Bloomberg Businessweek Weekend – March 21st, 2025

Overview

This episode of Bloomberg Businessweek Weekend, hosted by Carol Massar and Tim Stenovec, centers on the global economic and political landscape through the lens of breaking news and in-depth interviews. The program delves into the evolving Russia-Ukraine conflict and the latest diplomatic efforts, the impact of the conflict on global business, President Trump’s foreign policy direction, the state of American business in Russia, all things Elon Musk, the resilience of the travel and cruise industry with Carnival CEO Josh Weinstein, the affordability crisis and funding challenges at U.S. colleges, how higher education is adapting to new realities, and a feature on Arash Hashemi, a self-taught chef navigating wellness and entrepreneurship.

Key Segments & Insights

1. The Russia-Ukraine Conflict: Ceasefire Hopes and Diplomatic Shifts

(03:11 – 14:18)

Guests:

• Dr. Angela Stent – Senior Fellow, Brookings Institution; expert on Russia and Eurasia

Key Discussion Points:

• Recent Developments: President Trump facilitated back-to-back calls with both Presidents Zelensky and Putin, leading to a 30-day truce aimed at halting strikes on energy infrastructure.
  • "Trump asked Putin for a cease fire on hitting energy and infrastructure targets. And it said that, you know, Putin was favorably inclined... it didn't actually necessarily say that he agreed with it." (Dr. Angela Stent, 03:49)
• Differing Official Accounts: Russian and U.S. descriptions of the call diverge, with Russia focusing on ‘root causes’ and NATO's role, and the U.S. highlighting immediate results.
• Skepticism on Lasting Peace: Dr. Stent notes Russia's history of violating ceasefires and treaties, highlighting the fragility and lack of enforceable security guarantees.
  • "Russia has violated every cease fire it signed with Ukraine... since the annexation of Crimea in 2014." (Dr. Angela Stent, 06:25)
• Ukraine’s Position: Despite military advances, Ukraine's infrastructure and economy have been devastated, and millions have been displaced.
• Impact on Russia: If the war ends in Russia’s favor, Russia may emerge stronger geopolitically, having secured territory.
  • "He invaded another country unprovoked... he could invade again... Russia's actually strengthened its international position." (Dr. Angela Stent, 08:02)
• Economic Ties vs. Political Relations: Efforts to build economic cooperation may not guarantee political stability; Putin often separates economics from politics.
  • "Putin always likes to separate economics from politics." (Dr. Angela Stent, 09:57)
• Global Security Implications: European nations worry about Russian ambitions; talk of strengthening Europe’s own nuclear deterrence.
  • "France offering... a nuclear umbrella to the rest of Europe... some countries... talking about the possibility of a war with Russia within the next five years." (Dr. Angela Stent, 13:33)

Notable Quotes:

• "Is it the beginning of the end of this war? I'm still, I think the jury's out on that." (Dr. Angela Stent, 05:30)
• "The best security guarantee we know would be Ukraine joining Naito. That's been taken off the cards now by the Trump administration." (Dr. Angela Stent, 06:45)
• "Militarily, it is a superpower, and that's in history. Russia has always been a great power because of its military, not because of its economy." (Dr. Angela Stent, 12:09)

2. U.S. and Western Businesses in Russia: To Return or Not?

(15:12 – 28:40)

Guests:

• Charles Hecker – Journalist, Risk Management Consultant, Author of “Zero Sum: The Arc of International Business in Russia”

Key Discussion Points:

• Current State of Negotiations: While diplomatic ties are reopening, both sides accuse the other of ceasefire violations.
  • "As far as the actual peace agreement or the ceasefire... both sides are already accusing each other of violating that." (Charles Hecker, 15:31)
• Putin’s Motivation: Negotiation posture is tactical; little genuine intent to cede ground.
  • "What Putin wants to do is to continue to press on. He thinks he's winning on the ground in Ukraine." (Charles Hecker, 17:31)
• Reopening Talk Among Western Businesses: U.S. businesses are considering a return to Russia, banking on potential sanctions relief—but face a changed landscape.
  • "There are active conversations now in the companies that left Russia three years ago about going back." (Charles Hecker, 18:44)
• What Changed in Russia?: Post-invasion, Russia’s market is larger, riskier, and more dominated by domestic and non-sanctioned players (e.g., Chinese, Turkish companies).
  • "Companies that want to go back to Russia... are not going back to the Russia of the 1990s, not going back to the real go-go days of the 2000s." (Charles Hecker, 20:38)
• Replacing the West: Russian companies and those from non-sanctioning countries have filled the vacuum left by Western brands.
• Why Did Companies Leave?: A mix of legal obligation (sanctions), reputational risk, or simply unprofitable operations.
• The Illusion of Capitalism Bringing Democracy: Economic engagement with autocracies (Russia/China) hasn’t shifted political systems toward liberal democracy.
  • "Eating Big Macs doesn't make you a democrat... it was a flawed assumption." (Charles Hecker, 25:36)
• Putin’s Attitude Toward the West: Sceptical and hostile; returning companies must manage heightened risk.
  • "President Putin is going to remain resolutely hostile to the west... he will see them as enemy nations." (Charles Hecker, 27:13)

