Thursday 18 January 2018

Davos: Delegates upbeat about 2014

Pope Francis is considering various proposals for foreign trips.
Pope Francis is considering various proposals for foreign trips.

Thomas Molloy in Davos

SOME of the world's most powerful political and financial leaders got down to business today as the World Economic Forum began in earnest in the Swiss ski resort of Davos.

While organiser Klaus Schwab wants to focus on the dangers facing capitalism from rising inequality, most of the delegates appeared to be upbeat about the prospects for the year ahead.

Economist Kenneth Rogoff was among those predicting stock market gains in 20154 although he also called for higher taxes on the rich to combat the growing inequality between the haves and the have nots. Advertising boss Martin Sorrell said meanwhile that there was no better time for talented and ambitious people to become rich.

Their comments came after Pope Francis said in Rome that those responsible for the global system need a new business and political mentality. He also urged those attending Davos to use their skills to fix the economic system.

Taoiseach Enda Kenny will take part in a public debate on Europe tomorrow evening but most of tomorrow will be taken up with intense half hour meetings with US business leaders.

He begins today with a meeting with Citi executive Jim Cowles and then holds a meeting with Facebook's Sheryl Sandberg. There will also be discussions with Adobe's Brian Lambkin and Japanese pharmaceutical boss Yasuchika Hasegawa who heads Takeda Pharmaceutical.

Later this evening, both Mr Kenny and Finance Minister Michael Noonan will host a regular dinner sponsored by the IDA for business leaders.


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