The Bloomberg New Economy Gateway Europe brings together leaders from the private and public sectors to discuss the economy’s most pressing problems. This week’s event near Dublin is focusing on the theme of “Reglobalization” — exploring the forces transforming trade and industry, from banking to aviation and energy to semiconductors.
(Bloomberg) — The Bloomberg New Economy Gateway Europe brings together leaders from the private and public sectors to discuss the economy’s most pressing problems. This week’s event near Dublin is focusing on the theme of “Reglobalization” — exploring the forces transforming trade and industry, from banking to aviation and energy to semiconductors.
Today’s highlights include conversations with BlackRock Inc. Vice Chairman Philipp Hildebrand and the prime ministers of Ireland and Serbia. We also have interviews with Irish Finance Minister Michael McGrath and Amos Hochstein, the US Special Presidential Coordinator for Global Infrastructure and Energy Security.
Key Developments
- Eurogroup’s Donohoe Confident on Reaching Deal on Fiscal Rules
- ECB Set to Keep Hiking If Projections Hold, Spain’s De Cos Says
- Ireland’s Housing Crisis Not Deterring Investment, IDA CEO Says
- Citi and APCO See Worst Brexit Impacts on UK as Yet to Come
- Ryanair CEO Sees Ukraine Aviation Opportunity Once War Ends
(All times CET)
Ireland Not Planning Swift ChatGPT Data Action (10:30 a.m.)
Helen Dixon, Ireland’s Data Protection Commissioner, said her agency is not planning any “swift move” to prohibit the processing of data by AI chatbot ChatGPT but cautioned that there is a need to look at the “range of issues and harms” arising from the use of such technologies.
“EU policymakers recognize that we need to call out some of the higher-risk use purposes” of AI “and implement very specific rules in those areas,” Dixon said in an interview with Bloomberg Radio.
European Accord on TikTok Data Use Elusive (10 a.m.)
Dixon also said that her agency has been unable to reach an agreement with its German and Italian counterparts on a draft decision it set out late last year about TikTok Inc.’s processing of children’s personal data. The draft was written in the wake of a probe into the company’s use of such data, and recommended that “a preliminary range of fines” be imposed.
“We’ve come to a point of certainty that we cannot reach agreement,” Dixon said. The case will now be transferred to the General Data Protection Regulation’s dispute resolution mechanism and a conclusion is expected in “a short number of months,” Dixon added.
Atlantic Bridge Upbeat on Longer-Term Outlook (8:30 a.m.)
Elaine Coughlan, a managing partner at Atlantic Bridge Capital, said she’s “very positive” about the investment outlook despite the dent to confidence both from “difficult” equity markets and the collapse of US lender Silicon Valley Bank.
“If you look at the fundamental technology sectors, the foundational technologies — quantum, semiconductors, cybersecurity — those areas have actually performed very well and there’s still a lot of investor demand,” Coughlan told Bloomberg Radio.
“In the longer term I would be very positive because of the involvement of new entrants into the market, which across Europe is government,” she added.
Eurogroup President Says China Engagement Key (19/4)
Relations with China will continue to be an important feature of how the global economy develops in spite of pressure from the US to decouple from Beijing, according to Paschal Donohoe, president of the Eurogroup of finance ministers from the single currency bloc.
“Engagement with China continues to be essential,” Donohoe said in an interview Wednesday. “There may be a different emphasis in tone but the fact that the engagement is happening is the key thing.”
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–With assistance from Stephen Carroll.
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