Notable Quotes:

• "If companies... go back to Russia and think... we're going to give this a chance, and we think that Russia may reform, that's a mistaken assumption." (Charles Hecker, 25:36)
• "There are companies out there... energy sector... that have really robust appetites for risk and cast iron stomachs for managing it. They will probably go back." (Charles Hecker, 28:02)

3. All Things Elon: Business & Politics

(30:12 – 41:21)

Guest:

• Max Chafkin – Bloomberg Businessweek Columnist, Co-Host of Elon Inc. Podcast

Key Discussion Points:

• SpaceX Brings Crew Home: SpaceX successfully returned two NASA astronauts stranded in space for nine months—a demonstration of technical capacity and government reliance on Musk's enterprises.
• Political Peril and Opportunity: Despite hopes of government contracts under Trump, Musk faces mounting political opposition and public skepticism.
  • "Elon Musk has gone from being a very popular public figure to being an unpopular public figure, even, even more unpopular than Donald Trump..." (Max Chafkin, 32:05)
• Competitive Pressures: Chinese automakers and tech companies are leapfrogging Tesla in vehicle charging and self-driving technology.
• Concerns Over Government Access and Data: Hypothetical advantages from Musk’s closeness to power, but legal and political constraints loom large.
  • "I think the political advantages he has by being close to Trump probably vastly outweigh whatever incremental data." (Max Chafkin, 36:13)
• Regulatory & Legal Battles: Courts have limited Musk’s power, especially regarding federal agencies and employment issues.
• Musk as GOP Power Broker: As a significant donor, Musk is integral to Republican strategies—and his support could insulate him from presidential ire.
  • "Musk is a major donor to Republican campaigns... He is a very important ally for President Trump." (Max Chafkin, 39:44)
• Does Musk Stick Around?: More likely unless it starts to hurt his companies’ bottom line and public perception.

Notable Moments:

• "Musk will have some support. It's not just going to be Musk versus the courts." (Max Chafkin, 38:33)
• "I think the real question is, does Musk get tired of this? Does Musk start to wonder: Do I really want to have a day to day role and how much is that day to day role hurting my companies?" (Max Chafkin, 41:03)

4. Carnival CEO on Travel’s Resilience & Market Forces

(42:00 – 54:09)

Guest:

• Josh Weinstein – President, CEO, and Chief Climate Officer, Carnival Corporation

Key Discussion Points:

• Strong Performance Despite Uncertainty: Carnival outperformed revenue forecasts in Q1, with yield growth up 7.3%.
  • "Instead of yields being up 4.7% which is what we guided to, they were up 7.3%... consumers love to cruise." (Josh Weinstein, 43:13)
• Why Travel Demand Remains Robust: Cruises are a leisure-specific choice and considered a good value amid macroeconomic uncertainty.
  • "People in good times and bad times, they take holiday, they need a break." (Josh Weinstein, 46:46)
• On Pricing Power & Consumption: Prices and onboard spending are both up; booking demand remains strong, with 80% capacity already sold for the year.
• Taxation Controversies: Carnival operates within international shipping tax frameworks and is responsive (but cautious) regarding potential U.S. law changes.
• Island Destinations & Business Strategy: New destination Celebration Key (Grand Bahama) is part of a strategy to drive demand and create brand exclusivity.
• Popular Destinations: Alaska cruises highlighted as a favorite.

Notable Quotes:

• "We're a great value. And the fact is, if people are getting concerned... people are searching for more value for their money. And that's exactly what we do." (Josh Weinstein, 47:38)
• "It's not like anything is easy. And we got to work hard, our brands work hard to make that become a reality." (Josh Weinstein, 48:28)

5. Higher Education’s Affordability and the Public Trust Crisis

(54:39 – 62:41)

Guests:

• Brad Stone – Editor, Bloomberg Businessweek
• University presidents (NYU, Marist, Grinnell, University of Colorado Boulder, University of Rhode Island)

Key Discussion Points:

• Affordability Initiatives: Harvard’s move to expand tuition-free education for families earning under $200,000.
• Political Pressure: Trump administration threatens funding cuts; the sector faces scrutiny over elitism, diversity, DEI, and antisemitism.
• Job of a University President Has Changed: Now predominantly crisis management, balancing conflicting demands from students, alumni, and regulators.
  • "This is a tough time for university presidents, maybe the hardest job in America right now." (Brad Stone, 56:01)
• Economic Value and ROI: Despite rising costs, higher education remains an excellent investment, but institutions are experimenting with no-loan policies and alternative funding.
• Universities as Industry: They're both public good institutions and economic actors—making them vulnerable in a polarized political environment.
  • "They are corporations unto themselves... they serve a high profile public purpose and they're quite politically vulnerable in this environment." (Brad Stone, 61:28)

Notable Quotes:

• "If you undermine that, talent gets cut, and you handicap the US in its direct competition with China and other countries." (Brad Stone, 59:50)
• "The challenge of rising tuition is one that is yet to be solved." (Brad Stone, 60:29)

6. Rethinking College, Credentials, and the Impact of AI

(64:23 – 72:33)

Guest:

• Kathleen Dulaski – Founder, Education Design Lab; Author, "Who Needs College Anymore?"

