Category Archives: Davos

Welcome to Powder Mountain – a utopian club for the millennial elite

When these young entrepreneurs bought a remote ski resort in Utah, they dreamed of an exclusive, socially conscious community. Is this the future, or Mt Olympus for Generation Me?

Jeff Rosenthal is standing near the top of his snow-covered mountain wearing a fluffy jacket, fingerless gloves and ripped jeans. “It’s surreal, man!” he says, shivering as he surveys the landscape of newly laid roads and half-built homes. “That’s Ken Howery’s house, the co-founder of PayPal. Awesome house!”

He lists the other investors who are turning this remote Utah community into a crucible of “generational ideology, innovation and entrepreneurship”. Richard Branson will have a house here, and so will the world’s most powerful marketing executive, Martin Sorrell. The Hollywood producer Stacey Sher and the actor Sophia Bush will be their neighbours, as will Miguel McKelvey, a co-founder of WeWork, and the renowned technology investor and author of The 4-Hour Work Week, Tim Ferriss.

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Source: gadt

Davos 2018: Donald Trump to give speech at World Economic Forum – live updates

Rolling coverage of the final day of the World Economic Forum in Davos, including Donald Trump’s speech

11.40am GMT

1.5 hours to go until Trump speaks at #Davos people are already going in.

(That didn’t happen for any of the other speakers or world leaders)

11.30am GMT

Just in: Donald Trump has given an interview to CNBC.

The US president says he came to the World Economic Forum to encourage firms to invest in America:

So when I decided to come to Davos I didn’t think in terms of elitists or globalists. I think I thought in terms of lots of people that want to invest lots of money, and they’re all coming back to the United States, they’re coming back to America. And I thought of it much more in those terms. After I said that I was going there were massive stories about the elite, and the globalists, and the planes flying in, and everything else. It’s not about that. It’s about coming to America, investing your money, creating jobs, companies coming in.

I like bilateral because if you have a problem, you terminate. When you’re in with many countries, like with TPP— so you have 12 if we were in— you don’t have that same, you know, you don’t have that same option. But somebody asked me other day would I do TPP. Here’s my answer. I’ll give you a big story. I would do TPP if we made a much better deal than we had. We had a horrible deal. The deal was a horrible deal. NAFTA’s a horrible deal, we’re renegotiating it. I may terminate NAFTA, I may not. We’ll see what happens. But NAFTA was and I went around and I’d tell stadiums full of people, “I’ll terminate it or renegotiate it.”

“NAFTA’s a horrible deal, we’re renegotiating it. I may terminate NAFTA, I may not. We’ll see what happens.” – President @realDonaldTrump on NAFTA at #wef18

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Source: gad

‘A mistake not a disaster’: Cameron fondues while Britain burns | Polly Toynbee

The former PM’s remarks in Davos cheered the Brexit press, but they were no epiphany

Doesn’t he look well? Pink and chillaxed, David Cameron hanging out at Davos with the world’s leaders looks every bit as at ease as the day he said he wanted to become prime minister because “I think I’d be rather good at it”.

His six years in the job suggest he was catastrophically wrong. But how unburdened he looks by the millstone of a legacy he left us, a country stricken by austerity and riven by Brexit. Falling behind in wealth and global influence, we are up to our neck in a quagmire of negotiations to save us from the damage inflicted by his careless, fruitless referendum. But footloose and carefree, he and George Osborne are hosting their annual Davos fondue party.

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Source: gad

Hey Davos, how about a tax on business class airfares? | Felix Marquardt

Those who benefit from migration and globalisation should share the benefits with those bearing the brunt of its effects

The elites have learned their lesson this year, we’re told. “Ahead of Davos”, the Washington Post headlined a report this week, “even the 1% worry about inequality”. That statement is actually unfair. Davos is one of the places where the rise of inequality has been recognised most candidly over the past few years.

The thing is, worrying about inequality doesn’t stop people voting for Ukip, Trump or Brexit. Elites need to put their money where their mouth is and to go from being “committed to improving the state of the world” (the World Economic Forum’s tagline) to actually taking action to improve it. We need new ways to share the proceeds of globalisation more effectively with the people bearing the brunt of its negative effects. If we don’t, we might as well get used to the political ascent of people such as Donald Trump and Nigel Farage and the erosion of democracy they spearhead.

