The chief executives of the world’s largest sovereign funds and global entities continue to shed light on their corporate plans and economic concerns at the ongoing World Economic Forum annual meeting in Davos, Switzerland.

Abu Dhabi-based Mubadala Investment Co. CEO Khaldoon Khalifa Al Mubarak disclosed plans for listing Emirates Global Aluminium (EGA), expecting a recovery in China and robust growth in India.

On the health front, Moderna CEO Stephane Bancel plans to open factories making vaccines based on its messenger RNA technology on every continent. The theme of the 53rd annual meeting is “Cooperation in a Fragmented World”.

Zawya has compiled all the updates from Davos.

Mubadala says may list Emirates Global Aluminium this year

Emirates Global Aluminium (EGA) is likely to go public as soon as the third quarter of 2023, Mubadala Investment Co. CEO Khaldoon Khalifa Al Mubarak told Bloomberg. 

“It will happen maybe this year. We’ll see how markets react,” he said, adding the listing may take place in the third or fourth quarter provided it makes sense.

EGA is owned equally by Mubadala and Investment Corporation of Dubai.

Abu Dhabi’s Mubadala to focus on Asia with eye on China recovery

Mubadala Investment Co. CEO Khaldoon Khalifa Al Mubarak said Asia will be an area of focus for the Abu Dhabi sovereign wealth fund this year as China recovers from the pandemic and India continues to grow.

“Asia is very promising, particularly if you see what’s happening in the post-COVID era,” he told Bloomberg TV interview.

The $284 billion Abu Dhabi wealth fund will continue to invest in semiconductors, technology, energy transition, digital infrastructure and credit in the short-to-medium term, Al Mubarak said.

UN chief urges 'credible' net-zero pledges or risk greenwashing

UN Secretary-General Antonio Guterres called on business leaders gathered at the World Economic Forum in Davos to follow the principles outlined by an expert group to make “credible”, accountable net-zero pledges.

While companies are increasingly pledging to cut greenhouse gas emissions to as close as possible to zero, the benchmarks and criteria they use “are often dubious or murky”, the UN chief said.

Moderna CEO says he wants to have mRNA factory on every continent

Moderna chief executive Stephane Bancel said he would like to have factories making vaccines based on its messenger RNA technology on every continent as the US company prepares to build four facilities.

"We're talking to a couple more countries because I would really like on every continent to have MRNA capacity," he said.

The company is building or planning to build factories in Canada, Australia, Britain and Kenya, Bancel added.

ECB's Villeroy says inflation battle not yet won, rate guidance stands

The European Central Bank (ECB) has yet to win its fight against sky high inflation so its guidance for big rate hikes in the months ahead remains valid, French central bank chief Francois Villeroy de Galhau said.

The ECB has raised rates by 2.5 percentage points since July and flagged a 50 basis point move in February and possibly in March, all in the hope of getting inflation back to 2% by sometime in 2025 from levels near 10% now.

"We must stay the course in our battle against inflation; it's not yet won," Villeroy said.

Japan nearing phase where monetary easing can end, says minister

Japan is nearing the phase where its monetary policy easing can be stopped, its minister for trade and industry said on Wednesday, hours after the Bank of Japan (BOJ) maintained ultra-low interest rates.

"Of course, monetary policy is going to be normalized in the future but until we can see a clear path in the future, I understand the BOJ is going to maintain its current policy," Minister of Economy, Trade and Industry Yasutoshi Nishimura said.

UBS head says regulators' 'eyes off the ball' on non-banks

UBS Chairman Colm Kelleher said traditional finance firms were “systemically safe” after years of increased regulation, but guardians of global financial markets had further to go to eradicate the risks posed by the non-banking sector.

“Regulators have – with respect – taken their eyes off the ball in terms of the non-banking sector,” the chairman of Switzerland’s largest bank said, referring to a category of loosely supervised finance firms.

“Banks and insurance companies are well regulated. They’re systemically safe, we can argue,” he added.

Trip.com hopes China overseas travel capacity back to normal by Q3

Travel website operator Trip.com Group is working with airlines and airports to encourage recovery in China's cross-border travel capacity and hopes levels will return to normal by the third quarter, its CEO Jane Sun said.

Travel in and out of China dropped dramatically from 2019 levels under China's zero-COVID curbs, which all-but shut China's borders for three years before they were reopened on Jan. 8 as part of Beijing's dismantling of the policy.

"Domestic travel for Chinese people travelling within China has already recovered to 2019 levels very rapidly," Sun said.

Deutsche Bank CEO says we must not underestimate inflation

Deutsche Bank chief executive Christian Sewing said he hoped central banks would keep raising interest rates, warning that inflation should not be underestimated.

He saw inflation at around 7% in Germany and Europe this year and hoped this would ease to under 5% next year.

"For God's sake we mustn't underestimate inflation," Sewing told broadcaster RTL/ntv.

Philippine president says economy growing fastest in Asia at 7%

The Philippine economy will probably keep growing near 7% this year, Bloomber reported, citing President Ferdinand Marcos Jr.

“There is so much space, room to grow, in the sense that we are starting very many new things now,” he added.

(Editing by Seban Scaria seban.scaria@lseg.com)