Zürcher Nachrichten - From tanks to subsidies: the main topics at Davos

EUR -
AED 4.276798
AFN 76.973093
ALL 96.541337
AMD 443.660189
ANG 2.0846
AOA 1067.888653
ARS 1669.958677
AUD 1.752514
AWG 2.096182
AZN 1.984351
BAM 1.955625
BBD 2.34549
BDT 142.477215
BGN 1.956439
BHD 0.438161
BIF 3440.791247
BMD 1.164546
BND 1.508565
BOB 8.047278
BRL 6.334667
BSD 1.164496
BTN 104.702605
BWP 15.471612
BYN 3.348
BYR 22825.091832
BZD 2.34209
CAD 1.610159
CDF 2599.265981
CHF 0.936209
CLF 0.027366
CLP 1073.571668
CNY 8.233458
CNH 8.232219
COP 4424.302993
CRC 568.848955
CUC 1.164546
CUP 30.860456
CVE 110.255106
CZK 24.203336
DJF 207.371392
DKK 7.470448
DOP 74.533312
DZD 151.068444
EGP 55.295038
ERN 17.468183
ETB 180.629892
FJD 2.632397
FKP 0.873977
GBP 0.872678
GEL 3.138497
GGP 0.873977
GHS 13.246811
GIP 0.873977
GMD 85.012236
GNF 10119.091982
GTQ 8.9202
GYD 243.638138
HKD 9.065875
HNL 30.671248
HRK 7.535429
HTG 152.446321
HUF 381.994667
IDR 19435.740377
ILS 3.768132
IMP 0.873977
INR 104.760771
IQD 1525.563106
IRR 49041.926882
ISK 149.038983
JEP 0.873977
JMD 186.393274
JOD 0.825709
JPY 180.924237
KES 150.636483
KGS 101.839952
KHR 4662.581612
KMF 491.43861
KPW 1048.137083
KRW 1716.311573
KWD 0.357481
KYD 0.970513
KZT 588.927154
LAK 25252.733992
LBP 104283.942272
LKR 359.197768
LRD 204.961608
LSL 19.736529
LTL 3.438601
LVL 0.704422
LYD 6.330432
MAD 10.755735
MDL 19.814222
MGA 5194.533878
MKD 61.634469
MMK 2445.172268
MNT 4132.506664
MOP 9.338362
MRU 46.438833
MUR 53.651052
MVR 17.938355
MWK 2019.3188
MXN 21.165153
MYR 4.787492
MZN 74.426542
NAD 19.736529
NGN 1688.68458
NIO 42.856154
NOK 11.767853
NPR 167.523968
NZD 2.015483
OMR 0.44694
PAB 1.164595
PEN 3.914449
PGK 4.941557
PHP 68.66747
PKR 326.476804
PLN 4.229804
PYG 8009.281302
QAR 4.244719
RON 5.092096
RSD 117.389466
RUB 89.441974
RWF 1694.347961
SAR 4.370508
SBD 9.584899
SCR 15.747587
SDG 700.4784
SEK 10.946786
SGD 1.508673
SHP 0.873711
SLE 27.603998
SLL 24419.93473
SOS 664.340387
SRD 44.985272
STD 24103.740676
STN 24.497802
SVC 10.190086
SYP 12876.900539
SZL 19.72123
THB 37.119932
TJS 10.684641
TMT 4.087555
TND 3.416093
TOP 2.803946
TRY 49.523506
TTD 7.894292
TWD 36.437508
TZS 2841.64501
UAH 48.888813
UGX 4119.630333
USD 1.164546
UYU 45.545913
UZS 13931.74986
VES 296.437311
VND 30697.419423
VUV 142.156724
WST 3.247609
XAF 655.898144
XAG 0.019964
XAU 0.000277
XCD 3.147243
XCG 2.098812
XDR 0.815727
XOF 655.898144
XPF 119.331742
YER 277.802752
ZAR 19.711451
ZMK 10482.311144
ZMW 26.923584
ZWL 374.983176
  • RBGPF

    0.0000

    78.35

    0%

  • VOD

    -0.1630

    12.47

    -1.31%

  • SCS

    -0.0900

    16.14

    -0.56%

  • GSK

    -0.1600

    48.41

    -0.33%

  • NGG

    -0.5000

    75.41

    -0.66%

  • RELX

    -0.2200

    40.32

    -0.55%

  • RYCEF

    -0.0500

    14.62

    -0.34%

  • CMSC

    -0.0500

    23.43

    -0.21%

  • BCC

    -1.2100

    73.05

    -1.66%

  • RIO

    -0.6700

    73.06

    -0.92%

  • CMSD

    -0.0700

    23.25

    -0.3%

  • BTI

    -1.0300

    57.01

    -1.81%

  • JRI

    0.0400

    13.79

    +0.29%

  • BCE

    0.3300

    23.55

    +1.4%

  • AZN

    0.1500

    90.18

    +0.17%

  • BP

    -1.4000

    35.83

    -3.91%

From tanks to subsidies: the main topics at Davos
From tanks to subsidies: the main topics at Davos / Photo: Fabrice COFFRINI - AFP

