字幕表 動画を再生する 英語字幕をプリント (lively music) - Davos was the scene. Everybody was there. You have CEOs from some of the biggest companies in the world, heads of state, the president was there. I don't remember anyone taking coronavirus seriously. Everyone's always enthusiastic at Davos. No one makes friends there by predicting doom and gloom. - This seems to be the decade of shared success. - [All] Together we can. Together, we will. - I was hesitant to say anything because being a scientist, driven by facts and data, the absence of facts and data, I didn't want to make any conjecture. So I remember in retrospect, I probably made statements that were perhaps too neutral. I think all the right things are happening. I mean, you've seen some of the actions the Chinese government has taken. I know critical disease control agencies around the world are getting really active. So we all have to wait and see there's a lot we don't know. I don't think I was pressing it in saying the economic trajectory of the US economy would continue in 2020. People are relatively confident that global growth will sustain through 2020. The chance of an economic slowdown barring some sort of an exogenous event. We had an exogenous event. I guess I was right about that. - I remember watching CEO of Goldman Sachs on the DJ booth at a Salesforce party, just like 10 deep, shoulder to shoulder. It all feels like a totally different planet now. These are people who should have had the best sight lines in the world into what was going on. These companies that have operations in China, where this virus had been circulating for weeks. And in retrospect, it probably should have informed how we approach things here 'cause we were, what, about two months behind them. There was a sense that the economy was just too strong and America was just too resilient. Even as some parts of the economy are showing positive signs, what happened during the month of March will fundamentally reshape American business for the next decade. March started on a very high note and it ended with the economy just incomplete taters. And that 31 days where just everything changed. (orchestral music) - [Woman] The coronavirus- - [Man] Is fanning out across Asia and Europe. - [Woman] There may be additional cases that we identified. I do want to be imperative of that. - [Man] Stocks, they fell hard again today. Economic fears, many unknowns rattling investors. - [Man] All non-essential businesses shall close to their physical workplaces, - [Woman] Police were called after some customers started fighting over toilet paper and water. - [Man] This is our new reality right now. It is absolutely staggering where we find ourselves. (indistinct) - How'd you get that? - Happy to do it. Happy to do it. I want to be able to get back and look at it for posterity's sake. We're really good at opening hotels but if you were to ask me in the 36 or seven years I've been doing this, how many hotels have I actually presided over closing, it would be a very, very short list. - I'm currently sitting actually in the Baccarat lounge at Bellagio. This building is vacant. It's a bit surreal. It's very different. - This is our trading desk. So for our agricultural commodities and you can see that it is empty. Typically it's very busy. It's very noisy. - We designed this headquarters campus in which I'm sitting for about 5,000 people. Right now, there are roughly 300 people on a good day. - I started putting out a Friday note to employees on Friday the 13th, which was most people's last day in the office. It said Friday, March 13th, I will stop comparing this week to last week. We are in unchartered territory. First, take care of yourselves and your families as we run our business. Follow company and local guidance. Use judgment and humanity with individual situations. Show leadership with people who are worried. And remember, we have a company to run. - I'm Chris Nassetta, CEO of Hilton. - I'm the senior vice president of corporate affairs at 3M. - I'm the head of manufacturing for Toyota Motor North America. - I am the CEO of Novartis. - I'm JetBlue's president and chief operating officer. - CEO and chairman of Proctor and Gamble. - Chief executive officer of IMAX Corporation. - I am chairman and CEO of Cargill. We're in the privileged position of making food. - Chairman and CEO of Goldman Sachs. - Acting CEO and president of MGM Resorts International. - CEO of US Wealth Management for JP Morgan. - Deputy commissioner and chief operating officer of the NBA. - So coming into 2020, the US is in year 11 of the longest economic expansion since World War II. Millions of jobs have been added to the economy. The stock market keeps hitting record heights. It looked like 2020 was gonna be another good year. - [Crowd] Three, two, one. - New years going into 2020 felt like any other new year's. We were seven months into our fiscal year and things were going well. - I was two weeks into my job as a first time CEO. - We had record Box Office of over a billion dollars. - You know, when