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Davos 2010: As it happened from BBC News.
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L - N
Sun Jan 31 2010, 07:48am
Registered Member #1228
Joined: Wed Sep 12 2007, 10:00am

Posts: 10623
Davos 2010: Day one as it happened

By Matthew Davis


1655 Our live coverage of the first day of the World Economic Forum ends today at 1700GMT. The big headline so far? Bankers and regulators clashing on plans for more regulation. Join us again for the latest on Thursday from 0830 when speakers will include South African President Jacob Zuma and World Economic Forum founder Klaus Schwab. European leaders will debate how to "rethink" the Eurozone, and repair the bloc's damaged public finances, and - off the agenda - there is sure to be reaction to Barack Obama's first State of the Union address at 0200GMT Thursday, which you can follow on the BBC News website. For more live Davos updates today, check out our correspondents on Twitter:

The BBC's Robert Peston writes: Adair Turner, the chairman of the Financial Services Authority, says that banks should be forced to rein in lending when there are signs that a market is overheating. In an interview with me at the World Economic Forum in Davos, he threw his weight behind the creation of a new official body, which would have a mandate to assess whether financial bubbles are being created and would have powers to deter lending in those circumstances.

The BBC's Tanya Beckett writes: There seems to be a divide at Davos between the bankers and some business people who think the crisis is over and we should return to normal and others, including union leaders, who want radical change.

The BBC's Tanya Beckett Tweets: Standing waiting for President Sarkozy to speak. It is packed! Read Tanya Beckett's tweets.

1630 Lord Adair Turner, the chairman of Britain's financial watchdog, the Financial Services Authority, says banks who complain that Barack Obama's reforms will lead to a new credit crunch are "scare tactic lobbying". He adds: "We have to use the fact that there was this terrible crisis to look at how we get this right."

1625 President Nicolas Sarkozy of France is expected to plead the case for tough reforms of the banking sector in his keynote opening speech expected in just over an hour's time. All eyes will be on how this goes down with banking executives. A new PriceWaterHouseCoopers poll, released in Davos, suggests at least six in 10 CEOs are worried by the threat of over-regulation.

1606 Back at the Haiti session, and the head of telecoms firm Digicel, Denis O'Brien, says criticism of efforts on the ground are "uncalled for". "It's the last thing we need when people are working so hard," he says.

Chris Bardouleau, Somerset, UK says: In reality, rather than excessive regulation we need bankers who understand banking and politicians who understand politics. What do you think Davos will achieve this year?

1544 Humanitarian groups are urging Davos delegates to invest in earthquake-hit Haiti, where some 200,000 people have been killed and many more made homeless. The head of the UN Children's Fund, Ann Veneman, said: "We can't simply sit back and forget..."

The BBC's Tim Weber writes:Interesting chat with George Colony, the chief executive of technology consultants Forrester. On Social Media (which are big here in Davos), he says they are still very immature, most companies still don't understand how to use them. Also, on tonight's launch of Apple's tablet computer: George thinks the device will be a big hit. But he has one proviso: It's the first time that Apple is trying to create a completely new device category... with all its other hits (Mac, iPod, iPhone etc) Apple revolutionized existing categories.

Cimbeline says: I welcome George Soros's comments about the reformation of banks. The elephant in the room is the urgent need to prevent another catastrophic collapse of the worlds financial system. What do you think Davos will achieve this year?

1522 Latest news - via his Twitter account - on the movements of Microsoft co-founder Bill Gates. He's apparently on his way to Davos. Phew. Earlier he weighed in to the Google-China row, telling ABC's Good Morning America keeping the internet thriving in China is "very important". Read Bill Gates' tweets.

1508 The BBC's Tanya Beckett reveals how those in the know find their way round the WEF.
Perils of following the crowd

Balivernes tweets: Whatever #apple shows today, it will do more to change the world than whatever the WEF loonies are now cooking in Davos. Think about it! Read Balivernes' tweets.

The BBC's Evan Davis: Ken Rogoff rapidly becoming my favourite economist. Says big govt debts can very suddenly catch up on you. Hear him tomorrow on @r4today. Read Evan Davis' tweets.

1431 Josette Sheeran, the executive director of the United Nations World Food Programme tells the BBC Haiti is the most complex emergency they've ever dealt with. Not the biggest, but because of the broken roads and bridges, single airstrip and sheer numbers needing help, it's the most complicated. She'll be part of a Davos session on Haiti, starting in about an hour.
Haiti a 'logistical nightmare'

There are some 2,500 top bosses and politicians at Davos
1427 Forget the global financial crisis, what about the important question: What was on the menu for the media lunch with George Soros? The answer, from the BBC's Tim Weber, "Smoked salmon and gorgonzola cream, followed by lamb in a bread crust with potatoes and beans, followed by blueberry creme brulee with ice cream." Hmmm... No wonder there was a lull, in proceedings. For the REALLY important stuff though, read Tim's latest piece: Soros calls for big bank break-up.

loic tweets: There is a tough fight going on throughout Davos: find a seat and power for your laptop, just succeeded. Read Loic's tweets

1414 After a bit of a lunchtime lull, things look set to get moving at Davos in the next few minutes. Investment guru George Soros, Yale economics professor Robert Shiller and Harvard history professor Niall Ferguson are going head-to-head on "rebuilding economics". Watch the WEF live feed here.

1402 Here's a chance to see in full that BBC interview with Pascal Lamy, director-general of the World Trade Organisation (see 1217). Still plenty of risk out there, he says.
WTO chief speaks out

Dominick, Florida says: Hopefully Davos will focus on long versus short term planning, or the next economic downturn may very well be a second great depression. What do you think Davos will achieve this year?

The BBC's Evan Davis tweets: "Spoke to Stephen Green of HSBC at Davos. Says bankers pay was full of bad distortions. Now improving." Read Evan's tweets

1328
No major celebrity sightings yet. And according to the BBC's Diplomatic correspondent Bridget Kendall, there are fewer world leaders and more business leaders this year, which is different from last two years.

1310 Zimbabwe's deputy prime minister says he is in Davos to try to influence the debate on how the global economy should be restructured. He told BBC World that western leaders could "speak less and listen more".
Arthur Mutambara: Sanctions don't make sense

The BBC's Nik Gowing in Davos: Chairing brainstorm of 260 political/business leaders to try to define what system failings are not addressed by countries or international institutions currently. Read Nik Gowing's tweets

The BBC's Tim Weber in Davos: George Soros says Wall Street bankers opposing Obama's reforms are tone-deaf and wrong. Read Tim Weber's tweets

BBC business editor Robert Peston writes: A year ago the World Economic Forum was a drama lacking a central character. The bankers, business leaders and politicians who gather in the Swiss Alps every January to schmooze and deal were interested only in what the new young American president would deliver, but neither he nor any of his inner circle turned up to enlighten them. Today, Davos man... is wiser and sadder about Mr Obama. Read Robert's blog in full

The BBC's Tim Weber at Davos tweets: George Soros says the old financial system must not be rebuilt. We need a new one with much smaller banks. Read Tim Weber's Tweets

1217 Pascal Lamy, director general of the World Trade Organisation, tells the BBC he's happy, because "there has not been a significant rise in protectionism" in response to the economic crisis. But "things may not be improving in the short term on the jobs market", so the risk is still there, he cautions.

