The Great Russian Business Retreat, Costs of Hybrid Work, & Family Flight Plans 2/21/23

Squawk Pod

CNBC

News, Business News, Business, Investing

4.2 • 543 Ratings

🗓️ 21 February 2023

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Nearly a year since Russia’s invasion of Ukraine, President Biden is in Kyiv and Poland. Yale School of Management’s Senior Associate Dean for Leadership Studies Jeffrey Sonnenfeld discusses the business retreat from Russia, highlighting companies that have exited the country. Sonnenfeld suggests that the war and the resulting corporate protest has exposed Russia’s economic irrelevance. Manhattan workers are spending $12B less per year, due to remote work. Partnership for New York City President & CEO Kathryn Wylde discusses the demands of a new generation of workers and the many employers betting on a future of hybrid work. Plus, Meta is rolling out Meta Verified, a new paid verification subscription service, lumber prices hit Home Depot’s bottom line, and some airlines are planning to accommodate families–for free! In this episode: Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C NBC producer Katie Kramer today on Squawk Pod.
0:08.0	President Biden's surprise trip to Ukraine.
0:12.0	Nearly a year since Russia's war there began, Yale Professor Jeff
0:16.7	Seinfeld is counting the companies that have foregone their Russian business.
0:20.8	The first movers is what really shocked me. It was big tech, big oil and
0:24.4	professional services. They're never the first movers on social justice issues.
0:28.2	And what we're learning from corporate protest. Russia has become an economic afterthought.
0:34.3	Russia is not an economic superpower in any measure.
0:38.0	Then remote work is costing New York City billions of dollars,
0:41.9	but the partnership for New York's Kathy Wild
0:44.2	says hybrid work is here to stay.
0:46.7	82% of employers today of Manhattan office employers say that hybrid work is their future plan.
0:54.5	Before the pandemic, that number was 6%.
0:58.4	Plus Home Depot spending a billion on higher wages.
1:01.9	Meta asking for your money and families together again in the
1:06.1	friendly skies.
1:07.1	I'm happy to see you, Joe.
1:08.8	I'm very happy.
1:10.3	It is Tuesday February 21st, Squack Pod begins right now.
1:14.8	Stand under by in three, two, one, few handers.
1:19.2	Good morning and welcome to Squack Box right here on CNBC.
	...

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