Moderator:
Jared Carney, Executive Director, Program Development and Marketing, Milken Institute

The cataclysm is behind us - but the view looks dramatically different from the other side. Global Conference 2011 kicks off by bringing the outlines of the new global economy into sharper focus. Emerging economies are flexing their muscle and attracting vast flows of capital, while the developing world begins to seem like a lumbering giant. What are the economic relationships, trade flows and demographic trends that will define the future? How will global institutions manage the world's web of interconnection and risk? How permanent are these changes? Who are the players to watch?

Moderator:
Komal Sri-Kumar, Senior Fellow, Milken Institute; Group Managing Director and Chief Global Strategist, TCW Group Inc.

Emerging countries used to be known for volatile equity markets, debt defaults and periodic balance-of-payments crises. But in every geographic region, these nations now seem to be firmly on the path to sustained economic growth and have accumulated sizable financial surpluses. Today it's the United States and Western Europe that seem unsure of how to regain their footing after the financial crisis of 2008. Are Western nations ready to accept the epic change and allow developing nations their time in the limelight? Are measures such as QE2 simply attempts to improve American competitiveness despite EM protests? Will inflation be the headwind that will derail EM progress? With banks in the developed world still recuperating, are EM financial institutions ready to provide the funds necessary to grow domestic demand?

Moderator:
Vivek Wadhwa, Director of Research, Center for Entrepreneurship and Research Commercialization, Duke University; Distinguished Visiting Scholar, Halle Institute of Global Learning, Emory University

The U.S. has long benefited from immigration policies that entice the world's best and brightest to arrive, learn and stay in America. The consequent creative and productive strengths have contributed significantly to the nation's global leadership in countless fields, especially high-tech innovation. But now, for the first time in history, talent appears to be migrating the other way. Not only are foreign nationals returning home after getting a top-flight education in American graduate schools, but U.S. policy now actually encourages them to take their diplomas and leave. And why shouldn't they? China, India, Chile, Singapore and other nations actively recruit talent - including native U.S. talent - with attractive, career-advancing jobs and abundant research funding. How can America retain valuable human capital? Is high-skill immigration policy reform sufficient? How might it differ from low-skill immigration policy reform? Can more robust STEM (science, technology, engineering and math) curricula in U.S. schools take effect in time to compensate? Expect a lively debate among leaders from public, private and academic sectors with real stakes in this historic development.

Speaker:
Ronnie C. Chan, Chairman, Hang Lung Properties Ltd.

Interviewer:
Perry Wong, Senior Fellow, Milken Institute; Senior Vice President and Senior Economist, Economic Strategy, City National Bank

The incredible real estate boom in China's major cities continues unabated. Worried about overheating, the Chinese government has attempted to deflate what many observers fear is a massive speculative bubble. But its moves to tighten credit have had little effect, and property markets like Beijing, Shanghai and Guangzhou have soared to even greater heights. Ronnie Chan, one of Asia's most influential real estate developers, will join us for a candid one-on-one session about the factors driving this frenzy. As chairman of Hang Lung Properties, he is investing heavily in several mainland cities, betting big on malls that cater to the Chinese consumer's insatiable demand for luxury goods. Chan will share his views on what to expect in China's commercial and residential markets.

Moderator:
Paul Gigot, Editorial Page Editor and Vice President, The Wall Street Journal

The markets are up, and balance sheets are looking stronger. Emerging markets are posting sizzling growth rates, while the United States is finally generating jobs again after a long lull. The global economy has clearly rebounded, though the recovery is uneven. But there are lots of wild cards in the deck: the devastation in Japan, Europe's lingering sovereign debt crises, unrest in the Middle East, skyrocketing commodity prices and unexpected events like last year's "flash crash." After two years of strong gains, do stocks have more room to run? Will the vast pools of capital sitting on the sidelines finally be deployed to spur hiring? What's the outlook for inflation and interest rate hikes? Where are the best global opportunities in the year ahead? Where should investors exercise caution?