TiggerTherese: Should there be more regulation? Speaking as an ex-BoE regulator: No, there should be better regulation. Read TiggerTherese's Tweets

1206 Here's that BBC interview with the Icelandic president (see 1105) - who addresses the thorny issue of taxpayers paying back that Icesave cash.
Grimsson: Economy must not be broken

South Africa's delegation pushes the 2010 World Cup - and the boundaries of the Davos dress code

1201 Amre Moussa, Secretary General of the Arab League, is in Davos - you can tell by the scarf - but is quite concerned about today's meeting on Yemen, in London.
Moussa: Yemen security talks lack focus

1156 What are the headlines from the opening morning so far? Well, mainly Barack Obama's banking reform plans getting a good kicking, especially from Barclays president Bob Diamond. This is the BBC News website's take on it. Meanwhile, FT.com has the latest in its gapperblog.

1130 Gloomy news from the outside world. The International Air Transport Association says 2009 saw the biggest decline in air passenger traffic in the post-war era - and predicts a grim 2010. Can the delegates to Davos do anything about things like this? Have your say.

ckdozi tweets: Take off the profit maximizing glasses put on the social maximizing glasses. Quote from speaker at Davos. Read ckdozi's tweets

The BBC's Tanya Beckett at Davos tweets: Some firm words from the head of the Arab League. Wow Read Tanya Beckett's tweets.

1105 Word from the president of one of the countries hardest hit by the financial crisis - Iceland. Olafur Ragnar Grimsson tells the BBC's Tanya Beckett that there are many lessons to be learned from the experience, and that since the collapse, Iceland's "neglected" industries - such as fishing, IT, tourism and energy - have flourished.

The BBC's Tim Weber at Davos tweets: Just filed my fairly gloomy piece on the global economy (sorry, folks), now I'm off to have lunch with George Soros. Read Tim Weber's Tweets

Pancha Chandra, Brussels, Belgium says: There is still so much to grapple with: fears, uncertainty over financial regulation. Central banks and governments still feel it is too early to call an end to the crisis. What do you think Davos will achieve this year?

1050 A warning note from Zhu Min, deputy governor of the People's Bank of China: "The real risk for the global economy is weak and volatile growth. Even by the end of 2010, US GDP will be at the same levels as it was in 2007. Three years gone for free, economically."

Kim Potter, Hungerford , UK says:The WEF should concentrate hard on the urgent need to effectively regulate the global banking system. What do you think Davos will achieve this year?

1014 The head of the International Labour Organisation Juan Somavia has just called for the same political impetus behind saving the banks to be applied to jobs.
ILO head: We must act on jobs

1007 A heads-up on a couple of key sessions coming up later. Investment guru George Soros will be drawing the crowds at the Rebuilding Economics session at 1415. He'll be fresh from having lunch with the BBC's Tim Weber. All the news on that on Tim's Twitter feed, tim_weber. Later, at 1530, a big discussion on how to help Haiti, led by senior charity figures just back from the earthquake disaster zone.

0955 Of course it's not just brainstorming and networking at Davos...
The BBC's Tanya Beckett on the Davos social scene

0946 We've already had the three D's, now the University of Chicago's Raghuram Rajan tells delegates the new world order is represented in 10s. That's 10% unemployment in the US, and 10% growth in China. Anyone got another pithy, number-related upsum of the world economic situation?

Leslie Jarrett, Slough, UK says: The world economy is fragile. Surely it is time to wipe the slate clean and reduce all the debt owed by so many countries to zero. What do you think Davos will achieve this year?

The BBC's Tim Weber at Davos tweets: Nouriel Roubini sits next to me checking his Facebook page ... could ask him if I get stuck with my piece on global economy. Read tim_weber's tweets.

0922 Big focus this year on emerging economies, and there is an early warning for the "Old World" powers. David Rubenstein, co-founder of private equity giant Carlyle Group - says the US faces three problems - debt, deficit and dollar. The dollar is going to lose its position as the world's reserve currency unless these are sorted out, he warns.

0910 Not what you want to hear, but economist Nouriel Roubini, famed for predicting the current financial meltdown, has just told a session that new bubbles are being created that are laying the foundations for another crisis. Too much "business as usual" he says.

The BBC's Evan Davis writes: "It is of course easy to be cynical about this event. It can be seen as a junket. And this year in particular, it can be seen as a forum where the people who got the world into trouble have the temerity to think they can plot a way of it. Of course it is both these things. But it's still very interesting." Read Evan Davis's blog.

John, Caerffili, UK says: The last meeting completely failed to predict this global recession so I would not expect anything of use to emerge. What do you think Davos will achieve this year?

0850 Bob Diamond, president of Barclays, sets out his stall as an internationalist at an early Davos session: "We need a strong financial centre in New York and a strong financial centre in London. But elections are by definition national. This is a time when isolated actions in the UK and US are not constructive."

0845 For an excellent primer on the Davos agenda, read the thoughts of BBC News website business editor Tim Weber , and check out this Business Insider's guide to 12 Davos session's not to miss.

0837 This year the theme is "Rethink, Redesign, Rebuild". Top of the agenda will be how to reform banking and finance to prevent future crises. President Nicolas Sarkozy of France will plead the case for tough reforms in his keynote opening speech this evening.

0831 Good morning and welcome to our live coverage of the first day of the 2010 World Economic Forum at the Swiss mountain resort of Davos. We will be bringing you news, insights from BBC correspondents, some of your e-mails and Twitter, and the best of the blogs. As ever, we would love to hear what you make of the summit's developments.

BBC © MMX

trokit ketu


[ Edited Sun Jan 31 2010, 08:11am ]

Ju pershnes tanve. Ju falemnders per shoqnin tuej, e ju prift e mara tanve pa perjashtim. Kam ndryshue shpin, e kam shkue me shpi te
... Me vjen keq po s'kam mundsi me u dukt ma ktej parit. Ju pershnes me mirnjohje e dashamirsi.

