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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107181610-1674206959843-gettyimages-1246304931-AFP_337A2Q4-820x462.jpeg" alt="" class="wp-image-422574" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107181610-1674206959843-gettyimages-1246304931-AFP_337A2Q4-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107181610-1674206959843-gettyimages-1246304931-AFP_337A2Q4-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107181610-1674206959843-gettyimages-1246304931-AFP_337A2Q4-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107181610-1674206959843-gettyimages-1246304931-AFP_337A2Q4-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107181610-1674206959843-gettyimages-1246304931-AFP_337A2Q4.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">International Monetary Fund (IMF) Managing Director Kristalina Georgieva attends a session at the World Economic Forum (WEF) annual meeting in Davos on January 17, 2023. Fabrice Coffrini | Afp | Getty Images</figcaption></figure>



The global economic outlook is not as bad as feared a couple of months ago — “but less bad doesn’t quite yet mean good,” according to the managing director of the International Monetary Fund.



“We have to be cautious,” Kristalina Georgieva told a closing panel at the World Economic Forum in Davos moderated by CNBC.



She said headline inflation was heading down and China’s reopening was expected to boost global growth, with the IMF forecasting its economy will outpace global growth of 2.7% this year, at 4.4%, after slipping below it for the first time in four decades last year.



“Also what has changed in the positive is we have seen demonstrably the strength of labor markets translating into consumers spending and keeping the economy up,” she said.



However, she also highlighted ongoing risks, including China’s growth resulting in higher oil and gas prices and the “horrible” war in Ukraine harming global confidence, particularly in Europe.



And 2.7% growth was still “not fabulous,” she added.



“So, conclusion, be careful not to get on the other side of the spectrum from being too pessimistic to too optimistic. Stay in the middle of realism that seems to serve the world well,” Georgieva said.



She then called on Davos attendees to “keep the global economy integrated for the benefit of all of us.”



“If we look at medium-term growth prospects, how we handle security of supply chains will matter tremendously on our future prospects of growth,” she said.



“If we diversify rationally, the cost of this adjustment will be low. We put it down to 0.2% of GDP. If we are like an elephant in a china shop and we trash the trade that has been an engine for growth for so many decades, the cost can go up to 7% loss of GDP, $7 trillion.”



“So a great deal of whether we can lift optimism depends on the people in this room. Be pragmatic, collaborate, do the right thing, keep the global economy integrated for the benefit of all of us.”



This is a developing story&#8230;

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Global economic outlook may be less bad — but we’re still not in a good place, IMF chief says

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246232947-820x547.jpg" alt="" class="wp-image-422539" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246232947-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246232947-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246232947-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246232947-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246232947-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246232947-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">KEYENBERG, GERMANY &#8211; JANUARY 14: Swedish climate activist Greta Thunberg joins a protest march over the pending razing of the settlement of Luetzerath on January 14, 2022 near Keyenberg, Germany. Police have been evicting environmental activists who have occupied the abandoned Luetzerath settlement and who are seeking to prevent Luetzerath&#8217;s demolition that will make way for an expansion of the adjacent Garzweiler II open cast coal mine. The North Rhine-Westphalia state government of German Christian Democrats (CDU) and Greens has approved the demolition and the coal mine expansion, while at the same time announcing an accelerated phase out of coal-fired energy production in the state from 2038 to 2030. Other nearby settlements that were also slated for demolition will now be spared, though critics point out that Germany has sufficient energy production capacity and does not need the coal lying beneath Luetzerath. (Photo by Bernd Lauter/Getty Images)</figcaption></figure>



Swedish climate activist Greta Thunberg on Thursday accused the political and business elite at the World Economic Forum in Davos, Switzerland, of prioritizing self-interest and short-term profits over people and the planet.



“We are right now in Davos where basically the people who are mostly fueling the destruction of the planet, the people who are at the very core of the climate crisis, the people who are investing in fossil fuels etcetera, etcetera and yet somehow these are the people that we seem to rely on solving our problems,” Thunberg said.



“They have proven time and time again that they are not prioritizing that. They are prioritizing self-greed, corporate greed and short-term economic profits above people and above planet,” she added.