Key Discussion Points:

• Beyond College—Alternatives Rising: Enrollment in four-year programs is down, while certificates and apprenticeships rise. Call for removing stigma and expanding alternatives.
  • "Only 38% of Americans have a four year degree. And yet we tell all of our kids... they have to... get that four year degree. That's starting to change." (Kathleen Dulaski, 64:34)
• Industry Certifications & Apprenticeships: Seen as viable models, but access is uneven across geography and sectors.
• AI Disruptions: Already eliminating some entry-level white-collar jobs, but also equipping students/job seekers with new tools for learning and job search.
  • "AI is starting to impinge on and shrink the number of entry level white collar jobs... but also able to use AI to... help them write their resume..." (Kathleen Dulaski, 67:06)
• AI in the Classroom: Educators must adapt, encouraging creative, applied problem-solving rather than traditional paper writing.
• Critical Thinking in an AI World: Need to innovate classroom engagement to ensure students still develop reasoning and problem-solving skills.
  • "Learning has to become a whole lot more of an engagement practice experience for students to even care or stay engaged." (Kathleen Dulaski, 72:23)

7. From Instagram to Entrepreneurship: The “Shred Happens” Story

(73:05 – 83:47)

Guest:

• Arash Hashemi – Creator, "Shred Happens"; Co-founder, Kaizen Food Co.; Self-taught chef and wellness advocate

Key Discussion Points:

• Personal Health Journey: Lost over 100 lbs by embracing healthy, flavorful cooking after leaving a successful corporate career.
  • "At one point, I was over 330 pounds. I was pre diabetic. I had high cholesterol, high triglycerides..." (Arash Hashemi, 74:01)
• Joy of Cooking as Transformation: Emphasizes Mediterranean and Persian flavors—herbs, spices, citrus—for robust taste without high calories.
• Social Media Influence: Amassed 4M+ followers, began as a personal quest, now a thriving business with cookbook and food product line.
  • "For me, it was really... I love food and I wanted it to be an adventure." (Arash Hashemi, 76:54)
• Entrepreneurship Challenges: Transition from corporate finance to food entrepreneur required risk-taking, side hustles, and reinvestment.
  • "I started renting my car out on Turo... flipping things on ebay... it took me almost two, three years to monetize..." (Arash Hashemi, 82:01)
• Advice for Healthy Eating: Focus on satiating, protein-rich meals, mindful habits, and making food visually and mentally engaging.

Notable Quotes:

• "You really can't outrun a bad diet. And that's where I really struggled previously." (Arash Hashemi, 79:48)
• "Nothing makes me prouder than seeing families around the world enjoy my meals and make my recipes." (Arash Hashemi, 83:15)

Episode Timeline

| Timestamp | Topic / Segment | Key Guests | |-----------|------------------------------------|------------------------------------------------| | 03:11 | Russia-Ukraine ceasefire analysis | Dr. Angela Stent (Brookings Institution) | | 15:12 | U.S./Western business in Russia | Charles Hecker (Author/Consultant) | | 30:12 | Elon Musk/National Policy/Business | Max Chafkin (Bloomberg, Elon Inc. Podcast) | | 42:00 | Carnival's CEO on cruising | Josh Weinstein (Carnival Corp.) | | 54:39 | College Affordability Crisis | Brad Stone (Bloomberg Editor), University Presidents | | 64:23 | Alternatives to College & AI | Kathleen Dulaski (Education Design Lab) | | 73:05 | Food & Wellness via Instagram | Arash Hashemi (“Shred Happens”) |

Memorable Quotes

• Dr. Angela Stent: "Russia has violated every cease fire it signed with Ukraine... since the annexation of Crimea in 2014." (06:25)
• Charles Hecker: "Eating Big Macs doesn't make you a democrat... it was a flawed assumption." (25:36)
• Max Chafkin: "Elon Musk has gone from being a very popular public figure to being an unpopular public figure, even... more unpopular than Donald Trump..." (32:05)
• Josh Weinstein: "We're a great value... if people are getting concerned... people are searching for more value for their money. And that's exactly what we do." (47:38)
• Brad Stone: "This is a tough time for university presidents, maybe the hardest job in America right now." (56:01)
• Kathleen Dulaski: "Only 38% of Americans have a four year degree. And yet we tell all of our kids... they have to... get that four year degree. That's starting to change." (64:34)
• Arash Hashemi: "You really can't outrun a bad diet. And that's where I really struggled previously." (79:48)

Tone

The episode alternates between informative, skeptical, and solution-driven, reflecting both the uncertainty of the times and the resilience of individuals and industries to adapt. The guests bring expert, first-hand insights, while the hosts maintain an engaging, probing—and at times self-deprecating—conversational style.

For deeper detail, refer to timestamps throughout the summary.