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- 00:00HASLINDA: PRESIDENT XI IS STILL IN SOUTH KOREA AND LOOK TO CAPATALIZE ON PRESIDENT TRUMP’S ABSENCE AT A FORUM OF COUNTRIES REPRESENTING MORE THAN HALF OF GLOBAL TRADE. CHINA IS OPEN AND WILL BECOME MORE OPEN TO THE REST OF THE WORLD HOPING TO SHOW A SHARP CONTRAST BY PROTECTIONIST U.S. THIS IS «INSIGHT» AND DIG DEEPER WITH THE STORIES THAT MATTER. ASIA EQUITIES CLIMBED NEAR RECORD HIGHS AND U.S. FUTURES ADVANCE AND AMAZON AND APPLE. WE CONTINUE TO EXPLORE BUBBLE HERE. GLOBAL INVESTMENT STRATEGIST LAURA COOPER WILL BE JOINING US WITH HER VIEW. WE ARE TO UNDERSTAND WHAT THE OUTCOME OF THE DISCUSSIONS BETWEEN THE U.S. AUTHORITIES AND CHINESE AUTHORITIES WILL DELIVER IN TERMS OF RARE EARTH, IN PARTICULAR, WHICH IS AS YOU KNOW, A VERY MATERIAL SEGMENT OF SPLIEP CHAINS IN QUITE A FEW SECTORS, THE ENERGY SECTOR AS WELL. HASLINDA: REACTION FROM SWEDEN’S DEPUTY PRIME MINISTER AND MINISTER FOR ENERGY, BUSINESS AND INDUSTRY. AND PAYMENTS GIANTS LIKE VISA AND MASTERCARD ARE HEADING FOR THE AI AGE. RAJ WILL BE JOINING US EXCLUSIVELY. CHINESE PRESIDENT IS URGING COUNTRIES TO MAINTAIN STABILITY AND SMOOTH FLOW OF SUPPLY CHAINS AND ACCORDING TO STATE NEWS AGENCY A APEC LEADER. AND HIS COMMENTS FOLLOW THE MEETING WITH PRESIDENT TRUMP WHERE THEY STRUCK A ONE-ER YEAR TRADE TRUCE. AND WASHINGTON HAS AGREED TO PAUSE ON SOME OF ITS SO-CALLED. BEIJING FOR ITS PART WILL RESUME SOYBEAN PURCHASES AND RARE EARTH FLOWS. SECRETARY OF TREASURY SAYS THE TRUCE WILL HOLD. WE WILL BE BACK AT THE TABLE AND WILL GET ANOTHER DELAY, ANOTHER ROLE, BECAUSE WHATEVER MISSES IS THAT THE CHINESE HAVE RARE EARTHS BUT WE HAVE PRESIDENT TRUMP’S THREAT ON TARIFF AND GAVE THE KEY NEGOTIATING LEVERAGE. HASLINDA: FOR MORE, WE ARE OUTSIDE THE APEC SUMMIT. THE QUESTION IS HOW LONG IT WILL LAST. WELL, SURE. THAT IS THE BIG QUESTION. AND THE FOLLOW-THROUGH ON THESE PLEDGES. KEEP IN MIND THESE THINGS YOU RAN THROUGH ARE NOT NECESSARILY SIGNED TREATIES. THERE WAS A HANDSHAKE AND GOODWILL FOLLOWING FIVE ROUNDS OF NEGOTIATIONS AROUND THE WORLD IN GENEVA, LONDON AND MORE RECENTLY IN TO WHICH THOSE TWO LEADERS AT THE AIRPORT WERE ABLE TO SOLIDIFY. AND NOW IT’S UP TO THE TWO NATIONS TO FOLLOW THROUGH ON THESE PLEDGES. AGAIN, IT’S NOT AN OUTRIGHT TREATY, BUT A TRUCE, PROLONGED TRUCE, ONE ACCORDING TO DONALD TRUMP BE RENEGOTIATED EVERY YEAR. AGAIN, THE PROOF WILL BE IN THE PUDDING HOW THIS GOOD INTENT WILL BE BASICALLY CARRIED THROUGH TO A LASTING CO-EXISTENCE, IF NOT A PEACE TREATY, IF YOU WILL. BUT PRESIDENT XI WE HAVE GOTTEN A READOUT OF HIS SPEECH HE WILL BE GIVING HERE MOMENTARILY AT APEC AND TOUCHES ON A LOT OF SIMILAR THEMES THAT HE HAS TALKED ABOUT CONSISTENTLY AND THAT IS SUPPORT OF THE MULTI LATERAL APPROACH AND SUPPORT FOR THE INSTITUTIONS THAT SUPPORT MULTI LATERALLISM LIKE THE WORLD TRADE ORGANIZATION AND YOU MENTIONED RESILIENT SUPPLY CHAINS AND STICKING TOGETHER IN ASIA-PACIFIC ARE KEY TO HIS FIVE-POINT PLAN, WHICH HE WILL BE INTRODUCING. HASLINDA: WHAT’S THE TONE ON THE GROUND OF WHAT WAS SIGNED BETWEEN THE U.S. AND CHINA? SURE. THERE ARE DIFFERENT TONES DEPENDING ON WHO YOU ARE LISTENING TO AND WHO IS ON THE STAGE GIVING SUCH SPEECHES. THE FIRST COUPLE OF DAYS, PRESIDENT TRUMP GARNERED MUCH OF THE FRONT OF THE STAGE AND HIS MEETINGS HERE AT APEC. BUT AFTER HE MET WITH XI YESTERDAY, HE FLEW BACK TO WASHINGTON AND XI’S TIME TO GIVE HIS SPEECH AND HAVE HIS BILATERAL AND MEETING WITH CARNEY OF CANADA AND THE NEW PRIME MINISTER OF JAPAN AND LOTS TO TALK ABOUT THERE. THE PRIME MINISTER HAS SPOKEN TO THE PRESIDENT OF