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L - N
Sun Jan 31 2010, 07:51am
Registered Member #1228
Joined: Wed Sep 12 2007, 10:00am

Posts: 10623
Davos 2010: Day two as it happened

By Adrian Dalingwater

Thanks for following our coverage of the second day of the World Economic Forum. More big names and big issues tomorrow. Bill Gates will kick off the proceedings in a session - also set to feature Zimbabwe's Morgan Tsvangirai - about the Millennium Development Goals. And in the afternoon, Google boss Eric Schmidt will feature in a discussion about how technology can help development, education and healthcare delivery. Follow us on Twitter

1800BBC business editor Robert Peston writes: The private gathering of senior bankers, insurers, hedge fund magnates and so on appears to have collectively concluded:
1/ The global economy remains pretty fragile - and prospects are particularly poor for the heavily indebted economies of the West (a big hello to the UK and US)

2/ There is a meaningful risk of sovereign debt crises in economies with large and rising deficits (you know who I mean - though to be clear, the bankers did not mention the UK by name)

3/ They do not believe that President Obama will succeed in his plan to limit the size of banks or force them out of speculative trading for their own account. Read Robert's blog in full.

Nik Gowing tweets: New Greek PM Papandreou tells me on air; 13% debt down to EU level of 3% in 3 yrs. Gravity defying! Rejects rumours of EU bail out. Read Nik Gowing's tweets

1725 Tanya Beckett explains why Thursday's talks in Davos have been a "little frustrating".
Watch her report here

1718BBC's Bridget Kendall writes Canadian Prime Minister Stephen Harper just announced that in his view there does remain a view for G8 as well as G20 (Canada hosts both this summer). Even if G20 now deals with economy, he argues, G8 can still tackle terrorism, piracy, climate change and the spread of nuclear weapons. Hard to see how without China. But G7/G8 has always offered a seat at the top table Canada has particularly treasured.

1719 Mexico's President Calderon gives his analogy for the climate change debate: we're all in the same plane...and the problem with our plane is the pilot's collapsed and the economy class and first class are arguing about who to send up to replace him.

Tim Weber tweets: Worried about social unrest in China? The Gini coefficient (measuring inequality) for China is exactly the same as for the US. Read Tim Weber's tweets

1702 Canadian Prime Minister Stephen Harper distances himself from hard-liners in the banking reform debate by warning against excessive regulation of the financial sector.

1700BBC economics editor Stephanie Flanders writes: There was much talk in the corridors about the Greek debt crisis - and whether President Sarkozy had any chance of forging "a new Bretton Woods", but top of the agenda was China. Everyone wants China to play by global rules, rather than go its own way - and revalue its currency as a first step. But in their public remarks today, Chinese officials gave little indication of wanting to play ball.

1646BBC's Bridget Kendall writes Compare and contrast: Bill Clinton in front of a packed Davos crowd projecting the power of charm and persuasion; and the Chinese vice-premier just now at the same podium projecting the power that comes with size and an 8% annual growth rate. Li Keqiang strode onto the stage with the self-assured and lingering wave of a man who sees himself as a political superstar.

1642 South African Finance Minister Pravin Gordhan says his country's economy is fairly buoyant.
Watch the interview here

1543 E.On chief executive Wulf Bernotat tells the BBC: "I don't think that Russia is using gas as political weapon."
Watch the interview here

1542 UK Conservative leader David Cameron concedes there is a risk to the economy if cuts in public spending are too big or introduced too quickly, in an interview with the BBC's business editor Robert Peston. But he sticks to his commitment to start cutting public spending this year if the his party wins the election.

SarahOnAQuest tweets: @davos China needs to let their currency appreciate, too! Read SarahOnAQuest's tweets

1525 How do you turn China into a nation of spenders? That's what WEF founder Klaus Scwab wants to know. Mr Li agrees with the importance of this for China's growth - he gives the example of subsidising farmers' purchases of home appliances such as colour TVs and fridges.

1515 Li Keqiang's check list for development: 1. Global economic co-ordination. 2. Promote more open markets. 3. Tackle poverty. 4. Tackle global challenges like climate change together, and, 5. Global corporate governance - reform international institutions.

1502 Li Keqiang is also talking about improving domestic demand and says boosting it further is the government's focus. Also a lot of emphasis on green credentials and how they are upgrading to greener and cleaner technology.

1458 Li Keqiang, executive vice-premier of China, says the country has developed fast but still needs to raise living standards in the more rural central and western regions.

Nik Gowing tweets: Just seen Bill Clinton walking along Davos main street in suit, no anorak, talking with usual gusto, ignoring the heavy snow falling. Nick Gowing's tweets

Evan Davis tweets: Richard Thaler, behavioural economist in #Davos is advising UK Conservatives on replacing regulation with "nudge". You'll hear him tomorrow on @r4today . Read Evan Davis's tweets

1431 Bringing the session to a close with a rallying call, European Central Bank President Jean-Claude Trichet urges other bankers to do their job of financing the real economy - at the expense of profits, bonuses, everything else. Money should be put towards strengthening their balance sheets by "all possible means", he says.

Greece, Spain and Latvia defended the eurozone's record during the afternoon session

Nadim Gol, Jeddah, Saudi Arabia says: It's high time the world looked at an international monetary system. Today currency represents the unit value of each country on the international market instead of having a stable universal value. What do you think Davos will achieve this year?

1424 Spanish PM Jose Luis Rodriguez Zapatero insists the EU is not going to give up its model of social protection. "We want to be the most competitive economy in the world...but NOT to the detriment of social cohesion," he says.

1419 George Papandreou talks of "speculation" and "outside actors" who do not like the euro and have targeted countries such as his that are seen as the "weak link" in the bloc. But he describes Greece's debt problems as "homemade", adding: "We Greeks see it as our problem to put our house in order. Greece blames itself, not the EU." He also proposes the idea of the European Union government bonds, rather than each nation having its own public debt.

1411 Greek Prime Minister George Papandreou says European governments should have co-ordinated their responses to the economic crisis better. It would have ensured a better outcome, he says, not least for his country.

1405BBC's Tanya Beckett writes: There's such a lack of consensus on banks it must be hard for corporates to know what position to take. The boss of Pepsico tells me she thinks there is a lack of trust in CEOs that she is battling to win back.

1357 Latvia has gone from being one of the highest growing to fastest falling economies, but President Valdis Zatlers says the country is ready to fulfil all the criteria for eurozone membership.

1349 Spain's Prime Minister Jose Luis Rodriguez Zapatero, highlights the resilience of Spain's banking system, talking about the fact that it has been advising Britain. He says Spain's banking system "has proved to be quite resilient because of the measures in place already... of course, there will be some restructuring in small and medium-sized banks after the crisis."

1345 The big eurozone session is just beginning. Greece's prime minister says he has understandably been in demand at this year's meeting, with all of the the interest in his country's economic woes. He is upbeat though on its prospects for turning things around, with the help of some major reforms.

Tim Weber tweets: In #WEF session on information age and human behaviour: you can't stop the "flu" of how people use new technologies (e.g. Twitter). Read Tim Weber's tweets

1330 If you want to know which topics are dominating the sessions at Davos, take a look at this word cloud

Tim Weber tweets: In debate on India's role in the world, Sir Martin Sorrell is fishing for work: "Clearly there's a need for a major branding campaign." Read Tim Weber's tweets

1250 Ahead of his appearance on the main stage, the Greek finance minister has denied reports that his country had struck a deal with China to buy its bonds. Fears that Greece would be unable to repay its massive debts have rattled markets in recent weeks and the China rumours had raised hopes. The reports were "completely ludicrous" he said, but confirmed he would be going to China "at some point".

