World Economic Forum at Davos
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For the Davos rookies, you may be asking yourself, what exactly is the World Economic Forum?
WEF founder and organizer Klaus Schwab says, “it’s not a formal decision making meeting but a lab for new ideas, a testing ground and launching pad for new initiatives and an informal platform for resolving disputes.”
And who attends the WEF?
You must be invited to attend the WEF, and about 2,600 people will descend upon Davos to be part of the week long conference. The average cost, all told with transportation, lodging, etc will run you close to $40,000, by CNN's estimate. 1,000 leading companies and 200 smaller businesses - many from the developing world attend the forum. According to the WEF "Partners are select member companies who strongly support, contribute to and benefit from the World Economic Forum’s commitment to improving the state of the world. They are actively involved in the organization's activities and contribute their expertise and resources."
Decision makers from governments around the world, academics, CEOs, and major bank executives attend, along with the random celebrities and semi-retired pop stars (Bono of U2 is a regular Davos Man) -
What to watch for at this year's World Economic Forum
Bruce Upbin at Forbes has a nice walk-up to the forum and lists the following as things to keep an eye out for this year:
- Cameron could use the moment to deliver the “we’re leaving the EU” speech (We asked if leaving the EU would be good or bad for the UK)
- Medvedev caps big Russian contingent this year as he (Putin) using Davos as a launchpad for his agenda as president of the G20 in 2013.
- Russia’s competitiveness will be addressed in report coming out this week called “Scenarios for the Russian Federation” in a major plenary session with Medvedev reacting to it at that session.
- The massive purchase of bad debt and printing of money has made ECB and Japan’s central bank now close to one-third of the EU and Japan’s GDP.
Along with those items of note, the follow are the three main agenda items that the WEF has set for itself:
Davos organizers have prioritized 3 areas to take action on:
- Growth and food security in Africa
- Climate change, with Davos attendees are expected to add $500 million to a green tech fund this year
- More power parity for women.
Regarding the last item, our Ross Chainey points out that only 17% of WEF delegates this year are women, according to The Guardian. -
Good afternoon from Davos! We're tucked into what we call "The Library" here just a short distance from the Congress Center where all the magic happens here at Davos.
Ross Chainey, Ryan McCarthy, Frank Tantillo and myself will be guiding you through the week along with Lauren LaCapra and other Reuters correspondents on the ground.by anthony.derosa via Pbs.twimg 1/22/2013 12:00:26 PM -
Davos leaders uneasy over glut of easy money
Reuters' European Affairs Editor, Paul Taylor, writes: "The world is awash in easy money, with consequences that are starting to worry some central bankers and business leaders at the Davos World Economic Forum (WEF), though so far inflation fears seem overdone."
Paul says that, in taking unconventional steps (such as keeping interest rates at historically low levels and buying government bonds) in order to reduce unemployment, raise nominal GDP and ensure the smooth functioning of the sovereign bond market, central banks have alarmed purists who worry that "the guardians of sound money are losing their independence to governments and will find it hard to get the genie back into the bottle."
Read Paul's analysis in full here. -
What is "resilient dynamism?"
The theme of this year's WEF is "resilient dynamism" but what exactly does that mean?
Merriam-Webster defines resilience as "the ability to become strong, healthy, or successful again after something bad happens" and dynamism as "energy and a strong desire to make something happen".
So in a nutshell, the world is skittish from crisis after global crisis and the WEF is calling for everyone to put aside fear, develop a plan for future crisis (black swan) but don't allow fear to overwhelm our ability to move forward and take on new risks. -
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Following discussion of NGOs as new models for the 21st Century at the World Economic Forum in Davos, Paul Pugh, head of third sector services at global law firm Eversheds, comments:
“We are currently seeing two related trends: the transformation of the public sector into NGOs, such as social enterprises and mutuals, and private corporations using ‘not-for-profit’ vehicles to align with business objectives, such as wider joint working, R&D projects and better engagement with customers. The root causes are varied but public sector austerity and increased consumer awareness through social media are undoubtedly major factors.
“It is vital that the legal governance models of these new NGOs are robust and provide accountability and transparency. A careful balance needs to be struck between giving key stakeholders a voice and appropriate rights while negating the risk of small, well organised self-interest groups from gaining too much influence.” -
Soundbite selection: #Cameron vows to give Britons a choice on #EU: http://reut.rs/VZPJ6bby Reuters Insider via twitter 1/23/2013 1:03:54 PM -
Sir Martin Sorrell's 5 big risks for 2013. From Reuters' Gary Regenstreif:
"The top five 'grey swans' on Martin Sorrell’s list. In order of what worries him most: the U.S. deficit, multiple Middle East tensions, the health of the euro zone (though he gave good marks to ECB chief Mario Draghi), China’s soft landing, and the recovery of the BRICs. He then added a sixth: Cameron’s announcement of a referendum on whether Britain should stay in the European Union. "
Here's a link to Sorrell's WEF interview at Davos this year. -
#Cameron's in-out EU vote pledge, UK jobs data. European heavyweight results from #SAP, #Siemens, #Novartis, #Unilever: http://reut.rs/Vr27Kjby Reuters Insider via twitter 1/23/2013 1:16:49 PM
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Google believes self-driving cars can double the throughput of highways. #wefby Jeff Jarvis via twitter 1/23/2013 1:20:41 PM -
Japan getting heat for yen policy, we're at #GAIM 2013 conference-Kyle Bass saysYen will collapse: Reuters http://reut.rs/XxsGw1 #gaimusaby Reuters Insider via twitter 1/23/2013 1:22:43 PM
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Africa offers huge demand: hundreds of millions of people entering the cash economy, looking for goods -SABMiller Chairman Mackay #wefafricaby World Economic Forum via twitter 1/23/2013 1:24:09 PM -
If Mali crisis is not contained it will spill into other African countries - Nigeria Pres Goodluck Jonathan @JGoodlucktweets #wefafrica #wefby World Economic Forum via twitter 1/23/2013 1:25:59 PM
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The mood at Davos this year? How about 'muted'?