Speaker:
Eike Batista, Chairman and CEO, EBX Group

Interviewer:
Michael Milken, Chairman, Milken Institute

No one ever accused Eike Batista of failing to think big. Already the wealthiest man in Brazil, he has served notice that he intends to become the richest man in the world. Batista got his start by following the gold rush into the Amazon, where his mining operations led to Indiana Jones-style adventures deep in the jungle. Today his self-made fortune spans shipping, mining, power plants, logistics and - above all - vast oil and gas holdings. Don't miss the chance to hear from two of the most influential figures in the world of business as Batista sits down with Institute chairman Mike Milken for a wide-ranging conversation about Brazil's remarkable rise, the changing balance of power in the global economy and where to find the most exciting growth opportunities in the years ahead. Among other topics, they will touch on Batista's "360-degree" approach to business, global energy markets and the game-changing trade relationship between Brazil and China.

Moderator:
Adebayo Ogunlesi, Chairman and Managing Partner, Global Infrastructure Partners

Many governments around the world launched stimulus packages to spur economic recovery, and infrastructure projects - such as the building of rail networks, roads and power grids - were typically the centerpiece. In China, the Ministry of Transportation doubled its outstanding debt in three years; most proceeds from debt issuance went to high-speed rail projects as part of the economic stimulus package. In Brazil, public-private partnerships have been established to finance infrastructure projects. The Indian government has a $1 trillion infrastructure program that needs funding to succeed. But emerging economies are not the only ones facing funding challenges. With rising government debt, the United States also needs to find a way to leverage capital to fix its aging infrastructure. What role can the public and corporate bond markets, private equity firms and international development agencies play in funding infrastructure projects? What financial instruments can effectively attract private capital to form a successful public-private partnership? Can financial innovations help to bridge the funding gap?

Moderator:
Jerrold Green, President and CEO, Pacific Council on International Policy

In recent months, we've witnessed history unfold in the streets of Tunisia, Egypt and Libya. Dynamic forces are pulling and pushing for change as the rallying cry for social justice and democracy echoes across multiple borders. Hopes - and fears - are running high. Where do we go from here? Building a more open, entrepreneurial and dynamic economy is the best strategy for containing extremism and militarism. What kind of institution-building needs to take place? What role can investments play in promoting democracy and stability in the region? What mechanisms for economic development should be developed and implemented to build robust, job-creating markets? Will the pendulum finally swing toward democracy, moderation and more widely shared prosperity? How much reform will we see in other nations where protests have erupted but the existing regimes still cling to power?

Moderator:
Glenn Yago, Executive Director, Financial Research, Milken Institute

Despite decades of government aid and charitable giving, economic growth in frontier markets remains stagnant. How can we change this picture? From credit enhancements to advance market commitments, donors are looking for new, innovative tools to encourage more effective and predictable aid flows. Market-based approaches that align the interests of donors, local governments and the private sector are becoming increasingly popular in the philanthropic world. Traditional up-front grant-making is increasingly being supplemented (or even supplanted) by the use of "pull mechanisms," in which donors provide funding only after specified outcomes are achieved. The panel will discuss models that incentivize investment in developing countries to promote entrepreneurship and support sustainable economic growth.

Moderator:
Ray Wood, Head, Global Alternative Energy, Credit Suisse

There's a clear consensus that it's time for a greater push toward renewable energy. But some nations have been much faster out of the gate than others. What models are evolving in different parts of the world? Here in the U.S., shale gas has emerged as a cheap and relatively clean resource, but environmental concerns are mounting; meantime, renewables remain dependent on government subsidies. China has focused on building large, competitive producers, while the U.S. has concentrated more on making deployment more cost effective for end users. Europeans, suffering through fiscal challenges, are increasingly resentful of high prices. Who will solidify leadership in this sector? Which regions and technologies look most promising to investors? Which are closest to achieving maturity and critical mass?

Moderator:
James Moglia, Executive Managing Director, Head of Leveraged Finance and Debt Capital Markets, BMO Capital Markets

Historically, the Canadian debt market focused on investment-grade offerings and traditional loans. Local companies desiring the advantages of high-yield bonds were required to turn to the U.S. for financing, exposing themselves to currency risk and the critique of a distant audience. But beginning in mid-2009, Canadian companies have had access to a nascent but expanding Canadian-dollar high-yield market. This development has been applauded by Canadian investors and attracting increasing interest from U.S. buyers. Will this market grow? Will it address fixed-income requirements historically met by income trusts? Will it become attractive to U.S. investors? Will it contribute to Canadian industry and employment? Will it increase equity values? Will it seed other markets? This panel will address these questions.

