(Bloomberg) — Sign up here to receive the Davos Diary, a special daily newsletter that will run from Jan. 20-24.
The world’s rich and powerful are in Davos, Switzerland, for the World Economic Forum’s 50th annual meeting, and the gathering will be closely watched to see how the global elite aims to tackle issues they helped create, above all climate change.
The first full day will be filled with plenty of contrasts, from U.S. President Donald Trump to Swedish environmental activist Greta Thunberg, China’s Vice Premier Han Zheng and the stakeholder capitalists.
Trump’s appearance will be sure to generate buzz on issues from impeachment to trade wars to tensions with Iran. For in-depth coverage and analysis of his speech at 11:30 a.m in Davos, check out our TOPLive blog on the Bloomberg Terminal.
To get all the highlights delivered to your inbox, sign up for the Davos Diary newsletter.
Here’s the latest (time-stamps are local time in Davos.):
IEA’s Birol Worried About Situation in Iraq (8:15 a.m.)
Fatih Birol, executive director at the International Energy Agency, told Bloomberg TV’s Francine Lacqua that the situation in Iraq is currently his main concern in the oil markets.
“Recent developments in Iraq are not very comforting,” Birol said. “I see Iraq as a major issue, which is very important for the oil markets but also for the world economy, which is already very fragile. I really hope we all see an Iraq that has some stability and production can go ahead.”
Guggenheim Predicts Collapse to Central Bank-Driven ‘Ponzi Scheme’ (7:49 a.m.)
Scott Minerd has a message for his fellows at Davos who are applauding rallying markets: Things aren’t as good as they seem. The Guggenheim Partners investment chief likened the inflation of asset prices caused by the loose money policies of central banks to a “ponzi scheme” that eventually must collapse.
“We will reach a tipping point when investors will awake to the rising tide of defaults and downgrades,” he wrote in a letter from the World Economic Forum meeting.
German Greens Leader Sides With Trump on Spending Critique (7:40 a.m.)
Robert Habeck, co-leader of Germany’s opposition Greens party, told Bloomberg TV’s Francine Lacqua that the government needs to rethink its balanced-budget policy and spend more in areas like climate-friendly infrastructure.
Habeck attacked Chancellor Angela Merkel’s “fetishism” about balancing the budget and said that although he’s not a fan of U.S. President Donald Trump, the criticism in the U.S. about Germany not spending enough is valid.
The Greens, who are currently Germany’s second-most popular party behind Merkel’s bloc, have been out of government for too long and are ready to take on the responsibility of running Europe’s biggest economy, Habeck added.
Natixis Sees Funds Returning to H2O (7:39 a.m.)
Natixis SA is seeing money returning to its H2O Asset Management affiliate after concern over some of the boutique’s thinly traded bonds sent investors fleeing. “There have been flows that have been coming back to H20 and performance has been good,” Jean Raby, chief executive officer of Natixis Investment Managers International SA, said in an interview in Davos.
What’s Happening on Tuesday (7:30 a.m.)
Aside from Trump’s set piece, here’s some other highlights on Tuesday:
8:30 a.m. – Swedish teen Thunberg, who told Davos attendees last year that “our house is on fire,” is scheduled to speak on a panel. She’s due to appear again at 1 p.m.2:15 p.m. – With the next phase of trade talks with the U.S. pending, China’s Zheng takes center stage with a special address4 p.m. – Bank of England Governor Mark Carney, Saudi Aramco board member Andrew Liveris and others discuss how economies can grow without compromising the environment6 p.m. – Bank of America Corp. CEO Brian Moynihan, IBM Corp. CEO Ginni Rometty, Siemens AG Chairman Jim Snabe and others discuss stakeholder capitalism
Tuesday Kickoff
Greta Thunberg’s call in Davos last year that it’s time to panic about climate change might be finally starting to hit home as attendees show more alarm at the Swedish activist’s message. With the usual parade of government chiefs, billionaires and corporate executives attending, global warming is dominating the agenda more than ever. In the WEF’s annual risk survey, environmental dangers elbowed out items such as cyber attacks or terrorism.
And its not just teenagers, this 100-year old Briton is urging the global elite to stop burning carbon.
Monday Catchup
IMF Trims Global Growth Outlook But Tones Down Risk WarningsMore Than Half of CEOs See Global Growth Slowing This YearEU Agonizes Over Troop Deployment With Libyan Oil Flows BlockedMacron, Trump May Have Tariff Truce in 2020 Digital Tax FightBlackRock’s Hildebrand Says Lawmakers Key to Climate FightPhilip Morris Steps Up Vaping Plan, Keeps Close Ties With AltriaMachin at Davos Warns Pension Funds on Rush to Illiquid Assets
To contact the reporters on this story: Iain Rogers in Berlin at [email protected];Chris Reiter in Berlin at [email protected]
To contact the editors responsible for this story: Chad Thomas at [email protected], ;Simon Kennedy at [email protected], Iain Rogers, Chris Reiter
For more articles like this, please visit us at bloomberg.com
Subscribe now to stay ahead with the most trusted business news source.
©2020 Bloomberg L.P.