KOREA AND REAFFIRMING THAT THEIR PEACEFUL CO-EXISTENCE WILL CONTINUE DESPITE THEIR DIFFERENCES, NO DOUBT. BUT PRESIDENT XI WE WILL HEAR HIS SPEECH AND HOW PEOPLE RESPOND TO THAT. AGAIN, I WILL PARAPHRASE WHAT HE IS GOING TO SAY, HE SAID WE MUST ADHERE TO THE PRINCIPLES OF JOINING HANDS RATHER THAN LETTING GO AND EXTENDING RATHER THAN BREAKING SUPPLY CHAINS. HE IS GOING TO TALK ABOUT THIS TODAY AND THAT IS REGIONAL INCLUSION WITH OTHER ASIA-PACIFIC PARTNERS AND HE SAID THE WORLD AS WELL. AND HE ALLUDED OR WILL ALLUDE TO THE RECENTLY COMPLETED 15TH FIVE-YEAR PLAN TALKING ABOUT CHINA WILL CONTINUE TO OPEN UP TO THE REST OF THE WORLD. HASLINDA: STEVE, THANKS SO MUCH FOR THAT AS WELL. OUTSIDE THE APEC LEADERS’ SUMMIT. ASIDE FROM TRADE DEVELOPMENTS, TECH EARNINGS DOMINATED. AMAZON SHARES SURGED AFTER THE COMPANY SAID ITS CLOUD UNIT DELIVERED ITS STRONGEST GROWTH IN ALMOST THREE YEARS. APPLE SHARES ARE RISING AFTER POSTING A REVENUE BEAT AND BLOOMBERG STRATEGIST BELIEVE THE STRONG RESULTS SHOULD HELP THE S & P 500 REACH THE RECORD HIGHS AND METAPHOR ITS BOND SALE AFTER THE SHARES PLUNGED ON THURSDAY. THEY SOLD $30 BILLION BONDS AT $125 BILLION. BOND INVESTORS ARE LOOKING PAST ANY CONCERNS ABOUT ITS AI SPENDING PLANS. THE FRENZY OF AI HAS HELD ASIAN STOCK AND TRANSFORMING THE REGION’S MARKET IN A WAY THAT HAS FUND MANAGERS RACING TO KEEP UP. OUR REPORTER IS WITH US AND HOW IS IT PLAYING OUT IN ASIAN MARKETS? WE HAVE BEEN KNOWING ABOUT THIS PROBLEM FOR QUITE SOME TIME. BUT WE ARE SEEING THIS YEAR THAT IT IS CHANGING ASIA’S MARKETS AND ALMOST 45% OF THE INDEX. ABOUT 30% OF KOSPI AND THE CHIP TESTER IS THE HIGHEST WAGE WHEN IT COMES. SO THINGS HAVE CHANGED A LOT. AND CHANGING THE POSITIONING ESPECIALLY THOSE AND THEY HAVE A CAP OF 10% WHEN IT COMES TO INVESTING IN INDIVIDUAL STOCKS. SO THEY HAVE TO LOOK FOR OTHER OPPORTUNITIES OUTSIDE OF THESE BIG TECH NAMES. HASLINDA: WHAT IS THE WAY FORWARD? WHAT ARE SOME OF THE THEMES WE ARE TRACKING RIGHT NOW? YEAH. SO, THEY ARE LOOKING AT THIS THEME AND HOW THEY ARE POSITIONING. INVESTORS ARE EXPECTING THIS TO CONTINUE IN THE SHORT-TERM OR IN THE NEAR TERM ACTUALLY BECAUSE WHEN WE LOOK AT EARNINGS FROM SAMSUNG, AND THE UPSIDE AND POINTING TO SOLID AI DEMAND TO R TO COME FOR INVESTORS TO PREPARE FOR TECH CONCENTRATION IN THE REGION THEY ARE LOOKING FOR OPPORTUNITIES AROUND THE COMPETITORS. INVESTORS ARE LOOKING AT INDUSTRIALS AND FOR THEIR FUND, THEY ARE TELLING US THEY ARE LOOKING FOR OPPORTUNITIES ALONG THE SUPPLY CHAIN SO THEY CAN BEEN AT THIS TIME AND MAKE SURE THAT THEY DON’T RESTRAIN FROM THAT 10% CAP. SO REALLY LOOKING ALONG THE SUPPLY CHAIN WHETHER IN TAIWAN OR THE COMPETITORS THAT CAN BENEFIT FROM THE AI TREND. HASLINDA: THANK YOU FOR THAT PERSPECTIVE. MORE ON THE RELENTLESS NATURE OF THE AI BOONE LAURA AND MANAGES $1 TRILLION IN ASSETS AND EXECUTIVE EDITOR. THE TRADE TALKS ARE NOW PASSE AND FOCUSING ON AI AND THE MOMENTUM IS BUILDING. WE ARE SEEING IN THE EARNINGS’ REPORT HOW MUCH WE ARE SEEING THIS REVENUE TRACTION ON THE BACK OF THIS WILL AI AND THE LOOKING AT THE HYPER SCALERS ALONE, AND SO FAR THIS YEAR AND 42% INCREASE FROM A YEAR AGO AND INVESTORS, YES THERE IS A LITTLE BIT OF SKEPTICISM AT THE MARGIN AND SEE THE RETURNS ON INVESTMENT FROM SOME OF THE SPENDING BUT FOR NOW WE ARE NOT SEEING THOSE JITTERS OVERWHELMED BUT BEING FOCUS ODD THIS AI THEME. HASLINDA: THIS IS A BUBBLE, A BUBBLE THAT IS ABOUT TO BUST. A COUPLE THINGS. WHEN YOU IDENTIFY A BUBBLE IN MARKETS IDENTIFY THE BUBBLE AND GET ON THE BUBBLE. THERE IS AN ASSUMPTION THERE IS A PARTICULAR PROBLEM WITHIN THE NEW SIDE AND