Moderator:
Maria Bartiromo, Anchor, CNBC

Indicators suggest that the U.S. economy is gaining momentum. In fact, it may be achieving escape velocity, the crucial point at which the recovery becomes self-sustaining. Consumers, businesses and financiers all appear more confident - they're purchasing goods and services, investing in plants and equipment, and providing financing to fuel the real side of the economy. However, many short-term risks remain: rising oil prices, weak job growth, a double dip in housing markets (with more homeowners underwater), state and local cutbacks, Europe's sovereign debt crisis, and constrained access to credit for small businesses. How quickly should the Fed exit its extraordinary programs? Is the Fed already behind on the inflation curve? How aggressively should we attack the federal deficit this year vs. the medium term? Do we have the will to address entitlement spending? Did financial reform legislation go too far? What might be the unintended consequences?

Moderator:
Cecilia Zecha, Programming Director, Forbes Asia

Capital has been flowing toward Asia for several years, as dynamic economies and markets are expected to outperform their counterparts in the developed world. Where's the smart money going? Are bubbles forming in individual markets? Should investors consider bonds in nations where infrastructure spending is fueling growth, such as Indonesia? What are the new patterns of innovation and investment flow? Will protectionism and inflation slow growth? How will the disaster in Japan resonate throughout the broader region? What are the rivalries, opportunities and geopolitical changes sweeping through these nations that might affect the investment environment?

Moderator:
Shana Penn, Executive Director, Taube Foundation for Jewish Life & Culture

One of the most stable democracies and economies in Europe today, Poland is due to assume the EU's rotating presidency in mid-2011, while former Prime Minister Jerzy Buzek is the current speaker of the European Parliament. Against this diplomatic backdrop, Poland's advocacy of Israel and the Jewish people has fostered a remarkable, full-fledged cultural renaissance. As testament, the stunning Museum of the History of Polish Jews is being erected opposite the memorial to the Warsaw Ghetto Uprising. In this session, leaders will discuss the economic, political and cultural outlook for a country that has garnered global respect for its success in building a market economy, a more open society and strong alliances with both Israel and the U.S.

Moderator:
Robert von Rekowsky, Portfolio Manager, Emerging Markets, Fidelity Investments

Russia has always been an oddity among the BRICs, with superior social indicators and a recent history as a modern superpower. Despite these advantages, it lagged far behind other emerging markets during the recession and recovery. But the first quarter of 2011 brought a reversal of fortunes. While money has been shifting out of markets like Brazil, ETF flows have been pouring into Russia - and investors were rewarded handsomely as turmoil in the Middle East boosted Russian energy stocks. How sustainable are these gains? President Medvedev has outlined plans to improve the investment climate and end conflicts of interest. Will a true reform agenda take hold, easing investors' fears about corruption? With Russia on the brink of gaining its long-sought admission to the WTO, can the economy diversify beyond its traditional dependence on natural resources? Is the government ramping up for heavy stimulus spending on infrastructure? This panel will offer an insider's view of Russia's prospects for sustainable growth and reform.

Moderator:
Tim Shanahan, Director, Energy and Minerals Institute, University of Western Australia

As Asia's population climbs and a vast new middle class increases its consumption, demand for hydrocarbons is soaring. Nuclear power was long considered fundamental to Asia's growth, but Japan's disaster will put pressure on governments to diversify away from it. Oil will remain part of the energy mix for years to come, but environmental realities mean that natural gas will eventually account for a greater slice of the pie. Sitting in the continent's backyard are huge gas reserves with the potential to catapult Australia ahead of Qatar as the world's biggest supplier of LNG. With the Asian market in mind, international energy companies are spending billions developing natural-gas terminals on the Australian coastline. Is gas the Asian fuel of the future? Are Asian countries nimble enough to retool their energy strategies so that economic growth can continue unabated?

