Davos

RBI may ease rates further: Chief Economic Advisor

RBIDavos: Lauding RBI's role in helping bring down inflation, Chief Economic Advisor Arvind Subramanian said the central bank may further ease the interest rates as improvement on price front has opened the space for monetary easing.

"The way I view is that RBI has a mandate to bring down inflation and keep it low and given the inflation has been coming down, that opened up the space for monetary policy easing and RBI has begun that," said Subramanian, who was here to attend the World Economic Forum Annual Meeting.

Tech leaders optimistic about digital economy

Satya NadellaDavos : Top technology leaders, including Microsoft's Satya Nadella, Google's Eric Schmidt and Vodafone's Vittorio Colao, Thursday said they are hugely optimistic about the prospects of digital economy, while Facebook's Sheryl Sandberg cited an Indian story here at the WEF to support her optimism.

In a panel discussion on the potential for digital economy at WEF Annual Meeting, Facebook's COO said there were two brothers in a village in India where they could not go to hospitals, but they joined the technology bandwagon and their lives changed.

Sentiments to convert into investments soon: Jaitley

Davos - India is back in the reckoning at the global centre-stage and the huge build-up in positive sentiments among investors should soon start converting into real investment flows on the ground, Finance Minister Arun Jaitley has said.

With a packed agenda of meetings with investors and the government representatives from various countries here at WEF annual meeting, Jaitley said that many of these investors were looking at India either to invest or to expand their presence.

Automation to cause temporary replacement of jobs: Sikka

infosysDavos : As companies are moving towards automation, Infosys CEO Vishal Sikka Wednesday said there would be temporary replacement of jobs and lower IT costs.

Sikka, who was speaking as a panelist in a session on 'Inclusive Growth in the Digital Age' at the World Economic Forum here, said that the companies should move towards automation as it would be better in terms of cost.

The session focussed on issues related to automation leading to job cuts, inequality in incomes and role of education in the digital age.

"Technology makes people more productive...Their abilities are amplified with technology," Sikka, the first non-founder CEO of the over USD 8 billion IT services exporter, said.

WEF Davos summit to start today; Jaitley, Goyal to attend

Davos - The World Economic Forum's five-day annual jamboree of the global elite will begin here Tuesday with presence of over 2,500 political and business leaders, including union ministers Arun Jaitley and Piyush Goyal as well as more than 100 industry leaders from India.

Other prominent Indian names would include Chief Economic Adviser Arvind Subramanian, as also Chief Ministers of Maharashtra and Andhra Pradesh -- Devendra Fadnavis and Chandrababu Naidu, respectively.

Experts on Emerging Asia voice strong optimism for global economic growth

Experts on Emerging Asia voice strong optimism for global economic growth Davos (Switzerland), Jan. 25 : Amid today''s gloomy headlines, are we experiencing the best period in world history? That''s the provocative question that a panel of experts, including a top Indian government official, tackled today at a breakfast session at the World Economic Forum''s annual meeting in Davos, Switzerland.

Anand Sharma meets leading Western firms' executives

Anand-SharmaDavos, Jan 23 : India's Commerce and Industry Minister Anand Sharma Wednesday met senior executives of leading firms, including BAE Systems chairman Richard Olver and Royal Philips Electronics president Frans A. van Houten, as part of an effort to woo overseas investments into the country.

During the meeting, the head of Royal Philips Electronics "expressed interest in manufacturing facility in India along with concern for local sourcing requirement for LED," according to a statement released by the commerce and industry ministry.

Coca-Cola plans to invest $1 bn in Mexico in 2012

Coca-Cola plans to invest $1 bn in Mexico in 2012Davos, Jan 30 : The Coca-Cola Co. plans to invest $1 billion in its operations in Mexico this year as part of a $5 billion long-term investment plan, CEO Muhtar Kent has said.Kent made the announcement in a joint appearance with Mexican President Felipe Calderon during the World Economic Forum in Davos.

Calderon has been meeting with potential investors at the gathering of the world's most powerful business leaders.Coca-Cola expects to create 10,000 new jobs in Mexico over the next five years, Kent said.

World Economic Forum calls for business innovation

World Economic Forum calls for business innovationDavos, Jan 26: Participants at the annual World Economic Forum here Wednesday urged the companies to focus on innovation to remain in business.

Companies failing to adapt themselves to new business environment will soon fall behind and even go out of business, they said.

Cisco chairman and chief executive officer John T. Chambers said: "We had about 100 great competitors in the 1990s, all but two are largely gone".

World Economic Forum to open in Davos Wednesday

World Economic Forum to open in Davos WednesdayMoscow/Davos, Jan 25 - The annual World Economic Forum is set to open in the Swiss ski resort town of Davos Wednesday.

Some 2,600 decision-makers from about 100 countries and hundreds of companies are expected to participate in the five-day event.

The theme of this year is: The great transformation: Shaping new models.

Participants include heads of state from about 40 countries, UN Secretary General Ban Ki Moon and International Atomic Energy Agency chief Yukiya Amano.