1222 There are two big sessions coming up this afternoon and it's no surprise that one of them features a senior Chinese figure. Li Keqiang, Executive Vice-Premier of the State Council of the People's Republic - to give him is full title - is giving a special address at about 1440. There will also be a lot of interest in the event at 1330 featuring senior figures from some of Europe's hardest-hit economies, including Greece and Latvia.

Li Keqiang had a private lunch with World Economic Forum founder Klaus Schwab

1220 Meanwhile, in an interview with Reuters, British Chancellor Alistair Darling has said that breaking up banks is not the answer to avoiding future crises. He said he wanted to see more detail about President Obama's plans but added: "The large bank/small bank division again experience shows does not answer the question of Lehmans."

1218 Another contribution to the banking reform debate. Julian Oram, head of policy at the World Development Movement, says: "It's absurd for bankers to be up in arms about regulation given the damage they've caused, but it's encouraging us to campaign harder. This is an industry that generates $50 trillion worth of transactions a year. Taxing just a tiny fraction of this would slow down the financial roulette wheel and generate billions of dollars in public revenue that could be of huge benefit to society in both rich and poor countries."

1215 And you can see Bill Clinton's appeal for aid to Haiti here.
Clinton on Haiti

1154 George Soros tells the BBC's Robert Peston bailed-out banks are wrong to have paid out bonuses.
Watch the full interview here

Tim Weber tweets: So after yesterday's bankers' bashing at the #WEF, today everybody talks about India and China and India and China and India and China and... Read Tim Weber's tweets

1140 The BBC's Tanya Beckett in Davos says she's not hearing anything like consensus on how to regulate the banking and financial industry.

Evan Davis tweets: Howard Davies at Davos baffled because his blog for the FT was wrongly given John Gapper (@gapperblog) by-line in the paper today. Read Evan Davis' tweets

1130 The issue of how to reform the banking sector is dominating high-level meetings on the sidelines. UK trade minister Mervyn Davies tells us he had breakfast with Deutsche Bank chief Josef Ackermann. They discussed their concerns that President Obama's reform proposals could mean parts of banking - the riskier investment bits - move to unregulated parts of the industry.

1123BBC's Kristina Block writes: Very moving speech from Clinton about Haiti. But where is the money, where are the big pledges to help, invest, jobs?

HM Treasury tweets:The Chancellor is attending the World Economic Forum in Davos, Switzerland Read HM Treasury's tweets

WEF tweets: It is important that there is quick investment in Haiti, so that people see there is hope for them. Amorim, ForMin Brazil Read WEF's tweets

1104 Don't forget this is Davos..."Haiti is wide open for business," says Denis O'Brien from Digicel, the company helping to rebuild the country's telecoms network.

1102 Bill Clinton, quite passionate now, says: "Don't tell me this country can't rise from the ashes."

1052 Bill Clinton is kicking off the special session on Haiti... he says the people of Haiti behaved "magnificently" but adds: "We need to get a distribution network up to get the food and the water out. If there's anybody who knows where I can get pick-up trucks or something slightly bigger, I need 100 yesterday." Business leaders at the forum are told they be able to sign up for action at a special Haiti desk in the congress centre.

And staying with the subject of emerging powers, BBC economics editor Stephanie Flanders writes: It's "decoupling" day in Davos. Or that's how it feels. Everyone's talking about the eastward shift in the balance of global economic power - and China, especially, as the key engine of global growth in 2010.

Anand Mahindra tweets: China attracts highest attention here at Davos despite its sparse business presence. Vice-premier Li Keqiang has all CEOs' rapt attention! Read Anand Mahindra's tweets

Tim Weber tweets: At #wef, sitting next to me an Indian MP, a top IMF official and a famous economist discuss whether India should open up to free trade. Read Tim Weber's tweets

1024 Klaus Schwab, the founder of the WEF, sounds the death-knell for rich nations making decisions among themselves. He remarks that in 2011 France will take over the leadership of the G20 and G8 at the same time, providing the opportunity to merge the two forums.

1020 South Africa's President Jacob Zuma is asked about his many wives... to laughter in the audience (and from him), he says he treats all his wives equally and that it is important to respect different cultures.

1017 Speaking at the session on the economic outlook for South Africa, President Jacob Zuma says his country has adopted a "culture of participation" in which no-one is excluded, and that "white flight" has been exaggerated.

1008 South Korea will become the first non-G8 country to hold the presidency of the now-crucial G20 global negotiating forum next year. Its President, Lee Myung-bak, echoed French President Nicolas Sarkozy's comments from last night, saying banks needed to be more "ethical". He said: "We need sound and healthy changes. Financial institutions need to take the initiative in reforms."

1000 Robert Peston asks George Soros about his views on investing in the UK - remember he made billions in the early 1990s betting on the fall in sterling. He wouldn't comment directly as he said he didn't want to influence the markets. But he did say the UK faces "a very bleak outlook" as the financial sector has weighed so heavily on the economy.

Paul, London says: If 'Lehman Sisters' only hired women, chances are they'd hire women with the same aggressive traits associated with males. Tackle the root problem, which is in the culture of banks. What do you think Davos will achieve this year?

WEF Davos tweets: Concluding Doha Development Agenda before end of 2010 should be given highest priority - Lee Myung-Bak, South Korean President, Chair 2010 G20 Summit Read Davos' tweets

0943 Financier George Soros tells the BBC there is still a long way to go to make the banking system safe. But he says there is no rush. The crisis of 2008 is not going to be repeated for the next 50 years or so - so we have time to correct the system.

Tim Weber tweets: Forget about Europe, forget the USA: The new trading bloc runs from East Asia through Middle East and Africa to LatAm - says HSBC Read Tim Weber's tweets

Queen Rania tweets: WEF theme: Rethink. Redesign. Rebuild. MY theme for #WEF: Education. Education. Education. Are our themes synonymous? Read Queen Rania's tweets

Amarina tweets: In future business models we not only need greater ethical thinkers, but also moral doers in business as well as in politics. Read Amarina's tweets

0919 A difference of opinion in the session on energy. Total's boss Thierry Desmarest said the problem of peak oil - when the point of maximum extraction is reached - is still an issue. But his Saudi counterpart, the head of Aramco, Khalid al-Falih, said the whole issue "was behind us".

Marcel, San Francisco, US, says: Participants should discuss how to fully integrate women. Women are an essential part of economic recovery but when they are treated as a special interest group, maximum growth is not achieved. What do you think Davos will achieve this year?