Thunberg said it was “absurd” that the world seems to be listening to Davos delegates rather than those on the frontlines of the climate emergency.



Thunberg was released by police earlier this week after being&nbsp;detained&nbsp;alongside other climate activists for protesting the expansion of a coal mine in the tiny village of Luetzerath in western Germany.



“Yesterday I was part of a group that peacefully protested the expansion of a coal mine in Germany. We were kettled by police and then detained but were let go later that evening,” Thunberg said on Wednesday&nbsp;via Twitter. “Climate protection is not a crime,” she added.



Alongside IEA Executive Director Fatih Birol, Thunberg took part in the CNBC-moderated panel with youth climate advocates Vanessa Nakate, Helena Gualinga and Luisa Neubauer.



The four climate activists arrived in Davos having recently composed an&nbsp;open letter&nbsp;to the CEOs of fossil fuel companies through the non-profit website Avaaz. Thunberg, Nakate, Gualinga and Neubauer called on the executives of energy giants to “immediately stop” opening new oil, gas or coal extraction sites and said they intended to keep protesting in the streets in “huge numbers.”



“We know that Big Oil knew for decades that fossil fuels cause catastrophic climate change, misled the public about climate science and risks [and] deceived politicians with disinformation sowing doubt and causing delay,” the letter says.



It adds that fossil fuel executives “must end these activities as they are in direct violation of our human right to a clean, healthy, and sustainable environment, your duties of care, as well as the rights of Indigenous people.”



Failure to act immediately, the activists warn, comes at a time when citizens around the world “will consider taking any and all legal action to hold you accountable.” Nearly 900,000 people added their names to the letter as of Thursday morning.



The fossil fuel industry has sought to underline the importance of energy security amid calls for a rapid transition to renewables, typically highlighting that&nbsp;demand for fossil fuels remains high.



To be sure, the burning of fossil fuels such as coal, oil and gas, is the chief driver of the climate crisis.



<h2 class="wp-block-heading" id="h-big-oil-peddled-the-big-lie"><a></a>‘Big Oil peddled the big lie’</h2>



The climate emergency is one of the main themes for this year’s annual meeting in the Swiss Alpine town of Davos, which brings together roughly 1,500 business leaders.



Addressing delegates during a special address on Wednesday, U.N. Secretary-General Antonio Guterres&nbsp;condemned&nbsp;fossil fuel giants for ignoring their own climate science. He accused the oil and gas industry of seeking to expand production despite knowing “full well” that their business model is incompatible with human survival.



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



Thunberg has previously excoriated the climate inaction of the world’s political and business leaders at WEF,&nbsp;saying&nbsp;in Jan. 2019, “Our house is on fire.”

Greta Thunberg Joins Luetzerath Protest

Greta Thunberg says Davos elite are prioritizing greed and short-term profits over people and the planet

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246320792-820x547.jpg" alt="" class="wp-image-422532" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246320792-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246320792-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246320792-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246320792-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246320792-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246320792-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">DAVOS, SWITZERLAND &#8211; JANUARY 18: A general view of the World Economic Forum (WEF) as it continues with special sessions in Davos, Switzerland on January 18, 2023. (Photo by Dursun Aydemir/Anadolu Agency via Getty Images)</figcaption></figure>



European markets retreated on Thursday, tracking weaker global sentiment as investors gauge the economic outlook, a topic high on the agenda at the World Economic Forum in Davos this week.



The pan-European Stoxx 600 was down 0.6% in early trade, with oil and gas stocks shedding 1.9% to lead losses as almost all sectors and major bourses slid into the red.



CNBC will be speaking to a range of delegates at the World Economic Forum on Wednesday, including the CEOs of Enel, Merck, Rio Tinto and leaders of the Netherlands and Ireland, among many others.



The lower open in Europe comes after the Dow Jones Industrial Average tumbled more than 600 points on Wednesday as investors took profits on some of the strong January gains, and as a disappointing December retail sales reading in the U.S. raised concerns about a recession.



Shares in the Asia-Pacific traded mixed on Thursday after tracking the losses on Wall Street.

