead of
completely shutting it down, they said, okay, even though we have no experience in beverage, how could we do that? So that was really important
because I knew that my ideas would be valued.
[09:45:17]
ULMER: Also, my great Granny Helen for sending me that cookbook. It was old and tattered, but we found a really amazing hidden gem in it.
I'm also quite inspired by Ms. Michelle Obama, not only because I met her, but also because she was an amazing First Lady and a philanthropist and
author, and so I do try to be like her.
And then also -- who else? Ms. Madam C.J. Walker. She was the first self- made millionairess and she overcame a lot of challenges while being a black woman in America. So she is a big inspiration to me as well.
CHATTERLEY: Is that important, to be that kind of role model for young people as well, because you are a trailblazer, but you're also a role model
at a pretty difficult time in America as well, a contentious time, but also a time, I think, of great hope, too.
ULMER: I think representation and diversity is really important, so yes, it is.
CHATTERLEY: Yes. I couldn't agree more? What's the plan? You are 16. You are the CEO of a company, a founder of a company. I'm sure there will be a
lot of people thinking, what is she going to do next? Do you want to go to college? What's the plan?
ULMER: I'm not planning on stopping any time soon. Whether it's personally or with Me & the Bees. For Me & the Bees, I still want Me & the Bees to be
the number one lemonade in America, so we're working on getting -- we actually are about to go into all 50 states in the United States with a new
partner, and also possibly new flavors.
And then for me personally, I want to continue learning. I'm a junior in high school right now, so currently undergoing the college application
process, but also, I want to make sure that I'm continually meeting more people and increasing my skills and I think one of my goals for a while has
been to be able to invest in other female or entrepreneurs of color.
So that is something that I may want to do or continue learning how to do.
CHATTERLEY: I think you are the proof that you can be whatever you choose to be. Hard work and talent. Mikaila, great to have you on the show.
Congratulations, and thank you for being such a great role model.
Mikaila Ulmer there, CEO of Me & the Bees Lemonade and ambitious, too, taking on the United States. Watch this space. Thank you, Mikaila.
All right, you're watching FIRST MOVE. More to come.
(COMMERCIAL BREAK)
CHATTERLEY: Welcome back to FIRST MOVE and to France now where a unique kind of street art is appearing. It's made by women and it's calling
attention to the particular issues that women face. Melissa Bell has been speaking with some of the artists.
[09:50:06]
(BEGIN VIDEOTAPE)
MELISSA BELL, CNN PARIS CORRESPONDENT (voice over): In Paris, it is the streets themselves that women are reclaiming through art celebrating their
bodies and their rights, with mirrors for women to see themselves, messages of support, and images of strength.
CAROLE B, ARTIST: We still struggle to get equal rights, equal salaries, so it's important for me to show that if you are a strong woman, powerful
woman, it can help to raise the other women and to stand as well even be inspiration to fight our rights.
BELL (voice over): Vic Oh focuses her art on what is rarely seen in the media outside of pornography. She uses social media to showcase her art,
but it is by placing it in the streets she feels that she can make the biggest difference.
VIC OH, ARTIST: The public space is quite complicated for women. We seem to have the same rights as men, but in reality, it's quite different
because we tend to feel more scared when we're by ourselves at night. We don't hang out as men could.
We try to go from Point A to Point B and it can be quite oppressing, regarding street harassment.
BELL (on camera): But it isn't just through art that the streets of France have been reclaimed for women. A law introduced here in 2018, the first of
its kind in the world, has made sexual harassment in the street, so cat- calling, lewd gestures, lewd comments, a punishable offense.
BELL (voice over): Since then, 2,650 fines have been given out, according to the Ministry of the Interior, and the streets made that little bit more
comfortable for women.
Another campaign in 2019 saw messages like these spring up around the French capital. Posters remembering the victims of femicide. By the
November of that year, 137 women in France had been killed at the hands of their partners, according to an advocacy group.