STRAT GUY SIDE. IDENTIFY BUBBLE IT IS BEARISH. IF YOU FIND THE BUBBLE GET ON IT BEFORE IT BURSTS. IDENTIFY BUBBLES. SO TO BE BEARISH YOU HAVE TO SAY IT IS GOING TO BURST SOON. AI IS A MASSIVE BUBBLE AND WHEN IT BURSTS, IT IS GOING TO CAUSE CHAOS. I’M OPEN-MINDED. BUT TO ME IT IS A LATE 2026 STORY. I’M OPEN-MINDED. BUT EVERYTHING WE ARE GETTING THROUGH IN EARNINGS IS SO POSITIVE. THE STORY IS SO POSITIVE AND INFLATING THE BUBBLE. THIS IS NOT CLOSE TO BURSTING. BUT THAT IS POSITIVE. SO LAURA, GET ON THE BAND WAGON. HASLINDA: IF IT IS NOT TOO EXPENSIVE? AT THE END OF THE YEAR THROUGH 2026 THERE IS A THREE-FOLD THAT WE WILL BE WATCHING FOR. A LACK OF LEVERAGE WHICH IS CONSTRUCTIVE FOR THIS SPACE. THE MORE THAT WE SEE THIS AI SPAN BEING BUILT OUT THROUGH BOND SALES AND DEBT SIDE RATHER THAN WHAT HAS BEEN DRIVEN ON THE CASH FLOW SIDE AND GUIDANCE THAT WE ARE GOING TO SEE A PULL BACK OR WANING AND THAT IS INEVITABLE AND MAYBE A SIGNAL TO INVESTORS. AND THEN THIRD, I THINK INVESTORS HAVE BEEN PAYING THIS PREMIUM FOR STOCK ON THE EXPECTATION WE WILL SEE SIGNIFICANT RETURNS. IF THOSE DON’T START TO MATERIALIZE TO JUSTIFY THE BLOWOUT NUMBERS, INVESTORS WILL START TO TURN ON THAT TRADE. BUT TO MARK’S POINT, FUNDAMENTALS REMAIN SUPPORTIVE. SPECULATION IS PLAYING MORE. AND LATE 2026. HASLINDA: IT IS NOT THE ONLY WAY TO PLAY. PLAYMENT SUPPLY CHAINS. AND I THINK IT IS THE TIME HORIZON. IF YOU ARE A SHORT-TERM TRADER PLAY WITH THE OBVIOUS NAMES. IT DEPENDS. THE PEOPLE WHO WANT TO BE SMART, HEY, I WANT TO INVEST. THERE ARE STILL SOME — BUT THEY HAVE A MUCH SMALLER PREMIUM. THE PROBLEM IS THAT THE TRADES ALREADY EXTEND IT. SIX MONTHS, A YEAR AGO OR SO WE WERE TALKING ABOUT THE ENERGY SECTOR. THAT’S ALL AS WELL. FOR THE PEOPLE TO FIND THE DISCOUNTED PLAYS YOU NEED MUCH MORE RESEARCH. HASLINDA: IT’S NOT A BUBBLE UNTIL IT BURSTS. WE KNOW IT’S A BUBBLE. HASLINDA: PEOPLE ARE ANTICIPATING IT. I DISPUTE THAT. WE ARE TALKING ABOUT A BUBBLE FOR SO LONG THAT IS MY POINT. WE ARE TALKING ABOUT THE DOTCOM BUBBLE. AND PEOPLE ARE SAYING IT’S CRAZY. AND GOT UP AGAIN. IN OCTOBER, 1999 — LIKE THE MARKET COLLAPSE, 20%, 30% AND DOUBLED AGAIN AND IT WAS SO CRAZY. WE KNEW IT WAS A BUBBLE BUT JUST WHEN IT BURST. IT DOESN’T MEAN — HASLINDA: CONCENTRATION RISKS. WITH ALL THE MONEY GOING TO AI AND INVESTMENT MONEY GOING TO AI, THERE IS A CONCENTRATION RISK. THE TOP FIVE COMPANIES IS A THIRD OF THE MARKET. THERE IS CONCENTRATION RISK. IN THE CONVERSATION I HAVE WITH CLIENTS THEY WANT THAT EXPOSURE BUT THEY ARE LOOKING FOR WAYS TO DIVERSIFY AND FIND THOSE POCKETS THAT MARK ALLUDED TO. JAPANESE EQUITIES AND CHINA TECH, CAN’T BE SHORT OF THE TECH TRADE. HASLINDA: DOES IT DIVERSIFY AWAY FROM U.S. TECH? HOW ARE YOU DIVERSIFYING TO PROTECT THEMSELVES FROM A SELLOFF? WE ARE LOOKING AT OTHER OPPORTUNITIES BESIDES THAT TECH TRADE. YOU HAVE THAT INVESTMENT IN THE TECH TRADE. IN EUROPE, HAVING THIS INCREDIBLE STIMULUS COME THROUGH AND BOLSTER DEFENSE, INFRASTRUCTURE AND ENERGY. AND TALKING ABOUT CHEAPLY AND CREAN EQUITIES. YOU CAN STILL PLAY TECH BUT NOT WITHIN THE PARTICULAR MAG 7 AND DIVERSIFY. DATA CENTERS, IT IS IN THE PRICE. I’M WITH LAURA U.S. EXCEPTIONALISM ENDED DECEMBER TO FEBRUARY THIS YEAR. AND PEOPLE I THINK MISTOOK OF THIS WHOLE SALE AMERICAN TRADE. YOU CAN’T WHOLE SALE AMERICA MORE THAN A COUPLE OF WEEKS BECAUSE THE WORLD’S LARGEST ECONOMY HAS ADVANTAGES. BEING BEARISH IS A TACTICAL THING. PEOPLE ARE SAYING, U.S. STOCKS ARE AT RECORDS. THIS YEAR, ONLY MARGINALLY AND IS EXCEPTIONALISM TAKING A BREAK. AI IS DRIVING THE U.S. EXCEPTIONALISM. YOU STOCKS AREN’T PERFORMING