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246262502-820x547.jpg" alt="" class="wp-image-422462" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246262502-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246262502-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246262502-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246262502-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246262502-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246262502-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">DAVOS, SWITZERLAND &#8211; JANUARY 15: The WEF annual meeting to be held from January 16 to 20 in Davos, Switzerland on January 15, 2023. Under the theme of &#8220;Cooperation in a Fragmented World,&#8221; top figures shaping global politics and the business world will attend this weekâs 53rd annual meeting of the World Economic Forum (WEF), in Davos-Klosters, Switzerland. The meeting, which starts Monday, will bring together more than 2,700 leaders from 130 countries including 50 heads of state or government, as multiple crises deepen divisions and fragment the geopolitical landscape. (Photo by Dursun Aydemir/Anadolu Agency via Getty Images)</figcaption></figure>



Over 200 millionaires are urging the elite echelons in attendance at this week’s World Economic Forum in Davos to “tackle extreme wealth” and “tax the ultra-rich” to help relieve the cost-of-living strain off ordinary households. &nbsp;



The Patriotic Millionaires — self-described as “a group of high-net worth Americans who share a profound concern about the destabilizing level of inequality in America” — called for similar measures in their&nbsp;campaign last year.



“Tax the ultra rich and do it now,” the group asks in a&nbsp;new “Cost of Extreme Wealth” open letter&nbsp;on Wednesday, also endorsed by PMUK, Tax Me Now and Millionaires for Humanity. “It’s simple, common-sense economics. It is an investment in our common good and a better future that we all deserve, and as millionaires we want to make that investment,” it said.



The message warns of an “age of extremes” marked by rising poverty, wealth inequality, anti-democratic nationalism, depressed ecological conditions and dwindling opportunities for average workers to make a living wage.



The letter questions the mission of the World Economic Forum in absence of concrete measures:



“The current lack of action is gravely concerning. A meeting of the ‘global elite’ in Davos to discuss ‘Cooperation in a Fragmented World’ is pointless if you aren’t challenging the root cause of division. Defending democracy and building cooperation requires action to build fairer economies right now &#8211; it is not a problem that can be left for our children to fix.”



The campaign numbers 206 signatories from 12 countries, including Abigail Disney, an heiress to the multimedia entertainment empire, and actor Mark Ruffalo.



&nbsp;“Extreme wealth is eating our world alive. It is undermining our democracies, destabilizing our economies, and destroying our climate,” Disney said. “But for all their talk about solving the world’s problems, the attendees of Davos refuse to discuss the only thing that can make a real impact — taxing the rich.”



She criticized, “I’ve been to Davos. I’ve sat in the same room with some of the richest and most powerful people in the world as they talk about how they can make a difference, so I can say this with firsthand experience – Davos is a farce. Until Davos attendees start talking about taxing the rich, the entire gathering will remain a very public example of how out of touch they really are.”



CNBC has reached out to the Davos World Economic Forum for comment.



A study produced by the Patriotic Millionaires&nbsp;finds that a progressive annual wealth tax — modeled at 2% on individuals worth $5 million, 3% on those with a net $50 million, and 5% on the ultra-rich with more than $1 billion — could have raised in excess of $1.7 trillion in 2022.



The world’s richest 1% have accrued nearly two-thirds of all new global wealth over the last two years, amassing $26 trillion out of $42 trillion created in that period,&nbsp;Oxfam found in a recent report.



Households around the world have been struggling to keep pace with surging costs in wake of the Covid-19 pandemic, tightening monetary policies and fuel price hikes stoked by sanctions against Russian energy supplies. Just one leader of the Group of Seven global economic — German Chancellor Olaf Scholz —&nbsp;was set to attend the Davos proceedings this week, as several of his counterparts battle the cost-of-living crisis.

Over 200 millionaires urge Davos elite to up taxes on the ultra-rich

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Moderated by CNBC’s Geoff Cutmore, top business leaders discuss at Davos, Switzerland, the&nbsp;impact the green transition, technological advances, demographics and reorganized value chains could have on labor markets.



Joining CNBC is José María Álvarez-Pallete, chairman and CEO of Telefonica, Gilbert Fossoun Houngbo, director-general of the ILO, Martin J. Walsh, the Secretary of Labor for the U.S., Pamela Coke-Hamilton, executive director at the ITC, and Saadia Zahidi, managing director at the World Economic Forum.

