Davos 2019

Microsoft's CEO Satya Nadella at the annual meeting of the World Economic Forum in Davos on Tuesday (AP)
Microsoft's CEO Satya Nadella at the annual meeting of the World Economic Forum in Davos on Tuesday (AP)

Stuck in a trade war, tech pitches Davos on innovation

  • Global leaders and technology chieftains agreed on the need for stricter government oversight
  • There was an undercurrent of anxiety over bilateral trade tensions and the potential impact on the global economy

Sunil Bharti Mittal is the first business leader to sign the 'Digital Declaration'. (Bloomberg)
Sunil Bharti Mittal is the first business leader to sign the 'Digital Declaration'. (Bloomberg)

40 CEOs support 'Digital Declaration' at WEF in Davos

  • The initiative has arisen against a backdrop of businesses and consumers experiencing an unprecedented change in the digital world
  • It is expected that by 2022, 60% of GDP will be digitised

George Soros said social-media companies Facebook and Google “deliberately engineer addiction to the services they provide.” Photo: Bloomberg
George Soros said social-media companies Facebook and Google “deliberately engineer addiction to the services they provide.” Photo: Bloomberg

Beijing dismisses Soros' anti-China remarks as 'meaningless'

  • Soros said China is developing a centralized database that will use algorithms to determine whether a person poses a threat to the one-party system
  • He also called out Russian President Vladimir Putin as another enemy of democracy

FILE PHOTO: Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville. (Reuters)
FILE PHOTO: Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville. (Reuters)

'Under siege', oil industry mulls raising returns and PR game

  • The industry gathered on the sidelines of the World Economic Forum, holding a series of closed-door meetings
  • The climate change debate has split the oil industry over the past decade.

A WEF logo stands on the wall of a session hall inside the Congress Center, the venue for the World Economic Forum (WEF), in Davos (Bloomberg)
A WEF logo stands on the wall of a session hall inside the Congress Center, the venue for the World Economic Forum (WEF), in Davos (Bloomberg)

Davos leaders urge India, US to join coalition against cyber threats

  • The Paris Call has been signed by 64 states, more than 300 private-sector companies and over 150 NGOs
  • It offers a framework for multilateral action on addressing the critical issue of cybersecurity in a time of increasingly prolific and sophisticated attacks

With only 20% of the electronics and plastics formally recycled each year, this looming health and environmental catastrophe also represents a unique $62 billion economic opportunity. (AP)
With only 20% of the electronics and plastics formally recycled each year, this looming health and environmental catastrophe also represents a unique $62 billion economic opportunity. (AP)

Electronic waste produced every year weighs more than all airlines ever built

  • The amount of electronic waste produced every year is set to grow to 120 million tonnes by 2050 from 50 million tonnes currently: WEF report
  • At a global level, seven UN entities have come together, supported by the WEF and the World Business Council for Sustainable Development to better address the e-waste challenge

Trade wars and the outlook for China are major themes in Davos this week (Reuters)
Trade wars and the outlook for China are major themes in Davos this week (Reuters)

At Davos, CEOs privately vented over China's economic policies

  • Foreign executives raised concerns about China’s treatment of intellectual property and ownership structure of PSUs
  • Efforts aimed at securing the backing of the international business community for ending the US-China trade war

WEF organisers insist they are making the annual forum environmentally sustainable, offsetting the carbon emissions generated by private aviation as much as possible through their own initiatives on the ground. Photo: Reuters
WEF organisers insist they are making the annual forum environmentally sustainable, offsetting the carbon emissions generated by private aviation as much as possible through their own initiatives on the ground. Photo: Reuters

Jet-setting Davos elite frets about climate

  • The WEF is trying hard to "green" its annual event
  • All plastic straws have been banned, plates are made of recyclable cardboard and soda bottles are all in recyclable glass.

Davos delegates echoed that view about a decade after visitors to the Swiss alpine retreat failed to predict the 2009 recession. (Photo: AP)
Davos delegates echoed that view about a decade after visitors to the Swiss alpine retreat failed to predict the 2009 recession. (Photo: AP)

Davos doesn’t think there’s going to be a global recession

  • We’re slowing, but we’re still growing: Philipp Hildebrand, vice chairman of BlackRock Inc
  • Financial markets have wobbled in recent months, with the S&P 500 Index dropping 1.4% on Tuesday

Beijing delivered about 1.3 trillion yuan of cuts in taxes and fees in 2018. (Bloomberg)
Attendees are seen during the World Economic Forum annual meeting in Davos, Switzerland (Reuters)
Attendees are seen during the World Economic Forum annual meeting in Davos, Switzerland (Reuters)

Global businesses join hands for workplace inclusion of LGBTI community

  • The WEF said the initiative is supported by the Office of the United Nations High Commissioner for Human Rights
  • By 2020, the project will enlist 50-100 companies from WEF members and beyond to join the Partnership for Global LGBTI Equality to implement UN LGBTI Standards

FILE PHOTO: Logo of Saudi Aramco (Reuters)
Attendees are seen during the World Economic Forum annual meeting in Davos, Switzerland (Reuters)
Attendees are seen during the World Economic Forum annual meeting in Davos, Switzerland (Reuters)

Davos bankers try to put brave face on gloomy outlook

  • Trade tensions between the US and China are hurting investor sentiment worldwide
  • Chinese economy was slowing in part because of the trade tensions but still growing at a pace that would make most other countries 'truly envious', StanChart's Halford said

From left: Blackstone CEO Stephen A. Schwarzman, Sinochem Group chairman Ning Gaoning, former RBI governor Raghuram G Rajan and Bank of America CEO Brian T. Moynihan during the annual meeting of the World Economic Forum in Switzerland on Tuesday (AP)
From left: Blackstone CEO Stephen A. Schwarzman, Sinochem Group chairman Ning Gaoning, former RBI governor Raghuram G Rajan and Bank of America CEO Brian T. Moynihan during the annual meeting of the World Economic Forum in Switzerland on Tuesday (AP)

'Super star' firms giving a lot for free, but will it continue? asks Rajan  

  • The concern is not so much about today, but tomorrow, says former RBI governor
  • We also need to know who is paying for things that consumers get free of cost, he adds

A file photo of Microsoft CEO Satya Nadella. Photo: Abhijit Bhatlekar/Mint
IMF chief economist Gita Gopinath. Photo: Ramesh Pathania/Mint
Construction workers build a temporary pavilion in front of Hotel Belvedere in Davos, Switzerland. (Reuters)
Construction workers build a temporary pavilion in front of Hotel Belvedere in Davos, Switzerland. (Reuters)

Dateline Davos | NGOs must fail to succeed

  • As the world’s elite gather at Davos this week, there is growing demand to bring the benefits of risk-taking and failure to the social sector
  • Progress on this issue will require candid communication between social entrepreneurs and the philanthropic community

Bolsonaro will carry the most crucial plan to tackle a budget deficit that hovers around 7% of gross domestic product — a draft proposal to cut pension outlays and save as much as 1 trillion reais over 10 years. (AP)
Bolsonaro will carry the most crucial plan to tackle a budget deficit that hovers around 7% of gross domestic product — a draft proposal to cut pension outlays and save as much as 1 trillion reais over 10 years. (AP)

Brazil Is Back in the Game, New Leader Will Tell Davos Investors

  • Bolsonaro will have to plug Brazil's budget deficit by cutting expenditures and finding additional sources of revenue
  • Brazil has a sizable consumer market with pent-up demand of quality goods and services