The pressure from rising prices isn’t going away anytime soon, according to the CEO of the world’s largest wind turbine manufacturer, adding to the dire predictions made at the World Economic Forum in Davos.
The war in Ukraine has cast a shadow on the first in-person summit in the Swiss Alps in two years. Food scarcity, climate change, and migration threats have all been on the table.
On Wednesday, the International Monetary Fund’s Gita Gopinath, Siemens AG Chairman Jim Hagemann Snabe, and EU Trade Commissioner Valdis Dombrovskis will participate in Bloomberg panels on growth and trade.
Ukraine does not believe NATO will secure grain transit.
Dmytro Kuleba, Ukraine’s foreign minister, claimed NATO has shown little interest in assisting in the safe transit of grains via the Black Sea, an endeavor considered as critical in addressing worries about food shortages and rising costs.
“If NATO did not close the Ukrainian skies in the most tragic moments of the war, why should they dare to close the Ukrainian sea to allow the free passage of vessels with Ukrainian agricultural products,” he said. “I would wholeheartedly welcome the decision, but I just don’t see the stamina and the bravery to take all the risks associated with this operation.”
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The interruption of the agricultural cycle of Ukraine risks a multi-year global food crisis, Kuleba told a breakfast organized by the Victor Pinchuk Foundation, “but in the end, the problem is that you cannot trust Russia even if they sign papers guaranteeing safe passage.”
Inflation may be here for years
Inflationary pressures aren’t going away anytime soon, according to Henrik Andersen, CEO of Vestas Wind Systems A/S, in an interview with Bloomberg TV.
“I don’t see it easing,” according to Andersen, who runs the world’s largest manufacturer of wind turbines. “We have to now get used to that this could continue not only for quarters to come but also for years to come.”
Wind turbine revenues have been wiped out by rising material and transportation costs, precisely as the sector has to speed up to meet global climate targets.
Mr. Andersen stated that if supply chain concerns are resolved, his company would be able to make money again.
SOURCE: myjoyonline