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Top business leaders and policymakers discuss the future of jobs at the World Economic Forum

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179388-1673963136581-Kuna_bitcoin_car_full-820x461.jpg" alt="" class="wp-image-422486" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179388-1673963136581-Kuna_bitcoin_car_full-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179388-1673963136581-Kuna_bitcoin_car_full-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179388-1673963136581-Kuna_bitcoin_car_full-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179388-1673963136581-Kuna_bitcoin_car_full-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179388-1673963136581-Kuna_bitcoin_car_full-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179388-1673963136581-Kuna_bitcoin_car_full.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The orange Mercedes was parked along the Promenade in Davos. Nobody in the vicinity saw who parked it there. The license plate says “Kuna” on it, which is the name of a Ukrainian cryptocurrency exchange. Arjun Kharpal | CNBC</figcaption></figure>



DAVOS, Switzerland — Over the past few years at the World Economic Forum in Davos, Switzerland, the number of cryptocurrency industry attendees has boomed.



But after a near $1.4 trillion wipeout in 2022, the crypto industry is being a bit more reserved with how it splashes the cash and several companies spotted last year are not in attendance. 2022 was marked by failed crypto projects, liquidity issues and bankruptcies, topped off by the collapse of major exchange FTX.



When the World Economic Forum was held last May,&nbsp;<a href="https://www.cnbc.com/quotes/BTC.CM=/">bitcoin</a>&nbsp;was hovering around $30,000, after having already fallen more than 50% from its all-time high hit in November 2021. More pain followed with bitcoin dipping as low as $15,480.



The Promenade is the main street in Davos where companies and governments take over shops and cafes for the week. Last year, crypto firms from all walks of life&nbsp;<a href="https://www.cnbc.com/2022/05/24/crypto-firms-take-over-main-street-in-davos-even-after-market-crash.html">took over the place</a>. But since the market slide, there are far fewer crypto firms with flashy store fronts at Davos.



One shop selling non-fungible tokens, or NFTs, has disappeared. Prices of NFTs, which are digital collectibles, also plunged last year. What’s left are companies that survived the bear market and that are looking to expand their businesses.



“It’s very clear that the speculation period is drawing to a close and every company that you see featured … is really focused on real-world use cases,” said Teana Baker-Taylor, vice-president of policy and regulatory strategy at Circle, the company behind the USDC stablecoin.



A stablecoin is a type of digital currency that is supposed to be pegged one-to-one with a fiat currency. USDC is pegged to the U.S. dollar. Circle says it is backed with real-world assets such as U.S. Treasurys so that one USDC can be redeemed for $1.



Casper Labs, a company that has built a blockchain designed to be used by businesses, is running a space on the Promenade called the Blockchain Lab. Casper Labs was also present last year in Davos.



Cliff Sarkin, chief of strategic relations at Casper Labs, said he’s “cautiously optimistic” that the crypto market has bottomed.



“So we’re over a year into the bear market, so I think the shock of that is settled in and for those of us that have been in the space for years … we feel like this is the time to build,” Sarkin told CNBC.



He added that the crypto firms that have remained at Davos are “substantiative projects” and “the real deals” versus things like NFTs.



There were also those in traditional finance who welcomed fewer crypto firms.



Mark Haefele, chief investment officer at UBS Global Wealth Management, was asked during an event hosted by the Swiss bank what he would like to see in Davos this year. He said he had seen it already: “It’s&nbsp;less crypto on the main street.”



<h2 class="wp-block-heading" id="h-the-mysterious-case-of-the-orange-bitcoin-car"><a></a>The mysterious case of the orange bitcoin car</h2>



On Monday, a flashy bright orange Mercedes-Benz car was parked outside of the Blockchain Hub on the Promenade.



A coin that represented a bitcoin was placed where the Mercedes-Benz logo would usually be. On the tires and the licenses plate, the words “in crypto we trust” were printed. The license plate had the Ukrainian flag on it and the name Kuna, which is the company behind a cryptocurrency exchange of the same name.



Kuna also set up the “reserve fund of Ukraine” after the war with Russia began where people could donate crypto to Ukraine.