we look back, we see an auto market that was pretty high actually. - Our sales for plus 6%, our earnings were plus 18%. - We were looking forward to bringing on a new aircraft type. Now the Airbus 220. - How we would evolve the presentation of our game digitally. - We were all sort of having a similar conversation about like, gosh times are good, but there's just sort of this haunting feeling like something's out there. - The pandemic showed that strong economy that it was thin, it was a veneer of shrink in that companies were profitable, making a lot of money and unemployment was low. But it really exposed these weaknesses where wages had not really moved. People are not by and large wealthier than they were 10 years ago. - The jobs that we saw grow the most tended to be of the alternative variety. There's contingent work, part-time work, independent work, gig work. And that also brought with it a certain moment of fragility. - Companies have spent trillions of dollars over the last decade buying back their own stock and paying dividends. - Profits were growing. But you might've worried about, for example, the rate of which companies are not reinvesting into their businesses or into the economy. The classic case of a lot of short-term orientation without kind of big investments into the future. - The modern economy, it's powered by technology and it's this just in time, it's perfectly efficient. And in some ways it is, and in some ways that's been really good for consumers in particular, but the flip side of efficiency is resiliency. If there's no fat baked in, there's no cushion for when things get bad. - [Reporter] A mysterious respiratory illness has healthcare workers on alert. At least 45 people have contacted the virus believed to be connected to animals at a market in central China. P&G has people all over China. We don't have plants in Wu Han, we have a distribution center. So as soon as this happened, our first concern was making sure we took care of our employees. - We knew there was some sort of emerging viral issue in December. Our health and safety team had flagged in Wu Han because we have five hotels in Wu Han, something's going on. - It felt like a just China issue for us because a lot of what we make is for domestic consumption. And so certainly the impacts that we looked at, implications that we looked at were largely limited to China and perhaps parts of Southeast Asia at that time. - I don't think anybody thought even when this was impacting Macau in China, that it would distance itself, this close to us here and end up in our ultimate shutdown. - So there's this disconnect between the sort of bad rumblings out there and the bad headlines coming out of China and across Europe and the US suffered. It just keeps going up. I mean, it hits record high after record high. In February looking back, it seems like hubris, but investors often don't see what's right in front of them. - Coronavirus was on the horizon, but our investor day was one of the most bolish and exciting that we've ever had. - I remember talking to a very, very prominent investor Superbowl weekend down in Miami, where we had a discussion with both of us said, "Boy, it seems like there's a lot more risk "in this virus becoming a bigger issue "than the market's pricing." - On on February 11th, we've been asked to participate in the opening bell ceremony for NASDAQ in celebration of our 20th anniversary. - Happy 20th to JBLU. - I had the pleasure of appearing on Squawk Box in the morning and was specifically asked whether or not we were seeing any impact from the coronavirus. - You want to start with coronavirus? - Sure. - Is it really impacting things in here in United States right now? - For JetBlue, it's not impacting JetBlue in any meaningful way. Boy was I wrong? And there a headline that I think will live with me until I retire from this industry. - The Chinese government basically shut the country down and put the entire populace under quarantine. (tense music) Now, that had an immediate impact on Toyota's operations there. We couldn't make cars, we couldn't sell cars. - We have over 700 screens now, which is 1% of the screens in the country. And Chinese new year is the biggest film going week for us of the year in China. We typically do 10% of our year in one week. And then we heard every theater in China was closed. And then a day later, they said none of the big Chinese movies would be released. What was the biggest part of our year was reduced to nothing overnight. - We produce about 70 billion doses of medicine a year in over 150 countries. We had to make the decision to send all of our China operations home, which is over 10,000 people. I think I began to wonder now, this is something really big. - Movement around China, especially around the Ubed province was being restricted. So we had to let both our employees know, and more broadly we communicated that this could have a ripple effect through other supply chains. And it wasn't clear at that time how significant it would be.