THIS YEAR. I THINK THAT WILL BE A GROWING THING. THE UNDERPERFORMANCE WAS ONLY SLIGHT AND STARTED LAST YEAR IS NOW GOING TO BE A TREND IN THE NEXT FEW YEARS. TO ME, YOU WANT TO PLAY THIS FOR THE REST OF THE WORLD. HASLINDA: U.S. CAPITALISM STILL ALIVE? YEAH. HASLINDA: YOU MAY DISAGREE? AND THE DOLLAR CONTINUES TO BE UNDER PRESSURE. CERTAINLY DEPRECIATED. AND WE ARE SEEING INVESTORS WANT TO HEDGE THOSE U.S. EQUITY EXPOSURES. AND I THINK AS WE HEAD INTO 2026 THAT DEPRECIATION STORY WILL BE A DOMINANT THEME AND ACTING AS A HEADWIND FOR INVESTORS. I HATE AGREEING WITH LAURA, BUT SHE IS RIGHT. U.S. STOCKS ARE GOING TO UNDERPERFORM FOR A U.S. GLOBAL INVESTORS AND INCREASE IN THE HEDGE. AND IT’S JUST THAT VALUATION PREMIUM IS GOING TO SLOWLY DECREASE OVERTIME AND THE PERFORMANCE, YOU WANT TO BE THE REST OF THE WORLD. IT’S NOT AN EMBARRASSMENT. HASLINDA: HERE’S AN EXAMPLE OF AI MANIA AROUND NVIDIA. AND C.E.O. FIRED UP FRIED CHICKEN RELATED STOCKS AND WENT VIRAL. HE WAS TRYING TO SHOAL IT AND EXECUTIVE CHAIR. WHILE IT ISN’T LISTED, AND AS MUCH AS 20%. SHE HAS A POULTRY PROCESSOR JUMPED AS MUCH AS 30% WHILE CHICKEN FLYING ROBE OTS. LAURA, THIS IS AMAZING, ANYTHING LINKED TO AI AND NVIDIA HAVE SENT STOCKS WAY HIGHER. IT MAKES ME NERVOUS THAT IT ISN’T FUNDAMENTAL SOMETIMES AND I NEVER LOOKED AT FRIED CHICKEN. BUT TO MARK’S POINT AND POCKET OF THESE THINGS DRIVING THESE, MAYBE IT IS A LATE CYCLE BUBBLE. HASLINDA: ASIAN STOCKS AND TECH AND SEEING IT PLAYED OUT IN SAMSUNG AND THEY ARE HAVING A GREAT RUN. YOU JUST BOUGHT US FRIED CHICKEN AND SAY THIS IS A PROPER THING ABOUT THE STOCKS. YOU DIDN’T NEED THE FRIED CHICKEN DIVERGENCE. [LAUGHTER] IT IS THE EXUBERANCE IN THE MARKETS. YOU GET THESE SIGNS FOR POTENTIALLY YEARS LIKE BEFORE THE BUBBLE BURST. EVERYTHING WE ARE DOING. AI DOMINATES AND TALK ABOUT IT. IT’S ALL IRRELEVANT. AI IS THE ONLY THING THAT MATTERS. AND THEY ARE SAYING IT IS ABOUT AI. AND YOU WANT TO WATCH ALL THE INDICATORS AND I’M NERVOUS THAT COULD BE — I’M NERVOUS. HASLINDA: WHAT ARE THE KEY INDICATORS? ON THE CREDIT SIDE. BUT I THINK WE HAVE THIS CIRCULAR DEALS AND SOMEONE SAID ONE OF THOSE CIRCULAR DEALS STARTS COLLAPSING AND A «HOUSE OF CARDS» IN SOME WAY. YOU NEED ONE OF THE CARDS TO BERY MOVED. BUT TO ME, LIKE, I’M GOING TO BE LOOKING FOR THE BUBBLE TO BURST. BUT I’M NOT EXPECTING IT TO HAPPEN SIX MONTHS AWAY. HOW WOULD YOU ADVISE? U.S. LARGE CAPS BEING VERY SELECTIVE AND SEEING THAT IN THE PRICE ACTION AND SOME ARE BETTER POSITIONED THAN OTHERS. BUT THIS IS A NONU.S. DIVERSIFICATION STORY AND LOOKING ACROSS THEM AND PORTFOLIO HEDGE AND SEEING A FAVORABLE FOR MAJOR MARKET DEBT. I THINK THIS IS STILL AN OP OR TUNE TIME DESPITE. HASLINDA: LAURA AND EXECUTIVE EDITOR. THANK YOU SO MUCH OR MORE. SWEDISH DEPUTY PRIME MINISTER WILL BE JOINING US TO DISCUSS U.S.-CHINA TRADE. AND WHAT IT MEANS FOR US. ♪ HASLINDA: WELCOME BACK TO «INSIGHT» AND HOW MARKETS ARE FARING. JUST BARELY IN POSITIVE TERRITORY AND TRYING TO GAIN MOMENTUM AT RECORD HIGHS AND AMAZON AND APPLE. .7 OF 1%. LOOK AT WHERE WE ARE, IN THIS PART OF THE WORLD, THE DOLLAR HAS RALLIED IN THREE MONTHS ON THE BACK OF THE FED. AND 15394. PLENTY MORE AHEAD. KEEP IT HERE WITH US. THIS IS BLOOMBERG. THE RELATIONSHIP BETWEEN U.S. AND CHINA HAVE EVER BEEN WARM? WE HAVE TO MAINTAIN SUBSTANTIAL TARIFFS BECAUSE WE HAVE AN UNBALANCED RELATIONSHIP. WE ARE TRANSFERRING ENORMOUS WEALTH OVERSEAS BUT ESPECIALLY TO CHINA. WHAT IS HAPPENING IS DEBATABLE BUT BOTH SIDES ARE GOING TO REDUCE THEIR MUTUAL DEPENDENCIES AND CONTINUING TO TRADE AND DO BUSINESS WITH ONE ANOTHER ELSEWHERE. IT IS