{"id":24827,"date":"2022-11-17T08:12:14","date_gmt":"2022-11-17T09:12:14","guid":{"rendered":"https:\/\/peymantaeidi.net\/stem-cell\/?p=24827"},"modified":"2022-11-17T09:46:06","modified_gmt":"2022-11-17T09:46:06","slug":"zelenskiy-singapores-wong-to-speak-as-nef-talks-focus-on-risk","status":"publish","type":"post","link":"https:\/\/peymantaeidi.net\/stem-cell\/2022\/11\/17\/zelenskiy-singapores-wong-to-speak-as-nef-talks-focus-on-risk\/","title":{"rendered":"Zelenskiy, Singapore\u2019s Wong to Speak as NEF Talks Focus on Risk"},"content":{"rendered":"
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(Bloomberg) — Ukrainian President Volodymyr Zelenskiy said only the return of territory taken by Russia will allow an end to the two countries\u2019 war, in an interview that concluded the Bloomberg New Economy Forum in Singapore.<\/p>\n

Speaking via video with Bloomberg News Editor-in-Chief John Micklethwait, Zelenskiy underlined that a simple ceasefire won\u2019t be enough, with Ukraine needing to see the return of Crimea and Donbas and a removal of threats. <\/p>\n

\u201cCrimea is part of Ukraine. This is not just a state within a state, it\u2019s part of our country and part of our sovereignty,\u201d he said. \u201cTherefore, indeed the de-occupation of Crimea and Donbas will bring an end to the war.\u201d<\/p>\n

Zelenskiy also said that Ukrainian officials would go to the site of the blast in Poland to be part of investigation of the incident that killed two people earlier this week, adding that \u201cthe most important thing is for an investigation to take place.\u201d<\/p>\n

In an example of the rebuilding task that Ukraine is facing, Fortescue Metals Group Ltd. founder Andrew Forrest pledged $500 million to help kickstart a plan to attract at least $25 billion to help upgrade decaying and destroyed infrastructure in Ukraine with more advanced, greener replacements.<\/p>\n

The Ukrainian leader\u2019s remarks capped three days of discussions among executives, investors and policymakers attending the forum that were dominated by worries over geopolitical tensions and inflation.<\/p>\n

Earlier Thursday, speakers at the forum pointed to signs of stabilizing relations between the world\u2019s two biggest economies following Monday\u2019s face-to-face meeting of US President Joe Biden and his Chinese counterpart Xi Jinping, but concerns remain over flash points. <\/p>\n

Singapore\u2019s prime minister-in-waiting Lawrence Wong said that the meeting between Biden and Xi was \u201ca good start,\u201d but that fundamentals between the competing economies had not changed. Former Australian Prime Minister Kevin Rudd said neither power wants a war over Taiwan, in part because neither are in a position to win. <\/p>\n

\u201cThe reason for that is not because of a lack of nationalism, the reason for that is because both sides are concerned they might lose, militarily,\u201d Rudd said on a panel discussion. That\u2019s \u201cquite apart from the monumental economic catastrophe globally which would come from a full-scale military encounter in the Taiwan Strait.\u201d<\/p>\n

On the forum\u2019s other big theme, inflation, International Monetary Fund Deputy Managing Director Gita Gopinath described rising prices as one of the biggest challenges facing economies around the world and noted there are few parallels in recent decades to this year\u2019s pace of monetary policy tightening.<\/p>\n

\u201cIt is very important for central banks to stay the course,\u201d Gopinath said. \u201cWe\u2019ve had false dawns before.\u201d  <\/p>\n

In its first two days, the NEF featured speakers including US trade chief Katherine Tai, Chinese Vice President Wang Qishan and former Secretary of State Henry Kissinger. <\/p>\n

Here are some of the other issues that were top of mind for executives on the forum\u2019s concluding day:<\/p>\n

Central Banks<\/p>\n

The IMF\u2019s Gopinath cautioned that it\u2019s going to take time for the full extent of this year\u2019s interest-rate hikes to become apparent and she cautioned against hidden risks in the shadow banking system.<\/p>\n

\u201cInterest rates may need to go up much more than any of us would like it to,\u201d she said. \u201cI still do believe monetary policy works in the traditional way of reducing demand\u201d as it takes time for their full effect to be felt.<\/p>\n

Policymakers will likely need to continue raising interest rates even amid signs of slowing inflation, said Axel Weber, former UBS Group AG chairman. Continuing to hike offsets second round effects as inflation becomes embedded, he said.<\/p>\n

