It is a momentous day for the European Central Bank as it launches full-scale government bond buying. Mr Draghi started speaking at 13.30 GMT and the press conference usually lasts for an hour.

By Ralph Atkins and Lindsay Whipp

 

Davos is full of security barriers and screening to keep out intruders who might threaten the world’s leaders of governments and companies, but one managed to sneak through without a badge – the common cold.

By the end of the week of events at the World Economic Forum, many of the attendees were complaining of a streaming nose, a cough, and a nasty headache. The “Davos apocalyptic cold” was how one sufferer described it darkly. Read more

Uber screengrab

You cannot book an Uber car in Davos. That is no surprise, given that most World Economic Forum delegates prefer to take their own chauffeured limousines or the WEF’s free shuttle service. More surprising is the absence of Uber the company. I have heard it cited constantly this week – both in formal sessions and in informal conversations between participants – as an example of disruptive innovation. Uber also seems to have fielded a representative for every conference I’ve attended over the past past year. Not this one.

 

 

 

 

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I moderated a fascinating debate on corporate governance on Saturday on the following question: Has shareholder value maximisation failed as a source of long-term wealth creation and social benefit? Before starting the debate, I asked for a vote on the question. At that stage 70 per cent voted “Yes” and 30 per cent voted “No”. So the overwhelming majority voted that shareholder value maximisation had indeed failed. This was astonishing, I thought, given the nature of the participants in Davos.

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(c) WEF

Holding the World Economic Forum in a ski resort in the Alps sounds like an eccentric decision. In fact, the choice of Davos as a location for the WEF is very clever. It is such a pain to get here that once the delegates are in Davos, they feel compelled to stay. If the WEF took place in a big city, there would be a lot more flitting in-and-out. Read more

If you want to get a sense of where power is shifting in the business world, tracking the Davos parties is a good place to start. A decade
ago it was the banking bashes which were the glitziest and coolest gigs in town. On Friday night, however, the hottest ticket in Davos was a midnight party organised by SalesforceRead more

Davos likes a powerful newcomer. At her debut public session on Friday, Mary Barra, chief executive of General Motors since last January, projected exactly the profile of diverse, confident, innovative leadership that the World Economic Forum promotes, even though much of the corporate world (and therefore the Davos summit itself) is still plagued by time-serving, overpaid and unimaginative white men in suits.
She wooed the half-hour session by revealing which GM cars were in her driveway (a Camaro and “as the mother of two teenagers”, an Escalade), laying out how she would keep job-hopping younger staff at GM (“make sure they have career development and meaningful work”), and reminding the audience of her own one-company loyalty. “Others have described me as a ‘car girl’,” she said, correcting the interviewer’s implication that she uses that epithet herself. She prefers to say she’s “a person who loves vehicles”.
But Ms Barra’s first year was dominated by a recalls fiasco, and her future looks even more challenging. “We think there’s going to be more change in the next five to 10 years as there has been in the last 50,” she said.

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Once again, I attended a small dinner of “friends of Europe”. We enjoyed a lively discussion of a number of recent and prospective policy decisions. And, again, we had a series of votes.

Here are the questions and the results of the votes. (Not everybody voted on all issues.) The answers suggest, most significantly, continued informed nervousness about the future of the eurozone, despite recent action by the ECBRead more

Regulation is needed in the global art market because it is vulnerable to money laundering, tax evasion, trading on inside information and price manipulation, an FT Weekend lunch in Davos was told. Read more

I’ll say one thing about Chinese chief executives: they have a more colourful back-story than most of the developed world executives at Davos.

Ren Zhengfei, elusive founder of Huawei, the Chinese telecommunications group, made a rare public appearance at the World Economic Form on Thursday, in a one-on-one interview. Read more

  • Donetsk’s $1bn airport was supposed to showcase the country’s prosperity. Instead it has become a battleground, with airliners replaced by a relentless stream of rockets that have reduced the glass-fronted terminal to a skeleton of blasted concrete and warped steel
  • Houthi rebels who surrounded the residence of Yemen’s president have reached an agreement with authorities over constitutional change and power-sharing in the country. But who exactly are the Houthi and what do they want?
  • Recep Tayyip Erdogan’s new, $600m presidential palace is not merely symbolic of his move to increase his grip over government – with few constitutional checks and balances, it shows who is really in charge
  • Indonesia and Malaysia have often been put forward as examples of modern and moderate Muslim states, yet in both countries there are signs that tolerance is eroding and a more rigid interpretation of Islamic orthodoxy is taking shape
  • In Yemen, the world’s most dangerous jihadi group is both the government’s enemy and its ally of convenience (Foreign Policy)

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The proposals by David Cameron, the UK prime minister, to criminalise forms of encryption that would block intelligence services from reading messages from terrorist suspects have been criticised in Davos by a group of Harvard professors. Read more

There is no doubt what the big issue is at the World Economic Forum on Thursday – the European Central Bank decision on quantitative easing.

An early panel with a largely-US cast list was supposed to discuss the likely rise in US interest rates this year from zero. The panel was titled “ending the experiment”. But the experiment of trying to get people to talk about anything other than Europe lasted, according to my calculations, about 10 minutes. The rest of the hour was devoted to Europe and whether QE would work. Read more

Here’s one prediction if Alexis Tsipras and his radical left Syriza party win Sunday’s Greek parliamentary elections: 595 women with mops and rubber gloves are going to be very happy.

They are cleaners whom the outgoing government, led by Antonis Samaras of the centre-right New Democracy party, fired from their jobs at Greece’s finance ministry as part of its effort to cut public expenditure and root out clientelism.

The cleaners’ dismissal caused a right old uproar in Athens. Mr Tsipras, terming their treatment typical of callous measures adopted to please Greece’s EU and International Monetary Fund creditors, has promised to reinstate them.

Everyone I’ve met this week in the Athens political world is sure he will do exactly what he says. Long live the revolution! Read more

Will the European Central Bank’s QE work?
Ben Hall is joined by Claire Jones and Ferdinando Giugliano to discuss the European Central Bank’s battle against deflation and whether its long awaited bond buying plan will work

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Welcome to the FT’s rolling coverage of the 2015 World Economic Forum in the Swiss ski resort of Davos. Our correspondents will provide updates, insights and analysis over the coming days.

By Orla Ryan

 

Greece’s parliamentary elections on Sunday are set to put in power the nation’s most leftwing government, led by the radical Syriza party, and its youngest prime minister, 40-year-old Alexis Tsipras, since the second world war.

But some familiar names and faces will survive Syriza’s expected victory. Despite six years of economic slump, and despite the reappearance of serious concerns about Greece’s ability to stay in the eurozone, the old Greek political order is not about to be swept away in its entirety. Read more

Five minutes into Davos and I’m already sick of the word “context”. The organisers – in their unwisdom – have decreed that the theme for this year’s forum is the “New Global Context”.

The main effect of this is that every session seems obliged to have either the word “new” or the word “context” in its title – preferably both. So this morning we have an enticing choice between “the new energy context”, “the new digital context”, “the new growth context” and “the new China context”. Read more

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