A HUGE UPLIFT. THIS OVERHANG HAS BEEN THERE. THE UNCERTAINTY OF WHAT IS HAPPENING ON TRADE HAS IMPACTED MARKETS EVERYWHERE. HASLINDA: SOME OF OUR GEFORTS SHOWING THE TRADE TENSIONS BETWEEN U.S. AND CHINA. CHRISTINE LAGARDE WEIGHED IN AS THE CENTRAL BANK. ONE RISK THAT WE HAVE NOT SEEN MATERIALIZE AND COULD BE A RISKER TO THE UPSIDE AND WE WILL BE ATTENTIVE TO THAT IS THE RISK THAT WILL FROM BOTTLENEXT AND DISRUPTION IN THE SUPPLY CHAIN. WE ARE TO UNDERSTAND WHAT THE OUTCOME OF THE DISCUSSIONS BETWEEN THE U.S. AUTHORITIES AND THE CHINESE AUTHORITIES WILL DELIVER IN TERMS OF RARE EARTH, IN PARTICULAR, WHICH AS YOU KNOW IS A VERY MATERIAL SEGMENT OF THE SUPPLY CHAINS IN QUITE A FEW SECTORS INCLUDING THE AUTO SECTOR AND ENERGY SECTOR. IT IS A BIG AMOUNT IN TERMS OF ACTUAL VALUE BUT IT’S CRITICAL AT THE JUNCTURE WHERE IT IS SITUATED IN THE PRODUCTION CHAIN. AND THAT RISK HAS NOT YET MATERIALIZED. SO WE SHALL SEE. HASLINDA: LET’S GET PERSPECTIVE FROM SWEDEN’S DEPUTY PRIME MINISTER AND MINISTER FOR ENERGY, AND BUSINESS. MADAM LAGARDE IS CONCERNED ABOUT THE RARE EARTH SUPPLY CHAIN AND THE TWO SIDES HAD AN AGREEMENT. CHINA HAS AGREED TO DELAY THE CUTS ON RARE EARTH FOR AT LEAST A YEAR. HOW HOPEFUL ARE YOU ABOUT THAT? I AM VERY HOPEFUL THAT THAT WILL HAPPEN, BUT I’M NOT PUTTING ALL MY BETS TO IT. I THINK THE LAST FEW YEARS HAVE REALLY SHOWN THE VALUE OF PREDICTABILITY. SWEDEN IS A PREDICTABLE COUNTRY AND STABLE COUNTRY. IF YOU MAKE AN AGREEMENT WITH A SWEED, THEN WHAT YOU SEE IS WHAT YOU GET. THE VALUE TO THAT AND I HOPE WE WILL SEE A DAMPENING OF THE VERY HOT PART OF THIS TRADE TURMOIL AND TRADE WAR TO BE FRANK THAT WE HAVE SEEN IN THE LAST YEAR AND AFFECTED SWEDISH BUSINESSES A LOT AND AFFECTED THE RELATIONSHIP BETWEEN THE COUNTRIES. IT HAS NOT BEEN A GOOD PERIOD AND I AM HOPING FOR A DAMPENING OF THIS. HASLINDA: THE WORLD IS DEPENDENT ON CHINA FOR RARE EARTH. WHAT DOES CHINA NEED TO DO IS WEAN ITSELF FROM DEPENDENCE IN CHINA? WE NEED TO FIND OUR OWN CONFIDENCE. I DON’T KNOW HOW MANY SCARED LEADERS I HAVE MET OVER THE LAST FEW YEARS AND CONCERNED WITH WHAT OTHER COUNTRIES ARE ARE DOING LOOKING TO CHINA AND THE U.S., NOT KNOWING WHAT WE WILL WAKE UP TO ON X, WILL THE PLAYING FIELD BEEN SHIFTED FROM ONE DAY TO ANOTHER, IT IS TO SEE THE VALUE. LOOK AT THE KINGDOM OF SWEDEN, ONE OF THE LARGEST ELEMENTS OF RARE EARTH IN THE NORTHERN PART OF SWEDEN. AND I THINK WE SHOULD DO OUR OWN HOMEWORK AND SWEDEN IS DOING THAT TO SEE HOW TO GET UP TO SPEED AND PREDICTABILITY WHEN IT COMES TO THE MINING SECTOR. HASLINDA: GIVEN THE CAPACITY YOU ARE ANTICIPATING HOW CAN SWEED SWEDEN PLAY IN THE GLOBAL SUPPLY CHAIN? WE STAND AT THE BRINK OF BECOMING YET AGAIN A GLOBAL POWERHOUSE WHEN IT COMES TO THE MINING SECTOR. WE ALREADY HAVE SOME OF THE ABSOLUTE BEST CAPABILITIES WHEN IT COMES TO THE MINING SECTOR. THE GLOBAL MINING INDEX THAT IS NUMBER TWO AND THAT IS REFLECTED IN THE MINING SECTOR BUT THE HARD VALUE IN THE SOIL, IT’S MASSIVE. IF WE ZOOM OUT A LITTLE BIT, EVERYONE KNOWS THE DEPENDENCE AND EFFECTS OF THE DEPENDENCE WE HAD OF THE RUSSIAN GAS. I DON’T SAY THIS LIGHTLY, BUT I WILL SAY THAT WILL LOOK LIKE A NICE SUMMER DAY COMPARED TO THE INDEPENDENCE WE HAVE TO CHINA WHEN IT COMES TO THOSE MATERIALS AND METALS THAT ARE NEEDED FOR THE GREEN TRANSITION. HASLINDA: YOU SEE THAT YOU CAN FIND SOURCES EVERYWHERE. THE KEY THING IS THE ABILITY, THE APPETITE TO ABSORB. CHINA WAS ABLE TO DO IT AND PEOPLE WERE WILLING TO TOLERATE BECAUSE OF SWEDEN, THE APPETITE TO ABSORB THE SPILLOVER INTO THE ENVIRONMENT MAY NOT BE THERE. NO. BUT LET’S BE FRANK, IF YOU LOOK AT