The official theme at Davos this year is "resilient dynamism" but the mood is much less chipper, Reuters' Ben Hirschler reports:
"So what is the overall business mood in Davos? The consensus seems to be that we are heading for a slow recovery. But nobody is betting the bank on that and, in any case, the Davos elite has got it badly wrong in the past (they notably failed to spot the financial crisis coming). UBS boss Axel Weber summed it: 'The major economies are recovering but it is a recovery that is slow, it is muted.' For Dow Chemical CEO Andrew Liveris the current economic outlook is 'not promising'. So how do businesses find growth? The first step, it seems, is to find a new word to describe the problem. 'We need to crack the algebra for growth, which is becoming harder and harder,' according to Coca-Cola CEO Muhtar Kent." -
Social media is strengthening supervision of Chinese officials, this is a good thing - China Communist Party's Li Jingtian #wefchinaby World Economic Forum via twitter 1/23/2013 3:45:09 PM
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Watch "An Insight, An Idea" with Harvard's Lawrence Summers now at http://wef.ch/43891 #wefsummersby World Economic Forum via twitter 1/23/2013 4:10:28 PM
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Deficit reduction is necessary hygiene to protect against disaster, not basis for growth strategy - Harvard's @lhsummers #wefsummers #wefby World Economic Forum via twitter 1/23/2013 4:15:10 PM
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Thank you for following Italian PM Mario Monti's address. Next: Resilient Dynamism with IMF chief Lagarde #weflagarde http://wef.ch/43972by World Economic Forum via twitter 1/23/2013 5:26:13 PM
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Summing up Monti's speech: Davos endorses Davosby ReutersLJucca via twitter 1/23/2013 5:26:29 PM -
New global economy is taking shape before our eyes; how can we ensure that regions grow and aspirations are met? - IMF @Lagarde #weflagardeby World Economic Forum via twitter 1/23/2013 5:35:47 PM
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Christine Lagarde raps US on knuckles for debt ceiling and budget stupidity #davos #wefby wucker via twitter 1/23/2013 5:37:10 PM -
Christine Lagarde echoes Mario Monti call to look past the short term #wef #davosby wucker via twitter 1/23/2013 5:37:14 PM
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By 2025, 2/3 of world population will live in Asia. This can lead to cooperation, or to tension & competition -IMF @Lagarde #weflagarde #wefby World Economic Forum via twitter 1/23/2013 5:37:31 PM
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If you ranked Facebook&Twitter followers among countries, they would be 3rd and 4rth largest in the world - IMF's @Lagarde #weflagarde #wefby World Economic Forum via twitter 1/23/2013 5:39:46 PM
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aspirations of young people: openness, inclusiveness and accountability, C.Lagarde #weflagarde #Davos #WEF2013by citizens&markets via twitter 1/23/2013 5:42:20 PM -
Europe faces issues, but its destiny shines through the smoke & fog. I'm optimistic about Europe's future - IMF's @Lagarde #weflagarde #EUby World Economic Forum via twitter 1/23/2013 5:45:44 PM
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Related: Biden plans to hang out w crickets on Google+ “@politico: Biden plans 'Fireside Hangout' on Google+: http://politi.co/TmzFfD”by Lauren Tara LaCapra via twitter 1/23/2013 5:48:42 PM -
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IMF Managing Director Christine Lagarde: "climate change is the highest economic challenge of the 21st century" #Davosby kuffodog via twitter 1/23/2013 5:54:14 PM -
Finishing the job of financial sector reform must be a priority for 2013; need supervision of shadow banking -IMF @Lagarde #weflagarde #wefby World Economic Forum via twitter 1/23/2013 5:56:58 PM
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White House: Britain is stronger by being part of the EU
WASHINGTON, Jan 23 (Reuters) - The White House said on Wednesday that the United States believes Britain is stronger by being a part of the European Union and the EU is stronger as a result of Britain's membership.
White House spokesman Jay Carney made the comments at a press briefing after British Prime Minister David Cameron promised Britons a vote on whether the country should stay in the EU or leave. -
Reuters correspondent Lauren LaCapra sends us this from the Congress Center...At a panel session Wednesday morning, JPMorgan Chase CEO Jamie Dimon was his usually combative self -- taking on fellow panel member and hedge fund manager Paul Singer in a battle over whether banks like JPMorgan are too opqaue. But when Dimon left the event, it became clear that he had protection: he was wearing cufflinks emblazoned with the "FBI" logo, for the Federal Bureau of Investigations. Asked by someone what the cufflinks were all about, Dimon said a friend gave them to him.
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I am sitting next to a Nobel laureate at dinner! #davos #wefby ReutersLJucca via twitter 1/23/2013 7:20:24 PM
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RT @GDebenedetti: @Reuters_Davos @AntDeRosa @LaurenLaCapra Not the same as his Capitol Hill testimony cufflinks? http://bit.ly/Vs6RPQby Lauren Tara LaCapra via twitter 1/23/2013 7:26:29 PM
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This is why I have not eaten all week. #davisfoodisterrible “@TonyFratto: Topping food with a fried egg is now a thing.”by Lauren Tara LaCapra via twitter 1/23/2013 7:38:27 PM
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U.S. decision to withdraw troops dismays some Somalis
ADDIS ABABA President Donald Trump's decision to pull U.S. troops out of Somalia in the waning days of his presidency triggered dismay on Saturday from some Somalis, who appealed to the incoming U.S. president to reverse the decision.