"Don't wait for us to be dead to believe us" is Claudie Baudry's message today, but she has delivered many others to the world on the sidewalk just
outside her house in Montmartre.
MA RUE PAR ACHBE, ARTIST: It's a way to demonstrate, to awaken conscience. It's a way to spread information, thoughts, opinions with the intention of
changing mentalities.
BELL (voice over): Because Baudry's messages are written in chalk, she also posts them to Instagram, the poetry itself may disappear with the
rain, but she says it is a fact that it is outdoors that is the point.
ACHBE: It's really a shout in the streets, a silent shout that should ring in your head and that makes you think, and change, hopefully.
BELL (voice over): Melissa Bell, CNN, Paris.
(END VIDEOTAPE)
CHATTERLEY: Melissa Bell there. Now, one hour into the session and a final look at the Wall Street price action. It's been a volatile day on Wall
Street so far and we've only had one hour of it.
Tech, well, are down around three-tenths of one percent, bouncing back slightly. The U.S. 10-year yield also dipping back below 1.6 percent. Paul
La Monica joins me now. Bottom line, Paul, just be prepared for volatility, I think, and very much a situation where we're watching what's going on in
the bond markets. As those bond yields rise, it is creating indigestion pressure in equities in particularly some of the highest valued stocks,
tech.
PAUL LA MONICA, CNN BUSINESS REPORTER: Yes, you're right, Julia. I think that big worry right now is that if yields which have risen very
dramatically in just a couple of months, they keep spiking higher that's going to make it more difficult to justify the premium valuations for
companies like an Amazon or a Tesla, this poster children for this tech momentum trade, and it's one of the reasons why, you know, you're seeing
bank stocks actually leading the market this year.
They benefit from rising rates, and let's be honest, this is a good news scenario, though, because rates are going up because the global economy is
improving, knock on wood, and you're seeing oil prices spike as a result of that and that's why energy stocks have been leaders this year, too.
CHATTERLEY: Yes. The question is whether some of the rotation that we're seeing, and to your point as well, we've got Apple, we've got Amazon in
correction territory, they are down 10 percent or more from recent highs, but oh boy, have they come a long way.
The question is, whether we just see this temporary rotation that you're talking about, bond yields stabilize and people go back to investing or
this becomes something bigger.
LA MONICA: Yes, I think that you've got to keep a very close eye on that 10-year bond yield. They are still historically relatively low, around 1.6
percent, but it is the manner of the spike that has people alarmed. How much higher do they go?
We stabilize in, say, you know, a 1.75 percent to two percent range and we don't top that, then that probably is still a recipe for good economic
growth. It's not something that's going to cripple the financial system. It's not going to hurt demand for housing and mortgage lending, so that's
probably a good sign.
But I think the worry is that who knows how high rates will go and what the Federal Reserve will have to do. Do they have to finally step in and say,
oh yes, all those plans about not raising rates for a couple of years, forget that, we might have to start moving a little more quickly because we
don't want the economy to overheat.
[09:55:25]
CHATTERLEY: And it is a global phenomenon.
LA MONICA: It is a strange problem, who would have thought a year ago we'd be talking about the economy potentially overheating.
CHATTERLEY: I know, and your point though was a really important one, that we're complaining about 10-year interest rates that are at 1.6 percent.
If you look back in history, this is nothing. This is a fraction. But fine -- and it's a global issue as well. The E.C.B., European Central Bank, the
Bank of England, Japan, and China all trying to calibrate the stimulus that they've provided with at some point trying to take it back.
We're going to spend weeks and months and years talking about this, Paul. We're done for now.
Paul La Monica, thank you so much for that.
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 later. Search for
@jchatterleyCNN. Got that right.
But for now, that's it for the show. Stay safe.
"Connect the World" with Becky Anderson is next.
We'll see you tomorrow.
(COMMERCIAL BREAK)
[10:00:00]
END
