The final day of the Reuters NEXT global leadership summit took place on Thursday, 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.
Notable speakers during Wednesday’s virtual and in-person sessions included IMF Managing Director Kristalina Georgieva, Morgan Stanley CEO James Gorman, U.S. Treasury Deputy Secretary Wally Adeyemo, LSEG CEO David Schwimmer, 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, ENEL CEO Francesco Starace, Japan Foreign Affairs Minister Yoshimasa Hayashi and World Bank President David Malpass. Reuters journalists Vanessa O’Connell, Global Industry Editor; Howard Schneider, U.S. Federal Reserve Correspondent; Lauren Silva Laughlin, U.S. Editor of Breakingviews; and Peter Thal Larsen, Global Editor, Reuters Breakingviews, also took part in a panel discussion on the inflationary cost of living.
Take a look at the news highlights from today’s forum:
Damage from Russian attacks on Ukraine’s infrastructure are increasing the amount of aid the country needs “front-loaded” ahead of the harsh winter months, the head of the International Monetary Fund said on Thursday. IMF Managing Director Kristalina Georgieva told the Reuters NEXT conference she was confident international partners would continue to provide needed support for Ukraine. “Ukraine cannot go through this year without financial support,” she said, lauding steps being taken by Ukraine to put in place clear mechanisms to track aid flows into the country and ensure accountability for the vast sums.
The collapse of Bahamas-based cryptocurrency exchange FTX points up the need for the United States to cooperate with other countries to develop effective international regulations for the crypto sector, U.S. Deputy Treasury Secretary Wally Adeyemo said on Thursday. Adeyemo told the Reuters NEXT conference that it was important to erect regulatory regimes to protect investors, consumers and financial stability and block illicit uses of cryptocurrencies. Because FTX was not a U.S.-based firm, the effort must broadened, he said.
Japan will use its turn next year in leadership roles at the Group of Seven and the United Nations to pressure Russia to halt its war in Ukraine, Japanese Minister of Foreign Affairs Yoshimasa Hayashi said at the Reuters NEXT conference. “Russia’s ongoing aggression against Ukraine is a clear violation of international law. It is an unacceptable and outrageous act threatening the very foundation of the international order,” Hayashi said.
London Stock Exchange Group Plc Chief Executive David Schwimmer said on Thursday that large spikes in volume associated with algorithmic trading have worsened recent market volatility, exposing weak links in the global market infrastructure. “What that means is when there’s an event … some kind of crisis like the onset of COVID in the spring of 2020, you see massive moves in the markets very quickly, and a lot of the plumbing out there cannot handle that,” he said in an interview at the Reuters NEXT conference.
Morgan Stanley is making modest job cuts across the globe, Chief Executive Officer James Gorman said, as Wall Street comes under pressure with dealmaking slowing down. “Some people are going to be let go,” Gorman said at the Reuters NEXT conference, without specifying numbers. “We’re making some modest cuts all over the globe. In most businesses, that’s what you do after many years of growth.”
The U.S. Inflation Reduction Act is more efficient than European Union aid to support domestic production of energy sector components, the CEO of Europe’s biggest utility Enel said in an interview during the Reuters Next conference. “There are better ways to doing things than the system in Europe, and the U.S. have a great package not only to change the infrastructure and the energy generation mix but also to help re-shore some critical components,” Enel’s Francesco Starace said on Thursday.
Read all the highlights from Reuters NEXT here.
Heather.Carpenter @ tr.com