A MINE IN SWEDEN AND I LIST IT AT 2.4 KILOMETERS DOWN INTO THE GROUND OF SWEDEN, I WAS JUST THERE A FEW WEEKS AGO WITH THE COMMISSIONER AND THAT TYPE OF MINE LOOKS DIFFERENT THAN A MINE IN CONGO. AND THAT IS PRECISELY MY POINT. WE CAN PROVIDE A COMPLETELY DIFFERENT WAY OF GETTING THOSE CRITICAL METALS AND MINERALS THAT ARE NEEDED MOVING FORWARD BY OUR WAY OF MINING AND THIS IS WHAT WE ARE LOOKING TO EXPORT THAT CAPABILITY AND EXPERTISE AND MAKE SURE WE DO IT IN SWEDEN AND EUROPE RAS THEY ARE THAN BE THIS DEPENDENT OFF OF CHINA. WE ARE SEEING QUITE WORRISOME REPORTS FROM DIFFERENT BUSINESSES WHERE THEY ARE BEING ASKED TO GIVE UP INFORMATION THAT THEY SHOULD NOT BE GIVING AWAY TO GIVE ACCESS TO THE CRITICAL MINERALS AND METALS THAT ARE NEEDED FOR THEIR CORE BUSINESS. THE ONLY WAY TO MOVE FORWARD IS ACTUALLY DOING OUR EUROPEAN HOMEWORK AND SWEDEN IS MAKING SURE WE CAN PROVIDE SOME OF THE RICHES THAT WE HAVE TO THE GLOBAL MARKETS. HASLINDA: ONE OF THE KEY CONCERNS FOR EUROPE IS ACTUALLY RUSSIA, THE BLOC HAS IMPOSED NEW SANCTIONS. THE SWEDISH NAVY DOES PROVIDE SOME SERVICE IN HELPING TO TRACK FLEETS THAT CARRY RUSSIAN OIL. HOW EFFECTIVE DO YOU THINK IT HAS BEEN? SWEDEN IS DOING OUR HOMEWORK WHEN IT COMES TO SECURITY ISSUES. WE HAVE A TARGET OF REACHING 5% OF G. D. P. BY 2030 AND THE BUDGET WE SENT TO PARLIAMENT WHICH IS 2.8% AND INCREASES OUR CAPABILITY OF PROVIDING THIS TYPE OF TRACKING OF RUSSIAN OIL AND GAS. THIS IS DIFFICULT. AND THIS IS THE REASON WHY IT IS SO IMPORTANT THAT WE TRY TO KEEP GOOD TRACK OF THIS AS POSSIBLE BUT IT’S ALWAYS GOING TO BE COMPLICATED. THE BEST WAY IS TO MAKE SURE YOU MOVE AWAY FROM THESE FOSSIL SOURCES ALL TOGETHER AND PROVIDE OTHER ENERGY SOURCES LIKE NUCLEAR POWER. HASLINDA: RUSSIAN OIL IS LOOKING TO SELL ITS ASSETS BECAUSE OF THE SANCTIONS IMPOSED ON RUSSIAN AND WHAT IS YOUR TAKE TO SUCH TRANSACTIONS? I’M HAPPY THAT LUKE OIL IS STRESSED AND SHOULD BE AND THAT IS EXACTLY WHERE WE WANTED THESE SANCTIONS TO HIT. BUT I WANT IT TO BE FELT. AND I DON’T SANCTION THEM BEING SOLD OTHER TO OTHER PARTS AND SANCTION IF IT ENDED UP IN THE HANDS OF A SWEED. ALL THESE SANCTIONS ARE IN PART TO ADDRESS THE WAR WITH UKRAINE AND I’M WONDERING WHAT THE STATUS IS WHEN IT COMES TO SWEDEN SELLING 150 JETS TO UKRAINE, WHAT IS THE STATUS OF THAT? I GATHERED WITH MY PRIME MINISTER TO WELCOMEMENT ZELENSKYY THIS TIME ON SITE AND AS I SAT DOWN WITH HIM, IT’S VERY CLEAR THAT THEY ARE PUTTING A PIN IN SORT OF LIKE THE HOPE FOR TOMORROW AND BUILDING A STRONGER UKRAINE FOR TOMORROW AND BUILDS RESILIENCE ON THE GROUND TODAY. AND ONE OF THE BEST FIREFIGHTERS IN THE WORLD AND PROBABLY THE BEST FIREFIGHTER — HASLINDA: THE QUESTION IS ON PAYMENTS, HOW WILL UKRAINE PAY FOR IT. WHAT DISCUSSIONS ARE THERE? WE ARE PUSHING FORWARD TO UNLOCK THOSE RUSSIAN ASSETS THAT HAVE BEEN KEPT SINCE PART OF THE WORLD THE BEGINNING OF THE FULL SCALE INVASION AND WE HAVE HELD ON INCREASINGLY SINCE THEN. AND THAT IS WHAT WE ARE PUSHING FOR TO ENABLE THE PROCESS TO BE USED ALSO AND IN THE LONG-TERM FOR THESE TYPE OF PURCHASES THAT WOULD REBUILD UKRAINE. HASLINDA: YOU ARE CONFIDENT YOU WILL GET THE PAYMENT FOR THE SALE OF THE 150 JETS TO UKRAINE? YES. I BELIEVE IN THE LONG-TERM COMMITMENT TO UKRAINE. THIS IS OUR NUMBER ONE FOREIGN POLICY PRIORITY IS THE LONG-TERM SUPPORT FOR THE UKRAINE PEOPLE. THAT ENTAILS THE REBUILDING OF UKRAINE AND MAKING SURE THEY HAVE DETERRENCE ENOUGH AND HAVING A FLEET OF 100-150 WHICH WOULD BE A VERY GOOD WAY OF CONTRIBUTING TO THAT DETERRENCE AND MAKING SURE UKRAINE IS NOT HIT AGAIN. HASLINDA: PEOPLE ARE WATCHING THE ELECTIONS, THE