This content was published on June 22, 2021 – 12:20 p.m.
(Bloomberg) –
Michael Novogratz, founder and CEO of Galaxy Digital, told the Qatar Economic Forum that he is still a buyer of Bitcoin and that he prefers digital currency to buying gold.
On Tuesday, the CEO of Binance Holdings said the cryptocurrency market was still “pretty healthy” despite a recent sell-off. Swiss Re Chairman Sergio Ermotti identified cyber risk as one of the greatest challenges for companies after the pandemic.
The three-day event kicked off Monday when billionaire Ray Dalio and former Treasury Secretary Lawrence Summers told the forum that the US was headed for a period of overheating and inflation that could threaten the recovery.
The Qatar Economic Forum, Powered by Bloomberg, are the underwriters of the Qatar Economic Forum, which is taken over by the Qatar Ministry of Commerce and Industry, the Investment Promotion Agency Qatar and the Media City Qatar.
Key highlights
- India’s leading private employer introduces new workplace models
- Qatar could sit out debt in the Gulf as oil prices boost finances
- Dalio, Summers still sees the risk that the US will overheat after the Fed’s changeover
- Asia’s richest man says “no option” is going green as a company
- Qatar sees $ 20 billion for the economy from the 2022 World Cup
Top cocoa producer looks to an ethical future (2:59 p.m. Doha)
Ivory Coast, the world’s largest cocoa producer, plans to raise ethical standards for its exports as consumer pressure mounts to grow the ingredient more sustainably.
The West African nation is working to combat the use of child labor and deforestation while improving farmers’ pay to continue exporting to the European Union, which, according to Prime Minister Patrick Achi, buys almost 70% of its production. The 27-state bloc could adopt new sustainability rules by the end of the year.
“We have worked on many laws and are now doing our best to implement them,” said Achi. “We will be ready for EU legislation that affects not just cocoa, but many other areas.”
Britain’s Johnson Says Protecting Planet Is A Question Of Will (2:55 p.m. Doha)
British Prime Minister Boris Johnson told the conference that the UK saw “no contradiction” between global economic growth and “protecting our planet”.
“There is no reason why humanity should not thrive and protect our planet at the same time,” Johnson told delegates in a video address. “We have the ingenuity and the technology we need to achieve, but all we have to do is have the will.”
Britain has grown its economy by 78% in the last 30 years and managed to cut carbon emissions by 44%, Johnson said. Almost a decade ago, around 40% of UK electricity came from coal, down from 2% in 2021, with the aim of completely eliminating use by 2024.
As chairman of the G-7 group of industrialized nations, Great Britain has made climate protection one of its central goals this year. Johnson is slated to host the COP26 climate summit in Scotland later in 2021.
Largest fertilizer factory in the world begins exporting (2:40 p.m. Doha)
Nigerian billionaire Aliko Dangote plans to ship to the US and Brazil from the world’s largest fertilizer factory this month.
Initial shipments from the plant outside of Lagos, Nigeria are expected in late June or early July and will be shipped to Louisiana, USA, Dangote said. It will then begin shipping to Brazil, where most of the plant’s exports are destined, he said. The facility has the capacity to produce 3 million tons of urea and ammonia per year, Dangote said.
Dangote, Africa’s richest man, is investing $ 19 billion on the continent in projects like the fertilizer factory and a 650,000-barrel-a-day oil refinery outside of Lagos, Nigeria’s commercial capital.
WTO chief seeks quick solution to avoid vaccines (2:30 p.m. Doha)
The World Trade Organization chief said she hopes WTO members will soon find “pragmatic solutions” aimed at improving access to vaccines in developing countries.
“My hope and expectation is that this will happen quickly because human lives are at stake,” said WTO Director General Ngozi Okonjo-Iweala.
She hopes that in July WTO members will “find some pragmatic solutions that will allow developing countries automatic access to vaccines while ensuring that we do not discourage research and innovation”.
Read more: WTO joins the vaccine feud as Merkel, Pharma Balk in the Biden Plan
Novogratz: long Bitcoin trumps long gold (11:25 a.m. Doha)
Billionaire investor Novogratz said he viewed Bitcoin as “digital gold”. “If you want to be long gold, Bitcoin is a better version because it has the same macro tailwind but is also very early on the adoption curve.”
“Crypto is a luxury in developed markets, it’s a necessity in emerging markets, where currencies depreciate 20 to 30% every year,” Novogratz said. However, for the general crypto user, Bitcoin and Ethereum are “likely enough,” he said.
