Davos 2010: Day four as it happens
By Andy McFarlane
LIVE TEXT COMMENTARY (All times GMT, CET -1)
1520 The BBC’s Kristina Block says: “Bumped into news photographer in the corridor. She’s on her way to take pictures of an anti-wef demonstration. Though demonstration may be exaggerated – word of mouth is there are only 30 or so marching against capitalism.”
1502 The BBC’s Tanya Beckett writes: The Davos meeting seems to be moving to a close with consensus over banking reform and the need to continue to nurture the fragile recovery. Perhaps the early impassioned warning from President Sarkozy prevented a more self-congratulatory tone which often prevailed in years gone by, ensuring a constructive few days.
Germany defence minister tells me: unclear how re-modelling of NATO’s Strategic Concept is going.
1440 The main UN communications and technology agency claims countries are at danger of going to war because of cyber-attacks and says it must draw up a treaty to prevent this happening.
wef Session on weak signals: “everyone in this room is pessimistic, that’s a weak signal for optimism”
1428 The BBC’s Simon Jack says that “in a way it’s 1-0 to the bankers” because of the such widely-differing views on how to regulate the industry.
1426 Indian businessman Anand Mahindra disagrees with MrWonderfulReality (below).
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... reporting through the BBC News Channel, BBC Parliament, and BBC World News (BBC News and Current Affairs, in BBC website, retrieved 2008). ... public corporation operating as a public service broadcaster (BBC Royal Charter Agreement, 2007). It is required by its ... the license fee (www.telegraph.co.uk/arts/main, 2006). The advertisements of BBC dont help as well. These advertisements which are allegedly ...
He’s tweeted from Davos – in proper tweet speak – that you can’t beat one-to-one networking, which he says is the key to Davos’ success.
Davos moment: I just asked the person in front of me how many employees he has. He answered “only” 300,000 😉
MrWonderfulReality_ writes: _I do not understand why such meetings cannot be achieved and replaced via internet communication and then an actual summit used solely for signing of agreements.
1353 Davide Serra, who runs the hedge fund Algebris – and was once a semi-professional volleyball player if reports are to be believed, calls for fewer regulating bodies. He suggests the best chief executives of financial institutions should take responsibility for regulation every five years.
1342 The BBC’s Tim Weber says: This year’s Davos, more and more people tell me, was very business-like but it’s been missing a big buzz, a big theme. Three years ago it was poverty, two years ago it was green, and last year the economic crisis… but this year?
Just ran into [US Democratic Congressman] Barney Frank who told me he’s set for a fight on budget-bloating military spending
1331 European Central Bank President Jean-Claude Trichet has told the Redesigning Financial Regulation panel: “The fact that we must have global rules is absolutely essential.”
1259 Financial Services Authority Chairman, Lord Turner, says the behind-closed doors meeting between bankers and regulators was “entirely cooperative”. But he says there was no “big new idea” or agreement on financial reform.
1244 It didn’t take long for the issue of China’s currency to be raised. International Finance Forum in China chairman, Cheng Siwei, points out it has appreciated 20% since 2005 and that it will become fully convertible – but says they must go step by step, not too fast
1235 Standard Chartered’s Peter Sands says the crisis has accelerated the shift towards power in the East. “There’s a greater recognition that the world’s issues can’t just be decided by a Western agenda,” he says.
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1223 As if to prove Simon Jack’s point, a discussion is now starting on “The Great Shift East in the Global Agenda”.
this is the last year that we will hear the term “emerging markets” – at least here in Davos. They have emerged.
1205 The head of the International Monetary Fund urges the US to join with other countries to reform banks.
In the mind of a hacker – session at #wef… “white hat hackers hack for educational purposes. They don’t inhale”
Power shift from West to East informs every conversation here. More theories on how to reform banks than there are delegates
1137 Italy’s Unicredit boss, Alessandro Profumo, tells Tanya Beckett the major threat to financial reform is a lack of co-ordination. “Clearly the recovery is weak,” he says, adding that it’s too early to withdraw stimulus packages. His view seems to be shared by most delegates.
1131 Barclays president Bob Diamond also backs the idea of a global levy to fund wind-downs, the FT says.
1129 Are big banks starting to make concessions? “I’m advocating a European rescue and resolution fund for banks,” Deutsche Bank chief Josef Ackermann told the Financial Times, so the costs of Lehman-style collapses are paid for “to a large degree” by banks themselves.
1106 They’ve gone football crazy in the main congress hall, where South Africa is promoting this summer’s World Cup. The country’s former captain Lucas Radebe is on stage, next to a cuddly mascot with green hair blowing a horn. I’m not sure what kind of animal he is.