David Brain tweets from the rebuilding trust session: "Would Lehman Brothers have happened if it had been Lehman Sisters?" question from the floor. Read David Brain's tweets

0900 Rebuilding trust session can't get away from the bonus questions... KPMG's Timothy Flynn says bankers HAVE changed their behaviour - Britain's Trade Union General Secretary John Monks looks sceptical immediately, saying: "What about the bonuses?"

Chinoy Mathew, Bangalore, India, says: Obviously we're going to hear talk about rethinking capitalism as Nicolas Sarkozy has suggested. I hope they'll look at ways to prevent bubbles forming without making governments overly intervening. What do you think Davos will achieve this year?

0851 The Rebuilding Trust in Business Leadership session is under way... Eckhard Cordes, chief executive of the major German retailer Metro, wants to remind politicians that they are not better than businessmen at running companies - appreciative as business is for their help "when the house was burning".

Davos is a swiss ski resort. So no surprise then that it is snowing.

0845 Coming up this morning at Davos: we're waiting to hear from Bill Clinton, the first so-called "big name" speaker, at a special session on Haiti; elsewhere, South African President Jacob Zuma will be talking about the economic outlook for his country, which later this year will be hosting the football World Cup.

0831BBC's Tim Weber in Davos writes: It's snowing in Davos. In fact, it's snowing so much that a brief walk outside makes participants look like little snowmen. The snow may also help to clear the minds of those among the Davos crowd who partied a bit too long on Wednesday night.
Having said that, on the evidence of the first night this year the parties appear to have been scaled back yet again. They're smaller and less lavish. It's an austere Davos, befitting the economic crisis. Ok, ok ... austere is a very relative term for the millionaires here, but corporate hospitality budgets seem to have been trimmed at the edges.

Today Davos really gets under way. There are tight clusters of people around the terminals where participants can sign up for sessions, and many are already full to capacity. One disgruntled chief executive complained to me: "There are just too many people here. I pay $50,000 to come here and can't even get into the sessions where I want to go."

0830 Welcome to the second day's coverage of the World Economic Forum in Davos.

BBC © MMX
trokit ketu


[ Edited Sun Jan 31 2010, 08:04am ]

Ju pershnes tanve. Ju falemnders per shoqnin tuej, e ju prift e mara tanve pa perjashtim. Kam ndryshue shpin, e kam shkue me shpi te
... Me vjen keq po s'kam mundsi me u dukt ma ktej parit. Ju pershnes me mirnjohje e dashamirsi.

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L - N
Sun Jan 31 2010, 07:54am
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Davos 2010: Day three as it happened

By Jude Sheerin

1808 That's it for our live coverage today. But join us on Saturday for more highlights, when Queen Rania of Jordan and Deutsche Bank's chief Josef Ackermann will be among those taking to the stage. There'll also be what promises to be a lively debate on sexual equality.

Yuru Inspires tweets: #Davos - disappointment with big banks presents a tremendous opportunity 4 a new kind of bank that is more connected 2 customers 2 emerge

1758 In the end it all comes back to that hoary bete noire: bonuses. Larry Summers says he can't understand how bankers argue they can still pay bonuses without it affecting their ability to lend. But ask them to pay a government fee in return for the billions of taxpayers' dollars used to bail them out? Well, that might affect their ability to lend, they say.

1751 "Managing failure" should be the shiny new third way when it comes to crisis-hit financial institutions, Larry Summers says: a nice, ordered winding down, rather than a chaotic Lehman-style unravelling, or committing large amounts of taxpayers' money to patch it up. That's the idea, anyway.

1746 Larry Summers says: "I think the president's going to succeed; I think we're going to put in a place a set of reforms that will make a real difference."

Raul Rojas tweets: HSBC boss Stephen Green says regulation of banks "will and should get more intense". He also says boards have crucial role to play.

1739 President Obama's economic adviser, Larry Summers, is the next up on the main stage. He sidesteps a question on whether Mr Obama's banking reforms would lead to the break-up of any big names on Wall Street. Constraint was the key word, he says, but on risk, not on doing business with customers.

1716 Next Monday is National Sickie Day, apparently. After so much excitement in the heady alpine air, I trust the well-refreshed bosses at Davos will make it into work following the weekend.

1705 The BBC's Stephanie Flanders asks UK Chancellor Alistair Darling an interesting question: the UK's budget deficit is not very different to Greece's, so why should the markets take a different view (i.e. not punish it) when the UK's plans for cutting it are much less dramatic? His answer: We've got a plan and we are going to stick to it.

Arianna Huffington tweets: #WEF On plane to @Davos saw Larry Summers reading Martin Jacques' "When China Rules the World." His review: "Interesting…and disturbing"

1650 The BBC's Tim Weber says: As China Mobile boss Wang Jianzhou starts speaking in the main hall, everyone scrambles for headphones to get a translation - until they realise he's speaking perfect English. He's briefly stopped in his tracks as the whole audience giggles over its gaffe.

The Philanthrocapitalism blog says: [David] Cameron's appearance was brief but emphatic. He said that however financially broke Britain is, his government would honour its pledge to allocate 0.7% of GDP to international aid.

Scott Forbes tweets: Where is #Labour at the #WEF it's being taken over by conservatives!

1629 The BBC's Tim Weber has a ringside seat for Davos' unexpected new blood sport.

Evan Davis tweets: Could someone invent a name badge that sticks to the face, so you can talk to folks and identify them without looking at their chest?

Evan Williams tweets: Overheard: "Google versus China - finally a fair fight!" #wef

1611 Spotted: Iceland's President Olafur Grimsson deep in conversation with IMF chief Dominique Strauss-Kahn. Surely not discussing another loan? Don't you just dread those meetings with the bank manager?

Jason Pontin tweets: Goog's Schmidt: "We don't want to leave China. We love what they're doing in growth; we don't like what they're doing in censorship." #WEF

Gucci's boss on customer trust in his brand

David Miliband checking if any of his remarks made our Davos live page

David Brain tweets: #davos Bill Gates says that each country will have to decide if GM food should be used to help increase food yields.

1601 It was the best of technology, it was the worst of technology: Google's Eric Schmidt says gaming can boost strategic reasoning and hand-to-eye co-ordination, but he is concerned about the impact on deep reading..."as more and more people spend more time online, they spend less time reading literature and long documents".

1548 Google's Eric Schmidt calls on governments to invest in telecom networks and remove barriers to the internet. He says this is as important as the development of the railways in the mid-19th Century. Where information is fastest - Japan and South Korea - governments have invested heavily in the infrastructure, he adds.

1545 In the technology talk, US entrepreneur Joel Selanikio discusses an SMS pilot scheme with agriculture in Chile, where one farmer's annual crop was saved because he delayed planting, after getting a text message warning him of torrential rain.

1458 UK Foreign Minister David Miliband suggests the US and EU could "re-engineer" ties with Pakistan. He is talking about the huge sums spent on sending troops to Afghanistan, versus the amount of assistance to Pakistan, which faces its own Taliban threat.