From tanks to subsidies: the main topics at Davos

The World Economic Forum in Davos wrapped up Friday after a week that featured feverish discussion of the war in Ukraine, rifts over global trade and Greta Thunberg crashing the party of the global elite.

Text size:

Here's a summary of the hottest topics and main events:

- Tanks -

Ukraine sent a huge national delegation to Davos to lobby hard for new weapons and financial support to help it push Russian forces out of occupied territories, with the German-made Leopard tanks high on the wish-list.

German Chancellor Olaf Scholz, who made an appearance on Wednesday, was pressured from all sides to greenlight the export of the tanks from Poland and Finland -- to no avail.

When asked why he was hesitating by a Ukrainian in the audience for his speech, Scholz never mentioned the word tank, saying instead that "we are never doing something just by ourselves but together with others, especially the United States".

Ukrainian President Volodymyr Zelensky, in the first of two appearances by video-link in Davos, said pointedly that "the time the Free World uses to think is used by the terrorist state to kill".

Russian ministers and oligarchs, once welcomed with open arms, were absent again for the second year running.

- Subsidies -

International trade and globalisation have been articles of faith for the Davos set since the WEF started 50 years ago, but worries that both are under threat were evident in this year's official theme: "Cooperation in a fragmented world."

One of the biggest concerns is that a race between the United States, China and the European Union to subsidise so-called "clean-tech" -- from renewable energy technology to electric cars and batteries -- could put the international trading system under further strain.

EU Commission chief Ursula von der Leyen warned on Tuesday that she saw "aggressive attempts to attract our industrial capacities away to China and elsewhere".

She also referred to the US Inflation Reduction Act (IRA), a $369-billion package to reduce greenhouse gas emissions, which is causing alarm in Europe over its potential impact on European companies.

"Do it, too," US climate envoy John Kerry replied.

The IRA was a "valid concern" for Europeans, Julie Teigland, a managing partner at EY consultancy's Europe, Middle East and Africa region, told AFP.

"We have to be careful not to escalate into a trade war. I don't think anybody wants that. Nobody wants a war on subsidies," she added.

- 'Big lie' -

UN Secretary-General Antonio Guterres delivered one of the most noteworthy speeches this year, launching a frontal attack on oil and gas companies over their role in global warming.

Guterres drew a parallel between the actions of oil companies and those of tobacco companies that covered up the adverse effects of cigarettes.

"Some in Big Oil peddled the big lie. And like the tobacco industry, those responsible must be held to account," he said.

He was referring to a study published in the journal Science that said ExxonMobil had dismissed the findings of its own scientists on the role of fossil fuels in climate change.

"We knew nothing -- we read the papers (but) I do not have climate scientists at TotalEnergies," the boss of the French firm Patrick Pouyanne shot back.

- Greta -

Three years after attending as a teenager and facing off with then US president Donald Trump, Greta Thunberg returned, but this time without a visitor's badge.

Speaking at an event with other climate activists, she said it was "absurd" to think that people in Davos were part of the solution to global warming and defended her decision to shun political and business leaders.

"Without massive public pressure from the outside, these people are going to go as far as they possibly can... They will continue to throw people under the bus for their own gain," the 20-year-old said.

She held a small protest in the snow and cold on Friday, this time without getting detained by police -- unlike in Germany earlier in the week where she was protesting against an expanding coal mine.

- ChatGPT -

There were a dozen public sessions devoted to artificial intelligence and nothing was talked about more than ChatGPT, the chatbot capable of producing strikingly quick and cogent texts on almost any topic.

Made by the hottest startup in Silicon Valley, OpenAI, the chatbot is seen as proof of the power of artificial intelligence, but also a source of worry that a whole host of jobs will disappear.

"The applications are going to initially put some people out of jobs," Uber CEO Dara Khosrowshahi said, while expressing confidence that affected people would find new positions. "That adjustment period can be difficult, can be scary, etc. But I think the end state is going to be good."

The computer giant announced on Wednesday it was laying off 10,000 employees in the coming months.

F.Carpenteri--NZN