LONDON, Oct 29 (Reuters) - Global business, technology
and financial leaders converged on the Saudi capital for the
annual Future Investment Initiative (FII) summit this week.
The event is an opportunity for attendees to forge relations
with some of Saudi Arabia's biggest companies and its $925
billion sovereign wealth fund. It comes at a time when there are
fears of widening conflict in the Middle East and just a week
before the U.S. presidential election.
Below are a selection of quotes from some of the speakers at
the event on Tuesday:
DAVID SOLOMON, GOLDMAN SACHS ( GS ) CEO:
"It's hard to think about monetary policy in 2025 in the
United States until you get through the election and we get a
clearer sense of policy actions."
"Structurally inflation is more embedded in the global
economy than the current narrative. That doesn't mean that it's
going to rear its head in a particularly ugly way but I do think
there's the potential, depending on policy actions taken, that
it could be more of a headwind than the current market
consensus."
"We are in a recovery period and my expectation is you will
see more robust capital markets activity in 2025, 2026."
BLACKROCK ( BLK ) CEO LARRY FINK:
Fink said that the central bank policy "playbook" needed to
be revisited because the transmission of higher rates to slow
the economy had a greater lag as populations aged and due to
changes in the housing market.
"I do believe we have greater embedded inflation in the
world than we've ever seen," he said.
KEN GRIFFIN, FOUNDER AND CEO OF CITADEL:
Griffin said that markets expected Donald Trump to win the
forthcoming U.S. election, but that the outcome remained "almost
a coin toss".
"We're at that moment of peak uncertainty," Griffin said,
adding that he expected risk appetite to improve in markets
regardless of the result.
RUTH PORAT, PRESIDENT AND CIO OF ALPHABET AND
GOOGLE:
Porat said the Silicon Valley giant was excited about the
prospects for autonomous vehicles, adding the technology could
help improve road safety.
"If you want to save lives, we should be embracing
autonomous driving."
BLACKSTONE CEO STEPHEN SCHWARTZMAN:
He said communications between the U.S. and China had
"normalised somewhat", after communications between the two
sides broke down around two years ago, presenting a "very scary
prospect".
"I think that both countries are basically grateful that the
deterioration in relations has stopped."
ERIC SCHMIDT, FORMER CEO OF GOOGLE:
"So war is today defined stereotypically as 'man, gun,
shooting, other man, shooting, trying to kill each other'. If
you're a computer scientist, this makes absolutely no sense. The
guns should be automated, and the people should be drinking
coffee somewhere else."
"If you are a roboticist, the fastest path to robots is, in
fact, drone warfare, I'm sorry to say.... There are enormous
implications from the arrival of drone warfare.
"My own view is that drone warfare will largely stop land
wars, and that conflict will not go away. It'll occur in
different domains."
SAUDI ECONOMY AND ENERGY MINISTER PRINCE ABDULAZIZ BIN
SALMAN:
"We will monetize every molecule of energy this land has,
period."
JANE FRASER, CITI CEO:
"A lot of the roads do lead to the U.S. at the
moment...While you shouldn't bet against a Saudi entrepreneur
you certainly never bet against an American one."
(Compiled by Tommy Reggiori Wilkes and Iain Withers; Editing by
Sharon Singleton)