CNBC Broadcasts from the World Economic Forum in Davos, Switzerland

CNBC Excerpts: CNBC Broadcasts Live from the World Economic Forum in Davos, Switzerland

REEVES ON TARIFFS

RACHEL REEVES: I won’t speculate on what may or may not happen, but I do understand that President Trump is concerned about countries that are running large and persistent surpluses on the trade balance with the US. That’s not the case for the UK. We are not part of the problem here. So we, the UK, increased trade with President Trump last time he was in office, and there’s absolutely no reason why our two great nations with such a strong and special relationship can’t increase those flows of trade once again.

REEVES ON CHINA

REEVES: I went to Beijing and Shanghai to try and get a better deal for UK financial services firms that operate in China, like HSBC and Standard Chartered. And I was able, during that economic and financial dialog, to secure licenses and quotas for big UK banks and asset managers that do business in China. That’s in the UK’s national interest, and that’s what I will always do as Chancellor of the Exchequer, represent the interests of my country on the global stage, whether that is improving the ability of British businesses to export to China, improving our trade links with the European Union, or indeed, strengthening the ties that we have with the United States, our biggest single trading partner.

REEVES ON ELON MUSK CRITICISM

REEVES: Elon Musk is entitled to his opinion, but he’s not one of the people that votes in a UK general election. We had an election just over six months ago. We received a huge majority, a huge mandate for the change that we’re bringing. That change to grow the economy and make working people better off, those changes to improve our schools and our health system, and that’s what British people voted for, and that is what our prime minister, Keir Starmer and me as finance secretary, as Chancellor of the Exchequer, are getting on and delivering.

Interview with UK Chancellor of the Exchequer Rachel Reeves

Video: https://www.cnbc.com/video/2025/01/22/uk-finance-minister-rachel-reeves-uk-anot-part-of-the-problema-when-it-comes-to-u-s-trade.html

Interview with Accenture Chair & CEO Julie Sweet

Video: https://www.cnbc.com/video/2025/01/22/sweet-physical-ai-is-the-next-big-thingwrite-that-down.html

Interview with NYSE President Lynn Martin

Video: https://www.cnbc.com/video/2025/01/22/martin-the-us-economy-drives-the-global-economy-forward.html

Europe must be prepared for Trump tariffs,

European Central Bank chief warns

ECB’s Chief Christine Lagarde

 

Published Wed, Jan 22 2025

Key Points

• Europe must “be prepared” for potential trade tariffs from newly inaugurated U.S. President Donald Trump, the president of the European Central Bank told CNBC on Wednesday.
• After his inauguration, Trump told reporters that the EU has been “very, very bad to us. So they’re going to be in for tariffs.”
• The ECB’s Christine Lagarde added that the fact that Trump had not imposed blanket tariffs on the first day of his presidency was a “very smart approach.”

Interview with Salesforce Co-Founder, Chairman & CEO Marc Benioff  

Video: https://www.cnbc.com/video/2025/01/22/salesforce-ceo-marc-benioff-dont-think-microsoft-will-use-openai-in-the-future.html

Interview with Vista Equity Partners Founder & CEO Robert Smith

Video: https://www.cnbc.com/video/2025/01/22/vista-equity-partners-ceo-the-productivity-measures-from-generative-ai-are-astounding.html

Interview with Cisco CEO Chuck Robbins 

Video: https://www.cnbc.com/video/2025/01/22/cisco-ceo-chuck-robbins-on-impact-of-tariffs-ai-innovation-and-future-of-dei.html

Interview with Microsoft Chairman & CEO Satya Nadella   

Video: https://www.cnbc.com/video/2025/01/22/microsoft-ceo-satya-nadella-on-500b-stargate-project-our-partnership-with-openai-continues.html 

and https://www.cnbc.com/video/2025/01/22/microsoft-ceo-satya-nadella-ai-simultaneously-reduces-the-floor-raises-the-ceiling-for-all-of-us.html

It’s time to return to Cold War-era defense spending, says Poland’s president

Andrzej Sebastian Duda
president of Poland

Published Wed, Jan 22 2025

Key Points

• Defense expenditure policies now should be akin to those in force during the Cold War-era, “whether we like it or not,” Polish President Andrzej Duda told CNBC on Wednesday.
• Duda said that Poland’s defence spending was close to 5% of its gross domestic product and called on NATO allies to increase their funding as well.
• As a member of NATO, Poland has earned itself some immunity from criticism from the U.S. for spending the most money, as a percentage of GDP, on defense.

Interview with Uber CEO Dara Khosrowshahi     

Video: https://www.cnbc.com/video/2025/01/22/uber-ceo-dara-khosrowshahi-on-future-of-evs-autonomous-vehicles-and-nyc-congestion-pricing.html

Interview with Goldman Sachs Chairman & CEO David Solomon

Video: https://www.cnbc.com/video/2025/01/22/goldman-sachs-ceo-david-solomon-a-more-growth-oriented-agenda-is-the-best-path-for-us.html

Interview with Coca-Cola Chairman & CEO James Quincey       

Video: https://www.cnbc.com/video/2025/01/22/coca-cola-ceo-james-quincey-see-inflation-in-the-u-s-and-globally-moderating-in-2025.html

Interview with BNY CEO Robin Vince

Video: https://www.cnbc.com/video/2025/01/22/bny-ceo-growth-is-the-word-of-the-day-here-in-davos.html

Interview with Williams-Sonoma CEO Laura Alber

Video: https://www.cnbc.com/video/2025/01/22/williams-sonoma-ceo-when-housing-and-furniture-picks-up-itll-be-great-for-us.html

Interview with HP Inc. President & CEO Enrique Lores

Video: https://www.cnbc.com/video/2025/01/22/hp-ceo-deregulation-will-help-drive-growth-and-optimistic-about-these-actions.html

China’s Sinopec asks 200 more acres for Sri Lanka refinery

Wednesday January 22 Economy Next

ECONOMYNEXT –

China’s Sinopec has asked for 200 acres more land for its planned 3.7 billion dollar refinery expected to be built in Hambantota, Foreign Minister Vijitha Herath said.

Sri Lanka had originally offered 500 acres of land for the project, he said.

Sri Lanka had inked an agreement in Beijing during President Anura Kumara Dissanayake’s visit aiming to resolve remaining issues within a month.

The refinery had tax and water issues to be solved.

Sri Lanka originally offered land for a 100,000 barrels per day refinery when expressions of interest were called.

Sinopec got the deal after Vitol Asia, the other shortlisted party, pulled out.

However, Sinopec wanted to double the capacity, then Energy Minister Kanchana Wijesekera said.

The refinery expected to sell 10 percent of its output domestically but there was no obligation by the government to buy, he said.

Sri Lanka has agreed to clear remaining issues with the refinery project within one month, when President Anura Kumara Dissanayake visited China recently, Minister Herath told reporters Wednesday⍐