What they said at Davos

26 Jan, 2018 - 09:01 0 Views
What they said at Davos Donald Trump

eBusiness Weekly

Billionaires, world leaders and investors are gathered in Davos, Switzerland, for the World Economic Forum’s annual meeting to hobnob and discuss topics ranging from the global economy and sexual harassment, to the risks and opportunities of artificial intelligence. Not to mention hear a speech today by President Donald Trump.

Trump Says Palestinian Aid ‘On the Table’
The US gives Palestinians “hundreds of millions of dollars” and that won’t keep coming “unless they sit down and negotiate peace,” US President Donald Trump said at a meeting with Israel’s Prime Minister Benjamin Netanyahu. “That money is on the table” in peace talks, he said, adding that he aided talks by taking the issue of Jerusalem as Israel’s capital “off the table.”

Ireland Doesn’t Do Special Tax Deals
Ireland has no intention of changing its corporate tax regime, Finance Minister Paschal Donohoe says in conference. Ireland is not a tax haven as defined by OECD.

Trump Says US Ready to ‘Fight’ for UK
President Donald Trump said in a meeting yesterday with British Prime Minister Theresa May that the two leaders have a great relationship, dismissing reports of clashes. “We love your country,” Trump said while sitting next to May. “We have the same ideals and there’s nothing that would happen to you that we wouldn’t be there to fight for you.”

May said her talk with Trump was “great” and that the “special relationship” between the two countries continues.

Benjamin Netanyahu

Unilever Says Globalisation Could Be Under Threat
World’s citizens are living in difficult times and globalization is potentially under threat, Unilever CEO Paul Polman says in panel on social progress. He added that climate change could wipe out food industry profits in 20 years if environmental risks aren’t addressed.

US ‘Doing Very Well,’ Trump Says
“The United States is doing very well,” President Donald Trump tells reporters in Davos, adding he’s “very excited to be here.” The US will “continue to do well and this will be a very exciting two days,” he says entering meeting with UK Prime Minister Theresa May.

Italy Worried About US Trade Moves
US.trade restrictions “would be more damaging than having a weak dollar from the point of view of Europe,” Italian Finance Minister Pier Carlo Padoan said.

“I am concerned about the state of mind that might develop in the United States towards a sense of doing things ‘on our own’ rather than with a multilateral approach.”

Barclays Presses May to Prioritise Financial Rules
Barclays Plc Chief Executive Officer Jes Staley told British Prime Minister Theresa May to be prepared to sacrifice access to the single European market after Brexit if it means gaining control of its own financial rules, people with knowledge of the discussions said.

WTO Chief Warns Against Trade-War Complacency
Roberto Azevedo, director general of the World Trade Organisation, told reporters in Davos that there are no immediate signs that the world is about to descend into a trade war, but policy makers can’t afford to be complacent. He also said that the actions of the Trump administration are not consistent with those of a country that plans to turn its back on the WTO.

Climate Change Making Basements Uninsurable
Private property below ground in some cities may not be insurable in the next decade if climate change advances, the head of one of Europe’s largest insurers said. “If you go much further to 2020, 2030, we can clearly say that at a scenario between 3 and 4 degrees, it’s not insurable anymore,” Thomas Buberl, chief executive officer of AXA SA, said on a panel. “Your basement shop in New York, your basement shop in Mumbai will at this point not be insurable anymore.”

BlackRock Warns Against Sitting on Cash
Larry Fink, chief executive officer of BlackRock Inc., is urging investors around the world to stop keeping money in cash as stock markets reach new highs. There’s too much savings on the sidelines of financial markets in countries from the US to China despite the stock market rally, Fink said in a Bloomberg Television interview.

No U-Turn on Brexit, Hammond Says
On a recent trip to Berlin, “I was surprised to find myself still getting asked whether Britain’s decision to leave the EU was reversible,” UK. Chancellor of the Exchequer Philip Hammond at CBI Lunch. “So let me be clear, Britain will be leaving the European Union on the 29th of March 2019. This decision is not going to be reversed. That is statement of political reality. The challenge is not to debate the merits or otherwise of that decision.”

IPO Talk ‘on Steroids’
Proceeds from initial public offerings globally will increase dramatically in 2018, with the largest deals coming from Asia as more Chinese companies sell shares, according to a Deutsche Bank AG executive. “The dialogue on going public globally in 2018 is on steroids right now,” Mark Hantho, global head of capital markets at Deutsche Bank, said on the sidelines of the World Economic Forum in Davos, Switzerland.

EU Must Avoid ‘Inflated’ Budget: Rutte
The European Union budget must be reduced by the same size as the UK’s contribution when Britain leaves the bloc, according to Netherlands Prime Minister Mark Rutte. “Otherwise we’ll have an inflated budget and I very much believe the EU focus on where it adds value, the internal market, border control, migration,” Rutte said in an interview with Bloomberg Television.