1046 Zhu, a relaxed and charming guy, points the finger at the US for the trillions of dollars in US government debt that China holds. “That’s because we have more savings. The reason we have more savings is because there’s less savings on the other side.” So the savings are merely “displaced”, he says.
1041 People’s Bank of China deputy governor, Zhu Min, has been talking about a good year for his country, in which GDP grew by 8.7%. But he sees a “bumpy road” ahead for the US economy – and fears this will have an impact on Chinese exports.
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An 'Era of Fear' a world where corporate competence verses government scruples, where cutting edge technological advancements designed for the sole purpose of uniting the world through viable, easy access communications networks... verses the biting reality of the dependent nations, trapped in a purple haze, dominated by frugal pseudo-charity in the form of exploitation, government corruption, and ...
In the studio of the Congress Centre at Davos, watching a beautiful presentation by Toyo Ito on “revolutionary architecture.”
Mr_ Jones, Wales, UK, writes: _The focus for Davos should be free trade and an end to protectionist practices. One such move should be to stop China in keeping its exchange rate artificially low. This… has cost millions of manufacturing jobs in the West.
1024 An interesting statistic from Obama’s economic adviser Larry Summers: One in five men in the US between 25 and 54 is not working. Even assuming a reasonable recovery, he says, that might only rise to one in seven. In the 1950s, 95% of men had work.
Obama’s econ adviser Larry Summers at #wef: This is a statistical recovery but still a human recession
Bank executives met central bankers and government officials to discuss whether regulations should be imposed on financial markets. Officials from the US and Europe were taking part in the discussions with Deutsche Bank, Switzerland’s UBS and other major banks.
Martin Wolf (FT) needles Deutsche Bank boss Ackermann at #wef: “Are you back to lending? We know you’re back to making a fortune for yourself “.
WEF Facebook poll: have we achieved gender parity in workplace? 80% women said no, 63% of men said no
Simon Jack finds the Swiss authorities keen to lure bankers to the country on a more permanent basis
0950 IMF head Dominique Strauss-Kahn touches on the lack of discussion by the US with the rest of the world about President Barack Obama’s reforms. “The question of co-ordinating the financial reform is key, and I’m afraid we’re not going in that direction.”
packed congress hall at #wef for today’s big session on global economic outlook, w Lagarde, Ackermann, Strauss-Khan, Zhu Min, Summers
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Aftr th nd of World War I, many Amricans wr lft with a fling of distrust toward forignrs and radicals, whom thy hld rsponsibl for th war. Th Russian Rvolution of 1917 and th founding of th communists' Third Intrnational in 1919 furthr fannd Amrican fars of radicalism. Rac riots and labour unrst addd to th tnsion. Thus, whn a sris of striks and indiscriminat bombings bgan in 1919, th unrlatd ...
Hilary, San Francisco, US, says: No unelected person should have as much power as the big bankers. The people of this earth should be the ones in control of the global economy.
Davos – Queen Rania of Jordan on education panel: “The saddest thing is not death, it’s when your dreams die when you are alive.”
WEF 0931 UK Chancellor Alistair Darling agrees with Tanya. He’s told BBC Radio 4’s Today programme he is “confident but cautious” that Britain is on the path to a sustained recovery. Action taken by world governments is restoring private sector confidence, he says.
0927
Tanya Beckett tells BBC World News there will be more discussions about the global economy today. She says the feeling is that people are relieved that the worst of the crisis is behind us and the focus can return to growth.
0917 The BBC’s
Relax. That was Larry Summers’ basic advice to the bankers and officials at Davos when he spoke to me last night.
0900 The BBC’s Tim Weber says: It’s snowing again in Davos, and quite a few people streaming into the congress centre this morning looked just a tad fragile. Little wonder, Friday night is party night at the World Economic Forum.
0849 Back in the education session, Jordan’s Queen Rania is calling for a return to prestige in the teaching profession. Finland, she says, has one of the best education systems in the world – but it’s not to do with pay. While salaries there are average for Europe, the prestige creates stiff competition for jobs.
Eye contact among delegates less fashionable ths year! Default is heads down reading email and internet, even walking. Many near misses!
0840 AP reports that government officials from “several nations are meeting behind closed doors with bankers” to discuss regulation. Apparently French Finance Minister Christine Lagarde and Joaquin Almunia, the EU competition commissioner, were among them.
0835 If a few of the delegates are looking a bit bleary-eyed, then they probably spent last night at the Google party. By all accounts, it was the hottest tickets in town.
0830 So, it’s day four at Davos. Welcome to our live coverage. Today’s highlights include Queen Rania’s thoughts on education, Deutsche Bank’s chief executive Josef Ackermann on the global economic outlook and the Bank of China’s deputy governor Zhu Min.
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