Davos day four: Global economic outlook in focus – business live
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Good morning from Davos, where the final day of this year’s World Economic Forum Annual Meeting is getting underway.
Today, world leaders and business chiefs will be considering what lies ahead in 2024, after several days spent discussing crucial issues such as support for Ukraine, the potential and risks of AI, the Middle East crsisis and the global energy transition:
Davos will wrap up with the traditional set-piece panel on the global economic outlook, where key figures including NgoziOkonjo-Iweala, Director-General of the World Trade Organization, and ChristineLagarde, President of the European Central Bank.
Lagarde’s views on the outlook for interest rates will be interesting, after global stocks and bond markets weakened this week as hopes of early cuts to borrowing costs faded.
The experts here in Davos fear that the the global economic outlook is fraught with uncertainty. A WEF survey of top economists this week found that over half expect the world economy to weaken this year.
Any escalation of the Middle East conflict risks further disruption to shipping and could push up energy prices – both adding to inflation and slowing growth.
During his visit to Davos, foreign secretary David Cameron has been reiterate the 4 things that must happen for a peaceful solution to the Israel-Hamas war: a Palestinian-led government in Gaza and the West Bank, a concrete plan to help reform and support the Palestinian Authority, a major reconstruction plan for Gaza, and a political horizon towards a two-state solution.
But the news overnight that Israel’s prime minister, Benjamin Netanyahu, has told the Biden White House that he rejects any moves to establish a Palestinian state when Israel ends its offensive against Gaza is a sharp pushback against pressure for a two-state solution.
9am CET / 8am GMT: A session on the electoral outlook for 2024
10.15am CET / 9.15am GMT: A session on how to deal with emerging risks and rapid shocks?
10.15am CET / 9.15am GMT: A session on the prospects for the Middle East in 2024
11am CET / 10am GMT: The Global Economic Outlook, with TharmanShanmugaratnam, President of Singapore, NgoziOkonjo-Iweala, Director-General, World Trade Organization, Mohammed Al-Jadaan, Minister of Finance of Saudi Arabia, DavidRubenstein, Co-Chairman of The Carlyle Group, ChristineLagarde, President of the European Central Bank, and ChristianLindner, Germany’s Federal Minister of Finance
Today is a bleak one for thousands of UK steel workers, and the community of Port Talbot in Wales.
Tata Steel is to push ahead with plans to close both its blast furnaces in Port Talbot, a move that could lead to up to 3,000 job cuts.
My colleague RobDavies reports:
The owners of Port Talbot steelworks have rejected a trade union plan designed to keep its blast furnaces running, putting nearly 3,000 jobs at risk and leaving the UK on course to become the only major economy unable to make steel from scratch.
In what one union said would be a “crushing blow” to workers and UK steelmaking, Port Talbot’s parent company, the Indian-owned Tata Steel, told workers’ representatives that it could no longer afford to continue production at the loss-making plant in south Wales while it completed a four-year transition plan to greener production.
The company, which is getting £500m from the government to help with that plan, broke the news during a summit at the five-star St James’ Court hotel in London, which is owned by the Tata Group.
Last night in Davos, Google announced it has started construction on a new $1bn (£789m) data centre in the UK.
The news came as chancellor Jeremy Hunt met business leaders at WEF, as he tried to promote “British excellence” in the technology sector.
The new facility will be cited at a 33-acre site at Waltham Cross in Hertfordshire, purchased by Google in October 2020.
Ruth Porat, president and chief investment officer of Google’s parent company Alphabet, said:
“The Waltham Cross data centre represents our latest investment in the UK and the wider digital economy at large.”
Google says the centre would boost the growth of artificial intelligence (AI), and create jobs, initially due to the construction process.
Good morning from Davos, where the final day of this year’s World Economic Forum Annual Meeting is getting underway.
Today, world leaders and business chiefs will be considering what lies ahead in 2024, after several days spent discussing crucial issues such as support for Ukraine, the potential and risks of AI, the Middle East crsisis and the global energy transition:
Davos will wrap up with the traditional set-piece panel on the global economic outlook, where key figures including NgoziOkonjo-Iweala, Director-General of the World Trade Organization, and ChristineLagarde, President of the European Central Bank.
Lagarde’s views on the outlook for interest rates will be interesting, after global stocks and bond markets weakened this week as hopes of early cuts to borrowing costs faded.
The experts here in Davos fear that the the global economic outlook is fraught with uncertainty. A WEF survey of top economists this week found that over half expect the world economy to weaken this year.
Any escalation of the Middle East conflict risks further disruption to shipping and could push up energy prices – both adding to inflation and slowing growth.
During his visit to Davos, foreign secretary David Cameron has been reiterate the 4 things that must happen for a peaceful solution to the Israel-Hamas war: a Palestinian-led government in Gaza and the West Bank, a concrete plan to help reform and support the Palestinian Authority, a major reconstruction plan for Gaza, and a political horizon towards a two-state solution.
But the news overnight that Israel’s prime minister, Benjamin Netanyahu, has told the Biden White House that he rejects any moves to establish a Palestinian state when Israel ends its offensive against Gaza is a sharp pushback against pressure for a two-state solution.
9am CET / 8am GMT: A session on the electoral outlook for 2024
10.15am CET / 9.15am GMT: A session on how to deal with emerging risks and rapid shocks?
10.15am CET / 9.15am GMT: A session on the prospects for the Middle East in 2024
11am CET / 10am GMT: The Global Economic Outlook, with TharmanShanmugaratnam, President of Singapore, NgoziOkonjo-Iweala, Director-General, World Trade Organization, Mohammed Al-Jadaan, Minister of Finance of Saudi Arabia, DavidRubenstein, Co-Chairman of The Carlyle Group, ChristineLagarde, President of the European Central Bank, and ChristianLindner, Germany’s Federal Minister of Finance