Merkel Wants Government by Easter
Chancellor Angela Merkel’s Christian Democratic-led bloc aims to form a coalition government with the Social Democrats by Easter on April 1, Defense Minister Ursula von der Leyen said in an interview with Bloomberg Television.

IMF Wary of Cryptocurrencies
The International Monetary Fund is aware there will be innovations but believes crypto-anonimity and its use to conceal illicit trades such as terror financing and money laundering is “unacceptable,” Managing Director Christine Lagarde said during a discussion panel.

Banks Uncertain on Brexit Transition
There will be transitional Brexit periods but banks can’t base their planning on that assumption for as long as it’s uncertain, according to Deutsche Bank AG Supervisory Board Chairman Paul Achleitner. “We find ourselves in the ironic situation that you don’t have the flexibility to wait for whatever happens in the end,” Achleitner said during a panel discussion.

WTO Warns on Trade War
‘Domino Effect’
World Trade Organisation Director General Roberto Azevedo warned against a new trade war and called on nations to respect existing rules. “Because, if you do that you know you start this but the others will respond and you get into a domino effect that is very difficult to control and reverse,” Azevedo said in an interview with Bloomberg Television.

Theresa May

Wednesday at Davos: Five Things You Need to Know
May ‘Appalled’ by Presidents Club Report
UK Prime Minister Theresa May condemned the attitudes of men at the top of British business after revelations of a London charity dinner where hostesses were harassed and groped. “I was frankly appalled when I read the report,” May said in a television interview with Bloomberg’s Editor in Chief John Micklethwait.

Bitcoin Needs ‘Very Serious’ Monitoring
The risk that cryptocurrencies can be used by criminals means Britain and other governments should be looking at them “very seriously,” according to UK Prime Minister May. Technology companies must focus on the issue of social responsibility, especially in the areas of terrorism and child pornography, May said.

Trump Wants 3 percent growth
US President Trump is aiming for gross domestic product growth of 3 percent or higher, according to Treasury Secretary Steven Mnuchin. “Our focus is on economic growth and we couldn’t be happier with the response of American companies, of international companies,” Mnuchin said during a panel discussion.

Lagarde Urges ‘Fair, Clear’ Trade Rules
The IMF doesn’t support measures that could restrict global economic growth, Managing Director Lagarde said. Trade rules have to be fair and clear, she said during a panel discussion.

Angela Merkel

Weaker Dollar Brings Benefits, Costs
“There are benefits of where the dollar is and there are costs of where the dollar is,” Mnuchin said during a panel discussion. “It’s not a shift in my position on the dollar at all. It is perhaps slightly different from previous Treasury secretaries. We do support free and floating currencies reflective of the market.”

Drug Price Negotiations Tougher
Drugmakers don’t have business as usual on pricing anywhere in the world, including the U.S., according to Roche Holding Chairman Christoph Franz. “Price negotiations are tougher,” Franz said in an interview. “We see this, and the pricing pressure is substantial. Still for us, the most important way to counterbalance pricing pressure is simply to develop medicines which are superior.”

Strong Euro Brings Benefits
A stronger euro has benefits for the single currency area, according to Irish PM Varadkar. “Bear in mind it keeps inflation down and interest rates down,” Varadkar said. He urged the US. not to restrict free trade, which he said brings advantages for all nations.

Dollar Move May Placate U.S.
A weaker dollar may help alleviate U.S. concerns about the “fairness” of global trade, Hammond said. “Hopefully, the depreciation of the U.S. dollar and the opportunities that creates will help to create a sense of a more level playing field without having to reach for tariffs,” he added.

Hammond Happy With Pound
“We’re very happy with where the currency is at the moment,” Hammond said, adding that a stronger pound will tame inflation and help real                                                                                                                      wages.

Dollar to Stay Dominant
The US dollar isn’t going to be replaced by China’s yuan as the world’s top reserve currency any time soon, according to HSBC Holding Plc. “I don’t think the US dollar’s position at this point is anything other that dominant,” Mark Tucker, the bank’s new chairman, said.

Bitcoin high risk currency
Bitcoin is a highly risky asset, BBVA CEO Carlos Torres says in an interview with Bloomberg Television. “If you invest in Bitcoin, it has to be money that you can afford to lose.”

No Time For Currency War, Lagarde Says
The IMF supports floating currencies and market-determined rates, according to Managing Director Lagarde. “It’s not time to have any kind of currency war,” Lagarde said in an interview with Bloomberg Television. Lagarde also urged Germany to use its surplus to increase government spending and said mining cryptocurrencies is far too energy intensive. — Bloomberg.

 

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