Japan welcomes downgrade January 30, 2011 THE Japanese Minister of Economy, Trade and Industry Banri Kaieda used the last day of the World Economic Forum in Davos to claim that Standard & Poor’s downgrade of Japanese debt this week was “good timing”. The minister said that the downgrade would help to spur public debate towards tackling the debt. “Japan’s fiscal situation [...]
Turner to banks: expect a regulatory onslaught January 30, 2011 Financial Services Authority chairman Adair Turner has warned banks that a slew of regulation is on the way to reassure the public that the financial crisis will not happen again. Speaking at Davos, Lord Turner said that banks aiming to escape further regulation by moving abroad believed “a complete fantasy” and pledged to crack down [...]
THERE IS CHANGE IN THE AIR: IT’S TIME FOR GROWTH January 30, 2011 GROUP CHIEF EXECUTIVE, AVIVA Q. What has the mood been like at Davos this year? A. There was an interesting change in the air compared with the last couple of years. While no-one is getting over-confident about our future economic prospects, there was some sense that it is time to think about growth again. However, [...]
KPMG delegate supports quota January 30, 2011 RACHEL Campbell, global head of human resources for KPMG and one of the firm’s delegates to the World Economic Forum, said that she supports the conference’s imposition of a quota for women this year. The quota required the event’s main sponsors to bring one female delegate among their five spots. “I’m supportive of the initiative [...]
Swiss police divert train to arrest Davos protesters January 30, 2011 ANTI-capitalist rioters overran one of the main train stations in Davos over the weekend, protesting that the World Economic Forum (WEF) was a platform for business and political leaders that “exploit the planet”. Delegates on their way home from the conference had to go around the crowd as the protesters clashed with riot police armed [...]
Brady plan for Greece debt January 30, 2011 The EU, the IMF and the ECB are working on a solution to reduce Greece’s debt along the lines of the Brady plan, which rescued Latin America from bankruptcy in the 1980s, according to reports. Speaking at the World Economic Forum in Davos on Friday, Greek finance minister George Papaconstantinou said there were informal talks [...]
Diary January 30, 2011 LIQUIDITY INFUSIONS Famous for the harsh schedule inflicted upon its toiling delegates, this year’s party merry-go-round at Davos was no exception. Drinks and well-watered dinners kick off from 6pm, with the central Belvedere hotel boasting around a dozen venues for simultaneous drunken revelry. They then proceeded to a collection of “nightcaps” at 10pm, and usually end [...]
Osborne: turmoil without cuts January 30, 2011 CHANCELLOR George Osborne yesterday reiterated his defence of the coalition’s cuts programme after warning at the World Economic Forum that the UK must not be seduced by “siren” calls to go easy on the deficit. Osborne said: “If on Monday morning I went to parliament… and said, ‘I’m abandoning the deficit reduction plan that Britain set [...]
The budget hotel chain boss who says that bigger is certainly better January 30, 2011 NO wonder Guy Parsons, Travelodge’s boss, was feeling so chipper about life when we met earlier this month. He had just announced that very same day a £300m investment to build a further 35 hotels this year, which will expand his empire to 495 hotels with 35,841 rooms by next Christmas. Also, the key part [...]
Aviation policy key to London’s growth January 30, 2011 WHEN it comes to international trade and inward investment London is indisputably the principal gateway for the UK economy. The fact that the capital made an estimated net contribution of £1.4bn in 2009-10 highlights London’s vital role in driving economic recovery forward. But, as the Mayor pointed out earlier this month, there is a danger [...]
