What to watch on the final day at Davos
There is a distinct hierarchy at Davos. Don't have the right badge? Sorry, you can't attend this event or that speech. Not a big fish? You're definitely not getting invitations to the best parties.
The divide is also apparent when it comes to traveling to Davos: The basic option is to take a bus or train (changing twice) from Zurich up into the mountains. Some billionaires and world leaders jet into Zurich and then take a helicopter to Davos.
Not so Japanese Prime Minister Shinzo Abe. Looks like he took the train to the World Economic Forum, just like the rest of us non-billionaires.
Theresa May canceled her trip to Davos after lawmakers derailed her Brexit plan. EU officials are here, and say they need her to spell out how she wants to proceed now.
May is hoping that Europe will make concessions that would help get her Brexit plan through parliament. EU officials say the ball is in Britain's court.
"It's not up to us," European Commissioner for Economic and Financial Affairs Pierre Moscovici said when asked about how to break the Brexit logjam. "Come to us with options and then we can discus."
Moscovici was speaking to CNN's Julia Chatterley for an interview that will be broadcast at 9:00 am ET on CNNi. He said the European Union's door was open, but "clarification" was needed on what kind of exit deal Britain wants.
Sony didn't wait for a resolution on Brexit. The Japanese company said it would register its European business in Amsterdam, switching its legal base from London.
Sony blamed uncertainty surrounding Britain's plans to leave the European Union. It set the change effective March 29, the day Britain is set to exit the European Union.
Our colleague Daniel Shane, from Hong Kong, has the story:
The announcement underscores the fears over Brexit among top Japanese corporations, many of which are major investors in the UK economy. Sony said the move to the Netherlands will help it avoid potential problems with customs regulations after Brexit. It doesn't plan to move any of its staff from London to Amsterdam, and European operations will still be run out of the United Kingdom.
Bono wants to prove that investments designed to benefit society or the environment are actually delivering on that promise.
The U2 frontman announced during Davos that he's creating a new organization with US private equity firm TPG that will help investors "effectively understand the impact of their decisions."
The firm, Y Analytics, will be based in Washington, D.C. It could help solve a problem that has dogged impact investments: measuring the good they do in addition to their financial return.
Speaking during a panel discussion at the World Economic Forum, Bono said that young people are changing business and investing.
Davos will be in full swing on Wednesday, with a packed program of discussion panels and another round of speeches by world leaders.
- Key leaders include: Japanese Prime Minister Shinzo Abe, German Chancellor Angela Merkel and Wang Qishan, China's vice president.
- While there are few American politicians in attendance, former House Majority Leader Eric Cantor will appear on a panel entitled "The Debt Time Bomb."
- The highlights from the business crowd are: Alibaba founder Jack Ma, BlackRock Chairman Larry Fink and Salesforce Chairman Marc Benioff.
- CNNi has booked guests including Coca Cola (KO) CEO James Quincey, Cisco (CSCO) CEO Chuck Robbins and David Rubenstein, co-executive chair of The Carlyle Group.
JPMorgan Chase CEO Jamie Dimon is a huge — huge! — fan of French President Emmanuel Macron.
Dimon said Tuesday in Davos that he attended a dinner this week hosted by Macron. (The French president canceled his Davos trip to deal with violent protests at home.) The bank executive clearly came away impressed.
Macron is “exceptional,” Dimon said.
"The right policy, the right methods. He can communicate it well. It’s analytical, It’s factual, He wants business to help. He wants to lift up the people with lower incomes, he wants more income equality, he wants more women back to work. He wants the kids educated.”
He continued: “The guy is unbelievable. And he’s the hope of Europe.”
Dimon was speaking at an event on women’s issues sponsored by companies including JPMorgan (JPM). included a broader discussion of gender equity.
Asked if JPMorgan would release unadjusted data on its gender pay gap, Dimon demurred. Last week, Citigroup became the first big US bank to release global data on its median pay gap, without adjusting for factors like job level and location. It found that women are paid 71% of the median that men earn.
“Unadjusted is for most companies you’re going to find — and Citi came out, it’s going to be around 70% — that’s because for most companies, you have far more female receptionists and female tellers … those are good opportunities to people. And in and of itself is not a bad thing,” Dimon said.
He went on to say that gender pay gaps “could be a bad thing” if they exist because women aren’t being promoted.
“If you’re going to use numbers like that you have to use them wisely,” he said.
The trade war between the United States and China carries deep consequences for the tech industry.
Ken Hu, Huawei's deputy chairman, told an audience at Davos earlier Tuesday that the trade war is having a "damaging effect on many of the companies" in the tech industry, including Huawei. "As the technology industry, we heavily rely on the global supply chain and the global innovation ecosystem, so we are probably suffering the most right now."
The Chinese telecommunications company has come under intense scrutiny in recent months over security concerns. US officials have warned that Huawei products can be used to snoop on Americans, and New Zealand and Australia have banned its equipment from their 5G networks.
Huawei has denied accusations that it spies for China.
Saudi Arabia says it will be the last man standing when the world finally weans itself off oil. And it doesn't expect that to happen for a very long time, despite the rise of renewable energy.
Oil would account for a smaller share of world energy consumption in future, but in absolute terms demand will continue to rise.
“I don’t see peak [oil] demand happening in 10 years or even by 2040,” Saudi Aramco CEO Amin Nasser told CNN Business' Emerging Markets Editor John Defterios.
"There will continue to be growth in oil demand … We are the lowest cost producer and the last barrel will come from the region.”
According to an independent audit released earlier this month, Saudi Arabia has oil reserves of 268.5 billion barrels. Those are the second biggest in the world after Venezuela. The kingdom is currently pumping about 10.5 million barrels of oil per day, down from 11 million in November. Together with its OPEC partners and Russia, it cut production recently in a bid to stabilize prices.
Here's proof that Davos is not just bankers and hedge fund billionaires.
Britain’s Prince William stepped into the limelight Tuesday to interview broadcasting legend and conservation advocate David Attenborough.
The duo spoke about the effects humans have had on the natural world since Attenborough started his career as a nature TV show presenter six decades ago.
"We are now so numerous, so all-pervasive, the mechanisms that we have for destruction are so wholesale and so frightening, that we can actually just exterminate whole ecosystems without even noticing it,” Attenborough said.
“We have now to be really aware of the dangers of what we're doing,” he added.
Attenborough was awarded the World Economic Forum’s Crystal Award on Monday, and is among the most high-profile participants at this year’s conference. He is best known as the narrator of the Planet Earth television series.
The 92-year old has a packed program in Davos. He gave a speech on Monday evening, and is due to appear on stage again later Tuesday.
Prince William appeared to enjoy the occasion.
“It’s a personal treat for me to be sitting here and ask you questions. Normally it’s me having to endure the questions,” he said.