Summit Notebook

Exclusive outtakes from industry leaders

from MediaFile:

Tech Summit Q&A, day 1: AOL’s Tim Armstrong, Arianna Huffington

AOL CEO Tim Armstrong and Editor in Chief of The Huffington Post Arianna Huffington joined us Monday for the premiere of the 2011 Reuters Global Technology Summit.

Here's a clip of Tim Armstrong answering why he thinks the expansion of AOL's local news service Patch is a sound investment.

And another clip of Tim Armstrong, this time talking about one of two Tech CEOs he admires:

Who's the other one? Jeff Boyd from

"He doesn't get brought up much but he's one of the best leaders in the Internet space. Very quiet but outstanding results," Armstrong said of Boyd.

from Ask...:

Do you play online games?

Online games are gaining ground in the US and abroad, but it is still a minority of consumers who actually spend money to buy virtual goods.

Reuters Global Technology Summit to be held in New York and Paris, May 16-19, will also discuss the future of mobile devices and their role in gaming, among other tech-related hot topics.

from Ask...:

Will you spend more on your health?

The drug industry’s business model is unraveling after years of bankable growth. Some of the healthcare industry's most prominent executives and officials will discuss their strategies for change at the 2011 Reuters Health Summit, from May 9-12 in New York.

Growth in U.S. healthcare spending per person -- the highest in the world -- slowed in 2009 to its smallest increase in five decades as high unemployment led Americans to tighten their budgets . Spending on hospital services, doctor visits, medicines and other health needs rose 4 percent to $2.5 trillion in 2009 compared with 4.7 percent in 2008 (Health Affairs, January 2011). The healthcare industry expects that rate to pick up again as families find they can no longer postpone a trip to the doctor or elective medical procedure.

from Ask...:

Did Bernanke deliver?

Federal Reserve Chairman Ben Bernanke went where no sitting Fed chief has gone before - a live regularly scheduled press conference.

Did Bernanke deliver the transparency markets are looking for, or are things just clear as mud?

Ag committee chair says new faces mean new dynamic on Capitol Hill


They are new, enthusiastic and changing the environment on Capitol Hill.

House Agriculture Committee Chairman Frank Lucas says “do not underestimate the effect” of the large number of freshmen lawmakers on his committee, which will sit down to overhaul U.S. farm subsidies next year. USA/

“This session of Congress is a little different from the ones I’ve participated in previously. A huge number of new members,” Lucas said at a Reuters Global Food and Agriculture Summit. “I’ve got a very enthusiastic bunch of new faces.”

from Africa News blog:

Africa: Not just about commodities

GOLDFIELDS/High commodity prices have certainly helped African producers both because it means they get paid more for their exports and it encourages  investment to increase production.

But almost all the speakers at the Reuters Africa Investment Summit have agreed that the change in Africa is driven by more than just digging minerals out of the ground, pumping oil or growing crops for foreigners to consume.

from Africa News blog:

Send us your investment bankers

MARKETS-STOCKS/Not so long ago, anyone with the talent and means was heading out of Africa in search of better paid and more fulfilling professional work.

That’s all changing and the emotional appeal of a return to the home country is playing a less important part in the Back to Africa decision than the jobs and opportunities suddenly opening up thanks to fast economic growth and expanding financial markets.

from Africa News blog:

African turmoil? Zambian president doesn’t think so

AFRICAINVEST-SUMMIT/ZAMBIA-POLITICS/One of the big questions at the Reuters Africa summit has been what impact the turmoil in North Africa is going to have south of the Sahara - something we’ve looked at on this blog too.

Zambian President Rupiah Banda doesn’t expect much on the political front, at least not in his country.

from Africa News blog:

U.S. banks push harder in Africa

NIGERIA/Two of the world’s biggest banks told the first day of the Reuters Africa Investment Summit that they planned to strengthen their presence in the continent as their own customers see their businesses here grow.

Citi’s Africa CEO, Naveed Riaz, said it may expand into three new African countries over the next 18 months to strengthen its corporate and investment banking business. He didn’t say which, but interestingly a return for Citi to Angola didn’t appear to be among the top targets despite its oil wealth.

from Africa News blog:

More graft means less money

KENYA-CORRUPTIONYou can’t discuss investment in Africa without looking at the risks and there is no doubt that corruption is among those.

Patrick Lumumba, director of the Kenya Anti Corruption Commission, has plenty of experience of trying to fight graft and has the death threats to show for it. He spoke to the Reuters Africa Investment Summit and had some harsh words for the continent’s leaders – including those in Kenya.