Russian Port Sieges ‘Declaration of War,’ UN Says

Russia’s blockade of Ukraine’s ports is a “declaration of war” that threatens to trigger mass migration and a global food crisis, a United Nations official said, adding to the dire warnings on the opening day of the World Economic Forum in Davos.

In a keynote speech via video link, Ukraine President Volodymyr Zelenskiy reinforced his call for embargoes on oil, technology and other trade with Russia, and said there should be no exceptions in sanctions on the country’s banking sector. The WEF began Monday under the shadow of the Ukraine conflict after a two-year hiatus due to the pandemic, albeit with fewer big names from Wall Street and politics.

Among a host of Bloomberg TV interviews on the sidelines of the event, the head of the International Energy Agency said that oil producers need to act responsibly to help keep a lid on prices otherwise there is a risk of global recession. International Monetary Fund chief Kristalina Georgieva acknowledged that strains on the global economy have intensified but pushed back against concerns about a contraction in output.

That wraps our Davos coverage for the day. Join us on Tuesday when we’ll have Bloomberg TV interviews including European Central Bank President Christine Lagarde, Spanish Prime Minister Pedro Sanchez and UBS AG Chief Executive Officer Ralph Hamers as well as speeches by European Commission President Ursula von der Leyen and NATO Secretary General Jens Stoltenberg.

All times CET:

Qualcomm ‘Faring Better Than Peers’: CEO

Qualcomm Inc. Chief Executive Officer Cristiano Amon said that the company is faring better than its peers due to the geographic mix in its supply chain as semiconductors are in short supply globally.