Chancellor of the Exchequer Jeremy Hunt is currently on a visit to the United States, where he is attending the International Monetary Fund (IMF) spring meetings. During his trip, Hunt aims to strengthen the economic ties between the UK and the US, emphasizing the importance of standing together with allies during times of global instability. He will meet with executives from Bloomberg, Comcast, and Blackrock to promote Britain's financial services and creative industries, highlighting the economic relationship between the two countries. Hunt will also address key international issues, including support for Ukraine and condemnation of the Iranian regime's attack on Israel [37e5b51c].
In addition to his meetings in New York, Hunt will travel to Washington D.C., where he will highlight the professionalism and bravery of the Royal Air Force in intercepting Iranian attack drones fired at Israel. He will stress the need to stick to the plan for the British economy, which has shown progress in reducing inflation and increasing wages. Hunt will meet with G7 and G20 partners, chair a meeting of the Five Finance Ministers, and promote collaboration on issues such as artificial intelligence and global economic security. The US is the UK's largest single trading partner, accounting for 17.7% of total UK trade [37e5b51c].
Hunt's visit to the US comes at a time when the UK's gross domestic product rose 0.1% in February, raising hopes of emerging from recession. He will use this positive economic development to highlight the progress being made and the resilience of the UK economy. Hunt will also call for reform of the international financial system and emphasize British support for developing countries. Furthermore, he will underscore the UK's ability to be a strong partner to countries like Ukraine and Israel [076a8072] [9f9b6aee] [4adb08bf].
France has announced significant investments from tech companies Amazon and Microsoft, pharmaceutical giants Pfizer and AstraZeneca, and financial powerhouse Morgan Stanley. Amazon will invest 1.2 billion euros in enhancing logistics and computing capabilities, creating 3,000 jobs. Pfizer plans to reinvest 500 million euros, while AstraZeneca will invest 365 million euros in the Dunkirk region. Microsoft will invest 4 billion euros in constructing cloud and AI infrastructure, aiming to train one million individuals and assist 2,500 startups by 2027. Morgan Stanley is expanding its European presence in Paris with a new global research hub. The French government aims to revitalize France's industrial sector and attract foreign enterprises. The investments were announced ahead of the Choose France event, where a total of over 15 billion euros will be invested in 56 projects. French President Emmanuel Macron is hosting the event to enhance Paris' status as a premier European business hub. Finance Minister Bruno Le Maire emphasizes the importance of establishing a capital markets union to streamline investments in emerging sectors [c4f1dbc0] [3e16cc71] [62d0b1c2].
France is seeking to attract more Wall Street jobs after a meeting between French President Emmanuel Macron and top executives from major U.S. banks. The meeting took place at the Palace of Versailles and included executives from JPMorgan Chase, Goldman Sachs, and BlackRock. Macron aims to make Paris a more attractive financial hub and is offering tax breaks and other incentives to entice banks to relocate from London. The French government is also investing in infrastructure and education to support the financial sector. The move comes as Brexit has led to uncertainty for London's financial industry. France hopes to capitalize on this and position itself as a leading financial center in Europe [a15cd9ca].
Hong Kong's finance chief, Paul Chan Mo-po, will visit France and the US to promote business opportunities in Hong Kong and China's Greater Bay Area. Chan will lead a delegation to Paris, then travel to San Francisco and Berkeley in California. The delegation will include representatives from Macau and Guangdong province. They will meet business leaders in Europe and the US to update them on the latest developments in the Greater Bay Area. Chan will participate in two major conferences and update local business communities on the latest opportunities in Hong Kong. The trip is Chan's second visit to the US in six months [43394f46].