Moderator:
Mark Cutis, Chief Investment Officer, Special Situations, Abu Dhabi Investment Council

The Japanese economy was once considered a model for Asia and a marvel by any standard. But after the collapse of its real estate and stock market bubbles in the early 1990s and the agonizing process of financial deleveraging that followed, the economy's fundamental weaknesses became more apparent. Japan's inefficient capital markets, overdependence on exports, rapidly aging labor force and massive public debt had already led many to conclude that the economy's best days are over. Then the earthquake, tsunami and nuclear crisis struck in a devastating cascade of events, creating what the prime minister called the nation's worst crisis since World War II. The resulting economic and logistical challenges are monumental. But the pessimists ignore Japan's strengths: its disciplined labor force, social cohesion, high savings rate and sophisticated technological infrastructure. Can the nation rally these resources to tackle the formidable task of rebuilding?

Moderator:
Paul Murphy, Editor-in-Chief, FT Tilt; Associate Editor, Financial Times

Much of the capital pouring into emerging markets comes via index funds and ETFs. But many investors are going beyond those broad strokes to identify individual firms and more specific market opportunities. How well are they able to size up credit risk? In addition to growth in equity markets, what are the opportunities in these nations' bond markets? Is it safe to plunge in despite looming fears that emerging economies may be growing too fast and that inflation pressures are building? Which markets offer the greatest combination of stability, market infrastructure and growth potential?

Moderator:
Brian Sullivan, Reporter, CNBC

Lately it seems that a whole flock of black swans has descended at once. The Middle East has been transformed practically overnight by revolutionary forces calling for change. And yet these forces were not driven by religious fundamentalists, but by ordinary citizens demanding social justice. Will their movement be hijacked in the months ahead? The world had barely begun to digest these events when news broke of the devastating Japanese earthquake, tsunami and nuclear crisis. What will be the ripple effects of such a monumental tragedy? Has the world become so complex and fast-moving that reliable forecasts are no longer possible? Where else might trouble be brewing? This panel will examine the extraordinary shifts taking place and attempt to discern whether there are even bigger surprises on the horizon.

Moderator:
Zachary Karabell, Senior Fellow, Milken Institute; President, River Twice Research

It's the mother lode of all potential markets: China's sheer size and its sizzling growth rate are powerful attractions for businesses of all types. But it pays to look before you leap. This year the World Bank ranked China only 79th in the world for general ease of doing business. Which strategies really work for gaining a foothold in China? Which international names are already out in front in terms of establishing a presence and capturing market share? What do you need to know about Chinese business culture, contractual agreements and bureaucracy? What are the pitfalls? How do you choose the right local partners? Why do some companies thrive in China while others fail to achieve critical mass?

Moderator:
Komal Sri-Kumar, Senior Fellow, Milken Institute; Group Managing Director and Chief Global Strategist, TCW Group Inc.

India's economy has been dubbed a tiger for good reason: It grew roughly 8.5 percent in the past year, up from 6.7 percent in 2009 and approaching the 9 percent growth India experienced each of the four years before that. But high inflation and fiscal and current account deficits could still put the brakes on progress. Food inflation, in particular, has dogged India for several months, exceeding 17 percent in January. Can the government's policy moves keep the country on its current path to prosperity? What can India do about other major hurdles to growth, such as a shortage of reliable power, congested road and rail networks, and persistent corruption? Can the nation's bureaucracy encourage more innovation and entrepreneurship? Will current growth patterns be enough to lift millions more out of poverty? Is India a short- or long-term investment?

Moderator:
Michael Intriligator, Senior Fellow, Milken Institute; Professor Emeritus of Economics, Political Science and Public Policy, UCLA

Though last year's bailout plans bought temporary reprieves, the sovereign debt crisis in the euro zone keeps flaring up. Investors have been driving up borrowing rates for countries on the periphery, and a recent wave of rating downgrades for Spain, Portugal, Greece and Ireland have sent further jitters through the markets. Greece and Ireland have fallen behind their deficit reduction targets as austerity plans stifle their economies. Is it time for a fundamental restructuring of their debt? What are the risks to European banks, which hold billions in government bonds? Can the euro - and the unity of the 17-nation currency bloc - be salvaged? Will Germany serve as a backstop? If so, what kind of concessions will it demand in return? Can a permanent financial rescue framework be put into place? What other kinds of fiscal, structural and institutional changes could ensure the euro zone's long-term cohesion? Is the market's patience about to wear out?