Dan Morehead, CEO of Pantera Capital, said on the same panel that besides Bitcoin there are many good crypto products to invest in. “This year Bitcoin is up 34%, our hedge fund, which trades the liquid tokens, is up 240%,” he said.
“Ethereum is the second largest, it’s very important.”
Binance CEO Says Crypto Market Is Still Healthy (11:10 a.m. Doha)
“It’s very difficult to say,” why the currencies have fallen, said Changpeng Zhao, chief executive of Binance Holdings, in an interview, citing positive news like the introduction of Bitcoin by El Salvador and negative headlines like China going against the currency going on. “From our point of view, we only see people who place orders.”
China’s rampant crackdown on cryptocurrencies has made Bitcoin flirt at $ 30,000, a price level believed to be key to the near-term outlook for the largest virtual currency.
Masters sees $ 10 trillion fintech opportunity (11:05 a.m. Doha)
Technologies that integrate the diverse networks of the financial industry offer an oversized investment opportunity, according to Blythe Masters, Chief Executive Officer of Motive Capital.
The opportunity to develop “platform-like companies that connect broad networks” is particularly exciting for financial services, Masters said during a panel discussion on fintech, adding that the sector “in terms of the disruption that platform companies can bring into this space , lagging behind. ”
The potential market is huge. “More than one in four dollars spent on technology is spent on financial technology by both financial and non-financial companies,” said Masters. “That adds up to a market opportunity of around $ 10 trillion.”
Masters, a former executive of JPMorgan Chase & Co., spoke alongside Snoop founder Jayne-Anne Gadhia and Zenith Bank Chairman Jim Ovia.
Ermotti warns of cyber risks (10:45 a.m. Doha)
There is widespread awareness of the risks of major cyberattacks, said Swiss Re Chairman Sergio Ermotti, questioning whether there were enough potential solutions.
Cyber risks are very difficult to predict and the premiums for insurance against cyber attacks are currently around 7 billion US dollars a year for insurance companies, said Ermotti 20 billion US dollars by 2025. Some estimates show that cyber risk claims on insurance companies currently stand at $ 1 trillion a year, Ermotti said.
“All of these risks cannot always be fully covered and there is a need in the market for all players to cover the tail risks,” said Ermotti. In events such as the recent hacking attacks on Irish health services and US pipelines, “we are increasingly conscious of the need for governments to think about policies that allow the private and public sectors to work together to address these risks,” added he added.
Mittal Says India Needs Telecom Competition (10:25 a.m. Doha)
Years of price competition left only “two and a half operators” in the Indian telecommunications sector, and it would be “tragic” if this were reduced to two, “Sunil Mittal, chairman of Bharti Airtel Ltd., India’s second largest operator, told the forum.
While billionaire Mittal’s company is gaining market share, it lags behind Mukesh Ambani’s Reliance Jio Infocomm Ltd., India’s largest network by subscriber numbers. A third actor, Vodafone Idea Ltd., hangs by a thread. Executives have warned in the past that it could slide into bankruptcy.
That wouldn’t be a good result for the telecommunications sector or Indian consumers, Mittal said. “India is a very big country. It deserves to have three private actors. “
India’s Leading Private Employer Sees More Flexibility (10:00 a.m. Doha)
The world of work will not return to pre-Covid norms, said Natarajan Chandrasekaran, chairman of Tata Sons Pvt Ltd. Chandrasekaran, head of India’s largest private sector employer, said jobs will benefit from empowering employees to use technology.
When the pandemic hit India in early 2020, the 150-year-old conglomerate of steel-to-airlines struggled to adapt to lockdown restrictions. Tata Consultancy Services Ltd. – their largest company by number of employees and profitability – relocated nearly half a million workers from their homes.
Qatar May Suspend Gulf Debt Bings (7:30 a.m. Doha)
One of the Gulf’s largest and highest rated borrowers won’t have to return to the debt market anytime soon, though they may choose to take advantage of the low interest rates.
“We may just need funding to improve our financial condition,” such as refinancing outstanding debts cheaper, said Ali Al Kuwari, the incumbent finance minister of Qatar and the minister for trade and industry. A spike in global energy prices has helped the tiny country generate a 200 million Qatari riyal ($ 54 million) surplus in the first quarter, as opposed to its expected deficit of 54 billion riyals.
If the situation persists, investors should expect Qatar to “only opportunistically” enter the bond markets, he said in an interview on the Qatar Economic Forum, which airs in full on Tuesday.
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source https://dailyhealthynews.ca/billionaire-novogratz-still-backs-bitcoin-over-gold-qatar-forum/
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