India’s growth story at Davos

WEF-DavosAt the World Economic Forum at Davos, the Bharti Group Chairman and CEO said that people are more concerned about the problems, scams, rising commodity prices, global economic risks and increasing unemployment in the country.

Instead of talking about these problems, people should divert their attention towards the constructive issues of the country, as rest of the world considers India is a great place to do business and hence make investments in the country. It's the time to celebrate our success.

Schwab announces Global Redesign Initiative, says G20 not enough

Davos, Switzerland  - The World Economic Forum will launch in the upcoming weeks an initiative to focus on reshaping the global financial systems, its founder Klaus Schwab announced Sunday in the closing hours of this year's Davos meeting.

"We will start a Global Redesign Initiative in next few weeks," Schwab said in an impromptu statement.

"It has the support of almost every political leader who was here" at Davos in the past five days, said Schwab, naming specifically UN Secretary General Ban Ki-moon and Chinese Prime Minister Wen Jiabao as backers.

He said the upcoming meeting in April of the Group of 20 industrialized economies (G20) would not be enough to solve the global economic crisis.

At Davos, line drawn against protectionism

At Davos, line drawn against protectionismDavos, Switzerland  - World leaders spoke out against protectionism in their speeches at Davos, warning that putting restraints on trade would only worsen and prolong the global economic crisis.

But there were few signs that a sideline meeting Saturday of trade ministers from about 20 countries had managed to push ahead the long-stalled Doha Round of trade talks, meant to create freer markets.

"Throwing out the baby with the bathwater is not right," said World Trade Organization Director General Pascal Lamy. "Trade is not the cause of crisis."

World leaders say green thinking can help global economy

World leaders say green thinking can help global economy Davos, Switzerland  - With the economic crisis likely to dominate much of 2009, world leaders in Davos Friday urged climate change issues to remain in focus.

Prime Minister Gordon Brown, German Chancellor Angela Merkel, the UN's Secretary General Ban Ki-moon and others attending the World Economic Forum warned against letting the economic worries overshadow the need to solve the climate issues as the two were interconnected.

Calderon, Uribe vow active line on economy, tough on crime

Calderon, Uribe vow active line on economy, tough on crime Davos, Switzerland  - Pushing for active countercyclical economic policies to work the world economy out of the current downturn, Mexican President Felipe Calderon also said he would continue his tough stance on organized crime.

He said Mexico was, for the first time in the country's volatile history of financial crisis, in good shape to engage in public spending, as it had a sound banking system and was well capitalized.

Afghans, Pakistanis need to be involved in their future

Afghans, Pakistanis need to be involved in their futureDavos, Switzerland  - The fight against terrorism could only succeed in Afghanistan and Pakistan, officials gathered at Davos have said, if there was strong international military cooperation and if ordinary people's lives were improved.

The two neighbouring countries would have to implement a strategy which relied as much on development projects as it would on military action against extremists groups employing terrorism, otherwise the people would not be on board.

Indian economy will grow at 7 to 7.5 percent next fiscal : Kamal Nath

Kamal NathDavos (Switzerland), Jan. 30 : The Union Commerce and Industry Minister Kamal Nath said here that the Indian economy would continue to grow at a steady pace of 7 to 7.5 percent.

Addressing a press conference at the World Economic Forum here on Friday, Nath said the Indian economy grew by 7.8 per cent in the first half of this fiscal and is expected to maintain the same growth rate, more or less, in the next financial year.

Liberalisation of the global economy should continue: Kamal Nath

Kamal NathDavos, Jan. 30 : Concerned by the worldwide economic slowdown, Union Commerce and Industry Minister Kamal Nath has urged the international community to join hands for more efforts to liberalise the global economy in order to stimulate growth, save jobs and enhance living standards.

Addressing a Session on "Enabling Trade: Threats & Opportunities", in Davos on Friday, Nath said that comprehensive multilateral, regional and bilateral trade agreements have been critical to spurring such liberalization in the past and should continue to be pursued actively.

Brown, Ban call for international efforts to boost economy

Ban Ki-MoonDavos, Switzerland - Coordinated international efforts will be needed to lead the world out of the current economic crisis, the United Nation's Ban Ki-Moon and British premier Gordon Brown said Friday, urging countries to also maintain aid levels to the poor.

Brown said countries needed to "come together as one" and take steps like those he introduced in Britain, including capital injections and the introduction of stimulus packages.

Turkey: Syria, Israel direct talks foiled by Gaza offensive

TurkeyDavos, Switzerland  - Israel and Syria were on the path to direct talks but the progress was set back by the three-week offensive in the Gaza Strip, Turkish officials said Thursday while attending the World Economic Forum.

Turkey had hosted four rounds of indirect talks between the two nations, who are still at a state of war since 1948. Damascus called off after the discussions after the Israeli offensive began.

"We had problems with only a few words," said Turkish Prime Minister Recep Tayyip Erdogan, referring to negotiations which had gone on when Israeli Prime Minister Ehud Olmert was in Ankara just days before the offensive began.




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