Moderator:
Stacy-Marie Ishmael, Editor, FT Tilt

Faced with sluggish growth and low interest rates across the developed world, investors have flocked to emerging markets, bringing much-needed capital - but also a risk of inflation. This is especially true in Brazil, which posted a sizzling annualized growth rate of 9 percent during the first quarter of this year. With rising oil and food prices compounding the inflation problem, Brazil and some other emerging markets have increased taxes on foreign investors or raised banks' reserve requirements to try to slow inflows of hot money and ward off inflationary pressures. Brazil's central bank has raised interest rates, but did it act too soon? The fundamentals in Brazil are exciting, given the country's energy resources and the growth in consumer demand from a growing middle class. Will Latin America's most compelling success story continue?

Moderator:
Zachary Karabell, Senior Fellow, Milken Institute; President, River Twice Research

China has made huge investments in African infrastructure, Australian mining operations and natural resources across the globe. It's building a real consumer class, diversifying away from the dollar and expanding its military might. With a hold on resources, its neighbors and potentially the world marketplace, is China destined to be the next global empire? The fear, of course, is that China's rise will lead to the fall of the U.S. as a world power. Are epic trade disputes and geopolitical conflicts on the horizon? Is it really a zero sum game in which the U.S. loses if China gains? Or will the potential for trouble be offset by economic interdependence and China's growing participation in various international institutions? Given its remarkable progress and its vast potential, can anything derail China's future?

Moderator:
Glenn Yago, Executive Director, Financial Research, Milken Institute

Moderator:
Yaw Nyarko, Co-Director, Development Research Institute, NYU

Is the developed world's system for providing aid to Africa working? In the 50 years since the end of colonialism, wealthy countries have contributed more than $2 trillion in official development assistance, yet so many African nations have failed to thrive. Much of the funding has been wasted, stolen or misused, often to keep corrupt autocrats in power. Systemic reform is overdue, but what's the best approach? One emerging concept is to facilitate a much greater degree of coordination between investors seeking opportunities, host governments trying to attract private capital and international aid agencies seeking to ensure development aid is spent on projects that will achieve measurable results. Does this approach increase the potential for success? Could it increase Africa's attractiveness to investors? Can the public interest be served while also improving potential returns for investors? This session will explore concepts for improving the aid system.

Moderator:
Glenn Yago, Executive Director, Financial Research, Milken Institute

Israel is dealing with many of the challenges that other nations confront, but they are highly concentrated and powerfully refracted in a small, diverse and complex country. As a result, Israel has become something of a beta site for global solutions. Its leaders are attempting creative solutions to issues such as scarcity of water and other resources, uneven regional development, agricultural technology and health services. Along the way, they've encountered great opportunities for building human capital, preserving cultural heritage and deploying new technologies. Using case studies from the Milken Institute's own work, this panel will discuss the need for innovative interfaces of government, private initiative and investment, and strategic philanthropy. Many of the lessons learned in this dynamic laboratory for economic, social and environmental change will have resonance around the globe.

Moderator:
Dan Senor, Adjunct Senior Fellow, Council on Foreign Relations; Co-Author, "Start-up Nation: The Story of Israel's Economic Miracle"

In the past several years, the government of Israel has launched innovative mechanisms to strengthen its life sciences industry, overcome oil dependency and sustain its high-tech leadership. Israel's actions in these diverse fields are united by a single theme: a spirit of innovation. To sustain this momentum, Israel needs to innovate from within as well: increase work force participation, decrease social and economic gaps, leverage local assets, build human capital and develop mechanisms for 21st-century governance. Our panelists will discuss recent initiatives to foster strategic planning in Israel, as well as new financing mechanisms and strategies being adopted and developed by Israel to spark greater innovation in health, energy alternatives, agriculture and water. What lessons for other knowledge-based economies can be gleaned from the creative initiatives under way in Israel?