Russian tycoon Oleg Deripaska also showed up

1445 Audible sigh of relief in the Oval Office over those impressive GDP figures: the White House says it's the "most positive news" yet on the economy, AFP news agency reports.

1440 Brazil's inflation remains under control, Brazilian Finance Minister Guido Mantega tells Reuters news agency from the sidelines.


George Colony tweets: Drawing from many hall conversations at Davos, the sense is that iPad is a disappointment -- even with Apple fanatics.

And here's the full interview with the IMF's Dominique Strauss-Kahn:
IMF head's warning on growth

Tanya Beckett tweets: Just in a session of Afghanistan. This is an area in which discussions in Davos can be electrifying.

1350 Coming up this afternoon - Google's Eric Schmidt makes two appearances - speaking at Technology for Society and then Business Leadership for the 21st Century. He's joined on the second panel by the boss of China Mobile, Wang Jianzhou. Wonder if Google's row with the Chinese government will come up?

A rose among thorns, Queen Rania of Jordan injects some glamour

1335 All those business people and leaders at Davos will be pleased with the news - just out - that the world's biggest economy grew at an annualised rate of 5.7% in the fourth quarter. Biggest jump in six years. Is this the US back on form?

Tim Weber tweets: Just had lunch with top EU central banker. Boy, is he unhappy w bankers' recent behaviour. And boy, is he carrying a big stick

1315 Another leader joins BBC World on its picturesque balcony overlooking the Alps. Thai Prime Minister Abhisit Vejjajiva promises growth of 4% this year.

Thai PM bullish on economy

1301 A warning - as if we needed another in Davos - from the IMF's Dominique Strauss-Kahn, not to get too carried away by signs of a return to global growth. The future, he cautions, will not be "business as usual". A new global economic model will need to be invented to take account of growth from Chinese consumers, rather than US ones. It needs to be a green one too, he says. No small task.

Aron Cramer tweets: Consensus view that emerging market multinationals are still 10-15 years off.

UN climate change chief says agendas "coming together"

Evan Davis tweets: No, I didn't get a chance to ask Bill Gates about the iPad. But the 10bn seemed too big to make it worth going on about.

1233 Stephen Schwarzman, boss of mega-hedge fund Blackstone, is pleasing the China Central Television host of the session on redesigning China's growth by saying that the country is "very flexible - extremely high energy and that's the makings of a dynamic economy and culture".

Evan Davis tweets: Bill Gates had been criticised for comments on Google and China. Worth reading. 'I may have been misquoted,' he told me.

Jason Pontin tweets: No one at Davos #WEF knows what's after Copenhagen, 'cos the West can't talk to China & India. Delegates talk hopelessly of "engagement."

How is China like basketball star Yao Ming? See the entry on the left

The BBC's Nik Gowing tweets: Barney Frank, US Congressman/Ch Fin Cttee, tells me in BBC Debate there is 'constitutional crisis' in US. Newshounds jump on his rmrks.

1152 The debate on China is under way, with China Central Television's Rui Chenggang saying the country is like a 16-year-old Yao Ming (the Chinese basketball player) - "already two metres tall, but still growing".

1150 Greece is the word - again. The BBC's Stephanie Flanders says: Eurozone officials would like a way to say yes (they will help Greece) to the bond markets, without appearing to let Greece off the hook. But it's not clear that such a path exists. And if they keep looking for one, they risk making the bailout which they fear that much more likely.

The Gateses give Davos a shot in the arm as they pledge $10bn for vaccines

1123 A pledge from Bill and Melinda Gates: their foundation is committing $10bn (£6.2bn) over the next decade to help research, develop and deliver vaccines for the world's poorest countries.

1120 Another high-profile no-show: Pakistan's Prime Minister Yousuf Raza Gilani has cancelled his trip here at the last minute.

Tim Weber tweets: John Evans at #wef: bankers complaining about reg failure is like having a burning house and complaining about firebrigade flooding it.

Mayor of London tweets: Just urged the punters in Davos to befriend a banker in order to hug a hoodie. They have got to come to the table to help society.

1112 A BBC producer in Davos writes: The small hotel where we're broadcasting is opposite the congress centre, so very convenient. The downside is you have armed security on the centre's roof peering through your hotel room window when you wake up in the morning.

1105 Quite a line-up in the upcoming session Redesigning the Global Dimensions of China's Growth. Alcoa chief Klaus Kleinman (yes, the former Siemens boss who was caught up in the corruption scandal), the Chinese economist David Li Daokui, Blackstone's chairman Stephen Schwarzman, John Zhao chief exec of investment house Hony Capital and Chinese TV personality Rui Chenggang.

We hear from Anders Borg, Sweden's finance minister. He is feeling good as its economy is still growing, while neighbours in the Baltic nations are still seeing double digit falls in GDP.

EvanHD tweets: Waiting to hear Bill and Melinda Gates talk about vaccinations. Hoping for quick interview afterwards. Is it too trivial to ask about iPad?

1047 Standard Chartered's Peter Sands predicts Asian currencies will eventually become more valuable than Western ones, reflecting shifts in economic power. Does that mean the end of the US dollar as the reserve currency?

David Brain tweets: John Evans [trade union expert, in session about rethinking government assistance]: 'The fairer a society is (in wealth equality) the better it does economically over the long term'.

1038 The issue of Greece's financial predicament just won't go away, with speculation continuing it is seeking an EU bail-out, despite fresh denials from the Greek premier. Speaking in a Bloomberg TV interview at Davos, European Monetary Affairs Commissioner Joaquin Almunia said there was no special EU plan for Greece.

1031 India's economic policy-maker Montek Ahluwalia says his government's strategy is for public-private partnerships for much-needed investment in the country's infrastructure.

UK opposition leader David Cameron would make a lousy ventriloquist

1030 Back in the session about rethinking government assistance the talk is about job creation. Dominic Barton, from consultants McKinsey, criticises policy-by-soundbite. He gives the example of green jobs growth - when you look at the potential for green job creation in the US it's relatively small, he says.

Sean Feely, Ithaca, USA says: I think it's clear with the recent disaster in Haiti that there needs to be a serious effort to not only cancel third world debt, but also to aid the development of poor nations. What do you think Davos will achieve this year?

Renault Nissan boss says car industry is turning to China.

1007 Plenty of financial crystal-ball gazing going on this year, as ever. But as the famous US economist John Kenneth Galbraith once said: "The only function of economic forecasting is to make astrology look respectable." Discuss

Daniela Hinrichs tweets: Watching the helicopter ballet in Davos whilst trying to figure out the 'greener Davos' initiative #wef

Tim Weber tweets: David Cameron at #wef: supports a global insurance levy (Tobin-ish tax) on financial services to safeguard fin system Read Tim Weber's tweets

Tim Weber tweets: European Central Bank's Trichet at #wef - we were very close to "catastrophe" and global "depression", we still underestimate size of crisis Read Tim Weber's tweets

Chinoy Mathew, Bangalore, India says: People will want to see the global financial system being properly regulated and balanced. People will also want prevention from the whole concept of too big to fail. What do you think Davos will achieve this year?

