Saturday 20 January 2018

Bono to speak at Davos as investors upbeat on economy

Adam Clayton, Bono, Larry Mullen, Jr., and The Edge (L to R), from U2
Adam Clayton, Bono, Larry Mullen, Jr., and The Edge (L to R), from U2
Matt Damon (L), actor and co-founder of Water.org, laughs next to former US vice-president Al Gore in Davos

Tom Molloy

BONO will attend a dinner with Taoiseach Enda Kenny and Finance Minister Michael Noonan in Davos tomorrow night.

The U2 frontman has accepted an invitation from the IDA to a dinner the state agency hosts at the World Economic Forum in Switzerland.

Bono is expected to make a speech at the dinner, which will be attended by businesspeople and leaders from around the world.

On the eve of the World Economic Forum's annual meeting in the Swiss ski resort, 59pc of investors surveyed by Bloomberg said the economic outlook was improving. That's up from 33pc in November and marks the most optimistic result since the poll began in July 2009.

Strength in the world's richest economies was cited as the main reason for confidence by almost two-thirds of the 66pc who said they were more positive than a year ago. While the Standard & Poor's 500 Index has already risen about 24pc in the past year, more than half of respondents identified stocks as the asset of choice for 2014 as concern about asset bubbles eased.

"Developed countries are playing by far the most important part of the recovery in confidence, in markets and in the economy," said Wilhelm Schroeder (54), a poll participant and managing director of Schroeder Equities in Munich. "Without doubt, confidence is the single most important determinant for growth."

The enthusiastic tone will likely be reinforced as 2,500 leaders of finance, business and government gather in the Alps.

The Davos meetings of recent memory have been overshadowed by crises ranging from the recession of 2009 to subsequent fears of a euro-area break-up.

"The mood is most likely better and positive," said Nouriel Roubini, chairman of Roubini Global Economics in New York.

Irish Independent

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