\u201cI don\u2019t think they are done, I think they have some more work to do,\u201d he said on a panel discussion. Emerging markets have been \u201camazingly resilient,\u201d though frontier markets will see potentially \u201cmassive\u201d pressures, he said.<\/p>\n

Long Journey<\/p>\n

Singapore\u2019s Deputy Prime Minister Lawrence Wong said in an interview at the forum that the meeting between Xi and Biden was \u201cimportant and constructive,\u201d but also \u201cjust the beginning of a long and difficult journey.\u201d<\/p>\n

\u201cWe shouldn\u2019t have any illusions that this one meeting has changed things overnight,\u201d he said.<\/p>\n

Wong warned that the lesson from Ukraine was not to wait until conflict arises, but to ensure communications remain open and red lines are understood.<\/p>\n

\u201cAccidents can happen,\u201d Wong said. \u201cMiscalculations can happen.\u201d<\/p>\n

Covid Zero<\/p>\n

Worries over how and when China eventually pivots away from Covid Zero were flagged by James McGregor, the chairman for APCO Worldwide Greater China, who said the government needs to address dampened consumer confidence.<\/p>\n

\u201cThe thing about a consumer economy, you can\u2019t order people to spend, they have to have confidence,\u201d McGregor said on the same panel as Australia\u2019s Rudd. The government may need to \u201cmove ahead with some economic reforms that we\u2019re not expecting out of necessity.\u201d<\/p>\n

Rudd said that barring a new Covid variant, China will by the middle of next year be \u201cwell on its way to being out of this — that will have a huge positive impact on domestic consumer demand, which has been suppressed for a very long period of time.\u201d  <\/p>\n

Climate Change<\/p>\n

Extreme weather events like deadly floods in Pakistan have made the issue of who will pay for loss and damage in poorer nations a central climate issue, said Sameh Shoukry, COP27 president and Egyptian foreign affairs minister.<\/p>\n

The issue of how developed nations should compensate developing countries for climate change-fueled disasters they had little role in causing is on the agenda for the first time, which in itself is progress, Shoukry said in a video interview.<\/p>\n

Richer countries, already falling short on previous commitments to the developing world, are wary about exposing themselves to open-ended liabilities. There\u2019s still a \u201csubstantial gap\u201d in climate finance going to developing countries, Shoukry said. The loss and damage issue will likely continue to be refined and further developed at next year\u2019s COP28 in the United Arab Emirates, he said.<\/p>\n

Energy<\/p>\n

In a warning of what\u2019s still to come, Europe shouldn\u2019t let its guard down on conserving energy despite the recent drop in natural gas prices and success in refilling inventories, according to the region\u2019s top operator of gas infrastructure.<\/p>\n

\u201cWe are in a better situation, but that doesn\u2019t mean we should relax,\u201d Catherine MacGregor, chief executive officer of Engie SA, said on a panel discussion. \u201cOn prices, one can expect continued volatility.\u201d<\/p>\n

Volatility in energy prices is not good for the system or long-term planning, Yngve Slyngstad, chief executive officer of Industry Capital Partners, said during the same panel.<\/p>\n

Future of Work<\/p>\n

LinkedIn Corp. Chief Executive Officer Ryan Roslansky said there\u2019s continued to be a surge in job listings for remote work: They account for 15% of listings on LinkedIn, compared to only 1% before the pandemic. <\/p>\n

On the same panel, PayPal Holdings Inc. Chief Executive Officer Dan Schulman said productivity at his company increased substantially when everyone had to work from home, though he still sees the need for in-person venues to welcome and train new hires. PIMCO Managing Director John Studzinski said the finance industry has embraced in-office culture as the most effective way to collaborate. <\/p>\n

The New Economy Forum is being organized by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News. <\/p>\n

–With assistance from Philip Glamann, Lulu Yilun Chen, Zhang Dingmin, Russell Ward, David Stringer, Jeff Sutherland, Stephen Stapczynski, Selina Xu, Michelle Jamrisko, Vladimir Savov, Siegfrid Alegado, Philip J. Heijmans, Adrian Kennedy, Bill Faries, Clarissa Batino, Cecilia Yap, Aradhana Aravindan, John Cheng, Rebecca Choong Wilkins, Jill Disis, Daryna Krasnolutska and John Micklethwait.<\/p>\n

(Updates with more comments from Zelenskiy.)<\/p>\n

\u00a92022 Bloomberg L.P.<\/p>\n","protected":false},"excerpt":{"rendered":"

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