Davos Updates | Zelenskyy calls for more sanctions against Russia – CBS17.com

DAVOS, Switzerland (AP) — Ukrainian President Volodymyr Zelenskyy calls for “maximum” sanctions against Russia during a virtual speech at the World Economic Forum rally.

He said in a virtual speech Monday that sanctions must go further to stop Russia’s aggression, including an oil embargo, blocking all its banks and completely cutting off trade with Russia.

Zelenskyy says his country has slowed down Russian advances and the courage of its people has sparked a unity invisible to the democratic world.

He pushed for the complete withdrawal of foreign companies to avoid supporting his war.

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The World Economic Forum founder said Russia’s war in Ukraine as well as climate change and the global economy are key issues at the gathering of business elites and government leaders in Davos, Switzerland.

Klaus Schwab said in a welcoming speech on Monday that “this war is truly a turning point in history and will reshape our political and economic landscape for years to come.”

But also says the world is at “the end of the most serious health catastrophe in the last hundred years – COVID-19”.

Schwab added that climate change and nature conservation are issues that need to be tackled urgently and that concerns about high inflation will affect how the future of the global economy is viewed. He highlighted the fears of people plunged into poverty and starving to death.

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The head of chipmaker Intel said a shortage of advanced equipment to make semiconductors could delay global expansion plans.

CEO Pat Gelsinger said on Monday that there have been “pretty significant extensions” in delivery times for chipmaking equipment for the new chip factories, known as “fabs,” the company is planning. to build in the United States and Europe.

Gelsinger told a press roundtable on the sidelines of the World Economic Forum that “for us that’s now the No. 1 issue, it’s actually delivering equipment.”

A handful of vendors manufacture high-tech semiconductor manufacturing equipment, such as Dutch company ASML. A semiconductor shortage that erupted last year has hurt the availability of everything from automobiles to kitchen appliances and highlighted the industry’s vulnerability to Asia-centric manufacturing.

Intel has announced tens of billions of investments in new chip manufacturing facilities for Europe, including a fabulous new mega site in Germany and expansion in Ireland. In January, he announced a plan for a $20 billion factory in Ohio.

Gelsinger said providing chipmaking equipment is “the most important pinch point for capacity building today.”

He added that he was urging authorities in the United States and Europe, which have each launched their own “Chips Act” to promote domestic manufacturing of semiconductors, to speed up the legislation.

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The annual meeting of the World Economic Forum kicked off Monday in Davos, Switzerland.

The village in the Swiss Alps has been transformed into a glitzy venue for the four-day confab ostensibly dedicated to making the world a better place. The in-person event resumes after a two-year hiatus due to the COVID-19 pandemic, which also delayed this year’s meeting from its usual winter slot.

Thousands of business leaders, government officials and other personalities filled the conference room, both chatting and listening to panel discussions on topics such as sustainability, climate change and the Russian-Russian war. Ukrainian.

Attendees also visit nearby pavilions on Davos’ main street set up by companies like Intel, Accenture and Facebook owner Meta.

One of the main attractions of the opening day is a virtual speech by Ukrainian President Volodymyr Zelenskyy. A large Ukrainian government delegation is also present in person, pleading for more Western support in the country’s fight against Russia.

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