DUTCH ELECTIONS REALLY CLOSELY AND THERE IS A SENSE THERE IS A PULL AWAY FROM THE FAR RIGHT. IS THAT A SENSE YOU ARE GETTING AS WELL? IT IS VERY DIFFICULT TO SAY. AND IN GENERAL, I WOULD SAY THE ANTEDOTE IS NOT MORE POPULISM. MY 10-YEAR-OLD ASKED ME, I’M NOT GOING TO SAY WHAT COUNTRY WE WERE TALKING ABOUT, WHY HAS THE COUNTRY ELECTED A POLITICAL LEADER NOT PLAYING BY THE RULES. SOME OF THOSE WHO ARE PLAYING BY THE RULES HAVE FAILED THEIR JOB. WE HAVE TO MAKE SURE WE GET A WIN AND DO THE JOB AND THEN I THINK TEMPO IS OF THE ESSENCE AND RULES-BASED COUNTRY CAN PAVE THE WAY AND DO IT AT A MUCH HIGHER SPEED. THIS IS THE REASON WHY I HAVE BEEN PUSHING ON EUROPEAN LEADERS TO DO THE HOMEWORK ON SECURITY AND THE MINING SECTOR AND ALL OF THOSE MINERALS AND METALS THAT ARE NEEDED AND ENERGY SECTOR, MAKE SURE IT IS NOT THAT THEY ARE CONVEYING IN SHARP NEGOTIATION, BUT ACTUALLY HARD POWER IN TERMS OF OUR DEPENDENCE AND OUR SORCHTSD FROM OTHER STATES WITH WHOM WE DON’T SHARE THE SAME VALUES. HASLINDA: WHAT IS THE BIGGEST RISKER OUT THERE AS THE GLOBAL ORDER SHIFTS? DEMOCRACIES FAIL TO — LET’S ANSWER THE QUESTION FROM THIS PERSPECTIVE. I AM WORRIED THAT EUROPE MANAGE NOT TO BUILD STRONG DEMOCRACIES. AND THIS IS THE REASON WHY WE ARE SEEING A DECAY IN SUPPORT FOR DEMOCRACIES. IF YOU LOOK AT VALUE SURVEYS AMONG THE YOUNGER GENERATION AND SOMEONE STEPS IN AND SAYS SCREW THE RULES WE ARE GOING TO DO IT THIS WAY AND THEN SHOW IT UP TO SPEED, WELL THAT WILL GAIN PUBLIC SUPPORT FOR THAT VERY REASON. I AM CONCERNED TO MAKE SURE WE HAVE LONG-TERM SUPPORT FOR STRONG DEMOCRATIC VALUES BY SHOWING YOU CAN STAND BY THEM AND STILL GET UP TO TEMPO AND GET THE JOB DONE. THAT IS THE SWEDISH LEADERSHIP THAT WE ARE TRYING TO CONTRIBUTE AND THERE ARE DARK CLOUDS ON THE SKIES. WE NEED TO SHOW REALISTIC HOPE AND THEN SHOW DELIVER RANS. HASLINDA: THANK YOU FOR JOINING US TODAY. DEPUTY PRIME MINISTER FOR ENERGY. COMING UP, WE’LL SPEAK MASTERCARD CHIEF FINANCIAL OFFICER. KEEP IT HERE WITH US. HASLINDA: HEALTHY CONSUMER AND CORPORATE SPENDING IS BENEFITING THE BIGGEST PAYMENT NETWORKS. CONSUMERS CONTINUE TO SWIPE, TAP AND INSERT CREDIT CARDS GLOBALLY. AND MASTERCARD HAS THIRD QUARTER EARNINGS AS CONSUMER REMAINS ROBUST. RAJ, CHIEF FINANCIAL PAYMENTS OFFICER. I WANT TO GET YOUR PERSPECTIVE FROM ALL THE TALKS HAVING HERE IN ASIA, THE MESSAGING, THE OPTICS HAVE BEEN POSITIVE AND I WONDER HOW YOU SEE THAT THROUGH THE ECONOMY AND THE BUSINESS. IT HAS BEEN A HEADWIND AND UNCERTAINTY OF POSITIVITY AND AS YOU KNOW EARNINGS LAST NIGHT AND FINDING RESILIENCE OF LIKE YOU SAID. MASTERCARD ECONOMIC INSTITUTE IS SEEING ECONOMIC GROWTH AND GOOD LABOR MARKETS AND GOOD WAGE GROWTH AND THE CONTEXT, WHAT WE HAVE BEEN FOCUSED ON IS MAKING BUSINESSES STRONGER AND A RELATION TO MAKE PAYMENTS STRONGER WHICH MAKES BUSINESSES STRONGER. AND IT HELPS THE BUSINESSES BY RELEASING WORKING CAPITAL AND REDUCING EXPENSES AND RISKER. STRONG BUSINESSES MEANS MORE ECONOMIC GROWTH. SMALL BUSINESSES POWERS THE ECONOMY. HASLINDA: WHAT IS THE OUTLOOK FOR 2026? WHAT KIND OF GROWTH ARE YOU ANTICIPATING? IF YOU ARE A CONSUMER YOU ARE USED TO DIGITAL EXPERIENCES THAT ARE SECURE AND SIMPLE. AND IT NEEDS TO BE A PAYMENT BECAUSE HISTORICALLY THERE IS A LOT MORE FICTION WITH LEGACY SYSTEMS. AND WHAT WE ARE SEEING IS A SECULAR SHIFT AND 125 BILLION IN PAYMENTS AND GETTING DIGITIZED IN PAYMENTS AND THE PROCESSES BECOMING MUCH MORE EFFICIENT. AND WE HAVE A PROPRIETARY CARD AND EMBED THAT AND COUPLE THE PAYMENT AND MAKES THE PAYMENT MUCH MORE INTELLIGENT AND RELEASE WORKING CAPITAL AND RELEASE LIQUIDITY BECAUSE