6th GCC Financial Forum kicks off today
6th GCC Financial Forum kicks off today
Around 600 experts in finance, economists and policymakers are taking part at the two-day meeting hosted by Bahrain Economic Development Board (EDB) and Euromoney Conferences.
“Diversification agendas across the Gulf Cooperation Council (GCC) are generating exciting new opportunities for the private sector to offer sustainable solutions,” said Khalid Al-Rumaihi, chief executive of EDB.
He said that Bahrain, where financial services are the second-largest contributor to the economy, is committed to working with the industry to facilitate sustainable long-term growth.
“The forum provides decision-makers with a unique platform to share ideas that will (help) shape the region’s response to the challenges and opportunities ahead,” Al-Rumaihi said.
The main issues to be raised at the forum include dynamics of the oil market, fiscal strategy and taxes and fees that will be part of the GCC’s economic future. The impact of global political events and the role of private capital will also discussed.
“This year, our objective is to look at how financial markets in the Gulf (region) are evolving, (so as) to examine the region’s financing challenges and to explore how the creation of vibrant and innovative approaches to financial intermediation can provide effective solutions to these challenges,” said Victoria Behn, head of Middle East and Africa at Euromoney Conferences.
Among the key speakers will be Bahrain’s Minister of Finance Shaikh Ahmed bin Mohammed Al-Khalifa, who will deliver a keynote speech on Tuesday addressing the challenges that face the financial industry in the GCC. Other speakers include Francis Fukuyama, futurist and political commentator and Lord Adair Turner, chairman of the Institute of New Economic Thinking and former head of the UK’s Financial Services Authority.
Pompeo says China is engaging in ‘predatory economics 101’
- He said China’s recent claims of “openness and globalization” are “a joke.”
DETROIT: China is engaging in “predatory economics 101” and an “unprecedented level of larceny” of intellectual property, Secretary of State Mike Pompeo told a business audience Monday.
Pompeo made the remarks at the Detroit Economic Club as global markets reacted to trade tensions between the US and China. Both nations started putting trade tariffs in motion that are set to take effect July 6.
He said China’s recent claims of “openness and globalization” are “a joke.” He added that China is a “predatory economic government” that is “long overdue in being tackled,” matters that include IP theft and Chinese steel and aluminum flooding the US market.
“Everyone knows ... China is the main perpetrator,” he said. “It’s an unprecedented level of larceny.”
“Just ask yourself: Would China have allowed America to do to it what China has done to America?” he said later. “This is predatory economics 101.”
The Chinese Embassy in Washington did not immediately respond to a request for comment.
Pompeo raised the trade issue directly with China last week, when he met in Beijing with President Xi Jinping and others.
“I reminded him that’s not fair competition,” Pompeo said.
President Donald Trump has announced a 25 percent tariff on up to $50 billion in Chinese imports. China is retaliating by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey. Trump also has slapped tariffs on steel and aluminum imports from Canada, Mexico and European allies.
Wall Street has viewed the escalating trade tensions with wariness, fearful they could strangle the economic growth achieved during Trump’s watch. Gary Cohn, Trump’s former top economic adviser, said last week that a “tariff battle” could result in price inflation and consumer debt — “historic ingredients for an economic slowdown.”
Pompeo on Monday described US actions as “economic diplomacy,” which, when done right, strengthens national security and international alliances, he added.
“We use American power, economic might and influence as a tool of economic policy,” he said. “We do our best to call out unfair economic behaviors as well.”