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Quick hits from the Milken Institute Global Conference: May 2

This week, SmartBrief is bringing you selected highlights from the Milken Institute Global Conference.

Emerging powers China and Brazil are wary of each other
Xi-Qing Gao, vice chairman of China Investment, said during the “Global Overview: Shifting Fortunes” lunch panel that shifting taxation policies in Brazil make him wary of investing there. Meanwhile, a Brazilian businessman expressed concerns about dealing with the Chinese. Unease between the nations signals hurdles as they pursue a global scale. CNNMoney

Fed won’t likely need to provide more stimulus, Williams says
John Williams, president of the Federal Reserve Bank of San Francisco, said the central bank could provide additional stimulus if the unemployment rate “got stuck,” but he doesn’t expect such circumstances. Speaking during the “U.S. Overview: Is the Recovery Sustainable?” panel, Williams also said the Fed will not allow inflation to become a problem. The Wall Street Journal

Uncertainty hindering M&A
Economic, regulatory and debt-burden uncertainties are preventing more mergers and acquisitions worldwide, members of the “Global Overview: Shifting Fortunes” panel said. However, Sanofi CEO Christopher Viehbacher said he expects more M&A in the pharmaceutical industry as emerging markets grow and global income rises. The New York Times