Why the long face UN climate change chief Yvo De Boer?

0955 Over at the big climate change session of the day, where Mexican President Felipe Calderon says he hopes to re-establish "trust and confidence" when countries meet to thrash out a climate treaty in Cancun this December. "Our objective is to reach a robust, substantial and comprehensive agreement," he said. Deja vu, anyone?

0952 Plain speaking from Standard Chartered boss Peter Sands. He says the relationship between banks, governments and society has changed irreversibly. Banks have been tone deaf and shot themselves in the foot, he says, but politicians' demonisation of an entire industry hasn't helped much either. He says re-establishing the fundamental social purpose of banks is now the primary challenge.

MayorOfLondon tweets: Told the financial elite in Davos last night that the masters of the universe must become the servants of society Read MayorOfLondon tweets

0934 Peter Voser, chief executive of oil giant Royal Dutch Shell, tells the BBC's Tanya Beckett he doesn't want the financial system overburdened. He says it's about time we focused more on job creation. On climate change he says: "Let's stop debating and go and do what we can" - like look at bio-fuels and gas.

0929 Karzai's bailed, it seems. AFP news agency is quoting a Davos spokesman who says the Afghan president has cancelled his planned stopover on the way home from Thursday's London conference on Afghanistan. No reason given.

Tim Weber writes: WPP boss Sir Martin Sorrrell said: "We in the West have gone to some sort of state-directed capitalism in the past year." So how can we, the taxpayer, get out of it? I'm just going into a session called Rethinking Government Assistance. The panel includes European Central Bank boss Jean-Claude Trichet, UK opposition leader David Cameron, Indian government economic policy-maker Montek Ahluwalia and McKinsey head honcho Dominic Barton. Stay tuned.

QueenRania tweets: Was nice to see P[resident].Clinton. Heard abt his tireless effort & concern 4 people of Haiti. Stories of survival, hope the world must never forget Read Queen Rania of Jordan's tweets

0913 Development economist Jeffrey Sachs tells the Millennium Development Goals forum that business is better at getting things done than government when it comes to carrying out pledges.

Watch South Korean president on upcoming G20 leadership

Zimbabwe's Prime Minister Morgan Tsvangirai keeps on plugging away

0905 With all the world leaders here, it's not just finance on the agenda. South Korean President Lee Myung-bak has told the BBC artillery shells fired by North Korea this week may have been a negotiating tactic. He also said he would have a face-to-face with Kim Jong-il this year, if the dialogue was constructive, yielded results and the North was willing to talk candidly about its nuclear programme. A lot of "ifs", says the BBC's Bridget Kendall.

0859 Morgan Tsvangirai says it's important to set goals relevant on the ground. He talks about his village with no water or electricity where people still live in thatched houses and children go to school 10km away. "What we need is a development model that can pull the village out of peasant entrapment," he says.

Anandmahindra tweets: Sum journo shld do photoessay on diff security contingents at Davos. Compare dour faces of Chinese, Russian & US teams. What a coffeetable book! Read Anandmahindra's tweets

Security! Take that bum off the stairs. No hang on, that's, er, George Soros

0849 The BBC's Tim Weber was at the Davos equivalent of a pub quiz last night. Find out how some of the world's best finance brains (and Tim) would invest $1bn.

0846 Today's opening session in the congress hall includes Bill Gates and Morgan Tsvangirai discussing the Millennium Development Goals (MDGs). Mr Gates says: "It's clear we are not going to get straight As on MDGs but among our successes is malaria, where we should hit our goal; Vietnam likely to make all MDGs."

0842 Diplomatic correspondent Bridget Kendall writes: Morgan Tsvangirai, Zimbabwe's beleaguered PM, is doing the rounds, trying to get investors to take an interest. More interestingly, he signalled support for easing targeted Western sanctions, as a way of sending a message to opponents that there could be rewards for supporting the unity government.

0834 The BBC's Tim Weber says: The sun is shining over Davos and the first breakfast briefings are under way. The millionaires were stomping on the dance floor at last night's party hosted by US consultancy McKinsey. On the way, one man said to me: "Seems there's still a bubble economy." Not sure whether he meant the party, or the bubble machine at the entrance.

0830 Welcome to the third day's coverage of the World Economic Forum in Davos. We have Microsoft founder Bill Gates, Zimbabwean Prime Minister Morgan Tsvangirai and former UN Secretary General Kofi Annan among the stellar line-up - and that's just this morning

BBC © MMX
trokit ketu


[ Edited Sun Jan 31 2010, 08:00am ]

Ju pershnes tanve. Ju falemnders per shoqnin tuej, e ju prift e mara tanve pa perjashtim. Kam ndryshue shpin, e kam shkue me shpi te
... Me vjen keq po s'kam mundsi me u dukt ma ktej parit. Ju pershnes me mirnjohje e dashamirsi.

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L - N
Sun Jan 31 2010, 08:09am
Registered Member #1228
Joined: Wed Sep 12 2007, 10:00am

Posts: 10623
Davos 2010: Day four as it happened

Promotion of this summer's football World Cup in South Africa added a splash of colour to proceedings

By Andy McFarlane

1737 Well, that brings to an end our live coverage of the World Economic Forum from Davos. Thanks for joining us. More news reports will follow from the last day of the conference on Sunday.

1732The BBC's Tim Weber says: "The congress centre in Davos is a bustle of activity - although there are hardly any participants around. Large numbers of support staff have roped off big chunks of the venue and are preparing it for the evening's soiree.

"I've managed to get a glimpse, and it looks like a riot of colour as sponsor South Africa uses the evening to promote the Football World Cup 2010. Most of the Davos crowd are now in their hotels - either for a brief nap or a posh pre-soiree dinner.

"After four surprisingly hard days of talking, listening, soaking up information and - most important of all - dealmaking and networking, Davos man and woman are getting ready to let their hair down."

Rudy, Victoria, Canada, writes: Two potential Davos topics come to mind: Seeking an alternative to the economic systems currently in use and... how to create Artificial Intelligence that is empowered to decide the course of future human development. It can't be any worse than what is now going on. Send your comments.

Uggs - Congressman Frank's boot of choice

Jason Pontin tweets: Cutely, Con. Barney Frank is wearing Uggs

Confusus, in Wales, UK, writes: How is a jolly in Switzerland going to help the Zimbabwe poor? This will produce platitudes and many hearts on sleeves, but they will not be able to do anything, due to the financial recession. Send us your comments on Davos.

1643 Well, the day may be drawing to a close but I think we just had our first celebrity tweet. Brazilian novelist Paulo Coelho (see below), who has been at Davos this week, has sold millions of books worldwide. They've been translated into more than 40 languages.