YOU CAN RELEASE IT BETWEEN PIECER AND SUPPLIERS. YOU CAN ENTER EXPENSES BY HAVING DATA AND THE DEPLOY AI INTO IT. IN TERMS OF RISK, ENHANCE COMPLIANCE AND REDUCE FRAUD. WHAT THAT DOES IS MAKE THE BUSINESS STRONGER AND THAT IS WHAT WE SEE WHICH IS A POSITIVE OUTLOOK AND ACCELERATED MOMENT MUM IN THE SECULAR SHIFT. YOU TALK ABOUT THE PAYMENTS’ SPACE AND REAL-TIME PAYMENTS. HOW ARE YOU CAPITALIZING ON THAT AND HOW ARE YOU OFFERING AND HOW DO YOU BUILD ON THAT? WE HAVE AND TRANSPORT SOLUTIONS AND PAYMENTS AND MONEY MOVEMENT IN 150 CURRENCIES IN 200 COUNTRIES. THIS IS BRINGING TO BEAR WHERE THERE IS A LARGE CORPORATION OR S.M. E! AND DIGIT IEDZ AND MAKE THEIR PAYMENTS MUCH MORE EFFICIENT AND INTELLIGENT AND UNLOCK VALUE THAT THEIR BUSINESS GETS MUCH MORE RESILIENT. IT IS GOOD FOR THE ECONOMY. AND PARTICULARLY TRUE IN THE S.M. E! CASE. AND MAKE THE SUPPLY CHAINS AND LEVERAGE DIGITIZATION AND INNOVATE AROUND THE SUPPLY CHAIN BY A SUPPLY CHAINS AND YOU BRING IT TO THE BUSINESS TO THE ENTIRE ECONOMY AND THAT’S WHAT IS EXCITING ABOUT THIS. HASLINDA: I’M WONDERING TO CAPATALIZE FURTHER ARE THERE NYACK WHICH SITUATION PLANS. YOU ARE ON THE CUSP OF SIGNING THAT DEAL WITH ZERO HASH, IS THAT CONFIRMED AND WHAT WOULD THAT MEAN FOR MASTERCARD? WE ARE LOOKING AT ACQUISITION AND DECIDE AND I CAN’T COMMENT ON FUTURE ACQUISITIONS BUT WE HAVE RECORDED FUTURE AND MASTERCARD AND THE PERSONALIZATION SPACE. WE HAVE A GREAT PARTNERSHIP TO BRING A FULL RANGE OF SERVICES TO FINANCIAL INSTITUTIONS AND EXTEND IN DICIALG KOR BORROWS AND LOOKING TO — HASLINDA: ARE YOU LOOKING TO PIVOT THE STRATEGY NOT JUST THE PARTNER SHARES. IS THAT THE WAY TO GO? WE HAVE TALKED ABOUT IT FOR A WHILE AND INVESTOR COMMUNITIES. IT IS ABOUT DRAG ING CONSUMER PAYMENTS AND SECULAR PAYMENTS AND SERVICES WRAPPED AROUND ALL OF THIS. AS YOU DRIVE PAYMENTS DPROAGHT YOU GENERATE DATA AND ENHANCE THE VALUE OF PAYMENTS AND AS YOU DEPLOY THOSE SERVICES INTO THE MARKETPLACE, IT DRIVES FURTHER PAYMENTS GROWTH. AND THAT MONEY MOVEMENT THAT WE ARE ENGAGED AND DATA RICH AND TRAVEL TOGETHER AND DRIVE A LEVEL OF RECKON LAYINGS AND RELEASE WORKING CAPITAL. HASLINDA: STABLE COIN AND MASTERCARD HAS BEEN LOOKING AT THAT. HOW HAS IT BUILT ON THAT? THE SERVICES WHICH I JUST MENTIONED AND STABLE COIN IS ANOTHER CURRENCY. WE HAVE 150 CURRENCIES ANN EXPANDING. WHAT THAT DOES IS PROVIDE MORE CHOICE IN HOW THEY MOVE MONEY AND MAKE PAYMENTS. AS YOU EXPAND CHOICE, YOU EXPAND THE ADDRESSABLE MARKET AND NEWS CASES YOU CAN GO AFTER. AND DRIVES GREATER BUSINESS STRENGTH AND UNLOCKS TO BE PAYMENTS AND NEEDS TO BE STRENGTH AND DRIVES ECONOMIC GROWTH. THEY END IN A RESILIENT ECONOMY. HASLINDA: AND THE COMPETITION COMING FROM PAYPAL? THERE IS PLENTY OF OPPORTUNITY. IF I JUST TAKE THE PAYMENT PORTION OF IT AND SET ASIDE THE MONEY MOVEMENT, THAT IS $80 TRILLION. 80 TRILLION, AND TALK ABOUT THE CARD MARKET AND WE COMPETE. BUT THE OTHER 77 TRILLION IS RIGHT FOR DRIVING OUR FIX AND OPTIMIZING AND MAKING SURE THE MONEY MOVES TOGETHER SO WE CAN DEPLOY AI. THIS IS ALL ABOUT THE SECULAR SHIFT OPPORTUNITY OUT THERE. HASLINDA: JOIN US TOGETHER SHORTLY. NOW STARTING NEXT WEEK, «INSIGHT» IS EXPANDING TO TWO HOURS OF COVERAGE AND BRINGING YOU MORE. AND MY SENIOR PART NIR WILL BE PUTTING A SPOTLIGHT ON INDIA’S GROWING ECONOMY. AND WE WILL BE TO THE C.E.O. THAT IS IT FOR TODAY’S SHOW. KEEP IT HERE WITH US. THIS IS BLOOMBERG. ♪
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Xi Warns Against Breaking Supply Chains Post Trump Truce | Insight with Haslinda Amin 10/31/2025
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