Day one of the Reuters NEXT global leadership summit kicked off Wednesday with a packed schedule of world leaders, innovators, business executives and policymakers to dissect the crucial challenges facing our world today and find solutions to power a better tomorrow.
Reuters President Paul Bascobert opened the event with remarks on the benefits of returning to in-person events, followed by Reuters Editor-in-Chief Alessandra Galloni discussing the key themes to be addressed during the conference. Notable speakers during Wednesday’s virtual and in-person sessions included Canadian Prime Minister Justin Trudeau, Bank of Korea Governor Rhee Chang-yong, NYSE President Lynn Martin, NASDAQ President Adena Friedman, HKEX Chairman Laura Cha, BHP CEO Mike Henry, International Rescue Committee President & CEO David Milliband, Sri Lanka State Minister of Finance Shehan Semasinghe, Moderna Chief Medical Officer Paul Burton, Kotak Mahindra Bank CEO Uday Kotak and Zambia Finance Minister Situmbeko Musokotwane. Reuters journalists Sumeet Chatterjee, Asia Finance and Markets Editor; Ken Li, Global Industry Editor, Technology; Tony Munroe, Greater China Bureau Chief; Heather Timmons, White House Editor; and Leela de Kretser, Global Breaking News Editor, also took part in a panel discussion on the latest developments in the China-U.S. relationship.
Take a look at the news highlights from today’s forum:
The Russian invasion of Ukraine shows that authoritarian regimes are not reliable trade partners and future supply chains should run through countries like Canada that are concerned about carbon emissions and human rights, Canadian Prime Minister Justin Trudeau said on Wednesday. “What we’re focused on now is very much ensuring that our economies – our open, free economies – don’t rely on authoritarian leaders like (Russian President) Vladimir Putin,” Trudeau said in an interview at the Reuters NEXT conference.
South Korea’s central bank is ready to adjust its pace of policy tightening to achieve a soft landing in real estate and hopes the peak of its target rate in this cycle will be around 3.5%, its governor said at the Reuters NEXT conference on Wednesday. Governor Rhee Chang-yong declined to say whether the Bank of Korea could begin easing policy before the U.S. Federal Reserve did so. But he added that South Korean interest rates should not get too far below those of the United States, because of the risk of capital outflow.
Volatility and market uncertainty have taken a big hit on the number of companies going public, driving down initial public offering proceeds by 93% this year, Lynn Martin, president of the New York Stock Exchange said on Wednesday. “There is a lot of uncertainty and there’s a lot of different forces that are impacting markets,” said Martin during an interview at the Reuters NEXT conference.
A proposed United Nations plastic waste treaty must consider putting restrictions on the most problematic plastics, Japan’s lead negotiator told Reuters, marking the first time the country has suggested it would support curbs on plastic production. “We need to look at the production side of plastics if those (plastics) are unnecessary or there are environmentally friendly alternatives,” Hiroshi Ono said, speaking during a panel discussion for the Reuters NEXT conference.
Hong Kong has more than a hundred applicants in the pipeline for initial public offerings (IPOs) and is eyeing more companies and investors from markets including the Middle East and Southeast Asia, the chairman of the city’s bourse operator said. “I am quite confident that the IPO market activity will return very quickly in the new year,” Hong Kong Exchanges and Clearing Ltd Chairman Laura Cha said in an interview at the Reuters NEXT conference.
Policymakers in Asia and Africa voiced growing economic optimism at a Reuters conference on Wednesday, chiming with a rally in emerging markets, an expected slowdown in U.S. rate hikes and an easing of COVID restrictions in China. Finance ministers from India and crisis-stricken Sri Lanka and Zambia all gave upbeat outlooks at the Reuters NEXT event, on a day when emerging market shares were set to notch up their best month since May 2009.
India will sustain its high growth rate through more government capital spending, the finance minister said in an interview at the Reuters NEXT conference on Wednesday, adding that she saw signs of a pick-up in private investments too. “I look forward to a very good … growing Indian economy in this year and the next,” Nirmala Sitharaman said.
Reuters NEXT continues Thursday, December 1, with the virtual agenda optimized for APAC and EMEA audiences starting at 06:00 GMT and the broadcast from New York kicking off from 09:00 EST. Day two speakers include Zijin Mining President Zou Laichang, Myanmar Acting President of the National Unity Government Duwa Lashi, Sovereign Fund of Egypt CEO Ayman Soliman, Germany Finance Minister Christian Linder, Lithuania Prime Minister Ingrida Simonyte, IMF Managing Director Kristalina Georgieva, ENEL CEO Francesco Starace, LSEG CEO David Schwimmer, Morgan Stanley CEO James Gorman, U.S. Treasury Deputy Secretary Wally Adeyemo, Japan Foreign Affairs Minister Yoshimasa Hayashi and World Bank President David Malpass.
Read all the highlights of day one of Reuters NEXT and tune into day two here.
Heather.Carpenter @ tr.com