Paulo Coelho tweets: Computer simulation shows Brasil has 60% forests it had 1000 yrs ago, Europe 0,3%, N America 12% (mostly in Canada)

Jonathan Harris blogs: Davos could use some children. There is a strange irony in all of this talk about how the future will be while none of it includes the people who will actually be the future. Read Jonathan Harris' blog.

1635 It's getting late in the day and Davos is winding down. The great and the good (and the bankers, too) are getting ready for some of the night's soirees, including one from South Africa to celebrate its imminent hosting of the World Cup.

FreedomKnight, Rayleigh, UK, writes: This is a meeting of the rich and powerful but what about the views of those who lost their jobs and their houses and those whose homes were broken and their lives ruined? Bankers should have a bit more humility. Have your say.

1631 After the UN voiced fears that cyber-attacks could lead nations to war, Microsoft's chief research officer Craig Mundie has called for a three-tier system of authentication - for people, devices and applications - to tackle the problem. Read more here

The BBC's Nik Gowing tweets: Pres of Mongolia stops me on stairs. Asks why I have not visited his country lately. I say have been busy!

Bluesberry, in Toronto, writes: Zimbabwe - Western leaders remain reluctant to release aid without political reform. Banking reform - skeptical. We're not going exactly in the right direction. In other words, nothing important will result at this Davos, except setting the time for next Davos. What do you think Davos will achieve this year?

1609 Away from the conference, doctors have given Brazilian President Luiz Inacio Lula da Silva permission to return to work. He had been due to receive the forum's Global Statesmanship Award on Thursday but cancelled his trip, suffering from high blood-pressure.

1550 Zimbabwe's Prime Minister Morgan Tsvangirai has complained to UK Foreign Secretary David Miliband about his suggestion that UN sanctions against the African nation should remain until Tsvangirai advocates their removal. Tsvangirai said the comments were "not helpful" ahead of power-sharing talks.

Jean-Claude Trichet points out the need for global financial regulation

1538 The BBC's Bridget Kendall writes: "Where are the Russians? Hardly any here in person, and not a mention in the big debate today on where the 2010 global economy is heading. It's like there is a big blank snowy space where Russia was - as though the Russians have written themselves out of the equation. All the more noticeable because PM Putin gave the Davos key note speech last year."

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.

The BBC's Nik Gowing tweets: 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.

Sloane tweets: At panel on water resource management (my passion topic) listening to president of Mongolia talk about water wars. #wef

The BBC's Tim Weber tweets: #wef Session on weak signals: "everyone in this room is pessimistic, that's a weak signal for optimism"

Prudential's Tidjane Thiam may not win over politicians with his views on risk

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). 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. Read anandmahindra's tweets

1409 The man from the Pru - Prudential chief executive Tidjane Thiam - ends the session on financial regulation with a daring call to promote risk: "We need high-risk activities, they're good for the economy". Problems arise when the risk isn't understood, he explains.

loic tweets: Davos moment: I just asked the person in front of me how many employees he has. He answered "only" 300,000

The BBC's Nik Gowing tweets: Response from one of my Tweet followers here that I tweet 'like an addict'. Not sure what he meant. Any other views?

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. What do you think Davos will achieve this year?

Congressman Frank: Up for a fight, apparently

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?

kenyanpundit tweets: Riding around in the Davos shuttles has led to several fantastic conversations and opportunities... maybe I should just do that all day #wef

ariannahuff tweets: 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

MarcLussy tweets: Getting ready for the FGM [Female Genital Mutilation] debate in Davos

johnmaeda tweets: David Bloom: "For profit can be for public health." It's not just about the NPOs [non-profit organisations]. #davos

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.

Organisers recognise a good double-entendre when they see one

1223 As if to prove Simon Jack's point, a discussion is now starting on "The Great Shift East in the Global Agenda".

1214 Fred Kempe from the US think tank The Atlantic Council tells the BBC's Nik Gowing that at Davos you can watch the acceleration of America's decline. "I've never seen a lower participation of senior Americans - I've never seen so few ideas coming from there"

Simon Jack tweets: 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. Read the full article.

Tim Weber tweets: In the mind of a hacker - session at #wef... "white hat hackers hack for educational purposes. They don't inhale"

Simon Jack tweets: Power shift from West to East informs every conversation here. More theories on how to reform banks than there are delegates

MarcLussy tweets: Open forum: Leuthard is opening up the panel #wef #ofd10 #ofd2010 #davos

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.

World Cup mascot Zakumi the Leopard proved a hit with the crowds

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.

1114 The official 2010 World Cup mascot is Zakumi the Leopard, a quick web search has revealed. According to the FIFA website, he's a "mascot with attitude". Scary.

QueenRania tweets: Was moved by applause for role of education in Palestine-Israel. Our hope not with politicians on either side but with new generation to overcome hate and fear. #Davos

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.

QueenRania tweets: Stepped off #WEF panel on education into BBC interviews. Dynamic discussion, inspired that education message resonating with WEFers. #Davos

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.

jason_pontin tweets: In the studio of the Congress Centre at Davos, watching a beautiful presentation by Toyo Ito on "revolutionary architecture." #Davos #WEF

Larry Summers is concerned about the human impact of the downturn

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. What do you think Davos will achieve this year?

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.

Tim Weber tweets: Obama's econ adviser Larry Summers at #wef: This is a statistical recovery but still a human recession

The Prokerala blog, in Davos, says: 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.

Tim Weber tweets: 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 ".

Some feel the cold - but South Africa's scarves promote football's world cup

1002 It's Japan's turn in the economic outlook session. Minister Yoshito Sengoko says his country's economy needs structural change, relying more on domestic demand. He says "maybe the Lehman's shock will give us the opportunity to change".

davos tweets: #WEF Facebook poll: have we achieved gender parity in workplace? 80% women said no, 63% of men said no

0957 Deputy chairman of the Indian Planning Commission Montek Ahluwalia is not shy about expressing the newfound confidence of the giant Asian economies. "There's a marked difference in the mood in Asia and the mood, shall we say, in the developed world."

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."

Tim Weber tweets: packed congress hall at #wef for today's big session on global economic outlook, w Lagarde, Ackermann, Strauss-Khan, Zhu Min, Summers

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. What do you think Davos will achieve this year?

Bill_Gross tweets: #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.

Brrr! Snow - the perfect hangover cure for delegates who partied too hard

0917 The BBC's Stephanie Flanders writes: 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.

NikGowing tweets: 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.

Ev Williams' tweeted in the early hours: This is the safest 5am walk home I've ever done. Also, the only one with a metal detector and armed guards. #wef

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.

BBC © MMX
trokit ketu


[ Edited Sun Jan 31 2010, 08:11am ]

Ju pershnes tanve. Ju falemnders per shoqnin tuej, e ju prift e mara tanve pa perjashtim. Kam ndryshue shpin, e kam shkue me shpi te
... Me vjen keq po s'kam mundsi me u dukt ma ktej parit. Ju pershnes me mirnjohje e dashamirsi.

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