People in the vicinity that CNBC spoke to could not verify who parked the car there.



However, two crypto executives who spoke to CNBC did not welcome the orange car, particularly after the market crash and the excesses of the industry were exposed. One remarked that the presence of such a car was not helpful for the industry’s reputation which took a hit last year.



CNBC reached out to Semen Kaploushenko, CEO of the Kuna exchange, via LinkedIn, but is yet to receive a response.



CNBC also reached out to the Blockchain Association of Ukraine which Kuna founder Michael Chobanian is the president of, but is yet to receive a response.

107179388-1673963136581-Kuna_bitcoin_car_full

$1.4 trillion wipeout hits crypto industry at Davos — except for a lone flashy orange bitcoin car

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179018-1673884197059-gettyimages-1246271143-DAVOS_WEF_2023-820x461.jpeg" alt="" class="wp-image-422451" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179018-1673884197059-gettyimages-1246271143-DAVOS_WEF_2023-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179018-1673884197059-gettyimages-1246271143-DAVOS_WEF_2023-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179018-1673884197059-gettyimages-1246271143-DAVOS_WEF_2023-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179018-1673884197059-gettyimages-1246271143-DAVOS_WEF_2023-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179018-1673884197059-gettyimages-1246271143-DAVOS_WEF_2023-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179018-1673884197059-gettyimages-1246271143-DAVOS_WEF_2023.jpeg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



European markets are heading for a flat to lower open Tuesday, with concerns about the global economy high on the agenda at the World Economic Forum in Davos this week.



CNBC will be speaking to a range of delegates at the forum on Tuesday, including the leaders of Spain, Latvia, Lithuania and Poland and the CEOs of Unilever, UBS, Allianz and Swiss Re, among many others. Follow our coverage here.



Concerns over the direction of the global economy, persistent inflation, fragmentation and sluggish growth are high on the agenda, as well as the war in Ukraine



Investors will also be digesting a slew of Chinese economic data that was released overnight, including figures showing the nation’s gross domestic product grew by 3% in 2022, marking one of the slowest growths in decades.

107179018-1673884197059-gettyimages-1246271143-DAVOS_WEF_2023

European markets head for lower open as economic concerns dominate Davos

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272339-820x547.jpg" alt="" class="wp-image-422411" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272339-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272339-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272339-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272339-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272339-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272339-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A frost-covered logo for the World Economic Forum (WEF) in Davos, Switzerland, on Monday, Jan. 16, 2023. The annual Davos gathering of political leaders, top executives and celebrities runs from January 16 to 20. Photographer: Stefan Wermuth/Bloomberg via Getty Images</figcaption></figure>



European markets were cautiously higher on Monday as investors assessed the growth and inflation outlook in light of recent data alongside the beginning of corporate earnings season.



The pan-European Stoxx 600 index was up 0.3% by mid-afternoon, with financial services adding 0.8% while travel and leisure stocks dropped 0.7%.



The World Economic Forum in Switzerland is a key focus for European markets this week. Heads of state and business leaders mingle with academics and innovators in Davos. The key themes for delegates to debate and discuss are the war in Ukraine, economic instability and uncertainty and climate change, among other things.



This year’s WEF takes place against a cost-of-living crisis for many, and some leaders are not attending the annual meeting as crises continue at home. German Chancellor Olaf Scholz is the only Group of Seven leader set to attend the forum this year.

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Over 200 millionaires urge Davos elite to up taxes on the ultra-rich

Top business leaders and policymakers discuss the future of jobs at the World Economic Forum

$1.4 trillion wipeout hits crypto industry at Davos — except for a lone flashy orange bitcoin car

Why the Middle East and North Africa have gone big for WEF23

We visited the driest place on the planet — the Atacama Desert in Chile #Shorts

European markets head for lower open as economic concerns dominate Davos

European markets inch higher; World Economic Forum kicks off in Davos

How Americans Are Tricked Into Buying Fake Food

What It’s Like To Deliver For Amazon In New Rivian Vans

Neom: Saudi Arabia’s $500 Billion Bet To Build A Futuristic City In The Desert

News Tips

Advertise With Us

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