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Source: gad

Facebook should be 'regulated like cigarette industry', says tech CEO

Salesforce chief Marc Benioff is latest tech insider to raise alarm over social media’s affect on society with comments at Davos

Facebook should be regulated like a cigarette company, because of the addictive and harmful properties of social media, according to Salesforce chief executive Marc Benioff.

Social networks would be regulated “exactly the same way that you regulated the cigarette industry”, Benioff told CNBC at the World Economic Forum in Davos. “Here’s a product – cigarettes – they’re addictive, they’re not good for you, maybe there’s all kinds of different forces trying to get you to do certain things. There’s a lot of parallels.

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Source: gadt

Democracies will fail if they don’t deal with the fallout of globalisation | Editorial

Democracies will fall under the spell of populists like Donald Trump if they fail to deal with the fallout of globalisation

The rich, as F Scott Fitzgerald noted, “are different from you and me”. Their wealth, he wrote, makes them “cynical where we are trustful” and their affluence makes them think they are “better than we are”. These words ring truest among the billionaires and corporate executives flocking to the Swiss ski resort of Davos this week. The highs recorded by stockmarkets, the tremendous monopoly power of tech titans and spikes in commodity prices reassure the rich cosmocratic class that they have weathered the storm of the financial crisis. The moguls can talk safely about inequality and poverty. But they will do little about it because they do not think their best interests are aligned with citizens. This is a mistake of historic proportions.

Since 2015, Oxfam calculates, the richest 1% have owned more wealth than the rest of the planet. The very wealthy think they no longer share a common fate with the poor. Whatever the warm words at Davos, no company bosses will put their hands up to the fact they play one country against another in order to avoid taxes; no firm will be honest about their attempts to stymie trade unions or about how they lobby against government regulation on labour, environment or privacy that tilts the balance of power away from them and towards the public. The largest western corporations and banks now roam the globe freely. As memories of the financial crisis recede, they are going back to the myth that they are no longer dependent on national publics or governments. Lobbyists for the corporate world claim that markets are on autopilot, that government is a nuisance best avoided.

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Source: gad

Technology will widen pay gap and hit women hardest – Davos report

Research into jobs finds men’s dominance in IT and biotech is reversing trend towards equality

The gulf between men and women at work – in both pay and status – is likely to widen unless action is taken to tackle inequality in high-growth sectors such as technology, say researchers at this week’s World Economic Forum summit in Davos.

A new WEF report on the future of jobs finds the dominance of men in industries such as information and biotechnology, coupled with the enduring failure of women to rise to the top even in the health and education sectors, is helping to reverse gender equality after years of improvements.

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Source: gad

Whatever he chooses to say at Davos, Trump will make headlines

A conciliatory speech would alienate his base; a repudiation of Nafta would create shockwaves. Either way, this is a significant moment

The annual meeting of the World Economic Forum will come to a climax on Friday when Donald Trump becomes the first US president since Bill Clinton to address the Davos talkfest.

To say that Trump’s lunchtime speech is eagerly awaited is an understatement. Excitement has been building ever since the White House announced that the president would join Emmanuel Macron, Theresa May and Narendra Modi at this year’s event.

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Source: gad

Climate change, AI and harassment – the hottest topics at this year’s Davos

The World Economic Forum focuses on the ‘fractured world’ this year: but the biggest star at the gala will be Donald Trump

Donald Trump will loom large at the World Economic Forum (WEF) in Davos this week, as the self-styled anti-globalist joins the annual gathering of billionaires, business executives and politicians.

The meeting at the luxury ski resort in the Swiss Alps at the start of each year is set to be dominated by the US president, who is due to give a special address to the conference on Friday.

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Source: gad

Donald Trump and Theresa May to meet in Switzerland

After cancelling UK visit, US president will discuss foreign policy at World Economic Forum

Theresa May will meet Donald Trump when they both attend the World Economic Forum in Davos next week.

Downing Street and the White House confirmed that the pair would hold a bilateral session, which is likely to focus on foreign policy issues such as Syria and North Korea.

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Source: gad